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        <lei>N/A</lei>
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          <ticker value="SMK0"/>
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        <name>Singapore Exchange (was SIMEX)</name>
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          <ticker value="TWJ0"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="RTYM0"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Cboe Futures Exchange</name>
        <lei>N/A</lei>
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          <ticker value="UXQ0"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LLK0"/>
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      <invstOrSec>
        <name>ICE Futures Europe Financials</name>
        <lei>N/A</lei>
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          <ticker value="Z M0"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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          <ticker value="S K0"/>
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          <ticker value="LCM0"/>
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        <name>New York Mercantile Exchange</name>
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        <name>ASX Trade24</name>
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        <name>New York Mercantile Exchange</name>
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      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
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        <name>Meff Renta Variable (Madrid)</name>
        <lei>N/A</lei>
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          <ticker value="IBJ0"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
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          <ticker value="GCM0"/>
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        <balance>7.00000000</balance>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="BPM0"/>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Live Cattle Futures Contracts</title>
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          <ticker value="LCM0"/>
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        <balance>36.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Lean Hogs Futures Contracts</title>
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          <ticker value="LHM0"/>
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        <assetCat>DCO</assetCat>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - Bobl Futures Contracts</title>
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          <ticker value="OEM0"/>
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        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>WTI Crude Futures Contracts</title>
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          <ticker value="CLN0"/>
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        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LNK0"/>
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        <name>Chicago Mercantile Exchange</name>
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          <ticker value="ECM0"/>
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        <name>Cboe Futures Exchange</name>
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          <ticker value="UXK0"/>
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        <name>New York Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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          <other otherDesc="Internal ID" value="REPO-BANK"/>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Coffee 'C' Futures Contracts</title>
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          <ticker value="KCK0"/>
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        <balance>3.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="NQM0"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Hard Red Winter Wheat Futures Contracts</title>
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        <identifiers>
          <ticker value="KWK0"/>
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        <balance>-12.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
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          <ticker value="RXM0"/>
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        <invCountry>DE</invCountry>
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        <name>Eurex</name>
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          <ticker value="OATM0"/>
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        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="S K0"/>
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        <name>Chicago Board of Trade</name>
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          <ticker value="KWK0"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Zinc Futures Contracts</title>
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          <ticker value="LXK0"/>
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        <balance>-7.00000000</balance>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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            <expDate>2020-05-18</expDate>
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        <name>Chicago Mercantile Exchange</name>
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          <ticker value="JYM0"/>
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            <payOffProf>Short</payOffProf>
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            <expDate>2020-06-15</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - Schatz Futures Contracts</title>
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          <ticker value="DUM0"/>
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        <name>ICE Futures Europe Commodities</name>
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      <invstOrSec>
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          <ticker value="ESM0"/>
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        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="TYM0"/>
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            <payOffProf>Long</payOffProf>
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        <lei>N/A</lei>
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          <ticker value="XMM0"/>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Note Futures Contracts</title>
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        <identifiers>
          <ticker value="TUM0"/>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="SFM0"/>
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        <name>Euronext Derivatives Paris</name>
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          <ticker value="CFJ0"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
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          <ticker value="COM0"/>
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        <name>Montreal Exchange</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
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          <ticker value="SBV0"/>
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      <invstOrSec>
        <name>Euronext Derivatives Amsterdam</name>
        <lei>N/A</lei>
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        <name>ICE Futures US Softs</name>
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        <name>Commodity Exchange, Inc.</name>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
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        <name>ICE Futures Europe Financials</name>
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        <name>Euronext Derivatives Paris</name>
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        <name>Chicago Board of Trade</name>
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        <name>Cboe Futures Exchange</name>
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          <ticker value="UXM0"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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          <ticker value="LLK0"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Chicago Mercantile Exchange</name>
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          <ticker value="CDM0"/>
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          <ticker value="BPM0"/>
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        <name>Cboe Futures Exchange</name>
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          <ticker value="UXU0"/>
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          <ticker value="YMM0"/>
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        <name>Guggenheim Partners Investment Management LLC</name>
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                <issuerName>N/A</issuerName>
                <issueTitle>Corn</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Corn"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-05-14</expDate>
            <notionalAmt>-862669.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>42469.16000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Cotton #2 Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CTK0"/>
        </identifiers>
        <balance>-21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>57855.52000000</valUSD>
        <pctVal>0.108243205514</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Cotton</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Cotton"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-05-06</expDate>
            <notionalAmt>-594405.52000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>57855.52000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Gasoline RBOB Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XBK0"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-23535.15000000</valUSD>
        <pctVal>-0.04403244631</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Bloomberg 84 Octane RBOB Gasoline Prompt Month Spot Pipeline Px/New York Harbor</indexName>
                <indexIdentifier>RBOB87PM</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-04-30</expDate>
            <notionalAmt>48050.55000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-23535.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Platinum Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PLN0"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5032.55000000</valUSD>
        <pctVal>-0.00941551201</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Platinum</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Platinum"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-07-29</expDate>
            <notionalAmt>-31127.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-5032.55000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVM0"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>34560.49000000</valUSD>
        <pctVal>0.064660005160</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US 5yr 6%</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="US 5yr 6%"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>843392.64000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>34560.49000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</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>
