Hatteras Funds Announces Firm's First Single Strategy Hedged Mutual Funds Funds Provide Access to Multiple Hedge Fund Managers in a Single Mutual Fund Format

RALEIGH, N.C., May 3, 2011 /PRNewswire/ -- Hatteras Funds, a boutique alternative investment specialist providing unique alternative investment solutions for financial advisors and their clients, has added two single strategy hedged mutual funds to its lineup of innovative alternative mutual fund products. The Hatteras Long/Short Equity Fund (Tickers: A Share – HLSAX; I Share - HLSIX) and the Hatteras Long/Short Debt Fund (Tickers: A Share – HFIAX; I Share - HFINX) provide access to two of the four core strategies available through the Hatteras Alpha Hedged Strategies Fund (Ticker: ALPHX), which was launched in 2002.

"Our advisor clients desire the benefits of alternative investment strategies, but seek to access those portfolio attributes with greater flexibility, liquidity, and ease of use. Many of our clients have utilized the Hatteras Alpha Hedged Strategies Fund to deliver a diversified 'core' approach to hedge fund investing that seeks to reduce portfolio volatility," said Brian Jacobs, CEO of Hatteras Funds.

"With the growth of liquid alternative mutual funds, we have seen increasing advisor interest in accessing our 'core' product's underlying hedge fund strategies as stand-alone products to address specific portfolio needs. For the first time, we are making these proprietary, strategy-specific funds available to investors who seek to gain access to a specific hedge fund strategy, such as long/short equity or long/short debt, through multiple hedge fund managers in a mutual fund format," Mr. Jacobs said.

The Long/Short Equity Fund seeks to achieve consistent returns with moderate correlation to traditional U.S. equity market indices and lower volatility of monthly returns over a market cycle. The fund employs long and short trading in common stock, and preferred stock of U.S. and foreign issues to achieve capital appreciation.

The Long/Short Debt Fund seeks to achieve total return through current income, capital preservation and capital appreciation. The fund strives to provide low correlation to traditional fixed income benchmarks, employing long and short trading in strategies that utilize debt and debt-related securities that allow the Fund to focus on opportunities to take advantage of perceived discrepancies in the market prices of certain convertible bond, common stock, fixed income and derivative securities.

"We are dedicated to providing financial advisors with greater access to alternative investments and leading hedge fund managers otherwise unavailable to them due to high investment minimums and other barriers," Mr. Jacobs said. "These newest funds are an extension of that dedication and our commitment to developing investment solutions that meet the needs of an evolving market environment."

For more information about Hatteras Funds, please contact Tony Kono at 973-850-7323 or tony@jcprinc.com.

For more information about the funds, please contact Hatteras Funds at 866-388-6292.

About Hatteras Funds

Hatteras Funds is a boutique alternative investment specialist dedicated to providing unique alternative investment solutions for financial advisors and their clients. Founded in 2003, Hatteras provides retail investors with access to the same sophisticated investment approach and superior management talent as the largest institutions. The Raleigh, N.C.-based firm manages $2 billion in alternative investment strategies for a broad range of institutions, endowments, pensions and high net worth individuals. For more information, please visit www.hatterasfunds.com.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The summary prospectus and prospectus contain this and other important information about the investment company, and may be obtained by calling 1.877.569.2382 or visiting www.hatterasmutualfunds.com. Read it carefully before investing.

The Hatteras Alternative Mutual Funds (the "Funds") are funds of funds. Therefore, your cost of investing in the Funds will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Funds, you will indirectly bear your share of any fees and expenses charged by the underlying funds in addition to indirectly bearing the principal risks of the Funds. The underlying funds may engage in speculative investment strategies and practices, such as the use of leverage, short sales, and derivatives transactions, which can increase the risk of investment loss. Please refer to the summary prospectus or prospectus for more information about the Funds, including risks, fees, and expenses.

The Funds are distributed by Hatteras Capital Distributors, LLC, an affiliate of Hatteras Alternative Mutual Funds, LLC by virtue of common control or ownership.

Contact: Tony Kono JCPR 973-850-7323 tony@jcprinc.com


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