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INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Post-Effective Amendment
No. 39 to Registration Statement No. 033-59692 of our reports dated May 22,
2000 appearing in the Rydex Series Funds' Annual Reports to Shareholders for
the periods ended March 31, 2000. We also consent to the references to us
under the headings "Financial Highlights" in the Prospectuses and "Auditors
and Custodian" in the Statement of Additional Information, both of which are
part of such Registration Statement.
/s/ DELOITTE & TOUCHE LLP
Princeton, New Jersey
July 26, 2000
