Long/Short Commodities Strategy Fund (First Prospectus Summary) | Long/Short Commodities Strategy Fund

Long/Short Commodities Strategy Fund

INVESTMENT OBJECTIVE

The Long/Short Commodities Strategy Fund (the "Fund") seeks to achieve positive
total returns with less volatility than the broad commodity markets.

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		Long/Short Commodities Strategy Fund H-Class Shares
Management Fees of the Fund and the Subsidiary		1.06%
Distribution (12b-1) and/or Shareholder Service Fees		0.25%
Other Expenses of the Fund		0.76%
Other Expenses of the Subsidiary		0.01%
Other Expenses		0.77%
Total Annual Fund Operating Expenses		2.08%
Fee Waiver	[1]	0.16%
Total Annual Fund Operating Expenses After Fee Waiver		1.92%

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
Long/Short Commodities Strategy Fund H-Class Shares	195	603	1,037	2,243

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 0% 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 positive absolute returns, which means that the
Advisor will seek to achieve a positive absolute return in all market conditions
and will not manage the Fund to outperform a specific benchmark. The Fund's
investment methodology is based on a systematic rules-based momentum strategy
that was developed through extensive quantitative research. The methodology
examines commodity price trends and the consistency of those trends in a limited
number of commodity constituents, as well as the volatility of the portfolio.
The commodity constituents are drawn from a limited investment universe of 14
components of the S&P GSCI™ Excess Return Index (Aluminum, Brent Crude, Copper,
Corn, Crude Oil, Gold, Heating Oil, Lead, Natural Gas, Nickel, Silver, Soybeans,
Unleaded Gasoline, and Wheat). The strategy can be long up to seven
top-performing constituents and short up to seven of the worst performing
constituents.

The Fund will seek to gain exposure to the commodity constituents by investing
in: commodity futures, options, and options on futures; exchange-traded funds
("ETFs"); exchange-traded notes ("ETNs"); other pooled investment vehicles that
provide exposure to the commodities markets; commodity-linked instruments
e.g., structured notes and swap agreements); and common stock. Certain of the
Fund's derivative investments may be traded in the over-the-counter ("OTC") market.
The Fund also intends to enter into short sales and invest in short positions of
certain investments. On a day-to-day basis, the Fund may hold the following government
money market instruments with maturities of one year or less: U.S. Treasury
securities, U.S. government agency discount notes and bonds, each rated A-1/P-1;
overnight and fixed-term repurchase agreements; cash and short-term government
securities to collateralize its derivative positions. The Fund also may enter
into repurchase agreements with counterparties that are deemed to present
acceptable credit risks.

The Fund also may invest up to 25% of its total assets in a wholly-owned and
controlled Cayman Islands subsidiary (the "Subsidiary"). The Subsidiary is
advised by the Advisor, and has the same investment objective as the Fund.
Unlike the Fund, however, the Subsidiary may invest to a greater extent in
commodity-linked derivative instruments. The Subsidiary's investments in such
instruments are subject to limits on leverage imposed by the Investment Company
Act of 1940 (the "1940 Act"). The Fund's investment in the Subsidiary is
expected to provide the Fund with an effective means of obtaining exposure to
the investment returns of global commodities markets.

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 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:

Commodity-Linked Derivative Investment Risk - The Fund may invest in
commodity-linked derivative instruments. 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. The
Fund's investment in commodity-related investment products may lead to losses in
excess of the Fund's investment in such products. Such losses can significantly
and adversely affect the net asset value of the Fund and, consequently, a
shareholder's interest in the Fund.

Counterparty Credit Risk - The Fund may invest 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. Similarly, if the credit quality of an issuer
or guarantor of a debt instrument improves, this change may adversely affect the
value of the Fund's investment.

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. While the majority of the Fund's derivative
investments will be used to obtain exposure to the commodities markets, certain
of the Fund's derivative investments will be employed to hedge risk and limit
leverage exposure. There is no guarantee that such hedging strategies will be
effective at managing 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.

Exchange-Traded Notes (ETNs) Risk - 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. The Fund's decision to sell its ETN holdings also may be limited by
the availability of a secondary market. If the 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 - The 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 cause
the value of the Fund to decrease. In addition, the 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 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.

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 - The Subsidiary is not registered under the
1940 Act and, unless otherwise noted in this Prospectus, is not subject to all
of the investor protections of the 1940 Act. Thus, the Fund, as the sole
investor in the Subsidiary, will not have all of the protections offered to
shareholders of registered investment companies. By investing in the Subsidiary,
the Fund is exposed to the risks of the Subsidiary's investments, which in turn
will be exposed primarily to the risks of investing in the commodities markets.
The Fund also will incur its pro rata share of the expenses of the Subsidiary.
In addition, changes in the laws of the United States or the Cayman Islands,
under which the Fund and the Subsidiary, respectively, are organized, could
result in the inability of the Fund and/or the Subsidiary to operate as intended
and could negatively affect the Fund and its shareholders.

Investment Technique Risk - Some investment techniques of the Fund, such as its
use of derivatives and other commodity-linked financial instruments to seek to
achieve its investment objective, may be considered aggressive. These
instruments may increase the volatility of the Fund and may involve a small
investment of cash relative to the magnitude of the risk assumed. Such
investment techniques may not consistently produce desired results and may be
limited by legislative, regulatory, or tax developments.

Leveraging Risk - The Fund derives substantially all of its commodities exposure
from its investment in derivatives and other financial instruments that provide
leveraged exposure. 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. Because such instruments are an integral
part of the Fund's investment strategy, the use of such instruments may expose
the Fund to potentially dramatic losses or gains in the value of its portfolio.
The cost of investing in such instruments generally increases as interest rates
increase, which will lower the Fund's return.

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. While the Fund intends only to invest in liquid futures, options,
forwards and swap contracts, under certain market conditions, such as when the
market makes a "limit move," it may be difficult or impossible for the Fund to
liquidate such an investment. 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 these 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.

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.

Repurchase Agreement Risk - The Fund's investment in repurchase agreements may
be subject to market and credit risk with respect to the collateral securing the
repurchase agreements. Investments in repurchase agreements also may be subject
to the risk that the market value of the underlying obligations may decline
prior to the expiration of the repurchase agreement term.

Sector Risk - Through its investments in futures and similar instruments, the
Fund may have significant exposure to one or more of the energy, precious and
industrial metals, and agriculture sectors. As a result of this investment
exposure, the Fund will be more susceptible to the risks associated with each
sector than a fund that does not invest in such a manner. To the extent that the
Fund has significant exposure to any of the energy, precious and industrial metals,
and/or agriculture sectors, the Fund is subject to the risk that those sectors
will underperform the market as a whole due to legislative or regulatory
changes, adverse market conditions and/or increased competition affecting that
economic sector.

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.

Tax Risk - The Fund currently gains most of its exposure to the commodities
markets through its investment in the Subsidiary which may invest in
commodity-linked derivative instruments and other similar instruments. However,
to the extent the Fund invests in such instruments directly, it may be subject
to the risk that such instruments will not generate qualifying income and, thus,
may compromise the Fund's ability to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended. If the 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 (when
combined with its other investments that produce non-qualifying income), to
ensure its continued ability to qualify as a regulated investment company. The
tax treatment of certain commodity-linked derivative instruments may be affected
by future regulatory or legislative changes that could affect the character,
timing and/or amount of the Fund's taxable income or gains and distributions.

Temporary Defensive Investment Risk - The Fund 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 does take defensive
positions in declining markets.

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 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.
The Fund's investment objective and principal investment strategy changed
effective July 11, 2011. Prior to that date, the Fund sought to provide
investment results that matched, before fees and expenses, the performance of
the JPMorgan Core Commodity Investable Global Asset Rotator Sigma Long Short
Total Return Index. Therefore, the performance and average annual total returns
shown for periods prior to July 11, 2011 may have differed had the Fund's
current investment objective and principal 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 Guggenheim Investments Client Services at
800.820.0888.

The performance information shown below for the H-Class Shares is based on a calendar year.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 12/31/2010) 12.70%        (quarter ended 6/30/2010) -10.85%

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, 2011)

Average Annual Total Returns Long/Short Commodities Strategy Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
H-Class Shares	H-Class Shares Return Before Taxes	(1.83%)	3.53%	Jun. 25, 2009
H-Class Shares After Taxes on Distributions	H-Class Shares Return After Taxes on Distributions	(3.55%)	1.76%	Jun. 25, 2009
H-Class Shares After Taxes on Distributions and Sales	H-Class Shares Return After Taxes on Distributions and Sale of Fund Shares	(1.14%)	2.01%	Jun. 25, 2009
JPMorgan Core Commodity-Investable Global Asset Rotator Sigma Long-Short Total Return Index	JPMorgan Core Commodity-Investable Global Asset Rotator Sigma Long-Short Total Return Index (reflects no deduction for fees, expenses or taxes)	(0.16%)	7.59%	Jun. 25, 2009

[1] The Advisor has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Advisor by the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary, and may be terminated only with the approval of the Fund's Board of Trustees.