With reference to investments, consider the following : I. Bonds II. Hedge Funds III. Stocks IV. Venture Capital How many of the above are treated as Alternative Investment Funds?

Alternative Investment Funds (AIFs) under SEBI regulations include privately pooled investment vehicles that invest in assets other than traditional stocks, bonds, and cash. Hedge Funds are classified under Category III AIFs, while Venture Capital Funds are classified under Category I AIFs. Bonds and Stocks are traditional/conventional investments, not alternative investments. Therefore, only Hedge Funds and Venture Capital qualify as Alternative Investment Funds.