Large Cap Concentrated Growth (Second Prospectus Summary) | Large Cap Concentrated Growth

Large Cap Concentrated Growth Institutional Fund

Investment Objective -

The Large Cap Concentrated Growth Institutional Fund seeks long-term growth of capital.

Fees and Expenses of the Fund -

This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Large Cap Concentrated Growth Institutional
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Large Cap Concentrated Growth Institutional
Management fees		0.75%
Distribution and service (12b-1) fees		none
Other expenses		0.67%
Total annual fund operating expenses	[1]	1.42%
Fee waiver (and/or expense reimbursement)	[2]	(0.32%)
Total annual fund operating expenses after fee waiver (and/or expense reimbursement)		1.10%

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 the actual costs may be
higher or lower, based on these assumptions your cost 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
Large Cap Concentrated Growth Institutional	112	418	746	1,674

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 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 158% of the average value of its portfolio.

Principal Investment Strategies -

The Fund pursues its objective by investing,
under normal market conditions, at least 80% of its net assets (plus any
borrowings for investment purposes) in equity securities, which include common
stocks, rights, options, warrants, convertible debt securities, and American
Depositary Receipts ("ADRs"), of companies that, when purchased, have market
capitalizations that are usually within the range of companies in the Russell
1000 Growth Index. The Fund focuses its investments in a core position of 20-30
common stocks of growth companies which have exhibited consistent above average
earnings and/or revenue growth. The Fund is non-diversified, which means that it
may invest a larger portion of its assets in a limited number of companies than
a diversified fund. Security Investors, LLC , also known as Guggenheim
Investments (the "Investment Manager"), selects what it believes to be premier
growth companies as the core position for the Fund using a combination of a
qualitative top-down approach in reviewing growth trends that is based upon
several fixed income factors, such as bond spreads and interest rates, along
with a quantitative fundamental bottom-up approach. Portfolio holdings will be
replaced when one or more of a company's fundamentals have changed, and, in the
opinion of the Investment Manager, it is no longer a premier growth company.
Although a universal definition of large market capitalization companies does
not exist, for purposes of this fund, the Fund generally defines large market
capitalization companies as those whose market capitalization is similar to the
market capitalization of companies in the Russell 1000 Growth Index, which is an
unmanaged index measuring the performance of the large cap growth segment of the
U.S. equity universe and which includes companies with higher price-to-book
ratios and higher forecasted growth values.

The Fund may invest a portion of its assets in derivatives, including options
and futures contracts. These instruments may be used to hedge the Fund's
portfolio, to maintain exposure to the equity markets or to increase returns.
The Fund also may invest in ADRs.

The Fund may actively trade its investments without regard to the length of time
they have been owned by the Fund, which results in higher portfolio turnover.

The Fund may, from time to time, invest a portion of its assets in technology
stocks.

The Fund also may invest in a variety of investment vehicles, including those
that seek to track the composition and performance of a specific index, such as
exchange traded funds ("ETFs") and other mutual funds. The Fund may use these
index-based investments as a way of managing its cash position, to gain exposure
to the equity markets or a particular sector of the equity market, while
maintaining liquidity.

The Fund typically sells a stock if its growth prospects diminish or if better
opportunities become available.

Under adverse or unstable market conditions, the Fund could invest some or all
of its assets in cash, fixed-income securities, government bonds, money market
securities, or repurchase agreements. Although the Fund would do this only in
seeking to avoid losses, the Fund may be unable to pursue its investment
objective during that time, and it could reduce the benefit from any upswing in
the market.

Principal Risks -

An investment in the Fund is not a deposit of a bank and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money. The
principal risks of investing in the Fund are listed below.

Active Trading Risk. Active trading, also called "high turnover," may have a
negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the
Fund. It may also result in short-term capital gains, which have a negative tax
effect, and could also result in greater taxable distributions to shareholders
of the Fund.

Equity Derivatives Risk. Equity derivatives may pose risks in addition to those
associated with investing directly in securities or other investments, including
illiquidity of the equity derivative, imperfect correlations with underlying
investments or the Fund's other portfolio holdings, lack of availability and
counterparty risk.

Equity Securities Risk. Equity securities include common stocks and other equity
securities (and securities convertible into stocks), and the prices of equity
securities fluctuate in value more than other investments. They reflect changes
in the issuing company's financial condition and changes in the overall market.
Common stocks generally represent the riskiest investment in a company. The Fund
may lose a substantial part, or even all, of its investment in a company's
stock. Growth stocks may be more volatile than value stocks.

Foreign Securities Risk. Foreign securities, including investments in foreign
securities through ADRs, carry additional risks when compared to U.S.
securities, including currency fluctuations, adverse political and economic
developments, unreliable or untimely information, less liquidity, limited legal
recourse and higher transactional costs.

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.
  
Index Risk. Investments intended to track a benchmark index may not have
performance that corresponds with the performance of the benchmark index for any
period of time and may underperform the overall stock market.

Investment in Investment Vehicles Risk. Investing in other investment vehicles,
including ETFs and other mutual funds, subjects the Fund to those risks
affecting the investment vehicle, including the possibility that the value of
the underlying securities held by the investment vehicle could decrease.
Moreover, the Fund and its shareholders will incur its pro rata share of the
underlying vehicles' expenses.

Leverage Risk. The Fund's use of leverage through derivatives may cause the Fund
to be more volatile than if it had not been leveraged. Leverage can arise
through the use of derivatives.

Management Risk. The Fund is actively managed. There is no guarantee that the
investment strategies will be successful.

Market Risk. The market value of the securities held by the Fund may fluctuate
resulting from factors affecting the individual company or other factors such as
changing economic, political or financial market conditions.

Non-Diversification Risk. The Fund is considered non-diversified because it
invests a large portion of its assets in a small number of issuers. As a result,
the Fund is more susceptible to risks associated with those issuers than a more
diversified portfolio, and its performance may be more volatile.

Overweighting Risk. Overweighting investments in certain sectors or industries
of the stock market increases the risk that the Fund will suffer a loss because
of general declines in the prices of stocks in those sectors or industries.

Technology Stocks Risk. Stocks of companies involved in the technology sector
may be very volatile.

Performance Information -

The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the performance of
the Fund's Class A shares from year to year and by showing how the Fund's
average annual returns for the Fund's Class A shares for one, five, and ten
years have compared to those of a broad measure of market performance. As with
all mutual funds, past performance (before and after taxes) is not necessarily
an indication of 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 1-800-820-0888.

The bar chart does not reflect the impact of sales charges applicable to Class A
shares which, if reflected, would lower the returns shown.

Because Institutional Class shares have not commenced operations as of the date
of this Prospectus, the figures shown provide performance for Class A shares of
the Fund. Class A shares are not offered in this Prospectus. Institutional Class
shares would have substantially similar returns as the Class A shares because
Institutional Class shares represent interests in the same portfolio of
securities. Annual returns would differ only to the extent that Institutional
Class shares have different expenses.

Highest Quarter Return
  4Q 2001     20.45%   
                       
Lowest Quarter Return
  4Q 2008     -19.83%

After-tax returns shown in the table are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of
any state or local taxes. Actual after-tax returns depend on an investor's tax
situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.

Average Annual Total Returns (For the periods ended December 31, 2011)

Average Annual Total Returns Large Cap Concentrated Growth	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Institutional	Class A Return before taxes	(9.92%)	(3.94%)	(0.73%)
Institutional After Taxes on Distributions	Return after taxes on distributions	(9.92%)	(4.22%)	(0.88%)
Institutional After Taxes on Distributions and Sales	Return after taxes on distributions and sale of fund shares	(6.45%)	(3.30%)	(0.62%)
Russell 1000 Growth Index	Russell 1000 Growth Index (reflects no deductions for fees, expenses, or taxes)	2.64%	2.50%	2.60%

[1] Expense information in the table has been restated to reflect current fees.

[2] The Investment Manager has contractually agreed through January 31, 2013 to waive fees and/or reimburse Fund expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Fund to 1.10% of the annual percentage of average daily net assets of the Fund. The Fund may have "Total annual fund operating expenses after fee waiver" greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such (subject to recoupment rights).