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      <regZipOrPostalCode>20850</regZipOrPostalCode>
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        <name>Federal Home Loan Bank</name>
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        <name>First American Funds</name>
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        <fairValLevel>1</fairValLevel>
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          <cashCollateralCondition cashCollateralVal="2119447.75000000" isCashCollateral="Y"/>
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        <name>US TREASURY N/B</name>
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        <balance>4000000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Federal Home Loan Bank</name>
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        <title>Federal Home Loan Bank</title>
        <cusip>3130AFL54</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504276.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
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          <isin value="US3130AJJB69"/>
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        <balance>3100000.00000000</balance>
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        <valUSD>3100130.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FARMER MAC</name>
        <lei>549300MS654K78GYF580</lei>
        <title>Farmer Mac</title>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3999788.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-22</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYZ1"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2222.74000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</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>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Russell 2000 Index</indexName>
                <indexIdentifier>N/A</indexIdentifier>
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            <expDate>2021-12-17</expDate>
            <notionalAmt>222262.74000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2222.74000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobira Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Tobira Therapeutics, Inc.</title>
        <cusip>N/A</cusip>
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          <ticker value="TBRA CVR"/>
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        <balance>141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Rights"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Omthera Pharmaceuticals Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Nexstar Media Group Inc</name>
        <lei>N/A</lei>
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          <ticker value="NXST CVR"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Bank</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Bank</title>
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          <isin value="US3130AFGA91"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <identifiers>
          <other otherDesc="Internal ID" value="REPO-JP M"/>
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        <balance>4007369.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4007369.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05000000</repurchaseRt>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <collateralVal>4087519.18000000</collateralVal>
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              <invstCat>UST</invstCat>
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        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-11-01</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>
</edgarSubmission>
