Utilities Fund (Second Prospectus Summary) | Utilities Fund

UTILITIES FUND

INVESTMENT OBJECTIVE -

The Utilities Fund (the "Fund") seeks to provide capital appreciation by investing
in companies that operate public utilities ("Utilities 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 Utilities Fund	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (Load) (as a percentage of initial purchase price or current market value, whichever is less)
A-Class Shares	4.75%	none
C-Class Shares	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 Utilities 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	0.53%	0.53%
Total Annual Fund Operating Expenses	1.63%	2.38%

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 Utilities 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	633	965	1,319	2,316
C-Class Shares	341	742	1,270	2,716

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
Utilities Fund C-Class Shares	241	742	1,270	2,716

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 800% 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 Utilities 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
Utilities Companies that have small to mid-sized capitalizations. Utilities
Companies may include companies involved in the manufacturing, production,
generation, transmission, distribution or sales of gas or electric energy; water
supply, waste and sewage disposal; and companies that receive a majority of their
revenues from their public utility operations. The Fund may also purchase American
Depositary Receipts ("ADRs") to gain exposure to foreign Utilities 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 utilities sector
and therefore may be concentrated in an industry or group of industries within the
utilities 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.

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.

Utilities Sector Concentration Risk - To the extent that the Fund's investments
are concentrated in issuers conducting business in the utilities 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 Utilities Companies also may fluctuate
widely in response to such events.

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 10.22%.

Highest Quarter Return                      Lowest Quarter Return
(quarter ended 6/30/2003) 20.09%   (quarter ended 9/30/2002) -23.39%

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 Utilities 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	1.57%	2.36%		4.90%	Sep. 01, 2004
A-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	(0.70%)	1.24%		3.82%	Sep. 01, 2004
A-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	1.00%	1.37%		3.59%	Sep. 01, 2004
C-Class Shares	Return Before Taxes	4.77%	2.56%		(1.86%)	Apr. 27, 2001
C-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	2.23%	1.36%		(3.09%)	Apr. 27, 2001
C-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	3.07%	1.50%		(2.29%)	Apr. 27, 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	1.97%	Apr. 27, 2001