Registered Hedge Funds

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Total Returns

Funds

FUND NAME

Total Returns (%)

as of 10/31/2024

as of 09/30/2024

TIMEFRAME:

Current Month

QTD

YTD

Annualized Since Inception

1 Yr

3 Yrs

5 Yrs

10 Yrs

Inception Date

Alternative Investment Partners Absolute Return Fund

Alternative Investment Partners Absolute Return Fund STS

AIP Alternative Lending Fund A

AIP Alternative Lending Fund P

0.97

8.57

4.94

9.65

7.52

7.99

5.27

01/01/2006

-0.48

0.86

7.52

4.91

8.82

6.87

7.91

5.07

01/01/2006

0.76

7.53

4.42

8.39

6.71

7.30

4.72

09/01/2006

-0.66

0.41

6.71

4.40

7.71

6.14

7.25

4.53

09/01/2006

0.06

3.59

8.09

2.95

0.82

7.81

10/01/2018

1.19

1.55

3.53

8.19

2.75

0.92

7.92

10/01/2018

-0.02

2.80

7.08

2.01

-0.08

6.83

10/01/2018

1.11

1.32

2.82

7.19

1.80

0.02

6.93

10/01/2018

Performance data quoted is based on average annualized returns and net of fees.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance figures are not audited and subject to change. Investment returns and principal value will fluctuate and the Fund shares, when repurchased by the Fund, may be worth more or less than their original cost. Performance is net of fees.

Alternative investments, such as the Funds, are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Investment in the Funds is suitable only for investors who can bear the risks associated with limited liquidity and therefore should be viewed as long-term investments. For a complete description of terms and conditions, fees and other expenses, see the Funds' prospectuses.

The Funds are offering shares solely pursuant to their prospectuses, and any information regarding the Funds or shares in the Funds that is not contained in the relevant prospectuses shall not constitute an offering of shares in the Fund. Consequently, this material has been prepared solely for informational purposes and is not an offer, or a solicitation of an offer, to buy or sell shares of the Funds or any other security or instrument or to participate in any trading strategy. No person or entity has been authorized in connection with this offering to give any information or make any representations other than as contained in the prospectus or in this marketing material. This does not constitute an offer to, or solicitation of, such person or entity.

Morgan Stanley is a full-service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

Investments and services are offered through Morgan Stanley Distribution, Inc., member SIPC.

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

NTM = Next Twelve Months

LTM = Last Twelve Months

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

Global equities is represented by the MSCI All Country World Index.

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.