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Portfolio Research Consultant Agreement

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Title:

Portfolio Research Consultant Agreement

Entities:

AIP Alternative Strategies Funds

Date:

2006

Size:

18KB total

Price:

$39

ID:

#1958901

► Fee Agreements ► Consultant ► Portfolio Research Consultant Agreements

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PORTFOLIO RESEARCH CONSULTANT AGREEMENT

THIS AGREEMENT is made and entered into as of this 27th day of September, 2004, as amended April 28, 2006, by and between Alternative Investment Partners, LLC, a Delaware limited liability company (the Adviser), AlP Alternative Strategies Funds, a Delaware statutory trust (the Trust) and Trust Advisors LLC, a Delaware limited liability company (the PRC) regarding each series of the Trust (the Funds).

WHEREAS, the Funds are registered as an open-end, management investment companies under the Investment Company Act of 1940, as amended (the 1940 Act); and

WHEREAS, the Adviser has been appointed investment adviser to the Funds, pursuant to an Investment Advisory Agreement dated September 27, 2004, amended April 28, 2006, which has been approved by the Funds Board of Trustees (the Advisory Agreement); and

WHEREAS, the Adviser desires to retain the PRC to assist the Adviser in providing a continuous investment program for each Funds portfolio and the PRC is willing to do so; and

WHEREAS, the Board of Trustees of the Funds has approved this Agreement, and the PRC is willing to furnish such services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1. Appointment. The Adviser and the Trust hereby appoint the PRC to serve as consultant to the Adviser with respect to the Funds. Intending to be legally bound, the PRC accepts such appointment and agrees to render the services herein set forth for the compensation herein provided.

2. Advisory Services. Subject to the supervision of the Trusts Board of Trustees, the PRC will assist the Adviser in providing a continuous investment program for the Funds, including investment research and management with respect to the Advisers selection of sub-advisers to the Adviser (the Sub-Advisers), allocations of Fund assets to Sub-Advisers, security types and investment strategies comprising the Funds. The PRC will provide services under this Agreement m accordance with each Funds investment objective, policies and restrictions as stated in the Funds Prospectus and resolutions of the Trusts Board of Trustees applicable to the Funds (as attached hereto on Annex I).

Without limiting the generality of the foregoing, the PRC further agrees that it:

(a) will provide the Adviser with background information and other such research on Sub-Advisers and prospective sub-advisers, assist the Adviser in conducting a comprehensive review of each Sub-Adviser, its investment process and organization, provide the Adviser with research on a wide range of factors on each Sub-Adviser including, but not limited to, past investment performance during various market conditions, investment strategies and processes used, structures of portfolios and risk management procedures, reputation, experience and training of key personnel, correlation of results with other Sub-Advisers and assets under management and number of clients, and conduct interviews of each Sub-Advisers personnel as well as interviews with third party references and industry sources;

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