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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
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        <classId>C000129378</classId>
        <classId>C000129379</classId>
        <classId>C000129380</classId>
      </seriesClassInfo>

    </filerInfo>
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      <regFileNumber>811-07584</regFileNumber>
      <regCik>0000899148</regCik>
      <regLei>5493004D62WV1EDNTU07</regLei>
      <regStreet1>702 King Farm Blvd., Suite 200</regStreet1>
      <regCity>Rockville</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>20850</regZipOrPostalCode>
      <regPhone>301-296-5100</regPhone>
      <seriesName>Emerging Markets Bond Strategy Fund</seriesName>
      <seriesId>S000041673</seriesId>
      <seriesLei>5493007HTK1ZMPR37V06</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>15259.01</totLiabs>
      <netAssets>527756.96</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
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      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
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          <indexIdentifier>MLIGOVUSD</indexIdentifier>

        </fundsDesignatedInfo>

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    </fundInfo>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <descRefInstrmnt>
              <indexBasketInfo>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Invesco Emerging Markets Sovereign Debt ETF-Tenor Monthly</otherRecDesc>
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              <rtResetTenors>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Barclays Bank plc</name>
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        <descOthUnits>Notional Amount</descOthUnits>
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            <counterparties>
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              <indexBasketInfo>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="12580.28000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">CDXEM42 V1 1% 12/20/2029 - Tenor Quarterly</otherPmntDesc>
            <terminationDt>2029-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US 5yr 6%</issueTitle>
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                  <other otherDesc="Interest Rate Future" value="US 5yr 6%"/>
                </identifiers>
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            </descRefInstrmnt>
            <expDate>2025-03-31</expDate>
            <notionalAmt>427006.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1788.01000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
