Nova Fund (First Prospectus Summary) | Nova Fund

Nova Fund

IMPORTANT INFORMATION ABOUT THE FUND

The Nova Fund (the "Fund") is very different from most other mutual funds in
that it seeks daily leveraged investment results. As a result, the Fund may be
riskier than alternatives that do not use leverage because the performance of an
investment in the Fund is magnified.

The effect of leverage on the Fund will generally cause the Fund's performance
to not match the performance of the Fund's benchmark (as described below) over a
period of time greater than a single trading day. This means that the return of
the Fund for a period of longer than a single trading day will be the result of
each day's compounded returns over the period, which will very likely differ
from 1.5x of the return of the Fund's underlying index (as defined below) for
that period. As a consequence, especially in periods of market volatility, the
path or trend of the benchmark during the longer period may be at least as
important to the Fund's cumulative return for the longer period as the
cumulative return of the benchmark for the relevant longer period. Further, the
return for investors who invest for a period longer than a single trading day
will not be the product of the return of the Fund's stated investment goal
(e.g., 1.5x) and the cumulative performance of the underlying index (as defined
below).

The Fund is not suitable for all investors. The Fund should be utilized only by
investors who (a) understand the risks associated with the use of leverage,
(b) understand the consequences of seeking daily leveraged investment results,
and (c) intend to actively monitor and manage their investments. Investors who
do not meet these criteria should not buy shares of the Fund. An investment in
the Fund is not a complete investment program.

INVESTMENT OBJECTIVE

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 150% of the performance of the S&P 500® Index (the "underlying index").
The Fund does not seek to achieve its investment objective over a period of time
greater than one day.

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 Nova Fund	Advisor Class	Investor Class
Management Fees	0.75%	0.75%
Distribution and Shareholder Service (12b-1) Fees	0.25%	none
Other Expenses	0.75%	0.51%
Total Annual Fund Operating Expenses	1.75%	1.26%

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 Nova 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	178	551	949	2,062
Investor Class	128	400	692	1,523

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 116% 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

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 leveraged derivative instruments, which primarily consist
of equity index swap agreements, futures contracts, and options on securities,
futures contracts, and stock indices. Equity index swaps and futures and options
contracts, if used properly, may enable the Fund to meet its objective by
increasing the Fund's exposure to the securities included in the underlying
index or to securities whose performance is highly correlated to that of the
Fund's benchmark. The Fund's use of derivatives and the leveraged investment
exposure created by such use is expected to be significant. Certain of the
Fund's derivative investments may be traded in the over-the-counter ("OTC")
market. 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 $1.3 billion to $546 billion as of
June 30, 2012. To the extent the Fund's underlying index is concentrated in a
particular industry the Fund will necessarily be concentrated in that industry.
On a day-to-day basis, the Fund may hold U.S. government securities or cash
equivalents to collateralize its derivative positions. The Fund also may enter
into repurchase agreements with counterparties that are deemed to present
acceptable credit risks. 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:

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.

Correlation and Compounding Risk - A number of factors may affect the Fund's
ability to achieve a high degree of correlation with its benchmark, and there
can be no guarantee that the Fund will achieve a high degree of correlation.
Failure to achieve a high degree of correlation may prevent the Fund from
achieving its investment objective. The risk of the Fund not achieving its daily
investment objective will be more acute when the underlying index has an extreme
one-day movement approaching 50%. In addition, as a result of compounding, the
Fund's performance for periods greater than one day is likely to be either
greater than or less than the performance of the underlying index times the
stated multiple in the Fund's investment objective, before accounting for fees
and Fund expenses.

Compounding affects all investments, but has a more significant impact on a
leveraged index fund. In general, particularly during periods of higher index
volatility, compounding will cause longer-term results to be more or less than
the return of the Fund's benchmark. This effect becomes more pronounced as
volatility increases.

Fund performance for periods greater than one day can be estimated given any set
of assumptions for the following factors: (a) underlying index performance;
(b) underlying index volatility; (c) financing rates associated with leverage;
(d) other Fund expenses; (e) dividends paid by companies in the underlying
index; and (f) period of time. The chart below illustrates the impact of two
principal factors - volatility and index performance - on Fund performance. The
chart shows estimated Fund returns for a number of combinations of performance
and volatility over a one-year period. Performance shown in the chart assumes:
(a) no dividends paid by the companies included in the underlying index; (b) no
Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses were
included, the Fund's performance would be lower than shown.

Areas shaded lighter represent those scenarios where the Fund can be expected to
return more than 150% of the performance of the underlying index; conversely,
areas shaded darker represent those scenarios where the Fund can be expected to
return less than 150% of the performance of the underlying index.
  
               Index Performance                      Annualized Volatility                 
                1x            1.5x       10%        25%        50%        75%        100%   
                  -60%         -90%       -75%       -75%       -77%       -79%       -83%  
                  -50%         -75%       -65%       -65%       -68%       -72%       -76%  
                  -40%         -60%       -54%       -55%       -58%       -62%       -68%  
                  -30%         -45%       -42%       -43%       -47%       -52%       -60%  
                  -20%         -30%       -29%       -31%       -34%       -42%       -51%  
                  -10%         -15%       -15%       -17%       -23%       -32%       -41%  
                    0%           0%         0%        -2%        -9%       -19%       -32%  
                   10%          15%        14%        13%         5%        -6%       -21%  
                   20%          30%        31%        29%        19%         9%        -9%  
                   30%          45%        47%        45%        35%        20%         2%  
                   40%          60%        65%        62%        50%        35%        13%  
                   50%          75%        83%        79%        68%        49%        25%  
                   60%          90%       102%        98%        85%        63%        38%  
  
The underlying index's annualized historical volatility rate for the five year
period ended June 30, 2012 is 19.12%. The underlying index's highest one-year
volatility rate during the five year period is 30.42%. The underlying index's
annualized performance for the five year period ended June 30, 2012 is -0.60%.

Historical underlying index volatility and performance are not indications of
what the underlying index volatility and performance will be in the future.

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, 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. 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. When used to generate leveraged exposure,
the Fund's investments in derivatives may expose the Fund to potentially
dramatic losses (or gains) in the value of the derivative instruments. 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.

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 achieves leveraged exposure to the underlying index
through the use of derivative instruments. The more the Fund invests in
leveraged instruments, the more this leverage will magnify any losses on those
investments. 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. Since the Fund's investment strategy involves consistently
applied leverage, the value of the Fund's shares will tend to increase or
decrease more than the value of any increase or decrease in the underlying
index. Leverage also will have the effect of magnifying tracking error.

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 only intends 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 investments. 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 the 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.

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.

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.

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,
high portfolio turnover rate, and the use of leverage 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 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 13.66%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 6/30/2009) 23.95%   (quarter ended 12/31/2008) -34.77%

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 Nova Fund	Label	1 Year	5 Years	10 Years
Advisor Class	Return Before Taxes	(1.09%)	(5.82%)	(0.51%)
Advisor Class After Taxes on Distributions	Return After Taxes on Distributions	(1.09%)	(6.08%)	(0.98%)
Advisor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(0.71%)	(4.99%)	(0.66%)
Investor Class	Return Before Taxes	0.57%	(5.34%)	0.02%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	(0.57%)	(5.59%)	(0.43%)
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(0.37%)	(4.59%)	(0.21%)
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%