SOURCE: Rydex Investments

April 20, 2006 14:00 ET

Rydex Investments to Rename Select Index Funds

New Naming Convention Enables Investors to Match Funds With Strategies

ROCKVILLE, MD -- (MARKET WIRE) -- April 20, 2006 -- Rydex Investments announced today that it will change the names of 18 funds and institute a new naming convention for its funds. The changes, effective May 1, 2006, will make it easier for investors to identify the type of funds they are seeking from among the firm's product line-up consisting of over sixty funds. The name changes will have no effect on the management, the investment objective or the investment strategy of any Rydex investment product.

The new naming convention will apply primarily to Rydex's benchmarked, leveraged and inverse funds and is designed to do the following:

--  Identify the index or type of index to which the fund is benchmarked;
--  Indicate inverse exposure when applicable; and,
--  Indicate the amount of leverage employed.
    
The degree of leverage will be identified by including either "Advantage" or "Dynamic" in the name:
--  Advantage: the leverage amount is less than two times the index; and
--  Dynamic: the leverage amount is two times the index.
    
For example, beginning May 1, the Rydex Titan 500 Fund, which seeks returns two times the S&P 500® Index, will be called the Rydex Dynamic S&P 500 Fund, and the Rydex Juno Fund, which seeks to return the inverse of the daily price movement of the current long treasury bond, will be called the Rydex Inverse Government Long Bond. A full list of the 18 Rydex funds being renamed follows. For more information, please visit our Web site at www.rydexinvestments.com.
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Long Funds
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                                 Investor/
Old Name        New Name         H-Class    Advisor    C-Class    A-Class
--------------  ---------------  ---------  ---------  ---------  ---------
Core Equity     Multi-Cap        RYQMX                 RYQCX      RYASX
                Core Equity      78355E783             78355E791  78355E494

Large-Cap       Europe           RYEUX                 RYCEX      RYAEX
Europe          Advantage        783554447             783554116  78355E692

Large-Cap       Japan            RYJPX                 RYCJX      RYAJX
Japan           Advantage        783554454             783554124  78355E411

Long Dynamic    Dynamic Dow      RYCVX                 RYCYX      RYLDX
Dow 30                           78355Y201             78355Y102  78355Y888

Medius          Mid Cap          RYMDX                 RYDCX      RYAHX
                Advantage        78355E882             78355E700  78355E486

Mekros          Russell (R)      RYMKX                 RYCMX      RYAKX
                Advantage        783554389             78355E601  78355E478

Titan 500       Dynamic S&P      RYTNX                 RYCTX      RYTTX
                500              783554439             78355E205  78355Y508

US Government   Government Long  RYGBX      RYADX      RYCGX      RYABX
Bond            Bond Advantage   783554504  78355E767  783554330  78355E460

Velocity 100    Dynamic OTC      RYVYX                 RYCCX      RYVLX
                                 783554413             78355E403  78355Y706

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Inverse Funds
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Arktos          Inverse OTC      RYAIX      RYAAX      RYACX      RYAPX
                                 783554512  78355E759  783554348  78355E437

Inverse         Inverse Dynamic  RYCWX                 RYCZX      RYIDX
Dynamic Dow 30  Dow              78355Y409             78355Y300  78355Y870

Inverse         Inverse Russell  RYSHX                 RYCQX      RYAFX
Small-Cap       2000(R)          78355E528             78355E536  78355E544

Juno            Inverse          RYJUX      RYJAX      RYJCX      RYAQX
                Government Long  783554702  78355E775  783554322  78355E429
                Bond

Tempest 500     Inverse Dynamic  RYTPX                 RYCBX      RYTMX
                S&P 500          783554421             78355E304  78355Y607

Ursa            Inverse S&P 500  RYURX      RYUAX      RYUCX      RYARX
                                 783554405  783554538  783554363  78355E718

Venture 100     Inverse Dynamic  RYVNX                 RYCDX      RYVTX
                OTC              783554397             78355E502  78355Y805
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Alternative Products(1)
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Strengthening   Dynamic          RYSBX                 RYSJX      RYSDX
Dollar          Strengthening    78356A806             78356A707  78356A608
                Dollar

Weakening       Dynamic          RYWBX                 RYWJX      RYWDX
Dollar          Weakening        78356A863             78356A871  78356A889
                Dollar
"Rydex is well known for our specialized investment products and our funds' unique names were drawn from the Greek and Latin languages," said Carl G. Verboncoeur, chief executive officer of Rydex Investments. "However, after speaking with advisors and investors, we learned that they find it difficult to connect the unique fund name with its investment approach. By changing the names of select funds, we are creating a stronger association between a fund's investment strategy and the name of the fund."

In addition to the name changes affecting many of the leveraged and inverse funds, Rydex Core Equity Fund will change its name to the Rydex Multi-Cap Core Equity Fund. The new name will better reflect the fund's strategy of investing in a combination of value- and growth-oriented strategies across the small-, medium- and large-market capitalization ranges.

One Rydex fund, however, will keep its unique name. Rydex Nova Fund -- the industry's premier leveraged mutual fund -- was the fund with which late Rydex Investments founder Skip Viragh launched the firm. As a testimony to Mr. Viragh and Rydex's commitment to innovation, the fund's name will remain the same.

About Rydex

Rydex Investments continues to drive change in the financial industry by introducing investment products and services that challenge conventional thinking, empower investors and provide essential new options for uncertain market conditions. Rydex manages $14 billion in assets via more than 60 mutual funds, including nine exchange-traded products. For more information, call 800.820.0888 or visit www.rydexinvestments.com.

For more complete information regarding any Rydex funds please call 800.258.4332 for a prospectus. Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. The fund's prospectus contains this and other information about the fund. Please read the prospectus carefully before you invest or send money. Shares are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Standard & Poor's, "S&P", "S&P 500", "S&P MidCap 400"and "S&P SmallCap 600" are trademarks of The McGraw-Hill Companies and have been licensed for use by Rydex Investments and its affiliates. "Dow Jones," "Dow Jones Industrial AverageSM" and "DJIA™" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Rydex Investments and its affiliates. STOXX Limited claims copyright and other proprietary interest in the Dow Jones STOXX 50 Index. The Dow Jones STOXX 50 Index and the related trademarks have been licensed for certain purposes by Rydex Investments, Inc. and its affiliates. The Russell 2000® Index is a trademark of Russell Investment Group and have been licensed for use by Rydex Investments and affiliates.

"New York Board of Trade®", "NYBOT®", "The U.S. Dollar Index®" and "USDX®" are trademarks or service marks of the Board of Trade of the City of New York, Inc. and have been licensed for use by Rydex Investments and its affiliates. Rydex funds are not sponsored, endorsed, sold or promoted by Standard and Poor's, Dow Jones, Nasdaq, the Frank Russell Company ("Russell"), NYBOT or any affiliate of the Tokyo Stock Exchange ("TSE"), the publisher of the Topix 100 Index. The aforementioned firms make no representation regarding the advisability of investing in the funds. Rydex funds are distributed by Rydex Distributors, Inc., an affiliate of Rydex Investments.

(1) These alternative investments are registered mutual funds subject to the regulation and oversight of the Securities and Exchange Commission.

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