Alternative Investment Funds: introduces Accredited Investors only fund, excludes accredited investors from investor counts and shifts trustee duties. Introduces the Accredited Investors only fund-an AIF or scheme restricted to accredited investors (excluding certain insiders)-and permits conversion of pre-existing AIFs/schemes to this category subject to Board conditions. Accredited investors are excluded when computing the number of investors in a scheme, certain regulatory sub-clauses will not apply to these funds, and trustee responsibilities for such funds shall be carried out by the manager.