NORTH STAR OPPORTUNITY FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 83.7% | |||||||
ASSET MANAGEMENT - 10.9% | |||||||
49,000 | Blackstone, Inc. | $ 6,263,180 | |||||
160,000 | Compass Diversified Holdings | 3,680,000 | |||||
51,000 | KKR & Company, Inc. | 5,011,260 | |||||
14,954,440 | |||||||
BANKING - 5.9% | |||||||
108,000 | Bank of America Corporation | 3,728,160 | |||||
24,000 | JPMorgan Chase & Company | 4,465,440 | |||||
8,193,600 | |||||||
BEVERAGES - 1.9% | |||||||
16,000 | PepsiCo, Inc. | 2,645,440 | |||||
| |||||||
BIOTECH & PHARMA - 6.9% | |||||||
25,000 | AbbVie, Inc. | 4,401,250 | |||||
50,000 | Pfizer, Inc. | 1,328,000 | |||||
19,000 | Zoetis, Inc. | 3,768,270 | |||||
9,497,520 | |||||||
COMMERCIAL SUPPORT SERVICES - 2.6% | |||||||
350,000 | BGSF, Inc. | 3,580,500 | |||||
| |||||||
E-COMMERCE DISCRETIONARY - 4.5% | |||||||
22,000 | Amazon.com, Inc.(a) | 3,888,720 | |||||
900,000 | CarParts.com, Inc.(a) | 2,295,000 | |||||
6,183,720 | |||||||
ELECTRICAL EQUIPMENT - 2.5% | |||||||
30,000 | Carrier Global Corporation | 1,667,400 | |||||
1,965,000 | Orion Energy Systems, Inc.(a) | 1,847,100 | |||||
3,514,500 | |||||||
ENTERTAINMENT CONTENT - 1.6% | |||||||
200,000 | Paramount Global, Class B | 2,208,000 | |||||
| |||||||
HEALTH CARE FACILITIES & SERVICES - 3.1% | |||||||
38,000 | CVS Health Corporation | 2,826,060 | |||||
3,000 | UnitedHealth Group, Inc. | 1,480,800 | |||||
4,306,860 |
NORTH STAR OPPORTUNITY FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 83.7% (Continued) | |||||||
INTERNET MEDIA & SERVICES - 2.7% | |||||||
27,000 | Alphabet, Inc., Class A(a) | $ 3,738,420 | |||||
| |||||||
LEISURE FACILITIES & SERVICES - 7.4% | |||||||
137,000 | Denny's Corporation(a) | 1,264,510 | |||||
83,000 | Madison Square Garden Entertainment Corporation(a) | 3,194,670 | |||||
70,000 | Sphere Entertainment Company(a) | 3,031,000 | |||||
155,000 | Wendy's Company (The) | 2,807,050 | |||||
10,297,230 | |||||||
LEISURE PRODUCTS - 1.3% | |||||||
125,000 | Topgolf Callaway Brands Corporation(a) | 1,780,000 | |||||
| |||||||
METALS & MINING - 0.8% | |||||||
30,000 | Freeport-McMoRan, Inc. | 1,134,300 | |||||
| |||||||
OIL & GAS PRODUCERS - 2.3% | |||||||
15,500 | Exxon Mobil Corporation | 1,620,060 | |||||
83,000 | Kinder Morgan, Inc. | 1,443,370 | |||||
3,063,430 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 1.0% | |||||||
125,000 | US Silica Holdings, Inc.(a) | 1,437,500 | |||||
| |||||||
RETAIL - CONSUMER STAPLES - 2.7% | |||||||
24,000 | Target Corporation | 3,670,080 | |||||
| |||||||
RETAIL - DISCRETIONARY - 2.7% | |||||||
40,000 | Boot Barn Holdings, Inc.(a) | 3,700,000 | |||||
| |||||||
RETAIL REIT - 0.5% | |||||||
13,000 | Realty Income Corporation | 677,430 | |||||
| |||||||
SEMICONDUCTORS - 11.1% | |||||||
38,000 | Advanced Micro Devices, Inc.(a) | 7,316,140 | |||||
5,000 | NVIDIA Corporation | 3,955,600 |
NORTH STAR OPPORTUNITY FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 83.7% (Continued) | |||||||
SEMICONDUCTORS - 11.1% (Continued) | |||||||
26,000 | QUALCOMM, Inc. | $ 4,102,540 | |||||
15,374,280 | |||||||
SPECIALTY REIT - 0.5% | |||||||
16,000 | EPR Properties | 657,280 | |||||
| |||||||
TECHNOLOGY HARDWARE - 3.7% | |||||||
28,000 | Apple, Inc. | 5,061,000 | |||||
| |||||||
TECHNOLOGY SERVICES - 2.2% | |||||||
25,000 | Paychex, Inc. | 3,065,500 | |||||
| |||||||
TRANSPORTATION & LOGISTICS - 1.2% | |||||||
11,000 | United Parcel Service, Inc., B | 1,630,860 | |||||
| |||||||
WHOLESALE - DISCRETIONARY - 3.7% | |||||||
109,000 | Acme United Corporation | 5,177,500 | |||||
| |||||||
TOTAL COMMON STOCKS (Cost $60,794,985) |
115,549,390 | ||||||
PREFERRED STOCKS — 1.1% | |||||||
ASSET MANAGEMENT — 1.1% | |||||||
60,000 | Compass Diversified Holdings, 7.875% (Cost $1,343,894) | 1,545,000 | |||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
CORPORATE BONDS — 4.6% | |||||||
HEALTH CARE FACILITIES & SERVICES — 1.1% | |||||||
500,000 | McKesson Corporation | 3.7960 | 03/15/24 | 499,691 | |||
1,000,000 | Owens & Minor, Inc. | 4.3750 | 12/15/24 | 985,181 | |||
1,484,872 |
NORTH STAR OPPORTUNITY FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 4.6% (Continued) | |||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.7% | |||||||
1,000,000 | Lazard Group, LLC | 3.7500 | 02/13/25 | 981,663 | |||
LEISURE FACILITIES & SERVICES — 1.3% | |||||||
1,850,000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1,856,040 | |||
RETAIL - DISCRETIONARY — 0.4% | |||||||
600,000 | Sally Holdings, LLC / Sally Capital, Inc. | 5.6250 | 12/01/25 | 600,287 | |||
TRANSPORTATION EQUIPMENT — 1.1% | |||||||
1,500,000 | Trinity Industries, Inc. | 4.5500 | 10/01/24 | 1,480,508 | |||
TOTAL CORPORATE BONDS (Cost $6,505,134) |
6,403,370 | ||||||
U.S. GOVERNMENT & AGENCIES — 1.5% | |||||||
U.S. TREASURY NOTES — 1.5% | |||||||
1,000,000 | United States Treasury Note | 3.8750 | 03/31/25 | 988,222 | |||
1,000,000 | United States Treasury Note | 3.8750 | 04/30/25 | 987,930 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,970,641) |
1,976,152 | ||||||
NORTH STAR OPPORTUNITY FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 10.5% | |||||||
MONEY MARKET FUNDS - 5.9% | |||||||
8,125,210 | First American Treasury Obligations Fund, Class X, 5.22% (Cost $8,125,210)(b) | $ 8,125,210 | |||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
U.S. TREASURY BILLS — 4.6% | |||||||
1,000,000 | United States Treasury Bill(c) | 5.3100 | 03/14/24 | 988,097 | |||
2,000,000 | United States Treasury Bill(c) | 5.3200 | 04/18/24 | 1,985,941 | |||
1,000,000 | United States Treasury Bill(c) | 5.3300 | 05/16/24 | 988,956 | |||
1,500,000 | United States Treasury Bill(c) | 5.2200 | 08/08/24 | 1,465,847 | |||
1,000,000 | United States Treasury Bill(c) | 5.2000 | 09/05/24 | 973,915 | |||
TOTAL U.S. TREASURY BILLS (Cost $6,413,413) | 6,412,756 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $14,538,623) | 14,537,966 | ||||||
TOTAL INVESTMENTS - 101.4% (Cost $85,153,277) | $ 140,011,878 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% |
(1,869,311) | ||||||
NET ASSETS - 100.0% |
$ 138,142,567 | ||||||
LLC | - Limited Liability Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of February 29, 2024. |
(c) | Zero coupon bond. Rate disclosed is the current yield as of February 29, 2024. |
NORTH STAR MICRO CAP FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 92.9% | |||||||
AEROSPACE & DEFENSE - 0.9% | |||||||
20,300 | Ducommun, Inc.(a) | $ 968,716 | |||||
| |||||||
APPAREL & TEXTILE PRODUCTS - 8.2% | |||||||
149,000 | Lakeland Industries, Inc. | 2,684,980 | |||||
39,000 | Movado Group, Inc. | 1,119,690 | |||||
102,500 | Rocky Brands, Inc. | 2,557,375 | |||||
180,000 | Superior Group of Companies, Inc. | 2,586,600 | |||||
8,948,645 | |||||||
ASSET MANAGEMENT - 1.0% | |||||||
88,900 | Westwood Holdings Group, Inc. | 1,077,468 | |||||
| |||||||
AUTOMOTIVE - 2.0% | |||||||
49,500 | Miller Industries, Inc. | 2,227,995 | |||||
| |||||||
BANKING - 2.2% | |||||||
50,500 | Bar Harbor Bankshares | 1,273,610 | |||||
50,000 | First Busey Corporation | 1,153,000 | |||||
2,426,610 | |||||||
BEVERAGES - 0.0%(b) | |||||||
278,942 | Truett-Hurst, Inc.(a),(c),(d) | 50,210 | |||||
| |||||||
COMMERCIAL SUPPORT SERVICES - 5.8% | |||||||
609,000 | ARC Document Solutions, Inc. | 1,650,390 | |||||
28,000 | Barrett Business Services, Inc. | 3,415,720 | |||||
52,000 | Hackett Group, Inc. (The) | 1,285,440 | |||||
6,351,550 | |||||||
CONSTRUCTION MATERIALS - 5.4% | |||||||
19,000 | Apogee Enterprises, Inc. | 1,086,990 | |||||
19,000 | United States Lime & Minerals, Inc. | 4,844,620 | |||||
5,931,610 | |||||||
E-COMMERCE DISCRETIONARY - 5.6% | |||||||
215,000 | 1-800-Flowers.com, Inc., Class A(a) | 2,240,300 | |||||
618,000 | CarParts.com, Inc.(a) | 1,575,900 |
NORTH STAR MICRO CAP FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 92.9% (Continued) | |||||||
E-COMMERCE DISCRETIONARY - 5.6% (Continued) | |||||||
126,000 | Liquidity Services, Inc.(a) | $ 2,259,180 | |||||
6,075,380 | |||||||
ELECTRICAL EQUIPMENT - 1.0% | |||||||
37,900 | Allient, Inc. | 1,077,118 | |||||
| |||||||
FOOD - 1.0% | |||||||
15,000 | Nathan's Famous, Inc. | 1,053,750 | |||||
| |||||||
HOME & OFFICE PRODUCTS - 3.3% | |||||||
376,000 | ACCO Brands Corporation | 2,098,080 | |||||
88,051 | Hamilton Beach Brands Holding Company, Class A | 1,553,220 | |||||
3,651,300 | |||||||
HOME CONSTRUCTION - 5.8% | |||||||
76,000 | Green Brick Partners, Inc.(a) | 4,446,000 | |||||
118,000 | Interface, Inc. | 1,854,960 | |||||
6,300,960 | |||||||
HOUSEHOLD PRODUCTS - 1.8% | |||||||
19,800 | Central Garden & Pet Company(a) | 868,625 | |||||
4,950 | Central Garden & Pet Company, Class A(a) | 186,566 | |||||
157,000 | Crown Crafts, Inc.(c) | 863,500 | |||||
1,918,691 | |||||||
INDUSTRIAL INTERMEDIATE PROD - 3.0% | |||||||
131,500 | Eastern Company (The) | 3,280,925 | |||||
| |||||||
LEISURE FACILITIES & SERVICES - 2.2% | |||||||
125,600 | Century Casinos, Inc.(a) | 365,496 | |||||
226,500 | Denny's Corporation(a) | 2,090,595 | |||||
2,456,091 | |||||||
LEISURE PRODUCTS - 5.4% | |||||||
232,000 | Escalade, Inc. | 3,440,560 | |||||
54,500 | Johnson Outdoors, Inc., Class A | 2,504,820 | |||||
5,945,380 | |||||||
MACHINERY - 6.3% | |||||||
16,100 | Alamo Group, Inc. | 3,256,869 |
NORTH STAR MICRO CAP FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 92.9% (Continued) | |||||||
MACHINERY - 6.3% (Continued) | |||||||
116,499 | QEP Company, Inc.(a) | $ 2,395,802 | |||||
10,500 | Tennant Company | 1,188,495 | |||||
6,841,166 | |||||||
MEDICAL EQUIPMENT & DEVICES - 1.9% | |||||||
783,000 | Accuray, Inc.(a) | 2,035,800 | |||||
| |||||||
OIL & GAS PRODUCERS - 3.1% | |||||||
370,000 | Evolution Petroleum Corporation | 2,168,200 | |||||
50,000 | World Kinect Corporation | 1,218,000 | |||||
3,386,200 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 2.1% | |||||||
197,500 | US Silica Holdings, Inc.(a) | 2,271,250 | |||||
| |||||||
RETAIL - DISCRETIONARY - 10.7% | |||||||
52,000 | Boot Barn Holdings, Inc.(a) | 4,810,000 | |||||
162,000 | Build-A-Bear Workshop, Inc. | 3,878,280 | |||||
115,000 | Duluth Holdings, Inc., Class B(a) | 547,400 | |||||
72,000 | Ethan Allen Interiors, Inc. | 2,406,960 | |||||
11,642,640 | |||||||
SOFTWARE - 1.9% | |||||||
170,000 | Cantaloupe, Inc.(a) | 1,105,000 | |||||
84,000 | Mitek Systems, Inc.(a) | 975,240 | |||||
2,080,240 | |||||||
SPECIALTY REIT - 1.8% | |||||||
140,000 | Postal Realty Trust, Inc. | 2,004,800 | |||||
| |||||||
TECHNOLOGY HARDWARE - 3.4% | |||||||
83,000 | AstroNova, Inc.(a) | 1,459,140 | |||||
67,000 | Vishay Precision Group, Inc.(a) | 2,314,850 | |||||
3,773,990 | |||||||
TRANSPORTATION EQUIPMENT - 3.2% | |||||||
105,000 | Blue Bird Corporation(a) | 3,553,200 | |||||
|
NORTH STAR MICRO CAP FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 92.9% (Continued) | |||||||
WHOLESALE - DISCRETIONARY - 3.9% | |||||||
91,000 | Acme United Corporation | $ 4,322,500 | |||||
| |||||||
TOTAL COMMON STOCKS (Cost $68,909,854) |
101,654,185 | ||||||
SHORT-TERM INVESTMENT — 7.2% | |||||||
MONEY MARKET FUND - 7.2% | |||||||
7,839,462 | First American Treasury Obligations Fund, Class X, 5.22% (Cost $7,839,462)(e) | 7,839,462 | |||||
| |||||||
TOTAL INVESTMENTS - 100.1% (Cost $76,749,316) | $ 109,493,647 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |
(58,440) | ||||||
NET ASSETS - 100.0% |
$ 109,435,207 | ||||||
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Less than 0.05% |
(c) | Affiliated Company – North Star Micro Cap Fund holds in excess of 5% of outstanding voting securities of this security. |
(d) | Illiquid security. The total fair value of the securities at February 29, 2024 was $50,210 representing 0.1% of net assets. |
(e) | Rate disclosed is the seven day effective yield as of February 29, 2024. |
NORTH STAR DIVIDEND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 89.9% | |||||||
APPAREL & TEXTILE PRODUCTS - 7.4% | |||||||
31,500 | Movado Group, Inc. | $ 904,365 | |||||
66,650 | Rocky Brands, Inc. | 1,662,918 | |||||
148,000 | Superior Group of Companies, Inc. | 2,126,760 | |||||
59,000 | Weyco Group, Inc. | 1,902,160 | |||||
6,596,203 | |||||||
ASSET MANAGEMENT - 8.5% | |||||||
122,300 | Compass Diversified Holdings | 2,812,900 | |||||
83,000 | Sprott, Inc. | 3,065,190 | |||||
153,700 | Westwood Holdings Group, Inc. | 1,862,844 | |||||
7,740,934 | |||||||
BANKING - 6.1% | |||||||
15,850 | Bank of Hawaii Corporation | 955,438 | |||||
76,500 | Bar Harbor Bankshares | 1,929,330 | |||||
47,200 | Old National Bancorp | 775,496 | |||||
19,000 | Wintrust Financial Corporation | 1,830,650 | |||||
5,490,914 | |||||||
CHEMICALS - 4.9% | |||||||
61,000 | Oil-Dri Corp of America | 4,348,690 | |||||
| |||||||
COMMERCIAL SUPPORT SERVICES - 7.6% | |||||||
23,200 | ABM Industries, Inc. | 958,392 | |||||
303,000 | ARC Document Solutions, Inc. | 821,130 | |||||
252,000 | BGSF, Inc. | 2,577,960 | |||||
42,000 | Ennis, Inc. | 853,440 | |||||
115,000 | Resources Connection, Inc. | 1,590,450 | |||||
6,801,372 | |||||||
CONSTRUCTION MATERIALS - 1.1% | |||||||
18,100 | Apogee Enterprises, Inc. | 1,035,501 | |||||
| |||||||
ELECTRIC UTILITIES - 5.0% | |||||||
38,000 | NorthWestern Corporation | 1,820,960 | |||||
10,500 | Otter Tail Corporation | 949,830 | |||||
33,500 | Unitil Corporation | 1,707,160 | |||||
4,477,950 |
NORTH STAR DIVIDEND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 89.9% (Continued) | |||||||
ELECTRICAL EQUIPMENT - 3.2% | |||||||
200,000 | LSI Industries, Inc. | $ 2,886,000 | |||||
| |||||||
FOOD - 1.1% | |||||||
68,000 | WK Kellogg Company | 995,520 | |||||
| |||||||
GAS & WATER UTILITIES - 5.9% | |||||||
162,000 | Global Water Resources, Inc. | 2,096,280 | |||||
44,000 | Northwest Natural Holding Company | 1,616,560 | |||||
90,000 | RGC Resources, Inc. | 1,688,400 | |||||
5,401,240 | |||||||
HEALTH CARE FACILITIES & SERVICES - 1.9% | |||||||
64,000 | Patterson Companies, Inc. | 1,733,760 | |||||
| |||||||
HOME & OFFICE PRODUCTS - 5.8% | |||||||
321,000 | ACCO Brands Corporation | 1,791,180 | |||||
64,000 | Flexsteel Industries, Inc. | 2,230,400 | |||||
64,000 | Hamilton Beach Brands Holding Company, Class A | 1,128,960 | |||||
5,150,540 | |||||||
HOUSEHOLD PRODUCTS - 2.9% | |||||||
169,000 | Crown Crafts, Inc. | 929,500 | |||||
60,000 | Energizer Holdings, Inc. | 1,713,000 | |||||
2,642,500 | |||||||
LEISURE FACILITIES & SERVICES - 2.8% | |||||||
11,500 | Cracker Barrel Old Country Store, Inc. | 760,495 | |||||
100,000 | Wendy's Company (The) | 1,811,000 | |||||
2,571,495 | |||||||
LEISURE PRODUCTS - 2.9% | |||||||
179,000 | Escalade, Inc. | 2,654,570 | |||||
| |||||||
MACHINERY - 0.9% | |||||||
33,000 | Douglas Dynamics, Inc. | 828,300 | |||||
| |||||||
OIL & GAS PRODUCERS - 3.4% | |||||||
367,000 | Evolution Petroleum Corporation | 2,150,620 |
NORTH STAR DIVIDEND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 89.9% (Continued) | |||||||
OIL & GAS PRODUCERS - 3.4% (Continued) | |||||||
146,000 | Granite Ridge Resources, Inc. | $ 897,900 | |||||
3,048,520 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 1.1% | |||||||
121,000 | Select Water Solutions, Inc., Class A | 1,033,340 | |||||
| |||||||
RESIDENTIAL REIT - 2.1% | |||||||
125,000 | UMH Properties, Inc. | 1,925,000 | |||||
| |||||||
RETAIL - CONSUMER STAPLES - 1.2% | |||||||
38,000 | Village Super Market, Inc., Class A | 1,039,300 | |||||
| |||||||
RETAIL - DISCRETIONARY - 5.6% | |||||||
96,300 | Ethan Allen Interiors, Inc. | 3,219,309 | |||||
54,000 | Monro, Inc. | 1,812,780 | |||||
5,032,089 | |||||||
SEMICONDUCTORS - 1.0% | |||||||
11,300 | NVE Corporation | 944,567 | |||||
| |||||||
SOFTWARE - 1.8% | |||||||
145,000 | American Software, Inc., Class A | 1,626,900 | |||||
| |||||||
SPECIALTY FINANCE - 2.0% | |||||||
14,000 | GATX Corporation | 1,775,760 | |||||
| |||||||
SPECIALTY REIT - 2.9% | |||||||
183,000 | Postal Realty Trust, Inc. | 2,620,560 | |||||
| |||||||
TECHNOLOGY SERVICES - 0.8% | |||||||
16,100 | Value Line, Inc. | 693,910 | |||||
| |||||||
TOTAL COMMON STOCKS (Cost $66,853,712) |
81,095,435 | ||||||
NORTH STAR DIVIDEND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
PREFERRED STOCK — 0.9% | |||||||
HOME CONSTRUCTION — 0.9% | |||||||
40,000 | Green Brick Partners, Inc., 5.750% | $ 834,800 | |||||
TOTAL PREFERRED STOCK (Cost $846,709) |
834,800 | ||||||
SHORT-TERM INVESTMENT — 9.1% | |||||||
MONEY MARKET FUND - 9.1% | |||||||
8,215,920 | First American Treasury Obligations Fund, Class X, 5.22% (Cost $8,215,920)(a) | 8,215,920 | |||||
| |||||||
TOTAL INVESTMENTS - 99.9% (Cost $75,916,341) | $ 90,146,155 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% |
97,899 | ||||||
NET ASSETS - 100.0% |
$ 90,244,054 | ||||||
REIT | - Real Estate Investment Trust |
(a) | Rate disclosed is the seven day effective yield as of February 29, 2024. |
NORTH STAR BOND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
PREFERRED STOCKS — 6.8% | |||||||
ASSET MANAGEMENT — 1.9% | |||||||
22,000 | Compass Diversified Holdings, 7.875% | $ 566,500 | |||||
BANKING — 3.1% | |||||||
21,000 | Bank of America Corporation, 4.00% | 492,870 | |||||
23,000 | JPMorgan Chase & Company, 4.20% | 457,700 | |||||
950,570 | |||||||
ENTERTAINMENT CONTENT — 1.1% | |||||||
22,000 | Paramount Global, 5.75% | 319,000 | |||||
INSTITUTIONAL FINANCIAL SERVICES — 0.7% | |||||||
250,000 | Mellon Capital IV - Series 1, 6.197% | 212,745 | |||||
TOTAL PREFERRED STOCKS (Cost $2,942,439) | 2,048,815 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
CORPORATE BONDS — 80.9% | |||||||
APPAREL & TEXTILE PRODUCTS — 2.9% | |||||||
925,000 | Under Armour, Inc. | 3.2500 | 06/15/26 | 873,044 | |||
ASSET MANAGEMENT — 10.1% | |||||||
500,000 | Blackstone Private Credit Fund | 2.3500 | 11/22/24 | 486,500 | |||
400,000 | Blackstone Private Credit Fund | 2.6250 | 12/15/26 | 361,525 | |||
1,000,000 | Golub Capital BDC, Inc. | 3.3750 | 04/15/24 | 996,695 | |||
1,300,000 | Hercules Capital, Inc. | 2.6250 | 09/16/26 | 1,171,315 | |||
3,016,035 | |||||||
AUTOMOTIVE — 9.0% | |||||||
1,350,000 | Ford Motor Company | 7.1250 | 11/15/25 | 1,368,563 | |||
1,310,000 | Goodyear Tire & Rubber Company (The) | 9.5000 | 05/31/25 | 1,324,325 | |||
2,692,888 | |||||||
BANKING — 3.6% | |||||||
1,200,000 | Wintrust Financial Corporation | 4.8500 | 06/06/29 | 1,089,578 | |||
NORTH STAR BOND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 80.9% (Continued) | |||||||
ENTERTAINMENT CONTENT — 2.6% | |||||||
825,000 | AMC Networks, Inc. | 4.7500 | 08/01/25 | $ 787,522 | |||
FOOD — 4.2% | |||||||
1,300,000 | J M Smucker Company (The) | 3.5000 | 03/15/25 | 1,273,727 | |||
HEALTH CARE FACILITIES & SERVICES — 4.5% | |||||||
1,355,000 | Owens & Minor, Inc. | 4.3750 | 12/15/24 | 1,334,919 | |||
HOME & OFFICE PRODUCTS — 7.4% | |||||||
1,000,000 | ACCO Brands Corporation(a) | 4.2500 | 03/15/29 | 887,654 | |||
1,360,000 | Scotts Miracle-Gro Company (The) | 5.2500 | 12/15/26 | 1,324,429 | |||
2,212,083 | |||||||
HOME CONSTRUCTION — 3.1% | |||||||
1,000,000 | Interface Inc(a) | 5.5000 | 12/01/28 | 939,121 | |||
HOUSEHOLD PRODUCTS — 4.0% | |||||||
1,200,000 | Energizer Holdings, Inc.(a) | 6.5000 | 12/31/27 | 1,190,784 | |||
INSTITUTIONAL FINANCIAL SERVICES — 4.0% | |||||||
1,250,000 | Lazard Group, LLC | 3.6250 | 03/01/27 | 1,184,493 | |||
INSURANCE — 4.6% | |||||||
1,400,000 | Old Republic International Corporation | 4.8750 | 10/01/24 | 1,393,368 | |||
LEISURE FACILITIES & SERVICES — 11.6% | |||||||
750,000 | Brinker International, Inc.(a) | 5.0000 | 10/01/24 | 743,374 | |||
1,000,000 | Cedar Fair, L.P. / Canada's Wonderland Company | 5.3750 | 04/15/27 | 990,203 | |||
400,000 | Las Vegas Sands Corporation | 3.2000 | 08/08/24 | 394,772 | |||
1,321,000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1,325,313 | |||
3,453,662 | |||||||
OIL & GAS PRODUCERS — 6.8% | |||||||
1,290,000 | Gulfport Energy Corporation | 8.0000 | 05/17/26 | 1,313,785 | |||
750,000 | Occidental Petroleum Corporation | 2.9000 | 08/15/24 | 739,571 | |||
2,053,356 |
NORTH STAR BOND FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 80.9% (Continued) | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% | |||||||
750,000 | Ventas Realty, L.P. | 3.7500 | 05/01/24 | $ 747,252 | |||
TOTAL CORPORATE BONDS (Cost $24,300,236) |
24,241,832 | ||||||
U.S. GOVERNMENT & AGENCIES — 5.0% | |||||||
U.S. TREASURY NOTES — 5.0% | |||||||
500,000 | United States Treasury Note | 4.2500 | 09/30/24 | 497,163 | |||
500,000 | United States Treasury Note | 3.8750 | 03/31/25 | 494,111 | |||
500,000 | United States Treasury Note | 3.8750 | 04/30/25 | 493,964 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,482,210) |
1,485,238 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 6.2% | |||||||
MONEY MARKET FUNDS - 4.6% | |||||||
1,376,620 | First American Treasury Obligations Fund, Class X, 5.22% (Cost $1,376,620)(b) | 1,376,620 | |||||
Principal Amount ($) | |||||||
U.S. TREASURY BILLS — 1.6% | |||||||
500,000 | United States Treasury Bill(c) (Cost $494,876) | 5.3300 | 05/16/24 | 494,478 | |||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,871,496) | 1,871,098 | ||||||
TOTAL INVESTMENTS - 98.9% (Cost $30,596,381) | $ 29,646,983 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1% |
336,406 | ||||||
NET ASSETS - 100.0% |
$ 29,983,389 | ||||||
LLC | - Limited Liability Company |
LP | - Limited Partnership |
NORTH STAR BOND FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
February 29, 2024 |
(a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 29, 2024 the total market value of 144A securities is 3,760,933 or 12.5% of net assets. |
(b) | Rate disclosed is the seven day effective yield as of February 29, 2024. |
(c) | Zero coupon bond. Rate disclosed is the current yield as of February 29, 2024. |
NORTH STAR SMALL CAP VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 97.0% | |||||||
ASSET MANAGEMENT - 3.3% | |||||||
18,000 | Compass Diversified Holdings | $ 414,000 | |||||
22,000 | Sprott, Inc. | 812,460 | |||||
1,226,460 | |||||||
BANKING - 8.6% | |||||||
3,710 | City Holding Company | 372,781 | |||||
7,715 | Lakeland Financial Corporation | 491,446 | |||||
12,000 | NBT Bancorp, Inc. | 412,680 | |||||
12,460 | QCR Holdings, Inc. | 710,220 | |||||
25,000 | Seacoast Banking Corporation of Florida | 603,500 | |||||
19,096 | TriCompany Bancshares | 637,997 | |||||
3,228,624 | |||||||
CHEMICALS - 3.3% | |||||||
9,250 | Materion Corporation | 1,242,460 | |||||
| |||||||
COMMERCIAL SUPPORT SERVICES - 5.0% | |||||||
46,861 | Hackett Group, Inc. (The) | 1,158,403 | |||||
18,225 | V2X, Inc.(a) | 701,663 | |||||
1,860,066 | |||||||
E-COMMERCE DISCRETIONARY - 2.2% | |||||||
45,200 | Liquidity Services, Inc.(a) | 810,436 | |||||
| |||||||
ELECTRICAL EQUIPMENT - 8.7% | |||||||
27,000 | Allient, Inc. | 767,340 | |||||
16,441 | Kimball Electronics, Inc.(a) | 370,087 | |||||
53,000 | LSI Industries, Inc. | 764,790 | |||||
10,152 | OSI Systems, Inc.(a) | 1,331,739 | |||||
3,233,956 | |||||||
ENGINEERING & CONSTRUCTION - 8.5% | |||||||
5,600 | Comfort Systems USA, Inc. | 1,712,088 | |||||
19,829 | VSE Corporation | 1,469,329 | |||||
3,181,417 |
NORTH STAR SMALL CAP VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 97.0% (Continued) | |||||||
GAS & WATER UTILITIES - 1.1% | |||||||
30,900 | Global Water Resources, Inc. | $ 399,846 | |||||
| |||||||
HOME CONSTRUCTION - 3.6% | |||||||
15,980 | Skyline Champion Corporation(a) | 1,338,964 | |||||
| |||||||
INDUSTRIAL INTERMEDIATE PROD - 3.6% | |||||||
18,574 | AZZ, Inc. | 1,352,187 | |||||
| |||||||
INDUSTRIAL SUPPORT SERVICES - 2.0% | |||||||
29,600 | Titan Machinery, Inc.(a) | 746,808 | |||||
| |||||||
LEISURE FACILITIES & SERVICES - 5.9% | |||||||
73,000 | Bowlero Corporation | 908,850 | |||||
36,000 | Denny's Corporation(a) | 332,280 | |||||
22,400 | Sphere Entertainment Company(a) | 969,920 | |||||
2,211,050 | |||||||
LEISURE PRODUCTS - 0.8% | |||||||
6,800 | Johnson Outdoors, Inc., Class A | 312,528 | |||||
| |||||||
MACHINERY - 3.3% | |||||||
6,063 | Alamo Group, Inc. | 1,226,484 | |||||
| |||||||
MEDICAL EQUIPMENT & DEVICES - 0.9% | |||||||
4,675 | Haemonetics Corporation(a) | 341,182 | |||||
| |||||||
METALS & MINING - 3.3% | |||||||
5,100 | Encore Wire Corporation | 1,229,100 | |||||
| |||||||
OIL & GAS PRODUCERS - 2.2% | |||||||
5,900 | Gulfport Energy Corporation(a) | 837,741 | |||||
| |||||||
OIL & GAS SERVICES & EQUIPMENT - 8.4% | |||||||
111,600 | Helix Energy Solutions Group, Inc.(a) | 1,004,400 | |||||
90,607 | ProPetro Holding Corporation(a) | 670,492 |
NORTH STAR SMALL CAP VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 97.0% (Continued) | |||||||
OIL & GAS SERVICES & EQUIPMENT - 8.4% (Continued) | |||||||
24,200 | Thermon Group Holdings, Inc.(a) | $ 660,418 | |||||
68,500 | US Silica Holdings, Inc.(a) | 787,750 | |||||
3,123,060 | |||||||
RESIDENTIAL REIT - 2.0% | |||||||
49,561 | UMH Properties, Inc. | 763,239 | |||||
| |||||||
RETAIL - DISCRETIONARY - 5.9% | |||||||
10,300 | Boot Barn Holdings, Inc.(a) | 952,750 | |||||
21,817 | Shoe Carnival, Inc. | 714,943 | |||||
5,300 | Signet Jewelers Ltd. | 539,328 | |||||
2,207,021 | |||||||
SEMICONDUCTORS - 5.1% | |||||||
7,392 | Axcelis Technologies, Inc.(a) | 832,857 | |||||
22,762 | Cohu, Inc.(a) | 731,343 | |||||
7,000 | Kulicke & Soffa Industries, Inc. | 333,340 | |||||
1,897,540 | |||||||
SOFTWARE - 0.9% | |||||||
30,000 | Mitek Systems, Inc.(a) | 348,300 | |||||
| |||||||
SPECIALTY REIT - 2.2% | |||||||
55,500 | Postal Realty Trust, Inc. | 794,760 | |||||
| |||||||
STEEL - 1.1% | |||||||
7,800 | Commercial Metals Company | 421,200 | |||||
| |||||||
TECHNOLOGY HARDWARE - 2.4% | |||||||
25,718 | Vishay Precision Group, Inc.(a) | 888,557 | |||||
| |||||||
TRANSPORTATION EQUIPMENT - 2.7% | |||||||
29,400 | Blue Bird Corporation(a) | 994,896 | |||||
| |||||||
TOTAL COMMON STOCKS (Cost $23,449,179) |
36,217,882 | ||||||
NORTH STAR SMALL CAP VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENT — 3.1% | |||||||
MONEY MARKET FUND - 3.1% | |||||||
1,164,733 | First American Treasury Obligations Fund, Class X, 5.22% (Cost $1,164,733)(b) | $ 1,164,733 | |||||
| |||||||
TOTAL INVESTMENTS - 100.1% (Cost $24,613,912) | $ 37,382,615 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |
(36,303) | ||||||
NET ASSETS - 100.0% |
$ 37,346,312 | ||||||
LTD | - Limited Company |
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of February 29, 2024. |