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Rule 497(e)
File No. 33-59692
RYDEX SERIES TRUST
THE RYDEX HIGH YIELD FUND
Supplement, dated October 15, 1997,
to
Prospectus, dated August 1, 1997
The following text is hereby inserted after the fourth and
final sentence in the third paragraph under the heading
"REDEEMING AN INVESTMENT; WITHDRAWALS," at page 14 in the
Prospectus:
W h e n an investor redeems his or her entire
investment in the Trust, then the dividend interest
earned on the Fund shares for the three business
days following the receipt of the redemption request
will be included in the payment to the investor of
t h e r edemption price. See "Dividends and
Distributions."
The last sentence in the final paragraph under the heading
"EXCHANGES," at page 15 in the Prospectus, is hereby deleted,
and the following text is hereby inserted in lieu thereof:
When shares of the Fund are exchanged by a Trust
shareholder for shares of another Rydex Fund, the
income dividends that are payable by the Fund on
these shares for the two business days following the
receipt of the exchange request automatically will
be paid into the shareholder s account in the Rydex
U.S. Government Money Market Fund (or the Rydex
Institutional Money Market Fund, if the shareholder
uses this Rydex Fund instead of the Rydex U.S.
Government Money Market Fund). See "Dividends and
Distributions."
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