Rydex Inverse High Yield Strategy A (RYILX)

Fund Fact Sheet 12-31-2009 09-30-2009 06-30-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks to provide investment results that inversely correlate to the performance of the high yield bond market. The fund normally primarily invest in credit default swaps to gain inverse exposure to the high yield bond market. It may invest in bond futures for the purpose of managing duration risk. The Fund may invest in other fixed income securities and money market instruments. it may invest in other fixed income securities and money market instruments. The fund is nondiversified.

Fund Management Michael P. Byrum, Lead Manager since 16-Aug-07
Byrum is president and CIO of Rydex Investments, his employer since its foundation in 1993. He has ultimate responsibility for the management of the funds. He was named the president of Rydex Investments in 2004 and has served as chief investment officer since 2003.Prior to joining Rydex Investments, Mr. Byrum worked for Money Management Associates, the investment adviser for Rushmore Funds, Inc. Byrum holds the Charted Financial Analyst designation.