Black Diamond Asset Management Launches Family of Index Oriented Principal Protected Mutual Funds; All Five Black Diamond Funds Rated AAAr by Standard & Poors.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 3, 2003

Black Diamond Asset Management (BDAM) announced today that it has launched the Black Diamond Funds family of index oriented Principal Protected Mutual Funds. All five Funds are rated AAAr(a) by Standard & Poors as to return of principal at maturity (seven years). The U.S. Securities and Exchange Commission declared the registration statement for the Funds effective on February 20, 2003.

BDAM is one of the first asset management firms in the U.S. to offer an alternative institutional money manager capability in a mutual fund format to the retail client arena. The Fund choices are:

-- Black Diamond Principal Protected 500 Series 1 (S&P 500 Index)

-- Black Diamond Principal Protected 100 Series 1 (NASDAQ 100 Index)

-- Black Diamond Principal Protected 2000 Series 1 (Russell 2000 Index)

-- Black Diamond Principal Protected 400 Series 1 (S&P Mid-Cap 400 Index)

-- Black Diamond Principal Protected LS Series 1(b) (CSFB Tremont Hedge Fund Long/Short Equity Index)

All of the Funds seek to meet or exceed the performance of their benchmark index over the 7-year investment period through the active management of Index Options, shares of exchange-traded funds (ETFs) and options on ETFs. Additionally, all of the Funds offer 100% principal protection(c) (including all sales loads) at maturity through the purchase of US Zero Coupon Treasuries, and a periodic profit protection feature and daily liquidity at NAV with no surrender charges.

BDAM and the Funds have engaged Broadmark Asset Management, LLC, a registered investment advisor, as sub-adviser to manage the Funds' day-to-day investing activities. The Funds will be distributed nationally by ALPS Distributors, Inc. initially through various retail sales channels including regional brokerage firms, independent broker-dealers and financial planners, and banks, with an offering period from February 20, 2003 to May 23, 2003. JPMorgan is providing all custodial, administrative, fund accounting and transfer agency services to the Funds and Deloitte and Touche LLP serves as independent auditors for the Funds.

About Black Diamond Asset Management LLC

Black Diamond Asset Management LLC, a Florida-based registered investment advisor, is the investment adviser to the Black Diamond Funds. The founding principals of BDAM have in excess of 75 years of combined experience in managing equity and fixed income assets for high net-worth retail and institutional clients.

About Broadmark Asset Management, LLC

Broadmark Asset Management (BAM), a New York-based registered investor advisor, is the sub-adviser to the Funds and will provide all day-to-day investment management services to the Funds. BAM is an institutional investment management firm and will employ its proprietary investment models to seek to achieve the Fund's investment objectives. BAM's principals have worked together for eight years utilizing these models for other similar strategies. BAM's President and Chief Investment Officer, in his position prior to co-founding BAM, was responsible for managing client assets in excess of $2 billion. The California Public Employees' Retirement System (CalPERS), the nation's largest public retirement system with approximately $136 billion of assets under management, owns a significant equity interest in BAM.

(a) The AAAr rating reflects Standard & Poors analysis of the Funds' ability to repay the initial principal investment amount at the maturity date. The rating only applies when shares of the Funds are held to maturity. The "r" symbol is attached to the ratings of instruments with noncredit risks. It highlights risks to principal or volatility of expected returns that are not addressed in the credit rating.

(b) See Black Diamond Funds prospectus. This Series is offered only to qualifying high net worth investors.

(c) See Black Diamond Funds prospectus. You would not receive your full Protected Amount on the Principal Protection Maturity Date if: There are insufficient Designated Treasury Securities to provide you with your Protected Amount on the Principal Protection Maturity Date; The Series has insufficient assets to pay its expenses, causing the Series to sell Designated Treasury Securities prior to the Principal Protection Maturity Date; however, the Series will maintain a cash reserve of 5% of its net assets for the purpose of paying its expenses; You redeem some or all of your shares in a Series prior to the Principal Protection Maturity Date or fail to reinvest all of your dividends and distributions in additional shares of the Series; or the Series incurs any extraordinary expenses, such as litigation expenses or other expenses not incurred in the ordinary course of business, which could lower the amount of principal protection.

To obtain a Black Diamond Funds prospectus, call 954-617-1700, ext. 401 or email [e-mail]