Vasey, VP Trading & Risk Management Practice for UtiliPoint. "Our first on-line seminar attracted a ?crowd' and we have had ongoing and repeated requests to repeat the session.""There is tremendous interest on what the hedge funds are up to the energy sector, and we keep discovering new things about them through our ongoing research," said Peter Fusaro, Chairman, Global Change Associates.To sign up for the online seminar held in conjunction with PGS Energy Training, go to www.pgsenergy/online/ to register. For more information on obtaining the report or subscribing to the energy hedge fund directory, please contact Dr. GM Vasey at 281-681-8020 or e-mail protected from spam bots.About UtiliPoint? International, Inc. With origins dating to 1933, UtiliPoint? International, Inc.

is a leader in providing research-based consulting to the utility industry. UtiliPoint analysts have provided strategic business plans and studies on information technology, and its impact on utility operations. Direct experiences include work in trading/risk management, outsourcing, CIS, billing, CRM, metering, AMR, demand response, work/outage management, supply chain, ERP, call centers, rates/pricing products, and IT architectural design. The firm is also the publisher of IssueAlert?, an analysis of the utility and energy industry's hot topics sent to over 33,000 utility and energy executives daily.About Global Change AssociatesGlobal Change Associates, based in New York (www.global-change.com), is a leading consultancy in energy and environmental commodity risk management. GCA is at the forefront of revealing changes in energy trading and risk management, and has been the market leader in energy trading, energy e-commerce, and Enron competitive analysis studies.

Company chairman, Peter Fusaro, has authored six books on energy and environmental trading and will release Energy Hedging in Asia this fall through MacMillan. The company holds the annual Green Trading Summit in New York City..

• What is an Absolute Return Fund?
• How Absolute Return Funds play a part in your portfolio

Traditional investment funds tend to invest directly into stocks, which may go either up or down. Absolute Return Funds have greater scope to use derivatives, short positions, and non-traditional securities to ensure their positions are protected in bearish markets.Absolute Return Funds are massively diverse in size, scope and philosophy. The investment strategy employed by the fund manger will dictate whether investors receive returns in the form of income, capital appreciation, or both. The risk profile of absolute return funds can also range from very conservative to very aggressive. The difference in return and risk profile is determined by the exact instruments used by the fund manager.

These methodologies will be highlighted in the fund's Product Disclosure Statement or Prospectus.The main characteristics of Absolute Return Funds are:

• Non-traditional investment techniques such as short-selling, derivatives, warrants
• Performance incentives to align investor and manager interests
• The use of gearing to increase investment positions and potential returns
• Accepting pf new investments to effectively implement their complete investment strategy
• Minimal exposure to potential market actions

Absolute Return Funds ignore bearish and bullish trends to be consistent performers in your portfolio. Diversification in non-traditional investment instrumentsDiversification in your investment portfolio is a key to success. Your portfolio should already contain shares, bonds, property, cash, fixed interest investments. Absolute Return Funds offer another weapon in your wealth accumulation armoury. You are able to diversify your portfolio further which gives you more security and, over time, a better return on investment.LiquidityUnits in Absolute Return Funds are often available directly from the fund manager but are easily found, and traded, on the stock exchange.

This makes your investment highly liquid. You have the ability to increase, or decrease your stake, in a particular fund at the click of a button.Returns from both income and capitalAbsolute Return Funds can give you both returns in both income and capital. This spread will assist your tax position as you are not overly exposed to any one kind of return. Risk ManagementAbsolute Return Funds are actively managed. The managers also tend to have large amounts of their own personal wealth invested to reassure the investors that the managers are always trying to maximize their return on investment..

Your instructors are best selling author of What Went Wrong at Enron and energy risk management strategist Peter C. Fusaro and Dr. Gary M. Vasey; Utilipoint's guru on energy trading & risk management. Seminar highlights include: ?Why energy trading has changed forever ?Who are these guys: What actually is a hedge fund? ?Why the energy markets are now more financially focused ?What's the future role of utilities in this new trading dynamic ?What are the impacts on market structure ?What are the technology choices available ?What's going to happen next in energy tradingFor further information on registering for the seminar please click to www.pgsenergytraining,.com.

Please contact Peter Fusaro or Gary Vasey for more information and free press passes for bona fide members of the press to this event.e-mail protected from spam bots e-mail protected from spam bots.???About Global Change Associates, Inc.Global Change Associates, based in New York (www.global-change.com), is a leading consultancy in energy and environmental commodity risk management. GCA is at the forefront of revealing changes in energy trading and risk management, and has been the market leader in energy trading, energy e-commerce, and Enron competitive analysis studies. Company chairman, Peter Fusaro is the author of New York Times best seller What Went Wrong at Enron and has authored six books on energy and environmental trading and will release Energy Hedging in Asia this fall through MacMillan. The company holds the annual Green Trading Summit in New York City.About UtiliPoint International, Inc.???Utilipoint International (www.utilipoint.com)???With origins dating to 1933, UtiliPoint International, Inc. is a leader in providing research-based consulting to the utility industry.

UtiliPoint analysts have provided strategic business plans and studies on information technology, and its impact on utility operations. Direct experiences include work in trading/risk management, outsourcing, CIS, billing, CRM, metering, AMR, demand response, work/outage management, supply chain, ERP, call centers, rates/pricing products, and IT architectural design. The firm is also the publisher of IssueAlert?, an analysis of the utility and energy industry's hot topics sent to over 34,000 utility and energy executives daily.??????.

The investment company is both the conventional wisdom and the investment of choice for the individual investor. In The ABCs of Mutual Funds, author, and former stockbroker, Robert Anthony Chechile discusses?for those seeking financial control?all the different investment company securities: mutual funds, contractual plans, hedge funds, exchange traded funds, folios, unit investment trusts, and variable annuities. Mr. Chechile also explains the securities industry: the differences between full service and discount securities dealers, and the role and legal obligations of stockbrokers, financial planners, and investment advisors. The ABCs of Mutual Funds shows how to minimize risk with capital allocation and diversification guidelines; and, provides investment strategies that can avoid being caught in the fear-greed trap.

Finally, Mr. Chechile offers investment company, selection guidelines and criteria, and then uses these to construct a hypothetical investment company portfolio, the future performance of which is then critiqued 7? years later.In a recent interview, author Chechile describes his motivation for writing investment guide sourcebooks for individual investors. "Throughout my career as a stockbroker, I saw all kinds of problems that the average, risk-averse, individual investor could get into. Too many clients would seek help to repair portfolios of deceptive securities that had transacted previously with other firms that would typically no longer be in business. Therefore, the vulnerability of the individual investor has been paramount in the writing of this book." The topic of "investments" has plagued people since the concept of money was invented, and this is likely not to change, which makes The ABCs of Mutual Funds, and its companion, The ABCs of IPOs, both timeless and timely."An absolute 'must-read' for anyone....

Recommended investment guidelines and selection criteria ensure that The ABCs of Mutual Funds pays for itself, as tips, tricks, and techniques for avoiding costly mistakes are worth their weight in green." -- Midwest Book Review, Jan. 9, 2005AvailabilityThe ABCs of Mutual FundsEverything Your Financial Consultant Really Doesn't Have Time to ExplainRobert Anthony ChechileBusiness and Economics / Personal FinanceTrade Paperback ???? ISBN: 0-595-33063-0 ???? Price: $21.95 Hardcover???? ISBN: 0-595-66742-2 ???? Price: $31.95 Publication Date: Nov, 2004276 PagesSize: 6 x 9 InchesAvailable from: Ingram Book Group, Baker & Taylor, Barnesandnoble.com, Amazon.com, and iUniverse.com..

We assist financial, energy, chemical and mining companies who are considering: hedging with derivatives, complex customer transactions, insurance, acquisitions, divestitures, trading (commodities, equities & derivatives), and other transactions involving material risk.Global Change Associates is a premier energy & environmental financial risk management boutique servicing a diversified client base of major energy market participants in oil, gas, power coal, and energy software industries, as well as investment banking and hedge funds. GCA founder and chairman, Mr. Peter Fusaro, is an internationally recognized "thought leader" in energy risk management and energy markets, and author of the best seller What Went Wrong at Enron.For more information, please contact Justin Harlow at Risk Capital at 212-918-1882, e-mail protected from spam bots..

Roy Papp & Associates, LLP, Phoenix, AZ) equity funds with a total of $153 million in assets were reorganized as Pioneer Papp funds. "Strategic Capital Advisors took the extra time to understand our company and our posture," noted Steven Graziano, Pioneer's Executive Vice President, Strategic Marketing. "The firm's deliberate approach to the search and its thorough vetting of candidates helped us make the right strategic fit in all three acquisitions. Arthur's in-depth knowledge of our business and culture convinced our new partners of the merits of the fits as well."Strategic Capital Advisors, LLC, a wholly owned subsidiary of Drago Holdings, LLC, specializes in mergers and acquisitions for the financial service industry..

Similarly, they trade natural gas on both futures exchanges and the North American OTC markets. To round out their participation, they trade both gasoline and heating oil on NYMEX and gasoil on the IPE.The Directory, "Hedge Funds in Energy" is available as a Utilipoint Infogrid available on the company's website at http://www.utilipoint.com/rci/infogrids.asp for $995 for an annual subscription with 11 monthly updates. About Global Change Associates, Inc.Global Change Associates Inc, is based in New York (www.global-change.com), and is a leading consultancy in energy and environmental commodity risk management. GCA is at the forefront of revealing changes in energy trading and risk management, and has been the market leader in energy trading, energy e-commerce, and Enron competitive analysis studies. Company chairman, Peter Fusaro is the author of New York Times best seller What Went Wrong at Enron and has authored six books on energy and environmental trading and will release Energy Hedging in Asia this fall through MacMillan.

About UtiliPoint International, Inc.Utilipoint International Inc. (www.utilipoint.com) with origins dating to 1933, is a leader in providing research-based consulting to the utility industry. UtiliPoint analysts have provided strategic business plans and studies on information technology, and its impact on utility operations. Direct experiences include work in trading/risk management, outsourcing, CIS, billing, CRM, metering, AMR, demand response, work/outage management, supply chain, ERP, call centers, rates/pricing products, and IT architectural design. The firm is also the publisher of IssueAlert?, an analysis of the utility and energy industry's hot topics sent to over 34,000 utility and energy executives daily.For further information on this brand new directory please contact Gary Vasey e-mail protected from spam bots.???.

They also tend to agree with the Fund's strategy of seeking more consistently positive annual returns, with lower market exposure, risk and volatility, than if it utilized a single manager or single strategy approach."With the recent additions of Gabelli Asset Management, to run its merger arbitrage strategy, and G2 Capital Management, to manage its deep discount value long/short equity strategy, Alpha Hedged Strategies continues to take the lead in offering a diversity of alternative investment styles and managers to the mutual fund marketplace. As a multi-strategy fund, Alpha Hedged Strategies Fund, gives its investors exposure to a broad variety of alternative styles including: Distressed Securities, Earnings Revision Long/Short Equity, Momentum Long/Short Equity, Tactical Allocation Long/Short Equity, Deep Discount Value Long/Short Equity, Merger Arbitrage, Fixed-Income Arbitrage, and Convertible Bond Arbitrage.The Alpha Hedged Strategies Fund continued to deliver strong performance, Ranking # 1 in Morningstar's Conservative Allocation Category * for the one-year period ending 3/31/05 among 376 funds. Morningstar rankings are based on total return. The Fund was up 14.09% for this same one year period, and the annualized return from inception on 9/23/02 through 3/31/05 was 6.87%. Total return identifies the return of the Fund taking into consideration changes in the net asset value, accumulation and reinvestment of dividends and the compounding factor over time.Performance data quoted represents past performance and does not guarantee future results.

The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and may be obtained by visiting www.aipfunds.com. The fund imposes a 2.00% redemption fee for shares redeemed less than 180 calendar days after they are purchased."Advisors know that they have to be able to offer conservative, all-weather choices to their clients," Mr. Schultheis noted. "By delivering both a conservative portfolio risk profile and strong risk-adjusted performance, Alpha Hedged Strategies has garnered both increased media exposure, and investor interest."Fund DisclosureThe fund's investment objectives, risks, charges and expenses must be considered carefully before investing.

The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-877-Low-Beta (569-2382), or visiting www.aipfunds.com. Read it carefully before investing. Certain hedging techniques and leverage employed in the management of the Fund may accelerate the velocity of possible losses. Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the Fund. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Fund.

Options held in the Fund may be illiquid and the fund manager may have difficulty closing out a position. The Fund may also invest in:* Smaller capitalized companies - subject to more abrupt or erratic market movements than larger, more established companies;* Foreign securities, which involve currency risk, different accounting standards and are subject to political instability;* Securities limited to resale to qualified institutional investors, which can affect their degree of liquidity;* Shares of other investment companies that invest in securities and styles similar to the Fund, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds.The Fund intends to utilize these individual securities and hedging techniques in matched combinations that are designed to neutralize or offset the individual risks of employing these techniques separately. Some of these matched strategies include: merger arbitrage, long/short equity, convertible bond arbitrage and fixed-income arbitrage. There is no assurance that these strategies will protect against losses. * Morningstar defines Conservative Allocation as: a fund that invests in both stocks and bonds and maintains a relatively small position in stocks.

These funds typically have 20-50% of their assets in stocks and 50-80% of assets in bonds and cash.Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances.(Quasar Distributors, LLC, Distributor - 5/05)About the Alpha Hedged Strategies FundThe Alpha Hedged Strategies Fund, with Ticker www.aipfunds.com (ALPHX), is an open-end mutual fund that invests its portfolio in a manner similar to a conservative hedge fund-of-funds. The fund employs a multi-manager approach to a variety of hedged alternative investment styles, but with a liquid portfolio of its own securities, using the limited amounts of leverage and short-selling allowable in open-end mutual funds. The Alpha Hedged Strategies Fund utilizes the talents of highly specialized hedge fund managers, as sub-advisers to the Fund, in executing their alternative investment strategies. The Fund offers the portfolio diversification benefits that institutions, pension funds, endowments & foundations, and high-net worth individuals have become accustomed to in hedge funds.

The Fund combines these portfolio attributes with the daily pricing, liquidity, and other shareholder features commonly associated with open-end mutual funds. As such, the Fund is uniquely positioned to provide its shareholders with portfolio diversification that goes well beyond the traditional asset classes of stocks, bonds and cash.For more information on the Alpha Hedged Strategies Fund please visit www.aipfunds.com or call 1-866-Low-Beta (569-2382).Contact:Jennifer ConnellyAIP Funds, JC Public Relations(908) 813-2478.

Fusaro. They will share some of their latest research on energy hedge funds."Oil prices continue at record levels and there remains speculation in the media regarding the role played by hedge funds and other speculators," reports Dr. Gary M. Vasey, who is VP Trading & Risk Management Practice for energy industry analysis and consulting firm UtiliPoint International, Inc. "Our online seminar will explain what an energy hedge fund is, why hedge funds are interested in the energy industry and what impact the funds are having on energy prices.""Energy is now in the spotlight for hedge funds offering great upside potential and tremendous price risk.

Today, investors are lining up to enter emerging markets such as coal, renewables, carbon and water trading," said Peter Fusaro, Chairman of New York-based energy risk management consulting firm, Global Change Associates.To sign up for the online seminar held in conjunction with PGS Energy Training, visit http://www.pgsenergy.com/online/f201.html to register and for more information. About the Energy Hedge Fund Center (www.energyhedgefunds.com)The Energy Hedge Fund Center is the first free online community specifically created for those interested in monitoring and understanding the activities of hedge funds in the energy industry. In our community users have access to news, articles, polls and other information on energy hedge funds and their activities. Members of the community receive a daily email highlighting site updates. The energy hedge fund directory is also available for subscription at the site..

Shinn was Director of Operations for International Trader's Research, a leading CTA database service provider in La Jolla, California. Mr. Shinn said AMG will operate independently as a wholesaler, but will also seek to develop partnerships with alternative asset management firms to construct portfolios of alternative investment managers. AMG plans to utilize proprietary research and in-depth knowledge of the industry to deliver access to the top risk-adjusted trading advisors around the world through its stable of investment funds. "Alternative investments, including managed futures funds, are continuing to gain in interest and demand.

We believe this is an opportunistic time to launch our firm's services," explained Mr. Shinn. "We are excited about the funds we represent, and are dedicated to providing quality alternative investment solutions to a growing network of Broker Dealers, Investment Advisors and Financial Planners who are seeking assistance in identifying money managers and investment products to help their clients diversify their portfolios."Peter S. Church joins Mr. Shinn at AMG as Managing Partner.

Mr. Church is a marketing executive who operates his own marketing consulting firm, and brings more than 15 years experience to AMG in developing unique and successful marketing strategies in the futures, managed futures and hedge fund industries. Mr. Church was a former marketing director for Man Financial, one of the world's largest futures brokerage firms and a leading provider of alternative investment products.AMG Capital Group is an alternative investment provider and consultant. The firm provides access to public commodity funds, offshore futures funds and other alternative investments.

AMG also offers integrated research, product development, and marketing consulting services for brokers and investment advisory firms worldwide.For additional information: ???George Y. ShinnManaging DirectorAMG Capital Group, LLC1909 Mariachi CourtAustin, TX 78732USA512-215-4238e-mail protected from spam botswww.amgcapitalgroup.com.