Long Short Interest Rate Strategy Fund (Second Prospectus Summary) | Long Short Interest Rate Strategy Fund

Long Short Interest Rate Strategy Fund

INVESTMENT OBJECTIVE

The Long Short Interest Rate Strategy Fund (the "Fund") seeks to maximize total
return by taking advantage of price movements in the U.S. Treasury bond market.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy and hold
A-Class Shares, C-Class Shares or Institutional Class Shares of the Fund. You
may qualify for sales charge discounts if you and your family invest, or agree
to invest in the future, at least $100,000 in certain funds in the Guggenheim
Investments family of funds. More information about these and other discounts is
available from your financial professional and under the "Sales Charges" section
on page 297 of this Prospectus and in the "A-Class Shares - Initial Sales
Charges, Reductions, and Waivers" section beginning on page 108 of the Fund's
Statement of Additional Information (the "SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees Long Short Interest Rate Strategy Fund	A-Class	C-Class	Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of initial purchase price or current market value, whichever is less)	none	1.00%	none

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 Interest Rate Strategy Fund	A-Class	C-Class	Institutional Class
Management Fees	0.75%	0.75%	0.75%
Distribution and/or Shareholder Service (12b-1) Fees	0.25%	1.00%	none
Other Expenses	0.51%	0.51%	0.50%
Total Annual Fund Operating Expenses	1.51%	2.26%	1.25%

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 Long Short Interest Rate Strategy 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
A-Class	621	930	1,260	2,191
C-Class	329	706	1,210	2,595
Institutional Class	127	397	686	1,511

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Long Short Interest Rate Strategy Fund C-Class	229	706	1,210	2,595

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 its investment objective by investing in accordance
with a highly quantitative investment model that is designed to identify a
short-term interest rate outlook expressed in terms of exposure to the U.S.
Treasury bond market. It is expected that the model will enable the Fund to
potentially benefit from interest rate trends while also enabling it to take
advantage of short-term deviations in such trends.

In executing this strategy, the Fund's Sub-Advisor manages the investment model
to determine an interest rate outlook. The model evaluates and ranks factors in
3 primary categories: (1) economic outlook based on various macro-economic
factors; (2) inflationary expectations based on such factors as precious metals,
commodities and other price movements; and (3) investor psychology as
demonstrated by the level of market reaction not explained by the economic
outlook and inflationary expectations. The interest rate outlook generated by
the model determines the portfolio's target duration ranging from fully bullish,
with a target duration of approximately 11 years, to fully bearish, with a
target duration of approximately negative 11 years. If the outlook is
indeterminate, the Advisor will target a neutral portfolio duration of
approximately 5.5 years. A neutral portfolio seeks to generate a return that is
representative of the return of the overall Treasury market. Intermediate levels
also may be established based on the interest rate outlook. The Sub-Advisor
sends the model's signals to the Advisor and the Advisor reviews the rate
outlook determined by the model monthly to both manage risk and to seek to take
advantage of short-term deviations in the general business cycle trend in
interest rates.

On a day-to-day basis, the Fund invests substantially all of its net assets in
cash, U.S. Treasury Bills, Notes, and Bonds as well as futures linked to those
instruments, and exchange-traded funds ("ETFs"). The Fund also may invest in
options, futures and swap agreements to hedge the Fund's exposure to U.S.
Treasury securities and for non-hedging purposes, such as to manage the
effective duration of the portfolio or as a substitute for direct investment. By
focusing primarily on U.S. Treasury securities and Treasury-related futures and
ETFs, the strategy minimizes or eliminates the risks (prepayment, currency,
liquidity, etc.) inherent in many other fixed income management approaches.
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. The Fund's use of
derivatives and the leveraged investment exposure created by such use may be
significant at times. 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 also may enter
into repurchase agreements with counterparties that are deemed to present
acceptable credit risks. The Fund also may engage in frequent and active trading
or portfolio investments to achieve its investment objective.

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 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. 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.

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.

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 Technique Risk - Some investment techniques of the Fund may be
considered aggressive. Risks associated with the use of futures contracts,
options, structured notes, and swap agreements include potentially dramatic
price changes (losses) in the value of the instruments and imperfect
correlations between the price of the contract and the underlying security or
index. 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.

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.

Portfolio Turnover Risk - The Fund's strategy may frequently involve buying and
selling portfolio securities to rebalance the Fund's exposure to various market
sectors. Higher portfolio turnover may result in the Fund paying higher levels
of transaction costs and generating greater tax liabilities for shareholders.
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.

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 bar chart below shows the performance of the C-Class Shares of the Fund from
year to year. The table below shows the average annual total returns of the
A-Class, C-Class Shares, and Institutional Class Shares of the Fund over
different periods of time in comparison to the performance of a broad-based
market index. The variability of performance over time provides an indication of
the risks of investing in the Fund. 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 C-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 -2.79%.

Highest Quarter Return                         Lowest Quarter Return
(quarter ended 12/31/2011) -0.60%   (quarter ended 3/31/2011) -3.91%

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 Interest Rate Strategy Fund	Label	1 Year	Since Inception	Inception Date
A-Class	Return Before Taxes	(13.33%)	(6.19%)	Jun. 30, 2010
A-Class After Taxes on Distributions	Return After Taxes on Distributions	(13.33%)	(6.33%)	Jun. 30, 2010
A-Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(8.67%)	(5.28%)	Jun. 30, 2010
C-Class	Return Before Taxes	(10.62%)	(3.83%)	Jun. 30, 2010
C-Class After Taxes on Distributions	Return After Taxes on Distributions	(10.62%)	(3.98%)	Jun. 30, 2010
C-Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(6.90%)	(3.29%)	Jun. 30, 2010
Institutional Class	Return Before Taxes	(8.82%)	(2.87%)	Jun. 30, 2010
Institutional Class After Taxes on Distributions	Return After Taxes on Distributions	(8.82%)	(3.02%)	Jun. 30, 2010
Institutional Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(5.73%)	(2.48%)	Jun. 30, 2010
Barclays U.S. Aggregate Government Treasury Index	Barclays U.S. Aggregate Government Treasury Index (reflects no deduction for fees, expenses or taxes)	9.82%	6.43%	Jun. 30, 2010