Rydex Europe Advantage Fund Class A (RYAEX)

Investment Objective The investment seeks to provide investment results that correlate, before fees and expenses, to the performance of 125% of the fair value of the STOXX Europe 50 ® Index. The fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments. It will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the underlying index and derivatives and other instruments whose performance is expected to correspond to that of the underlying index. The fund is non-diversified.