Long Short Equity Strategy Fund (First Prospectus Summary) | Long Short Equity Strategy Fund

LONG SHORT EQUITY STRATEGY FUND

INVESTMENT OBJECTIVE -

The Long Short Equity Strategy Fund (the "Fund") seeks to achieve long-term
capital appreciation with less volatility than the S&P 500® Index.

FEES AND EXPENSES OF THE FUND -

This table describes the fees and expenses that you may pay if you buy and hold
H-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		Long Short Equity Strategy Fund H-Class Shares
Management Fees		0.90%
Distribution (12b-1) and/or Shareholder Service Fees		0.25%
Short Dividend Expense		0.41%
Short Interest Expense		0.06%
Remaining Other Expenses		0.88%
Other Expenses		1.35%
Acquired Fund Fees and Expenses		0.04%
Total Annual Fund Operating Expenses	[1]	2.54%
Fee Waiver and/or Expense Reimbursement	[2]	0.14%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	[1]	2.40%

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 (including one year of capped expenses each period)
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:

Expense Example (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
Long Short Equity Strategy Fund H-Class Shares	243	748	1,280	2,736

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 142% 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's investment methodology is based on a systematic and dynamic algorithm
developed through extensive quantitative research that is designed to select and
weight a basket of liquid, investable factors that, when combined, target return
characteristics similar to those of the broad universe of long short equity hedge
funds. Long short equity hedge funds typically buy stocks that the hedge fund
managers expect will appreciate, and concurrently either sell short stocks that
the hedge fund managers expect will decline in value or hedge market or sector
exposures. The factors and weights of those factors identified by the algorithm
may change over time and may be long or short at any given time. Potential
factors include different market capitalization categories, growth, value,
momentum, international, emerging markets, and various market sectors.

The Fund will seek to gain exposure to the factors selected by the algorithm by
investing primarily in futures, options, options on futures, forward contracts,
and swap agreements whose performance is expected to correspond to the
performance of the factors. The Fund also may invest in a combination of:
domestic and foreign common stock; American Depositary Receipts ("ADRs"); credit
or equity-linked instruments, primarily consisting of exchange-traded notes
("ETNs") and structured notes; exchange-traded funds ("ETFs"); and other pooled
investment vehicles. While the Fund anticipates investing in these instruments
to seek to achieve its investment objective, the extent of the Fund's investment
in these instruments may vary from day to day depending on a number of different
factors, including price, availability, and general market conditions. Certain
of the Fund's derivative investments may be traded in the over-the-counter
("OTC") market. The Fund also intends to enter into short sales and invest in
short positions of certain of its portfolio investments. The Fund may invest in
derivatives for hedging and non-hedging purposes, and on certain occasions, the
Fund may employ leveraging techniques through the use of derivatives. On a
day-to-day basis, the Fund may hold U.S. government securities, short-term, high
quality (rated AA or higher) fixed income securities, money market instruments,
overnight and fixed-term repurchase agreements, cash, and other cash equivalents
with maturities of one year or less to collateralize its derivative positions.

Under normal circumstances, the Fund will invest at least 80% of its net assets,
plus any borrowings for investment purposes, in equity securities, and/or
derivatives thereof. This is a non-fundamental policy that can be changed by the
Fund upon 60 days' prior notice to shareholders.

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 also may engage in frequent and
active trading or portfolio investments to achieve its investment objective. 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:

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.

Credit and Equity-Linked Derivative Investment Risk - The value of the Fund's
investment in these securities will rise or fall in response to changes in the
underlying security or related benchmark or investment. These securities expose
the Fund economically to movements in the prices of the underlying credit or
equity security.

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.

Emerging Markets Risk - The Fund's investments may have exposure to emerging
markets. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile because
they are countries or markets with low- to middle-income economies as classified
by the World Bank, and other countries or markets with similar characteristics
as determined by the Advisor.

Exchange-Traded Notes Risk - The value of an ETN may be influenced by time to
maturity, level of supply and demand for the ETN, volatility and lack of
liquidity in underlying commodities or securities markets, changes in the
applicable interest rates, changes in the issuer's credit rating and economic,
legal, political or geographic events that affect the referenced commodity or
security. The Fund's decision to sell its ETN holdings may also be limited by
the availability of a secondary market. If the Fund must sell some or all of its
ETN holdings and the secondary market is weak, it may have to sell such holdings
at a discount. ETNs also are subject to counterparty credit risk and fixed income
risk.

Fixed Income Risk - The Fund's investments in fixed income securities will
change in value in response to interest rate changes and other factors, such as
the perception of the issuer's creditworthiness. For example, the value of fixed
income securities will generally decrease when interest rates rise, which may
cause the value of the Fund to decrease. In addition, the Fund's investments in
fixed income securities with longer maturities will fluctuate more in response
to interest rate changes.

Foreign Issuer Exposure Risk - The Fund may invest in securities of foreign
companies directly or in financial instruments 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 in Investment Companies Risk - Investing in other investment
companies, including ETFs, subjects the Fund to those risks affecting the
investment company, including the possibility that the value of the underlying
securities held by the investment company could decrease. Moreover, the Fund
will incur its pro rata share of the expenses of the underlying investment
companies' expenses.

Investment Technique Risk - Some investment techniques of the Fund may be
considered aggressive. Risks associated with the use of futures contracts,
options, structured notes, and swap agreements include potentially dramatic
price changes (losses) in the value of the instruments and imperfect
correlations between the price of the contract and the underlying security or
index. These instruments may increase the volatility of the Fund and may involve
a small investment of cash relative to the magnitude of the risk assumed.

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.

Leveraging Risk - The Fund's investment in derivative instruments generally
requires a small investment relative to the amount of investment exposure
assumed. As a result, such investments may give rise to losses that exceed the
amount invested in those instruments. The cost of investing in such instruments
generally increases as interest rates increase, which will lower the Fund's
return.

Liquidity Risk - In certain circumstances, it may be difficult for the Fund to
purchase and sell particular investments within a reasonable time at a fair
price. In addition, the ability of the Fund to assign an accurate daily value to
certain investments may be difficult, and the Advisor may be required to fair
value the investments.

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.

Portfolio Turnover Risk - The Fund's strategy may frequently involve buying and
selling portfolio securities to rebalance the Fund's exposure to various market
sectors. Higher portfolio turnover may result in the Fund paying higher levels
of transaction costs and generating greater tax liabilities for shareholders.
Portfolio turnover risk may cause the Fund's performance to be less than you
expect.

Short Sales Risk - Short selling a security involves selling a borrowed security
with the expectation that the value of the 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.

Small-Capitalization and Mid-Capitalization Securities Risk - The Fund is
subject to the risk that small-and mid-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 -

A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history for
a full calendar year. Of course, once the Fund has performance, 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
rydex-sgi.com or by calling Rydex|SGI Client Services at 800.820.0888.

[1] The Total Annual Fund Operating Expenses in this fee table (before and after any fee waivers and/or expense reimbursements) may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.

[2] The Advisor has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep net operating expenses for H-Class Shares (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, dividends on securities sold short, and extraordinary expenses ("Excluded Expenses")) from exceeding 1.90% of the Fund's H-Class Shares average daily net assets. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.90%. This Agreement may be terminated only with the approval of the Fund's Board of Trustees. In any event, this undertaking will continue for at least twelve months from the date of this Prospectus.