Alpha Opportunity (Prospectus Summary) | Alpha Opportunity

Fund Summary

Investment Objective -

The Alpha Opportunity 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. 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 the Family of Funds, as defined on page 33 of the Fund's prospectus.
More information about these and other discounts is available from your
financial professional and in the "Buying Shares-Class A Shares"
section on page 18 of the Fund's prospectus and the "How to Purchase Shares"
section on page 36 of the Fund's statement of additional information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Alpha Opportunity	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		Maximum Deferred Sales Charge (Load (as a percentage of original purchase price or redemption proceeds, whichever is lower)
A	4.75%		none
B		[1]	5.00%
C	none		1.00%
Institutional	none		none

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

Annual Fund Operating Expenses Alpha Opportunity		A	B	C	Institutional
Management fees		1.25%	1.25%	1.25%	1.25%
Distribution and service (12b-1) fees		0.25%	1.00%	1.00%	none
Other expenses		1.88%	2.11%	1.95%	1.78%
Acquired fund fees and expenses		0.04%	0.04%	0.04%	0.04%
Total annual fund operating expenses	[1]	3.42%	4.40%	4.24%	3.07%
Fee waiver (and/or expense reimbursement)	[2]	(1.31%)	(1.54%)	(1.38%)	(1.21%)
Total annual fund operating expenses after fee waiver (and/or expense reimbursement)		2.11%	2.86%	2.86%	1.86%

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 Alpha Opportunity (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	679	1,360	2,063	3,919
B	789	1,493	2,308	4,290
C	389	1,162	2,048	4,323
Institutional	189	834	1,505	3,299

Expense Example, No Redemption Alpha Opportunity (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
A	679	1,360	2,063	3,919
B	289	1,193	2,108	4,290
C	289	1,162	2,048	4,323
Institutional	189	834	1,505	3,299

The above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements   
for the duration of the arrangements only.

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 868% of the average value of its portfolio.

Principal Investment Strategies -

The Fund pursues its objective by investing,
under normal market conditions, approximately (1) 37.5% of its total assets
according to a long/short strategy with an emphasis on securities of domestic
issuers managed by Mainstream Investment Advisers, LLC ("Mainstream" and the
"Domestic Long/Short Sub-Portfolio"), the Fund's sub-adviser, (2) 37.5% of its
total assets, managed directly by Security Investors, LLC , also known as
Guggenheim Investments (the "Investment Manager"),according to a long/short
strategy with an emphasis on securities of non-U.S. issuers (the "Global
Long/Short Sub-Portfolio"), and (3) 25% of its total assets, also managed
directly by the Investment Manager , in a portfolio of equity securities, equity
derivatives and fixed income securities (the "Indexed Sub-Portfolio") that is
intended to closely track the performance of the S&P 500 Composite Stock Price
Index (the "S&P 500 Index"), which consists of common stocks representing
approximately two-thirds of the total market value of all U.S. common stocks.
Each of Mainstream and the Investment Manager manages its allocation of the
Fund's assets according to its respective strategy, and its trading decisions
are made independently.

"Alpha" in the Fund's name refers to the potential for the Fund's portfolio to
achieve returns that are favorable relative to the amount of risk taken. Of
course, there is no guarantee that the Fund will achieve its objective of
long-term growth of capital, and an investment in the Fund involves significant
risk.

All daily cash inflows and outflows will be allocated to the Indexed
Sub-Portfolio of the Fund. Approximately once a month, the Investment Manager
will review the allocations in each of the sub-portfolios. When the Indexed
Sub-Portfolio is greater than 25% or less than 15% of the Fund's total assets,
the Investment Manager usually will rebalance the Fund's portfolio by
reallocating the assets among the sub-portfolios so that the Fund returns to the
target allocation. The Investment Manager will also usually rebalance the
Domestic and Global Long/Short Sub-Portfolios of the Fund when the difference
between those sub-portfolios is more than 10% of the Fund's total assets so that
the percentage of the Fund's total assets in each of the Domestic and Global
Long/Short Sub-Portfolios returns to approximately 37.5%.

The Fund may invest up to 50% of its net assets in foreign securities, in
addition to American Depositary Receipts (ADRs). ADRs are dollar-denominated
receipts issued generally by U.S. banks, which represent the deposit with the
bank of a foreign company's securities. ADRs are publicly traded on exchanges or
over-the-counter in the United States. Each of the Fund's sub-portfolios can
invest in foreign securities although the Global Long/Short Sub-Portfolio will
invest a larger portion of its assets in foreign securities so that the assets
in the Global Long/Short Sub-Portfolio generally will be diversified among
investments in a number of different countries throughout the world. The Fund
may invest in issuers of any size, including small-capitalization issuers.

Certain investment vehicles' securities in which the Fund may invest may be
illiquid.

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

Under adverse or unstable market conditions, the Fund (or each of its
sub-portfolios) 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.

Strategies of the Domestic Long/Short  Sub-Portfolio. The Fund pursues its domestic
long/short strategy by investing primarily in publicly-traded equity securities,
principally common stocks, but to a lesser degree in ("ETFs) and other securities
with equity characteristics. If there are an insufficient number of available securities
meeting the purchase criteria of Mainstream, the Fund may also hold a portion of its
assets in cash and money market instruments, and such holdings may be substantial.
Dividend and interest income will be an incidental consideration. The Fund may engage
in short sales of securities believed to be overvalued.

Mainstream seeks to identify individual stocks with solid underlying financial
fundamentals, trading at levels representing value relative to the market
generally. Mainstream uses technical and fundamental methods of analysis to
choose stocks for the Fund's portfolio. The technical analyses used include a
relative strength index ("RSI"), price moving averages and price relative to
historical market averages.

Mainstream also uses bottom-up analysis by evaluating approximately 2,000
actively traded stocks in the marketplace. The bottom-up analysis reviews stock
prices in relationship to their stock price moving averages and ranks them by
their RSIs. A purchase candidate is identified as a stock that is at fair value
or undervalued to the marketplace. A sale candidate is identified as a stock
that is expensive or overbought. These action candidates are then grouped by
industry. Mainstream prefers that the candidates are concentrated in a
particular industry. Mainstream also considers the industry and underlying
financial fundamentals of the action candidates. Where the fundamentals are
positive relative to their valuations, the stocks may be purchased. Stocks with
high RSIs may be sold. Stocks with high RSIs and deteriorating fundamentals may
be sold short.

A top-down evaluation of the stock and bond markets, primarily based on their
RSIs, is also used. A high RSI may indicate that the marketplace is expensive or
overbought; conversely, a low RSI may indicate that the marketplace is
inexpensive or oversold. Mainstream uses the RSI in combination with an analysis
of the short-term outlook for corporate earnings, interest rates, currencies
and commodities to determine the overall stock to cash and long stock to short
stock allocations.

Mainstream actively manages its portion of the Fund's portfolio and will buy and
sell securities frequently.

Strategies of the Global Long/Short Sub-Portfolio. The Fund pursues a global
long/short strategy by holding long (purchasing) foreign and domestic common
stocks or convertible stocks of companies which the Investment Manager believes
will outperform the market and by selling short those securities believed to be
overvalued or expected to underperform the market.

The Investment Manager may also invest a portion of the Fund's assets in
options, futures contracts and foreign currencies, which may be used to hedge
its portion of the Fund's portfolio, to increase returns or to maintain exposure
to the equity markets. The Investment Manager may engage in short sales of
securities believed to be overvalued or expected to underperform the market. The
Investment Manager may also invest in emerging market countries. With respect to
investments in foreign securities, there is no limit in the amount that the
Global Long/Short Sub-Portfolio may invest in securities issued by companies
from emerging markets.

The Investment Manager uses both quantitative and qualitative techniques to
identify long and short investment opportunities. The Investment Manager's
universe of securities begins with the approximately 5,000 of the largest
publicly traded companies globally. Through quantitative screening and
fundamental analysis, the Investment Manager narrows the universe of securities
to a list of long and short investment opportunities. The Investment Manager
then builds a portfolio of securities designed to maximize the absolute returns
of the sub-portfolio from the Investment Manager's selection methodology while
working to maintain prudent risk controls.

The Investment Manager will consider buying a security that is not currently
held in the Global Long/Short Sub-Portfolio when the security candidate has
passed through the research process and the Investment Manager believes that
there is a potential for upside price movement over the following year with a
return to risk ratio that meets its criteria. In the case of a security already
held in the Global Long/Short Sub-Portfolio, the Investment Manager will
consider adding to the position in the event the security has been unusually
weak in the market based on the Investment Manager's analysis and the Investment
Manager continues to believe that the one year price objective is valid. The
Investment Manager will consider selling a security if it believes that the
price objective is no longer valid. The Investment Manager may also reduce a
position in the Global Long/Short Sub-Portfolio with respect to a security if
the position approaches its price objective and the risk/return is
deteriorating.

Strategies of the Indexed Sub-Portfolio. With respect to the Indexed
Sub-Portfolio, the Investment Manager seeks investment returns that are similar
to those of the S&P 500 Index by primarily investing in equity derivatives, such
as futures contracts, options on futures contracts, and equity options. An
equity derivative is a financial instrument whose value depends on, or is
"derived" from, the value of an underlying asset or index, such as the S&P 500
Index. Using S&P 500 equity derivatives, the Investment Manager can obtain
investment exposure to the S&P 500 Index equal to the net asset value of the
Fund that it manages with a fraction of the assets that would be needed to
purchase an equivalent amount of equity securities directly. Obtaining magnified
investment exposure on a small investment is referred to as "leverage," and it
can increase the volatility of the Fund's performance. However, because the Fund
ultimately is responsible for the entire amount of the investment exposure under
an equity derivative, the Investment Manager will manage the remainder of its
portion of the Fund so that any leverage achieved through equity derivatives is
reduced by other investments. While there are a number of ways of offsetting the
leverage achieved through equity derivatives, the Investment Manager generally
will do so by investing in fixed income securities in an amount sufficient to
meet the Fund's obligations under the equity derivatives.

The Investment Manager actively manages the fixed income securities with a view
toward enhancing the Fund's total return and recouping some of the transaction
and financing costs associated with investing in equity derivatives, which are
reflected in the operating costs of the Fund. The Fund's overall portfolio
duration for its investments in fixed income securities is normally not expected
to exceed one year. The fixed income securities in which the Fund may invest
include securities issued or guaranteed by the U.S. government, its agencies or
instrumentalities; corporate debt securities of U.S. issuers, including mortgage
backed and other asset-backed securities; and bank certificates of deposit,
fixed time deposits and bankers' acceptances.

Although the Investment Manager does not normally invest the Indexed
Sub-Portfolio this portion of the Fund's portfolio directly in S&P 500
securities, when equity derivatives appear to be overvalued relative to the S&P
500 Index, the Fund may invest in a "basket" of S&P 500 stocks. The S&P 500
Index is a well known stock market index composed of 500 selected common stocks
that represent approximately two-thirds of the total market value of all U.S.
common stocks. Individual stocks are selected based on an analysis of the
historical correlation between the return of every S&P 500 stock and the return
of the S&P 500 Index itself. The Investment Manager may employ fundamental
analysis of factors such as earnings and earnings growth, price to earnings
ratio, dividend growth, and cash flows to choose among stocks that satisfy the
correlation tests.

Stocks chosen for the Fund are not limited to those with any particular
weighting in the S&P 500 Index. The Fund may also invest in ETFs based on the
S&P 500 Index, such as Standard & Poor's Depositary Receipts.

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.

Credit Risk. The Fund could lose money if the issuer of a bond is unable to
repay interest and principal on time or defaults. The issuer of a bond could
also suffer a decrease in quality rating, which would affect the volatility and
liquidity of the bond.

Emerging Markets Risk. Investments in emerging markets securities are generally
subject to a greater level of those risks associated with investing in foreign
securities, as emerging markets are considered less developed and developing
countries.

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.

Interest Rate Risk. Investments in fixed income securities are subject to the
possibility that interest rates could rise sharply, causing the value of the
Fund's securities, and share price to decline. Fixed income securities with
longer durations are subject to more volatility than those with shorter
durations.

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.

Liquidity Risk. Investments are subject to liquidity risk when they are
difficult to purchase or sell.

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.

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.

Short Sales Risk. Short selling a security involves selling a borrowed security
with the expectation that the value of that security will decline, so that the
security may be purchased at a lower price when returning the borrowed security.
The risk for loss on short selling is greater than the original value of the
securities sold short because the price of the borrowed security may rise,
thereby increasing the price at which the security must be purchased. Government
actions also may affect the Fund's ability to engage in short selling.

Smaller Companies Risk. The securities of smaller companies are subject to
greater volatility, especially during periods of economic uncertainty. These
risks are likely to be greater for micro-cap companies.

Value Stocks Risk. Value stocks are subject to the risk that the intrinsic value
of the stock may never be realized by the market or that the price goes down.

Performance Information -

The following chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund's Class A
share performance from year to year and by showing how the Fund's average annual
returns for one year, five years, and since inception 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 the sales charge applicable to
Class A shares which, if reflected, would lower the returns shown.

Effective August 18, 2008, certain changes to Alpha Opportunity Fund's principal
investment strategies, management fees and advisers were made .

Highest Quarter Return
3Q 2010     18.70%     
                       
Lowest Quarter Return  
4Q 2008     -22.65%

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. After-tax
returns are shown for Class A only. After-tax returns for Class B and C will
vary.

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

Average Annual Total Returns Alpha Opportunity	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
A	Class A Return before taxes	(2.12%)	2.91%	7.51%		Jul. 07, 2003
B	Class B Return before taxes	(2.00%)	2.98%	7.47%		Jul. 07, 2003
C	Class C Return before taxes	2.00%	3.29%	7.42%		Jul. 07, 2003
Institutional	Institutional Class Return before taxes	4.05%		15.96%	[1]	Nov. 07, 2008
After Taxes on Distributions A	Class A Return after taxes on distributions	(2.12%)	1.51%	5.48%		Jul. 07, 2003
After Taxes on Distributions and Sales A	Class A Return after taxes on distributions and sale of fund shares	(1.37%)	1.70%	5.36%		Jul. 07, 2003

Effective August 18, 2008, certain changes to Alpha Opportunity Fund's principal
investment strategies, management fees and advisers were made .

[1] Closed to new subscription

[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) ("Operating Expenses") of a Fund to an annual percentage of average daily net assets for each class of shares as follows: Class A - 2.11%; Class B - 2.86%; Class C - 2.86%; and Instituional Class 1.86%. 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 adviser ceases to serve as such (subject to recoupment rights).

[1] The inception date for the Instituional Class is 11/7/2008.