North Star Dividend Fund
“The Small Cap Dividend Fund”
The North Star Dividend Fund is one of a select group of funds in the small-cap investment category that seeks to invest in stocks that pay dividends.
Investment Objective
The fund seeks to generate dividend income; its secondary objective is capital appreciation. The fund invests in a diversified portfolio of dividend-paying securities with market capitalizations under $2.5 billion.
Why Invest?
A surprising number of small-capitalization stocks pay dividends. Our focus is on companies that have paid a dividend yield of at least 3% annually, and have shown a strong commitment to maintaining and growing dividend payments.
Portfolio Managers
Performance
Calendar Year Total Returns
| YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|
| NSDVX | -0.61% | -0.67% | 16.18% | 6.51% | 16.11% | -12.33% | 8.28% |
| MS Small Value PR Index | 1.10% | -9.06% | 29.21% | -1.74% | 16.53% | -18.70% | 6.02% |
| MS Small Value TR Index | 2.56% | -6.60% | 31.79% | 1.01% | 19.96% | -16.61% | 8.40% |
Unaudited, net of fees as of June 30, 2023
Anualized Returns
| 1-Year | 3-Year | 5-Year | 10-Year | Inception | |
|---|---|---|---|---|---|
| NSDVX | 4.18% | 10.27% | 1.72% | 6.76% | 8.92% |
| MS Small Value PR Index | 4.85% | 17.26% | 2.00% | 5.01% | 7.18% |
| MS Small Value TR Index | 7.88% | 20.16% | 4.72% | 7.70% | 9.92% |
Unaudited, net of fees as of June 3o, 2023 | Inception date 2/01/10
Benchmark Change
Effective 3/31/23 the benchmark for the North Star Dividend Fund was changed to the Morningstar Small Value Total Return Index from the Morningstar Small Value Price Return Index. The Total Return index includes dividends, interest, rights offerings and other distributions realized over a given period of time which is best matched to the North Star Dividend Fund.
Each Fund will deduct a 2% redemption fee on the redemption amount if you sell your shares less than 30 days after purchase or shares held less than 30 days are redeemed for failure to maintain a Fund’s balance minimum. See Low Balances for further information on account closure policy. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. Shares held for 30 days or more are not subject to the 2% fee. Redemption fees are paid to a Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.
Past performance or ranking is not indicative of future results. There is no assurance dividends will be paid. Current performance may be lower or higher than the performance data quoted above. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Performance quoted is past performance and is no guarantee of future results. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. Current performance may be lower or higher. For performance information current to the most recent month-end, please call toll-free 855-580-0900.
Performance shown before June 3, 2013, is for the fund’s predecessor limited partnership (North Star Dividend Fund, LP). The prior performance is net of management fees and other expenses, but does not include the effect of the performance fee. The fund has been managed in the same style and by the same portfolio managers since the predecessor limited partnership’s inception on Feb. 1, 2010. The fund’s investment goals, policies, guidelines, and restrictions are, in all material respects, equivalent to the predecessor limited partnership’s investment goals, policies, guidelines, and restrictions. From its inception on Feb. 1, 2010, through the date of this prospectus, the predecessor limited partnership was not subject to certain investment restrictions of the 1940 Act of the Code, which if they had been applicable might have adversely affected its performance. Performance of the predecessor fund is not an indicator of future results.
The Morningstar Small Value Index measures the performance of the small-cap segment of the U.S. equity universe.