Rydex Retailing Fund Class C (RYRCX)

Investment Objective The investment seeks capital appreciation. Under normal circumstances- the fund invests substantially all (at least 80%) of its net assets in equity securities of Retailing Companies that are traded in the United States and in derivatives- which primarily consist of futures contracts and options on securities- futures contracts- and stock indices. It may invest to a significant extent in the securities of Retailing Companies that have small to mid-sized capitalizations. The fund also may purchase American Depositary Receipts ("ADRs") to gain exposure to foreign Retailing Companies and U.S. government securities. It is non-diversified.