Europe 1.25x Strategy Fund (First Prospectus Summary) | Europe 1.25x Strategy Fund

Europe 1.25x Strategy Fund

IMPORTANT INFORMATION ABOUT THE FUND

The Europe 1.25x Strategy Fund (the "Fund") is very different from most other
mutual funds in that it seeks 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 correlate to 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 1.25x 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., 1.25x) 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 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 correlate, before fees and
expenses, to the performance of a specific benchmark. The Fund's current
benchmark is 125% of the fair value of the STOXX 50® Index (the "underlying
index").

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	Europe 1.25x Strategy Fund H-Class
Management Fees	0.90%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.53%
Total Annual Fund Operating Expenses	1.68%

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
Europe 1.25x Strategy Fund H-Class	171	530	913	1,987

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 318% 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 derivative instruments, 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, 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 underlying index. The
Advisor will attempt to consistently apply leverage to increase the Fund's
exposure to 125% of the underlying index. As a result, 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 Fund also may invest in
American Depositary Receipts ("ADRs") to gain exposure to the underlying index.
Under normal circumstances, the Fund will invest at least 80% of its net assets,
plus any borrowings for investment purposes, in securities of companies in the
underlying index and derivatives and other instruments whose performance is
expected to correspond to that of the underlying index. The STOXX 50® Index is a
capitalization-weighted index composed of 50 European blue chip stocks
consisting of capitalizations ranging from $25.6 billion to $192.7 billion as of
June 30, 2012. Index members are chosen by Stoxx Ltd. from 16 countries under
criteria designed to identify highly liquid companies that are leaders in their
sectors. 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
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 and
the times at which the Fund and the underlying index calculate their respective
NAVs, the Fund's performance 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 125% of the performance of the underlying index; conversely,
areas shaded darker represent those scenarios where the Fund can be expected to
return less than 125% of the performance of the underlying index.
  
               Index Performance                      Annualized Volatility                 
                1x           1.25x       10%        25%        50%        75%        100%   
                  -60%         -75%       -68%       -68%       -69%       -71%       -73%  
                  -50%         -63%       -58%       -58%       -60%       -62%       -64%  
                  -40%         -50%       -47%       -48%       -49%       -52%       -54%  
                  -30%         -38%       -36%       -37%       -39%       -41%       -45%  
                  -20%         -25%       -25%       -26%       -27%       -31%       -36%  
                  -10%         -13%       -12%       -13%       -16%       -20%       -25%  
                    0%           0%         0%        -1%        -4%        -8%       -15%  
                   10%          13%        12%        12%         9%         4%        -4%  
                   20%          25%        25%        25%        20%        17%         8%  
                   30%          38%        38%        38%        33%        27%        18%  
                   40%          50%        52%        51%        46%        40%        29%  
                   50%          63%        65%        64%        60%        53%        41%  
                   60%          75%        80%        78%        73%        65%        54%  
  
The underlying index's annualized historical volatility rate for the five year
period ended June 30, 2012 is 24.93%. The underlying index's highest one-year
volatility rate during the five year period is 39.84%. The underlying index's
annualized performance for the five year period ended June 30, 2012 is -9.16%.

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.

Currency Risk - Indirect and direct exposure to foreign currencies subjects the
Fund to the risk that those currencies will decline in value relative to the
U.S. dollar. Currency rates in foreign countries may fluctuate significantly
over short periods of time for a number of reasons, including changes in
interest rates and the imposition of currency controls or other political
developments in the U.S. or abroad. In particular, the Fund may have indirect
and direct exposure to the euro. The price of euro has fluctuated widely over
the past several years, and volatility has increased in recent months, due, in
part, to concern over the sovereign debt levels of certain European Union (EU)
members and the potential effect of this debt on the EU members' participation
in the European Monetary Union and the value of the euro. These and other
factors may adversely affect the long-term value of the euro in terms of
purchasing power in the future. A decline in the price of the euro may adversely
affect the Fund's performance.

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. 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.

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.

Geographic Concentration in Europe Risk - Because a significant portion of the
Fund's investments are concentrated in issuers located in Europe, the Fund is
susceptible to loss due to adverse market, political, regulatory, and geographic
events affecting the various countries and regions in Europe. The European
economy is diverse and includes both large, competitive economies and small,
struggling economies. The European economy is vulnerable to decreasing imports
or exports, changes in governmental regulations on trade, changes in the
exchange rate of the euro and recessions in EU economies.

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.

Status as a Regulated Investment Company Risk - The Fund may realize gains from
the sale or other disposition of foreign currencies and other income (including
gains from options, futures or forward contracts) derived from investing in
stock, securities, or foreign currencies. The Secretary of the Treasury is
authorized to issue regulations that might cause the Fund, as a result of its
realization of such foreign currency gains, to fail to qualify as a regulated
investment company. As of the date of this Prospectus, no regulations have been
issued pursuant to this authorization, but such regulations may be issued in the
future.

Tracking Error Risk - The Advisor may not be able to cause the Fund's
performance to correlate to 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 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
average annual total returns of the H-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 H-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 5.72%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 6/30/2009) 34.73%   (quarter ended 12/31/2008) -33.31%

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 Europe 1.25x Strategy Fund	Label	1 Year	5 Years	10 Years
H-Class	Return Before Taxes	(13.99%)	(13.21%)	(2.17%)
H-Class After Taxes on Distributions	Return After Taxes on Distributions	(13.99%)	(13.41%)	(2.61%)
H-Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(9.09%)	(10.71%)	(1.98%)
STOXX 50® Index	STOXX 50® Index (reflects no deduction for fees, expenses or taxes)	(8.17%)	(5.64%)	2.44%