Investment objective & strategy
As of March 27, 2026 · prospectusObjective. The primary investment objective of the North Star Bond Fund (the ?Bond Fund?) is to generate income,
Strategy. Under normal market conditions, the Bond Fund will seek to achieve its investment objectives of income generation and capital preservation by investing at least 80% of the Bond Fund?s net assets in a diversified portfolio of bonds. Bonds include debt securities such as bond, notes, bills and debentures. The Bond Fund may invest in bonds of any maturity, duration or quality, including those that are rated below investment grade (i.e., ?junk bonds?) without limitation. Employing the Adviser?s ?Micro to Macro? style of investing, the Bond Fund will generally focus on bonds issued by companies with equity market capitalizations of less than $2.5 billion, but the Adviser has broad discretion to invest in bonds issued by companies of any size. The … Under normal market conditions, the Bond Fund will seek to achieve its investment objectives of income generation and capital preservation by investing at least 80% of the Bond Fund?s net assets in a diversified portfolio of bonds. Bonds include debt securities such as bond, notes, bills and debentures. The Bond Fund may invest in bonds of any maturity, duration or quality, including those that are rated below investment grade (i.e., ?junk bonds?) without limitation. Employing the Adviser?s ?Micro to Macro? style of investing, the Bond Fund will generally focus on bonds issued by companies with equity market capitalizations of less than $2.5 billion, but the Adviser has broad discretion to invest in bonds issued by companies of any size. The Bond Fund may also invest up to 20% of its assets in equity securities of companies of any size, including preferred stock. In general, the Bond Fund intends to invest within a potentially wide range of net exposures of bonds and other fixed income securities (e.g., certificates of deposit, principal protected notes and debentures). Target position sizes will range from 2 % to 10% of the Bond Fund?s net assets. It is expected that the Bond Fund will be invested in at least 25 securities in the portfolio at any time. The Adviser will consider the yield, maturity, liquidity, creditworthiness and overall corporate outlook when selecting securities for the Bond Fund.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| OII 6 02/01/28 * | OII | $1.53M | 4.21% |
| SMG 5 1/4 12/15/26 | SMG | $1.51M | 4.17% |
| WINTRUST FINL | — | $1.50M | 4.12% |
| CORPBOND | BZH | $1.48M | 4.07% |
| UNDER ARMOUR INC SR UNSECURED 06/26 3.25 | — | $1.47M | 4.04% |
| ELANCO ANIMAL HEALTH INC VAR 08/28/2028 | — | $1.46M | 4.02% |
| CHURCHILL DOWNS INC REGD 144A P/P 4.75000000 | CHDN | $1.45M | 3.98% |
| EPR PROPERTIES | — | $1.42M | 3.90% |
| STEELCASE INC 5.125000% 01/18/2029 | — | $1.39M | 3.83% |
| ACCO BRANDS CORP REGD 144A P/P 4.25000000 | ACCO | $1.38M | 3.81% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| North Star Opportunity Fund · NSOIX, NSOPX, NSIRX | 20% | 1.31% |
| TSW High Yield Bond Fund · TSWHX | 7% | 0.65% |
| Global X 1-3 Month T-Bill ETF · CLIP | 6% | 0.07% |
Advisers
| Firm | Role |
|---|---|
| North Star Investment Management Corp. | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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