Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC  20004


March 16, 2009

VIA EDGAR

US Securities and Exchange Commission
100 F Street NE
Washington, DC  20549

Re:      RYDEX SERIES FUNDS RPURSUANT REGISTRATION STATEMENT/INFORMATION
         STATEMENT ON FORM N-14
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Ladies and Gentlemen:

On behalf of our client,  Rydex  Series  Funds (the  "Trust"),  we are  herewith
filing the Trust's  Registration  Statement/Information  Statement on Form N-14,
including exhibits thereto,  pursuant to Rule 488(a) under the Securities Act of
1933.  This filing  relates to the  reorganization  of the Trust's Hedged Equity
Fund  with and into the  Absolute  Return  Strategies  Fund (to be  renamed  the
Multi-Hedge Strategies Fund on or about April 1, 2009).


Please feel free to contact me at (202) 739-5896 with your questions or
comments.

Sincerely,

/S/ CHRISTOPHER D. MENCONI
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Christopher D. Menconi