Inverse International 2x Strategy Fund (Second Prospectus Summary) | Inverse International 2x Strategy Fund

INVERSE INTERNATIONAL 2x STRATEGY FUND

IMPORTANT INFORMATION ABOUT THE FUND - The Inverse International 2x Strategy
Fund (the "Fund") is very different from most other mutual funds in that it
seeks to provide daily leveraged investment results that correlate to 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 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 correlate, before fees and expenses,
to the performance of a specific benchmark. The Fund's current benchmark is 200%
of the inverse (opposite) of the fair value of the Morgan Stanley Capital International
Europe, Australasia and Far East(MSCI EAFE) 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 ___ of this
Prospectus and in the "A-Class Shares - Initial Sales Charges, Reductions, and
Waivers" section beginning on page ___ of the Fund's Statement of Additional
Information (the "SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees Inverse International 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 Inverse International 2x Strategy Fund		A-Class Shares	C-Class Shares
Management Fees
Distribution (12b-1) and/or Shareholder Service Fees		0.25%	1.00%
Other Expenses	[1]
Total Annual Fund Operating Expenses

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	Inverse International 2x Strategy Fund	Inverse International 2x Strategy Fund A-Class Shares	Inverse International 2x Strategy Fund C-Class Shares
Expense Example, With Redemption, 1 Year USD ($)
Expense Example, With Redemption, 3 Years USD ($)
Expense Example, With Redemption, No Expense Reimbursement, By Year, Column Name	You would pay the following expenses if you did not redeem your shares:
Expense Example, With Redemption, No Expense Reimbursement, 1 Year USD ($)
Expense Example, With Redemption, No Expense Reimbursement, 3 Years USD ($)

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. 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. The Fund is new, and
therefore, does not have a historical portfolio turnover rate.

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 leveraged derivatives 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. The Fund may also invest in
exchange-traded funds ("ETFs") that provide exposure to emerging market
countries and in American Depositary Receipts ("ADRs") to gain exposure to
the underlying index. 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. 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 MSCI EAFE Index is
a free float-adjusted market capitalization index that is designed to measure
developed market equity performance, excluding the U.S. and Canada. As of [date]
the MSCI EAFE Index consisted of the following 21 developed market country
indices: [Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal,
Singapore, Spain, Sweden, Switzerland and the United Kingdom.] As of [date],
the MSCI EAFE Index included companies with capitalizations ranging from
$___ billion to $___ billion. Certain of the Fund's derivative investments may
be traded in theover-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 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
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 and
the times at which the Fund and the underlying index calculate their respective
NAVs, the Fund's performance is likely to be either greater than or less than
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 index fund. In general, particularly during periods of higher index
volatility, compounding will cause longer-term results to be more or less than
the return of the Fund's benchmark. 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 performance of the underlying index.

                 Index Performance                    Annualized Volatility
                  1x           -2x        1x        -2x        1x        -2x        1x
                   -60 %        120 %     -60 %      120 %     -60 %      120 %     -60 %
                   -50 %        100 %     -50 %      100 %     -50 %      100 %     -50 %
                   -40 %         80 %     -40 %       80 %     -40 %       80 %     -40 %
                   -30 %         60 %     -30 %       60 %     -30 %       60 %     -30 %
                   -20 %         40 %     -20 %       40 %     -20 %       40 %     -20 %
                   -10 %         20 %     -10 %       20 %     -10 %       20 %     -10 %
                     0 %          0 %       0 %        0 %       0 %        0 %       0 %
                    10 %        -20 %      10 %      -20 %      10 %      -20 %      10 %
                    20 %        -40 %      20 %      -40 %      20 %      -40 %      20 %
                    30 %        -60 %      30 %      -60 %      30 %      -60 %      30 %
                    40 %        -80 %      40 %      -80 %      40 %      -80 %      40 %
                    50 %       -100 %      50 %     -100 %      50 %     -100 %      50 %
                    60 %       -120 %      60 %     -120 %      60 %     -120 %      60 %


The underlying index's annualized historical volatility rate for the five year
period ended June 30, 2011 is ___%. The underlying index's highest one-year
volatility rate during the five year period is ____%. The underlying index's
annualized performance for the five year period ended June 30, 2011 is ____%.
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.
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 IN INVESTMENT COMPANIES RISK - Investing in other investment
companies 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.
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.

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 outperform 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.

PASSIVE INVESTMENT RISK - The Fund is not actively managed and the Advisor does
not attempt to take defensive positions in declining markets. Therefore, the
Fund may be subject to greater losses in a declining market than a fund that is
actively managed.

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 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.

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 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 -

A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund has not yet commenced operations and, therefore, does not have
any performance history. Of course, once the Fund has performance for a full
calendar year, this past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future.

[1] Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year.