Richard S. Bookbinder, Managing Member

Richard S. Bookbinder formed Bookbinder Capital Management LLC in the spring of 1999 and is actively involved in all aspects of business operations including fund management, portfolio allocation, manager research, investor relations, and new business development.

Prior to forming BCM, Mr. Bookbinder was a Managing Director at HKC Securities, Inc., a New York-based financial services firm focused on hedge fund managers and institutional investors. He was responsible for new business development and assisting clients in evaluating investment strategies and identifying different investment managers who met strict evaluation criteria. Prior to joining HKC, Mr. Bookbinder was a Founding Principal of Sandler, O’Neill & Partners, L.P., a leading investment bank specializing in middle-market financial institutions. Previously, Mr. Bookbinder was a Limited Partner and Associate Director in fixed-income sales at Bear, Stearns & Co. Inc. and before that he directed the sale of municipal bonds to high net-worth individuals at L.F. Rothschild & Co. He began his career in the fixed-income area of J.B. Hanauer & Co.

Mr. Bookbinder earned a B.A. in Economics from Upsala College. Bookbinder is registered with the National Futures Association as an NFA Associate Member. Mr. Bookbinder currently holds Series 3, 7, 24, and 63 registrations with the NASD. Bookbinder Capital Management LLC is registered as a Commodity Trading Advisor and Commodity Pool Operator.

Jacqueline H. Oring, Associate

Jacqueline H. Oring is an analyst at BCM. Currently, Ms. Oring is responsible for new manager research, ongoing research of current portfolio holdings, and providing statistical summaries of BCM’s current allocations. She reviews manager correlation and performance attribution, and is responsible for the development of statistical analytics and for the preparation of all presentation materials for the Funds. Ms. Oring is proficient in analyzing numerous hedge fund strategies and also has an in-depth knowledge of Pertrac, Bloomberg, and several on-line institutional hedge fund databases. Ms. Oring also coordinates the financial reporting and monthly/quarterly accounting between the accountant and auditors, and coordinates the annual audit in the preparation for the release of the Firm’s K-1s.

Prior to joining BCM, Ms. Oring was an analyst with Deutsche Banc Alex. Brown’s Institutional Equity group. After completing the London-based Equity Training Program, she returned to the New York equity sales team where she had a variety of responsibilities including analyzing multi-industry equity research, and maintaining client relations on market developments.

Ms. Oring received a B.S. in Finance from Lehigh University in 2000 and currently holds Series 7 and 63 registrations with the NASD.