S&P 500 Fund (First Prospectus Summary) | S&P 500 Fund

S&P 500® Fund

INVESTMENT OBJECTIVE

The S&P 500® Fund (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 the S&P 500® 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 500 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 500 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 196% 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 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 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 short-term 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.

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.

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.

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, 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 8.79%.

Highest Quarter Return                          Lowest Quarter Return
(quarter ended 6/30/2009) 15.65%   (quarter ended 12/31/2008) -22.66%

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 500 Fund	Label	1 Year	5 Years	Since Inception	Inception Date
H-Class	Return Before Taxes	0.36%	(1.36%)	0.64%	May 31, 2006
H-Class After Taxes on Distributions	Return After Taxes on Distributions	0.36%	(1.45%)	0.45%	May 31, 2006
H-Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	0.23%	(1.20%)	0.44%	May 31, 2006
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	1.97%	May 31, 2006