Alpha Hedged Strategies Fund Earns Lipper's Top Spot for Three-Year Performance

Name	Symbol	Market	Type
Hatteras Alpha Hedged Strategies Fund	NASDAQ:ALPHX	NASDAQ	Fund

Hatteras Alpha Hedged Strategies Fund (NASDAQ:ALPHX)
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Alpha Hedged Strategies Fund (ALPHX) Is Ranked #1 out of 21 for Three Years #2 out of 32 for One Year Lipper's Equity Market Neutral Category for the periods ending 12/31/06 (based on total returns) WHITE PLAINS, N.Y., Feb. 21 /PRNewswire-FirstCall/ -- AIP Mutual Funds' flagship Alpha Hedged Strategies Fund (Ticker: ALPHX), was launched in September 2002 and has quickly climbed to the top of the Equity Market Neutral Funds category. The Fund, managed by Alternative Investment Partners, LLC (AIP), was ranked number 1 out of 21 and number 2 out of 32 for 3-year and 1-year total returns, respectively, as of December 31, 2006. The Alpha Hedged Strategies Fund outperformed its category competitors with a 9.62% annualized 3-year return; the category average was 3.54%, as surveyed by Lipper Analytical Services, Inc.* Standardized Performance as of 12/31/06 (%) Since Incep. 1Yr 3 Yr* 9/23/02* ALPHX 9.32 9.62 6.93 Lipper EMN Category 5.14 3.54 N/A Lipper Ranking 2/32 1/21 N/A Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Most recent month-end performance is available by calling 1-877-LOW-BETA. *Average Annualized Return The Alpha Hedged Strategies Fund is among the first open-end multi- strategy mutual fund to directly access multiple specialized hedge fund managers. Representing the next generation of products for hedged alternative strategies investing, the Fund is an innovative open-end mutual fund designed to minimize equity market correlation and volatility by employing a variety of absolute return hedged strategies. The Alpha Hedged Strategies Fund currently manages over $300MM and received a 4-star Overall Morningstar Rating(TM) among 53 funds in the Long/Short Category for the 3-year period ended 12/31/06 (derived from a weighted average of the Fund's three-year Morningstar Ratings metrics, which are based on risk-adjusted return performance)**. "We are pleased to be recognized as number one for three-year performance in our Lipper category, our goal is always to exceed the risk-adjusted return expectations of our investors and we believe we've been able to do that," noted Lee Schultheis, Chief Investment Strategist and Founder of AIP. "We've also been competitive with Hedge Fund Research, Inc.'s (HFRI) Conservative Hedge Fund-of-Funds index over the last 4 years, so we have 'walked the walk' and are not just the latest in the recent wave of new products that claim to be able to 'mimic' hedge fund performance in some indirect manner." The Fund has a portfolio that operates much like a hedge fund-of-funds, and is accessible to most investors. AIP currently utilizes 18 hedge fund managers to manage the individual portfolio strategies within ALPHX. As with a traditional hedge fund structure, the Fund can sell short (up to 100% of net assets), use leverage (up to 50% of net assets), and can employ any strategy where the securities involved can be priced on a daily market value basis. However, because The Alpha Hedged Strategies Fund is structured as a mutual fund, it also offers several key features including daily liquidity, no lock- ups, no accreditation requirement, no performance fees, and 1099-tax reporting. The Fund's investors gain exposure to a broad variety of actively managed alternative strategies. This approach has delivered both a conservative portfolio risk profile and strong risk-adjusted performance. By controlling custody of assets, valuation, and leverage on the underlying security pools, as well as having 100% transparency for all positions and trades, AIP can help mitigate a number of the primary risks that lead to the occasional downfall that can happen to an underlying hedge fund within a hedge fund-of-funds structure. "As the universe of hedged mutual funds grows and develops, the real test for this space will be for funds to demonstrate consistent patterns of performance in a variety of equity market and interest rate environments. AIP is focused on continuing to be a pioneer in providing a diverse platform of real hedge fund managers and strategies striving to achieve the level of consistency historically associated with conservative hedge fund-of-funds, but in the more accessible mutual fund format," said Mr. Schultheis. For more information or to speak with Lee Schultheis please contact Jennifer Connelly at (973) 625-1130 or . Prospective investors can also call 1-866-LOW-BETA or visit http://www.aipfunds.com/. About the Alpha Hedged Strategies Fund The Fund is an open-end mutual fund that invests its portfolio in a manner similar to a conservative hedge fund-of-funds. The Fund employs a multi- manager approach to a variety of hedged alternative investment styles, but each with a liquid portfolio of its own securities, using the limited amounts of leverage and short-selling allowable in open-end mutual funds. ALPHX provides broad exposure to a variety of active management in alternative strategies including: Distressed Securities, Earnings Revision Long/Short Equity, Momentum Long/Short Equity, REIT Long/Short Equity, Deep Discount Value Long/Short Equity, International Long/Short Equity, Healthcare/Biotech Long/Short Equity, Global Long/Short Equity, Equity Options Overlay, Global Hedged Income, Merger Arbitrage, Fixed-Income Arbitrage, and Convertible Bond Arbitrage. The Fund utilizes the talents of highly specialized hedge fund managers, as sub-advisors to the underlying funds, in executing their alternative investment strategies. The Fund offers the portfolio diversification benefits that institutions, pension funds, endowments & foundations, and high-net worth individuals have become accustomed to in hedge funds. The Fund combines these portfolio attributes with the daily pricing, liquidity, and other shareholder features commonly associated with open-end mutual funds. As such, the Fund is positioned to provide its shareholders with portfolio diversification that goes well beyond the traditional asset classes of stocks, bonds and cash. Fund Disclosure The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-877-Low-Beta (569-2382), or visiting http://www.aipfunds.com/. Read it carefully before investing. About Risk Certain hedging techniques and leverage employed in the management of the Fund may accelerate the velocity of possible losses. Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the Fund. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Fund. Options held in the Fund may be illiquid and the fund manager may have difficulty closing out a position. The Fund may also invest in: - smaller capitalized companies - subject to more abrupt or erratic market movements than larger, more established companies; - foreign securities, which involve currency risk, different accounting standards and are subject to political instability; - securities limited to resale to qualified institutional investors, which can affect their degree of liquidity; - shares of other investment companies that invest in securities and styles similar to the Fund, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds. The Fund intends to utilize these individual securities and hedging techniques in matched combinations that are designed to neutralize or offset the individual risks of employing these techniques separately. Some of these matched strategies include: merger arbitrage, long/short equity, convertible bond arbitrage and fixed-income arbitrage. There is no assurance that these strategies will protect against losses. Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances. An investment in the Funds may not be suitable for all investors. * Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper average represents a universe of funds with similar investment objectives. Rankings for the periods shown are based on fund total returns with dividends and distributions reinvested and do not reflect sales charges. While the Fund is no-load, management fees and other expenses still apply. ** The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating(TM) metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating(TM) for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten- year (if applicable) Morningstar Rating(TM) metrics. The Alpha Hedged Strategies Fund was rated against the following numbers of U.S. domiciled Long-Short funds over the following time periods: 53 funds in the last three years. With respect to these Long-Short funds, Alpha Hedged Strategies Fund received a Morningstar Rating(TM) of 4-Stars for the three-year period ending 12/31/06. Morningstar defines Long-Short as: a fund with roughly 20% their total net assets in short positions. HFRI (Hedge Funds Research, Inc.) Performance Indices are equally weighted hedge fund performance indices broken down into 37 different categories by strategy, such as "equity market neutral" investing and "conservative or market-neutral fund-of-funds" investing. Conservative Fund of Funds investing seeks to profit by investing in various absolute return hedged strategies. Quasar Distributors, LLC, Distributor - 2/07 DATASOURCE: AIP Mutual Funds CONTACT: Jennifer Connelly of JC Public Relations, +1-973-625-1130, Web site: http://www.aipfunds.com/

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ALPHX Hatteras Alpha Hedged Strategies Fund