Literature

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted.

Click Here to view standardized performance information, or call 1.877.LOW.BETA

Fund Fact Sheets *

ALPHX - May 2008                                         BETAX - May 2008
ALPHX - April 2008                                        BETAX - April 2008
ALPHX - March 2008                                     BETAX - March 2008

APHCX - May 2008                                         BETCX - May 2008
APHCX - April 2008                                        BETCX - April 2008
APHCX - March 2008                                     BETCX - March 2008

Request an application by phone: please call us toll free at (877) LOW-BETA (569-2382).

Request an application by mail: please send us a letter with your request and home address to:

AIP Alternative Strategies Funds
c/o US Bancorp Fund Services LLC
P.O. Box 701
Milwaukee, WI 53201-0701

* Download of this document requires Adobe Acrobat Reader.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by clicking above. A hard copy is available by calling 1-877-Low-Beta (569-2382). Read it carefully before investing.

Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances.

Click Here for important Fund disclosure.

Literature

Fund Fact Sheets *

Educational Material *

Prospectus *

SAI – Statement of Additional Information *

Quarterly Holdings *

Shareholder Reports *

Fund Governance *

Applications *