NASDAQ-100 Fund (First Prospectus Summary) | NASDAQ-100 Fund

NASDAQ-100® FUND

INVESTMENT OBJECTIVE -

The NASDAQ-100® Fund (the "Fund") seeks to provide investment results that
correspond, before fees and expenses, to a benchmark for over-the-counter
securities on a daily basis. The Fund's current benchmark is the NASDAQ-100
Index® (the "underlying index").

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 NASDAQ-100 Fund	Advisor	Investor
Management Fees	0.75%	0.75%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%	none
Other Expenses	0.80%	0.56%
Total Annual Fund Operating Expenses	1.80%	1.31%

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 NASDAQ-100 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	183	566	975	2,116
Investor	133	415	718	1,579

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 highe  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 39% 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 -

The Fund employs as its investment strategy a program of investing in the
common stock of companies that are generally within the capitalization range
of the underlying index and derivative instruments, which primarily consist
of equity index swaps, futures contracts, and options on securities, futures
contracts, and stock indices. Equity index swaps and futures and options
contracts enable the Fund to pursue its objective without investing directly
in the securities included in the underlying index or in the same proportion
that those securities are represented in the underlying index. Under normal
circumstances, the Fund will invest at least 80% of its net assets, plus any
borrowings for investment purposes, in securities of companies in the underlying
index and derivatives and other instruments whose performance is expected to
correspond to that of the underlying index. The NASDAQ-100 Index® is a modified
capitalization-weighted index composed of 100 of the largest non-financial
companies listed on The Nasdaq Stock Market with capitalizations ranging from
$4.46 billion to $317.24 billion as of June 30, 2011. Certain of the Fund's
derivative investments may be traded in the over-the-counter ("OTC") market.
On a day-to-day basis, the Fund may hold U.S. government securities or cash
equivalents to collateralize its derivative positions. The Fund also may invest in
American Depositary Receipts ("ADRs") to gain exposure to international companies
included in the underlying index. 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. To the extent the
Fund's underlying index is concentrated in a particular industry the Fund will
necessarily be concentrated in that industry. Currently, the NASDAQ-100 Index® is
concentrated in technology companies. 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.

Counterparty Credit Risk - The Fund may make investments in financial
instruments involving counterparties that attempt to gain exposure to a
particular group of securities, index or asset class without actually purchasing
those securities or investments, or to hedge a position. The Fund's use of such
financial instruments, including swap agreements, involves risks that are
different from those associated with ordinary portfolio securities transactions.
For example, if a swap agreement counterparty defaults on its payment
obligations to the Fund, this default will cause the value of your investment in
the Fund to decrease. Swap agreements also may be considered to be illiquid.

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.

Industry and Technology Sector Concentration Risk - The risk of concentrating
Fund investments in a limited number of issuers conducting business in the same
industry or group of industries is that the Fund will be more susceptible to the
risks associated with that industry or group of industries than a fund that does
not concentrate its investments. To the extent that the Fund's investments are
concentrated in issuers conducting business in the technology 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 technology companies also may fluctuate widely in
response to such events.

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

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.

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.

OTC Trading Risk - Certain of the derivatives in which the Fund may invest may
be traded (and privately negotiated) in the OTC market. While the OTC
derivatives market is the primary trading venue for many derivatives, it is
largely unregulated. As a result and similar to other privately negotiated contracts,
the Fund is subject to counterparty credit risk with respect to such derivative
contracts.

Passive Investment Risk - The Fund is not actively managed and the Advisor does
not attempt to take defensive positions in declining markets. Therefore, the
Fund may be subject to greater losses in a declining market than a fund that is
actively managed.

Tracking Error Risk - The Advisor may not be able to cause the Fund's
performance to correspond to that of the Fund's benchmark, either on a daily or
aggregate basis. Factors such as Fund expenses, imperfect correlation between
the Fund's investments and those of the underlying index, rounding of share
prices, changes to the composition of the underlying index, regulatory policies,
and high portfolio turnover rate all contribute to tracking error. Tracking
error may cause the Fund's performance to be less than you expect.

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 4.70%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 12/31/2001) 34.43%   (quarter ended 9/30/2001) -36.77%

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 NASDAQ-100 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	17.98%	5.12%	(2.02%)
Advisor After Taxes on Distributions	Return After Taxes on Distributions	17.98%	5.12%	(2.03%)
Advisor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	11.69%	4.41%	(1.70%)
Investor	Return Before Taxes	18.51%	5.64%	(1.51%)
Investor After Taxes on Distributions	Return After Taxes on Distributions	18.51%	5.64%	(1.53%)
Investor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	12.03%	4.87%	(1.28%)
NASDAQ-100 Index®	NASDAQ-100 Index® (reflects no deduction for fees, expenses or taxes)	19.22%	6.16%	(0.54%)	6.62%	Mar. 31, 2004	2.90%	Mar. 26, 2001