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U.S. Long Short Momentum Fund (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 Institutional 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
U.S. Long Short Momentum Fund
Institutional Class Shares
Management Fees 0.90%
Distribution and Shareholder Service (12b-1) Fees none
Short Dividend Expense 0.02%
Remaining Other Expenses 0.54%
Other Expenses [1] 0.56%
Total Annual Fund Operating Expenses 1.46%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
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
U.S. Long Short Momentum Fund Institutional Class Shares
 149 462 797 1,746
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, such 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 the financial

    services 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 the real estate 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 real estate investment trusts ("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 the technology 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 Fund's Institutional Class Shares are new and, thus, have no operating

history. Therefore, the returns shown in the bar chart below for all periods are

the returns of the Fund's H-Class Shares, which are not offered in this Prospectus.

The Fund's Institutional Class Shares would have annual returns substantially

similar to those of H-Class Shares because they are invested in the same portfolio

of securities. The returns shown have not been adjusted to reflect any differences

in expenses between Institutional Class Shares and H-Class Shares. If differences

in expenses had been reflected, the returns shown would be higher. 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. 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 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 5.61%.
Bar Chart 
Highest Quarter Return                                 Lowest Quarter Return

(quarter ended 6/30/2003) 15.96%          (quarter ended 12/31/2008) -21.78%
 
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
Institutional Class Shares
 Return Before Taxes 10.77% 2.71% 4.46% Mar. 22, 2002
Institutional Class Shares After Taxes on Distributions
 Return After Taxes on Distributions 10.77% 2.31% 4.23% Mar. 22, 2002
Institutional Class Shares After Taxes on Distributions and Sales
 Return After Taxes on Distributions and Sale of Fund Shares 7.00% 2.21% 3.81% 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