Long Short Interest Rate Strategy Fund (First Prospectus Summary) | Long Short Interest Rate Strategy Fund

LONG SHORT INTEREST RATE STRATEGY FUND

INVESTMENT OBJECTIVE -

The Long Short Interest Rate Strategy Fund (the "Fund") seeks to maximize total
return by taking advantage of price movements in the U.S. Treasury bond market.

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 Interest Rate Strategy Fund H-Class Shares
Management Fees	0.75%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%
Other Expenses	0.54%
Total Annual Fund Operating Expenses	1.54%

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 (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 Interest Rate Strategy Fund H-Class Shares	157	486	839	1,834

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 0%
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 seeks to achieve its investment objective by investing in accordance
with a highly quantitative investment model that is designed to identify a
short-term interest rate outlook expressed in terms of exposure to the U.S.
Treasury bond market. It is expected that the model will enable the Fund to
potentially benefit from interest rate trends while also enabling it to take
advantage of short-term deviations in such trends.

In executing this strategy, the Fund's Sub-Advisor manages the investment model
to determine an interest rate outlook. The model evaluates and ranks factors in
3 primary categories: (1) economic outlook based on various macro-economic
factors; (2) inflationary expectations based on such factors as precious metals,
commodities and other price movements; and (3) investor psychology as
demonstrated by the level of market reaction not explained by the economic
outlook and inflationary expectations. The interest rate outlook generated by
the model determines the portfolio's target duration ranging from fully bullish,
with a target duration of 11 years, to fully bearish, with a target duration of
negative 11 years. If the outlook is indeterminate, the Advisor will target a
neutral portfolio duration of approximately 5.5 years. A neutral portfolio seeks
to generate a return that is representative of the return of the overall
Treasury market. Intermediate levels also may be established based on the
interest rate outlook. The Sub-Advisor sends the model's signals to the Advisor
and the Advisor reviews the rate outlook determined by the model monthly to both
manage risk and to seek to take advantage of short-term deviations in the
general business cycle trend in interest rates.

On a day-to-day basis, the Fund invests substantially all of its net assets in
cash, U.S. Treasury Bills, Notes, and Bonds as well as futures linked to those
instruments, and exchange-traded funds ("ETFs"). The Fund also may invest in
options, futures and swap agreements for hedging and non-hedging purposes, such
as to manage the effective duration of the portfolio or as a substitute for
direct investment. By focusing primarily on U.S. Treasury securities and
Treasury-related futures and ETFs, the strategy minimizes or eliminates the
risks (prepayment, currency, liquidity, etc.) inherent in many other fixed
income management approaches. 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. 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.

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.

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.

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.

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.

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.

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.

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.