North Star Opportunity 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. Past performance or ranking is not indicative of future results. Current performance may be lower or higher than the performance data quoted above. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end please call toll-free 855-580-0900.

Performance shown before December 15, 2011 is for the Fund’s predecessor limited partnership (North Star Opportunity 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 manager since the predecessor limited partnership’s inception on January 1, 2007. The Fund’s investment goals, polices, guidelines and restrictions are, in all material respects, equivalent to the predecessor limited partnerships investment goals, polices, guidelines and restrictions. From its inception on January 1, 2007 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. 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. Current performance may be lower or higher. Please call 855-580-0900 for more current performance data.