Founded in 2002, Alternative Investment Partners, LLC offers a revolutionary new concept in mutual fund investing. Harnessing the attributes of a broad variety of alternative investment techniques and absolute return strategies, AIP provides investors with the convenience and daily liquidity of traditional open-end mutual funds. Seeking consistent positive returns through all market cycles, AIP's first registered no-load mutual fund Alpha Hedged Strategies Fund (a series of AIP Alternative Strategies Funds) utilizes a variety of sub-advisers with mandates in specific alternative investment techniques and absolute return strategies to reduce overall risks, dampen volatility, enhance total returns and minimize the correlation with popular equity and fixed-income market indices.

Alpha Hedged Strategies
The Fund invests in securities that afford strategic and tactical opportunities to employ relative value and arbitrage trading strategies in a variety of publicly traded securities. These securities may include common and preferred stock, other debt instruments including convertible debt, options and futures. To achieve its objective, AIP employs a Portfolio Research Consultant to assist in portfolio structure and analytics, and utilizes Investment Sub-Advisers with expertise in various types of absolute return investment strategies. The Sub-Advisers may use a variety of proprietary techniques to hedge the Fund against various risks or other factors that generally affect the values of held securities.

Beta Hedged Strategies
Beta Hedged Strategies Fund is an open-end mutual fund combining the key attributes of alternative investment strategies with the appealing shareholder features of a mutual fund. The Fund is designed for moderate market exposure and volatility, and may play an important role in portfolio diversification. Beta Hedged Strategies Fund seeks capital growth by engaging in a variety of hedging and arbitrage strategies, designed to produce moderate correlation to traditional equity market indices. The Fund allocates assets among a group of specialized hedge fund managers, who serve as its sub-advisors. The Fund seeks to achieve superior risk adjusted returns in both bull and bear markets.