Rydex | SGI Macro Opportunities Fund (Prospectus Summary) | Rydex | SGI Macro Opportunities Fund

Rydex | SGI Macro Opportunities 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 Macro Opportunities 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 Macro Opportunities Fund		Class A	Class C	Institutional Class
Management fees		0.89%	0.89%	0.89%
Distribution and service (12b-1) fees		0.25%	1.00%	none
Other expenses		0.68%	0.68%	0.48%
Total annual fund operating expenses		1.82%	2.57%	1.37%
Fee waiver (and/or expense reimbursement)	[1]	(0.46%)	(0.46%)	(0.42%)
Total annual fund operating expenses after fee waiver (and/ or expense reimbursement)		1.36%	2.11%	0.95%

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 Macro Opportunities Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A	607	978
Class C	314	756
Institutional Class	97	392

Expense Example, No Redemption Rydex | SGI Macro Opportunities Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A	607	978
Class C	214	756
Institutional Class	97	392

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 will seek to achieve its investment objective by investing in a wide

range of fixed income and other debt and equity securities selected from a

variety of sectors and credit qualities, principally, corporate bonds,

participations in and assignments of syndicated bank loans, asset-backed

securities (including mortgage-backed securities and structured finance

investments), U.S. government and agency securities, mezzanine and preferred

securities, commercial paper, zero-coupon bonds, municipal securities, Rule 144A

securities (and other non-registered or restricted securities), step-up securities

(such as step-up bonds) and convertible securities, and in common stocks and other

equity investments that Guggenheim Partners Asset Management ("Guggenheim

Investments"), the Fund's sub-adviser, believes offer attractive yield and/or capital

appreciation potential. Guggenheim Investments may employ a strategy of writing

(selling) covered call and put options on such equity securities.



While the Fund will principally invest in 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 hold , without

limit, 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"). The

Fund may hold securities of any duration or maturity. Securities in which the

Fund may invest may pay fixed or variable rates of interest. The Fund may invest

in a variety of investment vehicles, such as closed-end funds, exchange traded

funds ("ETFs") and other mutual funds. The Fund may also invest in commodities

(such as precious metals), commodity-linked notes and other commodity-linked

derivative instruments, such as swaps, options, or forward contracts based on

the value of commodities or commodities indices and commodity futures. The Fund

may use leverage by entering into reverse repurchase agreements and borrowing

transactions (such as lines of credit) for investment purposes.



The Fund also may engage in repurchase agreements, forward commitments, short

sales and securities lending and it may seek certain exposures through

derivative transactions, including 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 , without

limit, 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 also, without limitation, seek to

obtain 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 Investments will use a relative value-based investment

philosophy, which utilizes quantitative and qualitative analysis to seek to

identify securities or spreads between securities that deviate from their

perceived fair value and/or historical norms. Guggenheim Investments seeks to

combine a credit managed fixed-income portfolio with access to a diversified

pool of alternative investments and equity strategies. Guggenheim Investments'

investment philosophy is predicated upon the belief that thorough research and

independent thought are rewarded with performance that has the potential to

outperform benchmark indexes with both lower volatility and lower correlation of

returns as compared to such benchmark indexes.



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.



Commodities Risk. The commodities industries can be significantly affected by

the level and volatility of commodity prices; world events including

international monetary and political developments; import controls and worldwide

competition; exploration and production spending; and tax and other government

regulations and economic conditions.



Commodity-Linked Investing. Commodity-linked investments may be more volatile

and less liquid than the underlying commodity, instruments, or measures and

their value may be affected by the performance of the overall commodities

markets as well as weather, tax, and other regulatory developments.



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

to a derivatives transaction, reverse repurchase agreement 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.



Equity Securities Risk. Equity securities include common stocks and other equity

securities (and securities convertible into stocks), and the prices of equity

securities fluctuate in value more than other investments. They reflect changes

in the issuing company's financial condition and changes in the overall market.

Common stocks generally represent the riskiest investment in a company. The Fund

may lose a substantial part, or even all, of its investment in a company's

stock. Growth stocks may be more volatile than value stocks.



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 cause

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 ETFs, closed-end funds and other 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 borrowings or 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, reverse

repurchase agreements , unfunded commitments and borrowings.



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.



Options and Futures Risk. Options and futures may sometimes reduce returns or

increase volatility. They also may entail transactional expenses.



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.



Repurchase Agreement and Reverse Repurchase Agreement Risk. In the event of the

insolvency of the counterparty to a repurchase agreement or reverse repurchase

agreement, recovery of the repurchase price owed to the Fund or, in the case of

a reverse repurchase agreement, the securities sold by the Fund, may be delayed.



Because reverse repurchase agreements may be considered to be the practical

equivalent of borrowing funds, they constitute a form of leverage. If the Fund

reinvests the proceeds of a reverse repurchase agreement at a rate lower than

the cost of the agreement, entering into the agreement will lower the Fund's

yield.



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.



Securities Lending Risk. Securities lending involves a risk that the borrower

may fail to return the securities or deliver the proper amount of collateral,

which may result in a loss to the Fund. In the event of bankruptcy of the

borrower, the Fund could experience losses or delays in recovering the loaned

securities.



Short Sales Risk. Short selling a security involves selling a borrowed security

with the expectation that the value of that security will decline so that the

security may be purchased at a lower price when returning the borrowed security.

The risk for loss on short selling is greater than the original value of the

securities sold short because the price of the borrowed security may rise, thereby

increasing the price at which the security must be purchased. Government actions

also may affect the Fund's ability to engage in short selling.

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 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 -- 1.36 %, Class C -- 2.11 % and Institutional Class -- 0.95 %. 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 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.