For the period shown in the bar chart above:
Best Quarter (1Q13 and 4Q13): 2.99%
Worst Quarter (2Q13): -0.97%
The year-to-date return as of the quarter ended December 31,
2013 is 6.58%.
Annual Total Returns
Average
Annual Total Returns
(for the periods ended December 31, 2013)
|
One
Year
|
Since
Inception of
Fund
|
Inception
Date of
Fund
|
Before
Taxes
|
6.58%
|
6.39%
|
11/27/2012
|
After
Taxes on Distributions
|
5.22%
|
5.15%
|
-
|
After
Taxes on Distributions and Sale of Shares
|
3.83%
|
4.36%
|
-
|
HFRX
Absolute Return Index
|
3.54%
|
3.76%
|
-
|
(Reflects no deduction for fees,
expenses or taxes)
Average annual total returns are
shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may
exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.
Investment Adviser.
Arden
Asset Management LLC, located at 375 Park Avenue, 32nd Floor, New York, New York 10152, manages the investments of the Fund pursuant to an investment advisory agreement.
Portfolio Managers of the Adviser.
The overall management of the Fund's portfolio is the responsibility of the Adviser's Investment Committee, which is comprised of Averell H. Mortimer, Henry P. Davis, Ian McDonald and Shakil Riaz.
The Investment Committee is responsible for analysis of
investment strategies, including strategies to be added to the Fund, and searches for and research on new potential Sub-Advisers and for security selection when the Adviser invests the Fund’s assets directly. Each member of the Investment
Committee has managed the Fund since its inception in 2012.
Sub-Advisers.
Below are the
currently authorized Sub-Advisers with their corresponding investment strategy:
Investment
Strategy
|
Sub-Adviser
|
Event
Driven
|
Babson
Capital Management LLC
|
Equity
Hedge (Long/Short)
|
Chilton
Investment Company, LLC
|
Relative
Value
|
CQS
(US), LLC
|
Global
Macro/Tactical and Other
|
D.
E. Shaw Investment Management, L.L.C.
|
Global
Macro
|
Eclectica
Asset Management LLP
|
Global
Macro
|
Estlander
and Partners, Ltd.
|
Event
Driven
|
JANA
Partners LLC
|
Relative
Value
|
MatlinPatterson-MPAM
Credit Trading Partners L.P.
|
Investment
Strategy
|
Sub-Adviser
|
Equity
Hedge (Long/Short)
|
Numeric
Investors LLC
|
Relative
Value
|
PEAK6
Advisors LLC
|
Relative
Value
|
Santa
Fe Partners LLC
|
Event
Driven
|
York
Registered Holdings, L.P.
|
In the
discretion of the Adviser, at any time, the Fund may have no assets allocated to one or more Sub-Adviser(s) (
i.e.
, zero allocation). Allocations may change at any time.
Purchase and Sale of Fund Shares
The
minimum initial investment for Class I Shares is $1,000. The minimum initial investment for Class I Shares purchased by retirement accounts (such as IRAs) is $500. Subsequent investments in Class I Shares must be made in amounts of $500 or
more.
Eligible shareholders may purchase or redeem
Fund shares on any business day by written request via mail (Arden Alternative Strategies Fund, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201‐0701), by wire transfer, by telephone at 855-59-ARDEN, or through a
financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly.
Class I Shares are offered primarily for investors who are
clients of investment advisors, consultants, broker dealers and other financial intermediaries who: (a) charge such clients fees for advisory, investment, consulting or similar services and (b) have entered into an agreement with Arden Securities
LLC (the “Distributor”) to offer Class I Shares. Class I Shares may also be offered for investment by personnel of the Adviser and its affiliates, and members of their immediate families, and as may be determined by the Fund’s
Board of Trustees (the “Board”).
In
general, Fund distributions are taxable to you, for federal income tax purposes, as ordinary income, qualified dividend income or capital gains. This is true whether you reinvest your distributions in additional Shares or receive them in cash. When
you sell Shares, you may have a capital gain or loss.
Financial Intermediary Compensation
The
Fund may pay service fees to intermediaries, such as banks, broker-dealers, financial advisors or other financial institutions, including affiliates of the Adviser, for sub-administration, sub-transfer agency and other shareholder services
associated with shareholders whose Shares are held of record in omnibus accounts, other group accounts or accounts traded through registered securities clearing agents.
The Adviser of the Fund’s distributor, out of their
own resources, and without additional cost to the Fund or its shareholders, may provide additional cash payments or non-cash compensation to intermediaries who sell Shares of the Fund. These payments and compensation are in addition to service fees
paid by the Fund, if any. Payments are generally made to intermediaries that provide shareholder servicing, marketing support or access to sales meetings, sales representatives and management representatives of the intermediary. Compensation may
also be paid to intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list or in other sales programs. Compensation may be paid as an expense reimbursement in cases in which the intermediary provides
shareholder services to the Fund. The Adviser or the Fund’s distributor may also pay cash compensation in the form of finder’s fees that vary depending on the dollar amount of the Shares sold.