Company Press Release

Morgan Creek Capital Management Launches Firm's First Open End Alternative Mutual Fund With Daily Liquidity

New liquid alternative fund provides investors with access to Morgan Creek's global views and asset allocation expertise

CHAPEL HILL, N.C., Sept. 16, 2013 -- CHAPEL HILL, N.C., Sept. 16, 2013 -- Morgan Creek Capital Management ("Morgan Creek") is pleased to announce the launch of its first open end alternative mutual fund, featuring a broadly diversified global portfolio, actively managed utilizing a multi-asset class investment strategy with daily liquidity. The Morgan CreekTactical Allocation Fund (the "Fund," Ticker: MIGTX (Institutional); MAGTX (Class A) will express Morgan Creek's views on global asset allocation through a number of asset classesincluding equities, fixed income, currencies, commodities and cash.   

The investment objective of the Fund is to provide long-term total returns while utilizing a strategy that seeks lower volatility than a traditional portfolio of equities and fixed income securities. The Fund will incorporate a broad set of global strategies across asset classes, geographies and sectors, including directional as well as long-short strategies.  Investment ideas will be generated in collaboration with Morgan Creek's global network of alternative asset managers. The Fund's multi-strategy, multi-asset class structure allows it to dynamically shift capital to pursue and attempt to take advantage of potential investment opportunities identified by Morgan Creek's investment team, seeking to appropriately hedge risks in the market in an effort to minimize losses in times of stress. 

"Morgan Creek has been a leader in alternative investments for the past decade, and our team has over 20 years of collective experience dynamically allocating capital across multiple asset classesand investment strategies," said Mark W. Yusko, Chief Investment Officer of Morgan Creek."Investors in the Tactical Allocation Fund may benefit from a flexible investment approach designed with the goal of capitalizing on uncorrelated investment strategies that seek to dampen portfolio volatility and reduce risks."  We believe offering this 1940 Act fund will allow a greater set of investors' access to the same extensive experience we have been offering sophisticated institutional investors since the early 1990's."

Morgan Creek has developed this custom investment solution for investors by combining extensive experience in asset allocation and portfolio construction with a disciplined investment process focused on extracting what we believe to be the most attractive opportunities from our global investment network and a systematic risk management program that seeks to dampen volatility.

Important Risks:

Investors should carefully consider the investment objectives, risks, charges and expenses of the Morgan Creek Tactical Allocation Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained atwww.morgancreekfunds.com or by calling 855-623- 8637. The prospectus should be read carefully before investing. The Morgan Creek Tactical Allocation Fund is distributed by Northern Lights Distributors, LLC member FINRA. Morgan CreekCapital Management, LLC and Northern Lights Distributors, LLC are unaffiliated.

Fund Risk disclosure:  Mutual Funds involve risk including the possible loss of principal. In general, the price of a fixed income security falls when interest rates rise. Investments in convertible securities subject the Fund to the risks associated with both fixed- income securities and common stocks. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Certain transactions of the Fund, such as investment in derivative instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. Securities of distressed companies are speculative in nature and are subject to greater levels of issuer, credit, and liquidity risk. Investments in private investment funds may be more illiquid than securities issued by other funds. The value of the Fund's investment in short-term interest-bearing investments will vary from day-to-day, depending on short-term interest rates.

Foreign common stocks and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Options and futures transactions involve risks. Price fluctuations, transaction costs, and limited liquidity of futures and options contracts may impact correlation with changes in the value of the underlying security, potentially reducing the return of the Fund.

About Morgan Creek Capital Management Morgan Creek Capital Management is a global investment management firm that harnesses the Endowment Model of investing to help clients pursue their long-term objectives. Consistent with the Endowment Model and an active management approach, Morgan Creek maintains opportunistic exposures across asset classes,from traditional equities and fixed income to alternatives such as hedge funds, private equity, real estate and venture capital.  The firm offers its investment products across a platform of closed-end and open-ended funds.  With the collective experience of its senior investment team, Morgan Creek was an early pioneer of the "Outsourced Investment Office."  More information on Morgan Creek's investment team and strategies is available at www.morgancreekfunds.com.

SOURCE Morgan Creek Capital Management