Rydex Alternative Strategies Fund seeks shareholder vote to reorganize

By Toni Weeks

San Diego, Feb. 1 - The board of trustees of Rydex Series Funds approved an agreement and plan of reorganization on Nov. 21 to reorganize the trust's Alternative Strategies Fund with and into the Multi-Hedge Strategies Fund, according to a 497 filing with the Securities and Exchange Commission.

The reorganization is contingent on shareholder approval at a meeting on April 10.

The agreement provides for the transfer of the assets and liabilities of each share class of the Alternative Strategies Allocation Fund in exchange for the corresponding share class of the Multi-Hedge Strategies Fund. The reorganization is expected to be a tax-free transaction and will result in the complete liquidation of the Alternative Strategies Fund.

Rockville, Md.-based Security Investors, LLC is the investment adviser to both funds.

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