(a)
|
|
![]() |
North Square Investments | www.northsquareinvest.com
|
Fund Performance
|
1
|
Schedules of Investments
|
5
|
Statements of Assets and Liabilities
|
37
|
Statements of Operations
|
38
|
Statements of Changes in Net Assets
|
39
|
Financial Highlights
|
41
|
Notes to Financial Statements
|
45
|
Supplemental Information
|
54
|
Expense Examples
|
56
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of April 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I
|
36.02%
|
45.72%
|
14.00%
|
10.29%
|
11.60%
|
11/16/09
|
Russell 3000 Value Index
|
37.64%
|
47.78%
|
12.25%
|
11.04%
|
11.95%
|
11/16/09
|
Calendar
|
Since
|
Inception
|
||
Total Returns as of April 30, 2021
|
3 Months
|
Year to Date
|
Inception
|
Date
|
Class I
|
8.73%
|
7.10%
|
8.62%
|
12/04/20
|
MSCI EAFE Index
|
7.74%
|
6.59%
|
9.02%
|
12/04/20
|
Calendar
|
Since
|
Inception
|
||
Total Returns as of April 30, 2021
|
3 Months
|
Year to Date
|
Inception
|
Date
|
Class I
|
(0.84)%
|
(0.99)%
|
(0.84)%
|
12/28/20
|
Bloomberg Barclays Intermediate Aggregate Bond Index
|
(0.95)%
|
(1.09)%
|
(1.00)%
|
12/28/20
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of April 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I
|
6.15%
|
10.80%
|
5.69%
|
5.22%
|
4.95%
|
12/31/12
|
Bloomberg Barclays US Aggregate Bond Index
|
(1.52)%
|
(0.27)%
|
3.19%
|
3.39%
|
2.84%
|
12/31/12
|
Bloomberg Barclays Intermediate Credit Index
|
0.12%
|
4.53%
|
3.74%
|
3.79%
|
3.24%
|
12/31/12
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 96.2%
|
|||||||
BASIC MATERIALS – 8.1%
|
|||||||
Metal Fabricating – 3.4%
|
|||||||
4,606
|
Rexnord Corp.
|
$
|
229,977
|
||||
Specialty Chemicals – 4.7%
|
|||||||
14,450
|
Element Solutions, Inc.
|
316,166
|
|||||
TOTAL BASIC MATERIALS
|
546,143
|
||||||
CONSUMER DISCRETIONARY – 25.1%
|
|||||||
Apparel Retailers – 4.0%
|
|||||||
3,820
|
The TJX Co., Inc.
|
271,220
|
|||||
Consumer Services: Misc. – 2.5%
|
|||||||
3,240
|
Terminix Global Holdings, Inc.*
|
164,884
|
|||||
Home Improvement Retailers – 2.5%
|
|||||||
526
|
The Home Depot, Inc.
|
170,250
|
|||||
Household Furnishings – 3.8%
|
|||||||
2,429
|
Fortune Brands Home & Security, Inc.
|
254,996
|
|||||
Restaurants and Bars – 5.0%
|
|||||||
715
|
McDonald’s Corp.
|
168,797
|
|||||
1,496
|
Starbucks Corp.
|
171,277
|
|||||
340,074
|
|||||||
Specialty Retailers – 7.3%
|
|||||||
1,193
|
Asbury Automotive Group, Inc.*
|
236,942
|
|||||
176
|
AutoZone, Inc.*
|
257,685
|
|||||
494,627
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
1,696,051
|
||||||
CONSUMER STAPLES – 3.5%
|
|||||||
Food Retailers and Wholesalers – 3.5%
|
|||||||
5,536
|
Core-Mark Holding Co., Inc.
|
235,612
|
|||||
TOTAL CONSUMER STAPLES
|
235,612
|
||||||
ENERGY – 6.3%
|
|||||||
Integrated Oil and Gas – 3.2%
|
|||||||
2,118
|
Chevron Corp.
|
218,302
|
|||||
Oil: Crude Producers – 3.1%
|
|||||||
3,817
|
Denbury, Inc.*
|
207,683
|
|||||
TOTAL ENERGY
|
425,985
|
||||||
FINANCIALS – 15.8%
|
|||||||
Banks – 3.6%
|
|||||||
5,174
|
First Interstate BancSystem, Inc. – Class A
|
243,023
|
|||||
Diversified Financial Services – 7.5%
|
|||||||
6,273
|
Cannae Holdings, Inc.*
|
249,038
|
|||||
1,664
|
JPMorgan Chase & Co.
|
255,940
|
|||||
504,978
|
|||||||
Reinsurance – 4.7%
|
|||||||
1,148
|
Berkshire Hathaway, Inc. – Class B*
|
315,642
|
|||||
TOTAL FINANCIALS
|
1,063,643
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
HEALTH CARE – 10.6%
|
|||||||
Health Care Management Services – 3.1%
|
|||||||
524
|
UnitedHealth Group Inc.
|
$
|
208,971
|
||||
Medical Equipment – 4.2%
|
|||||||
2,163
|
Medtronic PLC1
|
283,180
|
|||||
Pharmaceuticals – 3.3%
|
|||||||
1,870
|
Abbott Laboratories
|
224,550
|
|||||
TOTAL HEALTH CARE
|
716,701
|
||||||
INDUSTRIALS – 10.7%
|
|||||||
Machinery: Tools – 2.9%
|
|||||||
842
|
Snap-on, Inc.
|
200,059
|
|||||
Railroads – 3.7%
|
|||||||
1,124
|
Union Pacific Corp.
|
249,629
|
|||||
Transaction Processing Services – 4.1%
|
|||||||
1,798
|
American Express Co.
|
275,724
|
|||||
TOTAL INDUSTRIALS
|
725,412
|
||||||
TECHNOLOGY – 10.1%
|
|||||||
Computer Hardware – 3.2%
|
|||||||
1,210
|
CDW Corp. of Delaware
|
215,779
|
|||||
Consumer Digital Services – 4.8%
|
|||||||
138
|
Alphabet Inc. – Class A*
|
324,783
|
|||||
Software – 2.1%
|
|||||||
553
|
Microsoft Corp.
|
139,456
|
|||||
TOTAL TECHNOLOGY
|
680,018
|
||||||
TELECOMMUNICATIONS – 3.6%
|
|||||||
Telecommunications Equipment – 3.6%
|
|||||||
1,146
|
L3Harris Technologies, Inc.
|
239,778
|
|||||
TOTAL TELECOMMUNICATIONS
|
239,778
|
||||||
UTILITIES – 2.4%
|
|||||||
Gas Distribution – 2.4%
|
|||||||
1,367
|
Chesapeake Utilities Corp.
|
162,017
|
|||||
TOTAL UTILITIES
|
162,017
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $4,580,920)
|
6,491,360
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 3.6%
|
|||||||
241,005
|
First American Treasury Obligations Fund – Class X, 0.03%2
|
$
|
241,005
|
||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $241,005)
|
241,005
|
||||||
TOTAL INVESTMENTS – 99.8%
|
|||||||
(Cost $4,821,925)
|
6,732,365
|
||||||
Other Assets in Excess of Liabilities – 0.2%
|
14,227
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
6,746,592
|
*
|
Non-Income producing security.
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Consumer Discretionary
|
25.1
|
%
|
|||
Financials
|
15.8
|
%
|
|||
Industrials
|
10.7
|
%
|
|||
Health Care
|
10.6
|
%
|
|||
Technology
|
10.1
|
%
|
|||
Basic Materials
|
8.1
|
%
|
|||
Energy
|
6.3
|
%
|
|||
Telecommunications
|
3.6
|
%
|
|||
Consumer Staples
|
3.5
|
%
|
|||
Utilities
|
2.4
|
%
|
|||
Total Common Stocks
|
96.2
|
%
|
|||
Short-Term Investment
|
3.6
|
%
|
|||
Total Investments
|
99.8
|
%
|
|||
Other Assets in Excess of Liabilities
|
0.2
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 94.8%
|
|||||||
BERMUDA – 0.8%
|
|||||||
804
|
Everest Re Group Ltd.
|
$
|
222,668
|
||||
BRAZIL – 0.5%
|
|||||||
50,837
|
Ambev SA
|
141,327
|
|||||
CANADA – 1.7%
|
|||||||
3,401
|
Agnico Eagle Mines Ltd.
|
212,358
|
|||||
38,604
|
Kinross Gold Corp.
|
271,671
|
|||||
484,029
|
|||||||
CHINA – 4.7%
|
|||||||
1,196
|
Alibaba Group Holding Ltd. – ADR*
|
276,216
|
|||||
1,169
|
Baidu, Inc. – ADR*
|
245,876
|
|||||
45,680
|
Sands China Ltd.*
|
216,999
|
|||||
8,108
|
Tencent Music Entertainment Group – ADR*
|
141,241
|
|||||
11,493
|
Trip.com Group Ltd.*
|
449,147
|
|||||
1,329,479
|
|||||||
FRANCE – 12.3%
|
|||||||
7,348
|
Accor SA*
|
295,680
|
|||||
28,081
|
AXA SA
|
794,217
|
|||||
17,914
|
Bureau Veritas SA
|
535,630
|
|||||
8,816
|
Danone SA
|
621,424
|
|||||
6,510
|
Sanofi
|
683,035
|
|||||
4,140
|
SCOR SE*
|
133,940
|
|||||
9,947
|
TOTAL SE
|
440,384
|
|||||
3,504,310
|
|||||||
GERMANY – 7.7%
|
|||||||
458
|
adidas AG
|
141,430
|
|||||
1,486
|
Continental AG
|
201,237
|
|||||
7,296
|
Fresenius Medical Care AG & Co KGaA
|
580,333
|
|||||
4,375
|
SAP SE
|
614,142
|
|||||
3,379
|
Siemens AG
|
563,946
|
|||||
3,232
|
Siemens Energy AG*
|
108,022
|
|||||
2,209,110
|
|||||||
IRELAND – 2.1%
|
|||||||
438
|
Linde PLC
|
125,170
|
|||||
3,676
|
Medtronic PLC
|
481,262
|
|||||
606,432
|
|||||||
ISRAEL – 2.3%
|
|||||||
5,689
|
Check Point Software Technologies Ltd.*
|
664,532
|
|||||
JAPAN – 13.5%
|
|||||||
45,646
|
Astellas Pharma, Inc.
|
685,170
|
|||||
5,443
|
Daito Trust Construction Co Ltd.
|
578,714
|
|||||
3,233
|
Hitachi Ltd.
|
159,180
|
|||||
13,337
|
Japan Exchange Group, Inc.
|
312,588
|
|||||
7,214
|
Makita Corp.
|
324,429
|
|||||
314
|
Nintendo Co Ltd.
|
180,114
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
16,401
|
Sumitomo Mitsui Trust Holdings, Inc.
|
$
|
558,255
|
||||
9,455
|
Taisei Corp.
|
348,647
|
|||||
14,572
|
Tokio Marine Holdings, Inc.
|
697,333
|
|||||
3,844,430
|
|||||||
LUXEMBOURG – 0.6%
|
|||||||
14,519
|
Tenaris SA
|
156,367
|
|||||
MEXICO – 0.6%
|
|||||||
27,548
|
Grupo Financiero Banorte SAB de CV
|
156,419
|
|||||
NETHERLANDS – 6.7%
|
|||||||
4,330
|
Akzo Nobel NV
|
520,160
|
|||||
5,233
|
Euronext NV
|
526,590
|
|||||
7,579
|
Heineken NV
|
878,751
|
|||||
1,925,501
|
|||||||
REPUBLIC OF KOREA – 2.6%
|
|||||||
10,775
|
KB Financial Group, Inc. – ADR*
|
527,113
|
|||||
119
|
Samsung Electronics Co Ltd. – GDR
|
216,699
|
|||||
743,812
|
|||||||
SINGAPORE – 1.9%
|
|||||||
69,131
|
Singapore Exchange Ltd.
|
542,866
|
|||||
SPAIN – 0.9%
|
|||||||
1,434
|
Aena SME SA*
|
249,468
|
|||||
SWEDEN – 2.6%
|
|||||||
15,174
|
Assa Abloy AB – Class B
|
432,516
|
|||||
4,555
|
Sandvik AB
|
112,616
|
|||||
14,349
|
Telefonaktiebolaget LM Ericsson – Class B
|
196,517
|
|||||
741,649
|
|||||||
SWITZERLAND – 13.6%
|
|||||||
6,328
|
Chubb Ltd.
|
1,085,822
|
|||||
6,509
|
Julius Baer Group Ltd.
|
409,962
|
|||||
7,497
|
Nestle SA
|
893,811
|
|||||
6,303
|
Novartis AG
|
538,058
|
|||||
726
|
Roche Holding AG
|
236,581
|
|||||
1,731
|
Zurich Insurance Group AG
|
710,217
|
|||||
3,874,451
|
|||||||
THAILAND – 0.2%
|
|||||||
16,289
|
Bangkok Bank PCL – NVDR
|
63,560
|
|||||
UNITED KINGDOM – 17.4%
|
|||||||
10,681
|
Antofagasta PLC
|
275,179
|
|||||
3,998
|
Aon PLC – Class A
|
1,005,257
|
|||||
8,187
|
BP PLC – ADR
|
205,985
|
|||||
156,731
|
BT Group PLC*
|
357,038
|
|||||
5,298
|
Compass Group PLC*
|
115,056
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
UNITED KINGDOM (Continued)
|
|||||||
17,122
|
Diageo PLC
|
$
|
768,739
|
||||
39,989
|
GlaxoSmithKline PLC
|
739,815
|
|||||
17,358
|
Liberty Global PLC – Class A*
|
466,931
|
|||||
491,662
|
Lloyds Banking Group PLC
|
308,507
|
|||||
11,202
|
RSA Insurance Group PLC
|
105,570
|
|||||
31,996
|
Vodafone Group PLC – ADR
|
606,324
|
|||||
4,954,401
|
|||||||
UNITED STATES – 2.3%
|
|||||||
65
|
Booking Holdings, Inc.*
|
160,295
|
|||||
6,177
|
Cognizant Technology Solutions Corp. – Class A
|
496,631
|
|||||
656,926
|
|||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $25,459,888)
|
27,071,737
|
||||||
PREFERRED STOCKS – 0.8%
|
|||||||
GERMANY – 0.8%
|
|||||||
2,020
|
Henkel AG & Co KGaA
|
232,073
|
|||||
TOTAL PREFERRED STOCKS
|
|||||||
(Cost $210,939)
|
232,073
|
||||||
RIGHTS – 0.2%
|
|||||||
5,233
|
EURONEXT*
|
61,341
|
|||||
TOTAL RIGHTS
|
|||||||
(Cost $49,313)
|
61,341
|
||||||
SHORT-TERM INVESTMENT – 3.8%
|
|||||||
1,070,002
|
First American Treasury Obligations Fund – Class X, 0.03%1
|
1,070,002
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $1,070,002)
|
1,070,002
|
||||||
TOTAL INVESTMENTS – 99.6%
|
|||||||
(Cost $26,790,142)
|
28,435,153
|
||||||
Other Assets in Excess of Liabilities – 0.4%
|
112,158
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
28,547,311
|
*
|
Non-Income producing security.
|
1
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Financials
|
28.6
|
%
|
|||
Health Care
|
13.8
|
%
|
|||
Consumer Staples
|
11.6
|
%
|
|||
Industrials
|
9.4
|
%
|
|||
Communication Services
|
8.6
|
%
|
|||
Information Technology
|
8.2
|
%
|
|||
Consumer Discretionary
|
4.9
|
%
|
|||
Materials
|
4.9
|
%
|
|||
Energy
|
2.8
|
%
|
|||
Real Estate
|
2.0
|
%
|
|||
Total Common Stocks
|
94.8
|
%
|
|||
Preferred Stocks
|
0.8
|
%
|
|||
Rights
|
0.2
|
%
|
|||
Short-Term Investment
|
3.8
|
%
|
|||
Total Investments
|
99.6
|
%
|
|||
Other Assets in Excess of Liabilities
|
0.4
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Principal
|
|||||||
Amount
|
Value
|
||||||
ASSET BACKED SECURITIES – 8.9%
|
|||||||
Americredit Automobile Receivables Trust 2019-1
|
|||||||
$
|
34,490
|
2.970%, 11/20/2023
|
$
|
34,800
|
|||
Americredit Automobile Receivables Trust 2019-2
|
|||||||
69,000
|
2.540%, 07/18/2024
|
70,761
|
|||||
AmeriCredit Automobile Receivables Trust 2020-2
|
|||||||
690,338
|
0.600%, 12/18/2023
|
691,323
|
|||||
Amur Equipment Finance Receivables IX LLC
|
|||||||
100,000
|
0.750%, 11/20/20264
|
100,104
|
|||||
Avis Budget Rental Car Funding AESOP LLC
|
|||||||
150,000
|
3.450%, 03/20/20234
|
153,080
|
|||||
Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust
|
|||||||
25,251
|
5.720%, 01/15/2024
|
27,088
|
|||||
Burlington Northern and Sante Fe Railway Co 2015-1 Pass Through Trust
|
|||||||
115,004
|
3.442%, 06/16/20284
|
126,372
|
|||||
Carvana Auto Receivables Trust 2019-1
|
|||||||
117,417
|
3.290%, 08/15/20234
|
118,166
|
|||||
Carvana Auto Receivables Trust 2019-4
|
|||||||
145,566
|
2.300%, 09/15/20234
|
146,340
|
|||||
CNH Equipment Trust 2019-A
|
|||||||
48,324
|
3.010%, 04/15/2024
|
49,212
|
|||||
CNH Equipment Trust 2020-A
|
|||||||
22,337
|
1.080%, 07/15/2023
|
22,390
|
|||||
DT Auto Owner Trust 2019-2
|
|||||||
18,310
|
2.990%, 04/17/20234
|
18,373
|
|||||
DT Auto Owner Trust 2020-1
|
|||||||
80,000
|
2.160%, 05/15/20244
|
81,138
|
|||||
Enterprise Fleet Funding 2021-1 LLC
|
|||||||
375,000
|
0.440%, 12/20/20264
|
375,058
|
|||||
Exeter Automobile Receivables Trust 2021-1
|
|||||||
81,000
|
0.340%, 03/15/2024
|
81,001
|
|||||
Federal Express Corp 1998 Pass Through Trust
|
|||||||
11,829
|
6.720%, 07/15/2023
|
12,260
|
|||||
Federal Express Corp 1999 Pass Through Trust
|
|||||||
13,067
|
7.650%, 07/15/2024
|
13,853
|
|||||
FedEx Corp 2020-1 Class AA Pass Through Trust
|
|||||||
89,540
|
1.875%, 08/20/2035
|
88,174
|
|||||
GM Financial Automobile Leasing Trust 2020-1
|
|||||||
175,000
|
1.700%, 12/20/2023
|
177,548
|
|||||
GM Financial Automobile Leasing Trust 2020-2
|
|||||||
225,000
|
2.560%, 07/20/2024
|
232,936
|
|||||
GreatAmerica Leasing Receivables Funding LLC Series 2018-1
|
|||||||
43,511
|
2.830%, 06/17/20244
|
43,847
|
|||||
HPEFS Equipment Trust 2019-1
|
|||||||
4,342
|
2.190%, 09/20/20294
|
4,346
|
|||||
MMAF Equipment Finance LLC 2018-A
|
|||||||
380,000
|
3.390%, 01/10/20254
|
392,688
|
|||||
Oportun Funding XIV LLC
|
|||||||
100,000
|
1.210%, 03/08/20284
|
100,096
|
|||||
Oscar US Funding X LLC
|
|||||||
290,000
|
3.270%, 05/11/20261,2,4
|
304,091
|
Principal
|
|||||||
Amount
|
Value
|
||||||
ASSET BACKED SECURITIES (Continued)
|
|||||||
Oscar US Funding XII LLC
|
|||||||
$
|
110,000
|
0.700%, 04/10/20251,2,4
|
$
|
110,135
|
|||
Santander Drive Auto Receivables Trust 2017-1
|
|||||||
138,864
|
3.170%, 04/17/2023
|
139,092
|
|||||
Santander Drive Auto Receivables Trust 2019-3
|
|||||||
121,752
|
2.280%, 09/15/2023
|
122,160
|
|||||
Santander Drive Auto Receivables Trust 2020-4
|
|||||||
136,000
|
0.730%, 03/17/2025
|
136,672
|
|||||
Union Pacific Railroad Co 2005 Pass Through Trust
|
|||||||
24,060
|
5.082%, 01/02/2029
|
27,199
|
|||||
Union Pacific Railroad Co 2014-1 Pass Through Trust
|
|||||||
108,724
|
3.227%, 05/14/2026
|
118,225
|
|||||
Verizon Owner Trust 2020-C
|
|||||||
340,000
|
0.670%, 04/21/2025
|
340,731
|
|||||
Volvo Financial Equipment LLC Series 2019-2
|
|||||||
176,000
|
2.040%, 11/15/20234
|
178,772
|
|||||
Westlake Automobile Receivables Trust 2020-3
|
|||||||
128,271
|
0.560%, 05/15/20244
|
128,492
|
|||||
Westlake Automobile Receivables Trust 2021-1
|
|||||||
140,000
|
0.640%, 03/16/20264
|
140,259
|
|||||
World Financial Network Credit Card Master Trust
|
|||||||
276,000
|
2.490%, 04/15/2026
|
282,852
|
|||||
250,000
|
2.210%, 07/15/2026
|
256,600
|
|||||
World Omni Auto Receivables Trust 2018-A
|
|||||||
59,538
|
2.500%, 04/17/2023
|
59,945
|
|||||
World Omni Auto Receivables Trust 2019-C
|
|||||||
162,000
|
1.960%, 12/15/2024
|
164,610
|
|||||
TOTAL ASSET BACKED SECURITIES
|
|||||||
(Cost $5,424,414)
|
5,670,789
|
||||||
CORPORATE BONDS – 27.2%
|
|||||||
COMMUNICATION SERVICES – 2.7%
|
|||||||
Diversified Telecommunication Services – 1.8%
|
|||||||
AT&T, Inc.
|
|||||||
150,000
|
0.650% (SOFR + 0.640%), 03/25/2024
|
150,251
|
|||||
132,000
|
1.700%, 03/25/2026
|
132,620
|
|||||
97,000
|
4.350%, 03/01/2029
|
110,122
|
|||||
42,000
|
2.550%, 12/01/20334
|
40,042
|
|||||
Verizon Communications, Inc.
|
|||||||
442,000
|
0.850%, 11/20/2025
|
436,216
|
|||||
66,000
|
4.329%, 09/21/2028
|
76,104
|
|||||
184,000
|
4.016%, 12/03/2029
|
207,873
|
|||||
1,153,228
|
|||||||
Entertainment – 0.5%
|
|||||||
The Walt Disney Co.
|
|||||||
172,000
|
1.750%, 01/13/2026
|
176,858
|
|||||
135,000
|
2.000%, 09/01/2029
|
134,237
|
|||||
311,095
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
COMMUNICATION SERVICES (Continued)
|
|||||||
Media – 0.4%
|
|||||||
Comcast Corp.
|
|||||||
$
|
41,000
|
3.950%, 10/15/2025
|
$
|
46,018
|
|||
Fox Corp.
|
|||||||
213,000
|
3.050%, 04/07/2025
|
227,742
|
|||||
273,760
|
|||||||
TOTAL COMMUNICATION SERVICES
|
1,738,083
|
||||||
CONSUMER DISCRETIONARY – 3.4%
|
|||||||
Automobiles – 2.5%
|
|||||||
American Honda Finance Corp.
|
|||||||
122,000
|
2.000%, 03/24/2028
|
123,214
|
|||||
Daimler Finance North America LLC
|
|||||||
150,000
|
1.450%, 03/02/20264
|
150,493
|
|||||
General Motors Financial Co, Inc.
|
|||||||
581,000
|
4.350%, 04/09/2025
|
644,187
|
|||||
31,000
|
2.400%, 04/10/2028
|
31,073
|
|||||
24,000
|
3.600%, 06/21/2030
|
25,515
|
|||||
Hyundai Capital America
|
|||||||
175,000
|
5.875%, 04/07/20254
|
203,347
|
|||||
71,000
|
3.500%, 11/02/20264
|
76,529
|
|||||
Toyota Motor Credit Corp.
|
|||||||
343,000
|
3.000%, 04/01/2025
|
370,048
|
|||||
1,624,406
|
|||||||
Hotels, Restaurants & Leisure – 0.9%
|
|||||||
Booking Holdings, Inc.
|
|||||||
23,000
|
3.650%, 03/15/2025
|
25,152
|
|||||
107,000
|
3.600%, 06/01/2026
|
118,722
|
|||||
McDonald’s Corp.
|
|||||||
58,000
|
3.300%, 07/01/2025
|
63,225
|
|||||
55,000
|
3.600%, 07/01/2030
|
60,677
|
|||||
Starbucks Corp.
|
|||||||
154,000
|
2.000%, 03/12/2027
|
158,082
|
|||||
92,000
|
3.550%, 08/15/2029
|
101,009
|
|||||
10,000
|
2.250%, 03/12/2030
|
9,928
|
|||||
4,000
|
2.550%, 11/15/2030
|
4,046
|
|||||
540,841
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
2,165,247
|
||||||
CONSUMER STAPLES – 1.3%
|
|||||||
Beverages – 0.6%
|
|||||||
Anheuser-Busch InBev Worldwide, Inc.
|
|||||||
105,000
|
4.750%, 01/23/2029
|
123,261
|
|||||
The Coca-Cola Co
|
|||||||
61,000
|
1.000%, 03/15/2028
|
58,525
|
|||||
32,000
|
2.125%, 09/06/2029
|
32,334
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
CONSUMER STAPLES (Continued)
|
|||||||
Beverages (Continued)
|
|||||||
PepsiCo, Inc.
|
|||||||
$
|
163,000
|
2.625%, 03/19/2027
|
$
|
174,927
|
|||
389,047
|
|||||||
Tobacco – 0.7%
|
|||||||
Altria Group, Inc.
|
|||||||
146,000
|
4.800%, 02/14/2029
|
166,158
|
|||||
BAT Capital Corp.
|
|||||||
56,000
|
2.259%, 03/25/2028
|
54,931
|
|||||
54,000
|
4.906%, 04/02/2030
|
60,932
|
|||||
Philip Morris International, Inc.
|
|||||||
102,000
|
2.750%, 02/25/2026
|
109,160
|
|||||
40,000
|
2.100%, 05/01/2030
|
38,986
|
|||||
430,167
|
|||||||
TOTAL CONSUMER STAPLES
|
819,214
|
||||||
ENERGY – 2.5%
|
|||||||
Energy Equipment & Services – 0.1%
|
|||||||
Halliburton Co.
|
|||||||
52,000
|
2.920%, 03/01/2030
|
52,182
|
|||||
Oil, Gas & Consumable Fuels – 2.4%
|
|||||||
BP Capital Markets America, Inc.
|
|||||||
81,000
|
2.750%, 05/10/2023
|
84,816
|
|||||
92,000
|
3.017%, 01/16/2027
|
98,774
|
|||||
117,000
|
3.543%, 04/06/2027
|
128,553
|
|||||
50,000
|
3.937%, 09/21/2028
|
56,214
|
|||||
Chevron Corp.
|
|||||||
233,000
|
2.954%, 05/16/2026
|
251,919
|
|||||
Equinor ASA
|
|||||||
236,000
|
3.125%, 04/06/20302
|
252,698
|
|||||
Exxon Mobil Corp.
|
|||||||
234,000
|
2.992%, 03/19/2025
|
251,978
|
|||||
Saudi Arabian Oil Co.
|
|||||||
200,000
|
3.500%, 04/16/20292,4
|
214,702
|
|||||
Shell International Finance BV
|
|||||||
180,000
|
2.375%, 11/07/20292
|
183,642
|
|||||
1,523,296
|
|||||||
TOTAL ENERGY
|
1,575,478
|
||||||
FINANCIALS – 10.1%
|
|||||||
Banks – 8.0%
|
|||||||
Bank of America Corp.
|
|||||||
114,000
|
0.981% (SOFR + 0.910%), 09/25/20255
|
113,933
|
|||||
161,000
|
1.658% (SOFR + 0.910%), 03/11/20275
|
162,396
|
|||||
118,000
|
1.734% (SOFR + 0.960%), 07/22/20275
|
119,094
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Banks (Continued)
|
|||||||
Bank of Montreal
|
|||||||
$
|
108,000
|
1.850%, 05/01/20252
|
$
|
111,482
|
|||
The Bank of Nova Scotia
|
|||||||
310,000
|
1.300%, 06/11/20252
|
313,235
|
|||||
Canadian Imperial Bank of Commerce
|
|||||||
166,000
|
2.250%, 01/28/20252
|
173,504
|
|||||
Citigroup, Inc.
|
|||||||
252,000
|
0.776% (SOFR + 0.686%), 10/30/20245
|
252,371
|
|||||
363,000
|
3.352% (3 Month LIBOR USD + 0.897%), 04/24/20255
|
389,521
|
|||||
Comerica, Inc.
|
|||||||
47,000
|
3.700%, 07/31/2023
|
50,286
|
|||||
Federation des Caisses Desjardins du Quebec
|
|||||||
220,000
|
2.050%, 02/10/20252,4
|
227,174
|
|||||
Fifth Third Bancorp
|
|||||||
246,000
|
3.650%, 01/25/2024
|
265,158
|
|||||
F.N.B. Corporation of Pennsylvania
|
|||||||
117,000
|
2.200%, 02/24/2023
|
119,073
|
|||||
JPMorgan Chase & Co.
|
|||||||
122,000
|
4.023% (3 Month LIBOR USD + 1.000%), 12/05/20245
|
132,138
|
|||||
742,000
|
2.005% (SOFR + 1.585%), 03/13/20265
|
765,571
|
|||||
122,000
|
1.578% (SOFR + 0.885%), 04/22/20275
|
122,516
|
|||||
69,000
|
1.953% (SOFR + 1.065%), 02/04/20325
|
65,723
|
|||||
The PNC Financial Services Group, Inc.
|
|||||||
178,000
|
3.500%, 01/23/2024
|
191,866
|
|||||
214,000
|
2.550%, 01/22/2030
|
219,745
|
|||||
Royal Bank of Canada
|
|||||||
59,000
|
3.700%, 10/05/20232
|
63,683
|
|||||
173,000
|
1.150%, 06/10/20252
|
174,135
|
|||||
117,000
|
1.200%, 04/27/20262
|
116,704
|
|||||
The Toronto-Dominion Bank
|
|||||||
159,000
|
2.650%, 06/12/20242
|
168,929
|
|||||
182,000
|
1.150%, 06/12/20252
|
182,973
|
|||||
Truist Financial Corp.
|
|||||||
115,000
|
2.500%, 08/01/2024
|
121,516
|
|||||
196,000
|
1.200%, 08/05/2025
|
197,240
|
|||||
US Bancorp
|
|||||||
97,000
|
2.400%, 07/30/2024
|
102,625
|
|||||
91,000
|
1.450%, 05/12/2025
|
92,969
|
|||||
Wells Fargo & Co.
|
|||||||
102,000
|
2.188% (SOFR + 2.000%), 04/30/20265
|
105,704
|
|||||
5,121,264
|
|||||||
Capital Markets – 1.6%
|
|||||||
The Charles Schwab Corp.
|
|||||||
39,000
|
2.000%, 03/20/2028
|
39,405
|
|||||
The Goldman Sachs Group, Inc.
|
|||||||
505,000
|
3.272% (3 Month LIBOR USD + 1.201%), 09/29/20255
|
542,551
|
|||||
87,000
|
1.431% (SOFR + 0.798%), 03/09/20275
|
86,661
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Capital Markets (Continued)
|
|||||||
Morgan Stanley
|
|||||||
$
|
176,000
|
2.720% (SOFR + 1.152%), 07/22/20255
|
$
|
185,921
|
|||
177,000
|
1.593% (SOFR + 0.879%), 05/04/20275
|
177,752
|
|||||
1,032,290
|
|||||||
Consumer Finance – 0.2%
|
|||||||
Capital One Financial Corp.
|
|||||||
90,000
|
2.600%, 05/11/2023
|
93,678
|
|||||
Insurance – 0.3%
|
|||||||
American International Group, Inc.
|
|||||||
193,000
|
3.750%, 07/10/2025
|
212,399
|
|||||
TOTAL FINANCIALS
|
6,459,631
|
||||||
HEALTH CARE – 0.8%
|
|||||||
Biotechnology – 0.2%
|
|||||||
AbbVie, Inc.
|
|||||||
79,000
|
3.600%, 05/14/2025
|
86,383
|
|||||
16,000
|
2.950%, 11/21/2026
|
17,141
|
|||||
103,524
|
|||||||
Health Care Providers & Services – 0.2%
|
|||||||
CVS Health Corp.
|
|||||||
91,000
|
4.300%, 03/25/2028
|
103,527
|
|||||
UnitedHealth Group, Inc.
|
|||||||
33,000
|
3.750%, 07/15/2025
|
36,758
|
|||||
140,285
|
|||||||
Pharmaceuticals – 0.4%
|
|||||||
AstraZeneca PLC
|
|||||||
167,000
|
0.700%, 04/08/20262
|
162,263
|
|||||
Merck & Co, Inc.
|
|||||||
87,000
|
2.750%, 02/10/2025
|
92,999
|
|||||
255,262
|
|||||||
TOTAL HEALTH CARE
|
499,071
|
||||||
INDUSTRIALS – 2.1%
|
|||||||
Aerospace & Defense – 0.9%
|
|||||||
The Boeing Co.
|
|||||||
202,000
|
1.167%, 02/04/2023
|
202,823
|
|||||
321,000
|
4.875%, 05/01/2025
|
360,481
|
|||||
563,304
|
|||||||
Air Freight & Logistics – 0.4%
|
|||||||
FedEx Corp.
|
|||||||
169,000
|
2.400%, 05/15/2031
|
167,512
|
|||||
United Parcel Service, Inc.
|
|||||||
64,000
|
3.900%, 04/01/2025
|
71,173
|
|||||
238,685
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
INDUSTRIALS (Continued)
|
|||||||
Machinery – 0.1%
|
|||||||
Caterpillar Financial Services Corp.
|
|||||||
$
|
77,000
|
2.150%, 11/08/2024
|
$
|
80,921
|
|||
Road & Rail – 0.7%
|
|||||||
CSX Corp.
|
|||||||
44,000
|
3.800%, 03/01/2028
|
49,004
|
|||||
CSX Transportation, Inc.
|
|||||||
117,888
|
6.251%, 01/15/2023
|
128,043
|
|||||
Union Pacific Corp.
|
|||||||
229,000
|
3.950%, 09/10/2028
|
260,345
|
|||||
437,392
|
|||||||
TOTAL INDUSTRIALS
|
1,320,302
|
||||||
INFORMATION TECHNOLOGY – 2.2%
|
|||||||
Semiconductors & Semiconductor Equipment – 0.8%
|
|||||||
Broadcom, Inc.
|
|||||||
329,000
|
3.459%, 09/15/2026
|
357,094
|
|||||
Intel Corp.
|
|||||||
137,000
|
3.700%, 07/29/2025
|
152,013
|
|||||
509,107
|
|||||||
Software – 0.4%
|
|||||||
Oracle Corp.
|
|||||||
5,000
|
2.400%, 09/15/2023
|
5,205
|
|||||
202,000
|
2.650%, 07/15/2026
|
213,017
|
|||||
218,222
|
|||||||
Technology Hardware, Storage & Peripherals – 1.0%
|
|||||||
Apple, Inc.
|
|||||||
308,000
|
2.050%, 09/11/2026
|
321,876
|
|||||
Hewlett Packard Enterprise Co.
|
|||||||
333,000
|
1.450%, 04/01/2024
|
339,809
|
|||||
661,685
|
|||||||
TOTAL INFORMATION TECHNOLOGY
|
1,389,014
|
||||||
MATERIALS – 0.2%
|
|||||||
Chemicals – 0.2%
|
|||||||
DuPont de Nemours, Inc.
|
|||||||
93,000
|
4.493%, 11/15/2025
|
105,667
|
|||||
51,000
|
4.725%, 11/15/2028
|
59,801
|
|||||
165,468
|
|||||||
TOTAL MATERIALS
|
165,468
|
||||||
REAL ESTATE – 0.5%
|
|||||||
Equity Real Estate Investment Trust (REIT) – 0.4%
|
|||||||
Crown Castle International Corp.
|
|||||||
265,000
|
1.050%, 07/15/2026
|
258,466
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
REAL ESTATE (Continued)
|
|||||||
Real Estate Management & Development – 0.1%
|
|||||||
Mid-America Apartments LP
|
|||||||
$
|
48,000
|
3.600%, 06/01/2027
|
$
|
53,102
|
|||
TOTAL REAL ESTATE
|
311,568
|
||||||
UTILITIES – 1.4%
|
|||||||
Electric Utilities – 1.2%
|
|||||||
Duke Energy Corp.
|
|||||||
191,000
|
2.450%, 06/01/2030
|
190,387
|
|||||
Florida Power & Light Co.
|
|||||||
41,000
|
2.850%, 04/01/2025
|
43,991
|
|||||
NextEra Energy Capital Holdings, Inc.
|
|||||||
191,000
|
2.250%, 06/01/2030
|
189,023
|
|||||
Pacific Gas and Electric Co.
|
|||||||
160,000
|
1.367%, 03/10/2023
|
160,066
|
|||||
Virginia Electric and Power Co.
|
|||||||
159,000
|
3.150%, 01/15/2026
|
172,381
|
|||||
755,848
|
|||||||
Multi-Utilities – 0.2%
|
|||||||
Consolidated Edison Co of New York, Inc.
|
|||||||
132,000
|
3.350%, 04/01/2030
|
142,813
|
|||||
TOTAL UTILITIES
|
898,661
|
||||||
TOTAL CORPORATE BONDS
|
|||||||
(Cost $17,650,646)
|
17,341,737
|
||||||
MORTGAGE BACKED SECURITIES – 29.1%
|
|||||||
DBUBS 2017-BRBK Mortgage Trust
|
|||||||
200,000
|
3.452%, 10/12/20344
|
214,183
|
|||||
Fannie Mae-Aces
|
|||||||
68,210
|
3.501%, 01/25/20246
|
72,868
|
|||||
Fannie Mae Pool
|
|||||||
48,953
|
4.000%, 06/01/2026
|
52,319
|
|||||
23,974
|
4.500%, 07/01/2026
|
25,482
|
|||||
76,354
|
2.500%, 08/01/2028
|
79,878
|
|||||
56,277
|
5.000%, 11/01/2029
|
62,900
|
|||||
176,434
|
3.000%, 07/01/2030
|
186,661
|
|||||
368,820
|
3.000%, 09/01/2030
|
391,099
|
|||||
96,069
|
4.000%, 09/01/2031
|
105,297
|
|||||
49,071
|
4.500%, 01/01/2032
|
53,805
|
|||||
193,923
|
2.500%, 06/01/2032
|
202,468
|
|||||
134,382
|
3.500%, 02/01/2033
|
145,336
|
|||||
436,540
|
3.000%, 05/01/2033
|
461,647
|
|||||
1,242,269
|
3.500%, 05/01/2033
|
1,350,726
|
|||||
103,821
|
3.500%, 12/01/2033
|
112,665
|
|||||
127,145
|
4.500%, 05/01/2034
|
140,641
|
|||||
43,009
|
3.500%, 08/01/2034
|
46,177
|
|||||
54,204
|
3.000%, 02/01/2035
|
57,577
|
|||||
115,347
|
3.500%, 02/01/2035
|
124,845
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Fannie Mae Pool (Continued)
|
|||||||
$
|
77,037
|
4.000%, 11/01/2035
|
$
|
84,313
|
|||
161,361
|
2.500%, 04/01/2037
|
167,895
|
|||||
89,240
|
4.000%, 07/01/2037
|
97,020
|
|||||
89,655
|
4.000%, 06/01/2038
|
98,664
|
|||||
34,011
|
4.500%, 01/01/2040
|
37,848
|
|||||
42,605
|
4.500%, 01/01/2040
|
47,513
|
|||||
10,661
|
4.500%, 07/01/2040
|
12,036
|
|||||
344,994
|
2.000%, 08/01/2040
|
352,313
|
|||||
58,645
|
4.000%, 09/01/2040
|
64,424
|
|||||
334,496
|
2.000%, 11/01/2040
|
341,619
|
|||||
7,036
|
4.500%, 11/01/2040
|
7,969
|
|||||
33,226
|
4.500%, 12/01/2040
|
37,062
|
|||||
66,917
|
2.000%, 01/01/2041
|
68,342
|
|||||
19,056
|
4.000%, 01/01/2041
|
21,041
|
|||||
43,323
|
4.000%, 01/01/2041
|
47,752
|
|||||
223,176
|
1.500%, 03/01/2041
|
222,260
|
|||||
58,544
|
4.500%, 04/01/2041
|
66,129
|
|||||
12,844
|
4.500%, 05/01/2041
|
14,412
|
|||||
8,732
|
4.000%, 10/01/2041
|
9,532
|
|||||
14,564
|
3.000%, 09/01/2042
|
15,527
|
|||||
23,806
|
3.500%, 01/01/2044
|
26,195
|
|||||
41,218
|
3.500%, 12/01/2045
|
44,560
|
|||||
165,271
|
4.500%, 03/01/2046
|
185,398
|
|||||
89,824
|
3.000%, 04/01/2046
|
95,019
|
|||||
117,936
|
3.500%, 06/01/2046
|
127,086
|
|||||
59,534
|
3.000%, 10/01/2046
|
62,955
|
|||||
131,100
|
3.000%, 02/01/2047
|
139,376
|
|||||
163,066
|
2.500%, 12/01/2047
|
170,432
|
|||||
46,198
|
3.500%, 03/01/2048
|
49,375
|
|||||
159,679
|
2.500%, 04/01/2048
|
166,176
|
|||||
90,784
|
3.000%, 04/01/2048
|
95,486
|
|||||
50,636
|
3.500%, 11/01/2048
|
53,877
|
|||||
100,050
|
3.000%, 12/01/2048
|
105,610
|
|||||
24,962
|
3.500%, 02/01/2049
|
26,557
|
|||||
122,485
|
3.000%, 12/01/2049
|
129,246
|
|||||
472,337
|
2.500%, 05/01/2050
|
486,826
|
|||||
271,032
|
3.000%, 07/01/2050
|
284,592
|
|||||
86,014
|
3.500%, 08/01/2050
|
94,842
|
|||||
91,287
|
2.500%, 10/01/2050
|
95,968
|
|||||
184,513
|
2.000%, 03/01/2051
|
186,862
|
|||||
Fannie Mae REMICS
|
|||||||
157,628
|
4.000%, 04/25/2033
|
177,852
|
|||||
121,000
|
4.000%, 09/25/2033
|
131,638
|
|||||
30,207
|
4.500%, 02/25/2038
|
31,021
|
|||||
3,638
|
3.000%, 01/25/2040
|
3,694
|
|||||
4,981
|
2.000%, 07/25/2041
|
5,059
|
|||||
22,955
|
3.000%, 07/25/2041
|
23,342
|
|||||
88,518
|
3.500%, 02/25/2043
|
96,185
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Fannie Mae REMICS (Continued)
|
|||||||
$
|
172,684
|
2.000%, 02/25/2043
|
$
|
178,670
|
|||
223,385
|
2.000%, 10/25/2044
|
227,888
|
|||||
42,035
|
2.000%, 10/25/2044
|
43,211
|
|||||
23,584
|
3.500%, 08/25/2045
|
23,960
|
|||||
152,667
|
2.500%, 01/25/2048
|
158,336
|
|||||
87,824
|
3.500%, 09/25/2048
|
96,648
|
|||||
117,226
|
3.000%, 07/25/2049
|
122,708
|
|||||
Freddie Mac Gold Pool
|
|||||||
26,315
|
4.500%, 12/01/2024
|
27,660
|
|||||
97,907
|
3.000%, 10/01/2028
|
103,422
|
|||||
58,356
|
4.500%, 10/01/2028
|
62,292
|
|||||
38,226
|
3.000%, 07/01/2030
|
40,623
|
|||||
167,376
|
3.500%, 08/01/2032
|
181,099
|
|||||
170,292
|
3.000%, 11/01/2032
|
180,670
|
|||||
111,382
|
4.000%, 11/01/2033
|
122,480
|
|||||
103,226
|
3.500%, 08/01/2036
|
111,545
|
|||||
36,348
|
4.500%, 12/01/2039
|
40,835
|
|||||
13,361
|
4.000%, 01/01/2041
|
14,734
|
|||||
69,043
|
3.500%, 12/01/2042
|
75,659
|
|||||
241,768
|
3.000%, 12/01/2046
|
255,725
|
|||||
240,784
|
3.000%, 12/01/2046
|
255,594
|
|||||
Freddie Mac Multifamily Structured Pass Through Certificates
|
|||||||
88,917
|
0.451% (1 Month LIBOR USD + 0.340%), 07/25/2024
|
89,119
|
|||||
12,866
|
2.769%, 01/25/20466
|
12,838
|
|||||
Freddie Mac Pool
|
|||||||
93,769
|
4.000%, 07/01/2029
|
100,016
|
|||||
82,977
|
3.000%, 09/01/2029
|
87,912
|
|||||
135,287
|
3.500%, 07/01/2030
|
146,336
|
|||||
68,890
|
2.500%, 11/01/2031
|
71,999
|
|||||
108,868
|
3.000%, 02/01/2032
|
115,413
|
|||||
171,214
|
3.000%, 12/01/2032
|
180,750
|
|||||
56,208
|
3.500%, 11/01/2034
|
60,679
|
|||||
45,966
|
3.500%, 01/01/2048
|
49,139
|
|||||
198,111
|
2.500%, 11/01/2050
|
205,748
|
|||||
176,491
|
2.000%, 02/01/2051
|
178,286
|
|||||
237,857
|
2.500%, 03/01/2051
|
248,418
|
|||||
1,201,000
|
2.500%, 05/01/2051
|
1,247,102
|
|||||
Freddie Mac REMICS
|
|||||||
192,800
|
3.500%, 08/15/2027
|
204,174
|
|||||
28,190
|
4.000%, 04/15/2030
|
28,237
|
|||||
40,043
|
3.000%, 11/15/2032
|
41,975
|
|||||
32,147
|
3.000%, 09/15/2037
|
32,700
|
|||||
26,847
|
3.000%, 05/15/2039
|
27,035
|
|||||
315,247
|
3.000%, 08/15/2040
|
328,751
|
|||||
53,153
|
1.750%, 12/15/2040
|
53,931
|
|||||
235,483
|
2.000%, 09/15/2041
|
242,001
|
|||||
156,814
|
3.000%, 05/15/2043
|
162,888
|
|||||
74,133
|
2.000%, 03/25/2044
|
76,153
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Freddie Mac REMICS (Continued)
|
|||||||
$
|
190,208
|
3.000%, 08/15/2044
|
$
|
198,044
|
|||
49,524
|
4.000%, 07/15/2045
|
50,400
|
|||||
131,255
|
3.250%, 04/15/2053
|
138,542
|
|||||
Freddie Mac Structured Agency Credit Risk Debt Notes
|
|||||||
94,000
|
0.810% (SOFR30A + 0.800%), 08/25/20334
|
94,104
|
|||||
Freddie Mac Structured Pass-Through Certificates
|
|||||||
89,109
|
1.542% (12 Month US Treasury Average + 1.400%), 07/25/2044
|
89,711
|
|||||
Government National Mortgage Association
|
|||||||
42,032
|
5.500%, 09/20/2033
|
47,052
|
|||||
9,150
|
3.000%, 10/20/2039
|
9,254
|
|||||
101,968
|
2.750%, 06/20/2042
|
106,218
|
|||||
209,000
|
3.000%, 01/20/20431
|
221,540
|
|||||
101,367
|
2.200%, 11/16/2043
|
103,335
|
|||||
225,794
|
2.700%, 12/16/20546
|
232,609
|
|||||
GS Mortgage Securities Corp Trust 2021-RENT
|
|||||||
100,000
|
0.814% (1 Month LIBOR USD + 0.700%), 11/21/20354
|
100,133
|
|||||
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
|
|||||||
23,000
|
2.822%, 08/17/2049
|
24,468
|
|||||
Morgan Stanley Capital I Trust 2015-UBS8
|
|||||||
66,000
|
3.809%, 12/17/2048
|
72,758
|
|||||
Morgan Stanley Capital I Trust 2016-UBS12
|
|||||||
134,000
|
3.596%, 12/17/2049
|
146,729
|
|||||
Morgan Stanley Capital I Trust 2016-UBS9
|
|||||||
180,000
|
3.594%, 03/17/2049
|
197,523
|
|||||
RLGH 2021-TROT A
|
|||||||
375,000
|
0.910%, 04/15/20261,4
|
375,117
|
|||||
UBS Commercial Mortgage Trust
|
|||||||
129,000
|
2.921%, 10/18/2052
|
135,573
|
|||||
UBS-Barclays Commercial Mortgage Trust 2013-C5
|
|||||||
199,449
|
2.687%, 03/12/2046
|
203,132
|
|||||
Wells Fargo Commercial Mortgage Trust 2016-C35
|
|||||||
100,000
|
2.931%, 07/17/2048
|
106,186
|
|||||
Wells Fargo Commercial Mortgage Trust 2016-NXS6
|
|||||||
197,000
|
2.918%, 11/18/2049
|
209,848
|
|||||
Wells Fargo Commercial Mortgage Trust 2017-RB1
|
|||||||
124,000
|
3.635%, 03/15/2050
|
137,377
|
|||||
Wells Fargo Commercial Mortgage Trust 2021-SAVE
|
|||||||
159,079
|
1.265% (1 Month LIBOR USD + 1.150%), 02/15/20404
|
159,958
|
|||||
WFRBS Commercial Mortgage Trust 2013-C12
|
|||||||
109,376
|
3.198%, 03/17/2048
|
113,722
|
|||||
VMC Finance 2018-FL2 LLC
|
|||||||
16,037
|
1.036% (1 Month LIBOR USD + 0.920%), 10/17/20354
|
16,065
|
|||||
VNDO 2012-6AVE Mortgage Trust
|
|||||||
200,000
|
2.996%, 11/15/20304
|
205,440
|
|||||
TOTAL MORTGAGE BACKED SECURITIES
|
|||||||
(Cost $18,576,811)
|
18,605,671
|
Principal
|
|||||||
Amount
|
Value
|
||||||
U.S. GOVERNMENT AGENCY ISSUE – 11.2%
|
|||||||
Federal Farm Credit Banks Funding Corp.
|
|||||||
$
|
45,000
|
0.070% (SOFR + 0.060%), 10/21/2022
|
$
|
45,036
|
|||
723,000
|
0.065% (SOFR + 0.055%), 02/09/2023
|
723,448
|
|||||
374,000
|
0.045% (SOFR + 0.035%), 03/17/2023
|
374,071
|
|||||
207,000
|
2.000%, 03/25/2030
|
205,474
|
|||||
310,000
|
2.125%, 03/25/2030
|
310,019
|
|||||
554,000
|
2.350%, 03/15/2033
|
552,166
|
|||||
562,000
|
2.350%, 04/15/2033
|
561,704
|
|||||
110,000
|
2.440%, 03/22/2034
|
110,018
|
|||||
Federal Home Loan Banks
|
|||||||
1,125,000
|
0.700%, 11/14/2024
|
1,124,612
|
|||||
135,000
|
1.000%, 03/23/2026
|
134,957
|
|||||
655,000
|
1.000%, 03/30/2026
|
655,017
|
|||||
125,000
|
1.250%, 04/20/2026
|
125,005
|
|||||
135,000
|
1.250%, 04/22/2026
|
135,009
|
|||||
180,000
|
1.000%, 04/26/2029
|
179,791
|
|||||
220,000
|
2.000%, 03/10/2031
|
220,002
|
|||||
925,000
|
1.500%, 03/24/2031
|
924,696
|
|||||
260,000
|
1.500%, 03/25/2031
|
260,010
|
|||||
Ginnie Mae I Pool
|
|||||||
129,442
|
4.000%, 11/15/2024
|
137,773
|
|||||
158,013
|
3.020%, 09/15/2041
|
167,850
|
|||||
Ginnie Mae II Pool
|
|||||||
164,047
|
3.500%, 04/20/2027
|
175,798
|
|||||
38,865
|
5.000%, 07/20/2048
|
42,785
|
|||||
TOTAL U.S. GOVERNMENT AGENCY ISSUE
|
|||||||
(Cost $7,162,830)
|
7,165,241
|
||||||
US GOVERNMENT NOTES/BONDS – 19.3%
|
|||||||
United States Treasury Note/Bond
|
|||||||
2,447,000
|
0.250%, 10/31/2025
|
2,393,998
|
|||||
103,000
|
0.500%, 02/28/2026
|
101,423
|
|||||
2,454,000
|
0.500%, 08/31/2027
|
2,350,807
|
|||||
1,016,000
|
0.500%, 10/31/2027
|
969,863
|
|||||
2,539,000
|
1.125%, 02/29/2028
|
2,512,420
|
|||||
274,000
|
3.125%, 11/15/2028
|
308,240
|
|||||
177,000
|
0.625%, 05/15/2030
|
162,764
|
|||||
992,000
|
0.625%, 08/15/2030
|
908,610
|
|||||
543,000
|
0.875%, 11/15/2030
|
507,535
|
|||||
987,000
|
1.125%, 02/15/2031
|
942,045
|
|||||
United States Treasury Inflation Indexed Bonds
|
|||||||
603,063
|
0.625%, 01/15/2024
|
655,255
|
|||||
420,168
|
0.750%, 07/15/2028
|
484,630
|
|||||
TOTAL U.S. GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $12,341,161)
|
12,297,590
|
Principal
|
|||||||
Amount
|
Value
|
||||||
FOREIGN GOVERNMENT AGENCY ISSUE – 0.2%
|
|||||||
Province of Ontario Canada
|
|||||||
$
|
115,000
|
1.050%, 04/14/20262
|
$
|
114,987
|
|||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
|
|||||||
(Cost $115,128)
|
114,987
|
||||||
FOREIGN GOVERNMENT NOTE/BOND – 0.3%
|
|||||||
Mexico Government International Bond
|
|||||||
222,000
|
3.250%, 04/16/20302
|
227,359
|
|||||
TOTAL FOREIGN GOVERNMENT NOTE/BOND
|
|||||||
(Cost $225,928)
|
227,359
|
||||||
SHORT-TERM INVESTMENT – 10.8%
|
|||||||
6,905,638
|
First American Treasury Obligations Fund – Class X, 0.03%3
|
6,905,638
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $6,905,638)
|
6,905,638
|
||||||
TOTAL INVESTMENTS – 107.0%
|
|||||||
(Cost $68,402,556)
|
68,329,012
|
||||||
Liabilities in Excess of Other Assets – (7.0)%
|
(4,495,228
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
63,833,784
|
1
|
Level 3 securities fair valued under procedures established by the Board of Trustees, represents 1.58% of Net Assets. The total value of these securities is $1,010,883.
|
2
|
Foreign security denominated in U.S. Dollars.
|
3
|
The rate is the annualized seven-day yield at period end.
|
4
|
Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction;
resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2021, the value of these securities total $4,598,644, which represents 7.20% of total net assets.
|
5
|
Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2021.
|
6
|
Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2021.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Asset Backed Securities
|
8.9
|
%
|
|||
Corporate Bonds
|
|||||
Financials
|
10.1
|
%
|
|||
Consumer Discretionary
|
3.4
|
%
|
|||
Communication Services
|
2.7
|
%
|
|||
Energy
|
2.5
|
%
|
|||
Information Technology
|
2.2
|
%
|
|||
Industrials
|
2.1
|
%
|
|||
Utilities
|
1.4
|
%
|
|||
Consumer Staples
|
1.3
|
%
|
|||
Health Care
|
0.8
|
%
|
|||
Real Estate
|
0.5
|
%
|
|||
Materials
|
0.2
|
%
|
|||
Total Corporate Bonds
|
27.2
|
%
|
|||
Mortgage Backed Securities
|
29.1
|
%
|
|||
U.S. Government Agency Issue
|
11.2
|
%
|
|||
U.S. Government Notes/Bonds
|
19.3
|
%
|
|||
Foreign Government Agency Issue
|
0.2
|
%
|
|||
Foreign Government Notes/Bonds
|
0.3
|
%
|
|||
Short-Term Investment
|
10.8
|
%
|
|||
Total Investments
|
107.0
|
%
|
|||
Liabilities in Excess of Other Assets
|
(7.0
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 7.5%
|
|||||||
CONSUMER DISCRETIONARY – 1.4%
|
|||||||
Hotels, Restaurants & Leisure – 0.7%
|
|||||||
4,019
|
Starbucks Corp.
|
$
|
460,135
|
||||
Textiles, Apparel & Luxury Goods – 0.7%
|
|||||||
3,905
|
NIKE, Inc. – Class B
|
517,881
|
|||||
TOTAL CONSUMER DISCRETIONARY
|
978,016
|
||||||
CONSUMER STAPLES – 0.4%
|
|||||||
Beverages – 0.4%
|
|||||||
5,492
|
The Coca-Cola Co.
|
296,458
|
|||||
TOTAL CONSUMER STAPLES
|
296,458
|
||||||
ENERGY – 0.3%
|
|||||||
Oil, Gas & Consumable Fuels – 0.3%
|
|||||||
3,039
|
Valero Energy Corp.
|
224,764
|
|||||
TOTAL ENERGY
|
224,764
|
||||||
FINANCIALS – 0.5%
|
|||||||
Capital Markets – 0.5%
|
|||||||
434
|
BlackRock, Inc.
|
355,576
|
|||||
TOTAL FINANCIALS
|
355,576
|
||||||
HEALTH CARE – 0.5%
|
|||||||
Biotechnology – 0.5%
|
|||||||
3,273
|
AbbVie Inc.
|
364,940
|
|||||
TOTAL HEALTH CARE
|
364,940
|
||||||
INDUSTRIALS – 1.0%
|
|||||||
Commercial Services & Supplies – 0.4%
|
|||||||
862
|
Cintas Corp.
|
297,511
|
|||||
Machinery – 0.6%
|
|||||||
1,777
|
Illinois Tool Works, Inc.
|
409,527
|
|||||
TOTAL INDUSTRIALS
|
707,038
|
||||||
INFORMATION TECHNOLOGY – 1.5%
|
|||||||
IT Services – 0.7%
|
|||||||
1,374
|
Mastercard Inc. – Class A
|
524,951
|
|||||
Semiconductors & Semiconductor Equipment – 0.8%
|
|||||||
1,256
|
Broadcom Inc.
|
572,987
|
|||||
TOTAL INFORMATION TECHNOLOGY
|
1,097,938
|
||||||
MATERIALS – 1.5%
|
|||||||
Chemicals – 0.5%
|
|||||||
3,221
|
Eastman Chemical Co.
|
371,671
|
|||||
Metals & Mining – 1.0%
|
|||||||
19,494
|
Freeport-McMoRan, Inc.
|
735,119
|
|||||
TOTAL MATERIALS
|
1,106,790
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
UTILITIES – 0.4%
|
|||||||
Electric Utilities – 0.4%
|
|||||||
3,692
|
NextEra Energy, Inc.
|
$
|
286,167
|
||||
TOTAL UTILITIES
|
286,167
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $4,750,129)
|
5,417,687
|
||||||
EXCHANGE TRADED FUNDS – 1.7%
|
|||||||
22,871
|
iShares Currency Hedged MSCI Japan ETF
|
865,439
|
|||||
10,122
|
VanEck Vectors Gold Miners ETF
|
347,792
|
|||||
TOTAL EXCHANGE TRADED FUNDS
|
|||||||
(Cost $974,794)
|
1,213,231
|
||||||
PREFERRED STOCKS – 6.0%
|
|||||||
COMMUNICATION SERVICES – 1.0%
|
|||||||
Diversified Telecommunication Services – 1.0%
|
|||||||
AT&T, Inc.
4.750%
|
|||||||
29,100
|
740,013
|
||||||
TOTAL COMMUNICATION SERVICES
|
740,013
|
||||||
CONSUMER STAPLES – 0.1%
|
|||||||
Food Products – 0.1%
|
|||||||
CHS, Inc.
|
|||||||
2,000
|
7.500%, 12/31/2049
|
57,040
|
|||||
1,000
|
7.100% (3 Month LIBOR USD + 4.298%)4
|
27,540
|
|||||
TOTAL CONSUMER STAPLES
|
84,580
|
||||||
FINANCIALS – 4.9%
|
|||||||
Capital Markets – 2.3%
|
|||||||
Affiliated Managers Group, Inc.
|
|||||||
2,000
|
5.875%, 03/30/2059
|
55,160
|
|||||
The Goldman Sachs Group, Inc.
|
|||||||
37,900
|
0.000% (3 Month LIBOR USD + 0.670%)
|
926,655
|
|||||
Morgan Stanley
4.875%
|
|||||||
25,000
|
662,000
|
||||||
1,643,815
|
|||||||
Insurance – 2.6%
|
|||||||
American Financial Group, Inc.
|
|||||||
22,795
|
5.625%, 06/01/2060
|
643,731
|
|||||
American International Group, Inc.
5.850%
|
|||||||
23,000
|
637,790
|
||||||
MetLife, Inc.
4.750%
|
|||||||
23,000
|
605,820
|
||||||
1,887,341
|
|||||||
TOTAL FINANCIALS
|
3,531,156
|
||||||
TOTAL PREFERRED STOCKS
|
|||||||
(Cost $3,711,532)
|
4,355,749
|
Number
|
|||||||
of Shares
|
Value
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 5.1%
|
|||||||
24,531
|
AGNC Investment Corp.
|
$
|
439,841
|
||||
59,703
|
Chimera Investment Corp.
|
784,497
|
|||||
2,270
|
Crown Castle International Corp.
|
429,166
|
|||||
5,115
|
Life Storage, Inc.
|
491,347
|
|||||
5,322
|
Prologis, Inc.
|
620,173
|
|||||
3,125
|
Simon Property Group, Inc.
|
380,438
|
|||||
20,339
|
Starwood Property Trust, Inc.
|
525,153
|
|||||
TOTAL REITS
|
|||||||
(Cost $2,711,695)
|
3,670,615
|
||||||
Principal
|
|||||||
Amount
|
|||||||
ASSET BACKED SECURITIES – 8.2%
|
|||||||
Accredited Mortgage Loan Trust 2005-4
|
|||||||
$
|
572,837
|
0.506% (1 Month LIBOR USD + 0.400%), 12/25/2035
|
570,988
|
||||
Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2005-W2
|
|||||||
517,813
|
0.841% (1 Month LIBOR USD + 0.735%), 10/25/2035
|
517,736
|
|||||
Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2006-HE3
|
|||||||
375,000
|
0.376% (1 Month LIBOR USD + 0.270%), 03/25/2036
|
369,392
|
|||||
Bear Stearns Asset Backed Securities I Trust 2005-TC2
|
|||||||
159,241
|
1.186% (1 Month LIBOR USD + 1.080%), 08/25/2035
|
159,363
|
|||||
Citigroup Mortgage Loan Trust 2006-HE1
|
|||||||
164,615
|
0.646% (1 Month LIBOR USD + 0.540%), 01/25/2036
|
164,615
|
|||||
Foundation Finance Trust 2017-1
|
|||||||
382,930
|
3.300%, 07/15/20333
|
389,189
|
|||||
GSAA Home Equity Trust 2005-6
|
|||||||
244,353
|
0.751% (1 Month LIBOR USD + 0.645%), 06/25/2035
|
245,869
|
|||||
GSAMP Trust 2005-SD2
|
|||||||
568,360
|
1.456% (1 Month LIBOR USD + 1.350%), 04/25/20353
|
568,634
|
|||||
JP Morgan Mortgage Acquisition Trust 2007-CH3
|
|||||||
418,295
|
0.366% (1 Month LIBOR USD + 0.260%), 03/25/2037
|
415,385
|
|||||
Newcastle Mortgage Securities Trust 2006-1
|
|||||||
159,244
|
0.661% (1 Month LIBOR USD + 0.555%), 03/25/2036
|
159,444
|
|||||
OASIS 2020-2 LLC
|
|||||||
362,990
|
4.262%, 05/15/20323
|
366,647
|
|||||
Park Place Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-WHQ2
|
|||||||
138,190
|
0.796% (1 Month LIBOR USD + 0.690%), 05/25/2035
|
138,441
|
|||||
RAMP Series 2006-EFC2 Trust
|
|||||||
481,275
|
0.326% (1 Month LIBOR USD + 0.220%), 12/25/2036
|
478,291
|
|||||
Structured Asset Investment Loan Trust 2004-8
|
|||||||
659,761
|
1.106% (1 Month LIBOR USD + 1.000%), 09/25/2034
|
659,019
|
|||||
Structured Asset Securities Corp Mortgage Loan Trust 2006-WF1
|
|||||||
670,000
|
0.751% (1 Month LIBOR USD + 0.645%), 02/25/2036
|
671,626
|
|||||
TOTAL ASSET BACKED SECURITIES
|
|||||||
(Cost $5,760,782)
|
5,874,639
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS – 46.6%
|
|||||||
COMMUNICATION SERVICES – 1.6%
|
|||||||
Media – 0.7%
|
|||||||
CCO Holdings LLC / CCO Holdings Capital Corp.
|
|||||||
$
|
500,000
|
4.500%, 06/01/20333
|
$
|
504,535
|
|||
Wireless Telecommunication Services – 0.9%
|
|||||||
Vodafone Group PLC
|
|||||||
515,000
|
7.000% (5 Year Swap Rate USD + 4.873%), 04/04/20791,4
|
628,637
|
|||||
TOTAL COMMUNICATION SERVICES
|
1,133,172
|
||||||
CONSUMER DISCRETIONARY – 3.3%
|
|||||||
Automobiles – 1.2%
|
|||||||
General Motors Financial Co, Inc.
|
|||||||
750,000
|
5.700% (5 Year CMT Rate + 4.997%), 09/30/21694
|
840,000
|
|||||
Hotels, Restaurants & Leisure – 2.1%
|
|||||||
Marriott International, Inc.
|
|||||||
650,000
|
5.750%, 05/01/2025
|
748,323
|
|||||
Wyndham Hotels & Resorts, Inc.
|
|||||||
750,000
|
4.375%, 08/15/20283
|
775,088
|
|||||
1,523,411
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
2,363,411
|
||||||
ENERGY – 4.7%
|
|||||||
Oil, Gas & Consumable Fuels – 4.7%
|
|||||||
Cheniere Energy, Inc.
|
|||||||
360,000
|
4.625%, 10/15/20283
|
375,804
|
|||||
Enbridge, Inc.
|
|||||||
800,000
|
5.750% (5 Year CMT Rate + 5.314%), 07/15/20801,4
|
884,248
|
|||||
Energy Transfer LP
|
|||||||
900,000
|
6.625%, 08/15/2028
|
850,500
|
|||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
|
|||||||
500,000
|
4.000%, 01/15/20323
|
492,395
|
|||||
Transcanada Trust
|
|||||||
700,000
|
5.500% (3 Month LIBOR USD + 4.416%), 09/15/20791
|
760,536
|
|||||
TOTAL ENERGY
|
3,363,483
|
||||||
FINANCIALS – 28.2%
|
|||||||
Banks – 20.7%
|
|||||||
Australia and New Zealand Banking Group Ltd.
|
|||||||
750,000
|
6.750% (5 Year Mid Swap Rate USD + 5.168%), 12/29/20491,4
|
878,501
|
|||||
Bank of America Corp.
|
|||||||
550,000
|
6.500% (3 Month LIBOR USD + 4.174%), 04/23/20254
|
635,360
|
|||||
Bank of Montreal
|
|||||||
700,000
|
4.800% (5 Year CMT Rate + 2.979%), 08/25/21681,4
|
742,024
|
|||||
BNP Paribas SA
|
|||||||
700,000
|
7.375% (5 Year Swap Rate USD + 5.150%), 12/29/20491,4
|
817,323
|
|||||
Citigroup, Inc.
|
|||||||
1,000,000
|
4.000% (5 Year CMT Rate + 3.597%), 06/10/21694
|
1,015,300
|
|||||
Credit Agricole SA
|
|||||||
650,000
|
7.875% (5 Year Swap Rate USD + 4.898%), 01/29/20491,3,4
|
736,125
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Banks (Continued)
|
|||||||
Fifth Third Bancorp
|
|||||||
$
|
1,000,000
|
4.500% (5 Year CMT Rate + 4.215%), 12/30/20254
|
$
|
1,068,750
|
|||
Huntington Bancshares, Inc.
|
|||||||
700,000
|
4.450% (H15T7Y + 4.045%), 03/15/21684
|
750,225
|
|||||
500,000
|
5.625% (10 Year CMT Rate + 4.945%), 01/15/21694
|
583,875
|
|||||
ILFC E-Capital Trust I
|
|||||||
840,000
|
4.000% (N/A + 1.550%), 12/21/20653,4
|
690,900
|
|||||
JPMorgan Chase & Co.
|
|||||||
800,000
|
6.750% (3 Month LIBOR USD + 3.780%), 01/29/20504
|
889,500
|
|||||
KeyCorp
|
|||||||
750,000
|
5.000% (3 Month LIBOR USD + 3.606%), 12/15/21654
|
841,725
|
|||||
Lloyds Banking Group PLC
|
|||||||
700,000
|
6.750% (5 Year CMT Rate + 4.815%), 12/27/21661,4
|
798,151
|
|||||
M&T Bank Corp.
|
|||||||
325,000
|
6.450% (3 Month LIBOR USD + 3.610%), 12/29/20494
|
357,094
|
|||||
Natwest Group PLC
|
|||||||
700,000
|
6.000% (5 Year CMT Rate + 5.625%), 09/29/21661,4
|
776,090
|
|||||
Regions Financial Corp.
|
|||||||
500,000
|
5.750% (5 Year CMT Rate + 5.430%), 12/15/21654
|
558,750
|
|||||
Skandinaviska Enskilda Banken AB
|
|||||||
800,000
|
5.125% (5 Year CMT Rate + 3.463%), 11/13/20251,4
|
852,300
|
|||||
Truist Financial Corp.
|
|||||||
1,000,000
|
5.100% (10 Year CMT Rate + 4.349%), 03/01/20614
|
1,115,070
|
|||||
Westpac Banking Corp.
|
|||||||
750,000
|
5.000% (5 Year Mid Swap Rate USD + 2.888%), 09/21/21621,4
|
796,040
|
|||||
14,903,103
|
|||||||
Capital Markets – 5.1%
|
|||||||
The Bank of New York Mellon Corp.
|
|||||||
760,000
|
3.607% (3 Month LIBOR USD + 3.420%), 12/29/20494
|
759,145
|
|||||
600,000
|
4.700% (5 Year CMT Rate + 4.358%), 03/20/21694
|
663,000
|
|||||
The Charles Schwab Corp.
|
|||||||
500,000
|
5.375% (5 Year CMT Rate + 4.971%), 05/01/20254
|
557,200
|
|||||
240,000
|
7.000% (3 Month LIBOR USD + 4.820%), 02/28/20494
|
249,300
|
|||||
The Goldman Sachs Group, Inc.
|
|||||||
125,000
|
5.300% (3 Month LIBOR USD + 3.834%), 12/29/20494
|
140,313
|
|||||
Northern Trust Corp.
|
|||||||
250,000
|
4.600% (3 Month LIBOR USD + 3.202%), 04/01/20274
|
268,125
|
|||||
State Street Corp.
|
|||||||
250,000
|
3.781% (3 Month LIBOR USD + 3.597%), 12/29/20494
|
251,275
|
|||||
UBS Group AG
|
|||||||
700,000
|
5.125% (5 Year CMT Rate + 4.855%), 07/29/21701,4
|
751,981
|
|||||
3,640,339
|
|||||||
Insurance – 2.4%
|
|||||||
Assurant, Inc.
|
|||||||
700,000
|
7.000% (3 Month LIBOR USD + 4.135%), 03/27/20484
|
792,750
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Insurance (Continued)
|
|||||||
MetLife, Inc.
|
|||||||
$
|
400,000
|
3.850% (5 Year CMT Rate + 3.576%), 03/15/20264
|
$
|
422,000
|
|||
34,000
|
3.759% (3 Month LIBOR USD + 3.575%), 12/29/20494
|
34,085
|
|||||
PartnerRe Finance B LLC
|
|||||||
500,000
|
4.500% (5 Year CMT Rate + 3.815%), 10/01/20504
|
514,804
|
|||||
1,763,639
|
|||||||
TOTAL FINANCIALS
|
20,307,081
|
||||||
INDUSTRIALS – 2.8%
|
|||||||
Airlines – 2.1%
|
|||||||
Delta Air Lines, Inc.
|
|||||||
600,000
|
4.500%, 10/20/20251,3
|
643,678
|
|||||
125,000
|
4.375%, 04/19/2028
|
133,672
|
|||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
|
|||||||
700,000
|
6.500%, 06/20/20273
|
767,585
|
|||||
1,544,935
|
|||||||
Industrial Conglomerates – 0.7%
|
|||||||
General Electric Co.
|
|||||||
500,000
|
3.514% (3 Month LIBOR USD + 3.330%), 09/15/21694
|
475,935
|
|||||
TOTAL INDUSTRIALS
|
2,020,870
|
||||||
MATERIALS – 2.1%
|
|||||||
Metals & Mining – 2.1%
|
|||||||
Alcoa Nederland Holding BV
|
|||||||
700,000
|
6.125%, 05/15/20281,3
|
760,812
|
|||||
Teck Resources Ltd.
|
|||||||
700,000
|
3.900%, 07/15/20301
|
744,422
|
|||||
TOTAL MATERIALS
|
1,505,234
|
||||||
UTILITIES – 3.9%
|
|||||||
Electric Utilities – 2.7%
|
|||||||
Duke Energy Corp.
|
|||||||
1,000,000
|
4.875% (5 Year CMT Rate + 3.388%), 03/16/20254
|
1,062,800
|
|||||
Emera, Inc.
|
|||||||
750,000
|
6.750% (3 Month LIBOR USD + 5.440%), 06/15/20761,4
|
869,509
|
|||||
1,932,309
|
|||||||
Multi-Utilities – 1.2%
|
|||||||
CMS Energy Corp.
|
|||||||
700,000
|
3.750% (5 Year CMT Rate + 2.900%), 12/01/20504
|
706,125
|
|||||
Dominion Energy, Inc.
|
|||||||
150,000
|
5.750% (3 Month LIBOR USD + 3.057%), 10/01/20544
|
165,045
|
|||||
871,170
|
|||||||
TOTAL UTILITIES
|
2,803,479
|
||||||
TOTAL CORPORATE BONDS
|
|||||||
(Cost $31,805,301)
|
33,496,730
|
Principal
|
|||||||
Amount
|
Value
|
||||||
FOREIGN GOVERNMENT AGENCY ISSUE – 1.5%
|
|||||||
Petroleos Mexicanos
|
|||||||
$
|
1,000,000
|
6.500%, 03/13/20271
|
$
|
1,058,750
|
|||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
|
|||||||
(Cost $1,061,527)
|
1,058,750
|
||||||
FOREIGN GOVERNMENT NOTES/BONDS – 4.5%
|
|||||||
Australia Government Bond
|
|||||||
1,225,000
|
2.500%, 05/21/20301
|
1,020,548
|
|||||
Indonesia Treasury Bond
|
|||||||
11,000,000,000
|
6.500%, 02/15/20311
|
763,641
|
|||||
Mexican Bonos
|
|||||||
120,000
|
8.500%, 05/31/20291
|
660,676
|
|||||
Republic of South Africa Government Bond
|
|||||||
14,300,000
|
8.750%, 02/28/20491
|
785,664
|
|||||
TOTAL FOREIGN GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $3,077,861)
|
3,230,529
|
||||||
MORTGAGE BACKED SECURITIES – 15.2%
|
|||||||
Bear Stearns ALT-A Trust 2004-4
|
|||||||
354,205
|
0.706% (1 Month LIBOR USD + 0.600%), 06/25/2034
|
359,483
|
|||||
Fannie Mae-Aces
|
|||||||
10,023,955
|
0.760%, 05/25/20225
|
35,923
|
|||||
3,860,000
|
1.497%, 08/25/20285
|
346,942
|
|||||
3,761,466
|
1.411%, 03/26/20295
|
331,413
|
|||||
Freddie Mac Multiclass Certificates Series 2015-P001
|
|||||||
3,025,000
|
1.826%, 10/27/20285
|
340,238
|
|||||
Freddie Mac Multifamily Structured Pass Through Certificates
|
|||||||
269,056
|
2.197%, 11/25/20235
|
277,841
|
|||||
11,036,927
|
1.107%, 01/25/20265
|
422,555
|
|||||
2,700,000
|
1.915%, 04/25/20305
|
392,658
|
|||||
2,074,000
|
1.985%, 04/25/20305
|
313,401
|
|||||
3,332,000
|
1.704%, 08/25/20305
|
446,673
|
|||||
1,835,000
|
3.286%, 04/25/20485
|
445,381
|
|||||
2,035,000
|
2.722%, 01/25/20495
|
422,057
|
|||||
1,085,000
|
2.711%, 02/25/20495
|
225,879
|
|||||
FREMF 2012-K20 Mortgage Trust
|
|||||||
610,000
|
4.003%, 05/25/20453,5
|
628,334
|
|||||
FREMF 2013-K29 Mortgage Trust
|
|||||||
395,000
|
3.596%, 05/25/20463,5
|
414,169
|
|||||
FREMF 2014-K36 Mortgage Trust
|
|||||||
500,000
|
4.506%, 12/25/20463,5
|
539,176
|
|||||
FREMF 2014-K40 Mortgage Trust
|
|||||||
625,000
|
4.208%, 11/25/20473,5
|
679,054
|
|||||
FREMF 2014-K41 Mortgage Trust
|
|||||||
635,000
|
3.964%, 11/25/20473,5
|
693,402
|
|||||
FREMF 2015-K46 Mortgage Trust
|
|||||||
650,000
|
3.818%, 04/25/20483,5
|
702,503
|
|||||
FREMF 2016-K55 Mortgage Trust
|
|||||||
400,000
|
4.297%, 04/25/20493,5
|
432,684
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
FREMF 2016-K59 Mortgage Trust
|
|||||||
$
|
64,524,925
|
0.100%, 11/25/20493
|
$
|
281,348
|
|||
Government National Mortgage Association
|
|||||||
3,496,572
|
0.892%, 12/16/20565
|
196,509
|
|||||
2,963,282
|
0.799%, 11/16/20605
|
248,577
|
|||||
4,296,524
|
0.997%, 05/16/20635
|
386,580
|
|||||
5,477,482
|
1.000%, 05/16/20635
|
491,229
|
|||||
HomeBanc Mortgage Trust 2005-4
|
|||||||
345,043
|
0.646% (1 Month LIBOR USD + 0.540%), 10/25/2035
|
345,611
|
|||||
JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2
|
|||||||
398,460
|
4.070%, 11/15/20433
|
400,452
|
|||||
MortgageIT Trust 2005-5
|
|||||||
159,242
|
0.626% (1 Month LIBOR USD + 0.520%), 12/25/2035
|
160,020
|
|||||
TOTAL MORTGAGE BACKED SECURITIES
|
|||||||
(Cost $10,614,396)
|
10,960,092
|
||||||
US GOVERNMENT NOTES/BONDS – 0.9%
|
|||||||
United States Treasury Note/Bond
|
|||||||
650,000
|
0.125%, 02/15/2024
|
647,055
|
|||||
TOTAL US GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $645,808)
|
647,055
|
||||||
SHORT-TERM INVESTMENT – 1.4%
|
|||||||
976,317
|
First American Treasury Obligations Fund – Class X, 0.03%2
|
976,317
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $976,317)
|
976,317
|
||||||
TOTAL INVESTMENTS – 98.6%
|
|||||||
(Cost $66,090,142)
|
70,901,394
|
||||||
Other Assets in Excess of Liabilities – 1.4%
|
985,037
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
71,886,431
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is the annualized seven-day yield at period end.
|
3
|
Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction;
resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2021, the value of these securities total $11,842,514 which represents 16.47% of total net assets.
|
4
|
Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2021.
|
5
|
Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2021.
|
Value
|
|||||||||||||||||||||
Number of
|
|||||||||||||||||||||
Contracts
|
Current
|
Value At
|
|||||||||||||||||||
Purchased
|
Settlement
|
Notional
|
Trade
|
Unrealized
|
Unrealized
|
||||||||||||||||
Description
|
(Sold)
|
Month-Year
|
Amount
|
Date
|
Appreciation
|
(Depreciation)
|
|||||||||||||||
Purchase Contracts:
|
|||||||||||||||||||||
Euro Fx Curr Future
|
5
|
Jun-21
|
$
|
752,031
|
$
|
755,514
|
$
|
—
|
$
|
(3,483
|
)
|
||||||||||
Total Purchase Contracts
|
$
|
752,031
|
$
|
755,514
|
$
|
—
|
$
|
(3,483
|
)
|
||||||||||||
Sale Contracts:
|
|||||||||||||||||||||
Euro-Bund Future
|
(2)
|
|
Jun-21
|
$
|
408,767
|
$
|
412,229
|
$
|
3,462
|
$
|
—
|
||||||||||
US 10Yr Ultra Future
|
(3)
|
|
Jun-21
|
436,640
|
446,430
|
9,789
|
—
|
||||||||||||||
Long Gilt Future
|
(2)
|
|
Jun-21
|
352,636
|
355,811
|
3,176
|
—
|
||||||||||||||
Long Gilt Future
|
(2)
|
|
Jun-21
|
352,636
|
352,272
|
—
|
(363
|
)
|
|||||||||||||
US 5Yr Note (Cbt)
|
(25)
|
|
Jun-21
|
3,098,437
|
3,099,549
|
1,111
|
—
|
||||||||||||||
Total Sale Contracts
|
$
|
4,649,116
|
$
|
4,666,291
|
$
|
17,538
|
$
|
(363
|
)
|
||||||||||||
Total Futures Contracts
|
$
|
(3,897,085
|
)
|
$
|
(3,910,777
|
)
|
$
|
17,538
|
$
|
(3,846
|
)
|
||||||||||
Net Unrealized Appreciation
|
$
|
13,692
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Materials
|
1.5
|
%
|
|||
Information Technology
|
1.5
|
%
|
|||
Consumer Discretionary
|
1.4
|
%
|
|||
Industrials
|
1.0
|
%
|
|||
Health Care
|
0.5
|
%
|
|||
Financials
|
0.5
|
%
|
|||
Consumer Staples
|
0.4
|
%
|
|||
Utilities
|
0.4
|
%
|
|||
Energy
|
0.3
|
%
|
|||
Total Common Stocks
|
7.5
|
%
|
|||
ETFs
|
1.7
|
%
|
|||
Preferred Stocks
|
|||||
Financials
|
4.9
|
%
|
|||
Communication Services
|
1.0
|
%
|
|||
Consumer Staples
|
0.1
|
%
|
|||
Total Preferred Stocks
|
6.0
|
%
|
|||
REITs
|
5.1
|
%
|
|||
Asset Backed Securities
|
8.2
|
%
|
|||
Corporate Bonds
|
|||||
Financials
|
28.2
|
%
|
|||
Energy
|
4.7
|
%
|
|||
Utilities
|
3.9
|
%
|
|||
Consumer Discretionary
|
3.3
|
%
|
|||
Industrials
|
2.8
|
%
|
|||
Materials
|
2.1
|
%
|
|||
Communication Services
|
1.6
|
%
|
|||
Total Corporate Bonds
|
46.6
|
%
|
|||
Foreign Government Agency Issue
|
1.5
|
%
|
|||
Foreign Government Notes/Bonds
|
4.5
|
%
|
|||
Mortgage Backed Securities
|
15.2
|
%
|
|||
U.S. Government Notes/Bonds
|
0.9
|
%
|
|||
Short-Term Investment
|
1.4
|
%
|
|||
Total Investments
|
98.6
|
%
|
|||
Other Assets in Excess of Liabilities
|
1.4
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
North Square
|
North Square
|
|||||||||||||||
Advisory
|
Altrinsic
|
North Square
|
North Square
|
|||||||||||||
Research All Cap
|
International
|
McKee
|
Strategic
|
|||||||||||||
Value Fund
|
Equity Fund
|
Bond Fund
|
Income Fund
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments, at cost
|
$
|
4,821,925
|
$
|
26,790,142
|
$
|
68,402,556
|
$
|
66,090,142
|
||||||||
Investments, at value
|
$
|
6,732,365
|
$
|
28,435,153
|
$
|
68,329,012
|
$
|
70,901,394
|
||||||||
Foreign currency, at cost
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
6,314
|
||||||||
Foreign currency, at value
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
6,263
|
||||||||
Cash
|
—
|
3
|
99,542
|
—
|
||||||||||||
Receivables:
|
||||||||||||||||
Fund shares sold
|
1,948
|
—
|
—
|
44,697
|
||||||||||||
Dividends and interest
|
1,621
|
114,306
|
168,193
|
515,108
|
||||||||||||
Investment securities sold
|
—
|
24,835
|
441,202
|
1,068,933
|
||||||||||||
Deposits (Note 2)
|
—
|
—
|
—
|
56,122
|
||||||||||||
Due from Advisor (Note 3)
|
—
|
—
|
4,121
|
—
|
||||||||||||
Fund shares sold
|
—
|
—
|
991
|
—
|
||||||||||||
Prepaid expenses
|
21,616
|
84,465
|
86,052
|
25,232
|
||||||||||||
Total assets
|
6,757,550
|
28,658,762
|
69,129,113
|
72,617,749
|
||||||||||||
Liabilities:
|
||||||||||||||||
Payables:
|
||||||||||||||||
Investment securities purchased
|
—
|
56,578
|
5,279,676
|
496,931
|
||||||||||||
Fund shares redeemed
|
—
|
—
|
—
|
62,179
|
||||||||||||
Due to custodian
|
—
|
—
|
—
|
13,587
|
||||||||||||
Payable for unsettled open futures contracts
|
—
|
—
|
—
|
8,299
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Fund administration fees
|
2,877
|
6,682
|
5,047
|
36,898
|
||||||||||||
Transfer agent fees
|
1,988
|
4,951
|
3,579
|
25,020
|
||||||||||||
Custody fees
|
1,518
|
26,082
|
2,393
|
4,354
|
||||||||||||
Shareholder servicing fees (Note 6)
|
1,448
|
—
|
—
|
1,791
|
||||||||||||
Auditing fees
|
1,259
|
3,546
|
2,471
|
34,146
|
||||||||||||
Due to Trustees
|
503
|
952
|
893
|
8,269
|
||||||||||||
Legal fees
|
455
|
—
|
—
|
12,327
|
||||||||||||
Due to Advisor (Note 3)
|
362
|
10,907
|
—
|
16,397
|
||||||||||||
Chief Compliance Officer fees (Note 3)
|
127
|
—
|
47
|
2,097
|
||||||||||||
Accrued other expenses
|
421
|
1,753
|
1,223
|
9,023
|
||||||||||||
Total liabilities
|
10,958
|
111,451
|
5,295,329
|
731,318
|
||||||||||||
Net Assets
|
$
|
6,746,592
|
$
|
28,547,311
|
$
|
63,833,784
|
$
|
71,886,431
|
||||||||
Components of Net Assets:
|
||||||||||||||||
Paid-in capital (par value of $0.01 per share with
|
||||||||||||||||
an unlimited number of shares authorized)
|
$
|
4,132,102
|
$
|
26,472,082
|
$
|
64,018,719
|
$
|
65,720,222
|
||||||||
Total distributable earnings (accumulated deficit)
|
2,614,490
|
2,075,229
|
(184,935
|
)
|
6,166,209
|
|||||||||||
Net Assets
|
$
|
6,746,592
|
$
|
28,547,311
|
$
|
63,833,784
|
$
|
71,886,431
|
||||||||
Maximum Offering Price per Share:
|
||||||||||||||||
Class I Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
6,746,592
|
$
|
28,547,311
|
$
|
63,833,784
|
$
|
71,886,431
|
||||||||
Shares of beneficial interest issued and outstanding
|
593,602
|
2,630,900
|
6,451,455
|
7,196,970
|
||||||||||||
Net asset value, redemption and offering price per share
|
$
|
11.37
|
$
|
10.85
|
$
|
9.89
|
$
|
9.99
|
North Square
|
North Square
|
|||||||||||||||
Advisory
|
Altrinsic
|
North Square
|
North Square
|
|||||||||||||
Research All Cap
|
International
|
McKee
|
Strategic
|
|||||||||||||
Value Fund
|
Equity Fund
|
Bond Fund
|
Income Fund
|
|||||||||||||
Investment Income:
|
||||||||||||||||
Dividends (net of foreign withholding taxes and/or
|
||||||||||||||||
issuance fees of $287, $33,318, $0, and $0, respectively)
|
$
|
37,573
|
$
|
275,042
|
$
|
—
|
$
|
263,428
|
||||||||
Interest (net of foreign withholding taxes and/or
|
||||||||||||||||
issuance fees of $0, $0, $92, and $(833), respectively)
|
34
|
118
|
26,650
|
1,077,927
|
||||||||||||
Total investment income
|
37,607
|
275,160
|
26,650
|
1,341,355
|
||||||||||||
Expenses:
|
||||||||||||||||
Advisory fees (Note 3)
|
18,241
|
81,958
|
14,822
|
263,998
|
||||||||||||
Registration fees
|
8,199
|
6,083
|
4,435
|
8,056
|
||||||||||||
Fund administration fees
|
4,638
|
14,896
|
10,875
|
77,187
|
||||||||||||
Custody fees
|
3,184
|
33,946
|
3,221
|
7,349
|
||||||||||||
Transfer agent fees and expenses
|
3,158
|
8,512
|
5,942
|
50,829
|
||||||||||||
Shareholder servicing fees (Note 6)
|
3,051
|
—
|
—
|
41,485
|
||||||||||||
Auditing fees
|
1,585
|
3,547
|
2,471
|
12,256
|
||||||||||||
Legal fees
|
865
|
2,957
|
2,268
|
15,319
|
||||||||||||
Trustees’ fees and expenses
|
674
|
1,985
|
1,495
|
9,616
|
||||||||||||
Chief Compliance Officer fees (Note 3)
|
609
|
1,793
|
1,220
|
9,091
|
||||||||||||
Shareholder reporting fees
|
341
|
1,162
|
838
|
3,373
|
||||||||||||
Fund accounting fees
|
245
|
1,155
|
812
|
3,948
|
||||||||||||
Other expenses
|
200
|
892
|
688
|
4,883
|
||||||||||||
Total expenses
|
44,990
|
158,886
|
49,087
|
507,390
|
||||||||||||
Less advisory fees waived & expenses reimbursed
|
(20,235
|
)
|
(59,513
|
)
|
(31,795
|
)
|
(167,964
|
)
|
||||||||
Net expenses
|
24,755
|
99,373
|
17,292
|
339,426
|
||||||||||||
Net Investment income
|
12,852
|
175,787
|
9,358
|
1,001,929
|
||||||||||||
Net Realized and Unrealized Gain (Loss):
|
||||||||||||||||
Net realized gain (loss) on:
|
||||||||||||||||
Investments
|
422,925
|
277,590
|
(75,036
|
)
|
1,081,172
|
|||||||||||
Futures contracts
|
—
|
—
|
—
|
77,400
|
||||||||||||
Foreign currency transactions
|
—
|
(313
|
)
|
—
|
(21,628
|
)
|
||||||||||
Net realized gain (loss)
|
422,925
|
277,277
|
(75,036
|
)
|
1,136,944
|
|||||||||||
Net change in unrealized appreciation/depreciation on:
|
||||||||||||||||
Investments
|
1,129,597
|
1,645,119
|
(73,544
|
)
|
2,104,478
|
|||||||||||
Futures contracts
|
—
|
—
|
—
|
13,692
|
||||||||||||
Foreign currency transactions
|
—
|
—
|
—
|
217,021
|
||||||||||||
Net change in unrealized appreciation/depreciation
|
1,129,597
|
1,645,119
|
(73,544
|
)
|
2,335,191
|
|||||||||||
Net realized and unrealized gain (loss)
|
1,552,522
|
1,922,396
|
(148,580
|
)
|
3,472,135
|
|||||||||||
Net increase (decrease) in net assets from operations
|
$
|
1,565,374
|
$
|
2,098,183
|
$
|
(139,222
|
)
|
$
|
4,474,064
|
North Square
|
||||||||||||
Altrinsic
|
||||||||||||
North Square Advisory
|
International
|
|||||||||||
Research All Cap Value Fund
|
Equity Fund
|
|||||||||||
For the Period
|
||||||||||||
For the
|
For the
|
December 4,
|
||||||||||
Period Ended
|
Year Ended
|
2020* through
|
||||||||||
April 30, 2021
|
October 31,
|
April 30, 2021
|
||||||||||
(Unaudited)
|
2020
|
(Unaudited)
|
||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||
Operations:
|
||||||||||||
Net investment income
|
$
|
12,852
|
$
|
51,097
|
$
|
175,787
|
||||||
Net realized gain on investments and foreign currency translations
|
422,925
|
713,327
|
277,277
|
|||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||
on investments and foreign currency translations
|
1,129,597
|
(1,742,113
|
)
|
1,645,119
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
1,565,374
|
(977,689
|
)
|
2,098,183
|
||||||||
Distributions to shareholders
|
(514,487
|
)
|
(1,010,006
|
)
|
(22,954
|
)
|
||||||
Capital Transactions:
|
||||||||||||
Net proceeds from shares sold
|
2,066,045
|
1,382,870
|
26,449,128
|
|||||||||
Reinvestment of distributions
|
514,487
|
1,010,006
|
22,954
|
|||||||||
Cost of shares redeemed
|
(1,262,928
|
)
|
(5,411,998
|
)
|
—
|
|||||||
Net increase (decrease) in net assets from capital transactions
|
1,317,604
|
(3,019,122
|
)
|
26,472,082
|
||||||||
|
||||||||||||
Total increase (decrease) in net assets
|
2,368,491
|
(5,006,817
|
)
|
28,547,311
|
||||||||
Net Assets:
|
||||||||||||
Beginning of Period
|
4,378,101
|
9,384,918
|
—
|
|||||||||
End of Period
|
$
|
6,746,592
|
$
|
4,378,101
|
$
|
28,547,311
|
||||||
Capital Share Transactions:
|
||||||||||||
Shares sold
|
193,353
|
146,298
|
2,628,577
|
|||||||||
Shares reinvested
|
53,827
|
91,074
|
2,323
|
|||||||||
Shares redeemed
|
(122,982
|
)
|
(574,580
|
)
|
—
|
|||||||
Net increase (decrease) in capital share transactions
|
124,198
|
(337,208
|
)
|
2,630,900
|
*
|
Commencement of Operations
|
North Square
|
||||||||||||
McKee Bond
|
North Square
|
|||||||||||
Fund
|
Strategic Income Fund
|
|||||||||||
For the Period
|
||||||||||||
December 28,
|
For the
|
For the
|
||||||||||
2020* through
|
Period Ended
|
Year Ended
|
||||||||||
April 30, 2021
|
April 30, 2021
|
October 31,
|
||||||||||
(Unaudited)
|
(Unaudited)
|
2020
|
||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||
Operations:
|
||||||||||||
Net investment income
|
$
|
9,358
|
$
|
1,001,929
|
$
|
1,072,285
|
||||||
Net realized gain (loss) on investments and foreign currency translations
|
(75,036
|
)
|
1,136,944
|
3,652,857
|
||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||
on investments and foreign currency translations
|
(73,544
|
)
|
2,335,191
|
2,021,714
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
(139,222
|
)
|
4,474,064
|
6,746,856
|
||||||||
Distributions to shareholders
|
(45,713
|
)
|
(4,560,897
|
)
|
(975,490
|
)
|
||||||
Capital Transactions:
|
||||||||||||
Net proceeds from shares sold
|
64,054,035
|
5,903,157
|
63,245,780
|
|||||||||
Reinvestment of distributions
|
18,272
|
4,536,718
|
975,066
|
|||||||||
Cost of shares redeemed
|
(53,588
|
)
|
(12,754,014
|
)
|
(6,345,626
|
)
|
||||||
Net increase (decrease) in net assets from capital transactions
|
64,018,719
|
(2,314,139
|
)
|
57,875,220
|
||||||||
|
||||||||||||
Total increase (decrease) in net assets
|
63,833,784
|
(2,400,972
|
)
|
63,646,586
|
||||||||
Net Assets:
|
||||||||||||
Beginning of Period
|
—
|
74,287,403
|
10,640,817
|
|||||||||
End of Period
|
$
|
63,833,784
|
$
|
71,886,431
|
$
|
74,287,403
|
||||||
Capital Share Transactions:
|
||||||||||||
Shares sold
|
6,455,037
|
587,944
|
6,857,165
|
|||||||||
Shares reinvested
|
1,838
|
459,587
|
99,285
|
|||||||||
Shares redeemed
|
(5,420
|
)
|
(1,283,372
|
)
|
(640,318
|
)
|
||||||
Net increase (decrease) in capital share transactions
|
6,451,455
|
(235,841
|
)
|
6,316,132
|
*
|
Commencement of Operations
|
For the
|
||||||||||||||||||||||||
Period Ended
|
For the Year Ended October 31,
|
|||||||||||||||||||||||
April 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
9.33
|
$
|
11.63
|
$
|
14.73
|
$
|
14.77
|
$
|
12.99
|
$
|
15.02
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.03
|
0.08
|
0.07
|
0.06
|
0.06
|
0.09
|
||||||||||||||||||
Net realized and unrealized gain (loss)
|
3.12
|
(1.11
|
)
|
0.85
|
1.27
|
2.68
|
0.26
|
|||||||||||||||||
Total from investment operations
|
3.15
|
(1.03
|
)
|
0.92
|
1.33
|
2.74
|
0.35
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.10
|
)
|
(0.07
|
)
|
(0.07
|
)
|
(0.05
|
)
|
(0.09
|
)
|
(0.13
|
)
|
||||||||||||
From net realized gain
|
(1.01
|
)
|
(1.20
|
)
|
(3.95
|
)
|
(1.32
|
)
|
(0.87
|
)
|
(2.28
|
)
|
||||||||||||
Total distributions
|
(1.11
|
)
|
(1.27
|
)
|
(4.02
|
)
|
(1.37
|
)
|
(0.96
|
)
|
(2.41
|
)
|
||||||||||||
Redemption Fee Proceeds1
|
—
|
—
|
—
|
2
|
—
|
2
|
—
|
2
|
0.03
|
|||||||||||||||
Net asset value, end of period
|
$
|
11.37
|
$
|
9.33
|
$
|
11.63
|
$
|
14.73
|
$
|
14.77
|
$
|
12.99
|
||||||||||||
Total return3
|
36.02
|
%4
|
(10.63
|
)%
|
12.95
|
%
|
9.33
|
%
|
21.93
|
%
|
(3.57
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
6,747
|
$
|
4,378
|
$
|
9,385
|
$
|
10,575
|
$
|
15,603
|
$
|
20,900
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.72
|
%5
|
1.97
|
%
|
1.76
|
%
|
1.78
|
%
|
1.74
|
%
|
1.52
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
0.95
|
%5
|
0.97
|
%6
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(0.28
|
)%5
|
(0.21
|
)%
|
(0.17
|
)%
|
(0.39
|
)%
|
(0.29
|
)%
|
0.18
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
0.49
|
%5
|
0.79
|
%
|
0.59
|
%
|
0.39
|
%
|
0.45
|
%
|
0.70
|
%
|
||||||||||||
Portfolio turnover rate
|
36
|
%4
|
49
|
%
|
26
|
%
|
42
|
%
|
31
|
%
|
51
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Amount represents less than $0.005 per share.
|
3
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
4
|
Not Annualized.
|
5
|
Annualized.
|
6
|
The annual net expense ratio changed from 1.00% to 0.95% of net assets as of the close of business on February 21, 2020.
|
For the Period
|
||||
December 4,
|
||||
2020* through
|
||||
April 30, 2021
|
||||
(Unaudited)
|
||||
Net asset value, beginning of period
|
$
|
10.00
|
||
Income from Investment Operations:
|
||||
Net investment income1
|
0.07
|
|||
Net realized and unrealized gain
|
0.79
|
|||
Total from investment operations
|
0.86
|
|||
Less Distributions:
|
||||
From net investment income
|
(0.01
|
)
|
||
Total distributions
|
(0.01
|
)
|
||
Net asset value, end of period
|
$
|
10.85
|
||
Total return2
|
8.62
|
%3
|
||
Ratios and Supplemental Data:
|
||||
Net assets, end of period (in thousands)
|
$
|
28,547
|
||
Ratio of expenses to average net assets:
|
||||
Before fees waived and expenses absorbed
|
1.55
|
%4
|
||
After fees waived and expenses absorbed
|
0.97
|
%4
|
||
Ratio of net investment income to average net assets:
|
||||
Before fees waived and expenses absorbed
|
1.14
|
%4
|
||
After fees waived and expenses absorbed
|
1.72
|
%4
|
||
Portfolio turnover rate
|
12
|
%3
|
*
|
Commencement of operations.
|
1
|
Based on average shares outstanding for the period.
|
2
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
3
|
Not Annualized.
|
4
|
Annualized.
|
For the Period
|
||||
December 28,
|
||||
2020* through
|
||||
April 30, 2021
|
||||
(Unaudited)
|
||||
Net asset value, beginning of period
|
$
|
10.00
|
||
Income from Investment Operations:
|
||||
Net investment income1
|
0.01
|
|||
Net realized and unrealized gain (loss)
|
(0.10
|
)
|
||
Total from investment operations
|
(0.09
|
)
|
||
Less Distributions:
|
||||
From net investment income
|
(0.02
|
)
|
||
Total distributions
|
(0.02
|
)
|
||
Net asset value, end of period
|
$
|
9.89
|
||
Total return2
|
(0.84
|
)%3
|
||
Ratios and Supplemental Data:
|
||||
Net assets, end of period (in thousands)
|
$
|
63,834
|
||
Ratio of expenses to average net assets:
|
||||
Before fees waived and expenses absorbed
|
0.79
|
%4
|
||
After fees waived and expenses absorbed
|
0.28
|
%4
|
||
Ratio of net investment income (loss) to average net assets:
|
||||
Before fees waived and expenses absorbed
|
(0.36
|
)%4
|
||
After fees waived and expenses absorbed
|
0.15
|
%4
|
||
Portfolio turnover rate
|
62
|
%3,5
|
*
|
Commencement of operations.
|
1
|
Based on average shares outstanding for the period.
|
2
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
3
|
Not Annualized.
|
4
|
Annualized.
|
5
|
Securities purchased-in-kind were excluded from the computation of the ratio.
|
For the
|
||||||||||||||||||||||||
Period Ended
|
For the Year Ended October 31,
|
|||||||||||||||||||||||
April 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
9.99
|
$
|
9.53
|
$
|
8.97
|
$
|
9.46
|
$
|
9.47
|
$
|
9.70
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.13
|
0.23
|
0.32
|
0.35
|
0.39
|
0.40
|
||||||||||||||||||
Net realized and unrealized gain (loss)
|
0.48
|
0.48
|
0.56
|
(0.49
|
)
|
(0.04
|
)
|
(0.08
|
)
|
|||||||||||||||
Total from investment operations
|
0.61
|
0.71
|
0.88
|
(0.14
|
)
|
0.35
|
0.32
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.15
|
)
|
(0.25
|
)
|
(0.32
|
)
|
(0.34
|
)
|
(0.36
|
)
|
(0.42
|
)
|
||||||||||||
From net realized gain
|
(0.46
|
)
|
—
|
—
|
(0.01
|
)
|
—
|
(0.13
|
)
|
|||||||||||||||
Total distributions
|
(0.61
|
)
|
(0.25
|
)
|
(0.32
|
)
|
(0.35
|
)
|
(0.36
|
)
|
(0.55
|
)
|
||||||||||||
Redemption Fee Proceeds1
|
—
|
—
|
—
|
2
|
—
|
2
|
—
|
2
|
—
|
2
|
||||||||||||||
Net asset value, end of period
|
$
|
9.99
|
$
|
9.99
|
$
|
9.53
|
$
|
8.97
|
$
|
9.46
|
$
|
9.47
|
||||||||||||
Total return3
|
6.15
|
%4
|
7.56
|
%
|
10.00
|
%
|
(1.43
|
)%
|
3.83
|
%
|
3.42
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
71,886
|
$
|
74,287
|
$
|
10,641
|
$
|
10,403
|
$
|
10,806
|
$
|
12,463
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.35
|
%5
|
1.48
|
%
|
1.76
|
%
|
2.27
|
%
|
2.49
|
%
|
1.99
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
0.90
|
%5
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.91
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.21
|
%5
|
1.75
|
%
|
2.56
|
%
|
2.41
|
%
|
2.53
|
%
|
3.19
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
2.66
|
%5
|
2.33
|
%
|
3.42
|
%
|
3.78
|
%
|
4.12
|
%
|
4.27
|
%
|
||||||||||||
Portfolio turnover rate
|
34
|
%4
|
145
|
%
|
36
|
%
|
48
|
%
|
64
|
%
|
63
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Amount represents less than $0.005 per share.
|
3
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
4
|
Not Annualized.
|
5
|
Annualized.
|
Fund
|
Investment Advisory Fees
|
All Cap Value Fund
|
0.70%
|
International Equity Fund
|
0.80%
|
McKee Bond Fund
|
0.24%
|
Strategic Income Fund
|
0.70%
|
Total Limit on Annual Operating Expenses†
|
||||
Class A
|
Class I
|
Class Y
|
||
Fund
|
Agreement Expires
|
Shares
|
Shares
|
Shares
|
All Cap Value Fund
|
February 28, 2022
|
—
|
0.95%
|
—
|
International Equity Fund
|
November 2, 2022
|
—
|
0.97%
|
—
|
McKee Bond Fund
|
November 2, 2022
|
—
|
0.28%
|
0.47%*
|
Strategic Income Fund
|
February 28, 2022
|
1.15%*
|
0.90%
|
—
|
†
|
The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.
|
*
|
This class is currently not available for purchase.
|
All Cap Value
|
International Equity
|
McKee Bond
|
Strategic Income
|
|||||||||||||
October 31, 2021
|
$
|
102,131
|
$
|
—
|
$
|
—
|
$
|
144,623
|
||||||||
October 31, 2022
|
$
|
75,274
|
$
|
—
|
$
|
—
|
$
|
92,527
|
||||||||
October 31, 2023
|
$
|
74,921
|
$
|
—
|
$
|
—
|
$
|
273,911
|
||||||||
October 31, 2024
|
$
|
20,235
|
$
|
59,513
|
$
|
31,795
|
$
|
167,964
|
||||||||
Total
|
$
|
272,561
|
$
|
59,513
|
$
|
31,795
|
$
|
679,025
|
All Cap Value
|
Strategic Income
|
|||||||
Cost of investments
|
$
|
3,655,188
|
$
|
72,144,151
|
||||
Gross unrealized appreciation
|
$
|
892,893
|
$
|
3,012,025
|
||||
Gross unrealized depreciation
|
(162,369
|
)
|
(509,962
|
)
|
||||
Net unrealized appreciation on investments
|
$
|
730,524
|
$
|
2,502,063
|
*
|
Increase (Decrease)
|
||||||||
Total
|
||||||||
Distributable
|
||||||||
Paid In Capital
|
Earnings
|
|||||||
All Cap Value
|
$
|
260,371
|
$
|
(260,371
|
)
|
|||
Strategic Income
|
$
|
170,543
|
$
|
(170,543
|
)
|
All Cap Value
|
Strategic Income
|
|||||||
Undistributed ordinary income
|
$
|
39,922
|
$
|
3,323,121
|
||||
Undistributed long-term gains
|
466,559
|
251,850
|
||||||
Accumulated earnings
|
$
|
506,481
|
$
|
3,574,971
|
||||
Accumulated capital and other losses
|
—
|
—
|
||||||
Unrealized appreciation on investments
|
730,524
|
2,502,063
|
||||||
Total accumulated earnings
|
$
|
1,237,005
|
$
|
6,077,034
|
All Cap Value
|
International Equity
|
|||||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
Distributions paid from:
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Ordinary income
|
$
|
47,928
|
$
|
137,582
|
$
|
22,954
|
$
|
—
|
||||||||
Net long-term capital gains
|
466,559
|
872,424
|
—
|
—
|
||||||||||||
Total distributions paid
|
$
|
514,487
|
$
|
1,010,006
|
$
|
22,954
|
$
|
—
|
||||||||
McKee Bond
|
Strategic Income
|
|||||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
Distributions paid from:
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Ordinary income
|
$
|
45,713
|
$
|
—
|
$
|
4,308,992
|
$
|
975,490
|
||||||||
Net long-term capital gains
|
—
|
—
|
251,905
|
—
|
||||||||||||
Total distributions paid
|
$
|
45,713
|
$
|
—
|
$
|
4,560,897
|
$
|
975,490
|
Purchases
|
Sales
|
|||||||
All Cap Value Fund
|
$
|
2,545,455
|
$
|
1,816,030
|
||||
International Equity Fund
|
$
|
28,557,719
|
$
|
3,131,970
|
||||
McKee Bond Fund
|
$
|
48,950,619
|
$
|
13,002,586
|
||||
Strategic Income Fund
|
$
|
24,603,083
|
$
|
29,129,757
|
•
|
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
•
|
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices
for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
•
|
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market
participant would use in valuing the asset or liability, and would be based on the best information available.
|
All Cap Value Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
6,491,360
|
$
|
—
|
$
|
—
|
$
|
6,491,360
|
||||||||
Short-Term Investment
|
241,005
|
—
|
—
|
241,005
|
||||||||||||
Total Investments
|
$
|
6,732,365
|
$
|
—
|
$
|
—
|
$
|
6,732,365
|
International Equity Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks
|
||||||||||||||||
Bermuda
|
$
|
222,668
|
$
|
—
|
$
|
—
|
$
|
222,668
|
||||||||
Brazil
|
141,327
|
—
|
—
|
141,327
|
||||||||||||
Canada
|
484,029
|
—
|
—
|
484,029
|
||||||||||||
China
|
1,329,479
|
—
|
—
|
1,329,479
|
||||||||||||
France
|
3,504,310
|
—
|
—
|
3,504,310
|
||||||||||||
Germany
|
2,209,110
|
—
|
—
|
2,209,110
|
||||||||||||
Ireland
|
606,432
|
—
|
—
|
606,432
|
||||||||||||
Israel
|
664,532
|
—
|
—
|
664,532
|
||||||||||||
Japan
|
3,844,430
|
—
|
—
|
3,844,430
|
||||||||||||
Luxembourg
|
156,367
|
—
|
—
|
156,367
|
||||||||||||
Mexico
|
156,419
|
—
|
—
|
156,419
|
||||||||||||
Netherlands
|
1,925,501
|
—
|
—
|
1,925,501
|
||||||||||||
Republic of Korea
|
743,812
|
—
|
—
|
743,812
|
||||||||||||
Singapore
|
542,866
|
—
|
—
|
542,866
|
||||||||||||
Spain
|
249,468
|
—
|
—
|
249,468
|
||||||||||||
Sweden
|
741,649
|
—
|
—
|
741,649
|
||||||||||||
Switzerland
|
3,874,451
|
—
|
—
|
3,874,451
|
||||||||||||
Thailand
|
63,560
|
—
|
—
|
63,560
|
||||||||||||
United Kingdom
|
4,954,401
|
—
|
—
|
4,954,401
|
||||||||||||
United States
|
656,926
|
—
|
—
|
656,926
|
||||||||||||
Preferred Stocks
|
232,073
|
—
|
—
|
232,073
|
||||||||||||
Rights
|
61,341
|
—
|
—
|
61,341
|
||||||||||||
Short-Term Investment
|
1,070,002
|
—
|
—
|
1,070,002
|
||||||||||||
Total Investments
|
$
|
28,435,153
|
$
|
—
|
$
|
—
|
$
|
28,435,153
|
||||||||
McKee Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Asset Backed Securities
|
$
|
—
|
$
|
5,256,563
|
$
|
414,226
|
$
|
5,670,789
|
||||||||
Corporate Bonds1
|
—
|
17,341,737
|
—
|
17,341,737
|
||||||||||||
Mortgage Backed Securities
|
—
|
18,009,014
|
596,657
|
18,605,671
|
||||||||||||
U.S. Government Agency Issue
|
—
|
7,165,241
|
—
|
7,165,241
|
||||||||||||
U.S. Government Notes/Bonds
|
—
|
12,297,590
|
—
|
12,297,590
|
||||||||||||
Foreign Government Agency Issue
|
—
|
114,987
|
—
|
114,987
|
||||||||||||
Foreign Government Notes/Bonds
|
—
|
227,359
|
—
|
227,359
|
||||||||||||
Short-Term Investment
|
6,905,638
|
—
|
—
|
6,905,638
|
||||||||||||
Total Investments
|
$
|
6,905,638
|
$
|
60,412,491
|
$
|
1,010,883
|
$
|
68,329,012
|
Strategic Income Fund
|
Level 1
|
Level 2
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
5,417,687
|
$
|
—
|
$
|
—
|
$
|
5,417,687
|
||||||||
ETFs
|
1,213,231
|
—
|
—
|
1,213,231
|
||||||||||||
Preferred Stocks1
|
4,355,749
|
—
|
—
|
4,355,749
|
||||||||||||
REITs
|
3,670,615
|
—
|
—
|
3,670,615
|
||||||||||||
Asset Backed Securities
|
—
|
5,874,639
|
—
|
5,874,639
|
||||||||||||
Corporate Bonds1
|
—
|
33,496,730
|
—
|
33,496,730
|
||||||||||||
Foreign Government Agency Issue
|
—
|
1,058,750
|
—
|
1,058,750
|
||||||||||||
Foreign Government Notes/Bonds
|
—
|
3,230,529
|
—
|
3,230,529
|
||||||||||||
Mortgage Backed Securities
|
—
|
10,960,092
|
—
|
10,960,092
|
||||||||||||
U.S. Government Notes/Bonds
|
—
|
647,055
|
—
|
647,055
|
||||||||||||
Short-Term Investment
|
976,317
|
—
|
—
|
976,317
|
||||||||||||
Total Investments
|
$
|
15,633,599
|
$
|
55,267,795
|
$
|
—
|
$
|
70,901,394
|
||||||||
Futures Contracts***
|
||||||||||||||||
Long
|
$
|
(3,483
|
)
|
$
|
—
|
$
|
—
|
$
|
(3,483
|
)
|
||||||
Short
|
17,175
|
—
|
—
|
17,175
|
||||||||||||
Total Futures Contracts
|
$
|
13,692
|
$
|
—
|
$
|
—
|
$
|
13,692
|
1
|
For a detailed break-out of these securities by major sector and industry classification, please refer to the Schedule of Investments.
|
|
*
|
The Fund did not hold any Level 2 securities at period end.
|
|
**
|
The Fund did not hold any Level 3 securities at period end.
|
|
***
|
The fair value of the Fund’s futures contracts represents the net unrealized appreciation (depreciation) at period end.
|
McKee Bond Fund
|
||||
Beginning balance December 28, 2020*
|
$
|
—
|
||
Transfers into Level 3 during the period
|
—
|
|||
Transfers out of Level 3 during the period
|
—
|
|||
Total realized gain (loss)
|
—
|
|||
Total unrealized appreciation (depreciation)
|
67
|
|||
Net purchases
|
1,010,816
|
|||
Net sales
|
—
|
|||
Balance as of April 30, 2021
|
$
|
1,010,883
|
Liabilities:
|
Gross Amounts not
|
|||||||||||||||||||||||
offset in the Statement
|
||||||||||||||||||||||||
Gross Amounts
|
Net Amounts
|
of Assets and Liabilities
|
||||||||||||||||||||||
Gross Amounts
|
Offset in the
|
Presented in the
|
Collateral
|
|||||||||||||||||||||
of Recognized
|
Statement of Assets
|
Statement of Assets
|
Financial
|
Received
|
||||||||||||||||||||
Description
|
Liabilities
|
and Liabilities
|
and Liabilities
|
Instruments
|
(Pledged)
|
Net Amount
|
||||||||||||||||||
Futures contracts*
|
$
|
8,299
|
$
|
—
|
$
|
8,299
|
$
|
—
|
$
|
(8,299
|
)
|
$
|
—
|
|||||||||||
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Total
|
$
|
8,299
|
$
|
—
|
$
|
8,299
|
$
|
—
|
$
|
(8,299
|
)
|
$
|
—
|
*
|
Reflects the current day variation margin as reported on the Fund’s statement of assets and liabilities.
|
Fair Value
|
Net Unrealized
|
|||||||||||
Gain (Loss) on
|
||||||||||||
Derivatives Not Accounted for as Hedging Instruments
|
Assets
|
Liabilities
|
Open Positions
|
|||||||||
North Square Strategic Income Fund
|
||||||||||||
Futures Contracts*
|
||||||||||||
Long Contracts
|
||||||||||||
Foreign exchange
|
$
|
—
|
$
|
3,483
|
$
|
(3,483
|
)
|
|||||
Total Long Contracts
|
—
|
3,483
|
(3,483
|
)
|
||||||||
Short Contracts
|
||||||||||||
Interest rate
|
$
|
17,538
|
$
|
363
|
$
|
17,175
|
||||||
Total Short Contracts
|
17,538
|
363
|
17,175
|
|||||||||
Total Futures Contracts
|
$
|
17,538
|
$
|
3,846
|
$
|
13,692
|
*
|
Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s schedule of open futures contracts. Only the current day variation margin for futures contracts is
separately reported within the Fund’s statement of assets and liabilities.
|
Gain (Loss) from Trading
|
||||||||
Net Change
|
||||||||
Fund and Type of Derivative Instrument
|
Net Realized
|
in Unrealized
|
||||||
North Square Strategic Income Fund
|
||||||||
Futures Contracts
|
||||||||
Foreign exchange
|
$
|
—
|
$
|
(3,483
|
)
|
|||
Interest rate
|
77,400
|
17,175
|
||||||
Total Futures Contracts
|
$
|
77,400
|
$
|
13,692
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other Directorship/
|
||||
Name, Addressa,
|
Complex
|
Trusteeship
|
|||
Year of Birth and
|
Term of Office
|
Overseen
|
Positions held by
|
||
Position(s) with
|
Position with
|
and Length of
|
Principal Occupations During
|
by
|
Trustee During
|
the Trust
|
the Trust
|
Time Servedb
|
the Past Five Years or Longer
|
Trusteec
|
the Past 5 Years
|
Independent Trustees
|
|||||
David B. Boon
|
Trustee
|
08/2018 to present
|
Chief Financial Officer and Managing
|
9
|
None
|
(1960)
|
Director, Eagle Capital Management, LLC
|
||||
(since 2018); Chief Financial Officer and
|
|||||
Partner, Cedar Capital, LLC (2013 – 2018).
|
|||||
Donald J. Herrema
|
Chairman of the
|
08/2018 to present
|
Vice Chair and Chief Investment Officer,
|
9
|
Chairman and Director
|
(1952)
|
Board and Trustee
|
Independent Life Insurance Company
|
Emeritus, TD Funds
|
||
(since 2018); Financial Services Executive,
|
USA (2009 – 2019);
|
||||
Advisor and Founder of BlackSterling
|
Director, Abel Noser
|
||||
Partners, LLC (private investments and
|
Holdings, LLC (since
|
||||
advisory firm) (since 2004); Executive Vice
|
2016); Member, USC
|
||||
Chairman and Senior Advisor at Kennedy
|
Marshall Business School
|
||||
Wilson (real estate investment company)
|
Board (since 2010);
|
||||
(2009 – 2016).
|
President and Trustee,
|
||||
Christ Church
|
|||||
(2008 – 2016); Director,
|
|||||
Lepercq de Neuflize
|
|||||
(2009 – 2016); Chairman
|
|||||
and Trustee Emeritus
|
|||||
(since 2014), Director,
|
|||||
FEG Investment Advisors
|
|||||
(since 2017); Director,
|
|||||
Independent Life
|
|||||
Insurance Company
|
|||||
(since 2018).
|
|||||
Catherine A. Zaharis
|
Trustee
|
08/2018 to present
|
Professor of Practice (since 2019), Director,
|
9
|
Director, The
|
(1960)
|
Professional/Employer Development,
|
Vantagepoint Funds
|
|||
Finance Department (2015 – 2019), Adjunct
|
(2015 – 2016).
|
||||
Lecturer (2010 – 2019), and Business Director,
|
|||||
MBA Finance Career Academy (2008 – 2015),
|
|||||
University of Iowa, Tippie College of Business;
|
|||||
Chair (2013 – 2016), Director (1999 – 2016),
|
|||||
and Investment Committee Member
|
|||||
(1999 – 2013) and Chair (2003 – 2013),
|
|||||
University of Iowa Foundation.
|
|||||
Interested Trusteesd
|
|||||
Mark D. Goodwin
|
Trustee and
|
08/2018 to present
|
Chief Executive Officer, North Square
|
9
|
None
|
(1964)
|
President
|
Investments LLC (since July 2018); President
|
|||
and Chief Operating Officer (2015 – July 2018)
|
|||||
and Executive Vice President (2014 – 2015),
|
|||||
Oak Ridge Investments, LLC.
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other Directorship/
|
||||
Name, Addressa,
|
Complex
|
Trusteeship
|
|||
Year of Birth and
|
Term of Office
|
Overseen
|
Positions held by
|
||
Position(s) with
|
Position with
|
and Length of
|
Principal Occupations During
|
by
|
Trustee During
|
the Trust
|
the Trust
|
Time Servedb
|
the Past Five Years or Longer
|
Trusteec
|
the Past 5 Years
|
Officers of the Trust
|
|||||
Alan E. Molotsky
|
Treasurer
|
08/2018 to present
|
Chief Financial Officer, Chief Compliance
|
N/A
|
N/A
|
(1956)
|
and
|
Officer (July 2018 – March 2021), General
|
|||
Secretary
|
Counsel and Senior Managing Director,
|
||||
North Square Investments, LLC (since July 2018);
|
|||||
Chief Financial Officer, Chief Compliance Officer,
|
|||||
General Counsel and Executive Vice President,
|
|||||
Oak Ridge Investments LLC (2004 – July 2018).
|
|||||
David J. Gaspar
|
Vice
|
08/2018 to present
|
Chief Operations and Information Officer and
|
N/A
|
N/A
|
(1954)
|
President
|
Senior Managing Director, North Square
|
|||
Investments, LLC (since July 2018); Chief
|
|||||
Operations Officer, Chief Information Officer,
|
|||||
Chief Information Security Officer and Executive
|
|||||
Vice President, Oak Ridge Investments, LLC
|
|||||
(2000 – July 2018).
|
|||||
Douglas N. Tyre
|
Chief
|
09/2018 to present
|
Assistant Compliance Director, Cipperman
|
N/A
|
N/A
|
(1980)
|
Compliance
|
Compliance Services, LLC (since 2014).
|
|||
Officer
|
a.
|
The business address of each Trustee and officer is c/o North Square Investments, LLC, 10 South LaSalle Street, Suite 1925, Chicago, Illinois 60603.
|
b.
|
Trustees and officers serve until their successors are duly elected and qualified.
|
c.
|
The term “Fund Complex” applies to the nine portfolios that currently comprise the Trust, which consists of the four Funds, the North Square Oak Ridge Small Cap Growth Fund, the North Square
Oak Ridge All Cap Growth Fund, the North Square Oak Ridge Dividend Growth Fund, the North Square Multi Strategy Fund, and the North Square Dynamic Small Cap Fund.
|
d.
|
Mr. Goodwin is considered to be an “interested person” of the Trust as that term is defined in the 1940 Act by virtue of his positions with the Adviser.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
All Cap Value Fund
|
11/1/20
|
4/30/21
|
11/1/20 – 4/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,360.20
|
$5.56
|
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,020.08
|
$4.76
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.95% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the sixth month
period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
International Equity Fund
|
12/4/20
|
4/30/21
|
12/4/20 – 4/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,086.20
|
$4.07
|
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,019.98
|
$4.86
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.97% for Class I, multiplied by the average account value over the period, multiplied by 147/365 (to reflect the period since the
commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
McKee Bond Fund
|
12/28/20
|
4/30/21
|
12/28/20 – 4/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 991.60
|
$1.12
|
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,023.41
|
$1.40
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.28% for Class I, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the
commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Strategic Income Fund
|
11/1/20
|
4/30/21
|
11/1/20 – 4/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,061.50
|
$4.60
|
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,020.33
|
$4.51
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.90% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the sixth month
period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.
|
Sub-Advisor
|
Sub-Advisor
|
||
Advisory Research, Inc.
|
Red Cedar Investment Management, LLC
|
||
Two Prudential Plaza
|
333 Bridge Street NW, Suite 601
|
||
180 N. Stetson Avenue, Suite 5500
|
Grand Rapids, Michigan 49504
|
||
Chicago, Illinois 60601
|
Sub-Advisor
|
Sub-Advisor
|
||
Altrinsic Global Advisors, LLC
|
CSM Advisors, LLC
|
||
8 Sound Shore Drive, 3rd Floor
|
One Gateway Center, 8th Floor
|
||
Greenwich, Connecticut 06830
|
Pittsburgh, Pennsylvania 15222
|
Fund Name
|
Ticker
|
CUSIP
|
|
North Square Advisory Research All Cap Value Fund
|
Class I
|
ADVGX
|
66263L775
|
North Square Altrinsic International Equity Fund
|
Class I
|
NSIVX
|
66263L767
|
North Square McKee Bond Fund
|
Class I
|
NMKBX
|
66263L759
|
North Square Strategic Income Fund
|
Class I
|
ADVNX
|
66263L791
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing
of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service
provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not Applicable
|
1.
|
I have reviewed this report on Form N-CSR of North Square Investments Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: July 8, 2021
|
/s/Mark D. Goodwin
Mark D. Goodwin
President
|
1.
|
I have reviewed this report on Form N-CSR of North Square Investments Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: July 8, 2021
|
/s/Alan E. Molotsky
Alan E. Molotsky Treasurer |
/s/Mark D. Goodwin
Mark D. Goodwin
President,
North Square Investments Trust
|
/s/Alan E. Molotsky
Alan E. Molotsky
Treasurer,
North Square Investments Trust
|
Dated: July 8, 2021
|
&UP1SIY96QL
M;W<](C N,# P,# P(B!X;7!'.F)L86-K/2(P+C P,# P,"(O/B \0!YJ'I0>OA[I'Q,?
M/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B
DY48WIK8SED(C\^(#QX.GAM<&UE
M=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z>&UP=&L](D%D;V)E(%A-
M4"!#;W)E(#4N-BUC,3,X(# &UP1SIY96QL;W<](CDU+C &UP
M1SIB;&%C:STB,"XP,# P,# B+SX@/')D9CIL:2!X;7!'.G-W871C:$YA;64]
M(E(],C4Q($<],3 &UP1SIB;&%C
M:STB,"XP,# P,# B+SX@/')D9CIL:2!X;7!'.G-W871C:$YA;64](E(],"!'
M/3$V.2!"/3$U-R(@>&UP1SIM;V1E/2)#35E+(B!X;7!'.G1Y<&4](E!23T-%
M4U,B('AM<$ &UP1SIB;&%C:STB-#$N-# V,C4P(B\^(#QR9&8Z;&D@>&UP
M1SIS=V%T8VA.86UE/2)2/3$P,B!'/3$P,B!"/3$P,B(@>&UP1SIM;V1E/2)#
M35E+(B!X;7!'.G1Y<&4](E!23T-%4U,B('AM<$.-5C6XAQ4E$ #/">[A0J:
MT)%>FA:P[=N,$I4M!(-(+$L8WR>))(#C^8X@=#O_ #8?]"4ORK_E.47R-;JU
MNE:WOCY#IONF[JDVNG6%30Q?''