Biotechnology Fund (First Prospectus Summary) | Biotechnology Fund

BIOTECHNOLOGY FUND

INVESTMENT OBJECTIVE -

The Biotechnology Fund (the "Fund") seeks to provide capital
appreciation by investing in companies that are involved in the
biotechnology industry, including companies involved in research and
development, genetic or other biological engineering, and in the design,
manufacture, or sale of related biotechnology products or services
("Biotechnology Companies").

FEES AND EXPENSES OF THE FUND -

This table describes the fees and expenses that you may pay if you buy and
hold Advisor Class Shares or Investor Class Shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment) N/A

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Biotechnology Fund	Advisor	Investor
Management Fees	0.85%	0.85%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%	none
Other Expenses	0.79%	0.54%
Total Annual Fund Operating Expenses	1.89%	1.39%

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 your actual costs may be
higher or lower, based on these assumptions your costs would be:

Expense Example Biotechnology Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Advisor	192	594	1,021	2,212
Investor	142	440	761	1,669

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 Total Annual
Fund Operating Expenses or in the Example, affect the Fund's performance. During the
most recent fiscal year, the Fund's portfolio turnover rate was 337% of the average
value of its portfolio. However, the Fund's portfolio turnover rate is calculated
without regard to cash instruments or derivatives. If such instruments were included,
the Fund's portfolio turnover rate might be significantly higher.

PRINCIPAL INVESTMENT STRATEGIES -

Under normal circumstances, the Fund invests substantially all (at least 80%)
of its net assets in equity securities of Biotechnology Companies that are traded
in the United States and in derivatives which primarily consist of futures contracts
and options on securities, futures contracts, and stock indices. In addition, the
Fund will invest to a significant extent in the securities of Biotechnology Companies
that have small to mid-sized capitalizations. Biotechnology Companies are engaged in
the research, development, and manufacture of various biotechnological products,
services, and processes; manufacture and/or distribute biotechnological and biomedical
products, including devices and instruments; provide or benefit significantly
from scientific and technological advances in biotechnology; or provide
processes or services instead of, or in addition to, products. The Fund may also
purchase American Depositary Receipts ("ADRs") to gain exposure to foreign
Biotechnology Companies and U.S. government securities. In an effort to ensure
that the Fund is fully invested on a day-to-day basis, the Fund may conduct any
necessary trading activity at or just prior to the close of the U.S. financial
markets. The Fund invests in the securities of a limited number of issuers
conducting business in the biotechnology sector and therefore may be
concentrated in an industry or group of industries within the biotechnology
sector. The Fund is non-diversified and, therefore, may invest a greater
percentage of its assets in a particular issuer in comparison to a diversified
fund.

PRINCIPAL RISKS -

As with all mutual funds, a shareholder is subject to the risk that his or
her investment could lose money. In addition to this risk, the Fund is subject
to a number of additional risks that may affect the value of its shares, including:

Active Trading Risk - Active trading, also called "high portfolio turnover," may
result in higher brokerage costs or mark-up charges, which may negatively affect
Fund performance and result in short-term capital gains, which have a negative
tax effect. Large movements of assets into and out of the Fund due to active
trading also may adversely affect the Fund's ability to achieve its investment
objective.

Biotechnology Sector Concentration Risk - To the extent that the Fund's
investments are concentrated in issuers conducting business in the biotechnology
sector, the Fund is subject to the risk that the securities of such issuers will
underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions and/or increased competition affecting that economic
sector. The prices of the securities of Biotechnology Companies also may
fluctuate widely in response to such events.

Depositary Receipt Risk - The Fund may hold the securities of non-U.S. companies
in the form of ADRs. The underlying securities of the ADRs in the Fund's
portfolio are subject to fluctuations in foreign currency exchange rates that
may affect the value of the Fund's portfolio. In addition, the value of the
securities underlying the ADRs may change materially when the U.S. markets are
not open for trading. Investments in the underlying foreign securities also
involve political and economic risks distinct from those associated with
investing in the securities of U.S. issuers.

Derivatives Risk - The Fund's investments in derivatives may pose risks in
addition to those associated with investing directly in securities or other
investments, including illiquidity of the derivatives, imperfect correlations
with underlying investments or the Fund's other portfolio holdings, lack of
availability and counterparty risk.

Early Closing Risk - The Fund is subject to the risk that unanticipated early
closings of securities exchanges and other financial markets may result in the
Fund's inability to buy or sell securities or other financial instruments on
that day and may cause the Fund to incur substantial trading losses.

Foreign Issuer Exposure Risk - The Fund may invest in securities of foreign
companies directly, or in financial instruments, such as ADRs, that are
indirectly linked to the performance of foreign issuers. Foreign securities
markets generally have less trading volume and less liquidity than U.S. markets,
and prices in some foreign markets may fluctuate more than those of securities
traded on U.S. markets.

Investment Technique Risk - The Advisor does not engage in temporary defensive
investing, keeping the Fund fully invested in all market environments. This
means that, based on market and economic conditions, the Fund's performance
could be lower than other types of mutual funds that may actively shift their
portfolio assets to lessen the impact of a market decline.

Market Risk - The Fund's investments in securities and derivatives, in general,
are subject to market risks that may cause their prices, and therefore the
Fund's value, to fluctuate over time. An investment in the Fund may lose money.

Mid-Capitalization Securities Risk - The Fund is subject to the risk that
medium-capitalization stocks may underperform other segments of the equity
market or the equity market as a whole.

Non-Diversification Risk - The Fund is considered non-diversified and can invest
a greater portion of its assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a single security
could cause greater fluctuations in the value of Fund shares than would occur in
a diversified fund.

Small-Capitalization Securities Risk - The Fund is subject to the risk that
small-capitalization stocks may underperform other segments of the equity market
or the equity market as a whole.

Trading Halt Risk - If a trading halt occurs, the Fund may temporarily be unable
to purchase or sell securities, options or futures contracts. Such a trading
halt near the time the Fund prices its shares may limit the Fund's ability to
use leverage and may prevent the Fund from achieving its investment objective.

PERFORMANCE INFORMATION -

The following bar chart shows the performance of the Investor Class Shares of the Fund
from year to year. The variability of performance over time provides an indication of
the risks of investing in the Fund. The following table shows the performance of the
Investor Class Shares and Advisor Class Shares of the Fund as an average over different
periods of time in comparison to the performance of a broad-based market index. The
figures in the bar chart and table assume the reinvestment of dividends and capital gains
distributions. Of course, this past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future.

Updated performance information is available on the Fund's website at
www.rydex-sgi.com or by calling Rydex|SGI Client Services at 800-820-0888.

The performance information shown below for Investor Class Shares is based on a
calendar year. The year-to-date return for the period from January 1, 2011 through
June 30, 2011 is 17.19%.

Highest Quarter Return                         Lowest Quarter Return
(quarter ended 6/30/2003) 26.91%   (quarter ended 6/30/2002) -33.51%

The after-tax returns presented in the table below are calculated using highest
historical individual federal marginal income tax rates and do not reflect the
impact of state and local taxes. Your actual after-tax returns will depend on
your specific tax situation and may differ from those shown below. After-tax
returns are not relevant to investors who hold shares of the Fund through
tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.

AVERAGE ANNUAL TOTAL RETURN (for periods ended December 31, 2010)

Average Annual Total Returns Biotechnology Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date	Average Annual Returns, Since Inception Secondary	Average Annual Returns, Inception Date Secondary
Advisor	Return Before Taxes	10.03%	3.39%	(1.39%)
Advisor After Taxes on Distributions	Return After Taxes on Distributions	10.03%	3.39%	(1.39%)
Advisor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	6.52%	2.91%	(1.17%)
Investor	Return Before Taxes	10.56%	3.90%	(0.90%)
Investor After Taxes on Distributions	Return After Taxes on Distributions	10.56%	3.90%	(0.90%)
Investor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	6.86%	3.35%	(0.76%)
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	15.06%	2.29%	1.41%	4.17%	Sep. 01, 2004	2.77%	Mar. 30, 2001