Rule 497(e)
File No. 33-59692
RYDEX SERIES TRUST
Supplement dated May 1, 1996
to
Prospectus dated November 1, 1995
Establishment of the Rydex Institutional Money Market Fund
The shares of a newly-registered series of Rydex Series Trust,
the Rydex Institutional Money Market Fund (the "Institutional
Fund"), became effective for sale on May 1, 1996. The minimum
initial investment in the Institutional Fund for all shareholder
accounts, including retirement plan accounts, is $2,000,000, and
each exchange of other Rydex Fund shares for shares of the
Institutional Fund is subject to the $2,000,000 minimum initial
investment required to invest in the Institutional Fund and
certain additional requirements. A copy of the Institutional
Fund's Prospectus is available, without charge, upon request to
the Trust at 6116 Executive Boulevard, Suite 400, Rockville,
Maryland 20852, or by telephoning the Trust at (800) 820-0888.
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