Black Diamond Funds hire ex-Dreyfus Executive VP.

Black Diamond Asset Management (BDAM) is pleased to announce that Randy Lierman has joined parent Black Diamond LLC, as a Managing Partner and as a member of the Board of Directors. Black Diamond Asset Management is the investment advisor to the Black Diamond family of funds. Mr. Lierman will be managing the product development along with responsibilities as head of U.S. sales distribution and marketing for the family of funds.

Black Diamond taps ex-Executive VP from Dreyfus Investments as Managing Partner

Ft. Lauderdale, FL, September 17, 2003 -- Black Diamond Asset Management (BDAM) is pleased to announce that Randy Lierman has joined parent Black Diamond LLC, as a Managing Partner and as a member of the Board of Directors. Black Diamond Asset Management is the investment advisor to the Black Diamond family of funds. Mr. Lierman will be managing the product development along with responsibilities as head of U.S. sales distribution and marketing for the family of funds.

Mr. Lierman previously served as Executive Vice President of National Sales for Dreyfus Investments, in New York City. As part of the senior management of Dreyfus Investments, he was instrumental in leading the exceptional growth of sales and the development of the intermediary sales channels of Dreyfus Funds during his six-years at the firm from 1996 through 2002. During his tenure at Dreyfus, he started and headed sales of the financial institutions division and then went on to national sales of the broker dealer division where he began his career with Dreyfus.

The previous five years he spent with J&W Seligman Financial Services in New York. Throughout his 22-year career in the investment management business, Mr. Lierman has been responsible for the successful building of investment product, sales and marketing distribution capabilities for mutual funds and other investment products for retail and institutional platforms. Mr. Lierman is a Certified Investment Management Analyst. He is currently completing his studies toward Investment Specialist certification.

Randys proven track record and respect in the mutual fund industry will prove invaluable as we continue to grow our core fund business and expand our product offerings", said Larry Schweiger, Chairman & CEO of Black Diamond Asset Management.

To receive a prospectus with more complete information including risks, fees and expenses, call Black Diamond Funds at 1-866-726-1700 or visit blackdiamondfunds.com. Read the prospectus carefully before investing or sending money.

Media inquiries: Daniel Karten -- 866-726-1700 x.206 or dkarten@blackdiamondfunds.com