Reasons to Invest

However, it can be difficult to select the right hedge fund or set of hedge funds. Properly researching managers takes skill and expertise. In addition, high manager investment minimums and potentially long lock-up periods often put many hedge fund managers out of the reach of non-institutional investors.

These are the barriers Steben Select Multi-Strategy Fund seeks to eliminate.

1. Share repurchases with 75 days advance notice, paid within 35 days of quarter-end with up to 5% held back until audit completed. Quarterly share repurchases are not guaranteed. Please see the prospectus for more information.

Fund shares may be sold only to accredited investors, which are investors who meet certain minimum annual income or net worth thresholds. The Fund is speculative and an investment in the Fund involves substantial risks. Investors should be able to bear the loss of their investment. The Funds shares are subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their shares. The Fund, however, intends to conduct quarterly share repurchases, subject to an early withdrawal fee of 2% within the first 9 months of an investors subscription. This document does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer will be made only by means of the Funds prospectus.

RISK CONSIDERATIONS: STEBEN SELECT MULTI-STRATEGY FUND

Steben Select Multi-Strategy Fund is part of a master-feeder structure and invests in a closed-end, non-diversified investment company with the same objectives and strategies (Master Fund), which in turn invests in hedge funds (Portfolio Funds). Fund investors will bear asset-based fees and expenses of the Fund, which includes the Funds pro rata portion of the fees and expenses of the Master Fund and, indirectly, of the Portfolio Funds. Those fees may include performance-based compensation of the underlying managers. An investment in the Fund is speculative and there is no guarantee that the Fund will achieve its investment objectives. An investment in the Fund should be viewed as part of an overall investment program and should only be made by investors willing to undertake the risks involved.

Investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, restricted liquidity of certain investments, distressed securities and other high risk investments, foreign currency translation, long-biased strategies, sector specific risks, counterparty risk, convertibles, use of derivatives for hedging and non-hedging purposes, leverage/borrowing, purchases of initial public offerings, valuation, master-feeder structure, use of short selling, investment in junk bonds, high portfolio turnover rate, conflicts of interest, options, futures, commodities, real assets and investment in non-US securities.

Both the Fund and the Master Fund are registered as investment companies with the Securities and Exchange Commission (SEC). However, the Portfolio Funds are not registered with the SEC. Although registered as investment companies, both the Fund and Master Fund have limited liquidity and do not provide daily net asset values.

The Portfolio Funds may be highly leveraged. A portfolio of hedge funds may increase the potential for losses and gains. One or more underlying managers may, from time to time, invest a substantial portion of the assets managed in a particular market or sector. As a result, the Portfolio Funds (as well as the Fund) may be subject to greater risk and volatility than if investments had been made in the securities or derivatives of a broader range of issuers. There can be no assurance that an underlying managers strategy will be successful or that it will employ such strategies with respect to its entire portfolio. The Portfolio Funds in which the Fund invests can be highly illiquid and may not be required to provide periodic pricing or valuation to investors. The overall performance of the Fund is dependent not only on the investment performance of individual managers, but also on the ability of the Funds Investment Manager to effectively select and allocate the Funds assets among such managers on an ongoing basis. The Fund may be less diversified and more subject to concentration risk than other funds of hedge funds. The value of the Funds portfolio investments should be expected to fluctuate. The Funds shares are not listed on any securities exchange, and it is not anticipated that a secondary market for shares will develop. The Fund cannot guarantee that investors will be able to effect repurchases of as many shares as they request. Steben & Company and the underlying portfolio fund managers may face conflicts of interest. Shares are offered pursuant to the terms of the prospectus and (i) are not FDIC-insured, (ii) are not deposits or other obligations of, or guaranteed by, any bank and (iii) involve investment risks, including possible loss of principal. Diversification among multiple hedge funds does not assure profit or guarantee against losses. Investor Concerns & Suitability The Fund is appropriate only for investors who can bear the risks associated with limited liquidity and should be considered a long-term investment. Investors may lose some or all of their investment and should carefully consider their investment objectives, personal situation, and other factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. The information presented does not represent investment restrictions or guidelines for the Fund, and is current through the dates herein.

Before investing, you should carefully consider the Funds investment objectives, risks, charges and expenses. For more information or to obtain a current prospectus. please contact Steben & Company at 800.726.3400 or info@steben.com. Please read the prospectus carefully before you invest.

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS OBJECTIVES, GENERATE PROFITS OR AVOID LOSSES.

RISK CONSIDERATIONS: Managed futures, hedge funds, and funds of hedge funds and other alternative investments are not suitable for all investors. Their investment programs are speculative and performance can be volatile. An investor could lose all or a substantial amount of their investment. They involve a high degree of risk and often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. In addition, they can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees which may offset any trading profits. Diversification does not ensure a profit or guarantee against a loss. Alternative investment managers typically exercise broad investment discretion and may apply similar strategies across multiple investment vehicles, resulting in less diversification. Trading may occur outside the United States which may pose greater risks than trading on US exchanges and in US markets.

Additionally, alternative investments often entail futures, forwards contracts and swaps trading, which involves substantial risk of loss and may be volatile. Other risks inherent in an investment in alternatives include short sales, options, derivatives, junk bonds, emerging markets and limited regulatory oversight.

There may not be a secondary market for an investor’s interest in alternative investments, and none may develop. There may be restrictions on transferring interests in some types of alternative investments.

Please see our Education and Resources section for more information on alternative investments, their risks, and a glossary of terms.

This website is not an offer to sell, or a solicitation of any offer to buy an interest in any Steben Fund. Any such offer or solicitation of an investment may be made only by delivery of the Funds prospectus or confidential offering memorandum. This website is not complete and does not contain certain material information about the Steben Funds, including important disclosures and risk factors associated with an investment in the Funds.