Weakening Dollar 2x Strategy Fund (Second Prospectus Summary) | Weakening Dollar 2x Strategy Fund

WEAKENING DOLLAR 2x STRATEGY FUND

IMPORTANT INFORMATION ABOUT THE FUND - The Weakening Dollar 2x Strategy Fund
(the "Fund") is very different from most other mutual funds in that it seeks to
provide leveraged 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 use
leverage because the performance of an investment is magnified.

The effect of leverage on the Fund will generally cause the Fund's performance
to not match or correlate to the performance of the Fund's benchmark (as defined
below) over a period of time greater than one day. This means that 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 twice 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 cumulative 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., -2x) and the cumulative performance of the underlying index (as defined
below).

The Fund is not suitable for all investors. The Fund should be utilized only by
investors who (a) understand the risks associated with the use of leverage,
(b) understand the consequences of seeking daily leveraged investment results,
(c) understand the risk of shorting and (d) 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 200% of the inverse (opposite) of the performance of the U.S. Dollar 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
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 Weakening Dollar 2x Strategy 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 Weakening Dollar 2x Strategy Fund	A-Class Shares	C-Class Shares
Management Fees	0.90%	0.90%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%	1.00%
Other Expenses	0.56%	0.56%
Total Annual Fund Operating Expenses	1.71%	2.46%

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 Weakening Dollar 2x Strategy 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	641	988	1,359	2,398
C-Class Shares	349	767	1,311	2,796

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
Weakening Dollar 2x Strategy Fund C-Class Shares	249	767	1,311	2,796

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 employs as its investment strategy a program of engaging in short sales of securities
generally included in the underlying index and investing in derivative instruments, which
primarily consist of equity index swaps, futures contracts, and options on securities,
securities indices, and futures contracts. Engaging in short sales and investing in derivative
instruments enables the Fund to pursue its objective without selling short each of the
securities included in the underlying index. The U.S. Dollar Index® measures the performance
of the U.S. Dollar against a basket of foreign currencies that include the Euro, Japanese Yen,
British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. 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 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. 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 times the stated
multiple in the Fund's investment objective, 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 twice 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 twice the inverse performance of the
underlying index.


                Index Performance                     Annualized Volatility
               1x           -2x          10%        25%        50%        75%        100%

             -60%             120%       506%       404%       199%        13%       -69%


             -50%             100%       286%       229%        91%       -27%       -82%


             -40%              80%       171%       128%        33%       -49%       -86%


             -30%              60%        99%        70%        -1%       -62%       -90%


             -20%              40%        52%        31%       -27%       -70%       -93%


             -10%              20%        20%         3%       -42%       -77%       -94%


             0%                 0%        -3%       -18%       -52%       -81%       -96%


             10%              -20%       -19%       -31%       -61%       -84%       -96%


             20%              -40%       -32%       -43%       -67%       -87%       -97%


             30%              -60%       -42%       -51%       -72%       -89%       -97%


             40%              -80%       -50%       -58%       -75%       -91%       -97%


             50%             -100%       -57%       -63%       -79%       -92%       -98%


             60%             -120%       -62%       -68%       -82%       -93%       -98%


The underlying index's annualized historical volatility rate for the five year
period ended June 30, 2011 is 9.68%. The underlying index's highest one-year
volatility rate during the five year period is 15.00%. The underlying index's
annualized performance for the five year period ended June 30, 2011 is -2.70%.

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.

Currency Risk - The Fund's indirect and direct exposure to foreign currencies
subjects the Fund to the risk that those currencies will decline in value
relative to the U.S. Dollar, or, in the case of short positions, that the U.S.
Dollar will decline in value relative to the currency being hedged. The Fund
also may incur transaction costs in connection with conversions between various
currencies.

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.

Leveraging Risk - The Fund achieves leveraged exposure to the underlying index
through the use of derivative instruments. The more the Fund invests in
leveraged instruments, the more this leverage will magnify any losses on those
investments. The Fund's investment in these 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. Since the Fund's investment strategy involves consistently
applied leverage, the value of the Fund's shares will tend to increase or
decrease more than the value of any increase or decrease in the underlying
index. Leverage also will have the effect of magnifying tracking error.

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.

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.

Status as a Regulated Investment Company Risk - The Fund may realize gains from
the sale or other disposition of foreign currencies and other income (including
gains from options, futures or forward contracts) derived from investing in
stock, securities, or foreign currencies. The Secretary of the Treasury is
authorized to issue regulations that might cause the Fund, as a result of its
realization of such foreign currency gains, to fail to qualify as a regulated
investment company. As of the date of this Prospectus, no regulations have been
issued pursuant to this authorization, but such regulations may be issued in the
future.

Tracking Error Risk - The Advisor may not be able to cause the Fund's
performance to match or correlate to 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, high portfolio turnover rate, and the use of leverage 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 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 12.25%.

Highest Quarter Return                      Lowest Quarter Retur
(quarter ended 9/30/2010) 18.89%   (quarter ended 9/30/2008) -16.09%

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 Weakening Dollar 2x 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
A-Class Shares	Return Before Taxes	(7.80%)	3.76%	1.21%	May 25, 2005
A-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	(7.80%)	1.29%	(0.99%)	May 25, 2005
A-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(5.07%)	1.86%	(0.17%)	May 25, 2005
C-Class Shares	Return Before Taxes	(4.85%)	3.99%	1.32%	May 25, 2005
C-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	(4.85%)	1.44%	(0.94%)	May 25, 2005
C-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(3.15%)	2.03%	(0.10%)	May 25, 2005
U.S. Dollar Index®	U.S. Dollar Index® (reflects no deduction for fees, expenses or taxes)	1.50%	(2.82%)	(1.57%)	May 25, 2005