S&P MidCap 400 Pure Growth Fund (First Prospectus Summary) | S&P MidCap 400 Pure Growth Fund

S&P MidCap 400® Pure Growth Fund

INVESTMENT OBJECTIVE

The S&P MidCap 400®Pure Growth Fund (the "Fund") seeks to provide investment
results that match, before fees and expenses, the performance of a benchmark for
mid-cap growth securities on a daily basis. The Fund's current benchmark is the
S&P MidCap 400 Pure Growth 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	S&P MidCap 400 Pure Growth Fund H-Class
Management Fees	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.50%
Total Annual Fund Operating Expenses	1.50%

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
S&P MidCap 400 Pure Growth Fund H-Class	153	474	818	1,791

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 226% 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 enable
the Fund to pursue its investment objective without investing directly in the
securities included in the underlying index or in the same proportion that those
securities are represented in the underlying index. Certain of the Fund's
derivative investments may be traded in the over-the-counter ("OTC") market.
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 S&P MidCap 400 Pure
Growth Index is narrow in focus, containing only those S&P MidCap 400® companies
with strong growth characteristics. As of June 30, 2012, the S&P MidCap 400 Pure
Growth Index included companies with capitalizations ranging from $1 billion to
$109 billion. 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 short-term U.S. government securities
or cash equivalents to collateralize its derivative positions. 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.

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. 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.

Growth Stocks Risk - Growth stocks typically invest a high portion of their
earnings back into their business and may lack the dividend yield that could
cushion their decline in a market downturn. Growth stocks may be more volatile
than other stocks because they are more sensitive to investor perceptions
regarding the growth potential of the issuing company.

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.

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.

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,
and high portfolio turnover rate 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 6.78%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 6/30/2009) 26.30%   (quarter ended 12/31/2008) -25.40%

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 S&P MidCap 400 Pure Growth Fund	Label	1 Year	5 Years	Since Inception	Inception Date
H-Class	Return Before Taxes	(0.56%)	7.32%	7.57%	Feb. 20, 2004
H-Class After Taxes on Distributions	Return After Taxes on Distributions	(0.56%)	6.75%	7.00%	Feb. 20, 2004
H-Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(0.37%)	5.97%	6.28%	Feb. 20, 2004
S&P MidCap 400 Pure Growth Index	S&P MidCap 400 Pure Growth Index (reflects no deduction for fees, expenses or taxes)	0.59%	9.29%	9.86%	Feb. 20, 2004