Inverse Russell 2000 Strategy Fund (First Prospectus Summary) | Inverse Russell 2000 Strategy Fund

INVERSE RUSSELL 2000® STRATEGY FUND

IMPORTANT INFORMATION ABOUT THE FUND - The Inverse Russell 2000® Strategy Fund
(the "Fund") is very different from most other mutual funds in that it seeks to
provide investment results that match the opposite of the performance of a
specific benchmark on a daily basis, a result opposite of most mutual funds. As
a result, the Fund may be riskier than alternatives that do not rely on the use
of derivatives to achieve their investment objectives.

Because the Fund seeks daily inverse investment results, the return of the Fund
for a period of longer than a single trading day will be the result of each
day's compounded returns over the period, which will very likely differ from the
inverse return of the Fund's underlying index (as defined below) for that
period. As a consequence, especially in periods of market volatility, the path
or trend of the benchmark during the longer period may be at least as important
to the Fund's return for the longer period as the cumulative return of the
benchmark for the relevant longer period. Further, the return for investors who
invest for a period longer than a single trading day will not be the product of
the return of the Fund's stated investment goal (e.g., -1x) and the cumulative
performance of the underlying index.

The Fund is not suitable for all investors. The Fund should be utilized only by
investors who (a) understand the consequences of seeking daily inverse
investment results, (b) understand the risk of shorting and (c) intend to
actively monitor and manage their investments. Investors who do not meet these
criteria should not buy shares of the Fund. An investment in the Fund is not a
complete investment program.

INVESTMENT OBJECTIVE -

The Fund seeks to provide investment results that match, before fees and
expenses, the performance of a specific benchmark on a daily basis. The
Fund's current benchmark is the inverse (opposite) of the performance
of the Russell 2000® Index (the "underlying index"). The Fund does not seek to
achieve its investment objective over a period of time greater than one day.

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	Inverse Russell 2000 Strategy Fund H-Class Shares
Management Fees	0.90%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%
Other Expenses	0.56%
Total Annual Fund Operating Expenses	1.71%

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
Inverse Russell 2000 Strategy Fund H-Class Shares	174	539	928	2,019

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 -

Unlike a traditional index fund, the Fund's
investment objective is to perform exactly opposite the underlying index, and
the Fund generally will not own the securities included in the underlying index.
Instead, the Fund employs as its investment strategy a program of engaging in
short sales of securities included in the underlying index and investing to a
significant extent in derivative instruments, which primarily consist of equity
index swaps, futures contracts, and options on securities, futures contracts,
and stock indices. Equity index swaps, short sales, and futures and options
contracts enable the Fund to pursue its objective without selling short each
of the securities included 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 financial instruments with economic characteristics that
should perform opposite to the securities of companies included in the underlying
index. The Russell 2000® Index is composed of the 2,000 smallest companies in the
Russell 3000® Index, representing approximately 10% of the Russell 3000® total
market capitalization and consisting of capitalizations ranging from $21.38
million to $3.12 billion as of June 30, 2011. The Russell 3000® Index is composed
of the 3,000 largest U.S. companies ranked by total market capitalization,
representing approximately 98% of the U.S. investable equity market. 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 short sales and derivative positions. 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. 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.

Correlation and Compounding Risk - A number of factors may affect the Fund's
ability to achieve a high degree of correlation with its benchmark, and there
can be no guarantee that the Fund will achieve a high degree of correlation.
Failure to achieve a high degree of correlation may prevent the Fund from
achieving its investment objective. The risk of the Fund not achieving its daily
investment objective will be more acute when the underlying index has an extreme
one-day movement approaching 50%. In addition, as a result of compounding,
because the Fund has a single day investment objective, the Fund's performance
for periods greater than one day is likely to be either greater than or less
than the inverse of the performance of the underlying index, before accounting
for fees and fund expenses.

Compounding affects all investments, but has a more significant impact on a
leveraged fund. In general, particularly during periods of higher index
volatility, compounding will cause longer term results to be more or less than
the inverse of the return of the underlying index. This effect becomes more
pronounced as volatility increases.

Fund performance for periods greater than one day can be estimated given any set
of assumptions for the following factors: (a) underlying index performance;
(b) underlying index volatility; (c) financing rates associated with leverage;
(d) other Fund expenses; (e) dividends paid by companies in the underlying
index; and (f) period of time. The chart below illustrates the impact of two
principal factors - volatility and index performance - on Fund performance. The
chart shows estimated Fund returns for a number of combinations of performance
and volatility over a one-year period. Performance shown in the chart assumes:
(a) no dividends paid by the companies included in the underlying index; (b) no
Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses were
included, the Fund's performance would be lower than shown.

Areas shaded lighter represent those scenarios where the Fund can be expected to
return more than the inverse performance of the underlying index; conversely,
areas shaded darker represent those scenarios where the Fund can be expected to
return the same or less than the inverse performance of the underlying index.


                Index Performance                     Annualized Volatility
               1x           -1x          10%        25%        50%        75%        100%

             -60%              60%       148%       132%        96%        42%        -6%


             -50%              50%        98%        87%        57%        14%       -28%


             -40%              40%        65%        56%        30%        -5%       -38%


             -30%              30%        42%        34%        13%       -18%       -47%


             -20%              20%        24%        18%        -3%       -28%       -54%


             -10%              10%        10%         4%       -13%       -36%       -59%


             0%                 0%        -1%        -6%       -22%       -43%       -64%


             10%              -10%       -10%       -15%       -29%       -48%       -67%


             20%              -20%       -17%       -22%       -35%       -53%       -69%


             30%              -30%       -24%       -28%       -40%       -56%       -71%


             40%              -40%       -29%       -33%       -44%       -60%       -73%


             50%              -50%       -34%       -37%       -48%       -62%       -76%


             60%              -60%       -38%       -41%       -51%       -65%       -78%





The underlying index's annualized historical volatility rate for the five year
period ended June 30, 2011 is 22.57%. The underlying index's highest one-year
volatility rate during the five year period is 36.82%. The underlying index's
annualized performance for the five year period ended June 30, 2011 is 4.08%.

Historical underlying index volatility and performance are not indications of
what the underlying index volatility and performance will be in the future.

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.

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.

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

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

Tracking Error Risk - The Advisor may not be able to cause the Fund's
performance to match 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 H-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 H-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 H-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 -8.41%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 12/31/2008) 17.81%   (quarter ended 6/30/2009) -20.40%

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 Inverse Russell 2000 Strategy Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date	Average Annual Returns, Since Inception Secondary	Average Annual Returns, Inception Date Secondary
H-Class Shares	Return Before Taxes	(27.33%)	(10.57%)	(10.02%)	Feb. 20, 2004
H-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	(27.33%)	(11.16%)	(10.53%)	Feb. 20, 2004
H-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(17.77%)	(8.86%)	(8.24%)	Feb. 20, 2004
Russell 2000® Index	Russell 2000® Index (reflects no deduction for fees, expenses or taxes)	26.85%	4.47%	5.85%	Feb. 20, 2004	5.65%	Mar. 31, 2004