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Rockville, Maryland 20850

RYDEX DYNAMIC FUNDS

RYDEX SERIES FUNDS

Supplement dated December 12, 2023

This Supplement applies to each series of Rydex Dynamic Funds and Rydex Series Funds (each, a "Fund" and collectively, the "Funds") included in the currently effective Rydex Dynamic Funds' Class A and Class C Shares Statutory Prospectus and Rydex Series Funds' Class A, Class C and Institutional Shares Statutory Prospectuses, as supplemented from time to time (each, a "Prospectus")

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

Effective immediately, the description of the sales charge waivers and discounts available through Merrill Lynch, Pierce, Fenner & Smith Incorporated in Appendix A ("Intermediary-Specific Sales Charge Waivers and Discounts") of each Prospectus is deleted in its entirety and replaced with the following:

Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill")

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., Class C) Fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's Prospectus. Purchasers will have to buy Fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

Front-end Load Waivers Available at Merrill

•Shares of Funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

•Shares purchased through a Merrill investment advisory program

•Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

•Shares purchased through the Merrill Edge Self-Directed platform

•Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund in the same account

•Shares exchanged from level-load shares to front-end load shares of the Fund in accordance with the description in the Merrill SLWD Supplement

•Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill

SLWD Supplement)

•Shares purchased by eligible persons associated with the Fund as defined in this Prospectus (e.g., the Fund's officers or trustees)

•Shares purchased from the proceeds of a Fund redemption in front-end load shares provided (1) the repurchase is in a Fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay

Merrill's account maintenance fees are not eligible for Rights of Reinstatement

Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill

•Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section

22(e)(3))

•Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

•Shares sold due to return of excess contributions from an IRA account

•Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

•Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent

•Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as de- scribed in the Merrill SLWD Supplement

•Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of Guggenheim Funds fund family assets held in accounts in their Merrill Household

•Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within the Guggenheim Funds fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

Please retain this supplement for future reference.

SUPP-RYD-STATPRO-1223x0524

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