U.S. Long Short Momentum Fund (Second Prospectus Summary) | U.S. Long Short Momentum Fund

U.S. LONG SHORT MOMENTUM FUND

INVESTMENT OBJECTIVE -

The U.S. Long Short Momentum Fund (the "Fund") seeks long-term capital appreciation.

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 U.S. Long Short Momentum 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 U.S. Long Short Momentum 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%
Short Dividend Expense	0.02%	0.02%
Remaining Other Expenses	0.54%	0.54%
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 U.S. Long Short Momentum 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	641,000,000	988,000,000	1,359,000,000	2,398,000,000
C-Class Shares	349,000,000	767,000,000	1,311,000,000	2,796,000,000

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
U.S. Long Short Momentum Fund C-Class Shares	249,000,000	767,000,000	1,311,000,000	2,796,000,000

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 231% 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 respond to the dynamically changing economy by moving its
investments among different sectors or industries. Each day the Advisor, using a
quantitative methodology, ranks approximately seventy different industries based
on several measures of momentum including price momentum. The Fund then buys long
the common stock of companies in the top ranked industries and may hedge broad
market risk or sell short the common stock of companies in the lowest ranked
industries. The Fund invests in equity securities, including small, mid, and
large-capitalization securities, as U.S. traded common stocks and American
Depositary Receipts ("ADRs"), but may also invest in derivative instruments,
particularly when seeking "short" exposure, which primarily consist of equity
index swaps, futures contracts, and options on securities, futures contracts, and
stock indices. Equity index swaps and futures and options contracts enable the Fund
to pursue its investment objective without investing directly in the securities of
companies included in the different sectors or industries to which the Fund is
seeking exposure. The Fund may invest in derivatives for hedging and non-hedging
purposes. Certain of the Fund's derivative investments may be traded in the
over-the-counter ("OTC") market. The Fund also may enter into short sales of
broad-based stock indices for hedging purposes in an effort to reduce portfolio
risk or volatility. 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. On a
day-to-day basis, the Fund may hold U.S. government securities, short-term, high
quality (rated AA or higher) fixed income securities, money market instruments,
overnight and fixed-term repurchase agreements, cash and other cash equivalents
with maturities of one year or less 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 significant 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:

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 and structured notes, 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 and structured notes
also may be considered to be illiquid.

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.

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

Leveraging Risk - The Fund's investment in derivative 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. The cost of investing in such instruments
generally increases as interest rates increase, which will lower the Fund's
return.

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.

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.

Portfolio Turnover Risk - The Fund's strategy may frequently involve buying and
selling portfolio securities, which may lead to increased costs to the Fund.
Portfolio turnover risk may cause the Fund's performance to be less than you
expect.

Sector Risk - Because the Fund seeks to gain exposure to different industries
and sectors in the economy, from time to time, it may invest a significant
percentage of the Fund's assets in issuers in a single industry or sector of the
economy. To the extent the Fund has significant investment exposure to an
industry or sector, such exposure may present more risks than if the Fund's
investments were more broadly diversified. While the Fund's sector and industry
exposure is expected to vary over time, the Fund anticipates that it may be
subject to some or all of the risks described below. The list below is not a
comprehensive list of the sectors and industries the Fund may have exposure to
over time and should not be relied on as such.

   Basic Materials Sector Risk - To the extent that the Fund's investments are
   focused in issuers conducting business in the basic materials 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 the basic materials sector.
   The prices of the securities of basic materials companies also may fluctuate
   widely due to the level and volatility of commodity prices, the exchange value
   of the U.S. Dollar, import controls, worldwide competition, liability for
   environmental damage, depletion of resources, and mandated expenditures for
   safety and pollution control devices.

   Energy Sector Risk - To the extent that the Fund's investments are focused 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 the
   energy and energy commodities sectors. The prices of the securities of energy
   companies also may fluctuate widely due to changes in value and dividend yield,
   which depend largely on the price and supply of energy fuels, international
   political events relating to oil producing countries, energy conservation, the
   success of exploration projects, and tax and other governmental regulatory
   policies.

   Financial Services Sector Risk - To the extent that the Fund's investments are
   focused in issuers conducting business in the financial services 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. Financial services companies are subject to extensive governmental
   regulation which may limit both the amounts and types of financial commitments
   they can make, and the interest rates and fees they can charge. Profitability is
   largely dependent on the availability and cost of capital funds, and can
   fluctuate significantly when interest rates change or due to increased
   competition. In addition, the recent deterioration of the credit markets
   generally has caused an adverse impact on a wide range of financial institutions
   and markets. Recent events in the financial sector have resulted, and may
   continue to result, in an unusually high degree of volatility in the financial
   markets, both domestic and foreign, and caused certain financial services
   companies to incur large losses.

   Real Estate Sector Risk - To the extent that the Fund's investments are focused
   in issuers conducting business in the real estate 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 general performance of
   the real estate industry has historically been cyclical and particularly
   sensitive to economic downturns. Changes in prevailing real estate values and
   rental income, interest rates and changing demographics may affect the value of
   securities of issuers in the real estate industry. Investments in real estate
   companies and REITs also may subject the Fund to the risks associated with the
   direct ownership of real estate. In addition to these risks, REITs are dependent
   on specialized management skills. These factors may increase the volatility of the
   Fund's investments in REITs.

   Technology Sector Risk - To the extent that the Fund's investments are
   concentrated in issuers conducting business in the technology 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 technology Companies also may fluctuate widely due
   to competitive pressures, increased sensitivity to short product cycles and
   aggressive pricing, problems relating to bringing their products to market, very
   high price/earnings ratios, and high personnel turnover due to severe labor
   shortages for skilled technology professionals.

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
security 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 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 certain 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. Prior to May 28, 2010, the Fund
sought to achieve its objective using a different investment strategy; therefore, the
performance and average annual total returns shown for periods prior to May 28,
2010 may have differed had the Fund's current investment strategy been in effect
during those periods.

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 5.21%.

Highest Quarter Return                          Lowest Quarter Return
      (quarter ended 9/30/2009) 15.68%   (quarter ended 12/31/2008) -21.85%

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 U.S. Long Short Momentum 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
A-Class Shares	Return Before Taxes	5.54%	1.69%	4.35%	Mar. 31, 2004
A-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	5.54%	1.29%	4.05%	Mar. 31, 2004
A-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	3.60%	1.33%	3.68%	Mar. 31, 2004
C-Class Shares	Return Before Taxes	8.96%	1.95%	3.68%	Mar. 22, 2002
C-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	8.96%	1.53%	3.44%	Mar. 22, 2002
C-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	5.83%	1.56%	3.13%	Mar. 22, 2002
Russell 3000® Index	Russell 3000® Index (reflects no deduction for fees, expenses or taxes)	16.93%	2.74%	3.78%	Mar. 22, 2002	4.31%	Mar. 31, 2004