1. The PAA Long-Short Fund Peter A. Ammermann, Ph.D. Portfolio Manager

2. Mission  The PAA Long-Short Fund is a quantitatively constructed fund-of-funds that is designed to outperform the overall market over the long run on a risk-adjusted basis.  The fund manager will utilize proprietary statistical models and portfolio optimization techniques to obtain the best possible risk-return characteristics for the fund’s investors from a concentrated portfolio of select fixed-income and equity funds.

3. Economic/Market Projections  ???

4. Economic/Market Projections  ???

5. Components of Presentation  Title  List of principals (members of management team)  Mission –Sources of value-added –Universe of stocks / funds –Anticipated risk/return profile for fund –Relevant benchmark –Target investor for fund  Economic / market projections