Energy Fund (Second Prospectus Summary) | Energy Fund

ENERGY FUND

INVESTMENT OBJECTIVE -

The Energy Fund (the "Fund") seeks to provide capital appreciation by investing in
companies involved in the energy field, including the exploration, production, and
development of oil, gas, coal and alternative sources of energy ("Energy Companies").

FEES AND EXPENSES OF THE FUND -

This table describes the fees and expenses that you may pay if you buy and hold A-Class Shares
or C-Class 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 $100,000 in certain Rydex|SGI Funds. More
information about these and other discounts is available from your financial professional and
under the "Sales Charges" section on page 306 of the Prospectus and in the "A-Class Shares -
Initial Sales Charges, Reductions, and Waivers" section beginning on page 108 of the Fund's
Statement of Additional Information (the "SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees Energy Fund	A-Class Shares	C-Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of initial purchase price or current market value, whichever is less)	none	1.00%

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

Annual Fund Operating Expenses Energy Fund	A-Class Shares	C-Class Shares
Management Fees	0.85%	0.85%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%	1.00%
Other Expenses	0.54%	0.54%
Total Annual Fund Operating Expenses	1.64%	2.39%

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 Energy 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
A-Class Shares	634	968	1,324	2,326
C-Class Shares	342	745	1,275	2,726

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Energy Fund C-Class Shares	242	745	1,275	2,726

PORTFOLIO TURNOVER -

The Fund pays transaction costs, such as commissions, whenit 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 273% 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 Energy 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 Energy Companies that have small to mid-sized capitalizations.
Energy Companies are involved in all aspects of the energy industry, including the
conventional areas of oil, gas, electricity, and coal, and alternative sources of energy
such as nuclear, geothermal, oil shale, and solar power, and include companies that produce,
transmit, market, distribute or measure energy; companies involved in providing products
and services to companies in the energy field; and companies involved in the exploration
of new sources of energy, conservation, and energy-related pollution control. The Fund may
also purchase American Depositary Receipts ("ADRs") to gain exposure to foreign Energy
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 energy sector and therefore may be
concentrated in an industry or group of industries within the energy 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.

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.

Energy Sector Concentration Risk - To the extent that the Fund's investments are
concentrated in the energy 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
Energy Companies also may fluctuate widely in response to such events.

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 C-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
A-Class Shares and C-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 but do not reflect sales charges. If they did, returns would be lower.
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 C-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 7.74%.

Highest Quarter Return                      Lowest Quarter Return
(quarter ended 6/30/2008) 27.24%   (quarter ended 9/30/2008) -34.08%

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 Energy 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
A-Class Shares	Return Before Taxes	13.41%	4.89%		11.48%	Sep. 01, 2004
A-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	13.35%	4.57%		11.11%	Sep. 01, 2004
A-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	8.71%	4.14%		10.01%	Sep. 01, 2004
C-Class Shares	Return Before Taxes	17.22%	5.14%		8.27%	Apr. 19, 2001
C-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	17.16%	4.80%		7.97%	Apr. 19, 2001
C-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	11.19%	4.36%		7.22%	Apr. 19, 2001
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	1.96%	Apr. 19, 2001