pure 0000899148 2012-09-13 2012-09-13 0000899148 ck0000899148:S000003697Member ck0000899148:C000010353Member 2012-09-13 2012-09-13 0000899148 ck0000899148:P0001-S000003697Member ck0000899148:S000003697Member 2012-09-13 2012-09-13 0000899148 ck0000899148:S000003694Member ck0000899148:C000010342Member ck0000899148:I000-NASDAQ100IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2012-09-13 2012-09-13 0000899148 ck0000899148:S000003694Member ck0000899148:C000010342Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-09-13 2012-09-13 0000899148 ck0000899148:S000003694Member ck0000899148:C000010342Member rr:AfterTaxesOnDistributionsMember 2012-09-13 2012-09-13 0000899148 ck0000899148:S000003694Member ck0000899148:C000010342Member 2012-09-13 2012-09-13 0000899148 ck0000899148:P0001-S000003694Member ck0000899148:S000003694Member 2012-09-13 2012-09-13 Other 2012-09-13 RYDEX SERIES FUNDS 0000899148 false 2012-09-13 2012-09-13 2012-08-01 Inverse NASDAQ-100 ® Strategy Fund   <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">RYDEX SERIES FUNDS <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">Inverse NASDAQ-100 ® Strategy Fund <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Supplement dated September 13, 2012 <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">to the Investor Class, Advisor Class and H-Class Shares Statutory Prospectus <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">and the A-Class Shares, C-Class Shares and Institutional Class Shares Statutory Prospectus <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">of the above listed Funds, each dated August 1, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">This supplement provides new and additional information beyond that contained in the Statutory Prospectuses (the “Prospectuses”) listed above and should be read in conjunction with the Prospectuses. <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Inverse NASDAQ-100 ® Strategy Fund <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="39" style='width:29.6pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">  </td> <td width="17" valign="top" style='width:12.4pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">• </td> <td width="9" valign="top" style='width:6.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">  </td> <td width="703" valign="top" style='width:527.3pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective immediately, the “Since Inception (8/1/2003)” sub-heading under the “Average Annual Total Return—Investor Class Shares” headings is deleted and replaced with the sub-heading “Past 10 Years.” All of the return information currently presented under the “Since Inception (8/1/2003)” sub-heading correctly represents the Investor Class Shares’ return information for the past ten years and, thus, no change to the return information is required. For ease of reference, the average annual total return information for Investor Class Shares with the correct sub-headings is included below. </td> </tr> </table>   AVERAGE ANNUAL TOTAL RETURN (for periods ended December 31, 2011)   The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:46.05pt;margin-bottom:.0001pt;line-height:normal;text-autospace: none">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">    RYAIX Return Before Taxes -0.0983 -0.1096 -0.0824 Return After Taxes on Distributions -0.0983 -0.1127 -0.0863 Return After Taxes on Distributions and Sale of Fund Shares -0.0639 -0.0905 -0.0661 NASDAQ-100 ® Index (reflects no deduction for fees, expenses or taxes) 0.0366 0.0605 0.0425 <div> <div style="display:none;" >~ http://www.rydex-sgi.com/20120913/role/PerformanceTableData_P0001-S000003694Member row primary compact * row dei_LegalEntityAxis compact ck0000899148_S000003694Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * column dei_LegalEntityAxis compact ck0000899148_S000003694Member ~</div> </div> Russell 2000 ® 1.5x Strategy Fund   <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">  <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">RYDEX SERIES FUNDS <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Russell 2000 ® 1.5x Strategy Fund <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Supplement dated September 13, 2012 <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">to the Investor Class, Advisor Class and H-Class Shares Statutory Prospectus <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">and the A-Class Shares, C-Class Shares and Institutional Class Shares Statutory Prospectus <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none">of the above listed Funds, each dated August 1, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">This supplement provides new and additional information beyond that contained in the Statutory Prospectuses (the “Prospectuses”) listed above and should be read in conjunction with the Prospectuses. <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Russell 2000 ® 1.5x Strategy Fund <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="39" style='width:29.6pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">  </td> <td width="17" valign="top" style='width:12.4pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">• </td> <td width="9" valign="top" style='width:6.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">  </td> <td width="703" valign="top" style='width:527.3pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective immediately, the ticker symbol listed for A-Class Shares of the Russell 2000 ® 1.5x Strategy Fund on the cover page of the A-Class Shares, C-Class Shares and Institutional Class Shares Statutory Prospectus is deleted and replaced with the following ticker symbol: RYAKX. </td> </tr> </table>   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">    RYAKX