The NorthStar Funds are long/short equity portfolios focusing on the growth sectors of the economy: technology, consumer, industrial, and energy. The Fund invests in equities and options of global companies whose shares trade on US exchanges. The Fund has been concentrated in technology and industrials over the second half of 2005 and in 2006. The portfolio is driven by fundamental research and stock specific analysis. Our investment professionals focus on identifing secular and cyclical change, determining the catalyst for such change, and selecting companies that are impacted by that change. We manage a best ideas portfolio concentrated among 20-40 positions in focused industry sectors. We trade opportunistically to take advantage of short-term volatility. Specific risk controls include limiting position sizes to 10% of equity at cost (although positions are generally initiated at 1-3% range), adhering to strict stop-loss disciplines, and focusing on liquidity. Portfolio risk controls mandate that gross exposure maximum is 200% (the Fund has averaged about 83% since inception); net exposure maximums are 75% net long to 25% net short (the Fund has averaged about 27% since inception). The Fund has no capitalization limitations; historically the Funds' investments have been concentrated on mid-capitalization companies ($2-$10 Billion). Fund accepts US IRA and other US tax-exempt accredited investors. AUM reflects the combined assets of both onshore funds.