Rydex SGI
Important Operational Notices from Rydex SGI

Rydex|SGI Announces Reverse-Share Split
A reverse-share split has been announced for shareholders of record on December 2, 2011, for Rydex Inverse NASDAQ 100® 2x Strategy Fund, Rydex Inverse Russell 2000® 2x Strategy Fund, Rydex Variable Annuity Strengthening Dollar Strategy Fund and Rydex Variable Annuity Government Long Bond Strategy Fund.

At market close on December 2, Rydex Inverse NASDAQ 100® 2x Strategy Fund and Inverse Russell 2000® 2x Strategy Fund will undergo a one-for-four reverse split of their issued and outstanding Class A-, C-, and H-shares. Rydex Variable Annuity Strengthening Dollar Strategy Fund and Variable Annuity Government Long Bond Strategy Fund will undergo a one-for-two reverse split.

Every four shares of Rydex Inverse NASDAQ 100® 2x Strategy and Inverse Russell 2000® 2x Strategy funds will be exchanged for one share. Issued and outstanding shares for each fund will decrease by 75% and per-share net asset value will increase four-fold.

Every two shares of Rydex Variable Annuity Strengthening Dollar Strategy and Variable Annuity Government Long Bond Strategy funds will be exchanged for one share. Issued and outstanding shares of each fund will decrease by 50% and per-share net asset value will increase two-fold.

The shares will be offered on a split-adjusted basis beginning December 5, 2011. For more information, see the Frequently Asked Questions or call 800.820.0888.

Rydex|SGI Announces Reverse Share Split
A reverse share split has been announced for shareholders of record on April 8, 2011, for the Rydex|SGI Large Cap Core Fund, Rydex|SGI Large Cap Growth Fund, Rydex|SGI Mid Cap Growth Fund and Rydex|SGI U.S. Intermediate Bond Fund. After the close of markets on that day, each fund will effect a one-for-four reverse split of its issued and outstanding Class A, B and C shares.

Every four shares of each fund will be exchanged for one share. Issued and outstanding shares for each fund will decrease by 75% and per-share net asset value will increase four-fold.

The shares will be offered on a split-adjusted basis beginning April 11, 2011. For more information, see the Frequently Asked Questions or call 800.820.0888.

 
Shares of mutual funds are not deposits of, or guaranteed or endorsed by, any financial institution; are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other agency; and involve risk, including the possible loss of the principal amount invested.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To download a prospectus and summary prospectus (if available) click here or call 800.820.0888.

Rydex SGI funds are distributed by Rydex Distributors, LLC (RDL). Security Investors, LLC (SI) is a registered investment advisor, and does business as Security Global InvestorsSM and Rydex Investments. SI and RDL are affiliates and are subsidiaries of Security Benefit Corporation, which is wholly owned by Guggenheim SBC Holdings, LLC, a special purpose entity managed by an affiliate of Guggenheim Partners, LLC, a diversified financial services firm with more than $100 billion in assets under supervision.