Rydex | SGI Total Return Bond Fund (Prospectus Summary) | Rydex | SGI Total Return Bond Fund

Rydex | SGI Total Return Bond Fund

Investment Objective --

The Fund seeks to provide total return, comprised of current income and

capital appreciation.

Fees and Expenses of the Fund --

This table describes the fees and expenses that you may pay if you buy and

hold shares of the Fund. You may qualify for sales charge discounts if you

and your family invest, or agree to invest in the future, at least $50,000

in the Rydex | SGI Funds, as defined on page 46 of the Fund's prospectus.

More information about these and other discounts is available from your

financial professional and in the "Buying Shares--Class A Shares" section

on page 34 of the Fund's prospectus and the "How to Purchase Shares"

section on page 37 of the Fund's statement of additional information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Rydex | SGI Total Return Bond Fund	Class A	Class C	Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)	none	1.00%	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Rydex | SGI Total Return Bond Fund		Class A	Class C	Institutional Class
Management fees		0.50%	0.50%	0.50%
Distribution and service (12b-1) fees		0.25%	1.00%	none
Other expenses		0.68%	0.68%	0.48%
Total annual fund operating expenses		1.43%	2.18%	0.98%
Fee waiver (and/or expense reimbursement)	[1]	(0.55%)	(0.55%)	(0.48%)
Total annual fund operating expenses after fee waiver (and/or expense reimbursement)		0.88%	1.63%	0.50%

Example.

This Example is intended to help you compare the cost of investing in the

Fund with the cost of investing in other mutual funds.



The Example assumes that you invest $10,000 in the Fund for the time periods

indicated and then redeem all of your shares at the end of those periods. The

Example also assumes that your investment has a 5% return each year and that the

Fund's operating expenses remain the same. Although the actual costs may be

higher or lower, based on these assumptions your cost would be:

Expense Example Rydex | SGI Total Return Bond Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A	561	854
Class C	266	629
Institutional Class	51	264

Expense Example, No Redemption Rydex | SGI Total Return Bond Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A	561	854
Class C	166	629
Institutional Class	51	264

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate

may indicate higher transaction costs and may result in higher taxes when

Fund shares are held in a taxable account. These costs, which are not

reflected in annual fund operating expenses or in the example, affect the Fund's

performance. No portfolio turnover rate is provided for the Fund because the

Fund has not yet commenced operations.

Principal Investment Strategies --

The Fund intends to pursue its investment objective by investing at least

80% of its assets (net assets, plus the amount of any borrowings for

investment purposes) in debt securities.  Such debt securities may include,

corporate bonds and other corporate debt securities, securities issued by

the U.S. government or its agencies and instrumentalities, mortgage-backed

and asset-backed securities, participations in and assignments of syndicated

bank loans, zero-coupon bonds, municipal bonds, payment-in-kind securities

(such as payment-in-kind bonds), convertible fixed-income securities,

Rule 144A securities (and other non-registered or restricted securities) and

step-up securities (such as step-up bonds). These securities may pay fixed or

variable rates of interest.  While the Fund will principally invest in debt

securities listed, traded or dealt in developed markets, it may also invest

without limitation in securities listed, traded or dealt in other countries,

including emerging markets countries. Such securities may be denominated in

foreign currencies. The Fund may also invest in preferred stock and convertible

securities. The Fund may invest in a variety of investment vehicles,

principally, closed-end funds, exchange traded funds ("ETFs") and other mutual

funds.



The Fund may hold fixed income securities of any quality, rated or unrated,

including those that are rated below investment grade, or if unrated,

determined to be of comparable quality (also known as "high yield securities" or

"junk bonds"). However, the Fund may not invest more than 20% of its assets in

fixed-income securities that are below investment grade. The Fund may hold

securities of any duration or maturity.



With respect to syndicated bank loans, the Fund may purchase participations in,

or assignments of, floating rate syndicated bank loans that meet certain

liquidity standards and will provide for interest rate adjustments at least

every 397 days and which may be secured by real estate or other assets. These

participations may be interests in, or assignments of, the loan and may be

acquired from banks or brokers that have made the loan or members of the lending

syndicate.



The Fund also may seek certain exposures through derivative transactions,

principally, foreign exchange forward contracts, futures on securities, indices,

currencies and other investments; options; interest rate swaps, cross-currency

swaps, total return swaps; and credit default swaps, which may also create

economic leverage in the Fund. The Fund may engage in derivative transactions

for speculative purposes to enhance total return, to seek to hedge against

fluctuations in securities prices, interest rates or currency rates, to change

the effective duration of its portfolio, to manage certain investment risks

and/or as a substitute for the purchase or sale of securities or currencies. The

Fund may seek to obtain market exposure to the securities in which it primarily

invests by entering into a series of purchase and sale contracts or by using

other investment techniques (such as buy backs and or dollar rolls).



Guggenheim Partners Asset Management ("Guggenheim Investments"), the Fund's

sub-adviser, uses a process for selecting securities for purchase and sale that

is based on intensive credit research and involves extensive due diligence on

each issuer, region and sector. Guggenheim Investments also considers

macroeconomic outlook and geopolitical issues.



Guggenheim Investments may determine to sell a security for several reasons

including the following: (1) to adjust the portfolio's average maturity, or to

shift assets into or out of higher-yielding securities; (2) if a security's

credit rating has been changed or for other credit reasons; (3) to meet

redemption requests; (4) to take gains; or (5) due to relative value. The Fund

does not intend to principally invest in defaulted securities, but if a security

defaults subsequent to purchase by the Fund, Guggenheim Investments will

determine in its discretion whether to hold or dispose of such security. Under

adverse market conditions (for example, in the event of credit events, where it

is deemed opportune to preserve gains, or to preserve the relative value of

investments), the Fund can make temporary defensive investments and may not be

able to pursue its objective.

Principal Risks --

The value of an investment in the Fund will fluctuate and is subject to investment

risks, which means investors could lose money. The principal risks of investing

in the Fund are listed below.



Active Trading Risk. Active trading, also called "high turnover," may have a

negative impact on performance. Active trading may result in higher brokerage

costs or mark-up charges, which are ultimately passed on to shareholders of the

Fund.



Asset-Backed and Mortgage-Backed Securities Risk. Investors in asset-backed

securities, including mortgage-backed securities, generally receive payments

that are part interest and part return of principal. These payments may vary

based on the rate at which the underlying borrowers pay off their loans. Some

asset-backed securities, including mortgage-backed securities, may have

structures that make their reaction to interest rates and other factors

difficult to predict, making their prices very volatile and they are subject to

liquidity risk.



Convertible Securities Risk. The value of convertible securities tends to

decline as interest rates increase. Convertible securities generally offer lower

interest or dividend yields than non-convertible securities of similar quality.

The Fund could lose money if the issuer of a convertible security is unable to

meet its financial obligations or goes bankrupt.



Credit Derivative Transactions Risk. Credit derivative instruments may involve

special risks because they are difficult to value and typically are highly

susceptible to credit risk and may be difficult to sell. In addition, credit

default swap transactions may involve greater risks than if a Fund had invested

in the reference obligation directly.



Credit Risk. The Fund could lose money if the issuer of a bond or a counterparty

to a derivatives transaction or other transaction is unable to repay interest

and principal on time or defaults. The issuer of a bond could also suffer a

decrease in quality rating, which would affect the volatility and liquidity of

the bond.



Currency Risk. The Fund's indirect and direct exposure to foreign currencies

subjects the Fund to the risk that those currencies will decline in value

relative to the U.S. Dollar, which would cause a decline in the U.S. value of

the holdings of the Fund. Currency rates in foreign countries may fluctuate

significantly over short periods of time for a number of reasons, including

changes in interest rates and the imposition of currency controls or other

political, economic and tax developments in the U.S. or abroad.



Derivatives Risk. Derivatives may pose risks in addition to those associated

with investing directly in securities or other investments, including limited

ability to enter into or unwind a position, imperfect correlations with

underlying investments or the Fund' other portfolio holdings, lack of

availability and the risk that the counterparty may default on its obligations.



Emerging Markets Risk. Investments in emerging markets securities are generally

subject to a greater level of those risks associated with investing in foreign

securities, as emerging markets are considered less developed and developing

countries.



Foreign Securities Risk. Foreign securities carry additional risks when compared

to U.S. securities, including currency fluctuations, adverse political and

economic developments, unreliable or untimely information, less liquidity,

limited legal recourse and higher transactional costs.



High Yield Securities Risk. Higher yielding, below investment grade and other

high risk debt securities may present additional risk because these securities

may be less liquid and present more credit risk than investment grade bonds. The

price of high yield securities tends to be more susceptible to issuer-specific

operating results and outlook and to real or perceived adverse economic and

competitive industry conditions.



Insurance Risk. Certain municipal securities may be insured by an insurer, such

as a bank or other financial institution. Adverse developments affecting a

particular insurer or, more generally, banks and financial institutions could

have a negative effect on the value of the Fund's holdings in insured municipal

securities. While insurance may reduce the credit risk of a municipal security,

it does not protect against fluctuations in the value of the Fund's shares

caused by market changes.



Interest Rate Risk. Investments in fixed-income securities are subject to the

possibility that interest rates could rise sharply, causing the value of the

Fund's securities and share price to decline. Fixed-income securities with

longer durations are subject to more volatility than those with shorter

durations.



Investment in Investment Vehicles Risk. Investing in other investment vehicles,

including closed-end funds ETFs and other mutual funds, subjects the Fund to

those risks affecting the investment vehicle, including the possibility that the

value of the underlying securities held by the investment vehicle could

decrease. Moreover, the Fund and its shareholders will incur its pro rata share

of the underlying vehicles' expenses.



Investments in Syndicated Bank Loans Risk. Investments in syndicated bank loans

involve special types of risks, including credit risk, interest rate risk,

liquidity risk and prepayment risk. Syndicated bank loans generally offer a

floating interest rate. Syndicated bank loans may decline in value if their

interest rates do not rise as much or as fast as interest rates in general.



Leverage Risk. The Fund's use of leverage , through instruments such as

derivatives, may cause the Fund to be more volatile than if it had not been

leveraged. Leverage can arise through the use of derivatives and unfunded

commitments.



Liquidity Risk. Investments are subject to liquidity risk when they are

difficult to purchase or sell.



Management Risk. The Fund is actively managed. There is no guarantee that the

investment strategies will be successful.



Market Risk. The market value of the securities held by the Fund may fluctuate

resulting from factors affecting the individual company or other factors such as

changing economic, political or financial market conditions.



Municipal Securities Risk. Municipal securities can be affected by unfavorable

legislative or political developments and adverse changes in the financial

conditions of state and municipal issuers or the federal government in case it

provides financial support to the municipality. Certain sectors of the municipal

bond market have special risks that can affect them more significantly than the

market as a whole. Because many municipal instruments are issued to finance

similar projects, conditions in these industries can significantly affect the

overall municipal market.



Preferred Securities Risk. A company's preferred stock generally pays dividends

only after the company makes required payments to holders of its bonds and other

debt. For this reason, the value of preferred stock will usually react more

strongly than bonds and other debt to actual or perceived changes in the

company's financial condition or prospects.



Prepayment Risk. Securities subject to prepayment risk generally offer less

potential for gains when interest rates decline, because issuers of the

securities may be able to prepay the principal due on the securities, and may

offer a greater potential for loss when interest rates rise.



Real Estate Securities Risk. The Fund may invest in securities of real estate

companies and companies related to the real estate industry, including real

estate investment trusts ("REITs"), which are subject to the same risks as

direct investments in real estate. The real estate industry is particularly

sensitive to economic downturns.



Restricted Securities Risk. Restricted securities generally cannot be sold to

the public and may involve a high degree of business, financial and liquidity

risk, which may result in substantial losses to the Fund.

Performance Information --

As of the date of this Prospectus, the Fund has not commenced investment

operations. When the Fund has completed a full calendar year of investment

operations, it will disclose charts that show annual total returns, highest

and lowest quarterly returns and average annual total returns(before and

after taxes)compared to a benchmark index selected by the Fund.

[1] The Investment Manager has contractually agreed through January 31, 2013 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b - 1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) ("Operating Expenses") of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A -- 0.88 %, Class C -- 1.63% and Institutional Class -- 0.50%. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights) and it can be terminated by the Fund's Board of Directors, subject to the recoupment rights of the Investment Manager.