RYDEX SERIES TRUST
497, 1998-08-27
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                            RYDEX SERIES TRUST
                               SECTOR FUNDS
                              INVESTOR SHARES

                  SUPPLEMENT DATED AUGUST 27, 1998, TO THE
                      PROSPECTUS DATED MARCH 1, 1998


THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED 
IN THE PROSPECTUS. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH SUCH 
PROSPECTUS.

Please replace the first full paragraph on page 33 of the Prospectus with the 
following information:

         Investments in the Funds may be made (i) through securities brokers 
    and dealers or other financial institutions who have the responsibility to
    transmit orders promptly and who may charge a processing fee for purchases,
    redemptions or exchanges of shares, or (ii) directly with the Trust by mail
    or by bank wire transfer as follows:



          PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.




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