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      <invstOrSec>
        <name>ICE Futures Europe Financials</name>
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          <ticker value="G M5"/>
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        <name>Commodity Exchange, Inc.</name>
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          <ticker value="GCM5"/>
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        <name>Eurex</name>
        <lei>N/A</lei>
        <title>DAX Index Futures Contracts</title>
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          <ticker value="GXM5"/>
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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>
        <title>Copper Futures Contracts</title>
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          <ticker value="HGK5"/>
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        <name>Commodity Exchange, Inc.</name>
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          <ticker value="HGK5"/>
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          <ticker value="HOK5"/>
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        <name>Meff Renta Variable (Madrid)</name>
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          <ticker value="IBJ5"/>
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        <name>Chicago Mercantile Exchange</name>
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        <name>ICE Futures US Softs</name>
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        <name>Chicago Board of Trade</name>
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                <issuerName>N/A</issuerName>
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        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LAK25"/>
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        <lei>N/A</lei>
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          <ticker value="LCM5"/>
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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>
        <cusip>N/A</cusip>
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          <ticker value="LHM5"/>
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        <balance>-8.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Lead Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LLK5"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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>London Metal Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LNK5"/>
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        <balance>13.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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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        <securityLending>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Zinc Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LXK5"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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="LXK5"/>
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        <assetCat>DCO</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Natural Gas Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGK25"/>
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        <balance>-12.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <indexName>Henry Hub Natural Gas Spot Price</indexName>
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      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>N/A</lei>
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        <identifiers>
          <ticker value="NKM5"/>
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        <assetCat>DE</assetCat>
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        <invCountry>JP</invCountry>
        <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>
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          <ticker value="NOM5"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="NQM5"/>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="NVM5"/>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Mexican Peso Futures Contracts</title>
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          <ticker value="PEM5"/>
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        <assetCat>DFE</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>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
                  <other otherDesc="Currency" value="Mexican Peso"/>
                </identifiers>
              </otherRefInst>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="PLN5"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3315.19000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
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                <identifiers>
                  <cusip value="N/A"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Montreal Exchange</name>
        <lei>N/A</lei>
        <title>S&amp;P/TSX 60 IX Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PTM5"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43846000"/>
        <valUSD>-3317.77000000</valUSD>
        <pctVal>-0.01296734499</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/TSX 60 Index</indexName>
                <indexIdentifier>N/A</indexIdentifier>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
        <title>Low Sulphur Gas Oil Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QSK5"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>19751.82000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-12</expDate>
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            <unrealizedAppr>19751.82000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BANK"/>
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        <balance>4898146.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4898146.63000000</valUSD>
        <pctVal>19.14417129397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES, INC."/>
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          <maturityDt>2025-04-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>9282010.46000000</principalAmt>
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              <collateralVal>4996109.61000000</collateralVal>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. Morgan Securities LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-JP M"/>
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        <balance>6391210.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6391210.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.36000000</repurchaseRt>
          <maturityDt>2025-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>5653692.46000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6519035.03000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Russell 2000 Index Mini Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYM5"/>
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        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10770.45000000</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">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>Russell 2000 Index</indexName>
                <indexIdentifier>N/A</indexIdentifier>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - Bund Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RXM5"/>
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        <balance>-25.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92410000"/>
        <valUSD>-27838.62000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro-Bund 10yr 6%</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="Euro-Bund 10yr 6%"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-06</expDate>
            <notionalAmt>-3472184.29000000</notionalAmt>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Soybean Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="S K5"/>
        </identifiers>
        <balance>-10.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11513.14000000</valUSD>
        <pctVal>0.044998555768</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Soybean</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Soybean"/>
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            <expDate>2025-05-14</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Sugar #11 Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBK5"/>
        </identifiers>
        <balance>77.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-54778.82000000</valUSD>
        <pctVal>-0.21410039196</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <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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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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            <expDate>2025-04-30</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Swedish Krona Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SEM5"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2075.67000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <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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                <issuerName>N/A</issuerName>
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            <expDate>2025-06-16</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Swiss Franc Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SFM5"/>
        </identifiers>
        <balance>8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4228.49000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <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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                  <cusip value="N/A"/>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIK5"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>18393.80000000</valUSD>
        <pctVal>0.071891285530</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <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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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-28</expDate>
            <notionalAmt>329306.20000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Soybean Meal Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SMK5"/>
        </identifiers>
        <balance>-4.00000000</balance>
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        <name>ICE Futures Europe Financials</name>
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        <balance>3.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77405000"/>
        <valUSD>-1037.05000000</valUSD>
        <pctVal>-0.00405326021</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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>FTSE 100 Index</indexName>
                <indexIdentifier>GB0001383545</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-06-20</expDate>
            <notionalAmt>335617.93000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-1037.05000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</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>
