Portfolio Management

Investment Advisor: Alternative Investment Partners, LLC
Lee W. Schultheis is the CEO, Chief Investment Strategist
and Founder of the AIP Mutual Funds. AIP's Alpha Hedged Strategies (ALPHX) and Beta Hedged Strategies (BETAX) are two open-end mutual funds that invest their portfolios in a manner similar to a conservative hedge fund-of-funds, employing a multi-manager approach to a variety of hedged alternative investment styles. Schultheis is recognized as a pioneer in the alternative investing arena, as Alpha Hedged Strategies Fund was one of the first mutual funds to offer institutional and retail investors access to a broad array of hedge fund managers through an open-end no-load mutual fund vehicle. AIP Mutual Funds have experienced significant growth over the past 5 years with assets exceeding $800 Million. He is frequently interviewed on mutual fund and hedge fund industry issues, with articles appearing in The Wall Street Journal, BusinessWeek, Financial Advisor Magazine, TheStreet.com, Barron's and InvestmentNews. Mr. Schultheis makes frequent guest appearances on CNBC, CNN and Bloomberg TV. He is a well respected and sought-after speaker at industry conferences including NAPFA, FPA and the Financial Advisor Symposiums. Recent topics include "Hedge Fund Strategies in a Mutual Fund" and "De-Mystifying Hedge Fund Strategies & Concepts." Before founding Alternative Investment Partners, LLC (AIP) he was chief operating officer at Kinetics Asset Management as well as president of Kinetics Funds Distributor, Inc. Mr. Schultheis has more than 20 years of investment industry experience, including the mutual fund programs at Chase Manhattan Bank and US Trust Company of New York. He holds a Bachelor of Science from Cornell University.

Portfolio Research Consultant: Trust Advisors LLC
AIP has selected Trust Advisors LLC as the Portfolio Research Consultant to the AIP Family of Funds and to provide assistance in conducting a comprehensive review of each Sub-Advisor, its investment process and organization. Trust Advisors, an affiliate of AIP and the $3.2 billion Asset Alliance Corp. group of alternative investment management firms, provides AIP with research on a wide range of data and analytics on each Sub-Advisor including, but not limited to, past investment performance during various market conditions, investment strategies and processes used, structures of portfolios and risk management procedures, reputation, experience and training of key personnel, correlation of results with other Sub-advisors and assets under management and number of clients. AIP will on a regular basis allocate the assets of the Fund among each Sub-Advisor based on this research and current market conditions.

Michael E. Portnoy - Managing Director, Trust Advisors
Mr. Portnoy is a Managing Director and co-founder of Trust Advisors LLC. He has been instrumental in the development of specialized investment products throughout his career including hedge fund of funds offerings. Mr. Portnoy’s responsibilities include product design, portfolio construction, sub-advisor due diligence, manager selection and performance reporting. Mr. Portnoy holds a BA from Ohio Wesleyan and an MBA from Capital University. Prior to forming Trust Advisors, Mr. Portnoy was a senior vice president at Evaluation Associates where he helped develop the firm’s institutional mutual fund and consulting business.

Mark R. Tonucci - Managing Director, Trust Advisors
Mr. Tonucci is a Managing Director and co-founder of Trust Advisors LLC. He has specialized in the development of investment products for both institutional and retail distribution at a number of the nation’s leading banking and financial institutions. As an asset management consultant, Mr. Tonucci has assisted financial institutions in the development and management of new mutual fund companies, proprietary investment products, and market planning and research. Mr. Tonucci has more than 30 years experience in the investment management, mutual fund and trust industries. Mr. Tonucci holds a BA from Southern Connecticut State University and an MBA in Finance and Economics from the University of New Haven. Prior to forming Trust Advisors, Mr. Tonucci was a senior vice president at Evaluation Associates where he worked to develop and investment management group to service the institutional market.