Telecommunications Fund (First Prospectus Summary) | Telecommunications Fund

Telecommunications Fund

INVESTMENT OBJECTIVE

The Telecommunications Fund (the "Fund") seeks to provide capital appreciation
by investing in companies engaged in the development, manufacture, or sale of
communications services or communications equipment ("Telecommunications
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 Telecommunications Fund	Advisor Class	Investor Class
Management Fees	0.85%	0.85%
Distribution and Shareholder Service (12b-1) Fees	0.25%	none
Other Expenses	0.75%	0.51%
Total Annual Fund Operating Expenses	1.85%	1.36%

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 Telecommunications 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 Class	188	582	1,001	2,169
Investor Class	138	431	745	1,635

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 793% of the average value of its portfolio. 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 Telecommunications 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. The Fund will invest to a significant extent in the securities of
Telecommunications Companies that have small to mid-sized capitalizations.
Telecommunications Companies include traditional and wireless telephone services
or equipment providers, Internet equipment and service providers, and
fiber-optics. The Fund also may purchase American Depositary Receipts ("ADRs")
to gain exposure to foreign Telecommunications Companies and U.S. government
securities. 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
telecommunications sector and, therefore, may be concentrated in an industry or
group of industries within the telecommunications 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.

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. The Fund could lose more than the principal
amount invested.

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.

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.

Telecommunications Sector Risk - To the extent that the Fund's investments are
exposed to issuers conducting business in the telecommunications 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 the Telecommunications Companies also
may fluctuate widely in response to such events.

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 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
average annual total returns of the Investor Class Shares and Advisor Class
Shares of the Fund 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 Guggenheim Investments 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, 2012
through June 30, 2012 is -2.18%.

     Highest Quarter Return                          Lowest Quarter Return
      (quarter ended 12/31/2002) 36.36%   (quarter ended 6/30/2002) -29.76%

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 Telecommunications Fund	Label	1 Year	5 Years	10 Years
Advisor Class	Return Before Taxes	(14.20%)	(5.57%)	(2.93%)
Advisor Class After Taxes on Distributions	Return After Taxes on Distributions	(15.30%)	(6.26%)	(3.41%)
Advisor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(9.25%)	(5.04%)	(2.70%)
Investor Class	Return Before Taxes	(13.85%)	(5.14%)	(2.52%)
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	(14.89%)	(5.80%)	(2.98%)
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(9.02%)	(4.68%)	(2.36%)
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%