All-Asset Moderate Strategy Fund (Second Prospectus Summary) | All-Asset Moderate Strategy Fund

ALL-ASSET MODERATE STRATEGY FUND

INVESTMENT OBJECTIVE -

The All-Asset Moderate Strategy Fund (the "Fund") seeks to primarily provide
growth of capital and, secondarily, preservation of capital.

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 All-Asset Moderate 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 All-Asset Moderate Strategy Fund		A-Class Shares	C-Class Shares
Management Fees		none	none
Distribution or Shareholder Service (12b-1) Fees		none	0.75%
Other Expenses		none	none
Acquired Fund Fees and Expenses		1.56%	1.56%
Total Annual Fund Operating Expenses	[1]	1.56%	2.31%

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 All-Asset Moderate 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	626	944	1,285	2,243
C-Class Shares	334	721	1,235	2,646

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
All-Asset Moderate Strategy Fund C-Class Shares	234	721	1,235	2,646

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 93% 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 achieve its investment objective by investing principally in a
diversified portfolio of underlying funds that represent traditional asset classes,
such as stocks, bonds and moneymarket securities, a broad range of alternative assets,
such as real estate investment trusts and commodity-related securities, and alternative
investment strategies, such as absolute return, managed futures, and leveraged and
sector-based strategies, in an attempt to improve risk-adjusted returns and lower
portfolio volatility. The Fund will typically have a moderate allocation to underlying
funds that invest in stocks, and a moderate allocation to underlying funds that invest
in bonds as compared to other Asset Allocation Funds. The Advisor may change the Fund's
asset class allocation, the underlying funds, or weightings without shareholder notice.

The Fund may invest in, and thus have indirect exposure to the risks of, the
following underlying funds and unless otherwise noted, each underlying fund
listed below is a series of the Trust:

     •  Domestic Equity Funds: Russell 2000® 2x Strategy Fund, S&P 500 2x Strategy
        Fund, S&P 500 Pure Growth Fund, S&P 500 Pure Value Fund, Mid-Cap 1.5x
        Strategy Fund, S&P MidCap 400 Pure Growth Fund, S&P MidCap 400 Pure Value
        Fund, NASDAQ-100® Fund, Nova Fund, Russell 2000® 1.5x Strategy Fund,
        Russell 2000® Fund, S&P 500 Fund, U.S. Long Short Momentum Fund, S&P
        SmallCap 600 Pure Growth Fund, S&P SmallCap 600 Pure Value Fund, Security
        Equity Fund Large Cap Value Fund, Security Equity Fund, Large Cap Growth
        Fund, Security Equity Fund Mid Cap Value Fund, Security Equity Fund Mid
        Cap Growth Fund, Security Equity Fund Small Cap Value Fund, and Security
        Equity Fund Small Cap Growth Fund (the Large Cap Value Fund, Security
        Equity Fund, Large Cap Growth Fund, Mid Cap Value Fund, Mid Cap Growth
        Fund, Small Cap Value Fund, and Small Cap Growth Fund are series of
        Security Equity Fund)

     •  Fixed Income and Money Market Funds: Government Long Bond 1.2x Strategy
        Fund, High Yield Strategy Fund, Security Income Fund High Yield Series,
        Security Income Fund U.S. Intermediate Bond Series, and U.S. Government
        Money Market Fund (the High Yield Series and U.S. Intermediate Bond Series
        are series of Security Income Fund)

     •  International Equity Funds: Europe 1.25x Strategy Fund, Japan 2x Strategy
        Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x
        Strategy Fund and Global Fund (the Global Fund is a series of Security
        Equity Fund)

     •  Alternatives and Specialty Funds: Multi-Hedge Strategies Fund, Commodities
        Strategy Fund, Managed Futures Strategy Fund, Real Estate Fund, Long/Short
        Commodities Strategy Fund, Long Short Interest Rate Strategy Fund, Event
        Driven and Distressed Strategies Fund, Alternative Strategies Fund, and
        Long Short Equity Strategy Fund

The Fund may also invest in exchange-traded funds ("ETFs"), other pooled
investment vehicles, and derivatives, primarily consisting of index swaps,
futures contracts, and options on securities, futures contracts and indices to
enable the Fund to pursue its investment objective efficiently in gaining or
hedging exposure to various market factors or to better manage its risk and cash
positions. Certain of the Fund's derivative investments may be traded in the
over-the-counter ("OTC") market. 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.

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:

Commodity-Linked Derivative Investment Risk - The value of a commodity-linked
derivative investment typically is based upon the price movements of a physical
commodity (such as heating oil, livestock, or agricultural products), a
commodity futures contract or commodity index, or some other readily measurable
economic variable dependent upon changes in the value of commodities or the
commodities markets. The value of these securities will rise or fall in response
to changes in the underlying commodity or related benchmark or investment. These
securities expose the Fund economically to movements in commodity prices.

Conflicts of Interest Risk - The Advisor will have the authority to select and
substitute underlying funds. The Advisor is subject to conflicts of interest in
doing so when it allocates Fund assets among the various underlying funds, both
because the fees payable to it by some underlying funds may be higher than the
fees payable by other underlying funds and because the Advisor may also be
responsible for managing affiliated underlying funds.

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 an underlying fund or 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.

Credit Risk - The Fund and certain of the underlying funds could lose money if
the issuer or guarantor of a debt instrument in which the Fund or underlying
fund invests becomes unwilling or unable to make timely principal and/or
interest payments, or to otherwise meet its obligations.

Currency Risk - The Fund's and certain of the underlying funds' 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 and certain of the underlying funds also may
incur transaction costs in connection with conversions between various
currencies.

Derivatives Risk - The Fund's and certain of the underlying funds' 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.

Emerging Markets Risk - The Fund's investments may have exposure to emerging
markets. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile because
they are countries or markets with low- to middle-income economies as classified
by the World Bank, and other countries or markets with similar characteristics
as determined by the Advisor.

Energy Sector Concentration Risk - To the extent that certain of the underlying
funds' 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 sector companies also may fluctuate widely in response to
such events.

Exchange-Traded Notes (ETNs) Risk - Certain of the underlying funds may invest
in ETNs. The value of an ETN may be influenced by time to maturity, level of
supply and demand for the ETN, volatility and lack of liquidity in underlying
commodities or securities markets, changes in the applicable interest rates,
changes in the issuer's credit rating and economic, legal, political or
geographic events that affect the referenced commodity or security. An
underlying fund's decision to sell its ETN holdings also may be limited by the
availability of a secondary market. If the underlying fund must sell some or all
of its ETN holdings and the secondary market is weak, it may have to sell such
holdings at a discount. ETNs also are subject to counterparty credit risk and
fixed income risk.

Fixed Income Risk - An underlying fund's investments in fixed income securities
will change in value in response to interest rate changes and other factors,
such as the perception of the issuer's creditworthiness. For example, the value
of fixed income securities will generally decrease when interest rates rise,
which may indirectly affect the Fund and cause the value of the Fund to
decrease. In addition, an underlying fund's investments in fixed income
securities with longer maturities will fluctuate more in response to interest
rate changes.

Foreign Issuer Exposure Risk - The Fund and certain of the underlying funds may
invest in securities of foreign companies directly or in financial instruments
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.

Fund of Funds Risk - By investing in the underlying funds indirectly through the
Fund, an investor will incur not only a proportionate share of the expenses of
the underlying funds held by the Fund (including operating costs and management
fees), but also expenses of the Fund. Consequently, an investment in the Fund
entails more direct and indirect expenses than a direct investment in the
underlying funds.

Geographic Concentration in Europe Risk - Because a significant portion of the
assets of certain of the underlying funds are invested in a specific
geographical region, the value of its investments and the NAV of the Fund could
decline more dramatically as a result of adverse events affecting Europe.

Geographic Concentration in Japan Risk - Targeting Japan could hurt certain of
the underlying funds' performance if Japan's economy performs poorly as a result
of political and economic conditions that affect the Japanese market.

Growth Stocks Risk - Growth stocks typically invest a high portion of their
earnings back into their business and may lack the dividend yield that could
cushion their decline in a market downturn. Growth stocks may be more volatile
than other stocks because they are more sensitive to investor perceptions
regarding the growth potential of the issuing company.

High Yield Risk - Certain of the underlying funds may invest in high yield
securities and unrated securities of similar credit quality (commonly known as
"junk bonds"), which may be subject to greater levels of interest rate, credit
and liquidity risk than funds that do not invest in such securities.

Income Risk - Income risk involves the potential for a decline in the yield of
certain of the Fund's investments, including stocks, bonds, ETFs, and Unit
Investment Trusts ("UITs"). For example, interest and/or dividend income
produced by certain of the Fund's investments will vary over time, which may
cause the Fund's value to fluctuate.

Industry and Sector Concentration Risk - The risk of concentrating certain of
the underlying funds' investments in a limited number of issuers conducting
business in the same industry or group of industries is that the Fund will be
more susceptible to the risks associated with that industry or group of
industries than a fund that does not have exposure to concentrated investments.
To the extent that certain of the underlying funds' investments are concentrated
in issuers conducting business in the real estate and/or technology sectors, 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 real estate and technology companies
also may fluctuate widely in response to such events.

Interest Rate Risk - The market value of fixed income investments and related
financial instruments will change in response to interest rate changes. During
periods of falling interest rates, the values of fixed income securities
generally rise. Conversely, during periods of rising interest rates, the values
of such securities generally decline.

Investment in Investment Companies Risk - Investing in other investment
companies, including ETFs, subjects the Fund to those risks affecting the
investment company, including the possibility that the value of the underlying
securities held by the investment company could decrease. Moreover, the Fund
will incur its pro rata share of the expenses of the underlying investment
companies' expenses.

Investment in the Subsidiary Risk - Certain of the underlying funds may each
invest in wholly-owned and controlled Cayman Islands subsidiaries (each a
"Subsidiary" and together, the "Subsidiaries"). The Subsidiaries are not
registered under the Investment Company Act of 1940 and are not subject to all
of the investor protections of the Investment Company Act of 1940. Thus, certain
of the underlying funds, as investors in the Subsidiaries, will not have all of
the protections offered to investors in registered investment companies. In
addition, changes in the laws of the United States and/or the Cayman Islands,
under which certain of the underlying funds and the Subsidiaries, respectively,
are organized, could result in the inability of the underlying funds and/or the
Subsidiaries to operate as intended and could negatively affect the Fund and its
shareholders.

Investment Technique Risk - Some investment techniques of the Fund and certain
of the underlying funds, such as the Fund's and underlying funds' use of
derivatives and other commodity-linked financial instruments to seek to achieve
their respective investment objectives, may be considered aggressive. Such
investment techniques may not consistently produce desired results and may be
limited by legislative, regulatory, or tax developments.

Issuer Specific Risk - A decrease in the value of the securities of an issuer or
guarantor of a debt instrument held by the Fund or certain underlying funds may
cause the value of your investment in the Fund to decrease. The value of a
security may increase or decrease for a number of reasons which directly relate
to the issuer.

Large-Capitalization Securities Risk - The Fund and certain of the underlying
funds are 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 achieves leveraged exposure generally, and certain of
the underlying funds achieve leveraged exposure to their respective benchmarks
or underlying indices through the use of derivative instruments. The Fund's and
underlying funds' 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. The more the Fund or an underlying fund invests in leveraged
instruments, the more this leverage will magnify any losses on those
investments. Because the use of such instruments may be an integral part of
certain underlying funds' investment strategies, the use of such instruments may
expose the underlying fund and thus, the Fund, to potentially dramatic losses or
gains in the value of their respective portfolios. Leverage also will have the
effect of magnifying tracking error.

Liquidity Risk - In certain circumstances, it may be difficult for the Fund and
certain of the underlying funds to purchase and sell particular investments
within a reasonable time at a fair price. In addition, the ability of the Fund
and certain of the underlying funds 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.

Mid-Capitalization Securities Risk - The Fund and certain of the underlying
funds are subject to the risk that medium-capitalization stocks may underperform
other segments of the equity market or the equity market as a whole.

OTC Trading Risk - Certain of the derivatives in which the Fund and certain of
the underlying funds 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 to rebalance the Fund's exposure to various market
sectors. Higher portfolio turnover may result in the Fund paying higher levels
of transaction costs and generating greater tax liabilities for shareholders.
Portfolio turnover risk may cause the Fund's performance to be less than you
expect.

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 certain of the underlying funds' ability to engage in
short selling.

Small-Capitalization Securities Risk - The Fund and certain of the underlying
funds are subject to the risk that small-capitalization stocks may underperform
other segments of the equity market or the equity market as a whole.

Stable Price Per Share Risk - Certain of the underlying funds' assets are valued
using the amortized cost method, which enables the underlying fund to maintain a
stable price of $1.00 per share. Although the underlying fund is managed to
maintain a stable price per share of $1.00, there is no guarantee that the price
will be constantly maintained and it is possible to lose money.

Tax Risk - Certain of the underlying funds currently gain most of their exposure
to the commodities markets through their investments in wholly-owned
subsidiaries which may invest in commodity-linked derivative instruments and
other similar instruments in compliance with private letter rulings issued by
the Internal Revenue Service to certain of the underlying funds. To the extent
the an affiliated underlying fund invests in such instruments directly, it intends
to restrict its income from commodity-linked derivative instruments that do not
generate qualifying income, such as commodity-linked swaps, to a maximum of 10%
of its gross income, to comply with certain qualifying income tests necessary
for the Fund to qualify as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended.

Tracking Error Risk - The Advisor may not be able to cause certain of the
underlying funds' performance to match or correlate to that of the underlying
funds' respective underlying index or benchmark, either on a daily or aggregate
basis. Factors such as underlying fund expenses, imperfect correlation between
an underlying fund's investments and those of its underlying index or underlying
benchmark, rounding of share prices, changes to the composition of the
underlying index or underlying benchmark, regulatory policies, high portfolio
turnover rate, and the use of leverage all contribute to tracking error.
Tracking error may cause an underlying fund's and, thus 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.

Value Stocks Risk - Value stocks are subject to the risk that the intrinsic
value of the stock may never be realized by the market or that the price goes
down.

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 and
the Synthetic All-Asset Moderate Strategy Benchmark, the composition of which is
representative of the industry standard for a moderate investment portfolio. 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 2.61%.

Highest Quarter Return                        Lowest Quarter Return
(quarter ended 9/30/2009) 11.01%   (quarter ended 3/31/2009) -8.70%

The after-tax returns presented in the table below are calculated using the
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 All-Asset Moderate Strategy Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
A-Class Shares	Return Before Taxes	3.39%	2.10%	Jun. 30, 2006
A-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	3.15%	1.29%	Jun. 30, 2006
A-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	2.21%	1.33%	Jun. 30, 2006
C-Class Shares	Return Before Taxes	6.73%	2.46%	Jun. 30, 2006
C-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	6.46%	1.63%	Jun. 30, 2006
C-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	4.38%	1.63%	Jun. 30, 2006
Synthetic All-Asset Moderate Strategy Benchmark	Synthetic All-Asset Moderate Strategy Benchmark (reflects no deduction for fees, expenses or taxes)	12.04%	4.32%	Jun. 30, 2006
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	15.06%	1.94%	Jun. 30, 2006

[1] The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.