Rydex Series Funds 

702 King Farm Blvd., Suite 200 

Rockville, Maryland 20850 

Important Notice Regarding Proposed Fund Liquidation 

Supplement Dated August 1, 2024 to the currently effective Rydex Series Funds Summary Prospectus, Prospectus and Statement of Additional Information dated August 1, 2024, as supplemented from time to time, for the Guggenheim Long Short Equity Fund (the “Fund”)  

This supplement provides updated information beyond that contained in the Summary Prospectus, Prospectus and Statement of Additional Information and should be read in conjunction with the foregoing documents. 

As previously announced, on May 24, 2024, the Board of Trustees of Rydex Series Funds (the “Board”) approved a proposal to close and liquidate the Fund pursuant to the terms of a Plan of Liquidation (the “Liquidation”).    

The Liquidation is expected to occur on or about August 16, 2024, or any such other date deemed appropriate by an officer of Rydex Series Funds (the “Liquidation Date”).  

Plan of Liquidation.Pursuant to the Plan of Liquidation, the Fund will liquidate its assets as of the close of business on the Liquidation Date.   

During the period prior to the Liquidation Date, the Fund will engage in business and activities for the purposes of winding down its business and affairs and making a distribution of its assets to shareholders. The planned liquidation of the Fund may cause the Fund to increase its cash and cash equivalent holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectus and SAI. This is likely to impact the performance of the Fund.   

The dates set forth in this supplement may be changed without notice by the officers of Rydex Series Funds. 

Please retain this supplement for future reference. 

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