0000899148 2024-08-01 2024-08-01 0000899148 rsf:S000003657Member 2024-08-01 2024-08-01 iso4217:USD pure false 2024-08-14 2024-03-31 497 0000899148 N-1A 2024-08-01 <div style="margin-top:24pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">RYDEX SERIES FUNDS</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">U.S. Government Money Market Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Supplement dated August 14, 2024 to the Fund’s currently effective Statutory Prospectuses (together, the “Prospectuses”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">This supplement provides new and additional information beyond that contained in the Prospectuses and should be read in conjunction with the Prospectuses. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Effective immediately, the introductory language under the heading “Performance Information” in the Fund’s “Fund Summary” is deleted in its entirety and replaced with the following. </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;font-weight:bold;">PERFORMANCE INFORMATION</div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The following bar chart shows the performance of shares of the Fund from year to year. The Fund began operating as a “government money market fund” as that term is defined by Rule 2a‑7 on May 1, 2016. While the Fund primarily invested in government securities prior to May 1, 2016, it was not required to invest 99.5% of its total assets in government securities, cash, or fully collateralized repurchase agreements. As a result, the performance information presented below for periods prior to May 1, 2016 may have differed if the current investment strategy had been in effect during those periods. The variability of performance over time provides an indication of the risks of investing the Fund. Of course, this past performance (before taxes) does not necessarily indicate how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">Updated performance information is available on the Fund’s website at www.guggenheiminvestments.com or by calling 800.820.0888. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The performance information shown below is based on a calendar year. </div> <div style="margin-top:24pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">RYDEX SERIES FUNDS</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">U.S. Government Money Market Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Supplement dated August 14, 2024 to the Fund’s currently effective Statutory Prospectuses (together, the “Prospectuses”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">This supplement provides new and additional information beyond that contained in the Prospectuses and should be read in conjunction with the Prospectuses. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Effective immediately, the introductory language under the heading “Performance Information” in the Fund’s “Fund Summary” is deleted in its entirety and replaced with the following. </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;font-weight:bold;">PERFORMANCE INFORMATION</div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The following bar chart shows the performance of shares of the Fund from year to year. The Fund began operating as a “government money market fund” as that term is defined by Rule 2a‑7 on May 1, 2016. While the Fund primarily invested in government securities prior to May 1, 2016, it was not required to invest 99.5% of its total assets in government securities, cash, or fully collateralized repurchase agreements. As a result, the performance information presented below for periods prior to May 1, 2016 may have differed if the current investment strategy had been in effect during those periods. The variability of performance over time provides an indication of the risks of investing the Fund. Of course, this past performance (before taxes) does not necessarily indicate how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">Updated performance information is available on the Fund’s website at www.guggenheiminvestments.com or by calling 800.820.0888. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The performance information shown below is based on a calendar year. </div> RYDEX SERIES FUNDS 2024-08-14 PERFORMANCE INFORMATION <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The following bar chart shows the performance of shares of the Fund from year to year. The Fund began operating as a “government money market fund” as that term is defined by Rule 2a‑7 on May 1, 2016. While the Fund primarily invested in government securities prior to May 1, 2016, it was not required to invest 99.5% of its total assets in government securities, cash, or fully collateralized repurchase agreements. As a result, the performance information presented below for periods prior to May 1, 2016 may have differed if the current investment strategy had been in effect during those periods. The variability of performance over time provides an indication of the risks of investing the Fund. Of course, this past performance (before taxes) does not necessarily indicate how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">Updated performance information is available on the Fund’s website at www.guggenheiminvestments.com or by calling 800.820.0888. </div> The following bar chart shows the performance of shares of the Fund from year to year. Of course, this past performance (before taxes) does not necessarily indicate how the Fund will perform in the future. www.guggenheiminvestments.com 800.820.0888 <div style="margin-top:6pt;margin-bottom:0pt;margin-left:4%;font-size:10pt;font-family:times new roman;">The performance information shown below is based on a calendar year. </div>