Alternative Strategies Allocation Fund (First Prospectus Summary) | Alternative Strategies Allocation Fund

ALTERNATIVE STRATEGIES ALLOCATION FUND

INVESTMENT OBJECTIVE -

The Alternative Strategies Allocation Fund (the "Fund")
seeks to deliver a return that has a low correlation to the returns of
traditional stock and bond asset classes as well as provide capital
appreciation.

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		Alternative Strategies Allocation Fund H-Class Shares
Management Fees		none
Distribution (12b-1) and/or Shareholder Service Fees		none
Other Expenses		none
Acquired Fund Fees and Expenses		2.12%
Total Annual Fund Operating Expenses	[1]	2.12%

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
Alternative Strategies Allocation Fund H-Class Shares	215	664	1,139	2,452

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 123% of the average value of its portfolio. However, 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, a "fund of funds," seeks to achieve its investment objective by
investing principally in a diversified portfolio of affiliated and unaffiliated
funds (the "underlying funds"), including exchange-traded funds ("ETFs"), and,
to a limited extent, futures that represent alternative and non-traditional asset
classes and strategies in an attempt to deliver performance with low correlation
(i.e., little or no similarity) to traditional stock and bond asset classes and
long-term positive returns. In managing the Fund, the Advisor will apply a
proprietary asset allocation methodology that principally allocates assets among
underlying funds that emphasize directly, or in combination with other investments,
alternative or non-traditional asset classes or investment strategies (i.e.,
absolute return strategies, commodities, currency arbitrage, global macro, managed
futures and real estate) according to the degree of risk associated with each
underlying fund given the market conditions in existence at the time of allocation.

Descriptions of the primary alternative and non-traditional asset classes and
strategies are as follows:

Market Neutral. Market neutral strategies typically seek to profit independently
from stock market movements, while maintaining a low correlation to and
mitigating the risks of the U.S. and international equity markets. The
strategies will hold long securities that the managers believe are undervalued
and take short positions in common stocks that the managers believe are
overvalued.

Long/Short Equity. Long/short equity strategies typically seek to profit from
investing on both the long and short sides of equity market.

Merger Arbitrage. Merger arbitrage strategies typically invest simultaneously in
long and short positions in both companies involved in a merger or acquisition.
They typically invest in long positions in the stock of the company to be
acquired and short the stocks of the acquiring company.

Commodities. Commodity strategies typically seek exposure to the performance of
the commodities markets and/or exposure to a long-short investment strategy that
is based on commodity trends.

Currency Arbitrage. Currency arbitrage strategies typically seek capital
appreciation through investing in various arbitrage opportunities in currency
markets.

Global Macro. Global macro strategies typically seek to profit from changes in
currency, commodity, equity and fixed income prices and market volatility.

Fixed Income Arbitrage. Fixed income arbitrage strategies typically seek to
profit from relationships between different fixed income securities or fixed
income and equity securities, leveraging long and short positions in securities
that are related mathematically or economically.

Managed Futures. Managed futures strategies seek to preserve capital through
capturing opportunities in various futures markets. The managers typically
invest in long positions in the futures that are showing strong upward momentum
and short positions in the futures that are in a downward trend. These
strategies often provide different exposures to many markets and thus offer low
correlations with traditional stock and bond markets.

Real Estate. Real estate strategies typically seek to profit through the
development of liquid portfolios of stocks that effectively represent the real
estate segment of the market.

The Fund may invest in, and thus have indirect exposure to the risks of the
underlying investments, including but not limited to, the underlying investments
listed below. The underlying funds may include affiliated mutual funds,
affiliated and unaffiliated ETFs, commodity pools, and other pooled investment
vehicles. The Advisor may change the Fund's asset class allocation and/or
strategy allocation, the underlying funds, or weightings without shareholder
notice. The Fund generally may invest in each underlying fund without limitation
in a manner consistent with the Fund's qualification as a regulated investment
company under the Internal Revenue Code of 1986, as amended.

         UNDERLYING INVESTMENTS:
         RydexïSGI Underlying Investments (Affiliated)
         Rydex Series Funds Multi-Hedge Strategies Fund
         Rydex Series Funds Commodities Strategy Fund
         Rydex Series Funds Long/Short Commodities Strategy Fund
         Rydex Series Funds Managed Futures Strategy Fund
         Rydex Series Funds Real Estate Fund
         Rydex Series Funds Alternative Strategies Fund
         Rydex Series Funds Event Driven and Distressed Strategies Fund
         Rydex Series Funds Long Short Equity Strategy Fund
         Rydex Series Funds Long Short Interest Rate Strategy Fund
         Rydex Series Funds U.S. Long Short Momentum Fund
         Currencyshares Australian Dollar Trust
         Currencyshares British Pound Sterling Trust
         Currencyshares Canadian Dollar Trust
         Currencyshares Euro Trust
         Currencyshares Japanese Yen Trust
         Currencyshares Mexican Peso Trust
         Currencyshares Russian Ruble Trust
         Currencyshares Swedish Krona Trust
         Currencyshares Swiss Franc Trust
         Un-Affiliated Underlying Investments
         Powershares DB G10 Currency Harvest Fund

The Fund may also invest in American Depositary Receipts ("ADRs"),
exchange-traded notes ("ETNs"), index swaps, and options on securities, futures
contracts and indices to enable the Fund to pursue its investment objective
efficiently in gaining exposure to or hedging exposure to various market factors
or to better manage its risk and cash positions. Certain of the Fund's
derivative investments may be traded in the over-the-counter ("OTC") market.

In an effort to ensure that the Fund is fully invested on a day-to-day basis,
the Fund may conduct significant trading activity at or just prior to the close
of the U.S. financial markets.

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:

Commodity-Linked Derivative Investment Risk - The Fund and certain of the
underlying funds may invest in commodity-linked derivative instruments. The
value of a commodity-linked derivative investment typically is based upon the
price movements of a physical commodity (such as heating oil, livestock, or
agricultural products), a commodity futures contract or commodity index, or some
other readily measurable economic variable dependent upon changes in the value
of commodities or the commodities markets. The value of these securities will
rise or fall in response to changes in the underlying commodity or related
benchmark or investment. These securities expose the Fund economically to
movements in commodity prices.

Conflicts of Interest Risk - The Advisor will have the authority to select and
substitute underlying funds. The Advisor is subject to conflicts of interest in
doing so when it allocates Fund assets among the various underlying funds, both
because the fees payable to it by some underlying funds may be higher than the
fees payable by other underlying funds and because the Advisor may also be
responsible for managing affiliated underlying funds.

Counterparty Credit Risk - The Fund may make investments 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 and structured notes, 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 an underlying fund or the Fund, this default will
cause the value of your investment in the Fund to decrease. Swap agreements and
structured notes also may be considered to be illiquid.

Currency Risk - The Fund's and certain of the underlying funds' indirect and
direct exposure to foreign currencies subjects the Fund to the risk that those
currencies will decline in value relative to the U.S. Dollar, or, in the case of
short positions, that the U.S. Dollar will decline in value relative to the
currency being hedged. The Fund and certain of the underlying funds also may
incur transaction costs in connection with an underlying fund's conversions
between various currencies.

Depositary Receipt Risk - The Fund and certain of the underlying funds may hold
the securities of non-U.S. companies in the form of ADRs. The underlying
securities of the ADRs in the Fund's or an underlying fund's portfolio are
subject to fluctuations in foreign currency exchange rates that may affect the
value of the Fund's portfolio. In addition, the value of the securities
underlying the ADRs may change materially when the U.S. markets are not open for
trading. Investments in the underlying foreign securities also involve political
and economic risks distinct from those associated with investing in the
securities of U.S. issuers.

Derivatives Risk - The Fund's and certain of the underlying funds' 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.

Emerging Markets Risk - The Fund's investments may have exposure to emerging
markets. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile because
they are countries or markets with low- to middle-income economies as classified
by the World Bank, and other countries or markets with similar characteristics
as determined by the Advisor.

Energy Sector Concentration Risk - To the extent that certain of the underlying
funds' investments are concentrated in the energy sector, the Fund is subject to
the risk that the securities of such issuers will underperform the market as a
whole due to legislative or regulatory changes, adverse market conditions and/or
increased competition affecting that economic sector. The prices of the
securities of energy sector companies also may fluctuate widely in response to
such events.

Exchange-Traded Notes (ETNs) Risk - The value of an ETN may be influenced by
time to maturity, level of supply and demand for the ETN, volatility and lack of
liquidity in underlying commodities or securities markets, changes in the
applicable interest rates, changes in the issuer's credit rating and economic,
legal, political or geographic events that affect the referenced commodity or
security. The Fund's or an underlying fund's decision to sell its ETN holdings
also may be limited by the availability of a secondary market. If the Fund or an
underlying fund must sell some or all of its ETN holdings and the secondary
market is weak, it may have to sell such holdings at a discount. ETNs also are
subject to counterparty credit risk and fixed income risk.

Fixed Income Risk - An underlying fund's investments in fixed income securities
will change in value in response to interest rate changes and other factors,
such as the perception of the issuer's creditworthiness. For example, the value
of fixed income securities will generally decrease when interest rates rise,
which may indirectly affect the Fund and cause the value of the Fund to
decrease. In addition, an underlying fund's investments in fixed income
securities with longer maturities will fluctuate more in response to interest
rate changes.

Foreign Issuer Exposure Risk - The Fund and certain of the underlying funds may
invest in securities of foreign companies directly or in financial instruments
that are indirectly linked to the performance of foreign issuers. Foreign
securities markets generally have less trading volume and less liquidity than
U.S. markets, and prices in some foreign markets may fluctuate more than those
of securities traded on U.S. markets.

Fund of Funds Risk - By investing in the underlying funds indirectly through the
Fund, an investor will incur not only a proportionate share of the expenses of
the underlying funds held by the Fund (including operating costs and management
fees), but also expenses of the Fund. Consequently, an investment in the Fund
entails more direct and indirect expenses than a direct investment in the
underlying funds.

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.

High Yield Risk - Certain of the underlying funds may invest in high yield
securities and unrated securities of similar credit quality (commonly known as
"junk bonds"), which may be subject to greater levels of interest rate, credit
and liquidity risk than funds that do not invest in such securities.

Initial Public Offering ("IPO") Risk - Certain of the underlying funds may
invest a portion of their assets in securities of companies offering shares in
IPOs, which may be more volatile than other securities. In addition, the effect
of IPOs on an underlying fund's, and thus the Fund's, performance likely will
decrease as the underlying fund's asset size increases, which could reduce the
Fund's total returns. Because the prices of IPO shares frequently are volatile,
the underlying funds may hold IPO shares for a very short period of time, which
may result in increased portfolio turnover and increased transactions costs for
the Fund. The limited number of shares available for trading in some IPOs may
make it more difficult for an underlying fund to buy or sell significant amounts
of shares without an unfavorable effect on prevailing prices. The underlying
funds' investments in IPO shares also may include the securities of unseasoned
issuers, which present greater risks than the securities of more established
issuers.

Investment in Investment Companies Risk - Investing in other investment
companies, including ETFs, subjects the Fund to those risks affecting the
investment company, including the possibility that the value of the underlying
securities held by the investment company could decrease. Moreover, the Fund
will incur its pro rata share of the expenses of the underlying investment
companies' expenses.

Large-Capitalization Securities Risk - The Fund and certain of the underlying
funds are subject to the risk that large-capitalization stocks may underperform
other segments of the equity market or the equity market as a whole.

Leveraging Risk - The Fund achieves leveraged exposure generally, and certain of
the underlying funds achieve leveraged exposure to their respective benchmarks
or underlying indices through the use of derivative instruments. The Fund's and
underlying funds' investment in these instruments generally requires a small
investment relative to the amount of investment exposure assumed. As a result,
such investments may give rise to losses that exceed the amount invested in
those instruments. The more the Fund or an underlying fund invests in leveraged
instruments, the more this leverage will magnify any losses on those
investments. Because the use of such instruments may be an integral part of
certain underlying funds' investment strategies, the use of such instruments may
expose the underlying fund and thus, the Fund, to potentially dramatic losses or
gains in the value of their respective portfolios. Leverage also will have the
effect of magnifying tracking error.

Liquidity Risk - In certain circumstances, it may be difficult for the Fund to
purchase and sell particular investments within a reasonable time at a fair
price. In addition, the ability of the Fund to assign an accurate daily value to
certain investments may be difficult, and the Advisor may be required to fair
value the investments.

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.

OTC Trading Risk - Certain of the derivatives in which the Fund and certain of
the underlying funds 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.

Real Estate Sector Concentration Risk - To the extent that certain of the
underlying funds' investments are concentrated in issuers conducting business in
the real estate sector, the Fund is subject to the risk that the securities of
such issuers will underperform the market as a whole due to legislative or
regulatory changes, adverse market conditions and/or increased competition
affecting that economic sector. The prices of the securities of real estate
companies also may fluctuate widely in response to such events.

Short Sales Risk - Short selling a security involves selling a borrowed security
with the expectation that the value of the 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
security 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.

Small-Capitalization Securities Risk - The Fund is subject to the risk that
small-capitalization stocks may underperform other segments of the equity market
or the equity market as a whole.

Tax Risk - Certain of the underlying funds currently gain most of their exposure
to the commodities markets through their investments in wholly-owned
subsidiaries, which may invest in commodity-linked derivative instruments and
other similar instruments in compliance with private letter rulings issued by
the Internal Revenue Service to certain of the underlying funds. To the extent
the an affiliated underlying fund invests in such instruments directly, it
intends to restrict its income from commodity-linked derivative instruments that
do not generate qualifying income, such as commodity-linked swaps, to a maximum
of 10% of its gross income, to comply with certain qualifying income tests
necessary for the Fund to qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code of 1986, as amended.

Tracking Error Risk - The Advisor may not be able to cause certain of the
underlying funds' performance to match or correlate to that of the underlying
funds' respective benchmarks, either on a daily or aggregate basis. Factors such
as underlying fund expenses, imperfect correlation between an underlying fund's
investments and those of its underlying index or underlying benchmark, rounding
of share prices, changes to the composition of the underlying index or underlying
benchmark, regulatory policies, high portfolio turnover rate, and the use of
leverage all contribute to tracking error. Tracking error may cause an underlying
funds' 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 certain securities, options or futures contracts. Such a
trading halt near the time the Fund prices its shares may prevent the Fund from
achieving its investment objective.

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 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
performance of the H-Class Shares of the Fund as an average 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 Rydex|SGI 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, 2011
through June 30, 2011 is 0.25%.

Highest Quarter Return                        Lowest Quarter Return
(quarter ended 12/31/2010) 3.58%   (quarter ended 3/31/2009) -5.15%

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, 2010)

Average Annual Total Returns Alternative Strategies Allocation Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
H-Class Shares	Return Before Taxes	(0.78%)	(6.42%)	Mar. 07, 2008
H-Class Shares After Taxes on Distributions	Return After Taxes on Distributions	(1.40%)	(6.88%)	Mar. 07, 2008
H-Class Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(0.51%)	(5.66%)	Mar. 07, 2008
Barclays Capital U.S. Aggregate Bond Index	Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)	6.54%	6.02%	Mar. 07, 2008

[1] The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund's financial highlights and financial statements because the financial highlights and financial statements reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.