The recent credit crunch and economic turndown is creating unique opportunities for alternative investment asset managers. With headlines screaming the death of asset allocation, many financial advisors (RIAs and broker/dealers) are looking beyond traditional stock & bond investments. This makes tactical hedge strategies very appealing. What few hedge managers realize is that their strategy may work inside a mutual fund, in a so-called 40 Act hedge fund-style mutual fund, thus opening the door to raising retail assets. Morningstar is only tracking 132 hedge fund-like mutual funds so the opportunity for new entrants with proven strategies is high. Gemini Fund Services, LLC (“Gemini”) is an expert in creating pooled investment solutions, i.e. where multiple investors are managed through a single trading account. These include alternative funds, mutual funds, closed-end funds, collective funds, and variable annuities. Gemini has facilitated the creation of a series of hedge fund-like mutual funds. This paper summarizes ten of the most common questions asked by hedge managers thinking of creating a 40 Act fund including sections on fees, costs, timelines, restrictions, compliance, and distribution.