0001104659-15-043388.txt : 20150604 0001104659-15-043388.hdr.sgml : 20150604 20150604143752 ACCESSION NUMBER: 0001104659-15-043388 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150604 DATE AS OF CHANGE: 20150604 EFFECTIVENESS DATE: 20150604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIP Series Trust CENTRAL INDEX KEY: 0001561722 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22789 FILM NUMBER: 15912742 BUSINESS ADDRESS: STREET 1: 100 FRONT STREET STREET 2: SUITE 400 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-2881 BUSINESS PHONE: (610) 260-7600 MAIL ADDRESS: STREET 1: 100 FRONT STREET STREET 2: SUITE 400 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-2881 0001561722 S000040233 AIP Dynamic Alternative Strategies Fund C000125063 Class A C000125064 Class C C000125065 Class I C000125066 Class IS 0001561722 S000047003 AIP Dynamic Alpha Capture Fund C000146909 Class A DAFAX C000146910 Class C DAFCX C000146911 Class I DAFIX C000146912 Class IS DAFSX N-CSR 1 a15-9234_1ncsr.htm N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-22789

 

AIP Series Trust

(Exact name of registrant as specified in charter)

 

522 Fifth Avenue, New York, New York

 

10036

(Address of principal executive offices)

 

(Zip code)

 

John H. Gernon

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

212-296-0289

 

 

Date of fiscal year end:

March 31,

 

 

Date of reporting period:

March 31, 2015

 

 



 

Item 1 - Report to Shareholders

 



ALTERNATIVE INVESTMENT PARTNERS

AIP Series Trust

AIP Dynamic Alternative Strategies Fund

Annual Report

March 31, 2015




AIP Series Trust

Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter

   

2

   

Expense Example

   

3

   

Investment Overview

   

4

   

Portfolio of Investments

   

7

   

Statement of Assets and Liabilities

   

12

   

Statement of Operations

   

14

   

Statements of Changes in Net Assets

   

15

   

Financial Highlights

   

16

   

Notes to Financial Statements

   

20

   

Report of Independent Registered Public Accounting Firm

   

29

   

Federal Tax Notice

   

30

   

U.S. Privacy Policy

   

31

   

Trustee and Officer Information

   

34

   

This report is authorized for distribution only when preceded or accompanied by the prospectuses of the AIP Series Trust. To receive a prospectus and/or statement of additional information (SAI), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations, and describes in detail the Fund's investment policies to the prospective investor, please call toll free 1 (800) 548-7786. Please read the prospectus carefully before you invest or send money.

Additionally, you can access portfolio information including performance, characteristics, and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im.

Market forecasts provided in this report may not necessarily come to pass. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.


1



AIP Series Trust

Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual report, in which you will learn how your investment in AIP Dynamic Alternative Strategies Fund performed during the period ended March 31, 2015.

Morgan Stanley AIP GP LP is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley AIP GP LP, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015


2



AIP Series Trust

Annual Report — March 31, 2015

Expense Example (unaudited)

AIP Dynamic Alternative Strategies Fund

As a shareholder of the Fund, you incur two types of costs: (1) transactional costs, including sales charges (loads); and (2) ongoing costs, including advisory fees, administration fees, distribution and shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
10/1/14
  Actual Ending
Account
Value
3/31/15
  Hypothetical
Ending Account
Value
  Actual
Expenses
Paid
During
Period*
  Hypothetical
Expenses Paid
During Period*
  Net
Expense
Ratio
During
Period**
 

AIP Dynamic Alternative Strategies Fund Class A

 

$

1,000.00

   

$

1,010.80

   

$

1,017.75

   

$

7.22

   

$

7.24

     

1.44

%

 

AIP Dynamic Alternative Strategies Fund Class C

   

1,000.00

     

1,007.40

     

1,013.76

     

11.21

     

11.25

     

2.24

   

AIP Dynamic Alternative Strategies Fund Class I

   

1,000.00

     

1,013.30

     

1,019.15

     

5.82

     

5.84

     

1.16

   

AIP Dynamic Alternative Strategies Fund Class IS

   

1,000.00

     

1,013.40

     

1,019.25

     

5.72

     

5.74

     

1.14

   

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period, and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.


3



AIP Series Trust

Annual Report — March 31, 2015

Investment Overview (unaudited)

AIP Dynamic Alternative Strategies Fund

Performance

For the fiscal year ended March 31, 2015, the Fund's Class I had a total return based on net asset value and reinvestment of distributions per share of 0.81%, net of fees. The Fund's Class I outperformed against one of its benchmarks, the Citigroup 3-Month U.S. Treasury Bill Index (the "Index"), which returned 0.03%, and underperformed against its other benchmark, the Customized Allocation Index (comprised of 30% S&P 500® Total Return Index and 70% Barclays U.S. Aggregate Bond Total Return Index), which returned 7.88%.

Factors Affecting Performance

•  The overall investment environment and the Fund's performance were driven by several themes during the period, including diverging growth expectations for the U.S. versus the rest of the developed world, global monetary easing measures by central banks across developed and emerging markets, the strength of the U.S. dollar, and the fall in oil prices.

•  Global economic growth has been roughly in line with the average of the past three decades. The world's overall consensus growth outlook remained largely unchanged at 3.2% this year.(i) However, the U.S. economy has been gathering steam relative to the rest of the developed world and in particular versus the eurozone, which appeared to be no longer flirting with recession but has yet to accelerate. U.S. equities posted a 12.7% return over the 12-month period, as measured by the S&P 500 Index. The Fund's internally managed long-biased idiosyncratic alpha strategy and the allocation to long/short equity managers performed positively and were among the largest contributors to Fund performance over the period.

•  In response to growth disparities, central banks around the world have initiated stimulus measures from interest rate cuts to asset purchase programs. A number of countries saw their government bond yields fall to record lows in 2014, including Japan, Germany, France, Spain, Italy, Ireland, Portugal, Sweden, Switzerland, Korea, Czech Republic, Hungary and Poland.(ii) In the early months of 2015, countries representing almost a third of the world's economic output — from the eurozone to China, Australia and Canada — have taken action to drive down the value of their currencies. Central

bank actions are driving global bond yields towards record lows. In low yield environments, dividend yielding securities have generally performed well. The team's internal listed infrastructure strategy and real estate investment trusts (REITs) allocation appreciated and contributed positively to Fund performance.

•  Diverging interest-rate policies have caused currency volatility around the globe. Investors have been placing their cash into the U.S. currency as the American economy has strengthened and the Federal Reserve prepares to raise interest rates for the first time in nearly a decade. In this environment — combined with slowing growth in emerging markets and easy-money policies in the eurozone and Japan that have depreciated the euro and the yen — demand for the dollar has sparked one of its strongest surges in decades. Additionally, in response to the euro weakening, the Swiss central bank surprised the markets by removing its currency peg to the euro and cutting its own interest rates. The Fund's foreign exchange (FX) volatility premium was negatively affected and was among the largest detractors from Fund performance.

•  The strength of the U.S. dollar coupled with a global growth slowdown, particularly in China, has negatively impacted commodities and frontier equity. Oil prices fell almost 50% over the reporting period, driving down the energy complex.(iii) The fall in oil price also negatively affected frontier equity, as a majority of frontier markets are oil-producing countries. Commodities and frontier equity underperformed for the period and were among the main detractors from Fund performance. Implementation of the commodity strategy is partially done internally, through futures.

•  Volatility and negative performance trends in currencies, commodities, and certain equity markets were beneficial for our managed futures strategy. Managed futures capitalized on downtrends in these markets and provided a measure of downside protection for the Fund. Managed futures were one of the main contributors to Fund performance over the period.

(i)  Source: Bloomberg L.P., April 9, 2015

(ii)  Source: Bank of America/Merrill Lynch, January 13, 2015

(iii)  Source: Bloomberg L.P., March 31, 2015


4



AIP Series Trust

Annual Report — March 31, 2015

Investment Overview (unaudited) (cont'd)

AIP Dynamic Alternative Strategies Fund

•  Finally, as part of our investment mandate, we seek to manage market exposure so that the Fund provides meaningful diversification(iv) benefits when added to an investor's overall portfolio of equities and bonds. We specifically seek low beta (a measure of sensitivity to market movements) to equities to help protect against substantial market corrections. The Fund manages the overall beta of the portfolio to target an average beta of 0.35. Beta management is done through the use of futures for hedging purposes and over the reporting period has cost the portfolio due to the strong performance of the S&P 500 Index.

Management Strategies

•  Within idiosyncratic alpha strategies, we maintained the Fund's long-biased strategy as one of the dominant positions in the portfolio over this time period and recently increased the Fund's exposure to the short-biased strategy. Given our view of weakness in economic fundamentals, we shifted the Fund's allocations toward higher alpha generating strategies, such as the long-biased strategy. And, as we anticipate the beta rally in global equity markets to come to an end, we believe the Fund is poised for a possible pullback in equities through exposure to the short-biased strategy.

•  Within systematic alpha strategies, we rebalanced the category, preferring equity mean reversion, small-cap premium, and merger arbitrage to long/short volatility, FX volatility premium, and equity volatility. The long/short volatility strategy may go through a period of lackluster performance as we anticipate a continuation of the sideways volatility regime we have been experiencing recently. Our dynamic risk controls have prompted us to close the FX volatility premium and equity volatility premium positions. Equity mean reversion is meant to capture the performance differential between the market's short-term, daily, over/under reactions versus the market's long-term performance trends. Small-cap premium is meant to capitalize on the performance differential between large-cap and small-cap equities. Merger arbitrage seeks to capture the spread generated in merger and acquisition (M&A) deals.

•  The alternative mutual funds strategy currently consists of a series of long/short equity investments

and a managed futures allocation. We re-weighted the allocation amongst our long/short equity managers in favor of those we believe had higher and more consistent alpha generation potential. We increased the managed futures allocation, as the strategy has provided the Fund with a measure of downside protection during recent periods of underperformance in equities, commodities, and currencies. We removed the macro strategy, as we saw a reduction in alpha generation over time in this particular allocation.

•  Within non-traditional market exposure, we reduced our exposure to REITs, mortgage-backed bonds, emerging market local currency debt, and commodities. As investors anticipate and prepare for U.S. interest rate and fixed income yield increases, interest-rate sensitive asset classes, such as mortgaged-backed bonds, tend to be negatively affected. Additionally, dividend-paying securities, such as REITs, generally become less attractive as fixed income yields rise. Given the continued relative strength of the U.S. dollar, emerging market local currency debt and commodities will likely be negatively impacted. At the same time, we increased the Fund's allocation to high yield. Recent underperformance in high yield is due to falling oil prices placing downward pressure on the energy sector. We believe short-term improvements in oil and cost-cutting measures by energy companies could allow for high yield spread compression.

(iv)  Diversification does not eliminate risk of loss. The Fund is a non-diversified fund which may invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility. See prospectus for details.


5



AIP Series Trust

Annual Report — March 31, 2015

Investment Overview (unaudited) (cont'd)

AIP Dynamic Alternative Strategies Fund

*  Minimum Investment for Class I shares.

**  Commenced Operations on April 30, 2013.

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class C and Class IS shares will vary from the Class I shares and will be impacted accordingly by additional fees assessed to those classes (if applicable).

Performance Compared to the Citigroup 3-Month U.S. T-Bill Index(1) and the Customized Allocation Index (comprised of 30% S&P 500® Total Return Index and 70% Barclays US Aggregate Total Return Index)(2) and Lipper Absolute Return Funds Index(3)

    Period Ended March 31, 2015
Total Returns(4)
 
       

Average Annual

 
    One
Year
  Five
Years
  Ten
Years
  Since
Inception(6)
 

Class A Shares w/o sales charges(5)

   

0.46

%

   

     

     

0.07

%

 
Class A Shares with maximum
sales charges(5)
   

–5.07

     

     

     

–2.83

   

Class C Shares w/o sales charges(5)

   

–0.30

     

     

     

–0.73

   
Class C Shares with maximum
sales charges(5)
   

–1.28

     

     

     

–0.73

   

Class I Shares w/o sales charges(5)

   

0.81

     

     

     

0.38

   

Class IS Shares w/o sales charges(5)

   

0.82

     

     

     

0.44

   

Citigroup 3-Month U.S. T-Bill Index

   

0.03

     

     

     

0.03

   

Customized Allocation Index

   

7.88

     

     

     

6.63

   

Lipper Absolute Return Funds Index

   

1.47

     

     

     

2.05

   

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 assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in sales charges and expenses.

(1)  The Citigroup 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

(2)  The Customized Allocation Index is comprised of 30% S&P 500® Total Return Index (benchmark that measures the US equity market performance) and 70% Barclays US Aggregate Total Return Index (benchmark that provides a broadbased measure of the global investment grade fixed-rate debt markets). The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

(3)  Lipper Absolute Return Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Absolute Return Funds Index classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund is in the Lipper Absolute Return Funds classification.

(4)  Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

(5)  Commenced operations on April 30, 2013.

(6)  For comparative purposes, since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.


6




AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments

AIP Dynamic Alternative Strategies Fund

   

Shares

  Value
(000)
 

Common Stocks (30.1%)

 

Airlines (0.1%)

 

Delta Air Lines, Inc.

   

638

   

$

29

   

Banks (2.2%)

 

Banc of California, Inc.

   

3,349

     

41

   

Bank of America Corp.

   

2,954

     

46

   

BB&T Corp.

   

1,278

     

50

   

Blue Hills Bancorp, Inc. (a)

   

2,206

     

29

   

CB Financial Services, Inc.

   

1,474

     

29

   

Citigroup, Inc.

   

727

     

37

   

First BanCorp (Puerto Rico) (a)

   

4,429

     

27

   

Investors Bancorp, Inc.

   

3,709

     

44

   

Wells Fargo & Co.

   

3,237

     

176

   
     

479

   

Biotechnology (0.5%)

 

Amgen, Inc.

   

650

     

104

   

Capital Markets (7.1%)

 

American Capital Ltd. BDC (a)

   

10,913

     

161

   

Apollo Investment Corp. BDC

   

13,012

     

100

   

Ares Capital Corp. BDC

   

11,276

     

194

   

Bank of New York Mellon Corp. (The)

   

2,542

     

102

   

BlackRock Capital Investment Corp. BDC

   

4,096

     

37

   

Capital Southwest Corp. BDC

   

1,096

     

51

   

Fidus Investment Corp. BDC

   

709

     

11

   

Fifth Street Finance Corp. BDC

   

8,826

     

64

   

Fifth Street Senior Floating Rate Corp. BDC

   

1,442

     

15

   

Gladstone Capital Corp. BDC

   

2,359

     

21

   

Gladstone Investment Corp. BDC

   

1,835

     

14

   

Golub Capital BDC, Inc. BDC

   

2,394

     

42

   

Hercules Technology Growth Capital, Inc. BDC

   

4,354

     

59

   

KCAP Financial, Inc. BDC

   

2,106

     

14

   

Main Street Capital Corp. BDC

   

2,398

     

74

   

MCG Capital Corp. BDC

   

3,909

     

15

   

Medallion Financial Corp. BDC

   

5,810

     

54

   

Medley Capital Corp. BDC

   

2,529

     

23

   

New Mountain Finance Corp. BDC

   

2,666

     

39

   

PennantPark Investment Corp. BDC

   

4,379

     

40

   

Prospect Capital Corp. BDC

   

19,645

     

166

   

Solar Capital Ltd. BDC

   

2,363

     

48

   

TCP Capital Corp. BDC

   

3,017

     

48

   

THL Credit, Inc. BDC

   

1,712

     

21

   

TICC Capital Corp. BDC

   

3,948

     

27

   

TPG Specialty Lending, Inc. BDC

   

3,052

     

53

   

Triangle Capital Corp. BDC

   

2,663

     

61

   
     

1,554

   

Chemicals (0.9%)

 

Agrium, Inc. (Canada)

   

213

     

22

   

Axiall Corp.

   

1,158

     

55

   

CF Industries Holdings, Inc.

   

445

     

126

   
     

203

   

Consumer Finance (0.6%)

 

Capital One Financial Corp.

   

1,807

     

142

   
   

Shares

  Value
(000)
 

Diversified Consumer Services (0.7%)

 

H&R Block, Inc.

   

4,934

   

$

158

   

Electric Utilities (0.6%)

 

Eversource Energy

   

544

     

28

   

ITC Holdings Corp.

   

938

     

35

   

Pepco Holdings, Inc.

   

1,918

     

51

   

UIL Holdings Corp.

   

252

     

13

   
     

127

   

Electrical Equipment (0.1%)

 

Regal-Beloit Corp.

   

373

     

30

   

Energy Equipment & Services (0.3%)

 

Baker Hughes, Inc.

   

439

     

28

   

Halliburton Co.

   

637

     

28

   
     

56

   

Gas Utilities (0.4%)

 

AGL Resources, Inc.

   

55

     

3

   

Atmos Energy Corp.

   

51

     

3

   

Laclede Group, Inc. (The)

   

539

     

28

   

New Jersey Resources Corp.

   

42

     

1

   

Northwest Natural Gas Co.

   

184

     

9

   

ONE Gas, Inc.

   

494

     

21

   

Piedmont Natural Gas Co., Inc.

   

341

     

13

   

Southwest Gas Corp.

   

125

     

7

   

WGL Holdings, Inc.

   

61

     

3

   
     

88

   

Health Care Equipment & Supplies (0.5%)

 

Hologic, Inc. (a)

   

3,288

     

109

   

Health Care Providers & Services (0.4%)

 

Brookdale Senior Living, Inc. (a)

   

2,050

     

77

   

Hotels, Restaurants & Leisure (0.6%)

 

Darden Restaurants, Inc.

   

1,632

     

113

   

Restaurant Brands International, Inc.

   

547

     

21

   
     

134

   

Industrial Conglomerates (0.2%)

 

Danaher Corp.

   

467

     

40

   

Information Technology Services (0.8%)

 

Global Payments, Inc.

   

312

     

28

   

Mastercard, Inc., Class A

   

1,585

     

137

   
     

165

   

Internet & Catalog Retail (1.4%)

 

HSN, Inc.

   

422

     

29

   

Liberty TripAdvisor Holdings, Inc., Class A (a)

   

927

     

30

   

Vipshop Holdings Ltd. ADR (China) (a)

   

8,403

     

247

   
     

306

   

Internet Software & Services (1.7%)

 

Baidu, Inc. ADR (China) (a)

   

664

     

138

   

Facebook, Inc., Class A (a)

   

459

     

38

   

Google, Inc., Class C (a)

   

133

     

73

   

Rackspace Hosting, Inc. (a)

   

2,012

     

104

   

Yahoo!, Inc. (a)

   

655

     

29

   
     

382

   

The accompanying notes are an integral part of the financial statements.
7



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alternative Strategies Fund

   

Shares

  Value
(000)
 

Life Sciences Tools & Services (0.6%)

 

Illumina, Inc. (a)

   

276

   

$

51

   

Thermo Fisher Scientific, Inc.

   

520

     

70

   
     

121

   

Machinery (0.5%)

 

SPX Corp.

   

1,175

     

100

   

Media (2.5%)

 

CBS Corp., Class B

   

2,449

     

148

   

Liberty Global PLC Series C (a)

   

1,126

     

56

   

Liberty Media Corp., Class C (a)

   

1,213

     

46

   

Time Warner Cable, Inc.

   

1,429

     

214

   

Time Warner, Inc.

   

551

     

47

   

Twenty-First Century Fox, Inc., Class A

   

813

     

28

   
     

539

   

Multi-line Retail (1.2%)

 

Dollar General Corp. (a)

   

2,951

     

223

   

Dollar Tree, Inc. (a)

   

371

     

30

   
     

253

   

Multi-Utilities (0.6%)

 

CenterPoint Energy, Inc.

   

775

     

16

   

Consolidated Edison, Inc.

   

510

     

31

   

NiSource, Inc.

   

154

     

7

   

NorthWestern Corp.

   

521

     

28

   

PG&E Corp.

   

544

     

29

   

Sempra Energy

   

112

     

12

   
     

123

   

Oil, Gas & Consumable Fuels (2.4%)

 

Anadarko Petroleum Corp.

   

457

     

38

   

Cheniere Energy, Inc. (a)

   

1,208

     

94

   

Enbridge Energy Management LLC (a)

   

44

     

2

   

Enbridge, Inc. (Canada)

   

264

     

13

   

EnLink Midstream Partners LP

   

316

     

8

   

Inter Pipeline Ltd. (Canada)

   

94

     

2

   

Kinder Morgan, Inc.

   

129

     

5

   

Memorial Resource Development Corp. (a)

   

2,833

     

50

   

ONEOK, Inc.

   

190

     

9

   

Pembina Pipeline Corp.

   

802

     

25

   

Spectra Energy Corp.

   

928

     

34

   

TransCanada Corp.

   

500

     

21

   

Williams Cos., Inc. (The)

   

4,207

     

213

   
     

514

   

Pharmaceuticals (0.9%)

 

Actavis PLC (a)

   

159

     

47

   

Valeant Pharmaceuticals International, Inc. (Canada) (a)

   

595

     

118

   

Zoetis, Inc.

   

617

     

29

   
     

194

   

Real Estate Investment Trusts (REITs) (0.3%)

 

American Tower Corp. REIT

   

339

     

32

   

Crown Castle International Corp. REIT

   

402

     

33

   
     

65

   
   

Shares

  Value
(000)
 

Road & Rail (0.3%)

 

Canadian Pacific Railway Ltd. (Canada)

   

418

   

$

76

   

Software (0.4%)

 

Microsoft Corp.

   

2,302

     

94

   

Textiles, Apparel & Luxury Goods (0.3%)

 

Carter's, Inc.

   

801

     

74

   

Thrifts & Mortgage Finance (0.4%)

 

Anchor BanCorp Wisconsin, Inc. (a)

   

851

     

30

   

Entegra Financial Corp. (a)

   

1,057

     

16

   

HomeStreet, Inc. (a)

   

1,609

     

29

   

Meridian Bancorp, Inc. (a)

   

902

     

12

   
     

87

   

Water Utilities (0.5%)

 

American States Water Co.

   

401

     

16

   

American Water Works Co., Inc.

   

1,036

     

56

   

Aqua America, Inc.

   

1,057

     

28

   

California Water Service Group

   

655

     

16

   
     

116

   

Wireless Telecommunication Services (0.1%)

 

SBA Communications Corp., Class A (a)

   

267

     

31

   

Total Common Stocks (Cost $6,491)

   

6,570

   

Investment Companies/Mutual Funds (66.6%)

 

AQR Managed Futures Strategy Fund

   

169,278

     

1,954

   

BlackRock High Yield Portfolio

   

201,296

     

1,598

   

Boston Partners Long/Short Research Fund

   

123,893

     

1,904

   

Burnham Financial Long/Short Fund

   

134,806

     

2,088

   

Deutsche Real Estate Securities Fund

   

20,182

     

495

   

Eaton Vance Floating-Rate Advantaged Fund

   

11,325

     

124

   

Franklin Convertible Securities Fund

   

73,634

     

1,356

   

Gotham Absolute Return Fund

   

91,752

     

1,250

   

HSBC Frontier Markets Fund

   

109,498

     

1,382

   
iShares JP Morgan USD Emerging Markets
Bond ETF
   

4,078

     

457

   
RBC BlueBay Emerging Market Corporate
Bond Fund
   

139,580

     

1,379

   
TCW Emerging Markets Local Currency
Income Fund
   

24,310

     

215

   

Templeton Frontier Markets Fund

   

24,933

     

337

   
Total Investment Companies/Mutual Funds
(Cost $14,437)
   

14,539

   

Short-Term Investment (2.9%)

 

Investment Company (2.9%)

 
Morgan Stanley Institutional Liquidity
Funds — Money Market Portfolio —
Institutional Class (See Note G)
(Cost $622)
   

622,319

     

622

   

Total Investments (99.6%) (Cost $21,550) (b)

   

21,731

   

Other Assets in Excess of Liabilities (0.4%)

   

80

   

Net Assets (100.0%)

 

$

21,811

   

(a)  Non-income producing security.

The accompanying notes are an integral part of the financial statements.
8



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alternative Strategies Fund

(b)  Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.

ADR  American Depositary Receipt.

BDC  Business Development Company.

REIT  Real Estate Investment Trust.

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2015:

Counterparty

  Currency to
Deliver
(000)
  Value
(000)
  Settlement
Date
  In Exchange
For
(000)
  Value
(000)
  Unrealized
Appreciation
(Depreciation)
(000)
 

JPMorgan Chase Bank NA

 

CAD

24

   

$

19

   

4/16/15

 

USD

19

   

$

19

   

$

@

 

JPMorgan Chase Bank NA

 

EUR

13

     

14

   

4/16/15

 

USD

14

     

14

     

@

 

JPMorgan Chase Bank NA

 

JPY

1,554

     

13

   

4/16/15

 

USD

13

     

13

     

@

 

JPMorgan Chase Bank NA

 

SEK

16

     

2

   

4/16/15

 

USD

2

     

2

     

@

 

JPMorgan Chase Bank NA

 

USD

15

     

15

   

4/16/15

 

AUD

19

     

15

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

13

     

13

   

4/16/15

 

CHF

13

     

13

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

14

     

14

   

4/16/15

 

NOK

112

     

14

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

1

     

1

   

4/16/15

 

NZD

1

     

1

     

(—

@)

 

JPMorgan Chase Bank NA

 

AUD

53

     

40

   

6/18/15

 

USD

40

     

40

     

(—

@)

 

JPMorgan Chase Bank NA

 

EUR

24

     

25

   

6/18/15

 

USD

25

     

25

     

(—

@)

 

JPMorgan Chase Bank NA

 

NOK

366

     

45

   

6/18/15

 

USD

44

     

44

     

(1

)

 

JPMorgan Chase Bank NA

 

NZD

52

     

39

   

6/18/15

 

USD

38

     

38

     

(1

)

 

JPMorgan Chase Bank NA

 

SEK

381

     

44

   

6/18/15

 

USD

44

     

44

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

19

     

19

   

6/18/15

 

CAD

24

     

19

     

@

 

JPMorgan Chase Bank NA

 

USD

20

     

20

   

6/18/15

 

CHF

20

     

20

     

@

 

JPMorgan Chase Bank NA

 

USD

86

     

86

   

6/18/15

 

JPY

10,450

     

87

     

1

   

State Street Bank and Trust Co.

 

CHF

83

     

86

   

6/18/15

 

USD

83

     

83

     

(3

)

 

State Street Bank and Trust Co.

 

JPY

8,151

     

68

   

6/18/15

 

USD

67

     

67

     

(1

)

 

State Street Bank and Trust Co.

 

USD

65

     

65

   

6/18/15

 

AUD

86

     

65

     

@

 

State Street Bank and Trust Co.

 

USD

69

     

69

   

6/18/15

 

NOK

573

     

71

     

2

   

State Street Bank and Trust Co.

 

USD

82

     

82

   

6/18/15

 

NZD

113

     

84

     

2

   
       

$

779

           

$

778

   

$

(1

)

 

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2015:

    Number
of
Contracts
  Value
(000)
  Expiration
Date
  Unrealized
Depreciation
(000)
 

Long:

 

Russell 1000 Growth

   

3

   

$

298

   

Jun-15

 

$

(1

)

 

Short:

 

Russell 1000 Value

   

3

     

(303

)

 

Jun-15

   

(2

)

 
               

$

(3

)

 

The accompanying notes are an integral part of the financial statements.
9



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alternative Strategies Fund

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2015:

Swap Counterparty

 

Index

  Notional
Amount
(000)
  Floating
Rate
  Pay/Receive
Total Return
of Referenced
Index
  Maturity
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 

Bank of America NA

 

Bloomberg Commodity Index

 

$

385

    3 Month USD LIBOR minus
0.15%
 

Receive

 

5/4/15

 

$

   

Bank of America NA

 

Russell 2000 Net Index

   

652

    3 Month USD LIBOR minus
0.55%
 

Receive

 

1/28/16

   

35

   

Bank of America NA

 

U.S. Mean Reversion

   

333

    3 Month USD LIBOR plus
0.85%
 

Receive

 

3/24/16

   

@

 

Barclays Bank PLC

 

U.S. Negative Selection††

   

617

    3 Month USD LIBOR minus
0.18%
 

Pay

 

2/23/16

   

(5

)

 
Goldman Sachs
International
 

S&P 500 Total Return Index

   

1,861

    3 Month USD LIBOR plus
0.29%
 

Pay

 

3/23/16

   

27

   
Societe Generale
London
  Societe Generale
M&A Index
   

93

    3 Month USD LIBOR plus
0.35%
 

Receive

 

5/22/15

   

(3

)

 
Societe Generale
London
  Societe Generale
M&A Index
   

342

    3 Month USD LIBOR plus
0.35%
 

Receive

 

5/22/15

   

(2

)

 
                                             

$

52

   

†† See table below for details of the equity basket holdings underlying the swap.

The following table represents the equity basket holdings underlying the total return swap with U.S. Negative Selection as of March 31, 2015.

Security Description

 

Index Weight

 

U.S. Negative Selection

 

Angie's List, Inc.

   

2.12

%

 

Anthem, Inc.

   

3.02

   

AO Smith Corp.

   

2.96

   

Apache Corp.

   

2.58

   

Bank of the Ozarks, Inc.

   

2.94

   

BioScrip, Inc.

   

2.03

   

Boulder Brands, Inc.

   

2.44

   

Cameron International Corp.

   

2.64

   

Chart Industries, Inc.

   

3.08

   

Chicago Bridge & Iron Co. N.V.

   

3.33

   

Chuy's Holdings, Inc.

   

2.74

   

Clean Harbors, Inc.

   

2.98

   

Continental Resources, Inc.

   

2.56

   

Delek U.S. Holdings, Inc.

   

3.37

   

DigitalGlobe, Inc.

   

3.20

   

E-House China Holdings Ltd.

   

1.95

   

Forum Energy Technologies, Inc.

   

2.91

   

Security Description

 

Index Weight

 

Graham Holdings Co.

   

3.15

%

 

Hess Corp.

   

2.50

   

IPG Photonics Corp.

   

2.99

   

Kinder Morgan, Inc.

   

2.81

   

Lands' End, Inc.

   

2.86

   

LeapFrog Enterprises, Inc.

   

2.43

   

Marathon Petroleum Corp.

   

2.77

   

MEDNAX, Inc.

   

2.89

   

Mondelez International, Inc.

   

2.77

   

Pioneer Natural Resources Co.

   

2.95

   

POSCO

   

2.55

   

Rayonier, Inc.

   

2.77

   

Scorpio Tankers, Inc.

   

3.16

   

Tenneco, Inc.

   

2.80

   

Tyco International PLC

   

2.85

   

Validus Holdings Ltd.

   

2.81

   

Walt Disney Co. (The)

   

2.84

   

Worthington Industries, Inc.

   

2.44

   

Yelp, Inc.

   

2.81

   
     

100.00

%

 

@    Value is less than $500.

LIBOR  London Interbank Offered Rate.

AUD  —  Australian Dollar

CAD  —  Canadian Dollar

CHF  —  Swiss Franc

EUR  —  Euro

JPY  —  Japanese Yen

NOK  —  Norwegian Krone

NZD  —  New Zealand Dollar

SEK  —  Swedish Krona

USD  —  United States Dollar

The accompanying notes are an integral part of the financial statements.
10



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alternative Strategies Fund

Portfolio Composition

Classification

  Percentage of
Total Investments
 

Investment Companies/Mutual Funds

   

66.9

%

 

Other*

   

25.9

   

Capital Markets

   

7.2

   

Total Investments

   

100.0

%**

 

*  Industries and/or investment types representing less than 5% of total investments.

**  Does not include open long/short futures contracts with an underlying face amount of approximately $601,000 with total unrealized depreciation of approximately $3,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,000 and does not include open swap agreements with net unrealized appreciation of approximately $52,000.

The accompanying notes are an integral part of the financial statements.
11




AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alternative Strategies Fund

Statement of Assets and Liabilities

  March 31, 2015
(000)
 

Assets:

 

Investments in Securities of Unaffiliated Issuers, at Value (Cost $20,928)

 

$

21,109

   

Investment in Security of Affiliated Issuer, at Value (Cost $622)

   

622

   

Total Investments in Securities, at Value (Cost $21,550)

   

21,731

   

Foreign Currency, at Value (Cost $—@)

   

@

 

Unrealized Appreciation on Swap Agreements

   

62

   

Due from Adviser

   

28

   

Dividends Receivable

   

19

   

Unrealized Appreciation on Foreign Currency Forward Exchange Contracts

   

5

   

Receivable for Swap Agreements Termination

   

3

   

Receivable for Variation Margin on Futures Contracts

   

3

   

Receivable from Affiliate

   

@

 

Receivable for Portfolio Shares Sold

   

@

 

Other Assets

   

37

   

Total Assets

   

21,888

   

Liabilities:

 

Payable for Swap Agreements Termination

   

21

   

Payable for Professional Fees

   

14

   

Unrealized Depreciation on Swap Agreements

   

10

   

Payable for Custodian Fees

   

6

   

Unrealized Depreciation on Foreign Currency Forward Exchange Contracts

   

6

   

Payable for Sub Transfer Agency Fees — Class A

   

1

   

Payable for Sub Transfer Agency Fees — Class C

   

3

   

Payable for Sub Transfer Agency Fees — Class I

   

@

 

Payable for Shareholder Services Fees — Class A

   

1

   

Payable for Distribution and Shareholder Services Fees — Class C

   

2

   

Payable for Administration Fees

   

2

   

Payable for Transfer Agency Fees — Class A

   

@

 

Payable for Transfer Agency Fees — Class C

   

@

 

Payable for Transfer Agency Fees — Class I

   

@

 

Payable for Transfer Agency Fees — Class IS

   

@

 

Other Liabilities

   

11

   

Total Liabilities

   

77

   

Net Assets

 

$

21,811

   

Net Assets Consist Of:

 

Paid-in-Capital

 

$

22,429

   

Distributions in Excess of Net Investment Income

   

(235

)

 

Accumulated Net Realized Loss

   

(612

)

 

Unrealized Appreciation (Depreciation) on:

 

Investments

   

181

   

Futures Contracts

   

(3

)

 

Swap Agreements

   

52

   

Foreign Currency Forward Exchange Contracts

   

(1

)

 

Foreign Currency Translations

   

(—

@)

 

Net Assets

 

$

21,811

   

The accompanying notes are an integral part of the financial statements.
12



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alternative Strategies Fund

Statement of Assets and Liabilities (cont'd)

  March 31, 2015
(000)
 

CLASS A:

 

Net Assets

 

$

2,141

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

222,520

   

Net Asset Value, Redemption Price Per Share

 

$

9.62

   

Maximum Sales Load

   

5.50

%

 

Maximum Sales Charge

 

$

0.56

   

Maximum Offering Price Per Share

 

$

10.18

   

CLASS C:

 

Net Assets

 

$

2,439

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

255,419

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.55

   

CLASS I:

 

Net Assets

 

$

15,947

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

1,654,515

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.64

   

CLASS IS:

 

Net Assets

 

$

1,284

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

133,053

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.65

   

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
13



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alternative Strategies Fund

Statement of Operations

  Year Ended
March 31, 2015
(000)
 

Investment Income:

 

Dividends from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)

 

$

702

   

Dividends from Security of Affiliated Issuer (Note G)

   

1

   

Total Investment Income

   

703

   

Expenses:

 

Professional Fees

   

132

   

Advisory Fees (Note B)

   

123

   

Registration Fees

   

39

   

Shareholder Services Fees — Class A (Note D)

   

8

   

Distribution and Shareholder Services Fees — Class C (Note D)

   

29

   

Custodian Fees (Note F)

   

34

   

Shareholder Reporting Fees

   

33

   

Offering Costs

   

20

   

Administration Fees (Note C)

   

19

   

Pricing Fees

   

11

   

Transfer Agency Fees — Class A (Note E)

   

1

   

Transfer Agency Fees — Class C (Note E)

   

2

   

Transfer Agency Fees — Class I (Note E)

   

2

   

Transfer Agency Fees — Class IS (Note E)

   

2

   

Trustees' Fees and Expenses

   

4

   

Sub Transfer Agency Fees — Class A

   

1

   

Sub Transfer Agency Fees — Class C

   

3

   

Sub Transfer Agency Fees — Class I

   

@

 

Other Expenses

   

4

   

Total Expenses

   

467

   

Waiver of Advisory Fees (Note B)

   

(123

)

 

Expenses Reimbursed by Adviser (Note B)

   

(24

)

 

Reimbursement of Class Specific Expenses — Class C (Note B)

   

(2

)

 

Reimbursement of Class Specific Expenses — Class IS (Note B)

   

(2

)

 

Rebate from Morgan Stanley Affiliate (Note G)

   

(1

)

 

Net Expenses

   

315

   

Net Investment Income

   

388

   

Realized Gain (Loss):

 

Investments Sold

   

628

   

Capital Gain Distribution Received from Underlying Funds

   

273

   

Foreign Currency Forward Exchange Contracts

   

(7

)

 

Foreign Currency Transactions

   

(—

@)

 

Futures Contracts

   

(314

)

 

Swap Agreements

   

(492

)

 

Net Realized Gain

   

88

   

Change in Unrealized Appreciation (Depreciation):

 

Investments

   

(454

)

 

Foreign Currency Forward Exchange Contracts

   

(9

)

 

Foreign Currency Translations

   

(—

@)

 

Futures Contracts

   

70

   

Swap Agreements

   

47

   

Net Change in Unrealized Appreciation (Depreciation)

   

(346

)

 

Net Realized Gain and Change in Unrealized Appreciation (Depreciation)

   

(258

)

 

Net Increase in Net Assets Resulting from Operations

 

$

130

   

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
14



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alternative Strategies Fund

Statements of Changes in Net Assets

  Year Ended
March 31, 2015
(000)
  Period From
April 30, 2013^ to
March 31, 2014
(000)
 

Increase (Decrease) in Net Assets:

 

Operations:

 

Net Investment Income

 

$

388

   

$

206

   

Net Realized Gain (Loss)

   

88

     

(626

)

 

Net Change in Unrealized Appreciation (Depreciation)

   

(346

)

   

575

   

Net Increase in Net Assets Resulting from Operations

   

130

     

155

   

Distributions from and/or in Excess of:

 

Class A:

 

Net Investment Income

   

(69

)

   

(43

)

 

Paid-in-Capital

   

     

(16

)

 

Class C:

 

Net Investment Income

   

(46

)

   

(29

)

 

Paid-in-Capital

   

     

(14

)

 

Class I:

 

Net Investment Income

   

(376

)

   

(320

)

 

Paid-in-Capital

   

     

(110

)

 

Class IS:

 

Net Investment Income

   

(24

)

   

(7

)

 

Paid-in-Capital

   

     

(3

)

 

Total Distributions

   

(515

)

   

(542

)

 

Capital Share Transactions:(1)

 

Class A:

 

Subscribed

   

583

     

3,871

   

Distributions Reinvested

   

67

     

57

   

Redeemed

   

(2,099

)

   

(236

)

 

Class C:

 

Subscribed

   

679

     

2,881

   

Distributions Reinvested

   

45

     

41

   

Redeemed

   

(1,039

)

   

(92

)

 

Class I:

 

Subscribed

   

2,686

     

36,606

   

Distributions Reinvested

   

153

     

232

   

Redeemed

   

(4,381

)

   

(18,785

)

 

Class IS:

 

Subscribed

   

480

     

1,842

   

Distributions Reinvested

   

22

     

8

   

Redeemed

   

(441

)

   

(597

)

 

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

   

(3,245

)

   

25,828

   

Total Increase (Decrease) in Net Assets

   

(3,630

)

   

25,441

   

Net Assets:

 

Beginning of Period

   

25,441

     

   

End of Period (Including Distributions in Excess of Net Investment Income of $(235) and $(208))

 

$

21,811

   

$

25,441

   

(1)   Capital Share Transactions:

 

Class A:

 

Shares Subscribed

   

60

     

390

   

Shares Issued on Distributions Reinvested

   

7

     

6

   

Shares Redeemed

   

(217

)

   

(24

)

 

Net Increase (Decrease) in Class A Shares Outstanding

   

(150

)

   

372

   

Class C:

 

Shares Subscribed

   

70

     

294

   

Shares Issued on Distributions Reinvested

   

5

     

4

   

Shares Redeemed

   

(108

)

   

(9

)

 

Net Increase (Decrease) in Class C Shares Outstanding

   

(33

)

   

289

   

Class I:

 

Shares Subscribed

   

276

     

3,701

   

Shares Issued on Distributions Reinvested

   

16

     

23

   

Shares Redeemed

   

(450

)

   

(1,912

)

 

Net Increase (Decrease) in Class I Shares Outstanding

   

(158

)

   

1,812

   

Class IS:

 

Shares Subscribed

   

50

     

185

   

Shares Issued on Distributions Reinvested

   

2

     

1

   

Shares Redeemed

   

(45

)

   

(60

)

 

Net Increase in Class IS Shares Outstanding

   

7

     

126

   

^  Commencement of Operations.

The accompanying notes are an integral part of the financial statements.
15




AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alternative Strategies Fund

   

Class A

 

Selected Per Share Data and Ratios

  Year Ended
March 31, 2015
  Period from
April 30, 2013^ to
March 31, 2014
 

Net Asset Value, Beginning of Period

 

$

9.78

   

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Income†

   

0.16

     

0.06

   

Net Realized and Unrealized Loss

   

(0.12

)

   

(0.09

)

 

Total from Investment Operations

   

0.04

     

(0.03

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.20

)

   

(0.14

)

 

Paid-in-Capital

   

     

(0.05

)

 

Total Distributions

   

(0.20

)

   

(0.19

)

 

Net Asset Value, End of Period

 

$

9.62

   

$

9.78

   

Total Return++

   

0.46

%

   

(0.32

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

2,141

   

$

3,643

   

Ratio of Expenses to Average Net Assets (1)

   

1.47

%+

   

1.50

%+*

 

Ratio of Net Investment Income to Average Net Assets (1)

   

1.59

%+

   

0.69

%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.00

   

0.00

%§*

 

Portfolio Turnover Rate

   

187

%

   

183

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

2.09

%

   

2.72

%*

 

Net Investment Income (Loss) to Average Net Assets

   

0.97

%

   

(0.53

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

++  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§  Amount is less than 0.005%.

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
16



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alternative Strategies Fund

   

Class C

 

Selected Per Share Data and Ratios

  Year Ended
March 31, 2015
  Period from
April 30, 2013^ to
March 31, 2014
 

Net Asset Value, Beginning of Period

 

$

9.73

   

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Income†

   

0.08

     

0.01

   

Net Realized and Unrealized Loss

   

(0.11

)

   

(0.12

)

 

Total from Investment Operations

   

(0.03

)

   

(0.11

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.15

)

   

(0.11

)

 

Paid-in-Capital

   

     

(0.05

)

 

Total Distributions

   

(0.15

)

   

(0.16

)

 

Net Asset Value, End of Period

 

$

9.55

   

$

9.73

   

Total Return++

   

(0.30

)%

   

(1.10

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

2,439

   

$

2,809

   

Ratio of Expenses to Average Net Assets (1)

   

2.24

%+

   

2.25

%+*

 

Ratio of Net Investment Income to Average Net Assets (1)

   

0.79

%+

   

0.09

%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.01

%

   

0.00

%*§

 

Portfolio Turnover Rate

   

187

%

   

183

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

2.92

%

   

3.39

%*

 

Net Investment Income (Loss) to Average Net Assets

   

0.11

%

   

(1.05

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

++  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§  Amount is less than 0.005%.

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
17



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alternative Strategies Fund

   

Class I

 

Selected Per Share Data and Ratios

  Year Ended
March 31, 2015
  Period from
April 30, 2013^ to
March 31, 2014
 

Net Asset Value, Beginning of Period

 

$

9.79

   

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Income†

   

0.18

     

0.09

   

Net Realized and Unrealized Loss

   

(0.10

)

   

(0.10

)

 

Total from Investment Operations

   

0.08

     

(0.01

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.23

)

   

(0.15

)

 

Paid-in-Capital

   

     

(0.05

)

 

Total Distributions

   

(0.23

)

   

(0.20

)

 

Net Asset Value, End of Period

 

$

9.64

   

$

9.79

   

Total Return++

   

0.81

%

   

(0.07

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

15,947

   

$

17,750

   

Ratio of Expenses to Average Net Assets (1)

   

1.16

%+

   

1.15

%+*

 

Ratio of Net Investment Income to Average Net Assets (1)

   

1.79

%+

   

1.05

%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.01

%

   

0.00

%§*

 

Portfolio Turnover Rate

   

187

%

   

183

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

1.78

%

   

2.27

%*

 

Net Investment Income (Loss) to Average Net Assets

   

1.17

%

   

(0.07

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

++  Calculated based on the net asset value as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§  Amount is less than 0.005%.

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
18



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alternative Strategies Fund

   

Class IS

 

Selected Per Share Data and Ratios

  Year Ended
March 31, 2015
  Period from
April 30, 2013^ to
March 31, 2014
 

Net Asset Value, Beginning of Period

 

$

9.80

   

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Income†

   

0.15

     

0.06

   

Net Realized and Unrealized Loss

   

(0.07

)

   

(0.06

)

 

Total from Investment Operations

   

0.08

     

0.00

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.23

)

   

(0.15

)

 

Paid-in-Capital

   

     

(0.05

)

 

Total Distributions

   

(0.23

)

   

(0.20

)

 

Net Asset Value, End of Period

 

$

9.65

   

$

9.80

   

Total Return++

   

0.82

%

   

0.03

%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

1,284

   

$

1,239

   

Ratio of Expenses to Average Net Assets (1)

   

1.14

%+

   

1.15

%+*

 

Ratio of Net Investment Income to Average Net Assets (1)

   

1.52

%+

   

0.71

%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.01

%

   

0.00

%§*

 

Portfolio Turnover Rate

   

187

%

   

183

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

1.91

%

   

2.47

%*

 

Net Investment Income (Loss) to Average Net Assets

   

0.75

%

   

(0.61

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

++  Calculated based on the net asset value as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§  Amount is less than 0.005%.

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
19




AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements

AIP Dynamic Alternative Strategies Fund (the "Fund") was organized as a separate non-diversified Fund of the AIP Series Trust, a Delaware statutory trust, which was registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and commenced operations on April 30, 2013. The Fund applies investment company accounting and reporting guidance.

The Fund, under normal market conditions, seeks to achieve its investment objective of long-term capital appreciation with an emphasis on absolute returns and controlling downside risk by allocating the Fund's investments to (i) non-traditional asset classes; (ii) alternative mutual fund strategies; and (iii) Morgan Stanley AIP GP LP's (the "Adviser") proprietary hedge fund replication strategy. The Fund will gain exposure to alternative mutual fund strategies and non-traditional asset classes by investing in funds advised by unaffiliated investment advisers and, to a lesser extent, the Adviser or its affiliates (the "Underlying Funds"). The Fund will invest directly in securities and derivatives to effect the Adviser's proprietary hedge fund replication strategy. The Fund offers four classes of shares — Class A, Class C, Class I and Class IS.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Investments in Underlying Funds are valued at the net asset value per share of each Underlying Fund determined as of the close of the New York Stock Exchange ("NYSE") on valuation date; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (3) futures are valued at the latest price published by the commodities exchange on which they trade; (4) swaps are marked-to-market daily based upon quotations from market makers; (5) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market

value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund's Board of Trustees (the "Trustees"). Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the NYSE. If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (6) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (8) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser.

The Trustees have the ultimate responsibility of determining the fair value of the investments. Under procedures approved by the Trustees, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may


20



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2015.

Investment Type

  Level 1
Unadjusted
quoted
prices
(000)
  Level 2
Other
significant
observable
inputs
(000)
  Level 3
Significant
unobservable
inputs
(000)
  Total
(000)
 

Assets:

 

Common Stocks

 

Airlines

 

$

29

   

$

   

$

   

$

29

   

Banks

   

479

     

     

     

479

   

Biotechnology

   

104

     

     

     

104

   

Capital Markets

   

1,554

     

     

     

1,554

   

Chemicals

   

203

     

     

     

203

   

Consumer Finance

   

142

     

     

     

142

   
Diversified Consumer
Services
   

158

     

     

     

158

   

Electric Utilities

   

127

     

     

     

127

   

Electrical Equipment

   

30

     

     

     

30

   
Energy Equipment &
Services
   

56

     

     

     

56

   

Gas Utilities

   

88

     

     

     

88

   
Health Care Equipment &
Supplies
   

109

     

     

     

109

   
Health Care Providers &
Services
   

77

     

     

     

77

   
Hotels, Restaurants &
Leisure
   

134

     

     

     

134

   

Industrial Conglomerates

   

40

     

     

     

40

   
Information Technology
Services
   

165

     

     

     

165

   

Internet & Catalog Retail

   

306

     

     

     

306

   
Internet Software &
Services
   

382

     

     

     

382

   
Life Sciences Tools &
Services
   

121

     

     

     

121

   

Machinery

   

100

     

     

     

100

   

Media

   

539

     

     

     

539

   

Multi-line Retail

   

253

     

     

     

253

   


21



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

Investment Type

  Level 1
Unadjusted
quoted
prices
(000)
  Level 2
Other
significant
observable
inputs
(000)
  Level 3
Significant
unobservable
inputs
(000)
  Total
(000)
 

Common Stocks (cont'd)

 

Multi-Utilities

 

$

123

   

$

   

$

   

$

123

   
Oil, Gas & Consumable
Fuels
   

514

     

     

     

514

   

Pharmaceuticals

   

194

     

     

     

194

   
Real Estate Investment
Trusts (REITs)
   

65

     

     

     

65

   

Road & Rail

   

76

     

     

     

76

   

Software

   

94

     

     

     

94

   
Textiles, Apparel &
Luxury Goods
   

74

     

     

     

74

   
Thrifts & Mortgage
Finance
   

87

     

     

     

87

   

Water Utilities

   

116

     

     

     

116

   
Wireless
Telecommunication
Services
   

31

     

     

     

31

   

Total Common Stocks

   

6,570

     

     

     

6,570

   
Investment Companies/
Mutual Funds
   

14,539

     

     

     

14,539

   

Short-Term Investment

 

Investment Company

   

622

     

     

     

622

   
Foreign Currency Forward
Exchange Contracts
   

     

5

     

     

5

   
Total Return Swap
Agreements
   

     

62

     

     

62

   

Total Assets

   

21,731

     

67

     

     

21,798

   

Liabilities:

 
Foreign Currency Forward
Exchange Contracts
   

     

(6

)

   

     

(6

)

 

Futures Contracts

   

(3

)

   

     

     

(3

)

 
Total Return Swap
Agreements
   

     

(10

)

   

     

(10

)

 

Total Liabilities

   

(3

)

   

(16

)

   

     

(19

)

 

Total

 

$

21,728

   

$

51

   

$

   

$

21,779

   

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 31, 2015, the Fund did not have any investments transfer between investment levels.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. Federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. Federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be


22



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission rules and regulations, or may

cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Swaps: The Fund may enter into over-the-counter ("OTC") swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the


23



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a speci-

fied rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2015.


24



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

    Asset Derivatives
Statement of Assets and
Liabilities Location
  Primary Risk
Exposure
  Value
(000)
 
Foreign Currency
Forward Exchange
Contracts
  Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts
 

Currency Risk
 

$

5

   

Swap Agreements

  Unrealized Appreciation on
Swap Agreements
 
Equity Risk
   

62

   

Total

         

$

67

   
    Liability Derivatives
Statement of Assets and
Liabilities Location
  Primary Risk
Exposure
  Value
(000)
 
Foreign Currency
Forward Exchange
Contracts
  Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts
 

Currency Risk
 

$

(6

)

 

Futures Contracts

  Variation Margin on Futures
Contracts
 
Equity Risk
   

(3

)(a)

 

Swap Agreements

  Unrealized Depreciation on
Swap Agreements
 
Equity Risk
   

(10

)

 

Total

         

$

(19

)

 

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended March 31, 2015 in accordance with ASC 815.

Realized Gain (Loss)

 

Primary Risk Exposure

 

Derivative Type

  Value
(000)
 

Currency Risk

  Foreign Currency
Forward Exchange Contracts
 

$

(7

)

 

Equity Risk

 

Futures Contracts

   

(314

)

 

Equity Risk

 

Swap Agreements

   

(492

)

 
   

Total

 

$

(813

)

 

Change in Unrealized Appreciation (Depreciation)

 

Primary Risk Exposure

 

Derivative Type

  Value
(000)
 

Currency Risk

  Foreign Currency
Forward Exchange Contracts
 

$

(9

)

 

Equity Risk

 

Futures Contracts

   

70

   

Equity Risk

 

Swap Agreements

   

47

   
   

Total

 

$

108

   

At March 31, 2015, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the
Statement of Assets and Liabilities
 

Derivatives(b)

  Assets(c)
(000)
  Liabilities(c)
(000)
 

Foreign Currency Forward Exchange Contracts

 

$

5

   

$

(6

)

 

Swap Agreements

   

62

     

(10

)

 

Total

 

$

67

   

$

(16

)

 

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.


25



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities

 

Counterparty

  Gross Asset
Derivatives
Presented in
Statement of
Assets and
Liabilities
(000)
  Financial
Instrument
(000)
  Collateral
Received
(000)
  Net Amount
(not less
than $0)
(000)
 

Bank of America NA

 

$

35

   

$

   

$

   

$

35

   

Goldman Sachs International

   

27

     

     

     

27

   

JPMorgan Chase Bank NA

   

1

     

(1

)

   

     

0

   

State Street Bank and Trust Co.

   

4

     

(4

)

   

     

0

   

Total

 

$

67

   

$

(5

)

 

$

   

$

62

   

Gross Amounts Not Offset in the Statement of Assets and Liabilities

 

Counterparty

  Gross Liability
Derivatives
Presented in
Statement of
Assets and
Liabilities
(000)
  Financial
Instrument
(000)
  Collateral
Pledged
(000)
  Net Amount
(not less
than $0)
(000)
 

Barclays Bank PLC

 

$

5

   

$

   

$

   

$

5

   

JPMorgan Chase Bank NA

   

2

     

(1

)

   

     

1

   

Societe Generale London

   

5

     

     

     

5

   

State Street Bank and Trust Co.

   

4

     

(4

)

   

     

0

   

Total

 

$

16

   

$

(5

)

 

$

   

$

11

   

For the year ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:

 

Average monthly principal amount

 

$

1,067,000

   

Futures Contracts:

 

Average monthly original value

 

$

4,962,000

   

Swap Agreements:

 

Average monthly notional amount

 

$

1,664,000

   

5.  Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6.  Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid semiannually. Net realized capital gains, if any, are distributed at least annually.

7.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to the Fund. Expenses which cannot be directly attributed are apportioned based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Fund owns shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.52% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual operating expenses, excluding acquired fund fees and expenses, certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.50% for Class A shares, 2.25% for Class C shares, 1.25% for Class I shares and 1.15% for Class IS shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the year ended March 31, 2015, approximately $123,000 of advisory


26



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

fees were waived and approximately $28,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: Morgan Stanley Investment Management Inc. ("MSIM Inc."), a wholly-owned subsidiary of Morgan Stanley, serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of Morgan Stanley, serves as the Fund's Distributor of the Fund's shares pursuant to a Distribution Agreement. The Fund has adopted a Plan of Distribution (the "Plan") with respect to Class A and Class C shares pursuant to Rule 12b-1 under the Act. Under the Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A and 1.00 % of the Fund's average daily net assets attributable to Class C shares, of which 0.75% is a distribution fee.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing shareholder support services to investors who purchase Class A and Class C shares.

The Distributor has informed the Fund that for the year ended March 31, 2015, it received approximately $500 in front-end sales charges from sales of the Fund's Class A shares. The respective shareholders pay such charges which are not an expense of the Fund.

E. Dividend Disbursing and Transfer Agent: The Fund's dividend disbursing and transfer agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer Agency Agreement, the Fund pays BFDS a fee based on the number of classes, accounts and transactions relating to the Fund.

F. Custodian Fees: State Street (the "Custodian") serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities, and other assets of

the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the year ended March 31, 2015, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $42,799,000 and $46,773,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended March 31, 2015.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by MSIM Inc. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended March 31, 2015, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of the Liquidity Funds during the year ended March 31, 2015 is as follows:

Value
March 31,
2014
(000)
  Purchases
at Cost
(000)
  Sales
(000)
  Dividend
Income
(000)
  Value
March 31,
2015
(000)
 
$

187

   

$

29,286

   

$

28,851

   

$

1

   

$

622

   

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for Federal income taxes is required in the financial statements.


27



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, Income Taxes — Overall, sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the two-year period ended March 31, 2015, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2015 and 2014 was as follows:

2015
Distributions
Paid From:
  2014
Distributions
Paid From:
 
Ordinary
Income
(000)
  Long-Term
Capital Gain
(000)
  Ordinary
Income
(000)
  Paid-in
Capital
(000)
 
$

376

   

$

139

   

$

399

   

$

143

   

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, swap income reclass, distribution redesignations and capital gain and return of capital distributions from real estate investment trusts and business development companies, resulted in the following

reclassifications among the components of net assets at March 31, 2015:

Distributions
in Excess of
Net Investment
Income
(000)
  Accumulated
Net Realized
Loss
(000)
  Paid-in-
Capital
(000)
 
$

100

   

$

(89

)

 

$

(11

)

 

At March 31, 2015, the Fund had no distributable earnings on a tax basis.

At March 31, 2015, the aggregate cost for Federal income tax purposes is approximately $21,677,000. The aggregate gross unrealized appreciation is approximately $615,000 and the aggregate gross unrealized depreciation is approximately $562,000 resulting in net unrealized appreciation of approximately $53,000.

To the extent that capital loss carryforwards are used to offset any future capital gains realized during the carryover period as provided by U.S. Federal income tax regulations, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended March 31, 2015, the Fund utilized capital loss carryovers for U.S. Federal income tax purposes of approximately $416,000.

Capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year are deemed to arise on the first day of the Fund's next taxable year. For the year ended March 31, 2015, the Fund deferred to April 1, 2015 for U.S. Federal income tax purposes the following losses:

Post-October
Currency and
Specified Ordinary
Losses
(000)
  Post-October
Capital Losses
(000)
 
$

   

$

488

   

I. Other (unaudited): At March 31, 2015, the Fund had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 28.4% for Class A shares.


28



AIP Series Trust

Annual Report — March 31, 2015

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIP Series Trust and Shareholders of
AIP Dynamic Alternative Strategies Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AIP Dynamic Alternative Strategies Fund (the "Fund") (one of the funds constituting AIP Series Trust) as of March 31, 2015, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AIP Dynamic Alternative Strategies Fund (one of the funds constituting AIP Series Trust) at March 31, 2015, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the years or periods indicated therein in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
May 20, 2015


29



AIP Series Trust

Annual Report — March 31, 2015

Federal Tax Notice (unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended March 31, 2015. For corporate shareholders 21.00% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $139,000 as a long-term capital gain distribution.

For Federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended March 31, 2015. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $80,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.


30



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accounts subject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our Policy as required by law.

WE RESPECT YOUR PRIVACY

We appreciate that you have provided us with your personal financial information and understand your concerns about your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloses how you may limit our affiliates' use of shared information for marketing purposes.

Throughout this Policy, we refer to the nonpublic information that personally identifies you as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.

1.  WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources. For example:

•  We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

•  We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

•  We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

•  We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2.  WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.


31



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Third Parties.

We may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.

When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be permitted or required by law.

3.  HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by employees. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to appropriate security standards with respect to such information.

4.  HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

By following the opt-out procedures in Section 6 below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.

5.  HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

By following the opt-out instructions in Section 6 below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.


32



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6.  HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

•  Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

•  Writing to us at the following address:

  Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account.

Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.

7.  WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

The following section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.


33



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Frank L. Bowman (70)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (since February 2007); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996); and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l'Orde National du Mérite by the French Government; elected to the National Academy of Engineering (2009).

 

96

 

Director of BP p.l.c.; Director of Naval and Nuclear Technologies LLP; Director Emeritus of the Armed Services YMCA of the USA; Director of the U.S. Naval Submarine League; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Chairman of the charity, J Street Cup Golf; Trustee of Fairhaven United Methodist Church.

 
Michael Bozic (74)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
April
1994
 

Private investor and a member of the advisory board of American Road Group LLC (retail) (since June 2000); Chairperson of the Compliance and Insurance Committee (since October 2006); Director or Trustee of various Morgan Stanley Funds (since April 1994); formerly, Chairperson of the Insurance Committee (July 2006-September 2006); Vice Chairman of Kmart Corporation (December 1998-October 2000), Chairman and Chief Executive Officer of Levitz Furniture Corporation (November 1995-November 1998) and President and Chief Executive Officer of Hills Department Stores (May 1991-July 1995); variously Chairman, Chief Executive Officer, President and Chief Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck & Co.

 

98

 

Trustee and member of the Hillsdale College Board of Trustees.

 
Kathleen A. Dennis (61)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); Chairperson of the Money Market and Alternatives Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).

 

96

 

Director of various nonprofit organizations.

 


34



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Nancy C. Everett (60)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
January
2015
 

Owner, OBIR, LLC (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013); and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010).

 

96

 

Member of Virginia Commonwealth University Board of Visitors; Member of Virginia Commonwealth University School of Business Foundation; formerly, Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010).

 
Jakki L. Haussler (57)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
January
2015
 

Chairman and Chief Executive Officer, Opus Capital Group (since January 1996); and formerly, Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008).

 

96

 

Director of Cincinnati Bell Inc. and Member, Audit Committee and Compensation Committee; Director of Northern Kentucky University Foundation and Member, Investment Committee; Member of Chase College of Law Transactional Law Practice Center Board of Advisors; Director of Best Transport; Member, University of Cincinnati Foundation Investment Committee; formerly, Member, Miami University Board of Visitors (2008-2011); Trustee of Victory Funds (2005-2008) and Chairman, Investment Committee (2007-2008) and Member, Service Provider Committee (2005-2008).

 
Dr. Manuel H. Johnson (66)
c/o Johnson Smick
International, Inc.
220 I Street, N.E.—
Suite 200
Washington, D.C. 20002
 

Trustee

  Since
July
1991
 

Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly Chairperson of the Audit Committee (July 1991-September 2006), Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.

 

98

 

Director of NVR, Inc. (home construction).

 


35



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Joseph J. Kearns (72)
c/o Kearns & Associates LLC
23823 Malibu Road
S-50-440
Malibu, CA 90265
 

Trustee

  Since
August
1994
 

President, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust.

 

99

 

Director of Electro Rent Corporation (equipment leasing). Prior to December 31, 2013, Director of The Ford Family Foundation.

 
Michael F. Klein (56)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

Managing Director, Aetos Capital, LLC (since March 2000); Co-President, Aetos Alternatives Management, LLC (since January 2004); and Co-Chief Executive Officer of Aetos Capital LLC (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management, President, various Morgan Stanley Funds (June 1998-March 2000) and Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).

 

96

 

Director of certain investment funds managed or sponsored by Aetos Capital, LLC. Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

 
Michael E. Nugent (78)
522 Fifth Avenue
New York, NY 10036
  Chairperson
of the
Board and
Trustee
  Chairperson of
the Boards since
July 2006 and
Trustee since
July 1991
 

Chairperson of the Boards of various Morgan Stanley Funds (since July 2006); Chairperson of the Closed-End Fund Committee (since June 2012) and Director or Trustee of various Morgan Stanley Funds (since July 1991); formerly, Chairperson of the Insurance Committee (until July 2006), General Partner, Triumph Capital, L.P. (private investment partnership) (1988-2013).

 

98

 

None.

 
W. Allen Reed (68)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

Chairperson of the Equity Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, President and CEO of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).

 

96

 

Director of Temple- Inland Industries (packaging and forest products); Director of Legg Mason, Inc. and Director of the Auburn University Foundation.

 
Fergus Reid (82)
c/o Joe Pietryka, Inc.
85 Charles Colman Blvd.
Pawling, NY 12564
 

Trustee

  Since
June
1992
 

Chairman, Joe Pietryka, Inc.; Chairperson of the Governance Committee and Director or Trustee of various Morgan Stanley Funds (since June 1992).

 

99

 

Formerly, Trustee and Director of certain investment companies in the JP Morgan Fund Complex managed by JP Morgan Investment Management Inc. (1987-December 2012).

 


36



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Interested Trustee:

Name, Age and Address of
Interested Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
 

Principal Occupation(s) During Past 5 Years

  Number of
Portfolios in
Fund Complex
Overseen by
Interested
Trustee**
  Other Directorships
Held by Interested
Trustee***
 
James F. Higgins (67)
One New York Plaza,
New York, NY 10004
 

Trustee

  Since
June
2000
 

Director or Trustee of various Morgan Stanley Funds (since June 2000); Senior Advisor of Morgan Stanley (since August 2000).

 

97

 

Formerly, Director of AXA Financial, Inc. and AXA Equitable Life Insurance Company (2002-2011) and Director of AXA MONY Life Insurance Company and AXA MONY Life Insurance Company of America (2004-2011).

 

*  This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

**  The Fund Complex includes (as of December 31, 2014) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).

***  This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.


37



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Age and Address of Executive Officer

  Position(s) Held
with
Registrant
  Length of Time
Served*
 

Principal Occupation(s) During Past 5 Years

 
John H. Gernon (51)
522 Fifth Avenue
New York, NY 10036
  President and
Principal
Executive
Officer
  Since
September
2013
 

President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex, Managing Director of the Adviser; Head of Product (since 2006) and Global Portfolio Analysis and Reporting (since 2012); for MSIM's Long Only business.

 
Stefanie V. Chang Yu (48)
522 Fifth Avenue
New York, NY 10036
  Chief
Compliance
Officer
  Since
December
1997
 

Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds and the Adviser (since January 2014); formerly, Vice President of various Morgan Stanley Funds (December 1997-January 2014).

 
Joseph C. Benedetti (49)
522 Fifth Avenue
New York, NY 10036
 

Vice President

  Since
January
2014
 

Managing Director of the Adviser and various entities affiliated with the Adviser; Vice President of various Morgan Stanley Funds (since January 2014); formerly, Assistant Secretary of various Morgan Stanley Funds (October 2004-January 2014).

 
Francis J. Smith (49)
522 Fifth Avenue
New York, NY 10036
  Treasurer and
Principal
Financial Officer
  Treasurer
since July
2003 and
Principal
Financial
Officer since
September
2002
 

Executive Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

 
Mary E. Mullin (48)
522 Fifth Avenue
New York, NY 10036
 

Secretary

  Since
June
1999
 

Executive Director of the Adviser and various entities affiliated with the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

 

*  This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves a one-year term, until his or her successor is elected and has qualified.


38



AIP Series Trust

Annual Report — March 31, 2015

Adviser

Morgan Stanley AIP GP LP
522 Fifth Avenue
New York, New York 10036

Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Fund's Proxy Voting Policy and Procedures and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 548-7786 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by the prospectuses of the AIP Series Trust, which describes in detail the Fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im or call toll free 1 (800) 548-7786.


39



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Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley AIP GP LP
522 Fifth Avenue
New York, New York 10036

© 2015 Morgan Stanley. Morgan Stanley Distribution, Inc.

DASFANN
1191773 EXP 05.31.16




ALTERNATIVE INVESTMENT PARTNERS

AIP Series Trust

AIP Dynamic Alpha Capture Fund

Annual Report

March 31, 2015




AIP Series Trust

Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter

   

2

   

Expense Example

   

3

   

Investment Advisory Agreement Approval

   

4

   

Investment Overview

   

6

   

Portfolio of Investments

   

8

   

Statement of Assets and Liabilities

   

12

   

Statement of Operations

   

14

   

Statements of Changes in Net Assets

   

15

   

Financial Highlights

   

16

   

Notes to Financial Statements

   

20

   

Report of Independent Registered Public Accounting Firm

   

29

   

Federal Tax Notice

   

30

   

U.S. Privacy Policy

   

31

   

Trustee and Officer Information

   

34

   

This report is authorized for distribution only when preceded or accompanied by the prospectuses of the AIP Series Trust. To receive a prospectus and/or statement of additional information (SAI), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations, and describes in detail the Fund's investment policies to the prospective investor, please call toll free 1 (800) 548-7786. Please read the prospectus carefully before you invest or send money.

Additionally, you can access portfolio information including performance, characteristics, and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im.

Market forecasts provided in this report may not necessarily come to pass. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.


1



AIP Series Trust

Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual report, in which you will learn how your investment in AIP Dynamic Alpha Capture Fund performed during the period ended March 31, 2015.

Morgan Stanley AIP GP LP is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley AIP GP LP, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015


2



AIP Series Trust

Annual Report — March 31, 2015

Expense Example (unaudited)

AIP Dynamic Alpha Capture Fund

As a shareholder of the Fund, you incur two types of costs: (1) transactional costs, including sales charges (loads); and (2) ongoing costs, including advisory fees, administration fees, distribution and shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 10/31/14 - 3/31/15.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
10/31/14
  Actual Ending
Account
Value
3/31/15
  Hypothetical
Ending Account
Value
  Actual
Expenses
Paid
During
Period*
  Hypothetical
Expenses Paid
During Period*
  Net
Expense
Ratio
During
Period**
 

AIP Dynamic Alpha Capture Fund Class A

 

$

1,000.00

   

$

997.20

   

$

1,014.49

   

$

5.92

   

$

5.96

     

1.45

%

 

AIP Dynamic Alpha Capture Fund Class C

   

1,000.00

     

993.90

     

1,011.43

     

8.98

     

9.03

     

2.20

   

AIP Dynamic Alpha Capture Fund Class I

   

1,000.00

     

998.70

     

1,015.84

     

4.56

     

4.61

     

1.12

   

AIP Dynamic Alpha Capture Fund Class IS

   

1,000.00

     

998.70

     

1,015.92

     

4.49

     

4.53

     

1.10

   

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period, and multiplied by 149/365 (to reflect the most recent one-half year period).

**  Annualized.


3



AIP Series Trust

Annual Report — March 31, 2015

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services to be provided by the Adviser (as defined herein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services to be provided by the Administrator (an affiliate of the Adviser and defined herein) under the administration agreement, including accounting, clerical, bookkeeping, compliance, business management and planning, and the provision of supplies, office space and utilities at the Administrator's expense (The Adviser and the Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who will provide the administrative and advisory services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services to be provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board considered that the Adviser plans to arrange for a public offering of shares of the Fund to raise assets for investment and that the offering had not yet begun and concluded that, since the Fund currently had no assets to invest (other than seed capital required under the Investment Company Act) and had no track record of performance, this was not a factor it needed to address at the present time.

The Board reviewed the advisory and administrative fee rates (the "management fee rates") proposed to be paid by the Fund under the Management Agreement relative to comparable funds advised by the Adviser, when applicable, and compared to their peers as determined by the Adviser, and reviewed the anticipated total expense ratio of the Fund. The Board considered that the Fund requires the Adviser to develop processes, invest in additional resources and incur additional risks to successfully manage the Fund and concluded that the proposed management fee rate and anticipated total expense ratio would be competitive with its peer group average.

Economies of Scale

The Board considered the growth prospects of the Fund and the structure of the proposed management fee schedule, which does not include breakpoints for the Fund. The Board considered that the Fund's potential growth was uncertain and concluded that it would be premature to consider economies of scale as a factor in approving the Management Agreement at the present time.

Profitability of the Adviser and Affiliates

Since the Fund has not begun operations and has not paid any fees to the Adviser, the Board concluded that this was not a factor that needed to be considered at the present time.

Other Benefits of the Relationship

The Board considered other benefits to the Adviser and its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, research received by the Adviser generated from commission dollars spent on funds' portfolio trading, and fees for trading, distribution and/or shareholder servicing. Since the Fund has not begun operations and has not paid any fees to the Adviser, the Board concluded that these benefits were not a factor that needed to be considered at the present time.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the


4



AIP Series Trust

Annual Report — March 31, 2015

Investment Advisory Agreement Approval (unaudited) (cont'd)

financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to enter into this relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

General Conclusion

After considering and weighing all of the above factors, the Board concluded that it would be in the best interest of the Fund and its future shareholders to approve the Management Agreement, which will remain in effect for two years and thereafter must be approved annually by the Board of the Fund if it is to continue in effect. In reaching this conclusion the Board did not give particular weight to any single factor referenced above. It is possible that individual Board members may have weighed these factors differently in reaching their individual decisions to approve the Management Agreement.


5



AIP Series Trust

Annual Report — March 31, 2015

Investment Overview (unaudited)

AIP Dynamic Alpha Capture Fund

Performance

For the period from inception on October 31, 2014 through March 31, 2015, the Fund's Class I had a total return based on net asset value and reinvestment of distributions per share of –0.13%, net of fees. The Fund's Class I underperformed against its benchmark, HFRX Global Hedge Fund Index, which returned 1.63%.

Factors Affecting Performance

•  The overall investment environment and the Fund's performance were driven mainly by the improving alpha environment for U.S. equities. To a secondary degree, global monetary easing measures by central banks across developed markets and the strength of the U.S. dollar also affected performance.

•  Global economic growth has been roughly in line with the average of the past three decades. The world's overall consensus growth outlook remained largely unchanged at 3.2% this year.(i) However, the U.S. economy has been gathering steam relative to the rest of the developed world and in particular versus the eurozone, which appeared to be no longer flirting with recession but has yet to accelerate. U.S. equities posted a 12.7% return over the 12-month period, as measured by the S&P 500 Index. Both the internally managed long-biased idiosyncratic alpha strategy and the internally managed activist strategy performed positively, and were among the largest contributors to Fund performance over the reporting period. However, given the strength of equity markets, the Fund's short-biased strategy underperformed and was a main detractor from Fund performance.

•  Additionally over this period, small-cap stocks outperformed their large-cap counterparts. The small-cap premium strategy performed positively and was also a main contributor to Fund performance.

•  Diverging interest-rate policies have caused currency volatility around the globe. Investors have been placing their cash into the U.S. currency as the American economy has strengthened and the Federal Reserve prepares to raise interest rates for the first time in nearly a decade. In this environment — combined with slowing growth in emerging markets and easy-money policies in the

eurozone and Japan that have depreciated the euro and the yen — demand for the dollar has sparked one of its strongest surges in decades. Additionally, in response to the euro weakening, the Swiss central bank surprised the markets by removing its currency peg to the euro and cutting its own interest rates. The Fund's foreign exchange (FX) carry and FX volatility premium strategies were negatively affected and were amongst the largest detractors from Fund performance.

•  Finally, as part of the Fund's investment mandate, we seek to manage market exposure so that the Fund provides meaningful diversification(ii) benefits when added to an investor's overall portfolio of equities and bonds. We specifically seek low beta (a measure of sensitivity to market movements) to equities to help protect against substantial market corrections. Beta management is done through the use of futures for hedging purposes and over the reporting period has cost the portfolio due to the strong performance of the S&P 500 Index.

Management Strategies

•  Within idiosyncratic alpha strategies, we maintained the Fund's long-biased strategy as one of dominant positions in the portfolio over this time period and recently increased the Fund's exposure to the short-biased strategy. Given our view of weakness in economic fundamentals, we shifted the Fund's allocations towards higher alpha generating strategies, such as the long-biased strategy. And, as we anticipate the beta rally in global equity markets to come to an end, we believe the Fund is poised for a possible pullback in equities through exposure to the short-biased strategy.

•  Within systematic alpha strategies, we rebalanced the category, preferring equity mean reversion, small-cap premium, and merger arbitrage to long/short volatility, FX volatility premium, and equity volatility. The long/short volatility strategy may go through a period of lackluster performance as we anticipate a continuation of the sideways volatility regime we have been experiencing recently. Our dynamic risk controls have prompted

(i)  Source: Bloomberg L.P., April 9, 2015

(ii)  Diversification does not eliminate risk of loss. The Fund is a non-diversified fund which may invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility. See prospectus for details.


6



AIP Series Trust

Annual Report — March 31, 2015

Investment Overview (unaudited) (cont'd)

AIP Dynamic Alpha Capture Fund

us to close the FX volatility premium and equity volatility premium positions. Equity mean reversion is meant to capture the performance differential between the market's short-term, daily, over/under reactions versus the market's long-term performance trends. Small-cap premium is meant to capitalize on the performance differential between large-cap and small-cap equities.

*  Minimum Investment for Class I shares.

**  Commenced Operations on October 31, 2014.

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class C and Class IS shares will vary from the Class I shares and will be impacted accordingly by additional fees assessed to those classes (if applicable).

Performance Compared to the HFRX Global Hedge Fund Index(1) and Lipper Absolute Return Funds Index(2)

    Period Ended March 31, 2015
Total Returns(3)
 
    One
Year
  Five
Years
  Ten
Years
  Since
Inception(5)
 

Class A Shares w/o sales charges(4)

   

     

     

     

–0.28

%

 
Class A Shares with maximum
sales charges(4)
   

     

     

     

–5.75

   

Class C Shares w/o sales charges(4)

   

     

     

     

–0.61

   
Class C Shares with maximum
sales charges(4)
   

     

     

     

–1.59

   

Class I Shares w/o sales charges(4)

   

     

     

     

–0.13

   

Class IS Shares w/o sales charges(4)

   

     

     

     

–0.13

   

HFRX Global Hedge Fund Index

   

     

     

     

1.63

   

Lipper Absolute Return Funds Index

   

     

     

     

0.96

   

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 assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns for periods less than one year are not annualized. Performance of share classes will vary due to differences in sales charges and expenses.

(1)  The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies: including but not limited to convertible arbitrage, distressed securities, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in hedge fund history. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

(2)  Lipper Absolute Return Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Absolute Return Funds Index classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund is in the Lipper Absolute Return Funds classification.

(3)  Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

(4)  Commenced operations on October 31, 2014.

(5)  For comparative purposes, since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.


7




AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments

AIP Dynamic Alpha Capture Fund

   

Shares

  Value
(000)
 

Common Stocks (70.8%)

 

Airlines (0.5%)

 

Delta Air Lines, Inc.

   

1,240

   

$

56

   

Banks (7.7%)

 

Banc of California, Inc.

   

5,642

     

69

   

Bank of America Corp.

   

4,917

     

76

   

BB&T Corp.

   

2,124

     

83

   

Blue Hills Bancorp, Inc. (a)

   

4,295

     

57

   

CB Financial Services, Inc.

   

2,575

     

50

   

Citigroup, Inc.

   

1,221

     

63

   

First BanCorp (Puerto Rico) (a)

   

8,623

     

53

   

Investors Bancorp, Inc.

   

6,200

     

73

   

Wells Fargo & Co.

   

5,206

     

283

   
     

807

   

Biotechnology (1.7%)

 

Amgen, Inc.

   

1,105

     

177

   

Capital Markets (2.0%)

 

Bank of New York Mellon Corp. (The)

   

4,319

     

174

   

Medallion Financial Corp. BDC

   

4,522

     

42

   
     

216

   

Chemicals (3.2%)

 

Agrium, Inc. (Canada)

   

416

     

43

   

Axiall Corp.

   

1,916

     

90

   

CF Industries Holdings, Inc.

   

718

     

204

   
     

337

   

Consumer Finance (2.2%)

 

Capital One Financial Corp.

   

2,915

     

230

   

Diversified Consumer Services (2.4%)

 

H&R Block, Inc.

   

7,945

     

255

   

Electrical Equipment (0.6%)

 

Regal-Beloit Corp.

   

725

     

58

   

Energy Equipment & Services (1.0%)

 

Baker Hughes, Inc.

   

853

     

54

   

Halliburton Co.

   

1,238

     

54

   
     

108

   

Health Care Equipment & Supplies (1.8%)

 

Hologic, Inc. (a)

   

5,585

     

184

   

Health Care Providers & Services (1.2%)

 

Brookdale Senior Living, Inc. (a)

   

3,353

     

127

   

Hotels, Restaurants & Leisure (2.2%)

 

Darden Restaurants, Inc.

   

2,773

     

192

   

Restaurant Brands International, Inc.

   

1,065

     

41

   
     

233

   

Industrial Conglomerates (0.6%)

 

Danaher Corp.

   

782

     

66

   

Information Technology Services (2.6%)

 

Global Payments, Inc.

   

606

     

55

   

Mastercard, Inc., Class A

   

2,558

     

221

   
     

276

   
   

Shares

  Value
(000)
 

Internet & Catalog Retail (4.8%)

 

HSN, Inc.

   

821

   

$

56

   

Liberty TripAdvisor Holdings, Inc., Class A (a)

   

1,802

     

57

   

Vipshop Holdings Ltd. ADR (China) (a)

   

13,495

     

398

   
     

511

   

Internet Software & Services (6.1%)

 

Baidu, Inc. ADR (China) (a)

   

1,073

     

224

   

Facebook, Inc., Class A (a)

   

774

     

64

   

Google, Inc., Class C (a)

   

218

     

119

   

Rackspace Hosting, Inc. (a)

   

3,417

     

176

   

Yahoo!, Inc. (a)

   

1,276

     

57

   
     

640

   

Life Sciences Tools & Services (1.9%)

 

Illumina, Inc. (a)

   

457

     

85

   

Thermo Fisher Scientific, Inc.

   

852

     

114

   
     

199

   

Machinery (1.6%)

 

SPX Corp.

   

1,998

     

170

   

Media (8.4%)

 

CBS Corp., Class B

   

3,948

     

239

   

Liberty Global PLC Series C (a)

   

1,857

     

93

   

Liberty Media Corp., Class C (a)

   

2,016

     

77

   

Time Warner Cable, Inc.

   

2,293

     

344

   

Time Warner, Inc.

   

917

     

77

   

Twenty-First Century Fox, Inc., Class A

   

1,584

     

54

   
     

884

   

Multi-line Retail (3.9%)

 

Dollar General Corp. (a)

   

4,738

     

357

   

Dollar Tree, Inc. (a)

   

724

     

59

   
     

416

   

Oil, Gas & Consumable Fuels (5.7%)

 

Anadarko Petroleum Corp.

   

768

     

64

   

Cheniere Energy, Inc. (a)

   

1,734

     

134

   

Memorial Resource Development Corp. (a)

   

4,675

     

83

   

Williams Cos., Inc. (The)

   

6,269

     

317

   
     

598

   

Pharmaceuticals (3.2%)

 

Actavis PLC (a)

   

272

     

81

   
Valeant Pharmaceuticals International, Inc.
(Canada) (a)
   

1,010

     

200

   

Zoetis, Inc.

   

1,202

     

56

   
     

337

   

Road & Rail (1.2%)

 

Canadian Pacific Railway Ltd. (Canada)

   

711

     

130

   

Software (1.5%)

 

Microsoft Corp.

   

3,910

     

159

   

Textiles, Apparel & Luxury Goods (1.2%)

 

Carter's, Inc.

   

1,311

     

121

   

The accompanying notes are an integral part of the financial statements.
8



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alpha Capture Fund

   

Shares

  Value
(000)
 

Thrifts & Mortgage Finance (1.6%)

 

Anchor BanCorp Wisconsin, Inc. (a)

   

1,583

   

$

55

   

Entegra Financial Corp. (a)

   

2,094

     

32

   

HomeStreet, Inc. (a)

   

3,032

     

56

   

Meridian Bancorp, Inc. (a)

   

1,758

     

23

   
     

166

   

Total Common Stocks (Cost $7,352)

   

7,461

   

Short-Term Investment (27.7%)

 

Investment Company (27.7%)

 
Morgan Stanley Institutional Liquidity
Funds — Money Market Portfolio —
Institutional Class (See Note G)
(Cost $2,923)
   

2,923,061

     

2,923

   

Total Investments (98.5%) (Cost $10,275) (b)

   

10,384

   

Other Assets in Excess of Liabilities (1.5%)

   

163

   

Net Assets (100.0%)

 

$

10,547

   
 
 
 

(a)  Non-income producing security.

(b)  Securities are available for collateral in connection with open foreign currency forward exchange contracts and swap agreements.

ADR  American Depositary Receipt.

BDC  Business Development Company.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2015:

Counterparty

  Currency to
Deliver
(000)
  Value
(000)
  Settlement
Date
  In Exchange
For
(000)
  Value
(000)
  Unrealized
Appreciation
(Depreciation)
(000)
 

JPMorgan Chase Bank NA

 

CAD

42

   

$

33

   

4/16/15

 

USD

33

   

$

33

   

$

@

 

JPMorgan Chase Bank NA

 

EUR

23

     

25

   

4/16/15

 

USD

25

     

25

     

@

 

JPMorgan Chase Bank NA

 

JPY

2,685

     

23

   

4/16/15

 

USD

23

     

23

     

@

 

JPMorgan Chase Bank NA

 

SEK

27

     

3

   

4/16/15

 

USD

3

     

3

     

@

 

JPMorgan Chase Bank NA

 

USD

25

     

25

   

4/16/15

 

AUD

32

     

24

     

(1

)

 

JPMorgan Chase Bank NA

 

USD

23

     

23

   

4/16/15

 

CHF

22

     

23

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

25

     

25

   

4/16/15

 

NOK

194

     

25

     

(—

@)

 

JPMorgan Chase Bank NA

 

USD

1

     

1

   

4/16/15

 

NZD

1

     

1

     

(—

@)

 

JPMorgan Chase Bank NA

 

AUD

120

     

91

   

6/18/15

 

USD

91

     

91

     

(—

@)

 

JPMorgan Chase Bank NA

 

NOK

693

     

84

   

6/18/15

 

USD

83

     

83

     

(1

)

 

JPMorgan Chase Bank NA

 

NZD

125

     

93

   

6/18/15

 

USD

91

     

91

     

(2

)

 

JPMorgan Chase Bank NA

 

SEK

658

     

77

   

6/18/15

 

USD

76

     

76

     

(1

)

 

JPMorgan Chase Bank NA

 

USD

33

     

33

   

6/18/15

 

CAD

42

     

33

     

@

 

JPMorgan Chase Bank NA

 

USD

86

     

86

   

6/18/15

 

CHF

86

     

89

     

3

   

JPMorgan Chase Bank NA

 

USD

88

     

88

   

6/18/15

 

EUR

83

     

89

     

1

   

JPMorgan Chase Bank NA

 

USD

176

     

176

   

6/18/15

 

JPY

21,368

     

178

     

2

   

State Street Bank and Trust Co.

 

CHF

195

     

201

   

6/18/15

 

USD

195

     

195

     

(6

)

 

State Street Bank and Trust Co.

 

EUR

124

     

134

   

6/18/15

 

USD

132

     

132

     

(2

)

 

State Street Bank and Trust Co.

 

JPY

17,398

     

146

   

6/18/15

 

USD

144

     

144

     

(2

)

 

State Street Bank and Trust Co.

 

USD

134

     

134

   

6/18/15

 

AUD

177

     

134

     

@

 

State Street Bank and Trust Co.

 

USD

126

     

126

   

6/18/15

 

NOK

1,050

     

130

     

4

   

State Street Bank and Trust Co.

 

USD

168

     

168

   

6/18/15

 

NZD

231

     

172

     

4

   
       

$

1,795

           

$

1,794

   

$

(1

)

 

The accompanying notes are an integral part of the financial statements.
9



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alpha Capture Fund

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2015:

Swap Counterparty

 

Index

  Notional
Amount
(000)
  Floating
Rate
  Pay/Receive
Total Return
of Referenced
Index
  Maturity
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 
Bank of America NA
 
  Russell 2000
Net Index
 

$

53

    3 Month USD LIBOR minus
0.55%
 

Receive

 

1/27/16

 

$

@

 
Bank of America NA
 
  Russell 2000
Net Index
   

933

    3 Month USD LIBOR minus
0.55%
 

Receive

 

1/28/16

   

50

   
Bank of America NA
 
  U.S. Mean
Reversion
   

253

    3 Month USD LIBOR plus
0.85%
 

Receive

 

3/24/16

   

(—

@)

 
Barclays Bank PLC
 
  U.S. Negative
Selection††
   

1,127

    3 Month USD LIBOR minus
0.18%
 

Pay

 

2/24/16

   

(9

)

 
Goldman Sachs
International
  S&P 500 Total
Return Index
   

1,328

    3 Month USD LIBOR plus
0.29%
 

Pay

 

3/23/16

   

19

   
Societe Generale
London
  Societe Generale
M&A Index
   

703

    3 Month USD LIBOR plus
0.35%
 

Receive

 

5/22/15

   

(—

@)

 
                       

$

60

   

†† See table below for details of the equity basket holdings underlying the swap.

The following table represents the equity basket holdings underlying the total return swap with U.S. Negative Selection as of March 31, 2015.

Security Description

 

Index Weight

 

U.S. Negative Selection

 

Angie's List, Inc.

   

2.12

%

 

Anthem, Inc.

   

3.02

   

AO Smith Corp.

   

2.96

   

Apache Corp.

   

2.58

   

Bank of the Ozarks, Inc.

   

2.94

   

BioScrip, Inc.

   

2.03

   

Boulder Brands, Inc.

   

2.44

   

Cameron International Corp.

   

2.64

   

Chart Industries, Inc.

   

3.08

   

Chicago Bridge & Iron Co. N.V.

   

3.33

   

Chuy's Holdings, Inc.

   

2.74

   

Clean Harbors, Inc.

   

2.98

   

Continental Resources, Inc.

   

2.56

   

Delek U.S. Holdings, Inc.

   

3.37

   

DigitalGlobe, Inc.

   

3.20

   

E-House China Holdings Ltd.

   

1.95

   

Forum Energy Technologies, Inc.

   

2.91

   

Security Description

 

Index Weight

 

Graham Holdings Co.

   

3.15

%

 

Hess Corp.

   

2.50

   

IPG Photonics Corp.

   

2.99

   

Kinder Morgan, Inc.

   

2.81

   

Lands' End, Inc.

   

2.86

   

LeapFrog Enterprises, Inc.

   

2.43

   

Marathon Petroleum Corp.

   

2.77

   

MEDNAX, Inc.

   

2.89

   

Mondelez International, Inc.

   

2.77

   

Pioneer Natural Resources Co.

   

2.95

   

POSCO

   

2.55

   

Rayonier, Inc.

   

2.77

   

Scorpio Tankers, Inc.

   

3.16

   

Tenneco, Inc.

   

2.80

   

Tyco International PLC

   

2.85

   

Validus Holdings Ltd.

   

2.81

   

Walt Disney Co. (The)

   

2.84

   

Worthington Industries, Inc.

   

2.44

   

Yelp, Inc.

   

2.81

   
     

100.00

%

 

@    Value is less than $500.

LIBOR  London Interbank Offered Rate.

AUD  —  Australian Dollar

CAD  —  Canadian Dollar

CHF  —  Swiss Franc

EUR  —  Euro

JPY  —  Japanese Yen

NOK  —  Norwegian Krone

NZD  —  New Zealand Dollar

SEK  —  Swedish Krona

USD  —  United States Dollar

The accompanying notes are an integral part of the financial statements.
10



AIP Series Trust

Annual Report — March 31, 2015

Portfolio of Investments (cont'd)

AIP Dynamic Alpha Capture Fund

Portfolio Composition

Classification

  Percentage of
Total Investments
 

Other*

   

43.6

%

 

Short-Term Investment

   

28.1

   

Media

   

8.5

   

Banks

   

7.8

   

Internet Software & Services

   

6.2

   

Oil, Gas & Consumable Fuels

   

5.8

   

Total Investments

   

100.0

%**

 

*  Industries and/or investment types representing less than 5% of total investments.

**  Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,000 and does not include open swap agreements with net unrealized appreciation of approximately $60,000.

The accompanying notes are an integral part of the financial statements.
11




AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alpha Capture Fund

Statement of Assets and Liabilities

  March 31, 2015
(000)
 

Assets:

 

Investments in Securities of Unaffiliated Issuers, at Value (Cost $7,352)

 

$

7,461

   

Investment in Security of Affiliated Issuer, at Value (Cost $2,923)

   

2,923

   

Total Investments in Securities, at Value (Cost $10,275)

   

10,384

   

Prepaid Offering Costs

   

109

   

Due from Adviser

   

76

   

Unrealized Appreciation on Swap Agreements

   

69

   

Unrealized Appreciation on Foreign Currency Forward Exchange Contracts

   

14

   

Dividends Receivable

   

7

   

Receivable for Portfolio Shares Sold

   

1

   

Receivable from Affiliate

   

@

 

Other Assets

   

7

   

Total Assets

   

10,667

   

Liabilities:

 

Payable for Professional Fees

   

48

   

Payable for Offering Costs

   

23

   

Unrealized Depreciation on Foreign Currency Forward Exchange Contracts

   

15

   

Unrealized Depreciation on Swap Agreements

   

9

   

Payable for Transfer Agency Fees — Class A

   

1

   

Payable for Transfer Agency Fees — Class C

   

1

   

Payable for Transfer Agency Fees — Class I

   

1

   

Payable for Transfer Agency Fees — Class IS

   

1

   

Payable for Custodian Fees

   

1

   

Payable for Administration Fees

   

1

   

Payable for Swap Agreements Termination

   

1

   

Payable for Shareholder Services Fees — Class A

   

@

 

Payable for Distribution and Shareholder Services Fees — Class C

   

@

 

Premium Received on Open Swap Agreements

   

@

 

Other Liabilities

   

18

   

Total Liabilities

   

120

   

Net Assets

 

$

10,547

   

Net Assets Consist Of:

 

Paid-in-Capital

 

$

10,662

   

Distributions in Excess of Net Investment Income

   

(146

)

 

Accumulated Net Realized Loss

   

(137

)

 

Unrealized Appreciation (Depreciation) on:

 

Investments

   

109

   

Swap Agreements

   

60

   

Foreign Currency Forward Exchange Contracts

   

(1

)

 

Foreign Currency Translations

   

(—

@)

 

Net Assets

 

$

10,547

   

The accompanying notes are an integral part of the financial statements.
12



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alpha Capture Fund

Statement of Assets and Liabilities (cont'd)

  March 31, 2015
(000)
 

CLASS A:

 

Net Assets

 

$

399

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

40,404

   

Net Asset Value, Redemption Price Per Share

 

$

9.88

   

Maximum Sales Load

   

5.50

%

 

Maximum Sales Charge

 

$

0.58

   

Maximum Offering Price Per Share

 

$

10.46

   

CLASS C:

 

Net Assets

 

$

99

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

10,000

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.86

   

CLASS I:

 

Net Assets

 

$

9,591

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

970,000

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.89

   

CLASS IS:

 

Net Assets

 

$

458

   
Shares Outstanding (unlimited number of shares authorized, $0.001 par value) (not in 000's)    

46,315

   

Net Asset Value, Offering and Redemption Price Per Share

 

$

9.89

   

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
13



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alpha Capture Fund

Statement of Operations

  Period from
October 31, 2014^ to
March 31, 2015
(000)
 

Investment Income:

 

Dividends from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)

 

$

31

   

Dividends from Security of Affiliated Issuer (Note G)

   

2

   

Total Investment Income

   

33

   

Expenses:

 

Offering Costs

   

76

   

Professional Fees

   

57

   

Advisory Fees (Note B)

   

35

   

Shareholder Reporting Fees

   

20

   

Custodian Fees (Note F)

   

5

   

Administration Fees (Note C)

   

3

   

Transfer Agency Fees — Class A (Note E)

   

1

   

Transfer Agency Fees — Class C (Note E)

   

1

   

Transfer Agency Fees — Class I (Note E)

   

1

   

Transfer Agency Fees — Class IS (Note E)

   

1

   

Pricing Fees

   

1

   

Shareholder Services Fees — Class A (Note D)

   

@

 

Distribution and Shareholder Services Fees — Class C (Note D)

   

@

 

Trustees' Fees and Expenses

   

@

 

Registration Fees

   

@

 

Other Expenses

   

3

   

Total Expenses

   

204

   

Expenses Reimbursed by Adviser (Note B)

   

(118

)

 

Waiver of Advisory Fees (Note B)

   

(35

)

 

Rebate from Morgan Stanley Affiliate (Note G)

   

(2

)

 

Reimbursement of Class Specific Expenses — Class A (Note B)

   

(—

@)

 

Reimbursement of Class Specific Expenses — Class C (Note B)

   

(1

)

 

Reimbursement of Class Specific Expenses — Class IS (Note B)

   

(1

)

 

Net Expenses

   

47

   

Net Investment Loss

   

(14

)

 

Realized Gain (Loss):

 

Investments Sold

   

315

   

Foreign Currency Forward Exchange Contracts

   

(18

)

 

Foreign Currency Transactions

   

(—

@)

 

Futures Contracts

   

(1

)

 

Swap Agreements

   

(464

)

 

Net Realized Loss

   

(168

)

 

Change in Unrealized Appreciation (Depreciation):

 

Investments

   

109

   

Foreign Currency Forward Exchange Contracts

   

(1

)

 

Foreign Currency Translations

   

(—

@)

 

Swap Agreements

   

60

   

Net Change in Unrealized Appreciation (Depreciation)

   

168

   

Net Realized Loss and Change in Unrealized Appreciation (Depreciation)

   

@

 

Net Decrease in Net Assets Resulting from Operations

 

$

(14

)

 

^  Commencement of Operations.

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
14



AIP Series Trust

Annual Report — March 31, 2015

AIP Dynamic Alpha Capture Fund

Statements of Changes in Net Assets

  Period from
October 31, 2014^ to
March 31, 2015
(000)
 

Increase (Decrease) in Net Assets:

 

Operations:

 

Net Investment Loss

 

$

(14

)

 

Net Realized Loss

   

(168

)

 

Net Change in Unrealized Appreciation (Depreciation)

   

168

   

Net Decrease in Net Assets Resulting from Operations

   

(14

)

 

Distributions from and/or in Excess of:

 

Class A:

 

Net Investment Income

   

(4

)

 

Class C:

 

Net Investment Income

   

(1

)

 

Class I:

 

Net Investment Income

   

(95

)

 

Class IS:

 

Net Investment Income

   

(1

)

 

Total Distributions

   

(101

)

 

Capital Share Transactions:(1)

 

Class A:

 

Subscribed

   

401

   

Distributions Reinvested

   

3

   

Class C:

 

Subscribed

   

100

   

Class I:

 

Subscribed

   

9,700

   

Class IS:

 

Subscribed

   

458

   

Net Increase in Net Assets Resulting from Capital Share Transactions

   

10,662

   

Total Increase in Net Assets

   

10,547

   

Net Assets:

 

Beginning of Period

   

   

End of Period (Including Distributions in Excess of Net Investment Income of $(146))

 

$

10,547

   

(1)   Capital Share Transactions:

 

Class A:

 

Shares Subscribed

   

40

   

Shares Issued on Distributions Reinvested

   

@@

 

Net Increase in Class A Shares Outstanding

   

40

   

Class C:

 

Shares Subscribed

   

10

   

Net Increase in Class C Shares Outstanding

   

10

   

Class I:

 

Shares Subscribed

   

970

   

Net Increase in Class I Shares Outstanding

   

970

   

Class IS:

 

Shares Subscribed

   

46

   

Net Increase in Class IS Shares Outstanding

   

46

   

^  Commencement of Operations.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
15




AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alpha Capture Fund

   

Class A

 

Selected Per Share Data and Ratios

  Period from
October 31, 2014^ to
March 31, 2015
 

Net Asset Value, Beginning of Period

 

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Loss†

   

(0.03

)

 

Net Realized and Unrealized Gain

   

0.00

 

Total from Investment Operations

   

(0.03

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.09

)

 

Net Asset Value, End of Period

 

$

9.88

   

Total Return++

   

(0.28

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

399

   

Ratio of Expenses to Average Net Assets (1)

   

1.45

%+*

 

Ratio of Net Investment Loss to Average Net Assets (1)

   

(0.64

)%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.05

%*

 

Portfolio Turnover Rate

   

205

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

5.45

%*

 

Net Investment Loss to Average Net Assets

   

(4.64

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

++  Calculated based on the net asset value, which does not reflect sales charges, if applicable, as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
16



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alpha Capture Fund

   

Class C

 

Selected Per Share Data and Ratios

  Period from
October 31, 2014^ to
March 31, 2015
 

Net Asset Value, Beginning of Period

 

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Loss†

   

(0.06

)

 

Net Realized and Unrealized Gain

   

0.00

 

Total from Investment Operations

   

(0.06

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.08

)

 

Net Asset Value, End of Period

 

$

9.86

   

Total Return++

   

(0.61

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

99

   

Ratio of Expenses to Average Net Assets (1)

   

2.20

%+*

 

Ratio of Net Investment Loss to Average Net Assets (1)

   

(1.40

)%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.05

%*

 

Portfolio Turnover Rate

   

205

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

7.24

%*

 

Net Investment Loss to Average Net Assets

   

(6.44

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

++  Calculated based on the net asset value, which does not reflect sales charges, if applicable, as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
17



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alpha Capture Fund

   

Class I

 

Selected Per Share Data and Ratios

  Period from
October 31, 2014^ to
March 31, 2015
 

Net Asset Value, Beginning of Period

 

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Loss†

   

(0.01

)

 

Net Realized and Unrealized Gain

   

0.00

 

Total from Investment Operations

   

(0.01

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.10

)

 

Net Asset Value, End of Period

 

$

9.89

   

Total Return++

   

(0.13

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

9,591

   

Ratio of Expenses to Average Net Assets (1)

   

1.12

%+*

 

Ratio of Net Investment Loss to Average Net Assets (1)

   

(0.32

)%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.05

%*

 

Portfolio Turnover Rate

   

205

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

4.85

%*

 

Net Investment Loss to Average Net Assets

   

(4.05

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

++  Calculated based on the net asset value as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
18



AIP Series Trust

Annual Report — March 31, 2015

Financial Highlights

AIP Dynamic Alpha Capture Fund

   

Class IS

 

Selected Per Share Data and Ratios

  Period from
October 31, 2014^ to
March 31, 2015
 

Net Asset Value, Beginning of Period

 

$

10.00

   

Income (Loss) from Investment Operations:

 

Net Investment Loss†

   

(0.01

)

 

Net Realized and Unrealized Loss

   

(0.00

)‡

 

Total from Investment Operations

   

(0.01

)

 

Distributions from and/or in Excess of:

 

Net Investment Income

   

(0.10

)

 

Net Asset Value, End of Period

 

$

9.89

   

Total Return++

   

(0.13

)%#

 

Ratios and Supplemental Data:

 

Net Assets, End of Period (Thousands)

 

$

458

   

Ratio of Expenses to Average Net Assets (1)

   

1.10

%+*

 

Ratio of Net Investment Loss to Average Net Assets (1)

   

(0.32

)%+*

 

Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets

   

0.05

%*

 

Portfolio Turnover Rate

   

205

%#

 

(1) Supplemental Information on the Ratios to Average Net Assets:

 

Ratios Before Expense Limitation:

 

Expenses to Average Net Assets

   

5.89

%*

 

Net Investment Loss to Average Net Assets

   

(5.11

)%*

 

^  Commencement of Operations.

†  Per share amount is based on average shares outstanding.

‡  Amount is less than $0.005 per share.

++  Calculated based on the net asset value as of the last business day of the period.

+  The Ratios of Expenses and Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

#  Not Annualized.

*  Annualized.

The accompanying notes are an integral part of the financial statements.
19




AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements

AIP Dynamic Alpha Capture Fund (the "Fund") was organized as a separate non-diversified Fund of the AIP Series Trust, a Delaware statutory trust, which was registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and commenced operations on October 31, 2014. The Fund applies investment company accounting and reporting guidance.

In pursuing its investment objective, the Fund seeks to capture returns from two broad sources, systematic alpha (i.e., rules-based trading strategies seeking to exploit persistent sources of value creation or capture returns from specific risks associated with certain assets and/or asset classes) and idiosyncratic alpha (i.e., proprietary strategies based on an analysis of investment patterns and decisions of active managers that have historically consistently created value). The Fund offers four classes of shares — Class A, Class C, Class I and Class IS.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (2) futures are valued at the latest price published by the commodities exchange on which they trade; (3) swaps are marked-to-market daily based upon quotations from market makers; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley AIP GP LP (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund's Board of Trustees (the "Trustees"). Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of

business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (7) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser.

The Trustees have the ultimate responsibility of determining the fair value of the investments. Under procedures approved by the Trustees, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair


20



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for

exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2015.

Investment Type

  Level 1
Unadjusted
quoted
prices
(000)
  Level 2
Other
significant
observable
inputs
(000)
  Level 3
Significant
unobservable
inputs
(000)
  Total
(000)
 

Assets:

 

Common Stocks

 

Airlines

 

$

56

   

$

   

$

   

$

56

   

Banks

   

807

     

     

     

807

   

Biotechnology

   

177

     

     

     

177

   

Capital Markets

   

216

     

     

     

216

   

Chemicals

   

337

     

     

     

337

   

Consumer Finance

   

230

     

     

     

230

   
Diversified Consumer
Services
   

255

     

     

     

255

   

Electrical Equipment

   

58

     

     

     

58

   
Energy Equipment &
Services
   

108

     

     

     

108

   
Health Care Equipment &
Supplies
   

184

     

     

     

184

   
Health Care Providers &
Services
   

127

     

     

     

127

   
Hotels, Restaurants &
Leisure
   

233

     

     

     

233

   

Industrial Conglomerates

   

66

     

     

     

66

   
Information Technology
Services
   

276

     

     

     

276

   

Internet & Catalog Retail

   

511

     

     

     

511

   
Internet Software &
Services
   

640

     

     

     

640

   
Life Sciences Tools &
Services
   

199

     

     

     

199

   

Machinery

   

170

     

     

     

170

   

Media

   

884

     

     

     

884

   

Multi-line Retail

   

416

     

     

     

416

   

Oil, Gas & Consumable Fuels

   

598

     

     

     

598

   

Pharmaceuticals

   

337

     

     

     

337

   

Road & Rail

   

130

     

     

     

130

   

Software

   

159

     

     

     

159

   
Textiles, Apparel & Luxury
Goods
   

121

     

     

     

121

   

Thrifts & Mortgage Finance

   

166

     

     

     

166

   

Total Common Stocks

   

7,461

     

     

     

7,461

   


21



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

Investment Type

  Level 1
Unadjusted
quoted
prices
(000)
  Level 2
Other
significant
observable
inputs
(000)
  Level 3
Significant
unobservable
inputs
(000)
  Total
(000)
 

Short-Term Investment

 

Investment Company

 

$

2,923

   

$

   

$

   

$

2,923

   
Foreign Currency Forward
Exchange Contracts
   

     

14

     

     

14

   
Total Return Swap
Agreements
   

     

69

     

     

69

   

Total Assets

   

10,384

     

83

     

     

10,467

   

Liabilities:

 
Foreign Currency Forward
Exchange Contracts
   

     

(15

)

   

     

(15

)

 
Total Return Swap
Agreements
   

     

(9

)

   

     

(9

)

 

Total Liabilities

   

     

(24

)

   

     

(24

)

 

Total

 

$

10,384

   

$

59

   

$

   

$

10,443

   

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 31, 2015, the Fund did not have any investments transfer between investment levels.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. Federal income tax

regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. Federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose


22



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on

the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract. As of March 31, 2015, the Fund did not have any open futures contracts.

Swaps: The Fund may enter into over-the-counter ("OTC") swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by


23



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in

the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2015.

    Asset Derivatives
Statement of Assets and
Liabilities Location
  Primary Risk
Exposure
  Value
(000)
 
Foreign Currency Forward
Exchange Contracts
 
  Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts
 

Currency Risk
 

$

14

   
Swap Agreements
 
  Unrealized Appreciation on
Swap Agreements
 
Equity Risk
   

69

   

Total

         

$

83

   
    Liability Derivatives
Statement of Assets and
Liabilities Location
  Primary Risk
Exposure
  Value
(000)
 
Foreign Currency Forward
Exchange Contracts
 
  Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts
 

Currency Risk
 

$

(15

)

 
Swap Agreements
 
  Unrealized Depreciation on
Swap Agreements
 
Equity Risk
   

(9

)

 

Total

         

$

(24

)

 

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract


24



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

for the period ended March 31, 2015 in accordance with ASC 815.

Realized Gain (Loss)

 

Primary Risk Exposure

 

Derivative Type

  Value
(000)
 
Currency Risk
 
  Foreign Currency Forward
Exchange Contracts
 

$

(18

)

 

Equity Risk

 

Futures Contracts

   

(1

)

 

Equity Risk

 

Swap Agreements

   

(464

)

 

Total

     

$

(483

)

 

Change in Unrealized Appreciation (Depreciation)

 

Primary Risk Exposure

 

Derivative Type

  Value
(000)
 
Currency Risk
 
  Foreign Currency Forward
Exchange Contracts
 

$

(1

)

 

Equity Risk

 

Swap Agreements

   

60

   

Total

     

$

59

   

At March 31, 2015, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the
Statement of Assets and Liabilities
 

Derivatives

  Assets(a)
(000)
  Liabilities(a)
(000)
 

Foreign Currency Forward Exchange Contracts

 

$

14

   

$

(15

)

 

Swap Agreements

   

69

     

(9

)

 

Total

 

$

83

   

$

(24

)

 

(a) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default

in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities

 

Counterparty

  Gross Asset
Derivatives
Presented in
Statement of
Assets and
Liabilities
(000)
  Financial
Instrument
(000)
  Collateral
Received
(000)
  Net Amount
(not less
than $0)
(000)
 

Bank of America NA

 

$

50

   

$

(—

@)

 

$

   

$

50

   

Goldman Sachs International

   

19

     

     

     

19

   

JPMorgan Chase Bank NA

   

6

     

(5

)

   

     

1

   

State Street Bank and Trust Co.

   

8

     

(8

)

   

     

0

   

Total

 

$

83

   

$

(13

)

 

$

   

$

70

   

Gross Amounts Not Offset in the Statement of Assets and Liabilities

 

Counterparty

  Gross Liability
Derivatives
Presented in
Statement of
Assets and
Liabilities
(000)
  Financial
Instrument
(000)
  Collateral
Pledged
(000)
  Net Amount
(not less
than $0)
(000)
 

Bank of America NA

 

$

@

 

$

(—

@)

 

$

   

$

0

   

Barclays Bank PLC

   

9

     

     

     

9

   

JPMorgan Chase Bank NA

   

5

     

(5

)

   

     

0

   

Societe Generale London

   

@

   

     

     

@

 

State Street Bank and Trust Co.

   

10

     

(8

)

   

     

2

   

Total

 

$

24

   

$

(13

)

 

$

   

$

11

   

@ Value is less than $500

For the period ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:

 

Average monthly principal amount

 

$

1,518,000

   

Futures Contracts:

 

Average monthly original value

 

$

8,361,000

   

Swap Agreements:

 

Average monthly notional amount

 

$

3,155,000

   

5.  Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However,


25



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6.  Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid semiannually. Net realized capital gains, if any, are distributed at least annually.

7.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to the Fund. Expenses which cannot be directly attributed are apportioned based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.85% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual operating expenses, excluding acquired fund fees and expenses, certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.50% for Class A shares, 2.25% for Class C shares, 1.25% for Class I shares and 1.15% for Class IS shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the period

ended March 31, 2015, approximately $35,000 of advisory fees were waived and approximately $120,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: Morgan Stanley Investment Management Inc. ("MSIM Inc."), a wholly-owned subsidiary of Morgan Stanley, serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of Morgan Stanley, serves as the Fund's Distributor of the Fund's shares pursuant to a Distribution Agreement. The Fund has adopted a Plan of Distribution (the "Plan") with respect to Class A and Class C shares pursuant to Rule 12b-1 under the Act. Under the Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A and 1.00% of the Fund's average daily net assets attributable to Class C shares, of which 0.75% is a distribution fee.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing shareholder support services to investors who purchase Class A and Class C shares.

E. Dividend Disbursing and Transfer Agent: The Fund's dividend disbursing and transfer agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer Agency Agreement, the Fund pays BFDS a fee based on the number of classes, accounts and transactions relating to the Fund.

F. Custodian Fees: State Street (the "Custodian") serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities, and other assets of the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.


26



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the period ended March 31, 2015, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $14,788,000 and $12,666,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the period ended March 31, 2015.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by MSIM Inc. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the period ended March 31, 2015, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of the Liquidity Funds during the period ended March 31, 2015 is as follows:

Value
March 31,
2014
(000)
  Purchases
at Cost
(000)
  Sales
(000)
  Dividend
Income
(000)
  Value
March 31,
2015
(000)
 
$

   

$

26,031

   

$

23,108

   

$

2

   

$

2,923

   

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned.

Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, Income Taxes — Overall, sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal year 2015 was as follows:




  2015 Distributions
Paid From:
Ordinary Income
(000)
 
       

$

101

   

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions and swap income reclass, resulted in the following reclassifications among the components of net assets at March 31, 2015:

Distributions
in Excess of Net
Investment
Income
(000)
  Accumulated
Net Realized
Loss
(000)
  Paid-in-
Capital
(000)
 
$

(31

)

 

$

31

   

$

   

At March 31, 2015, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed
Ordinary
Income
(000)
  Undistributed
Long-Term
Capital Gain
(000)
 
$

96

   

$

   


27



AIP Series Trust

Annual Report — March 31, 2015

Notes to Financial Statements (cont'd)

At March 31, 2015, the aggregate cost for Federal income tax purposes is approximately $10,300,000. The aggregate gross unrealized appreciation is approximately $256,000 and the aggregate gross unrealized depreciation is approximately $173,000 resulting in net unrealized appreciation of approximately $83,000.

At March 31, 2015, the Fund had available for Federal income tax purposes unused short term and long term capital losses of approximately $115,000 and $1,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized during the carryover period as provided by U.S. Federal income tax regulations, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

I. Other (unaudited): At March 31, 2015, the Fund had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 75.2% for Class A shares.


28



AIP Series Trust

Annual Report — March 31, 2015

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIP Series Trust and Shareholders of
AIP Dynamic Alpha Capture Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AIP Dynamic Alpha Capture Fund (the "Fund") (one of the funds constituting AIP Series Trust) as of March 31, 2015, and the related statements of operations and changes in net assets, and the financial highlights for the period from October 31, 2014 (commencement of operations) to March 31, 2015. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2015, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AIP Dynamic Alpha Capture Fund (one of the funds constituting AIP Series Trust) at March 31, 2015, and the results of its operations, the changes in its net assets, and the financial highlights for the period from October 31, 2014 to March 31, 2015, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
May 20, 2015


29



AIP Series Trust

Annual Report — March 31, 2015

Federal Tax Notice (unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended March 31, 2015. For corporate shareholders 7.18% of the dividends qualified for the dividends received deduction.

For Federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended March 31, 2015. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $14,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.


30



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accounts subject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our Policy as required by law.

WE RESPECT YOUR PRIVACY

We appreciate that you have provided us with your personal financial information and understand your concerns about your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloses how you may limit our affiliates' use of shared information for marketing purposes.

Throughout this Policy, we refer to the nonpublic information that personally identifies you as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.

1.  WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources. For example:

•  We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

•  We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

•  We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

•  We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2.  WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.


31



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Third Parties.

We may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.

When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be permitted or required by law.

3.  HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by employees. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to appropriate security standards with respect to such information.

4.  HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

By following the opt-out procedures in Section 6 below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.

5.  HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

By following the opt-out instructions in Section 6 below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.


32



AIP Series Trust

Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6.  HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

•  Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

•  Writing to us at the following address:

  Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account.

Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.

7.  WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

The following section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.


33



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Frank L. Bowman (70)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (since February 2007); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996); and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l'Orde National du Mérite by the French Government; elected to the National Academy of Engineering (2009).

 

96

 

Director of BP p.l.c.; Director of Naval and Nuclear Technologies LLP; Director Emeritus of the Armed Services YMCA of the USA; Director of the U.S. Naval Submarine League; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Chairman of the charity, J Street Cup Golf; Trustee of Fairhaven United Methodist Church.

 
Michael Bozic (74)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
April
1994
 

Private investor and a member of the advisory board of American Road Group LLC (retail) (since June 2000); Chairperson of the Compliance and Insurance Committee (since October 2006); Director or Trustee of various Morgan Stanley Funds (since April 1994); formerly, Chairperson of the Insurance Committee (July 2006-September 2006); Vice Chairman of Kmart Corporation (December 1998-October 2000), Chairman and Chief Executive Officer of Levitz Furniture Corporation (November 1995-November 1998) and President and Chief Executive Officer of Hills Department Stores (May 1991-July 1995); variously Chairman, Chief Executive Officer, President and Chief Operating Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck & Co.

 

98

 

Trustee and member of the Hillsdale College Board of Trustees.

 
Kathleen A. Dennis (61)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); Chairperson of the Money Market and Alternatives Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).

 

96

 

Director of various nonprofit organizations.

 


34



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Nancy C. Everett (60)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
January
2015
 

Owner, OBIR, LLC (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013); and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010).

 

96

 

Member of Virginia Commonwealth University Board of Visitors; Member of Virginia Commonwealth University School of Business Foundation; formerly, Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010).

 
Jakki L. Haussler (57)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
January
2015
 

Chairman and Chief Executive Officer, Opus Capital Group (since January 1996); and formerly, Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008).

 

96

 

Director of Cincinnati Bell Inc. and Member, Audit Committee and Compensation Committee; Director of Northern Kentucky University Foundation and Member, Investment Committee; Member of Chase College of Law Transactional Law Practice Center Board of Advisors; Director of Best Transport; Member, University of Cincinnati Foundation Investment Committee; formerly, Member, Miami University Board of Visitors (2008-2011); Trustee of Victory Funds (2005-2008) and Chairman, Investment Committee (2007-2008) and Member, Service Provider Committee (2005-2008).

 
Dr. Manuel H. Johnson (66)
c/o Johnson Smick
International, Inc.
220 I Street, N.E.—
Suite 200
Washington, D.C. 20002
 

Trustee

  Since
July
1991
 

Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly Chairperson of the Audit Committee (July 1991-September 2006), Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.

 

98

 

Director of NVR, Inc. (home construction).

 


35



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Age and Address of
Independent Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
  Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee**
  Other Directorships
Held by Independent
Trustee***
 
Joseph J. Kearns (72)
c/o Kearns & Associates LLC
23823 Malibu Road
S-50-440
Malibu, CA 90265
 

Trustee

  Since
August
1994
 

President, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust.

 

99

 

Director of Electro Rent Corporation (equipment leasing). Prior to December 31, 2013, Director of The Ford Family Foundation.

 
Michael F. Klein (56)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

Managing Director, Aetos Capital, LLC (since March 2000); Co-President, Aetos Alternatives Management, LLC (since January 2004); and Co-Chief Executive Officer of Aetos Capital LLC (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management, President, various Morgan Stanley Funds (June 1998-March 2000) and Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).

 

96

 

Director of certain investment funds managed or sponsored by Aetos Capital, LLC. Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

 
Michael E. Nugent (78)
522 Fifth Avenue
New York, NY 10036
  Chairperson
of the
Board and
Trustee
  Chairperson of
the Boards since
July 2006 and
Trustee since
July 1991
 

Chairperson of the Boards of various Morgan Stanley Funds (since July 2006); Chairperson of the Closed-End Fund Committee (since June 2012) and Director or Trustee of various Morgan Stanley Funds (since July 1991); formerly, Chairperson of the Insurance Committee (until July 2006), General Partner, Triumph Capital, L.P. (private investment partnership) (1988-2013).

 

98

 

None.

 
W. Allen Reed (68)
c/o Kramer Levin Naftalis &
Frankel LLP
Counsel to the Independent
Trustees
1177 Avenue of the Americas
New York, NY 10036
 

Trustee

  Since
August
2006
 

Chairperson of the Equity Sub-Committee of the Investment Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, President and CEO of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).

 

96

 

Director of Temple- Inland Industries (packaging and forest products); Director of Legg Mason, Inc. and Director of the Auburn University Foundation.

 
Fergus Reid (82)
c/o Joe Pietryka, Inc.
85 Charles Colman Blvd.
Pawling, NY 12564
 

Trustee

  Since
June
1992
 

Chairman, Joe Pietryka, Inc.; Chairperson of the Governance Committee and Director or Trustee of various Morgan Stanley Funds (since June 1992).

 

99

 

Formerly, Trustee and Director of certain investment companies in the JP Morgan Fund Complex managed by JP Morgan Investment Management Inc. (1987-December 2012).

 


36



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Interested Trustee:

Name, Age and Address of
Interested Trustee
  Positions(s)
Held with
Registrant
  Length of Time
Served*
 

Principal Occupation(s) During Past 5 Years

  Number of
Portfolios in
Fund Complex
Overseen by
Interested
Trustee**
  Other Directorships
Held by Interested
Trustee***
 
James F. Higgins (67)
One New York Plaza,
New York, NY 10004
 

Trustee

  Since
June
2000
 

Director or Trustee of various Morgan Stanley Funds (since June 2000); Senior Advisor of Morgan Stanley (since August 2000).

 

97

 

Formerly, Director of AXA Financial, Inc. and AXA Equitable Life Insurance Company (2002-2011) and Director of AXA MONY Life Insurance Company and AXA MONY Life Insurance Company of America (2004-2011).

 

*  This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

**  The Fund Complex includes (as of December 31, 2014) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).

***  This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.


37



AIP Series Trust

Annual Report — March 31, 2015

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Age and Address of Executive Officer

  Position(s) Held
with
Registrant
  Length of Time
Served*
 

Principal Occupation(s) During Past 5 Years

 
John H. Gernon (51)
522 Fifth Avenue
New York, NY 10036
  President and
Principal
Executive
Officer
  Since
September
2013
 

President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex, Managing Director of the Adviser; Head of Product (since 2006) and Global Portfolio Analysis and Reporting (since 2012); for MSIM's Long Only business.

 
Stefanie V. Chang Yu (48)
522 Fifth Avenue
New York, NY 10036
  Chief
Compliance
Officer
  Since
December
1997
 

Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds and the Adviser (since January 2014); formerly, Vice President of various Morgan Stanley Funds (December 1997-January 2014).

 
Joseph C. Benedetti (49)
522 Fifth Avenue
New York, NY 10036
 

Vice President

  Since
January
2014
 

Managing Director of the Adviser and various entities affiliated with the Adviser; Vice President of various Morgan Stanley Funds (since January 2014); formerly, Assistant Secretary of various Morgan Stanley Funds (October 2004-January 2014).

 
Francis J. Smith (49)
522 Fifth Avenue
New York, NY 10036
  Treasurer and
Principal
Financial Officer
  Treasurer
since July
2003 and
Principal
Financial
Officer since
September
2002
 

Executive Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

 
Mary E. Mullin (48)
522 Fifth Avenue
New York, NY 10036
 

Secretary

  Since
June
1999
 

Executive Director of the Adviser and various entities affiliated with the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

 

*  This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves a one-year term, until his or her successor is elected and has qualified.


38



AIP Series Trust

Annual Report — March 31, 2015

Adviser

Morgan Stanley AIP GP LP
522 Fifth Avenue
New York, New York 10036

Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Fund's Proxy Voting Policy and Procedures and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 548-7786 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by the prospectuses of the AIP Series Trust, which describes in detail the Fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im or call toll free 1 (800) 548-7786.


39



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(This Page has been left blank intentionally.)




Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley AIP GP LP
522 Fifth Avenue
New York, New York 10036

© 2015 Morgan Stanley. Morgan Stanley Distribution, Inc.

DACFANN
1191809 EXP 05.31.16




 

Item 2.  Code of Ethics.

 

(a)                                 The Fund has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Fund or a third party.

 

(b)                                 No information need be disclosed pursuant to this paragraph.

 

(c)                                  Not applicable.

 

(d)                                 Not applicable.

 

(e)                                  Not applicable.

 

(f)

 

(1)                                 The Fund’s Code of Ethics is attached hereto as Exhibit 12 A.

 

(2)                                 Not applicable.

 

(3)                                 Not applicable.

 

Item 3.  Audit Committee Financial Expert.

 

The Fund’s Board of Trustees has determined that Joseph J. Kearns, an “independent” Trustee, is an “audit committee financial expert” serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification

 



 

Item 4.  Principal Accountant Fees and Services.

 

(a)(b)(c)(d) and (g).  Based on fees billed for the periods shown:

 

2015

 

Registrant

 

Covered Entities(1)

 

Audit Fees

 

$

75,810

 

N/A

 

 

 

 

 

 

 

Non-Audit Fees

 

 

 

 

 

Audit-Related Fees

 

$

 

(2)

$

 

(2)

Tax Fees

 

$

7,734

(3)

$

9,202,231

(4)

All Other Fees

 

$

 

 

$

280,341

(5)

Total Non-Audit Fees

 

$

7,734

 

$

9,482,572

 

 

 

 

 

 

 

Total

 

$

83,544

 

$

9,482,572

 

 

 

 

 

 

 

2014

 

Registrant

 

Covered Entities(1)

 

Audit Fees

 

$

30,000

 

N/A

 

 

 

 

 

 

 

Non-Audit Fees

 

 

 

 

 

Audit-Related Fees

 

$

 

(2)

$

 

(2)

Tax Fees

 

$

3,765

(3)

$

7,241,197

(4)

All Other Fees

 

$

 

 

$

280,341

(5)

Total Non-Audit Fees

 

$

3,765

 

$

7,521,538

 

 

 

 

 

 

 

Total

 

$

33,765

 

$

7,521,538

 

 


N/A- Not applicable, as not required by Item 4.

 

(1)         Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2)         Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities’ and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3)         Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

(4)         Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities’ tax returns.

(5)         All other fees represent project management for future business applications and improving business and operational processes.

 



 

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

 

APPENDIX A

 

AUDIT COMMITTEE

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY AND PROCEDURES

OF THE

MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS

 

AS ADOPTED AND AMENDED JULY 23, 2004,(1)

 

1.              Statement of Principles

 

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.

 

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor.  The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid.  Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee or its delegate (“specific pre-approval”).  The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors.  As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors.  Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

 

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee.  The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise.  The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee.  The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

 


(1)                                 This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), adopted as of the date above, supersedes and replaces all prior versions that may have been adopted from time to time.

 



 

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities.  It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

 

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

 

2.              Delegation

 

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members.  The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

 

3.              Audit Services

 

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee.  Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements.  These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit.  The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

 

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide.  Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

 

The Audit Committee has pre-approved the Audit services in Appendix B.1.  All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

 

4.              Audit-related Services

 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements and, to the extent they are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors.  Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services.  Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters

 



 

not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR.

 

The Audit Committee has pre-approved the Audit-related services in Appendix B.2.  All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

 

5.              Tax Services

 

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services.

 

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3.  All Tax services in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

 

6.              All Other Services

 

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted.  Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

 

The Audit Committee has pre-approved the All Other services in Appendix B.4.  Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

 

7.              Pre-Approval Fee Levels or Budgeted Amounts

 

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee.  Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee.  The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.

 

8.              Procedures

 

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Chief Financial Officer and must include a detailed description of the services to be

 



 

rendered.  The Fund’s Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee.  The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors.  Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund’s Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

 

The Audit Committee has designated the Fund’s Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy.  The Fund’s Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring.  Both the Fund’s Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Chief Financial Officer or any member of management.

 

9.              Additional Requirements

 

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

 

10.       Covered Entities

 

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s).  Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund.  This list of Covered Entities would include:

 

Morgan Stanley Retail Funds

Morgan Stanley Investment Advisors Inc.

Morgan Stanley & Co. Incorporated

Morgan Stanley DW Inc.

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley Services Company, Inc.

Morgan Stanley Distributors Inc.

Morgan Stanley Trust FSB

 



 

Morgan Stanley Institutional Funds

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Advisors Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley & Co. Incorporated

Morgan Stanley Distribution, Inc.

Morgan Stanley AIP GP LP

Morgan Stanley Alternative Investment Partners LP

 

(e)(2)  Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (attached hereto).

 

(f)                     Not applicable.

 

(g)                    See table above.

 

(h)                   The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors’ independence in performing audit services.

 

Item 5. Audit Committee of Listed Registrants.

 

(a) The Fund has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:  Joseph J. Kearns, Jakki L. Haussler, Michael F. Klein and Allen W. Reed.

 

(b) Not applicable.

 

Item 6. Schedule of Investments

 

(a) Refer to Item 1.

 

(b) Not applicable.

 



 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Applicable only to reports filed by closed-end funds.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Applicable only to reports filed by closed-end funds.

 

Item 9. Closed-End Fund Repurchases

 

Applicable only to reports filed by closed-end funds.

 

Item 10. Submission of Matters to a Vote of Security Holders

 

Not applicable.

 

Item 11. Controls and Procedures

 

(a)  The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

 

(b)  There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits

 

(a) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

 

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

AIP Series Trust

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 

May 20, 2015

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 

May 20, 2015

 

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

May 20, 2015

 

 


EX-99.CODEETH 2 a15-9234_1ex99dcodeeth.htm EX-99.CODEETH

Exhibit 99.CODEETH

 

EXHIBIT 12 A

 

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL
OFFICERS
ADOPTED SEPTEMBER 28, 2004, AS AMENDED SEPTEMBER 20, 2005,
DECEMBER 1, 2006, JANUARY 1, 2008 , SEPTEMBER 25, 2008 AND APRIL 23,
2009

 

I.                                                                This Code of Ethics (the “Code”) for the investment companies within the Morgan Stanley complex identified in Exhibit A (collectively, “Funds” and each, a “Fund”) applies to each Fund’s Principal Executive Officer, President, Principal Financial Officer and Treasurer (or persons performing similar functions) (“Covered Officers” each of whom are set forth in Exhibit B) for the purpose of promoting:

 

·                  honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

 

·                  full, fair, accurate, timely and understandable disclosure in reports and documents that a company files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

 

·                  compliance with applicable laws and governmental rules and regulations;

 

·                  prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

·                  accountability for adherence to the Code.

 

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.  Any question about the application of the Code should be referred to the General Counsel or his/her designee (who is set forth in Exhibit C).

 



 

II.                                                           Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 

Overview.  A “conflict of interest” occurs when a Covered Officer’s private interest interferes, or appears to interfere, with the interests of, or his service to, the Fund.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” (as defined in the Investment Company Act) of the Fund.  The Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.  This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the General Counsel determines that any violation of such programs and procedures is also a violation of this Code.

 

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Fund and its investment adviser.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund.  Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Funds’ Boards of Directors/Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

 

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

 

Each Covered Officer must not:

 

·                                          use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally (directly or indirectly);

 



 

·                                          cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or

 

·                                          use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

 

Each Covered Officer must, at the time of signing this Code, report to the General Counsel all affiliations or significant business relationships outside the Morgan Stanley complex and must update the report annually.

 

Conflict of interest situations should always be approved by the General Counsel and communicated to the relevant Fund or Fund’s Board.  Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer’s family living in the same household engages in such an activity or has such a relationship.  Examples of these include:

 

·                                          service or significant business relationships as a director on the board of any public or private company;

 

·                                          accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year from any person or entity with which the Fund has current or prospective business dealings, not including occasional meals or tickets for theatre or sporting events or other similar entertainment; provided it is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

 

·                                          any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

 

·                                          a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

 

III.                              Disclosure and Compliance

 

·                                          Each Covered Officer should familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

 

·                                          each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the

 



 

Fund, including to the Fund’s Directors/Trustees and auditors, or to governmental regulators and self-regulatory organizations;

 

·                                          each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and their investment advisers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

 

·                                          it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

IV.                               Reporting and Accountability

 

Each Covered Officer must:

 

·                                          upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he has received, read and understands the Code;

 

·                                          annually thereafter affirm to the Boards that he has complied with the requirements of the Code;

 

·                                          not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

 

·                                          notify the General Counsel promptly if he/she knows or suspects of any violation of this Code.  Failure to do so is itself a violation of this Code.

 

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any waivers(2) sought by a Covered Officer must be considered by the Board of the relevant Fund or Funds.

 

The Funds will follow these procedures in investigating and enforcing this Code:

 

·                                          the General Counsel will take all appropriate action to investigate any potential violations reported to him;

 


(2) Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics.”

 



 

·                                          if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

 

·                                          any matter that the General Counsel believes is a violation will be reported to the relevant Fund’s Audit Committee;

 

·                                          if the directors/trustees/managing general partners who are not “interested persons” as defined by the Investment Company Act (the “Independent Directors/Trustees/Managing General Partners”) of the relevant Fund concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

 

·                                          the Independent Directors/Trustees/Managing General Partners of the relevant Fund will be responsible for granting waivers of this Code, as appropriate; and

 

·                                          any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

V.                                    Other Policies and Procedures

 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Funds, the Funds’ investment advisers, principal underwriters, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern.  The Funds’ and their investment advisers’ and principal underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and Morgan Stanley’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI.                               Amendments

 

Any amendments to this Code, other than amendments to Exhibits A, B or C, must be approved or ratified by a majority vote of the Board of each Fund, including a majority of Independent Directors/Trustees/Managing General Partners.

 



 

VII.                          Confidentiality

 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees/Managing General Partners of the relevant Fund or Funds and their counsel, the relevant Fund or Funds and their counsel and the relevant investment adviser and its counsel.

 



 

VIII.                     Internal Use

 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion

 

I have read and understand the terms of the above Code.  I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code.  I hereby agree to abide by the above Code.

 

 

 

 

 

 

Date:

 

 

 



 

EXHIBIT A

 

MORGAN STANLEY

 

RETAIL AND INSTITUTIONAL FUNDS

at

March 31, 2015

 

For a current list of the Morgan Stanley Retail and Institutional Funds, please contact the Legal Department.

 



 

EXHIBIT B

 

Institutional Funds

Retail Funds

Morgan Stanley India Investment Fund, Inc.

Covered Officers

 

John H. Gernon —President and Principal Executive Officer —

 

Equity, Fixed Income and AIP Funds

Money Market and Liquidity Funds

 

Francis Smith — Principal Financial Officer and Treasurer

 



 

EXHIBIT C

 

Chief Legal Officer

 

Joseph C. Benedetti

 


EX-99.CERT 3 a15-9234_1ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

EXHIBIT 12 B1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

CERTIFICATIONS

 

I, John H. Gernon, certify that:

 

1.              I have reviewed this report on Form N-CSR of AIP Series Trust;

 

2.              Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.              Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.              The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)             designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)             disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.              The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 



 

a)             all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 20, 2015

 

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 



 

EXHIBIT 12 B2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

CERTIFICATIONS

 

I, Francis Smith, certify that:

 

1.              I have reviewed this report on Form N-CSR of AIP Series Trust;

 

2.              Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.              Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.              The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)             designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)             disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.              The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 



 

a)             all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 20, 2015

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 


EX-99.906CERT 4 a15-9234_1ex99d906cert.htm EX-99.906CERT

Exhibit 99.906CERT

 

SECTION 906 CERTIFICATION

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

AIP Series Trust

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended March 31, 2015 that is accompanied by this certification, the undersigned hereby certifies that:

 

1.                                      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                                      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

 

Date: May 20, 2015

/s/ John H. Gernon

 

 

 

John H. Gernon

 

Principal Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to AIP Series Trust and will be retained by AIP Series Trust and furnished to the Securities and Exchange Commission or its staff upon request.

 



 

SECTION 906 CERTIFICATION

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

AIP Series Trust

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended March 31, 2015 that is accompanied by this certification, the undersigned hereby certifies that:

 

1.                                      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                                      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

 

Date: May 20, 2015

/s/ Francis Smith

 

 

 

Francis Smith

 

Principal Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to AIP Series Trust and will be retained by AIP Series Trust and furnished to the Securities and Exchange Commission or its staff upon request.

 


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