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Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date fund performance, including performance current to the most recent month end, go to the mutual fund performance page.

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Unless otherwise noted below, performance “with load” reflects applicable sales charges or contingent deferred sales charges. Class A-shares (except U.S. Government Money Market fund) have a maximum sales charge of 4.75%. The maximum CDSC is 1% for class C-shares. A-Share investors may be eligible for a reduction in sales charges. Under certain circumstances, there may be a CDSC of 1% for redemptions within 18 months of purchase. Please see the prospectus or click here for breakpoint and Rights of Accumulation information.

For All Cap Value, Large Cap Core, Global, Large Cap Value, Mid Cap Growth, Mid Cap Value, Large Cap Concentrated Growth, Small Cap Growth and Small Cap Value funds performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 5.75%. Class B-shares have a maximum CDSC of 5% for redemptions during the first year, decreasing to 0% for redemptions in the sixth and following years. Class B shares are no longer available for purchase. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

For US Intermediate Bond and High Yield funds performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class B-shares have a maximum CDSC of 5% for redemptions during the first year, decreasing to 0% for redemptions in the sixth and following years. Class B shares are no longer available for purchase. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

** The performance shown is the performance for the Investor Class shares of the U.S. Government Money Market Fund. However, performance of the Fund’s Investor2 Class Share would be substantially similar to that of the Fund’s Investor Class Shares because the expenses for each class are identical.

¹ Total Expense Ratios:

Expense ratios for the following funds are as of the fiscal year ended 3/31/09: All-Asset Aggressive Strategy, All-Asset Moderate Strategy, All-Asset Conservative Strategy, Europe 1.25x Strategy, Japan 2x Strategy, Government Long Bond 1.2x Strategy, Inverse Government Long Bond Strategy, Inverse Mid-Cap Strategy, Inverse NASDAQ-100® Strategy, Inverse Russell 2000® Strategy, Inverse S&P 500 Strategy, S&P 500 Pure Growth, S&P 500 Pure Value, Mid-Cap 1.5x Strategy, S&P MidCap 400 Pure Growth, S&P MidCap 400 Pure Value, Global 130/30 Strategy, Nova, NASDAQ-100®, Real Estate, Russell 2000®, Russell 2000® 1.5x Strategy, S&P 500, All-Cap Opportunity, S&P SmallCap 600 Pure Growth, S&P SmallCap 600 Pure Growth, Strengthening Dollar 2x Strategy, U.S. Government Money Market, Weakening Dollar 2x Strategy, International Opportunity Fund, High Yield Strategy, Inverse High Yield Strategy, Alternative Strategies Allocation, and the Sector Funds.
Expense ratios for the following funds are as of the fiscal year ended 12/31/08: Dow 2x Strategy, NASDAQ-100® 2x Strategy, S&P 500 2x Strategy, Inverse Dow 2x Strategy, Inverse NASDAQ-100® 2x Strategy, Inverse S&P 500 2x Strategy, Inverse Russell 2000® 2x Strategy, Russell 2000® 2x Strategy, High Yield, and U.S. Intermediate Bond.
Expense ratios for the following funds are as of fiscal year ended 9/30/2009: Global, Large Cap Core, Mid Cap Growth, Large Cap Concentrated Growth, Small Cap Growth, All Cap Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Alpha Opportunity.
The following are new funds and therefore expense ratios are based on estimate amounts for the current fiscal year: Global Market Neutral Fund and Long/Short Commodities Strategy Fund.
Total expense ratios of the Multi-Hedge Strategies fund are as of fiscal year ended 3/31/2009. The advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the subsidiary in which the fund invests. As a result, the net expense ratio is 2.15% for H-class, 2.17% for A-class, and 2.90% for C-class shares. This waiver will continue in effect for as long as the Fund invests in the subsidiary, and may not be terminated by the Advisor unless the Advisor first obtains the prior approval of the Fund’s Board of Trustees for such termination. The total expense ratio figure for Rydex SGI Multi-Hedge Strategies Fund includes short sales dividends as an expense of 0.66%. If these costs had been treated as transaction costs or capital items rather than as expenses, the net expense ratio would have equaled 1.49% for H-class, 1.48% for A-class and 2.23% for C-class shares.
The Total Gross Expense Ratios of the Commodities Strategy fund are as of the fiscal year ended 3/31/2009. The advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the subsidiary in which the fund invests. As a result, the net expense ratio is 1.64% for H-class, 1.64% for A-class, and 2.40% for C-class shares. This waiver will continue in effect for as long as the Fund invests in the subsidiary, and may not be terminated by the Advisor unless the Advisor first obtains the prior approval of the Fund’s Board of Trustees for such termination.
The Total Gross Expense Ratios of the Managed Futures Strategy fund are as of fiscal year end 12/31/2008. The Advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the Subsidiary in which the Fund invests. As a result the Net Expense Ratio is 2.19% for H-class, 2.20% for A-class and 2.94% for C-class. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and may not be terminated by the Advisor unless the Advisor first obtains the prior approval of the Fund's Board of Trustees for such termination.
Performance of the Global 130/30 Strategy Fund through March 31, 2009 reflects the Multi-Cap Core Equity Fund strategy, which did not include investments in short positions nor investments of over 100% of the fund assets in long positions. Total expense ratio for the Global 130/30 Strategy Fund has been estimated based on the investment strategy change and sub-advisory aggreement effective April 1, 2009. Please see the prospectus for more information.
The total expense ratio for Inverse Russell 2000® 2x Strategy Fund includes short sales dividends as an expense of 0.62% for H-class, 0.61% for A-class, and 0.57% for C-class shares. If these costs had been treated as transaction costs or capital items rather than as expenses, the expense ratio would have equaled 1.77% for H-class, 1.78% for A-class, and 2.51% for C-class shares.
The total expense ratio for Inverse Russell 2000® Strategy fund includes short sales dividends expense of 0.27% for H-class, 0.25% for A-class and 0.31% for C-class. If these costs had benn treated as transaction costs or capital items rather than expenses, the expense ratios would have equaled 1.70% for H-class, 1.71% for A-class, and 2.45% for C-class.
The total expense ratio for Inverse Government Long Bond Fund includes short interest as an expense of 2.05% for Investor class, 2.21% for A-class, 2.20% for Advisor class, and 2.04% for C-class. If these costs had been treated as transaction costs or capital items rather than as expenses, the expense ratio would have equaled 1.41% for Investor-class, 1.65% for A-class, 1.91% for Advisor-class shares, and 2.41% for C-class shares.
The total expense ratio for the Long/Short Commodities Strategy Fund is based on estimated amounts for the current fiscal year. The advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the subsidiary in which the fund invests. As a result, the net expense ratio is 1.83% for H-class, 1.83% for A-class, and 2.58% for C-class shares. This waiver will continue in effect for as long as the Fund invests in the subsidiary, and may not be terminated by the Advisor unless the Advisor first obtains the prior approval of the Fund’s Board of Trustees for such termination.

Returns for performance under one year are cumulative not annualized. Performance results for short time periods may not provide an adequate basis for evaluating the performance potential of the fund over varying market conditions or economic cycles.

After-tax returns are calculated using the highest historical federal income and capital gains tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. Returns After Tax assume a continued investment in the fund and shows the effect of taxes on fund distributions. Returns After Tax Post Sale assume all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns will differ depending on share class.

Inverse and leveraged Funds are not suitable for all investors. •These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. •The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. •Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. •The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. •Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. •Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the Funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those Funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those Funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. •For more on these and other risks, please read the prospectus.

The Alternative Funds may not be suitable for all investors because of the sophisticated and aggressive investment techniques the funds employ, such as leverage, derivatives and short selling. See a prospectus for additional details on these and other risks.

See the prospectus for details on the specific risks of each Fund. Funds are offered in multiple share classes. Please read the prospectus for information on fees, expenses and holding periods that may apply to each class. Each class invests in the same underlying portfolio. Unless otherwise noted, each Rydex SGI fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. Changes in the market value of a single security, therefore, could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

An investment in U.S. Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

The Investor2 Class is only available to shareholders that invest in the High Yield Fund, U.S. Intermediate Bond Fund, Global Fund, Large Cap Core Fund, Mid Cap Growth Fund, Large Cap Concentrated Growth Fund, Small Cap Growth Fund, All Cap Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Alpha Opportunity, and Small Cap Value Fund.

Not FDIC Insured No Bank Guarantee May Lose Value

For more complete information regarding the funds click here for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund's prospectus contains this and other information about the fund. Read the prospectus carefully before you invest or send money.

The funds are distributed by Rydex Distributors, Inc. (RDI). Security Global Investors^SM is the investment advisory arm of Security Benefit Corporation (Security Benefit). Security Global Investors consists of Security Global Investors, LLC, Security Investors, LLC and Rydex Investments. Rydex Investments is the primary business name for PADCO Advisors, Inc. and PADCO Advisors II, Inc. SGI and RDI are affiliates and are subsidiaries of Security Benefit.