Rydex SGI :: Mutual Fund Profiles : International Long Short Select- H Class Overview

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International Long Short Select- H Class

RYFHX

Price: $ 18.03

Change: ($ 0.05) | -0.28%

data as of 07/28/2010

Available Classes
and Symbols:

A Class :
RYFRX

C Class :
RYFWX

H Class :
RYFHX

Investment Strategy

Seeks to provide long-term capital appreciation by pursuing an international long/short investment strategy.

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Performance as of 07/28/2010
YTD Return	-14.18%
Total Assets	$ 2,816,987.46
52Wk H/L	$ 22.10 / $ 17.02
Inception	08/31/2007

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Fees and Expenses⁺
Gross Expense Ratio	4.04%
Net Expense Ratio	N/A
Redemption Fee*	1.00%
* The fund will charge shareholders a 1.00% redemption fee when they redeem shares held for less than thirty (30) days.

Fund Highlights & Applications

Distributions as of 12/03/2009
Most Recent Income	$ 0.03
Dividend	$ 0.03
Most Recent Capital Gain	$ 0.00

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Annual Average Total Returns
	Month End (as of 06/30/2010)	Qtr End (as of 06/30/2010)

1 Yr	2.98%	2.98%

3 Yr	N/A	N/A

5 Yr	N/A	N/A

10 Yr	N/A	N/A

SI (08/31/2007)	-10.94%	-10.94%

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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. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For additional information, please see the fund's prospectus. Returns for performance under one year are cumulative, not annualized. Performance results for periods under one year are short-term and may not provide an adequate basis for evaluating the performance potential of the fund over varying market conditions or economic cycles

Symbols & CUSIPs
Class	Symbol	CUSIP
A	RYFRX	78356A426
C	RYFWX	78356A418
H	RYFHX	78356A392

Investment Team
Team Managed

Operations
Fund Type	Alternatives
Distribution Frequency	Annual (if applicable)
Benchmark	MSCI EAFE
Telephone	800.820.0888
Trading Hours	9:30 AM - 4:00 PM ET (phone) 9:30 AM - 4:00 PM ET (web)
Note: Each financial intermediary may have its own rules about share transactions, and may have earlier cut-off times for processing your transaction.

How do I invest?
There are many ways to invest in Rydex-SGI Mutual Funds. View list of ways to invest.

The fund will charge shareholders a 1.00% redemption fee when they redeem shares held for less than thirty (30) days

This fund may not be suitable for all investors. •The use of long and short positions does not necessarily limit the Fund’s exposure to market volatility and other risks. •Because a short position loses value as the security’s price increases, the loss on a short sale is theoretically unlimited. •It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases. •Short sales effectively leverage the Fund’s assets. •The use of leverage may magnify gains or losses for the Fund. •Assets segregated to cover those transactions may decline in value and are not available to meet redemptions. •The fund’s investments in developed and emerging foreign markets may increase the fund’s volatility due to the impact of diplomatic, political or economic developments on the country in question. •Additionally, the fund’s direct and indirect exposure to foreign currencies subjects the fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currencies.

Effective June 8, 2010, the International Long Short Select Fund changed its name from International Opportunity Fund to International Long Short Select Fund, it’s sub-advisor from Valu-Trac to Security Global Investors, LLC and its investment strategy from a long only strategy to a long short strategy. Performance prior to June 8, 2010 is that of the former investment strategy.

+Expense ratios have been restated based on estimated amounts for the current fiscal year to reflect the Fund’s investment strategy change. Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class. 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 C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

For holdings, composition is subject to change. Referenced companies are not affiliated with Rydex SGI and Rydex SGI does not sponsor, endorse, sell or promote the referenced companies.

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.