Hatteras Funds

The Hatteras Ramius Advantage Funds provide financial advisors and their clients with access to hedge fund strategies in an investment company managed by Wall Street veterans and alternative investment specialists. The investment objective of the Funds is to provide returns in excess of the broad equity markets over a full market cycle. Unlike traditional funds of hedge funds that provide K-1 tax forms, the Hatteras Ramius Advantage Funds will provide 1099-DIV tax reporting.¹

The Hatteras Ramius Advantage Funds are managed in conjunction with joint venture partner and sub-advisor Ramius Alternative Solutions, an alternative investment manager with $2.0 billion² in fund of hedge fund assets under management. Ramius Alternative Solutions is a subsidiary of Cowen Group, Inc. An alternative allocator since 1994 with $7.8 billion² in alternative investments under management, Cowen Group offers a broad range of alternative investment vehicles including Hedge Funds, Funds of Hedge Funds, Real Estate, and Cash Management. The investment team applies an institutional investment process with an emphasis on in-depth due diligence.

By offering an institutional-quality portfolio in registered funds, the Hatteras Ramius Advantage Funds can provide investors with access to strategies and managers that might otherwise be unavailable to them, whether due to capacity constraints, high investment minimums, or both. For financial advisors, the Funds represent an intelligent turnkey solution for integrating alternatives into their clients' portfolios.

Advantage Funds:

Hatteras Ramius Advantage Fund

Hatteras Ramius Advantage Institutional Fund

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¹	The Hatteras Ramius Advantage Funds each intend to qualify as a regulated investment company (a "RIC") under federal income tax law. As a RIC, the Hatteras Ramius Advantage Funds each will generally not be subject to federal corporate income taxes, provided that each distributes out to Shareholders their taxable income and gain each year.
²	As of October 1, 2009 after giving pro forma effect to the November 2, 2009 transaction between RCG Holdings LLC (formerly known as Ramius LLC) and Cowen Group, Inc.

Securities offered through Hatteras Capital Distributors, LLC, member of FINRA / SIPC. Hatteras Capital Distributors, LLC is affiliated with Hatteras Investment Partners, LLC, and Hatteras Capital Investment Management, LLC by virtue of common control/ownership.