Alpha Hedged Strategies Fund Passes the $100 Million in Net Assets Mark and Continues to Attract New Investors

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 Passes the $100 Million in Net Assets Mark and Continues to Attract New Investors Alpha Hedged Strategies Fund Adds Gabelli Asset Management and G2 Capital Management to Its Sub-Advisory Roster WHITE PLAINS, N.Y., May 9 /PRNewswire-FirstCall/ -- Alternative Investment Partners, LLC (AIP) is pleased to announce a number of significant milestones for its Alpha Hedged Strategies Fund (NASDAQ:ALPHX). The Alpha Hedged Strategies Fund is an innovative, open-end mutual fund designed to minimize equity market exposure and volatility by employing a variety of absolute return strategies. The Fund represents the next generation of product for hedged alternative strategies investing, and is open to all investors. The Alpha Hedged Strategies Fund continues to attract new investors, and recently passed the $100 million mark in net assets. The Fund has also recently qualified to be listed daily in print publications such as the Wall Street Journal, Barron's and The New York Times. "The registered advisor community has really warmed up to alternative strategies, and especially to the concept of a multi-strategy product like ours," said Lee Schultheis, Chief Investment Strategist and co-founder of AIP and the Alpha Hedged Strategies Fund. "Since financial intermediaries have a preference for the open-end mutual fund structure, Alpha Hedged Strategies Fund represents a compelling alternative to traditional hedge fund-of-funds for their high net worth clients. They also tend to agree with the Fund's strategy of seeking more consistently positive annual returns, with lower market exposure, risk and volatility, than if it utilized a single manager or single strategy approach." With the recent additions of Gabelli Asset Management, to run its merger arbitrage strategy, and G2 Capital Management, to manage its deep discount value long/short equity strategy, Alpha Hedged Strategies continues to take the lead in offering a diversity of alternative investment styles and managers to the mutual fund marketplace. As a multi-strategy fund, Alpha Hedged Strategies Fund, gives its investors exposure to a broad variety of alternative styles including: Distressed Securities, Earnings Revision Long/Short Equity, Momentum Long/Short Equity, Tactical Allocation Long/Short Equity, Deep Discount Value Long/Short Equity, Merger Arbitrage, Fixed-Income Arbitrage, and Convertible Bond Arbitrage. The Alpha Hedged Strategies Fund continued to deliver strong performance, Ranking #1 in Morningstar's Conservative Allocation Category* for the one-year period ending 3/31/05 among 376 funds. Morningstar rankings are based on total return. The Fund was up 14.09% for this same one-year period, and the annualized return from inception on 9/23/02 through 3/31/05 was 6.87%. Total return identifies the return of the Fund taking into consideration changes in the net asset value, accumulation and reinvestment of dividends and the compounding factor over time. Performance data quoted represents past performance and 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. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and may be obtained by visiting http://www.aipfunds.com/. The fund imposes a 2.00% redemption fee for shares redeemed less than 180 calendar days after they are purchased. "Advisors know that they have to be able to offer conservative, all-weather choices to their clients," Mr. Schultheis noted. "By delivering both a conservative portfolio risk profile and strong risk-adjusted performance, Alpha Hedged Strategies has garnered both increased media exposure, and investor interest." 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. 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. * Morningstar defines Conservative Allocation as: a fund that invests in both stocks and bonds and maintains a relatively small position in stocks. These funds typically have 20-50% of their assets in stocks and 50-80% of assets in bonds and cash. Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances. (Quasar Distributors, LLC, Distributor - 5/05) About the Alpha Hedged Strategies Fund The Alpha Hedged Strategies 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 with a liquid portfolio of its own securities, using the limited amounts of leverage and short-selling allowable in open-end mutual funds. The Alpha Hedged Strategies Fund utilizes the talents of highly specialized hedge fund managers, as sub-advisers to the Fund, 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 uniquely positioned to provide its shareholders with portfolio diversification that goes well beyond the traditional asset classes of stocks, bonds and cash. For more information on the Alpha Hedged Strategies Fund please visit http://www.aipfunds.com/ or call 1-866-Low-Beta (569-2382). Contact: Jennifer Connelly AIP Funds, JC Public Relations 908-813-2478 This press release distributed by PRWEB ( http://www.prwebdirect.com/ ), a service of eMediawire. DATASOURCE: Alternative Investment Partners, LLC CONTACT: Jennifer Connelly of JC Public Relations, +1-908-813-2478, for AIP Funds Web site: http://www.aipfunds.com/

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ALPHX Hatteras Alpha Hedged Strategies Fund