NPORT-EX 2 ultimus_6109.htm
North
Square
Advisory
Research
Small
Cap
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
97.5%
CONSUMER
DISCRETIONARY
-
24.0%
AUTOMOTIVE
-
5.6%
28,205
Miller
Industries,
Inc.
$
1,135,251‌
HOME
CONSTRUCTION
-
3.1%
9,027
Skyline
Champion
Corp.
(a)
618,169‌
LEISURE
FACILITIES
&
SERVICES
-
5.3%
10,995
Monarch
Casino
&
Resort,
Inc.
757,885‌
23,062
OneSpaWorld
Holdings
Ltd.
(a)
314,335‌
1,072,220‌
LEISURE
PRODUCTS
-
2.6%
6,485
Brunswick
Corp.
523,210‌
RETAIL
-
DISCRETIONARY
-
7.4%
3,830
Asbury
Automotive
Group,
Inc.
(a)
800,700‌
4,692
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
471,828‌
8,305
Foot
Locker,
Inc.
233,869‌
1,506,397‌
TOTAL
CONSUMER
DISCRETIONARY
4,855,247‌
CONSUMER
STAPLES
-
4.4%
WHOLESALE
-
CONSUMER
STAPLES
-
4.4%
12,182
Performance
Food
Group
Co.
(a)
885,388‌
TOTAL
CONSUMER
STAPLES
885,388‌
ENERGY
-
1.5%
OIL
&
GAS
SERVICES
&
EQUIPMENT
-
1.5%
11,305
ChampionX
Corp.
309,870‌
TOTAL
ENERGY
309,870‌
FINANCIALS
-
20.1%
ASSET
MANAGEMENT
-
1.6%
15,735
Cannae
Holdings,
Inc.
(a)
318,634‌
BANKING
-
13.1%
18,367
First
Interstate
BancSystem,
Inc.,
Class
A
505,460‌
13,970
First
Merchants
Corp.
472,326‌
6,017
Nicolet
Bankshares,
Inc.
(a)
467,942‌
6,383
SouthState
Corp.
530,427‌
13,756
Webster
Financial
Corp.
680,647‌
2,656,802‌
North
Square
Advisory
Research
Small
Cap
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
97.5%
(Continued)
INSURANCE
-
5.4%
4,060
Enstar
Group,
Ltd.
(a)
$
1,083,573‌
TOTAL
FINANCIALS
4,059,009‌
HEALTH
CARE
-
2.6%
HEALTH
CARE
FACILITIES
&
SERVICES
-
2.6%
7,090
HealthEquity,
Inc.
(a)
535,862‌
TOTAL
HEALTH
CARE
535,862‌
INDUSTRIALS
-
23.4%
COMMERCIAL
SUPPORT
SERVICES
-
8.4%
53,790
Emerald
Holding,
Inc.
(a)
330,271‌
34,262
First
Advantage
Corp.
560,869‌
24,600
Viad
Corp.
(a)
813,276‌
1,704,416‌
ELECTRICAL
EQUIPMENT
-
3.7%
11,090
Bel
Fuse,
Inc.,
Class
B
(a)
741,477‌
MACHINERY
-
9.5%
3,220
Alamo
Group,
Inc.
683,542‌
38,102
Gates
Industrial
Corp.
PLC
(a)
490,754‌
7,655
John
Bean
Technologies
Corp.
756,007‌
1,930,303‌
TRANSPORTATION
EQUIPMENT
-
1.8%
14,705
Trinity
Industries,
Inc.
369,684‌
TOTAL
INDUSTRIALS
4,745,880‌
MATERIALS
-
12.3%
CHEMICALS
-
6.1%
28,319
Element
Solutions,
Inc.
629,532‌
16,735
Valvoline,
Inc.
(a)
610,660‌
1,240,192‌
CONSTRUCTION
MATERIALS
-
1.8%
1,585
Eagle
Materials,
Inc.
358,654‌
CONTAINERS
&
PACKAGING
-
4.4%
2,135
AptarGroup,
Inc.
277,294‌
24,598
TriMas
Corp.
607,078‌
884,372‌
TOTAL
MATERIALS
2,483,218‌
REAL
ESTATE
-
1.0%
North
Square
Advisory
Research
Small
Cap
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
97.5%
(Continued)
REAL
ESTATE
OWNERS
&
DEVELOPERS
-
1.0%
8,640
Legacy
Housing
Corp.
(a)
$
204,163‌
TOTAL
REAL
ESTATE
204,163‌
TECHNOLOGY
-
8.2%
SOFTWARE
-
4.2%
30,535
Alkami
Technology,
Inc.
(a)
751,772‌
1,210
Blackbaud,
Inc.
(a)
97,913‌
849,685‌
TECHNOLOGY
HARDWARE
-
1.0%
48,065
Pitney
Bowes,
Inc.
197,547‌
TECHNOLOGY
SERVICES
-
3.0%
14,245
Cass
Information
Systems,
Inc.
614,814‌
TOTAL
TECHNOLOGY
1,662,046‌
TOTAL
COMMON
STOCKS
(Cost $17,889,699)
19,740,683‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
2.4%
482,586‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.25%
(b)
482,586‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $482,586)
482,586‌
TOTAL
INVESTMENTS
-
99.9%
(Cost
$18,372,285)
$
20,223,269‌
Other
Assets
in
Excess
of
Liabilities-
0.1%
17,409‌
NET
ASSETS
-
100.0%
$
20,240,678‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
93.3%
Bermuda
-
4.3%
25,662
AXIS
Capital
Holdings
Ltd.
$
1,527,402‌
9,332
Everest
Re
Group,
Ltd.
3,592,540‌
5,119,942‌
Brazil
-
0.9%
326,047
Lojas
Renner
SA
(a)
1,060,171‌
Canada
-
1.1%
12,623
Agnico
Eagle
Mines
Ltd.
620,547‌
119,152
Kinross
Gold
Corp.
656,795‌
1,277,342‌
Cayman
Islands
-
3.1%
146,368
Alibaba
Group
Holding
Ltd.
1,312,775‌
103,368
Baidu,
Inc.,
Class
A
(a)
1,338,331‌
410,687
Sands
China
Ltd.
(a)
1,077,962‌
3,729,068‌
France
-
13.1%
36,509
AXA
SA
1,225,207‌
71,252
Bureau
Veritas
SA
1,894,869‌
47,778
Cia
Generale
de
Establissements
Michelin
SCA
1,586,060‌
36,158
Danone
2,408,525‌
7,653
Pernod
Ricard
SA
(a)
1,254,745‌
31,400
Sanofi
3,143,979‌
32,659
SCOR
SE
974,073‌
47,364
TotalEnergies
SE
3,072,189‌
15,559,647‌
Germany
-
8.1%
6,164
adidas
AG
1,163,471‌
11,216
BioNTech
SE
-
ADR
(a)
1,065,969‌
37,449
Daimler
Truck
Holding
AG
1,338,070‌
8,064
Deutsche
Boerse
AG
1,605,560‌
31,795
DHL
Group
1,529,458‌
7,672
SAP
SE
1,328,898‌
9,057
Siemens
AG
1,621,114‌
9,652,540‌
India
-
1.9%
40,488
HDFC
Bank
Ltd.
-
ADR
2,246,679‌
Ireland
-
6.4%
17,340
CRH
PLC
1,244,318‌
9,335
Kerry
Group
PLC,
Class
A
831,910‌
31,921
Medtronic
PLC
2,794,365‌
11,024
Willis
Towers
Watson
PLC
2,715,211‌
7,585,804‌
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
93.3%
(Continued)
Israel
-
2.5%
18,678
Check
Point
Software
Technologies
Ltd.
(a)
$
2,968,495‌
Japan
-
14.2%
19,676
Daito
Trust
Construction
Co.,
Ltd.
2,238,293‌
31,406
Eisai
Co.
Ltd.
1,478,957‌
159,596
Kubota
Corp.
2,416,027‌
34,493
Makita
Corp.
(a)
928,436‌
55,107
MinebeaMitsumi,
Inc.
(a)
1,139,143‌
29,895
Sompo
Holdings,
Inc.
1,550,194‌
14,519
Sony
Group
Corp.
1,423,942‌
111,566
Sumitomo
Mitsui
Trust
Holdings,
Inc.
2,286,492‌
46,780
Suzuki
Motor
Corp.
2,125,858‌
47,145
Tokio
Marine
Holdings,
Inc.
1,243,169‌
16,830,511‌
Korea  (Republic
Of)
-
5.2%
38,168
Hana
Financial
Group,
Inc.
1,364,872‌
57,364
KB
Financial
Group
Inc.
2,434,545‌
1,750
Samsung
Electronics
Co.
Ltd.
2,391,495‌
6,190,912‌
Mexico
-
2.2%
8,204
Fomento
Economico
Mexicano,
SAB
de
CV
-
ADR
1,111,970‌
368,971
Wal-Mart
de
Mexico
SAB
de
CV
1,524,238‌
2,636,208‌
Netherlands
-
5.8%
31,643
Akzo
Nobel
N.V.
(a)
2,430,121‌
15,909
Euronext
NV
1,399,048‌
30,389
Heineken
N.V.
3,056,422‌
6,885,591‌
Peru
-
1.2%
9,215
Credicorp
Ltd.
1,367,782‌
Singapore
-
1.2%
202,564
Singapore
Exchange
Ltd.
(a)
1,414,664‌
Spain
-
0.9%
116,657
Banco
Bilbao
Vizcaya
Argentaria
SA
1,091,639‌
Switzerland
-
11.2%
17,797
Chubb
Ltd.
4,360,265‌
21,939
Nestle
S.A.
2,500,513‌
5,516
Novartis
AG
570,556‌
7,401
Roche
Holding
AG
2,107,650‌
29,585
Sandoz
Insurance
Group
AG
(a)
1,014,841‌
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
93.3%
(Continued)
Switzerland
-
11.2%
(Continued)
5,408
Zurich
Insurance
Group
AG
$
2,748,353‌
13,302,178‌
United
Kingdom
-
10.0%
48,253
BP
PLC
-
ADR
1,693,680‌
71,005
Diageo
PLC
2,564,578‌
158,400
GSK
PLC
3,132,830‌
324,782
Haleon
PLC
1,319,203‌
71,175
Liberty
Global
Ltd.,
Class
A
(a)
1,402,148‌
1,770,463
Lloyds
Banking
Group
PLC
949,077‌
97,681
Vodafone
Group
PLC
-
ADR
840,057‌
11,901,573‌
TOTAL
COMMON
STOCKS
(Cost $105,147,015)
110,820,746‌
Shares
Fair
Value
PREFERRED
STOCKS
—
2.5%
Brazil
-
1.5%
269,827
Itau
Unibanco
Holdings
SA
(a)
1,790,133‌
Germany
-
1.0%
15,430
Henkel
AG
&
Co.
KGaA
1,182,619‌
TOTAL
PREFERRED
STOCKS
(Cost $2,551,743)
2,972,752‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
4.4%
5,230,853‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.25%
(b)
5,230,853‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $5,230,853)
5,230,853‌
TOTAL
INVESTMENTS
-
100.2%
(Cost
$112,929,611)
$
119,024,351‌
Liabilities
in
Excess
of
Other
Assets
-
(0.2)%
(260,509‌)
NET
ASSETS
-
100.0%
$
118,763,842‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
SA
-
Société
Anonyme
North
Square
McKee
Bond
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
,
Principal
Amount
($)
Fair
Value
ASSET
BACKED
SECURITIES
—
3.5%
400,000
Aligned
Data
Centers
Issuer
LLC,
1.937%,
08/15/46
(a)
$
361,422‌
435,798
American
Credit
Acceptance
Receivables
Trust
2021-2,
1.340%,
07/13/27
(a)
425,643‌
500,000
AMSR
2019-SFR1
Trust,
2.774%,
01/20/39
(a)
467,138‌
200,000
AMSR
2021-SFR2
Trust,
1.527%,
08/19/38
(a)
183,146‌
9,964
Amur
Equipment
Finance
Receivables
IX
LLC,
0.750%,
11/20/26
(a)
9,873‌
785,000
Amur
Equipment
Finance
Receivables
X
LLC,
2.200%,
01/20/28
(a)
745,256‌
528,691
Chesapeake
Funding
II
LLC,
5.650%,
05/15/35
(a)
531,748‌
250,000
Dell
Equipment
Finance
Trust
2023-3,
5.930%,
06/22/26
(a)
254,787‌
12,321
Flagship
Credit
Auto
Trust
2021-3,
0.360%,
07/15/27
(a)
12,209‌
242,383
NMEF
Funding
2022-B
LLC,
6.070%,
06/01/49
(a)
243,808‌
46,405
Oportun
Funding
XIV
LLC,
1.210%,
03/08/28
(a)
44,572‌
18,387
Oscar
US
Funding
X
LLC,
3.270%,
05/11/26
(a)
18,388‌
13,906
Oscar
US
Funding
XII
LLC,
0.700%,
04/10/25
(a)
13,877‌
527,621
Tricon
Residential
2022-SFR2
Trust,
3.856%,
04/19/39
(a)
508,580‌
439,000
Verizon
Mater
Trust,
5.670%,
11/20/26
451,672‌
TOTAL
ASSET
BACKED
SECURITIES
(Cost $4,428,366)
4,272,119‌
Principal
Amount
($)
Fair
Value
CORPORATE
BONDS
—
25.4%
COMMUNICATIONS
—
2.1%
CABLE
&
SATELLITE
—
2.1%
98,000
AT&T,
Inc.,
4.350%,
03/01/29
96,400‌
152,000
AT&T,
Inc.,
5.400%,
02/15/34
155,981‌
615,000
Comcast
Corp.,
3.250%,
11/01/39
496,419‌
508,000
Fox
Corp.,
6.500%,
10/13/33
548,141‌
160,000
Meta
Platforms,
Inc.,
5.600%,
05/15/53
170,877‌
260,000
Verizon
Communications,
Inc.,
2.100%,
03/22/28
235,164‌
775,000
Verizon
Communications,
Inc.,
2.650%,
11/20/40
553,794‌
325,000
Walt
Disney
Co.
(The),
3.500%,
05/13/40
269,913‌
2,526,689‌
CONSUMER
DISCRETIONARY
—
1.5%
AUTOMOTIVE
—
1.5%
218,000
American
Honda
Finance
Corp.,
2.000%,
03/24/28
198,019‌
175,000
Booking
Holdings
Inc.,
3.600%,
06/01/26
171,059‌
623,000
Ford
Motor
Co.,
3.250%,
02/12/32
516,053‌
215,000
General
Motors
Financial
Co.,
Inc.,
5.800%,
01/07/29
220,809‌
614,000
General
Motors
Financial
Co.,
Inc.,
4.300%,
04/06/29
590,134‌
185,000
McDonald's
Corp.,
3.600%,
07/01/30
175,051‌
1,871,125‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
CONSUMER
STAPLES
—
1.1%
HOUSEHOLD
PRODUCTS
—
1.1%
285,000
Altria
Group,
Inc.,
6.875%,
11/01/33
$
314,125‌
243,000
B.A.T.
Capital
Corp.,
6.421%,
08/02/33
255,025‌
390,000
Philip
Morris
International,
Inc.,
5.125%,
02/15/30
396,586‌
395,000
Procter
&
Gamble
Co.
(The),
4.550%,
01/29/34
400,466‌
1,366,202‌
ENERGY
—
2.4%
OIL
&
GAS
PRODUCERS
—
2.4%
308,000
Chevron
USA,
Inc.,
3.250%,
10/15/29
292,446‌
559,000
ConocoPhillips
Co.,
5.300%,
05/15/53
565,573‌
186,000
Energy
Transfer
LP,
6.400%,
12/01/30
198,248‌
250,000
Enterprise
Products
Operating
LLC,
4.800%,
02/01/49
236,339‌
195,000
Exxon
Mobil
Corp.,
2.440%,
08/16/29
177,056‌
37,000
Exxon
Mobil
Corp.,
4.227%,
03/19/40
34,126‌
865,000
Exxon
Mobil
Corp.,
4.327%,
03/19/50
773,783‌
800,000
TransCanada
PipeLines
Ltd.,
2.500%,
10/12/31
669,682‌
2,947,253‌
FINANCIALS
—
9.0%
ASSET
MANAGEMENT
—
9.0%
1,452,000
Bank
of
America
Corp.,
1.658%,
03/11/27
1,351,745‌
345,000
Bank
of
Montreal,
1.850%,
05/01/25
332,212‌
414,000
Bank
of
Nova
Scotia
(The),
1.300%,
06/11/25
394,136‌
500,000
Canadian
Imperial
Bank
of
Commerce,
5.001%,
04/28/28
503,834‌
851,000
Capital
One
Financial
Corp.,
1.878%,
11/02/27
773,930‌
144,000
Charles
Schwab
Corp.
(The),
5.643%,
05/19/29
147,413‌
198,000
F.N.B
Corp.,
5.150%,
08/05/32
196,314‌
1,137,000
Goldman
Sachs
Group,
Inc.
(The),
1.431%,
03/09/27
1,052,529‌
1,019,000
Goldman
Sachs
Group,
Inc.
(The),
1.992%,
01/27/32
(b)
829,873‌
629,000
JPMorgan
Chase
&
Co.,
Inc.,
1.578%,
04/22/27
(b)
583,994‌
160,000
JPMorgan
Chase
&
Co.,
Inc.,
1.953%,
02/04/32
(b)
130,671‌
275,000
Morgan
Stanley,
0.790%,
05/30/25
269,851‌
695,000
Morgan
Stanley,
1.593%,
05/04/27
(b)
643,806‌
71,000
PNC
Financial
Services
Group,
Inc.
(The),
5.582%,
06/12/29
72,510‌
298,000
PNC
Financial
Services
Group,
Inc.
(The),
5.068%,
01/24/34
(b)
293,495‌
300,000
Royal
Bank
of
Canada,
5.150%,
02/01/34
300,817‌
282,000
Toronto-Dominion
Bank
(The),
1.200%,
06/03/26
260,025‌
400,000
Toronto-Dominion
Bank
(The),
4.693%,
09/15/27
399,476‌
394,000
Toronto-Dominion
Bank
(The),
3.200%,
03/10/32
347,466‌
257,000
United
Airlines
2023-1
Class
A
Pass
Through
Trust,
5.800%,
07/15/36
261,940‌
867,000
US
Bancorp,
4.653%,
02/01/29
(b)
854,662‌
779,000
Wells
Fargo
&
Co.,
3.526%,
03/24/28
(b)
746,811‌
346,000
Wells
Fargo
&
Co.,
4.897%,
07/25/33
(b)
338,308‌
11,085,818‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
HEALTH
CARE
—
1.0%
BIOTECH
&
PHARMA
—
1.0%
247,000
Amgen,
Inc.,
5.650%,
03/02/53
$
254,684‌
369,000
CVS
Health
Corp.,
3.750%,
04/01/30
345,774‌
250,000
Gilead
Sciences,
Inc.,
3.650%,
03/01/26
244,498‌
395,000
Pfizer
Investment
Enterprises
PTE
Ltd.,
5.110%,
05/19/43
392,933‌
1,237,889‌
INDUSTRIALS
—
2.2%
AEROSPACE
&
DEFENSE
—
2.2%
175,514
BNSF
Railway
Co.
2015-1
Pass
Through
Trust,
3.442%,
06/16/28
(a)
168,481‌
867,000
Boeing
Co.,
4.875%,
05/01/25
862,258‌
725,000
Burlington
Northern
Santa
Fe,
LLC,
4.550%,
09/01/44
674,911‌
376,972
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust,
1.875%,
02/20/34
316,688‌
227,000
John
Deere
Capital
Corp.,
4.700%,
06/10/30
229,717‌
9,064
Union
Pacific
Railroad
Co.
2005
Pass
Through
Trust,
5.082%,
01/02/29
9,149‌
137,390
Union
Pacific
Railroad
Co.
2014-1
Pass
Through
Trust,
3.227%,
05/14/26
132,656‌
250,000
Waste
Connections
Inc.,
4.250%,
12/01/28
247,534‌
2,641,394‌
MATERIALS
—
0.1%
CHEMICALS
—
0.1%
122,000
DuPont
de
Nemours,
Inc.,
4.493%,
11/15/25
121,104‌
REAL
ESTATE
—
0.2%
REAL
ESTATE
INVESTMENT
TRUSTS
—
0.2%
317,000
American
Tower
Corp.,
3.800%,
08/15/29
299,341‌
TECHNOLOGY
—
1.7%
SEMICONDUCTORS
—
1.7%
411,000
Apple,
Inc.,
4.650%,
02/23/46
404,020‌
278,000
Apple,
Inc.,
3.950%,
08/08/52
238,711‌
137,000
Intel
Corp.,
5.700%,
02/10/53
144,228‌
200,000
International
Business
Machines
Corp.,
4.150%,
05/15/39
181,939‌
200,000
International
Business
Machines
Corp.,
1.700%,
10/01/52
182,614‌
457,000
Oracle
Corp.,
2.300%,
03/25/28
415,025‌
575,000
Oracle
Corp.,
3.600%,
04/01/40
460,194‌
2,026,731‌
UTILITIES
—
4.1%
ELECTRIC
UTILITIES
—
4.1%
375,000
Alabama
Power
Co.,
3.450%,
10/01/49
283,224‌
1,246,000
Duke
Energy
Carolinas,
LLC,
5.300%,
02/15/40
1,262,853‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
32,000
Duke
Energy
Corp.,
2.450%,
06/01/30
$
27,899‌
600,000
Electricite
de
France
SA,
6.250%,
05/23/33
(a)
640,103‌
200,000
Entergy
Corp.,
1.900%,
06/15/28
177,887‌
330,000
Florida
Power
&
Light
Co.,
5.300%,
04/01/53
337,761‌
1,150,000
MidAmerican
Energy
Co.,
4.250%,
07/15/49
997,792‌
447,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.250%,
06/01/30
382,242‌
239,000
Pacific
Gas
and
Electric
Co.,
6.400%,
06/15/33
253,858‌
200,000
Virginia
Electric
and
Power
Co.,
3.150%,
01/15/26
194,200‌
469,000
Virginia
Electric
and
Power
Co.,
5.450%,
04/01/53
478,005‌
5,035,824‌
TOTAL
CORPORATE
BONDS
(Cost $31,038,065)
31,159,370‌
Principal
Amount
($)
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
60.1%
200,000
Freddie
Mac
Pool,
4.500%,
05/01/39
198,481‌
1,198,277
Freddie
Mac
Pool,
3.000%,
04/01/52
1,070,959‌
309,544
Freddie
Mac
Pool,
3.500%,
05/01/52
283,192‌
484,392
Freddie
Mac
Pool,
2.500%,
09/01/51
414,517‌
573,660
Freddie
Mac
Pool,
6.000%,
02/01/53
586,369‌
1,333,275
Ginnie
Mae
II
Pool,
2.000%,
03/20/51
1,087,194‌
151,337
BBCMS
Mortgage
Trust
2022-C14,
1.727%,
02/18/55
143,893‌
300,000
DBUBS
2017-BRBK
Mortgage
Trust,
3.452%,
10/12/34
(a)
279,359‌
125,074
Ellington
Financial
Mortgage
Trust
2020-1,
2.006%,
05/25/65
(a)
121,270‌
599,988
EQUS
2021-EQAZ
Mortgage
Trust,
6.203%,
10/15/36
(a)
593,032‌
288,913
Fannie
Mae
Pool,
4.000%,
05/15/27
270,851‌
29,834
Fannie
Mae
Pool,
2.500%,
08/01/28
28,685‌
23,431
Fannie
Mae
Pool,
5.000%,
11/01/29
23,477‌
6,219
Fannie
Mae
Pool,
4.000%,
10/01/30
6,128‌
71,991
Fannie
Mae
Pool,
4.500%,
05/01/31
71,668‌
58,409
Fannie
Mae
Pool,
4.000%,
09/01/31
57,234‌
26,446
Fannie
Mae
Pool,
4.500%,
01/01/32
26,292‌
17,140
Fannie
Mae
Pool,
3.500%,
04/01/32
16,535‌
237,975
Fannie
Mae
Pool,
3.000%,
05/01/33
224,478‌
63,431
Fannie
Mae
Pool,
4.500%,
05/01/34
63,311‌
80,572
Fannie
Mae
Pool,
4.000%,
06/01/34
78,711‌
112,615
Fannie
Mae
Pool,
3.500%,
08/01/34
108,089‌
93,061
Fannie
Mae
Pool,
3.500%,
12/01/34
89,221‌
41,853
Fannie
Mae
Pool,
3.500%,
11/01/35
40,132‌
83,014
Fannie
Mae
Pool,
4.000%,
11/01/35
81,309‌
280,621
Fannie
Mae
Pool,
2.000%,
05/01/36
253,868‌
439,791
Fannie
Mae
Pool,
2.000%,
03/01/37
398,128‌
97,430
Fannie
Mae
Pool,
4.000%,
07/01/37
95,038‌
100,951
Fannie
Mae
Pool,
3.500%,
10/13/37
93,135‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
92,212
Fannie
Mae
Pool,
3.500%,
12/01/37
$
88,504‌
87,511
Fannie
Mae
Pool,
4.000%,
12/01/37
85,721‌
63,207
Fannie
Mae
Pool,
4.000%,
06/01/38
61,895‌
2,594
Fannie
Mae
Pool,
4.000%,
03/01/39
2,500‌
259,292
Fannie
Mae
Pool,
3.000%,
01/01/40
238,282‌
39,940
Fannie
Mae
Pool,
4.500%,
01/01/40
39,762‌
29,457
Fannie
Mae
Pool,
4.500%,
01/01/40
29,235‌
10,077
Fannie
Mae
Pool,
4.500%,
07/01/40
10,032‌
299,799
Fannie
Mae
Pool,
2.000%,
08/01/40
258,569‌
68,853
Fannie
Mae
Pool,
4.000%,
09/01/40
67,619‌
3,395
Fannie
Mae
Pool,
4.000%,
09/01/40
3,270‌
16,136
Fannie
Mae
Pool,
4.500%,
09/01/40
16,064‌
193,008
Fannie
Mae
Pool,
2.500%,
10/01/40
170,143‌
288,356
Fannie
Mae
Pool,
3.000%,
10/01/40
261,910‌
232,554
Fannie
Mae
Pool,
2.000%,
11/01/40
197,672‌
11,795
Fannie
Mae
Pool,
4.500%,
11/01/40
11,697‌
28,047
Fannie
Mae
Pool,
4.500%,
12/01/40
27,922‌
139,784
Fannie
Mae
Pool,
2.000%,
01/01/41
119,804‌
5,110
Fannie
Mae
Pool,
4.000%,
01/01/41
4,920‌
47,542
Fannie
Mae
Pool,
4.000%,
01/01/41
45,768‌
25,507
Fannie
Mae
Pool,
4.000%,
01/01/41
24,555‌
383,642
Fannie
Mae
Pool,
2.500%,
02/01/41
338,187‌
343,179
Fannie
Mae
Pool,
1.500%,
03/01/41
283,058‌
213,837
Fannie
Mae
Pool,
2.500%,
03/01/41
188,500‌
67,912
Fannie
Mae
Pool,
4.500%,
04/01/41
67,608‌
12,893
Fannie
Mae
Pool,
4.500%,
05/01/41
12,811‌
453,126
Fannie
Mae
Pool,
2.500%,
09/01/41
399,271‌
466,962
Fannie
Mae
Pool,
2.500%,
10/01/41
412,840‌
8,705
Fannie
Mae
Pool,
4.000%,
10/01/41
8,380‌
283,769
Fannie
Mae
Pool,
2.500%,
11/01/41
249,028‌
18,038
Fannie
Mae
Pool,
3.000%,
09/01/42
16,414‌
167,891
Fannie
Mae
Pool,
3.000%,
04/01/43
151,760‌
269,377
Fannie
Mae
Pool,
3.500%,
07/01/43
250,900‌
36,419
Fannie
Mae
Pool,
3.500%,
01/01/44
33,915‌
334,311
Fannie
Mae
Pool,
3.000%,
04/01/45
303,622‌
30,740
Fannie
Mae
Pool,
3.500%,
12/01/45
28,487‌
151,454
Fannie
Mae
Pool,
4.500%,
03/01/46
150,776‌
91,985
Fannie
Mae
Pool,
3.000%,
04/01/46
82,425‌
167,432
Fannie
Mae
Pool,
2.500%,
05/01/46
143,016‌
118,291
Fannie
Mae
Pool,
3.000%,
06/01/46
107,432‌
84,935
Fannie
Mae
Pool,
3.500%,
06/01/46
78,839‌
61,475
Fannie
Mae
Pool,
3.000%,
10/01/46
54,918‌
5,614
Fannie
Mae
Pool,
3.000%,
11/01/46
5,021‌
164,970
Fannie
Mae
Pool,
3.000%,
02/01/47
147,366‌
698,055
Fannie
Mae
Pool,
2.500%,
11/01/47
600,498‌
249,350
Fannie
Mae
Pool,
2.500%,
12/01/47
214,670‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
44,885
Fannie
Mae
Pool,
3.500%,
03/01/48
$
41,593‌
181,621
Fannie
Mae
Pool,
2.500%,
04/01/48
156,483‌
98,603
Fannie
Mae
Pool,
3.000%,
04/01/48
87,957‌
282,652
Fannie
Mae
Pool,
3.500%,
08/01/48
260,763‌
92,763
Fannie
Mae
Pool,
3.500%,
11/01/48
85,960‌
7,611
Fannie
Mae
Pool,
4.500%,
11/01/48
7,467‌
120,551
Fannie
Mae
Pool,
3.000%,
12/01/48
107,661‌
39,995
Fannie
Mae
Pool,
3.000%,
02/01/49
35,649‌
16,343
Fannie
Mae
Pool,
3.500%,
02/01/49
15,080‌
481,132
Fannie
Mae
Pool,
3.500%,
09/01/49
431,360‌
89,374
Fannie
Mae
Pool,
3.000%,
12/01/49
79,223‌
367,888
Fannie
Mae
Pool,
2.500%,
04/01/50
304,472‌
260,794
Fannie
Mae
Pool,
2.500%,
05/01/50
215,837‌
374,065
Fannie
Mae
Pool,
2.500%,
06/01/50
321,100‌
220,281
Fannie
Mae
Pool,
5.000%,
06/01/50
221,077‌
133,634
Fannie
Mae
Pool,
3.500%,
08/01/50
124,363‌
121,986
Fannie
Mae
Pool,
2.500%,
10/01/50
104,611‌
340,053
Fannie
Mae
Pool,
2.500%,
02/01/51
292,005‌
372,600
Fannie
Mae
Pool,
2.500%,
02/01/51
316,542‌
292,617
Fannie
Mae
Pool,
2.000%,
03/01/51
241,289‌
329,321
Fannie
Mae
Pool,
2.500%,
06/01/51
281,202‌
682,615
Fannie
Mae
Pool,
2.500%,
06/01/51
583,272‌
1,252,495
Fannie
Mae
Pool,
2.500%,
07/01/51
1,063,717‌
747,297
Fannie
Mae
Pool,
2.500%,
08/01/51
635,188‌
266,309
Fannie
Mae
Pool,
2.500%,
10/01/51
224,914‌
254,870
Fannie
Mae
Pool,
3.000%,
01/01/52
223,844‌
309,370
Fannie
Mae
Pool,
3.500%,
01/01/52
283,551‌
415,771
Fannie
Mae
Pool,
2.000%,
02/01/52
339,051‌
531,918
Fannie
Mae
Pool,
2.000%,
02/01/52
436,053‌
367,151
Fannie
Mae
Pool,
3.000%,
02/01/52
324,203‌
338,524
Fannie
Mae
Pool,
6.500%,
01/01/53
347,736‌
207,541
Fannie
Mae
Pool,
5.500%,
07/01/53
208,491‌
410,199
Fannie
Mae
Pool,
6.000%,
09/01/53
423,277‌
487,009
Fannie
Mae
Pool,
2.500%,
10/01/53
411,634‌
146,058
Fannie
Mae
Pool,
4.000%,
07/01/56
138,094‌
5,771
Fannie
Mae
REMICS,
5.500%,
01/25/26
5,721‌
85,188
Fannie
Mae
REMICS,
4.000%,
04/25/33
83,840‌
3,100
Fannie
Mae
REMICS,
5.000%,
08/25/35
3,132‌
228,000
Fannie
Mae
REMICS,
3.500%,
10/25/37
216,911‌
23
Fannie
Mae
REMICS,
2.000%,
07/25/41
23‌
34,666
Fannie
Mae
REMICS,
2.000%,
12/25/41
31,349‌
106,716
Fannie
Mae
REMICS,
3.500%,
02/25/43
99,966‌
395,509
Fannie
Mae
REMICS,
3.000%,
06/25/43
378,612‌
3,379
Fannie
Mae
REMICS,
3.500%,
08/25/43
3,322‌
65,519
Fannie
Mae
REMICS,
2.000%,
10/25/44
58,268‌
34,777
Fannie
Mae
REMICS,
3.000%,
04/25/45
32,435‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
76,758
Fannie
Mae
REMICS,
3.500%,
09/25/48
$
72,663‌
60,646
Fannie
Mae
REMICS,
3.000%,
07/25/49
54,003‌
378,013
Fannie
Mae
REMICS,
5.000%,
01/25/53
373,747‌
8,935
Fannie
Mae
REMICS,
3.500%,
06/25/53
8,421‌
12,109
Fannie
Mae
Trust
2003-W8,
5.809%,
05/25/42
12,065‌
318,000
Federal
Farm
Credit
Banks
Funding
Corp.,
5.680%,
08/21/30
321,732‌
2,210,000
Federal
Farm
Credit
Banks
Funding
Corp.,
5.700%,
09/05/30
2,238,339‌
687,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.950%,
02/17/32
615,724‌
959,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.940%,
02/23/32
858,115‌
1,984,000
Federal
Farm
Credit
Banks
Funding
Corp.,
3.000%,
03/08/32
1,781,611‌
3,050,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.390%,
01/19/33
2,579,864‌
2,753,000
Federal
Farm
Credit
Banks
Funding
Corp.,
5.950%,
07/11/33
2,753,964‌
1,000,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.200%,
11/01/33
814,300‌
1,145,000
Federal
Farm
Credit
Banks
Funding
Corp.,
5.980%,
12/27/33
1,144,971‌
1,378,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.480%,
02/01/34
1,154,232‌
1,280,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.550%,
12/21/34
1,046,098‌
825,000
Federal
Farm
Credit
Banks
Funding
Corp.,
3.250%,
02/23/35
722,088‌
770,000
Federal
Farm
Credit
Banks
Funding
Corp.,
2.490%,
06/30/36
595,587‌
1,712,000
Federal
Farm
Credit
Banks
Funding
Corp.,
3.360%,
02/23/37
1,452,756‌
1,100,000
Federal
Home
Loan
Banks,
5.150%,
01/29/29
1,097,559‌
680,000
Federal
Home
Loan
Banks,
2.640%,
02/25/32
590,437‌
1,000,000
Federal
Home
Loan
Banks,
1.500%,
09/30/33
755,130‌
685,000
Federal
Home
Loan
Banks,
2.750%,
02/22/34
579,476‌
360,000
Federal
Home
Loan
Banks,
2.900%,
02/18/37
289,833‌
601,000
Federal
Home
Loan
Mortgage
Corp.,
5.700%,
01/26/29
601,036‌
2,888,000
Federal
National
Mortgage
Association,
1.600%,
08/24/35
2,074,544‌
4,650,000
Federal
National
Mortgage
Association,
1.630%,
09/14/35
3,373,518‌
55,179
Freddie
Mac
Gold
Pool,
4.500%,
05/01/31
54,933‌
4,843
Freddie
Mac
Gold
Pool,
4.000%,
09/01/31
4,753‌
35,099
Freddie
Mac
Gold
Pool,
3.500%,
06/01/33
33,806‌
93,728
Freddie
Mac
Gold
Pool,
4.000%,
11/01/33
91,915‌
12,306
Freddie
Mac
Gold
Pool,
3.500%,
07/01/36
11,744‌
20,927
Freddie
Mac
Gold
Pool,
4.500%,
12/01/39
20,864‌
20,538
Freddie
Mac
Gold
Pool,
4.000%,
01/01/41
19,799‌
38,220
Freddie
Mac
Gold
Pool,
3.000%,
11/01/42
34,781‌
80,986
Freddie
Mac
Gold
Pool,
3.500%,
12/01/42
75,933‌
238,392
Freddie
Mac
Gold
Pool,
3.000%,
12/01/46
213,382‌
538,691
Freddie
Mac
Gold
Pool,
3.000%,
12/01/46
481,951‌
59,833
Freddie
Mac
Gold
Pool,
3.000%,
01/01/47
53,519‌
39,717
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
5.172%,
01/25/46
39,465‌
556,825
Freddie
Mac
Pool,
2.500%,
03/15/28
475,335‌
302,304
Freddie
Mac
Pool,
3.500%,
06/15/29
277,322‌
478,562
Freddie
Mac
Pool,
2.000%,
09/01/36
430,679‌
298,488
Freddie
Mac
Pool,
3.000%,
07/01/38
278,324‌
393,813
Freddie
Mac
Pool,
3.000%,
09/01/39
363,896‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
154,784
Freddie
Mac
Pool,
2.500%,
04/01/42
$
134,527‌
400,913
Freddie
Mac
Pool,
3.000%,
05/01/42
359,234‌
31,256
Freddie
Mac
Pool,
3.500%,
01/01/48
28,962‌
136,509
Freddie
Mac
Pool,
2.000%,
08/01/50
112,465‌
235,508
Freddie
Mac
Pool,
2.500%,
11/01/50
199,354‌
188,053
Freddie
Mac
Pool,
2.500%,
12/01/50
160,521‌
315,404
Freddie
Mac
Pool,
2.000%,
02/01/51
255,638‌
454,145
Freddie
Mac
Pool,
2.500%,
03/01/51
387,031‌
259,268
Freddie
Mac
Pool,
2.000%,
05/01/51
212,355‌
1,013,921
Freddie
Mac
Pool,
3.500%,
09/01/51
939,519‌
387,381
Freddie
Mac
Pool,
2.000%,
11/01/51
313,628‌
502,842
Freddie
Mac
Pool,
3.000%,
12/01/51
441,338‌
224,596
Freddie
Mac
Pool,
2.500%,
02/01/52
190,639‌
451,808
Freddie
Mac
Pool,
3.000%,
08/01/52
399,862‌
358,048
Freddie
Mac
Pool,
6.000%,
05/01/53
365,257‌
295,880
Freddie
Mac
Pool,
5.500%,
06/01/53
297,279‌
464,691
Freddie
Mac
Pool,
5.500%,
09/01/53
468,915‌
5,844
Freddie
Mac
REMICS,
4.500%,
09/15/25
5,796‌
102,242
Freddie
Mac
REMICS,
3.500%,
08/15/27
100,435‌
102,370
Freddie
Mac
REMICS,
3.000%,
08/15/40
99,292‌
13,173
Freddie
Mac
REMICS,
2.000%,
12/15/41
11,999‌
49,530
Freddie
Mac
REMICS,
3.000%,
05/15/43
47,650‌
18,147
Freddie
Mac
REMICS,
3.000%,
11/15/43
17,654‌
82,157
Freddie
Mac
REMICS,
2.000%,
03/25/44
75,338‌
163,099
Freddie
Mac
REMICS,
3.000%,
08/15/44
153,963‌
269,426
Freddie
Mac
REMICS,
2.000%,
05/25/46
237,755‌
273,717
Freddie
Mac
REMICS,
3.000%,
06/25/48
248,186‌
122,952
Freddie
Mac
REMICS,
1.000%,
04/25/49
100,220‌
448,350
Freddie
Mac
REMICS,
4.000%,
10/25/49
429,571‌
51,426
Freddie
Mac
REMICS,
1.000%,
01/25/50
37,860‌
390,136
Freddie
Mac
REMICS,
1.000%,
09/25/50
293,852‌
169,895
Freddie
Mac
REMICS,
3.250%,
04/15/53
163,642‌
35,290
Freddie
Mac
REMICS,
3.000%,
01/15/55
33,756‌
91,331
Freddie
Mac
Structured
Pass-Through
Certificates,
6.412%,
07/25/44
(c)
84,923‌
14,276
Freddie
Mac
Structured
Pass-Through
Certificates,
6.212%,
10/25/44
(c)
12,973‌
15,132
Ginnie
Mae
I
Pool,
4.000%,
11/15/24
14,970‌
292,755
Ginnie
Mae
I
Pool,
3.020%,
09/15/41
262,744‌
289,196
Ginnie
Mae
I
Pool,
3.000%,
08/15/45
261,136‌
55,655
Ginnie
Mae
II
Pool,
3.500%,
04/20/27
54,568‌
20,807
Ginnie
Mae
II
Pool,
3.500%,
07/20/27
20,387‌
539,861
Ginnie
Mae
II
Pool,
3.500%,
12/20/34
520,554‌
51,023
Ginnie
Mae
II
Pool,
5.000%,
07/20/48
51,461‌
374,869
Ginnie
Mae
II
Pool,
3.500%,
01/20/50
350,109‌
467,670
Ginnie
Mae
II
Pool,
2.500%,
09/20/51
399,928‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
383,648
Ginnie
Mae
II
Pool,
3.000%,
10/20/51
$
343,222‌
363,755
Ginnie
Mae
II
Pool,
5.500%,
09/01/53
370,362‌
504,622
Ginnie
Mae
II
Pool,
6.000%,
09/20/53
514,574‌
98
Government
National
Mortgage
Association,
5.000%,
12/20/27
97‌
1,134,782
Government
National
Mortgage
Association,
3.000%,
09/20/33
1,057,927‌
425,505
Government
National
Mortgage
Association,
5.500%,
11/20/33
432,252‌
297,733
Government
National
Mortgage
Association,
6.000%,
03/20/42
301,376‌
92,410
Government
National
Mortgage
Association,
2.750%,
06/20/42
87,932‌
8,720
Government
National
Mortgage
Association,
2.250%,
09/16/44
8,325‌
26,415
Government
National
Mortgage
Association,
2.000%,
03/20/45
23,707‌
297,054
Government
National
Mortgage
Association,
3.500%,
07/20/45
276,169‌
7,626
Government
National
Mortgage
Association,
2.500%,
10/20/45
7,288‌
16,372
Government
National
Mortgage
Association,
2.500%,
09/20/46
15,296‌
778,485
Government
National
Mortgage
Association,
3.500%,
11/20/47
756,610‌
521,000
Government
National
Mortgage
Association,
5.500%,
12/31/49
525,884‌
352,213
Government
National
Mortgage
Association,
2.000%,
03/20/50
295,699‌
130,749
Government
National
Mortgage
Association,
1.000%,
08/20/50
101,015‌
156,641
Government
National
Mortgage
Association,
1.250%,
05/20/51
123,500‌
1,662,513
Government
National
Mortgage
Association,
1.750%,
09/20/51
1,438,130‌
145,000
ILPT
Trust
2019-SURF,
4.145%,
02/13/41
(a)
137,613‌
413,000
Morgan
Stanley
Capital
I
Trust
2016-UBS12,
3.596%,
12/17/49
391,372‌
337,000
Morgan
Stanley
Capital
I
Trust
2016-UBS9,
3.594%,
03/17/49
322,589‌
925,000
PSMC
2020-3
Trust,
3.000%,
11/25/50
(a)
729,249‌
430,000
RLGH
Trust
2021-TROT,
6.248%,
04/15/36
(a)
424,189‌
77,292
Seasoned
Credit
Risk
Transfer
Trust,
2.000%,
11/25/60
66,281‌
334,000
UBS
Commercial
Mortgage
Trust,
2.921%,
10/18/52
299,181‌
419,633
UMBS
Freddie
Mac
Pool,
5.000%,
07/01/53
416,775‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
160,000
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35,
2.931%,
07/17/48
$
150,386‌
351,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-RB1,
3.635%,
03/15/50
331,976‌
140,298
Wells
Fargo
Commercial
Mortgage
Trust
2021-SAVE,
6.598%,
02/15/40
(a),(c)
137,052‌
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $77,525,834)
73,555,928‌
Principal
Amount
($)
Fair
Value
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.3%
SUPRANATIONAL
—
2.3%
509,000
International
Bank
for
Reconstruction
&
Development,
5.750%,
06/27,33
509,907‌
360,000
International
Bank
for
Reconstruction
&
Development,
5.750%,
08/26/33
361,849‌
420,000
International
Bank
for
Reconstruction
&
Development,
6.400%,
10/11/33
421,286‌
1,913,000
International
Bank
for
Reconstruction
&
Development,
2.700%,
12/28/37
1,509,571‌
TOTAL
NON
U.S.
GOVERNMENT
&
AGENCIES
(Cost $3,086,349)
2,802,613‌
Principal
Amount
($)
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
6.9%
1,441,000
United
States
Treasury
Bond,
4.750%,
11/15/43
1,525,884‌
1,900,000
United
States
Treasury
Bond,
4.750%,
11/15/53
2,074,859‌
1,838,000
United
States
Treasury
Note,
3.750%,
12/31/28
1,827,733‌
876,000
United
States
Treasury
Note,
4.500%,
11/15/33
914,873‌
1,270,000
United
States
Treasury
Note/Bond,
3.750%,
12/31/30
1,257,399‌
910,000
United
States
Treasury
Note/Bond,
4.125%,
08/15/53
895,070‌
8,495,818‌
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $8,418,756)
8,495,818‌
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
1.7%
2,045,341‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.25%
(d)
$
2,045,341‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $2,045,341)
2,045,341‌
TOTAL
INVESTMENTS
-
99.9%
(Cost
$126,542,711)
$
122,331,189‌
Other
Assets
in
Excess
of
Liabilities-
0.1%
128,822‌
NET
ASSETS
-
100.0%
$
122,460,011‌
(a)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.  As
of
January
31,
2024
the
total
market
value
of
144A
securities
is
7,050,795
or
5.8%
of
net
assets.
(b)
Variable
rate
security;
the
rate
shown
represents
the
rate
on
January
31,
2024.
(c)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
North
Square
Strategic
Income
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
14.6%
ENERGY
-
3.2%
ENERGY
EQUIPMENT
&
SERVICES
-
0.4%
13,183
Schlumberger
Ltd.
$
642,012
OIL
&
GAS
PRODUCERS
-
2.8%
6,458
ConocoPhillips
(a)
722,456
3,102
Marathon
Petroleum
Corp.
(a)
513,691
24,404
Occidental
Petroleum
Corp.
(a)
1,404,938
11,110
Phillips
66
(a)
1,603,285
4,244,370
TOTAL
ENERGY
4,886,382
HEALTH
CARE
-
1.0%
MEDICAL
EQUIPMENT
&
DEVICES
-
1.0%
4,479
Stryker
Corp.
(a)
1,502,615
TOTAL
HEALTH
CARE
1,502,615
INDUSTRIALS
-
1.5%
ELECTRICAL
EQUIPMENT
-
0.8%
4,676
Eaton
Corp.
PLC
(a)
1,150,670
MACHINERY
-
0.7%
2,400
Parker-Hannifin
Corp.
(a)
1,114,800
TOTAL
INDUSTRIALS
2,265,470
MATERIALS
-
2.2%
METALS
&
MINING
-
2.2%
13,773
Agnico
Eagle
Mines
Ltd.
(a)
677,081
51,186
Alamos
Gold,
Inc.,
Class
A
(a)
619,862
22,258
BHP
Group
Ltd.
-
ADR
(a)
1,362,635
18,285
Newmont
Corp.
(a)
631,015
3,290,593
TOTAL
MATERIALS
3,290,593
REAL
ESTATE
-
4.8%
REAL
ESTATE
-
4.8%
8,220
Digital
Realty
Trust,
Inc.
(a)
1,154,581
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
14.6%
(Continued)
REAL
ESTATE
-
4.8%
(Continued)
1,722
Equinix,
Inc.
(a)
$
1,428,864
11,565
Prologis,
Inc.
(a)
1,465,170
18,965
Realty
Income
Corp.
(a)
1,031,506
10,603
Simon
Property
Group,
Inc.
(a)
1,469,683
8,266
Welltower,
Inc.
(a)
715,092
7,264,896
TOTAL
REAL
ESTATE
7,264,896
TECHNOLOGY
-
1.9%
SEMICONDUCTORS
-
1.9%
1,226
Broadcom,
Inc.
(a)
1,446,680
9,704
Qualcomm,
Inc.
(a)
1,441,141
2,887,821
TOTAL
TECHNOLOGY
2,887,821
TOTAL
COMMON
STOCKS
(Cost $21,789,367)
22,097,777
Shares
Fair
Value
PREFERRED
STOCKS
—
1.2%
SPECIALTY
FINANCE
—
1.2%
2,000,000
American
Express
Co.
1,787,993
TOTAL
PREFERRED
STOCKS
(Cost $1,757,598)
1,787,993
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
ASSET
BACKED
SECURITIES
—
6.6%
1,423,801
Aegis
Asset
Backed
Securities
Trust
2005-2,
6.170%,
06/25/35
$
1,330,499
1,698,000
Aligned
Data
Centers
Issuer
LLC,
1.937%,
08/15/46
(b)
1,534,234
395,567
Ameriquest
Asset-Backed
Pass-Through
Certs
Series
2004-
R2,
5.880%,
04/25/34
389,437
704,570
FBR
Securitization
Trust,
5.920%,
(US0001M
+
0.705%),
11/26/35
689,928
1,380,000
HI-FI
Music
IP
Issuer
LP,
3.939%,
02/01/62
(b)
1,298,874
229,078
HSI
Asset
Securitization
Corp.
Trust
2006-OPT3,
5.720%,
02/25/36
223,781
290,000
JPMorgan
Mortgage
Acquisition
Trust
2006-CH1,
5.770%,
07/25/36
285,052
427,617
JP
Morgan
Mortgage
Acquisition
Trust
2007-CH3,
5.710%,
03/25/37
416,847
576,204
Libra
Solutions
2023-1
LLC,
7.000%,
02/15/25
(b)
576,415
858,445
Long
Beach
Mortgage
Loan
Trust
2005-1,
6.725%,
02/25/35
837,002
95,811
Oasis
Securitization
Funding
LLC,
2.143%,
10/15/33
(b)
95,266
1,922,753
Planet
Fitness
Master
Issuer
LLC,
3.251%,
12/05/51
(b)
1,799,367
56,498
RAMP
Series
2004-RS4
Trust,
6.425%,
04/25/34
56,437
504,769
Renaissance
Home
Equity
Loan
Trust
2005-3,
5.140%,
11/25/35
498,914
TOTAL
ASSET
BACKED
SECURITIES
(Cost $10,262,331)
10,032,053
Principal
Amount
($)
Fair
Value
CORPORATE
BONDS
—
48.6%
ENERGY
—
3.8%
OIL
&
GAS
PRODUCERS
—
3.8%
3,000,000
Energy
Transfer
LP,
6.625%,
Perpetual
(c)
2,716,345
3,000,000
Plains
All
American
Pipeline
LP,
9.751%,
Perpetual
(c),(d)
2,981,334
5,697,679
FINANCIALS
—
41.3%
ASSET
MANAGEMENT
—
41.3%
4,112,000
Ally
Financial,
Inc.,
4.700%,
Perpetual
(d)
3,345,471
2,000,000
Banco
Santander
SA,
4.750%,
Perpetual
1,725,715
3,500,000
BNP
Paribas
SA,
4.625%,
Perpetual
3,120,770
3,000,000
Capital
One
Financial
Corp.,
3.950%,
Perpetual
2,606,100
2,750,000
Citigroup
Inc.,
3.875%,
Perpetual
(c)
2,540,786
3,000,000
Citizens
Financial
Group,
Inc.,
6.375%,
Perpetual
(c)
2,856,382
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
2,926,000
Comerica,
Inc.,
5.625%,
Perpetual
$
2,832,954
1,800,000
Commerzbank
AG,
4.250%,
Perpetual
1,643,154
1,800,000
Deutsche
Bank
AG,
4.789%,
Perpetual
1,609,265
2,512,000
Discover
Financial
Services,
5.500%,
Perpetual
(c),(d)
2,075,911
2,805,000
Fifth
Third
Bancorp,
8.625%,
Perpetual
(c),(d)
2,751,462
2,920,000
Goldman
Sachs
Group,
Inc.
(The),
4.125%,
Perpetual
2,660,234
1,254,000
HSBC
Holdings
PLC,
4.700%,
Perpetual
1,022,961
990,000
Huntington
Bancshares,
Inc.,
4.045%,
Perpetual
892,770
2,029,000
Huntington
Bancshares,
Inc.,
8.456%,
Perpetual
1,977,506
3,200,000
ING
Groep
NV,
3.875%,
Perpetual
2,639,717
3,500,000
KeyCorp,
5.000%,
(ICE
LIBOR
USD
3
Month
+
3.606%),
Perpetual
3,139,018
1,650,000
Lloyds
Banking
Group
PLC,
8.000%,
Perpetual
1,621,798
3,000,000
M&T
Bank
Corp.,
5.125%,
Perpetual
2,747,462
3,000,000
NatWest
Group
PLC,
4.600%,
Perpetual
2,268,962
1,000,000
PNC
Financial
Services
Group
Inc.,
3.400%,
Perpetual
863,307
3,000,000
Societe
Generale
SA,
4.750%,
Perpetual
2,660,810
3,500,000
Standard
Chartered
PLC,
4.300%,
Perpetual
2,819,050
3,720,000
Truist
Financial
Corp.,
4.800%,
Perpetual
3,560,039
4,000,000
UBS
Group
AG,
4.375%,
Perpetual
3,181,574
4,000,000
US
Bancorp,
3.700%,
Perpetual
(c)
3,458,814
62,621,992
UTILITIES
—
3.5%
ELECTRIC
UTILITIES
—
3.5%
4,000,000
American
Electric
Power
Co.,
Inc.,
3.875%,
02/15/62
3,537,018
1,000,000
NextEra
Energy
Capital
Holdings,
Inc.,
3.800%,
03/15/82
879,750
874,000
Vistra
Corp.,
7.000%,
(H15T5Y
+
5.740%),
Perpetual
(b)(c),(d)
848,820
5,265,588
TOTAL
CORPORATE
BONDS
(Cost $67,986,508)
73,585,259
Principal
Amount
($)
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
23.3%
410,672
Colony
Multifamily
Mortgage
Trust
2014-1,
6.746%,
02/20/29
(b)
408,141
2,527,789
Fannie
Mae
Pool,
5.000%,
07/01/52
2,503,244
3,676,044
Fannie
Mae-Aces,
1.381%,
08/25/28
167,576
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
1,514,052
Fannie
Mae-Aces,
0.750%,
09/25/28
$
1,397,455
2,760,466
Fannie
Mae-Aces,
1.247%,
03/26/29
134,488
584,782
Fannie
Mae-Aces,
1.000%,
11/25/33
563,895
7,690,000
Freddie
Mac
Multiclass
Certificates
Series
2015-P001,
1.826%,
10/27/28
506,783
19,617,069
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
0.972%,
01/25/26
(d)
264,028
278,909
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.298%,
12/25/26
264,075
39,898,073
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.509%,
01/25/27
(d)
1,400,793
30,000,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
0.471%,
03/25/27
(d)
426,729
30,893,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
0.470%,
08/25/27
(d)
473,438
811,412
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.679%,
12/25/27
750,316
25,000,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.979%,
04/27/29
(d)
1,333,838
13,149,645
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
0.950%,
06/25/29
(d)
540,783
7,570,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.799%,
04/25/30
(d)
715,061
7,249,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.868%,
04/25/30
(d)
701,905
17,217,597
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.423%,
07/25/30
(d)
1,221,005
3,332,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
1.600%,
08/25/30
(d)
291,011
1,835,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
3.178%,
04/25/48
(d)
291,530
2,750,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
2.631%,
01/25/49
(d)
379,418
1,715,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
2.620%,
02/25/49
(d)
240,326
2,894,550
Freddie
Mac
Pool,
5.500%,
06/01/53
2,912,934
1,445,000
FREMF
2016-K55
Mortgage
Trust,
4.167%,
04/25/49
(b)
1,399,996
299,856,009
FREMF
2016-K59
Mortgage
Trust,
0.100%,
11/25/49
(b),(d)
598,992
2,739,928
Ginnie
Mae
II
Pool,
3.000%,
09/20/52
2,457,766
3,730,355
Ginnie
Mae
II
Pool,
3.500%,
02/20/53
3,471,720
3,706,251
Ginnie
Mae
II
Pool,
2.500%,
03/20/53
3,215,058
1,540,283
Government
National
Mortgage
Association,
0.791%,
12/16/56
(d)
63,313
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
Principal
Amount
($)
Fair
Value
4,545,567
Government
National
Mortgage
Association,
1.271%,
09/16/60
(d)
$
376,789
1,230,804
Government
National
Mortgage
Association,
1.056%,
11/16/60
(d)
87,863
6,898,973
Government
National
Mortgage
Association,
0.976%,
05/16/63
(d)
471,691
7,230,050
Government
National
Mortgage
Association,
0.986%,
05/16/63
(d)
494,127
8,398,332
Government
National
Mortgage
Association,
0.992%,
05/16/63
(d)
601,883
1,500,000
Independence
Plaza
Trust
2018-INDP,
4.158%,
07/12/35
(b)
1,411,087
2,655,517
UMBS
Fannie
Mae
Pool,
5.000%,
03/01/53
2,631,468
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $34,782,537)
35,170,525
Principal
Amount
($)
Fair
Value
U.S.
GOVERNMENT
&
AGENCIES
—
1.0%
U.S.
TREASURY
NOTES
—
1.0%
1,470,000
United
States
Treasury
Note,
4.250%,
12/31/25
1,470,230
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $1,470,000)
1,470,230
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
2.6%
3,896,377
First
American
Treasury
Obligations
Fund,
Class
X,
5.25%
(e)
3,896,377
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $3,896,377)
3,896,377
Contracts
Description
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
CALL
OPTIONS
PURCHASED
-
0.6%
600
E-Mini
S&P
500
Index
03/18/2024
$
5,000
$
292,230,000
$
825,001
TOTAL
CALL
OPTIONS
PURCHASED
(Cost
-
$821,250)
825,001
TOTAL
INVESTMENTS
-
98.5%
(Cost
$142,765,968)
$
148,865,215
Other
Assets
in
Excess
of
Liabilities-
1.8%
2,786,472
NET
ASSETS
-
100.0%
$
151,247,486
(a)
All
or
a
portion
of
the
security
is
held
as
collateral
for
written
options.
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
(b)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.  As
of
January
31,
2024
the
total
market
value
of
144A
securities
is
9,971,192
or
6.6%
of
net
assets.
(c)
Step-up
bond.
The
interest
rate
shown
is
the
rate
in
effect
as
of
January
31,
2024.
(d)
Variable
rate
security;
the
rate
shown
represents
the
rate
on
January
31,
2024.
(e)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
North
Square
Strategic
Income
Fund
Schedule
of
Written
Options
January
31,
2024
-
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
WRITTEN
CALL
OPTIONS
(0.27)%
Agnico
Eagle
Mines
Ltd.
(137‌)
$
673,492‌
$
55.00‌
May
2024
$
(20,208‌)
Alamos
Gold,
Inc.
(511‌)
618,821‌
15.00‌
June
2024
(17,885‌)
BHP
Group
Ltd.
(222‌)
1,359,084‌
70.00‌
May
2024
(21,090‌)
Broadcom,
Inc.
(12‌)
1,416,000‌
1,430.00‌
May
2024
(18,300‌)
Conocophillips
(64‌)
715,968‌
125.00‌
June
2024
(12,800‌)
Digital
Realty
Trust,
Inc.
(82‌)
1,151,772‌
170.00‌
June
2024
(13,120‌)
Eaton
Corp.
(46‌)
1,131,968‌
280.00‌
June
2024
(19,090‌)
Equinix,
Inc.
(17‌)
1,410,609‌
920.00‌
June
2024
(22,100‌)
Marathon
Petroleum
Corp.
(31‌)
513,360‌
190.00‌
May
2024
(7,673‌)
Newmont
Corp.
(182‌)
628,082‌
40.00‌
June
2024
(17,927‌)
Occidental
Pete
Corp.
(244‌)
1,404,708‌
65.00‌
May
2024
(27,206‌)
Parker-Hannifin
Corp.
(24‌)
1,114,800‌
530.00‌
May
2024
(13,440‌)
Phillips
66
(111‌)
1,601,841‌
155.00‌
May
2024
(45,510‌)
Prologis
Inc.
(100‌)
1,266,900‌
135.00‌
May
2024
(37,499‌)
Qualcomm
Inc.
(97‌)
1,440,547‌
170.00‌
May
2024
(31,768‌)
Realty
Income
Corp.
(189‌)
1,027,971‌
60.00‌
May
2024
(10,395‌)
Simon
Property
Group,
Inc.
(100‌)
1,386,100‌
150.00‌
April
2024
(18,750‌)
Stryker
Corp.
(44‌)
1,476,112‌
135.00‌
June
2024
(39,600‌)
Welltower,
Inc.
(82‌)
709,382‌
975.00‌
June
2024
(9,840‌)
Total
Written
Call
Options
(Premiums
Received
$388,898)
$
(404,201‌)
North
Square
Strategic
Income
Fund
Schedule
of
Futures
Contracts
January
31,
2024
-
(Unaudited)
Long
Contracts
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
10-Year
US
Treasury
Note
Future
182
03/20/2024
$
20,443,719‌
$
583,102‌
2-Year
US
Treasury
Note
Future
274
03/20/2024
56,349,813‌
479,999‌
5-Year
US
Treasury
Note
Future
288
03/29/2024
31,216,500‌
644,506‌
Japanese
Yen
Future
42
03/19/2024
3,613,838‌
(54,085‌)
1,653,522‌
Short
Contracts
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Future
(181)
03/18/2024
$
(44,078,025‌)
$
(303,280‌)
Euro
FX
Future
(45)
03/19/2024
(6,109,032‌)
45,972‌
Ultra
10-Year
US
Treasury
Note
Future
(61)
03/20/2024
(7,129,375‌)
(200,922‌)
US
Treasury
Long
Bond
Future
(130)
03/20/2024
(15,904,688‌)
(962,813‌)
(1,421,043‌)