Banking Fund (First Prospectus Summary) | Banking Fund

BANKING FUND

INVESTMENT OBJECTIVE -

The Banking Fund (the "Fund") seeks to provide capital appreciation by investing
in companies that are involved in the banking sector, including commercial banks
(and their holding companies) and savings and loan institutions ("Banking Companies").

FEES AND EXPENSES OF THE FUND -

This table describes the fees and expenses that you may pay if you
buy and hold Advisor Class Shares or Investor 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 Banking Fund	Advisor	Investor
Management Fees	0.85%	0.85%
Distribution (12b-1) and/or Shareholder Service Fees	0.25%	none
Other Expenses	0.79%	0.54%
Total Annual Fund Operating Expenses	1.89%	1.39%

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 Banking 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
Advisor	192	594	1,021	2,212
Investor	142	440	761	1,669

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 1,130% 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 -

Under normal circumstances, the Fund invests substantially all (at least 80%)
of its net assets in equity securities of Banking Companies that are traded in
the United States and in derivatives which primarily consist of futures contracts
and options on securities, futures contracts, and stock indices. In addition, the
Fund will invest to a significant extent in the securities of Banking Companies
that have small to mid-sized capitalizations. Banking Companies are engaged in
accepting deposits and making commercial and consumer loans and include state
chartered banks, savings and loan institutions, and banks that are members of the
Federal Reserve System. The Fund may also purchase American Depositary Receipts
("ADRs") to gain exposure to foreign Banking Companies and U.S. government
securities. Under U.S. Securities and Exchange Commission regulations, the Fund
may not invest more than 5% of its total assets in the equity securities of any
company that derives more than 15% of its revenues from brokerage or investment
management activities. 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 invests in the securities
of a limited number of issuers conducting business in the banking sector and therefore
may be concentrated in an industry or group of industries within the banking sector.
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.

Banking Sector Concentration Risk - To the extent that the Fund's investments
are concentrated in issuers conducting business in the banking 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 Banking Companies also may fluctuate widely in
response to such events.

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 Technique Risk - The Advisor does not engage in temporary defensive
investing, keeping the Fund fully invested in all market environments. This
means that, based on market and economic conditions, the Fund's performance
could be lower than other types of mutual funds that may actively shift their
portfolio assets to lessen the impact of a market decline.

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.

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 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 Investor 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
Investor Class Shares and Advisor 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 Investor 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 -5.30%.

Highest Quarter Return                         Lowest Quarter Return
       (quarter ended 9/30/2009) 20.06%   (quarter ended 3/31/2009) -31.94%

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 Banking Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date	Average Annual Returns, Since Inception Secondary	Average Annual Returns, Inception Date Secondary
Advisor	Return Before Taxes	12.17%	(12.80%)	(3.76%)
Advisor After Taxes on Distributions	Return After Taxes on Distributions	12.05%	(13.44%)	(4.51%)
Advisor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	7.90%	(10.68%)	(3.45%)
Investor	Return Before Taxes	12.76%	(12.32%)	(3.18%)
Investor After Taxes on Distributions	Return After Taxes on Distributions	12.65%	(12.92%)	(3.90%)
Investor After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	8.29%	(10.30%)	(2.98%)
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	15.06%	2.29%	1.41%	4.17%	Sep. 01, 2004	2.77%	Mar. 30, 2001