Rydex Electronics Inv

Under typical conditions, the fund commits a minimum of 80% of its net assets to common stocks of electronics companies traded within the United States. This allocation also includes derivative instruments, primarily consisting of futures contracts and options that relate to individual securities, other futures contracts, and stock market indices. The fund has the discretion to make significant investments in electronics firms with small to medium market capitalizations. Furthermore, it may utilize American Depositary Receipts (ADRs) to gain exposure to international electronics businesses and can hold U.S. government securities. The fund is classified as non-diversified.