NORTH STAR OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
February 28, 2025
 
Shares             Fair Value
    COMMON STOCKS — 79.3%      
    ASSET MANAGEMENT - 6.3%      
29,000   Blackstone, Inc.       $ 4,673,640
165,000   Compass Diversified Holdings         3,611,850
             

8,285,490

    BANKING - 3.9%      
19,000   JPMorgan Chase & Company         5,028,350
             
 
    BANKS - 3.8%      
108,000   Bank of America Corporation         4,978,800
             
 
    BEVERAGES - 1.1%      
9,500   PepsiCo, Inc.         1,457,965
             
 
    BIOTECH & PHARMA - 7.6%      
25,000   AbbVie, Inc.         5,225,750
18,000   Novo Nordisk A/S - ADR         1,631,700
19,000   Zoetis, Inc.         3,177,560
             

10,035,010

    CAPITAL MARKETS - 3.3%      
31,500   KKR & Company, Inc.         4,271,085
             
 
    DIVERSIFIED INDUSTRIALS - 0.9%      
3,800   Eaton Corporation PLC         1,114,616
             
 
    E-COMMERCE DISCRETIONARY - 3.6%      
22,000   Amazon.com, Inc.(a)         4,670,160
             
 
    ELECTRIC UTILITIES - 1.5%      
165,000   AES Corporation (The)         1,912,350
             
 
    ELECTRICAL EQUIPMENT - 2.8%      
31,500   Carrier Global Corporation         2,041,200
1,980,000   Orion Energy Systems, Inc.(a),(b)         1,782,000
             

3,823,200

 
 

 

NORTH STAR OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2025
 
Shares             Fair Value
    COMMON STOCKS — 79.3% (Continued)      
    INTERNET MEDIA & SERVICES - 3.5%      
26,500   Alphabet, Inc., Class A       $ 4,512,420
             
 
    LEISURE FACILITIES & SERVICES - 5.9%      
83,000   Madison Square Garden Entertainment Corporation(a)         2,865,990
75,000   Sphere Entertainment Company(a)         3,272,250
9,500   Vail Resorts, Inc.         1,510,405
             

7,648,645

    MULTI ASSET CLASS REITS - 1.7%      
245,000   LXP Industrial Trust         2,195,200
             
 
    OIL & GAS PRODUCERS - 4.8%      
25,500   Exxon Mobil Corporation         2,838,915
125,000   Kinder Morgan, Inc.         3,387,500
             

6,226,415

    RETAIL - CONSUMER STAPLES - 2.0%      
21,000   Target Corporation         2,609,040
             
 
    RETAIL - DISCRETIONARY - 2.2%      
24,000   Boot Barn Holdings, Inc.(a)         2,938,320
             
 
    RETAIL REIT - 1.7%      
40,000   Realty Income Corporation         2,281,200
             
 
    SEMICONDUCTORS - 8.0%      
35,500   Advanced Micro Devices, Inc.(a)         3,545,030
11,000   NVIDIA Corporation         1,374,120
72,000   Penguin Solutions, Inc.(a)         1,434,960
26,000   QUALCOMM, Inc.         4,086,420
             

10,440,530

    SPECIALTY REIT - 2.0%      
49,000   EPR Properties         2,600,430
             
 
    TECHNOLOGY HARDWARE - 6.0%      
21,000   Apple, Inc.         5,078,640
 
 

 

NORTH STAR OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2025
 
Shares             Fair Value
    COMMON STOCKS — 79.3% (Continued)      
    TECHNOLOGY HARDWARE - 6.0% (Continued)      
44,000   Cisco Systems, Inc.       $ 2,820,840
             

7,899,480

    TECHNOLOGY SERVICES - 2.9%      
25,000   Paychex, Inc.         3,791,750
             
 
    TRANSPORTATION & LOGISTICS - 1.4%      
15,000   United Parcel Service, Inc., Class B         1,785,450
             
 
    WHOLESALE - DISCRETIONARY - 2.4%      
81,300   Acme United Corporation         3,178,017
             
 
               
    TOTAL COMMON STOCKS (Cost $52,914,261)    

  103,683,923

               
    PREFERRED STOCKS — 1.2%      
    ASSET MANAGEMENT — 1.2%      
64,000   Compass Diversified Holdings, 7.8750%                   1,536,640
             
  TOTAL PREFERRED STOCKS (Cost $1,441,399)    

1,536,640

             
Principal Amount ($)         Coupon Rate (%) Maturity  
    CORPORATE BONDS — 2.2%      
    HOME & OFFICE PRODUCTS — 0.4%      
500,000   ACCO Brands Corporation(c)   4.2500 03/15/29   461,243
             
    HOUSEHOLD PRODUCTS — 0.4%      
500,000   Energizer Holdings, Inc.   4.7500 06/15/28   482,491
             
    LEISURE FACILITIES & SERVICES — 1.4%      
1,850,000   Wendy's International, LLC   7.0000 12/15/25   1,872,121
 
 

 

NORTH STAR OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 28, 2025
 
Principal Amount ($)             Fair Value
    CORPORATE BONDS — 2.2% (Continued)      
  TOTAL CORPORATE BONDS (Cost $2,818,799)    

$ 2,815,855

             
          Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 10.0%      
    U.S. TREASURY NOTES — 10.0%      
1,000,000   United States Treasury Note   3.8750 03/31/25 999,616
1,000,000   United States Treasury Note   3.8750 04/30/25   999,239
11,000,000   United States Treasury Note   4.2500 05/31/25   10,995,946
              12,994,801
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,992,233)    

12,994,801

             
Shares              
    SHORT-TERM INVESTMENTS — 7.2%      
    MONEY MARKET FUNDS - 7.2%      
9,374,644   First American Treasury Obligations Fund, Class X, 4.28% (Cost $9,374,644)(d)         9,374,644
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $79,541,336)     $ 130,405,863
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

194,240

    NET ASSETS - 100.0%        

$ 130,600,103

           
               
 

 

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
LLC  - Limited Liability Company
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
   
 

 

 

 

 

(a) Non-income producing security.
(b) Affiliated Company – North Star Opportunity Fund holds in excess of 5% of outstanding voting securities of this security.
(c) 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 28, 2025 the total market value of 144A securities is $461,243 or 0.4% of net assets.
(d) Rate disclosed is the seven day effective yield as of February 28, 2025.