In order to achieve greater flexibility and improve efficiencies, one of the first open-end mutual funds to wholly embrace hedge fund-like investment strategies will be seeking a face-lift of sorts.

Executives at Alternative Investment Partners (AIP) of White Plains, N.Y., advisor to the $172 million no-load Alpha Hedged Strategies Fund, are asking investors to approve a structural change to the open-end fund, which spreads its assets across 10 investment sub-advisors that employ alternative investment strategies. If shareholders approve, as soon as April 1, the fund will convert to a mutual fund-of-funds, although there will be no visible differences in the operation or expenses of the fund, and the same lineup of sub-advisors will continue to manage assets for the fund.

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