Bull Path Long Short Fund

Fund Inception October 1, 2002

Class A: BPFAX Class C: BPFCX Class I: BPFIX

The Long-Short Fund invests in publicly traded securities, primarily mid- to large-capitalization U.S. companies, and seeks to achieve positive and consistent returns while limiting exposure to general stock market downside risk. We define mid-cap companies as those with market capitalizations between $1 and $12 billion at the time of purchase. Large cap organizations have market capitalizations in excess of $12 billion.

Our objective is buying common stock of companies we believe are undervalued and selling short the common stock of companies we believe are overvalued. Our overall investment philosophy uses fundamental research and analysis to identify attractive long-term and short-term investment opportunities. Our fundamental research looks primarily for companies with:

Recurring, high margin, revenue streams or a strong franchise position;
Strong barriers to entry; and
Entrepreneurial management team with proven success.

We also use the same bottom-up analysis for our short positions, but place greater emphasis on near-term operating conditions and events that may impact the company. The characteristics of these companies may include reduced margin, intensifying competition, or management problems.

To learn more about our Investment Process, click here.

The Fund invests primarily in equity securities, which are subject to price fluctuations in the stock market. The Fund may not achieve its objectives.

The Fund will engage in short selling activities, which are significantly different from the investment activities commonly associated with conservative stock funds. Positions in shorted securities are speculative and more risky than “long” positions (purchases) because the cost of the replacement security is unknown. While stocks of mid-cap companies may be less volatile than those of small-cap companies, they still involve substantial risk.

Mutual funds involve risk including possible loss of principal.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Bull Path Funds. Mutual Funds involve risk including possible loss of principal. This and other information about the Fund is contained in the prospectus, which can be obtained at www.bullpathfunds.com or by calling 888-899-2726. The prospectus should be read carefully before investing. The Bull Path Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC.

0689-NLD-5/28/2009