0001193125-22-190292.txt : 20220708 0001193125-22-190292.hdr.sgml : 20220708 20220708135902 ACCESSION NUMBER: 0001193125-22-190292 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20220708 DATE AS OF CHANGE: 20220708 EFFECTIVENESS DATE: 20220708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDEX SERIES FUNDS CENTRAL INDEX KEY: 0000899148 IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-59692 FILM NUMBER: 221073852 BUSINESS ADDRESS: STREET 1: 702 KING FARM BOULEVARD STREET 2: SUITE 200 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 301-296-5100 MAIL ADDRESS: STREET 1: 702 KING FARM BOULEVARD STREET 2: SUITE 200 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: RYDEX DYNAMIC FUNDS DATE OF NAME CHANGE: 20170712 FORMER COMPANY: FORMER CONFORMED NAME: RYDEX SERIES FUNDS DATE OF NAME CHANGE: 20000229 FORMER COMPANY: FORMER CONFORMED NAME: RYDEX SERIES TRUST DATE OF NAME CHANGE: 19930714 0000899148 S000003657 U.S. Government Money Market Fund C000113321 Money Market Class Shares RYFXX 0000899148 S000003683 Banking Fund C000010303 Investor Class RYKIX C000010304 Class H RYKAX C000010305 Class A RYBKX C000010306 Class C RYKCX 0000899148 S000003684 Government Long Bond 1.2x Strategy Fund C000010307 Investor Class RYGBX C000010309 Class A RYABX C000010310 Class C RYCGX C000149021 Class H RYHBX 0000899148 S000003685 Mid-Cap 1.5x Strategy Fund C000010311 Class H RYMDX C000010312 Class A RYAHX C000010313 Class C RYDCX 0000899148 S000003688 S&P 500 Pure Value Fund C000010320 Class H RYZAX C000010321 Class A RYLVX C000010322 Class C RYVVX 0000899148 S000003689 S&P 500 Pure Growth Fund C000010323 Class H RYAWX C000010324 Class A RYLGX C000010325 Class C RYGRX 0000899148 S000003690 Inverse Government Long Bond Strategy Fund C000010326 Investor Class RYJUX C000010328 Class A RYAQX C000010329 Class C RYJCX C000149022 Class H RYHJX 0000899148 S000003691 Nova Fund C000010330 Investor Class RYNVX C000010332 Class A RYANX C000010333 Class C RYNCX C000149023 Class H RYNHX 0000899148 S000003692 Inverse S&P 500 Strategy Fund C000010334 Investor Class RYURX C000010336 Class A RYARX C000010337 Class C RYUCX C000149024 Class H RYUHX 0000899148 S000003693 NASDAQ-100 Fund C000010338 Investor Class RYOCX C000010340 Class A RYATX C000010341 Class C RYCOX C000149025 Class H RYHOX 0000899148 S000003694 Inverse NASDAQ-100 Strategy Fund C000010342 Investor Class RYAIX C000010344 Class A RYAPX C000010345 Class C RYACX C000149026 Class H RYALX 0000899148 S000003695 Europe 1.25x Strategy Fund C000010346 Class H RYEUX C000010347 Class A RYAEX C000010348 Class C RYCEX 0000899148 S000003697 Russell 2000 1.5x Strategy Fund C000010352 Class H RYMKX C000010353 Class A RYAKX C000010354 Class C RYCMX 0000899148 S000003760 S&P SmallCap 600 Pure Value Fund C000010429 Class H RYAZX C000010430 Class A RYSVX C000010431 Class C RYYCX 0000899148 S000003761 Weakening Dollar 2x Strategy Fund C000010432 Class H RYWBX C000010433 Class A RYWDX C000010434 Class C RYWJX 0000899148 S000003768 S&P SmallCap 600 Pure Growth Fund C000010445 Class H RYWAX C000010446 Class A RYSGX C000010447 Class C RYWCX 0000899148 S000003769 S&P MidCap 400 Pure Value Fund C000010448 Class H RYAVX C000010449 Class A RYMVX C000010450 Class C RYMMX 0000899148 S000003770 S&P MidCap 400 Pure Growth Fund C000010451 Class H RYBHX C000010452 Class A RYMGX C000010453 Class C RYCKX 0000899148 S000003771 Inverse Mid-Cap Strategy Fund C000010454 Class H RYMHX C000010455 Class A RYAGX C000010456 Class C RYCLX 0000899148 S000003772 Inverse Russell 2000 Strategy Fund C000010457 Class H RYSHX C000010458 Class A RYAFX C000010459 Class C RYCQX 0000899148 S000003773 Real Estate Fund C000010460 Class H RYHRX C000010461 Class A RYREX C000010462 Class C RYCRX 0000899148 S000003775 Strengthening Dollar 2x Strategy Fund C000010466 Class H RYSBX C000010467 Class A RYSDX C000010468 Class C RYSJX 0000899148 S000003798 Precious Metals Fund C000010578 Investor Class RYPMX C000010579 Class H RYMPX C000010580 Class A RYMNX C000010581 Class C RYZCX 0000899148 S000003799 Telecommunications Fund C000010582 Investor Class RYMIX C000010583 Class H RYMAX C000010584 Class A RYTLX C000010585 Class C RYCSX 0000899148 S000003800 Transportation Fund C000010586 Investor Class RYPIX C000010587 Class H RYPAX C000010588 Class A RYTSX C000010589 Class C RYCNX 0000899148 S000003801 Energy Services Fund C000010590 Investor Class RYVIX C000010591 Class H RYVAX C000010592 Class A RYESX C000010593 Class C RYVCX 0000899148 S000003802 Biotechnology Fund C000010594 Investor Class RYOIX C000010595 Class H RYOAX C000010596 Class A RYBOX C000010597 Class C RYCFX 0000899148 S000003803 Electronics Fund C000010598 Investor Class RYSIX C000010599 Class H RYSAX C000010600 Class A RYELX C000010601 Class C RYSCX 0000899148 S000003804 Internet Fund C000010602 Investor Class RYIIX C000010603 Class H RYIAX C000010604 Class A RYINX C000010605 Class C RYICX 0000899148 S000003805 Utilities Fund C000010606 Investor Class RYUIX C000010607 Class H RYAUX C000010608 Class A RYUTX C000010609 Class C RYCUX 0000899148 S000003806 Energy Fund C000010610 Investor Class RYEIX C000010611 Class H RYEAX C000010612 Class A RYENX C000010613 Class C RYECX 0000899148 S000003807 Financial Services Fund C000010614 Investor Class RYFIX C000010615 Class H RYFAX C000010616 Class A RYFNX C000010617 Class C RYFCX 0000899148 S000003808 Health Care Fund C000010618 Investor Class RYHIX C000010619 Class H RYHAX C000010620 Class A RYHEX C000010621 Class C RYHCX 0000899148 S000003809 Technology Fund C000010622 Investor Class RYTIX C000010623 Class H RYTAX C000010624 Class A RYTHX C000010625 Class C RYCHX 0000899148 S000003810 Basic Materials Fund C000010626 Investor Class RYBIX C000010627 Class H RYBAX C000010628 Class A RYBMX C000010629 Class C RYBCX 0000899148 S000003811 Consumer Products Fund C000010630 Investor Class RYCIX C000010631 Class H RYCAX C000010632 Class A RYPDX C000010633 Class C RYCPX 0000899148 S000003812 Leisure Fund C000010634 Investor Class RYLIX C000010635 Class H RYLAX C000010636 Class A RYLSX C000010637 Class C RYLCX 0000899148 S000003813 Retailing Fund C000010638 Investor Class RYRIX C000010639 Class H RYRAX C000010640 Class A RYRTX C000010641 Class C RYRCX 0000899148 S000012221 S&P 500 Fund C000033368 Class A RYSOX C000033369 Class C RYSYX C000033370 Class H RYSPX 0000899148 S000012222 Russell 2000 Fund C000033371 Class A RYRRX C000033372 Class C RYROX C000033373 Class H RYRHX 0000899148 S000015881 High Yield Strategy Fund C000043615 Class A RYHDX C000043616 Class C RYHHX C000043617 Class H RYHGX 0000899148 S000015882 Inverse High Yield Strategy Fund C000043618 Class A RYILX C000043619 Class C RYIYX C000043620 Class H RYIHX 0000899148 S000018291 Emerging Markets 2x Strategy Fund C000050422 Class A RYWTX C000050423 Class C RYWUX C000050424 Class H RYWVX 0000899148 S000018292 Inverse Emerging Markets 2x Strategy Fund C000050425 Class A RYWWX C000050426 Class C RYWZX C000050427 Class H RYWYX 0000899148 S000018293 Japan 2x Strategy Fund C000050428 Class A RYJSX C000050429 Class C RYJTX C000050430 Class H RYJHX 0000899148 S000041673 Emerging Markets Bond Strategy Fund C000129378 Class A RYIEX C000129379 Class C RYFTX C000129380 Class H RYGTX 0000899148 S000047391 Monthly Rebalance NASDAQ-100 2x Strategy Fund C000148762 Class H RMQHX C000148763 Class A RMQAX C000148764 Class C RMQCX 0000899148 S000051596 Dow Jones Industrial Average Fund C000162316 Class H RYDHX C000162317 Class A RYDAX C000162318 Class C RYDKX 497 1 d345615d497.htm RYDEX SERIES TRUST Rydex Series Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

RYDEX SERIES FUNDS

Supplement dated July 8, 2022 to the currently effective Class A, Class C and Institutional Class Shares Statutory Prospectus and Investor Class and Class H Shares Statutory Prospectus (each, a “Statutory Prospectus” and together, the “Statutory Prospectuses”) and Statement of Additional Information (the “SAI”), each dated August 1, 2021, as supplemented, for each series of the Trust (except the Commodities Strategy Fund, Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) (each, a “Fund” and collectively, the “Funds”).

This supplement provides new and additional information beyond that contained in the Statutory Prospectuses and SAI and should be read in conjunction with the Statutory Prospectuses and SAI.

 

 

Effective immediately, Mr. Ryan Harder no longer serves as a portfolio manager of the Funds. Mr. Michael P. Byrum continues to manage each Fund and is joined by Messrs. Brendan Cain, Spencer Crane and Scott Miller, each of which serves as a portfolio manager of each Fund. Mr. Adrian Bachman also joins Messrs. Byrum, Cain, Crane, and Miller as a portfolio manager of each Rydex Sector Fund and the Real Estate Fund. Therefore, effective immediately, the changes described below are made to the Funds’ Statutory Prospectuses and SAI. The portfolio management changes described in this supplement will not affect the Funds’ investment objectives or principal investment strategies and are not expected to affect the day-to-day management of the Funds.

 

I.

STATUTORY PROSPECTUS CHANGES

 

  •

Rydex Domestic Equity - Broad Market Funds, Rydex Domestic Equity - Style Box Funds, Rydex International Equity Funds, Rydex Fixed Income Funds, Rydex Specialty Funds (except for the Real Estate Fund), and Rydex Money Market Fund (for a full list of Funds included in each fund category, please see the cover page of each Statutory Prospectus)

In each Fund’s “Fund Summary” section, the information under the heading “Portfolio Managers” is deleted in its entirety and replaced with the information below.

PORTFOLIO MANAGERS

 

  •  

Michael P. Byrum, CFA, Senior Managing Director and Portfolio Manager. Mr. Byrum has been associated with the Advisor since 1993.

 
  •  

Brendan Cain, CFA, Vice President and Portfolio Manager. Mr. Cain has been associated with the Adviser since 2006.

 
  •  

Spencer Crane, CFA, Vice President and Portfolio Manager. Mr. Crane has been associated with the Adviser since 2012.

 
  •  

Scott Miller, Vice President and Portfolio Manager. Mr. Miller has been associated with the Adviser since 2008.

 

  •

Sector Funds and Real Estate Fund (for a full list of Rydex Sector Funds, please see the cover page of each Statutory Prospectus)

In each Fund’s “Fund Summary” section, the information under the heading “Portfolio Managers” is deleted in its entirety and replaced with the information below.

PORTFOLIO MANAGERS

 

  •  

Michael P. Byrum, CFA, Senior Managing Director and Portfolio Manager. Mr. Byrum has been associated with the Advisor since 1993.

 
  •  

Adrian Bachman, CFA, Director and Portfolio Manager. Mr. Bachman has most recently been associated with the Advisor since 2014. Mr. Bachman also was associated with the Advisor for an eleven-year period prior to 2008.

 
  •  

Brendan Cain, CFA, Vice President and Portfolio Manager. Mr. Cain has been associated with the Adviser since 2006.

 
  •  

Spencer Crane, CFA, Vice President and Portfolio Manager. Mr. Crane has been associated with the Adviser since 2012.

 
  •  

Scott Miller, Vice President and Portfolio Manager. Mr. Miller has been associated with the Adviser since 2008.

 

 

  •

Class A, Class C and Institutional Class Shares Statutory Prospectus

The first paragraph under the “Management of the Funds – Portfolio Management” section is deleted in its entirety and replaced with the paragraph below.

The Funds are managed by teams of investment professionals. Messrs. Michael P. Byrum, Brendan Cain, Spencer Crane and Scott Miller are jointly and primarily responsible for the day-to-day management of each Fund, with the exception of the Guggenheim Long Short Equity Fund. Mr. Adrian Bachman also is primarily responsible for the day-to-day management of each Sector Fund and the Real Estate Fund. Messrs. Samir Sanghani and Burak Hurmeydan are jointly and primarily responsible for the day-to-day management of the Guggenheim Long Short Equity Fund. Biographical information for each portfolio manager is set forth below.

 

  •

Investor Class and Class H Shares Statutory Prospectus

The first paragraph under the “Management of the Funds – Portfolio Management” section is deleted in its entirety and replaced with the paragraph below.

The Funds are managed by teams of investment professionals. Messrs. Michael P. Byrum, Brendan Cain, Spencer Crane and Scott Miller are jointly and primarily responsible for the day-to-day management of each Fund. Mr. Adrian Bachman also is jointly and primarily responsible for the day-to-day management of each Sector Fund and the Real Estate Fund. Biographical information for each portfolio manager is set forth below.

 

2

  •

Class A, Class C and Institutional Class Shares Statutory Prospectus and Investor Class and Class H Shares Statutory Prospectus

In the “Management of the Funds – Portfolio Management” section, the biographical information currently included for Mr. Harder is deleted in its entirety and replaced with the biographical information for Messrs. Bachman, Cain, Crane and Miller included below.

Adrian Bachman, CFA, Director and Portfolio Manager—Mr. Bachman is a portfolio manager at Guggenheim and joined the firm in 2014. In addition to his portfolio management responsibilities, he also conducts research on various quantitative equity strategies. Before joining Guggenheim, Mr. Bachman spent six years at Arrow Investment Advisors. As portfolio manager at Arrow, he aided in the management of various alternative and equity funds and served on the firm’s investment committees. Before that, Mr. Bachman spent eleven years at Rydex Investments, now a part of Guggenheim. As portfolio manager, Mr. Bachman managed a sector rotation strategy and several sector funds and aided in the management of other tradable Rydex funds. Mr. Bachman has a B.S. in finance and international business from the University of Maryland, College Park, and has earned the Chartered Financial Analyst® designation.

Brendan Cain, CFA, Vice President and Portfolio Manager—Mr. Cain is a Portfolio Manager at Guggenheim Investments and joined the firm in 2006. He helps manage the firm’s Rydex suite of mutual funds, including benchmark and rule-based equity, fixed income, commodity, and alternative strategies. He also analyzes fund cash flows and makes asset allocation decisions based on benchmark, derivatives performance, and shareholder activity. Previously, he was assistant portfolio manager and, before that, senior investment valuation analyst at Guggenheim. Mr. Cain has a B.A. in economics from Gettysburg College in Gettysburg, Pennsylvania. He has earned the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Washington, DC.

Spencer Crane, CFA, Vice President and Portfolio Manager—Mr. Crane is a Portfolio Manager at Guggenheim Investments and joined the firm in 2012. He helps manage the firm’s Rydex suite of mutual funds, including benchmark and rule-based equity, fixed income, commodity, and alternative strategies. He also analyzes fund cash flows and makes asset allocation decisions based on benchmark, derivatives performance, and shareholder activity. Previously, he was assistant portfolio manager and, before that, senior investment valuation analyst at Guggenheim. Before joining Guggenheim, Mr. Crane was a management analyst with BCS, Inc., which was a contractor for the U.S. Department of Energy. Mr. Crane has a B.S. in finance from the Indiana University of Pennsylvania. He has earned the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Washington, DC.

Scott Miller, Vice President and Portfolio Manager—Mr. Miller is a Portfolio Manager at Guggenheim Investments and joined the firm in 2008. He helps manage the firm’s Rydex suite of mutual funds, including benchmark and rule-based equity, fixed income, commodity, and alternative strategies. He also produces quantitative analyses and builds analytical tools that enhance the team’s ability to manage a diverse product line-up, track and mitigate risk, and capture trading and investment opportunities. Before joining Guggenheim, he worked for Catalyst Rx, State Street Corporation, and

 

3

Institutional Shareholder Services. He has a B.A. in economics from Boston University and an MBA from Cornell University.

 

II.

SAI CHANGES

 

  •

In the “Management of the Funds – Portfolio Managers” section of the SAI, the information below for Messrs. Bachman, Cain, Crane and Miller is added to the table under the sub-heading “Other Accounts Managed by Portfolio Managers.”

 

      Registered
Investment Companies		    Other Pooled
Investment Vehicles		    Other Accounts
             
Portfolio Manager   

Number of  

Accounts  

   

Total Assets  

(in millions)  

   

Number of  

Accounts  

   

Total Assets  

(in millions)  

   

Number of  

Accounts  

   

Total Assets  

(in millions)  

             

Adrian Bachman*

    2      $117      0      N/A      0      N/A  
             

Brendan Cain*

    0      N/A      0      N/A      0      N/A  
             

Spencer Crane*

    0      N/A      0      N/A      0      N/A  
             

Scott Miller*

    0      N/A      0      N/A      0      N/A  

* Information provided is as of March 31, 2022.

None of the accounts managed by the portfolio managers are subject to performance-based advisory fees.

 

  •

In the “Management of the Funds – Portfolio Managers” section of the SAI, the information below for Messrs. Bachman, Cain, Crane and Miller is added to the table under the sub-heading “Fund Shares Owned by Portfolio Managers.”

 

Portfolio Manager      Fund   

  Dollar Range of    

    Fund Shares Owned      

Adrian Bachman*

    None    None    

Brendan Cain*

    None    None    

Spencer Crane*

    Monthly Rebalance NASDAQ-100® 2x Strategy Fund    $1-$10,000    

Scott Miller*

    None    None    

* Information provided as of March 31, 2022.

 

 

Please retain this supplement for future reference.

RSF-SUPP-STATSAI-0821-0722x0822

 

4

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

RYDEX SERIES FUNDS

Domestic Equity – Broad Market Funds

Domestic Equity – Style Box Funds

International Equity Funds

Strengthening Dollar 2x Strategy Fund

Weakening Dollar 2x Strategy Fund

Fixed Income Funds

U.S. Government Money Market Fund

Supplement dated July 8, 2022 to the currently effective Class A, Class C and Institutional Class Shares Summary Prospectuses and Investor Class and Class H Shares Summary Prospectuses, each dated August 1, 2021 (each a “Summary Prospectus” and collectively, the “Summary Prospectuses”) for the Funds listed above (each, a “Fund” and collectively, the “Funds”).

This supplement provides new and additional information beyond that contained in the Summary Prospectuses and should be read in conjunction with the Summary Prospectuses.

 

 

Effective immediately, Mr. Ryan Harder no longer serves as a portfolio manager of the Funds. Mr. Michael P. Byrum continues to manage each Fund and is joined by Messrs. Brendan Cain, Spencer Crane and Scott Miller, each of which serves as a portfolio manager of each Fund. Therefore, effective immediately, in the “Fund Summary” section of each Fund’s Summary Prospectuses, the information under the heading “Portfolio Managers” is deleted in its entirety and replaced with the information below.

PORTFOLIO MANAGERS

 

  •  

Michael P. Byrum, CFA, Senior Managing Director and Portfolio Manager. Mr. Byrum has been associated with the Advisor since 1993.

 
  •  

Brendan Cain, CFA, Vice President and Portfolio Manager. Mr. Cain has been associated with the Adviser since 2006.

 
  •  

Spencer Crane, CFA, Vice President and Portfolio Manager. Mr. Crane has been associated with the Adviser since 2012.

 
  •  

Scott Miller, Vice President and Portfolio Manager. Mr. Miller has been associated with the Adviser since 2008.

 

The portfolio management changes described in this supplement will not affect the Funds’ investment objectives or principal investment strategies and are not expected to affect the day-to-day management of the Funds.

 

 

Please retain this supplement for future reference.

RF-BMDE-SUPS-SUMPRO-0722x0822

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

RYDEX SERIES FUNDS

Sector Funds

Real Estate Fund

Supplement dated July 8, 2022 to the currently effective Class A, Class C and Institutional Class Shares Summary Prospectuses and Investor Class and Class H Shares Summary Prospectuses, each dated August 1, 2021 (each a “Summary Prospectus” and collectively, the “Summary Prospectuses”) for the Funds listed above (each, a “Fund” and collectively, the “Funds”).

This supplement provides new and additional information beyond that contained in the Summary Prospectuses and should be read in conjunction with the Summary Prospectuses.

 

 

Effective immediately, Mr. Ryan Harder no longer serves as a portfolio manager of the Funds. Mr. Michael P. Byrum continues to manage each Fund and is joined by Messrs. Adrian Bachman, Brendan Cain, Spencer Crane and Scott Miller, each of which serves as a portfolio manager of each Fund. Therefore, effective immediately, in the “Fund Summary” section of each Fund’s Summary Prospectuses, the information under the heading “Portfolio Managers” is deleted in its entirety and replaced with the information below.

PORTFOLIO MANAGERS

 

  •  

Michael P. Byrum, CFA, Senior Managing Director and Portfolio Manager. Mr. Byrum has been associated with the Advisor since 1993.

 
  •  

Adrian Bachman, CFA, Director and Portfolio Manager. Mr. Bachman has most recently been associated with the Advisor since 2014. Mr. Bachman also was associated with the Advisor for an eleven-year period prior to 2008.

 
  •  

Brendan Cain, CFA, Vice President and Portfolio Manager. Mr. Cain has been associated with the Adviser since 2006.

 
  •  

Spencer Crane, CFA, Vice President and Portfolio Manager. Mr. Crane has been associated with the Adviser since 2012.

 
  •  

Scott Miller, Vice President and Portfolio Manager. Mr. Miller has been associated with the Adviser since 2008.

 

The portfolio management changes described in this supplement will not affect the Funds’ investment objectives or principal investment strategies and are not expected to affect the day-to-day management of the Funds.

 

 

Please retain this supplement for future reference.

RSF-REF-SUP-SUMPRO-0722x0822

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