Important Notification: Rydex SGI International Opportunity Fund Proxy Passes
At a special meeting of fund shareholders held on April 23, shareholders voted in favor of passing the proposed changes to the fund as outlined in the proxy statement. The following changes are scheduled to be implemented on or around June 7, 2010.

• New principal investment strategy—The fund will pursue an international long/short strategy.
• New name—To better align with its investment strategy, the fund will change its name to Rydex SGI International Long Short Select Fund (formerly International Opportunity Fund).
• New sub-advisory agreement—Security Global Investors^SM (SGI) will serve as the fund’s sub-advisor, formerly Valu-Trac Investment Management Limited.
• A change in the fund’s fees and investment risks will occur as a result of the aforementioned changes.

Rydex SGI Global Market Neutral Fund to Undergo Name Change
Effective May 25, 2010, Rydex SGI Global Market Neutral Fund will change its name to Rydex SGI Equity Market Neutral Fund. In conjunction with the name change, the new fund name will reflect the fund’s investment policy to invest at least 80% of its assets in equity securities. The fund’s investment objectives, symbols and CUSIPs will not change. Please contact Rydex SGI at 800.820.0888 for more information.

Important Announcement: All-Cap Opportunity Fund Announces Name and Strategy Change
Effective May 28, Rydex SGI All-Cap Opportunity will change its name to Rydex SGI U.S. Long Short Momentum Fund. In conjunction with the name change, the principal investment strategy has been changed to increase the fund’s flexibility to take advantage of positive and negative trending market environments. The fund will buy long the common stock of companies in the top-ranked industries and may sell short the common stock of companies in the lowest ranked industries. The fund may also enter into short sales of broader-based stock indices to reduce portfolio risk or volatility. The fund’s principal risks will remain largely the same with the exception that it will no longer be subject to foreign issuer exposure risk and will be subject to leveraging risk. A copy of the prospectus supplement outlining these changes has been mailed to shareholders. To download a copy of the prospectus supplement, click here.

Rydex SGI Introduces New Institutional Share Class for Select Alternative Funds
Effective May 3, Rydex SGI will introduce an I-Shares institutional share class for the following funds: Rydex SGI Managed Futures Strategy Fund, Long/Short Commodities Strategy Fund, Equity Market Neutral Fund and Multi-hedge Strategies Fund. The I-Shares institutional share class will not be subject to a 12b-1 fee and will require a $2 million minimum investment. For more information, please call 800.820.0888. To view the updated expense table for each fund, download the relevant fund’s prospectus below:

Managed Futures Strategy Fund Prospectus
Long/Short Commodities Strategy Fund Prospectus
Equity Market Neutral Fund Prospectus
Multi-hedge Strategies Fund 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.

Rydex SGI to Rename Two Funds
Effective February 1, 2010, two funds—Rydex SGI Select 25 Fund and Rydex SGI Equity Fund—will change their names to better align with their investment objectives and strategies. Please note that the funds’ investment objectives, symbols and CUSIPs will not change.

Rydex SGI High Yield Fund Shareholders: No Distribution of Income for December 2009
There will be no distribution of income for the month of December 2009 for shareholders of Rydex SGI High Yield Fund. Income is typically distributed each month for this fund. However, due to tax adjustments for the fund, there will be no distribution for December. These adjustments are not uncommon and are based on the IRS tax code and certain tax treatment elections made by the fund. The adjustments necessary for the 2009 tax year were more significant than in previous years and, as a result, there will be no December distribution. Normal income distributions will begin again in January. Please contact your Rydex SGI investment consultant at 800.258.4332 for more information.

Class B-Shares Closing to New Purchases Effective January 4, 2010
Class B-Shares of the following funds will be closed to new purchases from existing and/or new shareholders effective January 4, 2010. Automatic purchases in Class B-Shares made after this date will be redirected to A-Shares and will be subject to any applicable sales charges and pricing breakpoints. After this date, current Class B-shareholders can continue to hold and/or exchange their Class B-Shares for Class B-Shares of the Rydex SGI funds listed below until the shares are redeemed or automatically rolled into Class A-Shares (which occurs after eight years).

Class B-shareholders who have chosen to reinvest their Class B-Shares dividends and capital gains within Class B-Shares of the same fund may continue to do so after January 4, 2010. Shareholders who have chosen to reinvest their Class B-Shares dividends and capital gains from one fund into another fund may continue to do so until December 10, 2009, at which time future reinvestments of Class B-Shares dividends and capital gains from one fund into another fund shall cease, and such Class B-Shares will be rolled into A-Shares of the same fund.

Rydex SGI Large Cap Value
Rydex SGI Equity
Rydex SGI Alpha Opportunity*
Rydex SGI Global Equity
Rydex SGI Mid Cap Value
Rydex SGI Small Cap Growth
Rydex SGI Select 25
Rydex SGI Mid Cap Growth
Rydex SGI U.S. Intermediate Bond
Rydex SGI High Yield

To view a copy of the Equity funds supplement, please click here.
To view a copy of the Income funds supplement, please click here.
To download FAQs, please click here.