S&P 500 Fund (First Prospectus Summary) | S&P 500 Fund

S&P 500 FUND

INVESTMENT OBJECTIVE -

The S&P 500 Fund (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 the S&P 500® Index(the "underlying index").

FEES AND EXPENSES OF THE FUND -

This table describes the fees and expenses that you may pay if you buy and
hold H-Class Shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment) N/A

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	S&P 500 Fund H-Class Shares
Management Fees	0.75%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%
Other Expenses	0.54%
Total Annual Fund Operating Expenses	1.54%

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 (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
S&P 500 Fund H-Class Shares	157	486	839	1,835

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 202% 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 investing in the common
stock of companies that are generally within the capitalization range of the
underlying index and derivative instruments, 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 objective without investing directly in the securities included in the
underlying index, or in the same proportion that those securities are represented in
the underlying index. Under normal circumstances, the Fund will invest at least 80%
of its net assets, plus any borrowings for investment purposes, in securities of
companies in the underlying index and derivatives and other instruments whose
performance is expected to correspond to that of the underlying index. The S&P 500®
Index is a capitalization-weighted index composed of 500 common stocks, which are
chosen by the Standard & Poor's Corporation ("S&P") on a statistical basis, and
which generally represent large-capitalization companies with capitalizations
ranging from $1.41 billion to $400.88 billion as of June 30, 2011. 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 short-term 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. To the extent the Fund's 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.

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.

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.

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.

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.

Tracking Error Risk - The Advisor may not be able to cause the Fund's
performance to match 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,
and high portfolio turnover rate 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 H-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 H-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.
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 H-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 5.03%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 6/30/2009) 15.65%   (quarter ended 12/31/2008) -22.66%

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 S&P 500 Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
H-Class Shares	Return Before Taxes	13.41%	0.71%	May 31, 2006
H-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	13.41%	0.47%	May 31, 2006
H-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	8.71%	0.47%	May 31, 2006
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	15.06%	1.93%	May 31, 2006