BULL PATH CONVERTS LONG-SHORT HEDGE FUND INTO A LONG-SHORT MUTUAL FUND

Lipper Ranks Fund #1 of 18 Funds in Long-Short Universe & in Top 2 percentile of 713 Funds in Mid Cap Universe as of March 31, 2009 since Fund Inception October 2002

New York, June 22, 2009 – Bull Path Capital Management today announced the conversion of one of its long-short hedge funds into a long-short equity mutual fund -- the Bull Path Long Short Fund (BPFIX). The Fund, which is being launched at a time when investors are reevaluating the buy-hold and long-only mutual fund strategies, ranks #1 of 18 funds in the Lipper Long-Short Fund Universe for total annualized returns since Fund inception (October 1, 2002) through March 31, 2009. The Fund has also received a top Lipper Leader rating of 5 for capital preservation against all equity mutual funds (9,360 funds).

“Investors have been traumatized by the events of the past 18 months, including the sobering performance of many long-only, ‘buy and hold’ strategies, and wondering how and when they can reenter the market,” said Rob Kaimowitz, portfolio manager of the Fund and founder of Bull Path Capital Management. “We believe investors will be attracted to the performance characteristics of long-short funds which aim to capture the market’s upside while mitigating risk in a market sell-off.”

Kaimowitz added that the newly converted Bull Path Long Short Fund, which ranks #1 of 811 Funds on total annualized returns in the Lipper Mid-Cap Universe for the 5 years ending March 31, 2009, may be a “perfect consideration as a core investment for many investors.” He believes the long-short category will increasingly capture investors’ attention because of its typically lower risk levels than long-only funds.

“Until recently, there have been few mutual funds focused on long-short, and we are one of the few tested strategies in the market today,” noted Kaimowitz. “We believe this strategy makes sense for both individual and institutional investors with a medium- to long-term view of the market.”

In addition, Kaimowitz says investors who may have previously considered long-short hedge funds should consider investing in this strategy through a mutual fund structure owing to such benefits as lower minimum investments, lower fees, full transparency and the assets being held in a trust bank.

“There has been increasing pressure on hedge funds to provide lower fees, greater liquidity and increased portfolio transparency,” noted Kaimowitz. “A mutual fund structure addresses these issues quite well.”

The Bull Path Long Short Fund adopts a strategy developed and run by Bull Path Capital Management since 2002. During that time, the strategy has consistently delivered returns above its benchmark by utilizing a fundamentally-driven, bottom-up investment process that does not employ leverage. Focused on US mid-capitalization stocks, the strategy seeks out companies with recurring high margins, revenues or strong franchise positions while also favoring issues with strong barriers to entry and successful, entrepreneurial management teams.

Stock selection is carried out by a team of sector-specific analysts, each of whom focus on covering no more than 25 companies in such industries as healthcare, media, telecommunications, financial services, energy services, restaurants and retail. Stocks are subject to a proprietary risk scoring process and are typically monitored for months before positions are taken. Stringent bottom-up analysis also is conducted in establishing short positions, with emphasis placed on factors such as near-term operating conditions and other events that may impact the company.

Kaimowitz noted the strategy’s rigorous, proprietary stock selection approach that involves months of due diligence before setting stringent price targets, provides a strong risk management framework for the fund. He believes shorting can offer reduced volatility and enhanced performance when compared to traditional, long-only funds.

“One of the hallmarks of our strategy is our ability to reinvest our knowledge through our rigorous, concentrated fundamental analysis in establishing both long and short positions,” said Kaimowitz. “This ability serves us well as we seek to provide investors with consistent returns and high levels of alpha.”

The Bull Path Long Short Fund is available in A and C Class shares with a $1,000 minimum investment or a $500 minimum with participation in the automatic investment plan. The I share requires a minimum of $100,000 or a $50,000 minimum with participation in the automatic investment plan.

About Bull Path Capital Management
Bull Path Capital Management is an equity asset management firm based in New York City that specializes in long-short equity investment strategies. The firm's traditional and alternative equity fund strategies are available to both institutional and retail equity investors as mutual funds, private investment funds or as separately managed accounts. Bull Path's investment approach seeks to reduce risk and generate attractive risk-adjusted returns and "alpha" through a bottom-up, fundamentally driven research approach. Visit www.bullpathfunds.com for more information.

The firm's Bull Path Long Short Fund is based on a strategy that ranks it #1 in the Lipper Long-Short Universe (18 Funds) since the fund’s inception on October 1, 2002 through March 31, 2009. According to Thomson Reuters Lipper, the Bull Path Long Short Fund has consistently outperformed the S&P 500 since Fund inception and for the 1-, 3- and 5- year periods ending March 31, 2009 (8.97%, -15.77%, -1.45%, 3.32% annualized versus 1.64%, -38.09%, -13.06% and -4.76%, respectively).

Performance is not guaranteed. Performance returns assume reinvestment of all distributions. The total return figures for the Fund reflect the maximum sales charge applicable to each class. These total return figures may reflect the waiver of a portion of a Fund’s advisory or administrative fees for certain periods. In such instances, and without such waiver of fees, the total returns would have been lower. Fund holdings and sector weightings are subject to change without notice. The Fund uses short selling which incurs significant additional risk. Theoretically, stocks sold short have unlimited risk. The maximum sales charge for A shares is 5.75%; C shares have a maximum
contingent deferred sales charge (CDSC) of 1.00% for redemptions within the first year of purchase; I shares have no sales charge. For performance information current to most recent month end, please call toll-free at 888-899-2726.

Mutual Funds involve risk including possible loss of principal.
Investors should carefully consider the investment objectives, risks and 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.

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