X0306 4 2016-04-01 0 0001572828 STEBEN SELECT MULTI-STRATEGY FUND NONE 0001254652 MORRISS GEORGE W C/O LEHMAN BROTHERS INC 399 PARK AVENUE NEW YORK NY 10022 0 0 0 1 Trustee Class I Shares 2016-04-01 4 P 0 2952.75 10.16 A 30000 D This is the net asset value (NAV) of Class I Shares as of February 29, 2016. The NAV of Class I Shares is determined as of the close of business on the last calendar day of the month. The actual NAV of Class I Shares with respect to this transaction will be calculated as of March 31, 2016 and will be available at the end of the month of April 2016 at which point we will file an amendment to this Form 4. /s/George Morriss by his Attorney-in-Fact Francine Rosenberger 2016-04-04