The Rydex Funds, Rydex Global Advisors, Rydex Distributors, Inc. (Collectively, "Rydex ")

Our Commitment to You
When you become a Rydex investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust, and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone - whether it is your personal information or the fact that you are a current or former Rydex client.

The Information We Collect About You
In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Rydex account application or when you request a transaction that involves the Rydex Funds or one of the Rydex affiliated companies." Nonpublic personal information" is personally identifiable private information about you. For example, it includes information regarding your name and address, social security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information
As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below.

To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Rydex. For example, if you ask to transfer assets from another financial institution to Rydex, we will need to provide certain information about you to that company to complete the transaction.

To alert you to other Rydex investment products and services, we may share your information within the Rydex family of affiliated companies. This would include, for example, sharing your information within Rydex so we can make you aware of new Rydex funds, or the services offered through another Rydex affiliated company.

In certain instances, we may contract with non-affiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And, we require these third parties to treat your private information with the same high degree of confidentiality that we do.In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S. Patriot Act.

Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances permitted by law.

How We Protect Privacy Online
Our concern for the privacy of our shareholders also extends to those who use our Web sites: www.rydexfunds.com; www.rydexfundsfp.com; www.rydexfs.com.

Our Web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer(SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information, initiate online transactions or send secure messages.The Rydex Web site offers customized features that require our use of "HTTP cookies"- tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Rydex Web site. We do not use them to pull data from your hard drive, to learn your e-mail address or to view data in cookies created by other Web sites. We will not share the information in our cookies or give others access to it.

See the Legal Information area on this Web site for more details about Web site security and privacy features.

How We Safeguard Your Personal Information
We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We'll Keep You Informed
As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our Web sites at www.rydexfunds.com; www.rydexfundsfp.com; www.rydexfs.com. Should you have any questions regarding our Privacy Policy, please contact us at 800.820.0888 or 301.296-5100.