Alternative investment products, including hedge fund of funds, long/short funds, and market-neutral funds are increasingly sprouting up in the marketplace. Mutual fund sponsors are busily launching, in record numbers, private investment vehicles that are being registered as limited liability companies and closed-end management companies.

Most of these new alternative investment vehicles employ more flexible and sophisticated trading techniques than traditional mutual funds. They invest in illiquid private securities or spread their investments across a carefully assembled group of independently managed hedge funds.

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