NPORT-EX 2 ultimus_6100.htm
North
Square
Spectrum
Alpha
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
7.2%
29,400‌
iShares®
Russell
2000
ETF
$
5,989,662‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $5,724,276)
5,989,662‌
Shares
Fair
Value
MUTUAL
FUNDS
—
92.5%
1,687,955‌
North
Square
Advisory
Research
Small
Value
Fund,
Class
I
(a)
19,495,883‌
4,120,752‌
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)(b)
57,937,770‌
TOTAL
MUTUAL
FUNDS
(Cost $72,194,693)
77,433,653‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
0.4%
307,606‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$307,606)
(c)
307,606‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $307,606)
307,606‌
TOTAL
INVESTMENTS
-
100.1%
(Cost
$78,226,575)
$
83,730,921‌
Liabilities
in
Excess
of
Other
Assets
-
(0.1)%
(70,909‌)
NET
ASSETS
-
100.0%
$
83,660,012‌
(a)
Affiliated
Company.
(b)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
February
29,
2024,
the
percentage
of
net
assets
invested
in
North
Square
Dynamic
Small
Cap
Fund,
Class
I
was
69.3%
of
the
Fund.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
COMMUNICATIONS
-
1.7%
ENTERTAINMENT
CONTENT
-
0.2%
11,740
AMC
Networks,
Inc.,
Class
A
(a)
$
151,916‌
13,000
IMAX
Corp.
(a)
222,690‌
374,606‌
INTERNET
MEDIA
&
SERVICES
-
0.9%
47,400
Yelp,
Inc.
(a)
1,822,055‌
TELECOMMUNICATIONS
-
0.6%
9,570
IDT
Corp.,
Class
B
(a)
356,100‌
52,120
Telephone
&
Data
Systems,
Inc.
797,436‌
1,153,536‌
TOTAL
COMMUNICATIONS
3,350,197‌
CONSUMER
DISCRETIONARY
-
15.0%
AUTOMOTIVE
-
2.0%
72,330
Harley-Davidson,
Inc.
2,623,409‌
11,310
Visteon
Corp.
(a)
1,279,387‌
3,902,796‌
CONSUMER
SERVICES
-
3.2%
25,210
Adtalem
Global
Education,
Inc.
(a)
1,247,895‌
16,040
Coursera,
Inc.
(a)
257,763‌
18,590
Grand
Canyon
Education,
Inc.
(a)
2,505,932‌
59,710
Laureate
Education
Inc,
CLASS
A
(a)
800,711‌
30,000
Rent-A-Center,
Inc.
1,012,800‌
27,860
Universal
Technical
Institute
Inc
(a)
419,014‌
6,244,115‌
HOME
&
OFFICE
PRODUCTS
-
0.4%
52,420
Arhaus,
Inc.
(a)
692,992‌
HOME
CONSTRUCTION
-
2.5%
7,310
Century
Communities,
Inc.
630,780‌
30,300
Green
Brick
Partners,
Inc.
(a)
1,772,550‌
1,810
Griffon
Corp.
129,234‌
1,720
Hovnanian
Enterprises,
Inc.
(a)
269,455‌
13,590
M/I
Homes,
Inc.
(a)
1,725,794‌
4,570
Taylor
Morrison
Home
Corp.
(a)
258,708‌
3,600
TRI
Pointe
Homes,
Inc.
(a)
127,368‌
4,913,889‌
LEISURE
FACILITIES
&
SERVICES
-
1.1%
47,480
Rush
Street
Interactive,
Inc.
(a)
277,758‌
18,390
St.
Joe
Co.
(The)
990,669‌
7,450
Travel
+
Leisure
Co.
(a)
332,941‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
LEISURE
FACILITIES
&
SERVICES
-
1.1%
(Continued)
47,260
Xponential
Fitness,
Inc.,
Class
A
(a)
$
476,381‌
2,077,749‌
LEISURE
PRODUCTS
-
0.5%
20,790
Fox
Factory
Holding
Corp.
(a)
1,051,766‌
RETAIL
-
DISCRETIONARY
-
4.7%
32,250
Beacon
Roofing
Supply,
Inc.
(a)
2,769,952‌
128,810
Driven
Brands
Holdings,
Inc.
(a)
1,776,290‌
11,760
Genesco,
Inc.
(a)
375,379‌
9,690
Group
1
Automotive,
Inc.
2,622,599‌
14,310
Rush
Enterprises,
Inc.,
Class
A
696,897‌
4,890
Sonic
Automotive,
Inc.,
Class
A
256,725‌
1,360
Winmark
Corp.
516,188‌
9,014,030‌
WHOLESALE
-
DISCRETIONARY
-
0.6%
13,240
Eplus,
Inc.
(a)
1,090,844‌
TOTAL
CONSUMER
DISCRETIONARY
28,988,181‌
CONSUMER
STAPLES
-
8.4%
BEVERAGES
-
1.5%
6,610
Boston
Beer
Co.,
Inc.
(The),
Class
A
(a)
2,036,805‌
320
Coca-Cola
Bottling
Company
Consolidated
269,056‌
11,350
National
Beverage
Corp.
(a)
597,464‌
2,903,325‌
FOOD
-
2.6%
55,890
BellRing
Brands,
Inc.
(a)
3,182,936‌
14,590
Dole
PLC
172,308‌
29,410
Simply
Good
Foods
Co.
(The)
(a)
1,043,467‌
29,360
Vital
Farms,
Inc.
(a)
527,599‌
4,926,310‌
HOUSEHOLD
PRODUCTS
-
1.4%
4,580
e.l.f.
Beauty,
Inc.
(a)
955,067‌
11,880
Inter
Parfums,
Inc.
1,743,034‌
2,698,101‌
RETAIL
-
CONSUMER
STAPLES
-
2.3%
225,027
Hims
&
Hers
Health,
Inc.
(a)
2,934,352‌
18,700
PriceSmart,
Inc.
1,573,418‌
4,507,770‌
TOBACCO
&
CANNABIS
-
0.6%
13,030
Turning
Point
Brands,
Inc.
329,659‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
TOBACCO
&
CANNABIS
-
0.6%
(Continued)
72,750
Vector
Group
Ltd
$
811,890‌
1,141,549‌
TOTAL
CONSUMER
STAPLES
16,177,055‌
ENERGY
-
6.3%
OIL
&
GAS
PRODUCERS
-
3.2%
134,410
Equitrans
Midstream
Corp.
1,436,843‌
3,750
Gulfport
Energy
Corp.
(a)
532,463‌
43,150
Par
Pacific
Holdings,
Inc.
(a)
1,558,578‌
6,180
PBF
Energy,
Inc.,
Class
A
288,606‌
22,210
SandRidge
Energy,
Inc.
289,618‌
3,570
SilverBow
Resources,
Inc.
(a)
101,352‌
36,940
SM
Energy
Co.
1,616,864‌
15,290
Viper
Energy,
Inc.
552,581‌
6,376,905‌
OIL
&
GAS
SERVICES
&
EQUIP
-
0.3%
23,784
MRC
Global,
Inc.
(a)
274,230‌
63,747
TETRA
Technologies,
Inc.
(a)
248,613‌
522,843‌
OIL
&
GAS
SERVICES
&
EQUIPMENT
-
1.8%
43,940
Diamond
Offshore
Drilling,
Inc.
(a)
487,295‌
48,220
DNOW,
Inc.
(a)
682,313‌
114,220
Helix
Energy
Solutions
Group,
Inc.
(a)
1,027,980‌
16,820
Newpark
Resources,
Inc.
(a)
108,153‌
57,805
Oceaneering
International,
Inc.
(a)
1,142,226‌
3,447,967‌
RENEWABLE
ENERGY
-
0.1%
3,550
REX
American
Resources
Corp.
(a)
156,129‌
TRANSPORTATION
&
LOGISTICS
-
0.9%
24,640
Scorpio
Tankers,
Inc.
1,654,083‌
TOTAL
ENERGY
12,157,927‌
FINANCIALS
-
10.8%
ASSET
MANAGEMENT
-
1.6%
34,870
Brightsphere
Investment
Group,
Inc.
790,154‌
62,750
Federated
Hermes,
Inc.,
Class
B
2,210,683‌
3,000,837‌
BANKING
-
6.2%
39,400
Axos
Financial,
Inc.
(a)
2,053,528‌
26,880
Bank
of
N.T.
Butterfield
&
Son
Ltd.
(The)
(a)
803,443‌
2,610
Bank
OZK
114,318‌
65,819
BankUnited,
Inc.
1,765,266‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
BANKING
-
6.2%
(Continued)
31,265
Customers
Bancorp,
Inc.
(a)
$
1,698,002‌
121,040
First
BanCorp
2,055,258‌
59,050
First
Foundation,
Inc.
(a)
468,267‌
20,338
Hanmi
Financial
Corp.
307,307‌
13,620
Live
Oak
Bancshares,
Inc.
540,986‌
13,740
OFG
Bancorp
497,663‌
20,470
Veritex
Holdings,
Inc.
401,826‌
21,660
Western
Alliance
Bancorp
1,250,432‌
11,956,296‌
COMMERCIAL
SUPPORT
SERVICES
-
0.5%
4,157
CorVel
Corp.
(a)
1,014,308‌
INSURANCE
-
2.1%
32,400
Brighthouse
Financial,
Inc.
(a)
1,508,220‌
5,050
Jackson
Financial,
Inc.,
Class
A
278,003‌
67,261
James
River
Group
Holdings
Ltd.
671,937‌
48,440
Lincoln
National
Corp.
1,334,038‌
18,230
SiriusPoint
Ltd.
(a)
223,682‌
4,015,880‌
SPECIALTY
FINANCE
-
0.4%
29,842
Enact
Holdings,
Inc.
827,220‌
TOTAL
FINANCIALS
20,814,541‌
HEALTH
CARE
-
12.6%
BIOTECH
&
PHARMA
-
10.5%
91,840
ACADIA
Pharmaceuticals,
Inc.
(a)
2,134,362‌
40,360
Akero
Therapeutics,
Inc.
(a)
1,089,316‌
34,010
Alpine
Immune
Sciences
Inc
(a)
1,197,832‌
134,380
Amneal
Pharmaceuticals,
Inc.
(a)
741,778‌
14,610
Amylyx
Pharmaceuticals,
Inc.
(a)
275,399‌
2,780
Arvinas,
Inc.
(a)
127,824‌
10,070
Bridgebio
Pharma,
Inc.
(a)
343,891‌
98,480
Cogent
Biosciences,
Inc.
(a)
689,360‌
36,250
Deciphera
Pharmaceuticals,
Inc.
(a)
605,013‌
37,300
Harmony
Biosciences
Holdings,
Inc.
(a)
1,197,330‌
23,640
Intra-Cellular
Therapies,
Inc.
(a)
1,643,453‌
80,930
Kura
Oncology,
Inc.
(a)
1,706,004‌
30,160
Merus
NV
(a)
1,462,157‌
21,840
Organon
&
Co.
380,234‌
4,400
Protagonist
Therapeutics,
Inc.
(a)
133,672‌
44,660
Relay
Therapeutics,
Inc.
(a)
447,493‌
11,610
Rhythm
Pharmaceuticals
Inc
(a)
504,106‌
137,480
Syndax
Pharmaceuticals
(a)
3,222,531‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
BIOTECH
&
PHARMA
-
10.5%
(Continued)
36,140
uniQure
NV
(a)
$
207,805‌
45,740
Xenon
Pharmaceuticals,
Inc.
(a)
2,158,928‌
20,268,488‌
HEALTH
CARE
FACILITIES
&
SERVICES
-
0.1%
11,180
Pennant
Group,
Inc.
(The)
(a)
208,507‌
1,950
Progyny,
Inc.
(a)
71,214‌
279,721‌
MEDICAL
EQUIPMENT
&
DEVICES
-
2.0%
8,840
Castle
Biosciences,
Inc.
(a)
159,650‌
40,020
Lantheus
Holdings,
Inc.
(a)
2,616,507‌
43,530
Orthofix
Medical
Inc.
(a)
568,502‌
30,630
Tactile
Systems
Technology,
Inc.
(a)
467,108‌
3,811,767‌
TOTAL
HEALTH
CARE
24,359,976‌
INDUSTRIALS
-
13.2%
AEROSPACE
&
DEFENSE
-
0.4%
57,820
Triumph
Group,
Inc.
(a)
803,698‌
COMMERCIAL
SUPPORT
SERVICES
-
3.1%
16,484
ABM
Industries,
Inc.
680,954‌
31,210
Brady
Corp.,
Class
A
1,818,918‌
16,550
Cimpress
PLC
(a)
1,622,065‌
96,340
LegalZoom.com,
Inc.
(a)
1,194,616‌
56,240
ZipRecruiter,
Inc.,
Class
A
(a)
715,373‌
6,031,926‌
ELECTRICAL
EQUIPMENT
-
1.8%
1,590
Atkore,
Inc.
(a)
269,346‌
24,460
Itron,
Inc.
(a)
2,266,953‌
19,140
Napco
Security
Technologies,
Inc.
(a)
861,874‌
3,398,173‌
ENGINEERING
&
CONSTRUCTION
-
3.0%
8,730
Encore
Wire
Corp.
2,103,930‌
66,300
Frontdoor,
Inc.
(a)
2,079,168‌
2,160
IES
Holdings,
Inc.
(a)
237,427‌
32,880
Primoris
Services
Corp.
1,299,089‌
5,719,614‌
INDUSTRIAL
INTERMEDIATE
PRODUCTS
-
0.2%
19,910
Janus
International
Group,
Inc.,
Class
A
(a)
285,709‌
5,100
Proto
Labs,
Inc.
(a)
185,793‌
471,502‌
INDUSTRIAL
SUPPORT
SERVICES
-
0.5%
7,880
H&E
Equipment
Services,
Inc.
445,141‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
INDUSTRIAL
SUPPORT
SERVICES
-
0.5%
(Continued)
18,960
Titan
Machinery,
Inc.
(a)
$
478,361‌
923,502‌
MACHINERY
-
0.3%
1,220
Albany
International
Corp.,
Class
A
114,521‌
19,470
CECO
Environmental
Corp.
(a)
440,996‌
555,517‌
RETAIL
-
DISCRETIONARY
-
2.0%
10,275
BlueLinx
Holdings,
Inc.
(a)
1,303,384‌
29,700
GMS,
Inc.
(a)
2,652,507‌
3,955,891‌
TRANSPORTATION
&
LOGISTICS
-
1.6%
35,370
Hub
Group,
Inc.,
Class
A
(a)
1,504,286‌
19,880
SkyWest,
Inc.
(a)
1,276,694‌
16,940
Sun
Country
Airlines
Holdings,
Inc.
(a)
254,100‌
3,035,080‌
TRANSPORTATION
EQUIPMENT
-
0.3%
17,830
Blue
Bird
Corp.
(a)
603,367‌
TOTAL
INDUSTRIALS
25,498,270‌
MATERIALS
-
5.7%
CHEMICALS
-
0.8%
9,760
Innospec,
Inc.
1,212,876‌
5,120
Koppers
Holdings,
Inc.
289,894‌
21,730
Perimeter
Solutions
S.A.
(a)
132,118‌
1,634,888‌
CONSTRUCTION
MATERIALS
-
0.2%
9,536
Summit
Materials,
Inc.,
Class
A
(a)
407,283‌
FORESTRY,
PAPER
&
WOOD
PRODUCTS
-
3.4%
22,330
Boise
Cascade
Co.
3,034,870‌
37,620
Louisiana-Pacific
Corp.
2,782,751‌
5,800
UFP
Industries,
Inc.
664,854‌
6,482,475‌
METALS
&
MINING
-
1.3%
55,030
Alcoa
Corp.
1,497,367‌
78,060
Century
Aluminum
Co.
(a)
817,288‌
90,800
Coeur
Mining,
Inc.
(a)
235,172‌
2,549,827‌
TOTAL
MATERIALS
11,074,473‌
REAL
ESTATE
-
5.7%
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
HOME
CONSTRUCTION
-
0.4%
24,007
Forestar
Group,
Inc.
(a)
$
809,516‌
REAL
ESTATE
SERVICES
-
0.6%
105,160
Anywhere
Real
Estate,
Inc.
(a)
659,354‌
9,940
Assetmark
Financial
Holdings,
Inc.
(a)
351,379‌
4,710
Corporate
Office
Properties
Trust
114,123‌
1,124,856‌
REIT
-
4.7%
37,528
American
Assets
Trust,
Inc.
809,479‌
121,430
Brandywine
Realty
Trust
522,149‌
212,710
Hudson
Pacific
Properties,
Inc.
1,348,581‌
11,850
Matson,
Inc.
1,315,943‌
174,300
Outfront
Media,
Inc.
2,504,690‌
20,000
Ryman
Hospitality
Properties,
Inc.
2,369,600‌
4,670
Vornado
Realty
Trust
122,821‌
8,993,263‌
TOTAL
REAL
ESTATE
10,927,635‌
TECHNOLOGY
-
18.6%
COMMERCIAL
SUPPORT
SERVICES
-
1.0%
19,530
ASGN,
Inc.
(a)
1,939,720‌
SEMICONDUCTORS
-
2.5%
10,350
Alpha
&
Omega
Semiconductor
Ltd.
(a)
226,665‌
8,620
Axcelis
Technologies,
Inc.
(a)
971,215‌
28,460
Cirrus
Logic,
Inc.
(a)
2,613,198‌
54,835
MaxLinear,
Inc.
(a)
1,065,992‌
4,877,070‌
SOFTWARE
-
9.4%
15,740
Agilysys,
Inc.
(a)
1,224,572‌
20,540
Alarm.com
Holdings,
Inc.
(a)
1,554,673‌
9,030
Appfolio,
Inc.,
Class
A
(a)
2,186,073‌
8,530
Bandwidth,
Inc.,
Class
A
(a)
175,206‌
1,150
Blackbaud,
Inc.
(a)
79,557‌
4,300
Clear
Secure,
Inc.
82,775‌
25,970
CommVault
Systems,
Inc.
(a)
2,485,589‌
11,920
Donnelley
Financial
Solutions,
Inc.
(a)
769,555‌
14,662
Duolingo,
Inc.
(a)
3,504,218‌
12,790
Oscar
Health,
Inc.
(a)
207,965‌
27,890
Paysafe
Ltd.,
Class
A
(a)
401,616‌
24,490
Pegasystems,
Inc.
1,592,830‌
50,240
Phreesia,
Inc.
(a)
1,243,440‌
11,250
PubMatic,
Inc.,
Class
A
(a)
235,575‌
17,400
SentinelOne,
Inc.
(a)
490,158‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.3%
(Continued)
SOFTWARE
-
9.4%
(Continued)
10,810
Smartsheet,
Inc.,
Class
A
(a)
$
456,290‌
66,420
Sprinklr,
Inc.,
Class
A
(a)
865,453‌
37,810
Weave
Communications,
Inc.
(a)
473,759‌
18,029,304‌
TECHNOLOGY
HARDWARE
-
3.0%
36,910
A10
Networks,
Inc.
491,272‌
52,390
Arlo
Technologies,
Inc.
(a)
545,380‌
42,980
Avnet,
Inc.
2,002,437‌
72,370
Goosehead
Insurance,
Inc.,
Class
A
(a)
796,794‌
2,480
Sanmina
Corp.
(a)
156,736‌
1,730
Super
Micro
Computer,
Inc.
(a)
1,498,388‌
10,410
TTM
Technologies,
Inc.
(a)
154,589‌
5,645,596‌
TECHNOLOGY
SERVICES
-
2.7%
24,380
Euronet
Worldwide,
Inc.
(a)
2,668,148‌
4,910
ExlService
Holdings,
Inc.
(a)
152,799‌
73,520
Integral
Ad
Science
Holding
Corp.
(a)
761,667‌
36,840
Open
Lending
Corp.
(a)
267,458‌
81,480
StoneCo
Ltd.
(a)
1,402,271‌
5,252,343‌
TOTAL
TECHNOLOGY
35,744,033‌
UTILITIES
-
1.3%
ELECTRIC
UTILITIES
-
1.3%
6,680
Clearway
Energy,
Inc.,
Class
C
145,624‌
87,340
NextEra
Energy
Partners
LP
2,399,230‌
2,544,854‌
TOTAL
UTILITIES
2,544,854‌
TOTAL
COMMON
STOCKS
(Cost $165,154,085)
191,637,142‌
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
0.2%
1,665‌
iShares®
Russell
2000
ETF
339,210‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $335,392)
339,210‌
Shares
Expiration
Date
Exercise
Price
Fair
Value
RIGHTS
—
0.0%
(b)
BIOTECH
&
PHARMA
-
0.0%
(b)
29,400‌
Novartis
A.G.
CVR
–‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Expiration
Date
Exercise
Price
Fair
Value
RIGHTS
—
0.0%
(b)
(Continued)
BIOTECH
&
PHARMA
-
0.0%
(b)
(Continued)
TOTAL
RIGHTS
(Cost $–)
–‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
0.8%
1,527,569‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$1,527,569)
(c)
$
1,527,569‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $1,527,569)
1,527,569‌
TOTAL
INVESTMENTS
-
100.3%
(Cost
$167,017,046)
$
193,503,921‌
Liabilities
in
Excess
of
Other
Assets-
(0.3)%
(485,717‌)
NET
ASSETS
-
100.0%
$
193,018,204‌
(a)
Non-income
producing
security.
(b)
Percentage
rounds
to
less
than
0.1%.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
North
Square
Multi
Strategy
Fund
Schedule
of
Investments
February
29,
2024
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
33.7%
23,600‌
Invesco®
S&P
500®
GARP
ETF
$
2,391,624‌
6,430‌
iShares®
Core
S&P
500®
ETF
3,282,194‌
21,900‌
Vanguard®
Dividend
Appreciation
ETF
3,906,521‌
4,800‌
Vanguard®
Growth
ETF
1,632,144‌
17,585‌
Vanguard®
Value
ETF
2,740,271‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $12,326,543)
13,952,754‌
Shares
Fair
Value
MUTUAL
FUNDS
—
65.7%
217,527‌
North
Square
Advisory
Research
Small
Value
Fund,
Class
I
(a)
2,512,441‌
532,624‌
North
Square
Altrinsic
International
Equity
Fund,
Class
I
(a)
5,810,930‌
617,283‌
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)
8,678,997‌
479,103‌
North
Square
McKee
Bond
Fund,
Class
I
(a)
4,177,774‌
302,348‌
North
Square
Preferred
And
Income
Securities
Fund,
Class
I
(a)
6,068,132‌
TOTAL
MUTUAL
FUNDS
(Cost $23,728,335)
27,248,274‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
0.9%
389,353‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$389,353)
(b)
389,353‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $389,353)
389,353‌
TOTAL
INVESTMENTS
-
100.3%
(Cost
$36,444,231)
$
41,590,381‌
Liabilities
in
Excess
of
Other
Assets-
(0.3)%
(133,248‌)
NET
ASSETS
-
100.0%
$
41,457,133‌
(a)
Affiliated
Company.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
PREFERRED
STOCKS
—
5.8%
FINANCIALS
—
5.8%
BANKING
—
0.1%
3,500‌
First
Horizon
Corp.,
Series
B,
6.63%
$
85,260‌
SPECIALTY
FINANCE
—
5.7%
4,750,000‌
American
Express
Co.,
3.55%
4,297,431‌
36,000‌
Synchrony
Financial,
Series
A,
5.63%
675,360‌
20,000‌
Synchrony
Financial,
Series
B,
8.25%
501,000‌
5,473,791‌
TOTAL
PREFERRED
STOCKS
(Cost $5,472,033)
5,559,051‌
Principal
Amount
($)
Fair
Value
CORPORATE
BONDS
—
92.8%
CONSUMER
DISCRETIONARY
—
1.5%
AUTOMOTIVE
—
1.5%
1,557,000
General
Motors
Financial
Co.,
Inc.,
5.750%,
Perpetual
1,451,126‌
ENERGY
—
3.0%
OIL
&
GAS
PRODUCERS
—
3.0%
3,050,000
Energy
Transfer
LP,
6.625%,
02/15/72
(a)
2,837,007‌
FINANCIALS
—
82.8%
ASSET
MANAGEMENT
—
82.8%
3,940,000
Ally
Financial,
Inc.,  Series
B,
4.700%,
Perpetual
(b)
3,391,052‌
2,000,000
Banco
Bilbao
Vizcaya
Argentaria
SA,
6.125%,
02/16/49
1,808,919‌
1,000,000
Banco
de
Sabadell
SA,
5.000%,
11/19/77
949,195‌
2,000,000
Banco
Santander
SA,
4.750%,
05/12/71
1,710,529‌
3,398,000
Bank
of
America
Corp.,
4.300%,
07/28/72
3,276,193‌
2,000,000
Barclays
PLC,
4.375%,
Perpetual
1,576,170‌
4,000,000
BNP
Paribas
SA,
4.625%,
Perpetual
3,562,826‌
1,000,000
CaixaBank
SA,
3.625%,
Perpetual
856,937‌
3,778,000
Capital
One
Financial
Corp.,
3.950%,
Perpetual
3,333,669‌
3,750,000
Citigroup,
Inc.,
3.875%,
Perpetual
(a)
3,532,047‌
4,405,000
Citizens
Financial
Group,
Inc.,
4.000%,
Perpetual
3,786,979‌
2,662,000
Comerica,
Inc.,
5.625%,
Perpetual
2,554,557‌
2,000,000
Commerzbank
AG,
4.250%,
Perpetual
1,778,506‌
2,500,000
Credit
Agricole
SA,
4.750%,
Perpetual
2,157,047‌
2,000,000
Deutsche
Bank
AG,
4.789%,
Perpetual
1,788,782‌
3,653,000
Discover
Financial
Services,
  Series
C,
5.500%,
Perpetual
(a)
3,085,251‌
250,000
Fifth
Third
Bancorp,
4.500%,
12/31/49
238,148‌
2,860,000
Goldman
Sachs
Group,
Inc.
(The),
3.650%,
02/10/71
2,595,518‌
2,000,000
HSBC
Holdings
PLC,
4.700%,
Perpetual
1,640,355‌
1,278,000
Huntington
Bancshares,
Inc.,
4.045%,
Perpetual
1,125,500‌
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Principal
Amount
($)
Fair
Value
3,000,000
ING
Groep
NV,
3.875%,
Perpetual
$
2,445,345‌
3,000,000
JPMorgan
Chase
&
Co.,
3.650%,
Perpetual
2,797,226‌
3,583,000
KeyCorp,
5.000%,
Perpetual
3,061,757‌
3,695,000
M&T
Bank
Corp.,
5.125%,
Perpetual
3,242,363‌
2,500,000
NatWest
Group
PLC,
4.600%,
Perpetual
1,882,673‌
5,250,000
PNC
Financial
Services
Group,
Inc.,
3.400%,
Perpetual
4,456,165‌
3,100,000
Societe
Generale
SA,
4.750%,
Perpetual
2,738,762‌
3,000,000
Standard
Chartered
PLC,
4.300%,
Perpetual
2,415,000‌
1,800,000
Svenska
Handelsbanken
AB,
4.750%,
Perpetual
1,511,334‌
2,949,000
Truist
Financial
Corp.,
4.800%,
Perpetual
2,797,182‌
1,000,000
UBS
Group
AG,
3.875%,
Perpetual
904,685‌
3,000,000
UBS
Group
AG,
4.375%,
Perpetual
2,403,673‌
4,000,000
US
Bancorp,
3.700%,
Perpetual
(a)
3,422,941‌
78,827,286‌
INDUSTRIALS
—
2.3%
MACHINERY
—
2.3%
2,500,000
Stanley
Black
&
Decker,
Inc.,
4.000%,
03/15/60
2,232,944‌
UTILITIES
—
3.2%
ELECTRIC
UTILITIES
—
3.2%
2,000,000
American
Electric
Power
Co.,
Inc.,
3.875%,
02/15/62
1,789,070‌
1,491,000
Duke
Energy
Corp.,
3.250%,
01/15/82
1,264,912‌
3,053,982‌
TOTAL
CORPORATE
BONDS
(Cost $82,611,538)
88,402,345‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
1.0%
909,058‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$909,058)
(c)
909,058‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $909,058)
909,058‌
TOTAL
INVESTMENTS
-
99.6%
(Cost
$88,992,629)
$
94,870,454‌
Other
Assets
in
Excess
of
Liabilities-
0.42%
396,192‌
NET
ASSETS
-
100.0%
$
95,266,646‌
(a)
Non-income
producing
security.
(b)
Variable
rate
security;
the
rate
shown
represents
the
rate
on
February
29,
2024.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
LP
-
Limited
Partnership
NV
-
Naamioze
Vennootschap
PLC
-
Public
Limited
Company
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Short
Contracts
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Euro
FX
Future
(29)
03/19/2024
$
(3,918,263‌)
$
14,275‌
TOTAL
FUTURES
CONTRACTS
14,275‌
North
Square
Tactical
Growth
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
95.8%
688,900‌
Financial
Select
Sector
SPDR®
Fund
$
27,790,226‌
168,575‌
Invesco
QQQ
Trust,
Series
1
74,004,425‌
128,100‌
iShares
MSCI
EAFE
Growth
Index
13,009,836‌
531,500‌
iShares
MSCI
Eurozone
ETF
26,070,075‌
229,500‌
iShares
National
Muni
Bond
ETF
24,779,115‌
104,000‌
iShares
Russell
2000
Growth
ETF
27,454,960‌
93,400‌
iShares
Russell
3000
ETF
27,214,892‌
249,000‌
iShares
Russell
Mid-Cap
Growth
ETF
27,790,890‌
129,440‌
SPDR®
S&P
500®
ETF
Trust
65,765,875‌
316,300‌
SPDR®
S&P®
Biotech
ETF
31,130,246‌
126,200‌
VanEck
Semiconductor
ETF
26,748,090‌
206,787‌
Vanguard
Growth
ETF
70,313,784‌
354,498‌
Vanguard
Value
ETF
55,241,423‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $329,331,305)
497,313,837‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
4.3%
22,559,765‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$22,559,765)
(a)
22,559,765‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $22,559,765)
22,559,765‌
TOTAL
INVESTMENTS
-
100.1%
(Cost
$351,891,070)
$
519,873,602‌
Liabilities
in
Excess
of
Other
Assets-
(0.1)%
(483,630‌)
NET
ASSETS
-
100.0%
$
519,389,972‌
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
MSCI
-
Morgan
Stanley
Capital
International
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Tactical
Defensive
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
98.0%
32,100‌
Invesco
QQQ
Trust,
Series
1
(a)
$
14,091,900‌
243,700‌
SPDR®
Portfolio
Developed
World
EX-US
ETF
8,439,331‌
79,400‌
SPDR®
Portfolio
Emerging
Markets
ETF
2,811,554‌
236,000‌
SPDR®
Portfolio
S&P
500®
ETF
(a)
14,103,360‌
40,100‌
SPDR®
Portfolio
S&P
600®
Small
Cap
ETF
1,676,180‌
27,800‌
SPDR®
S&P
500®
ETF
Trust
(a)
14,124,624‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $50,864,050)
55,246,949‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
2.0%
1,126,096‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$1,126,096)
(b)
1,126,096‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $1,126,096)
1,126,096‌
TOTAL
INVESTMENTS
-
100.0%
(Cost
$51,990,146)
$
56,373,045‌
Liabilities
in
Excess
of
Other
Assets
-
0.0%
(20,065‌)
NET
ASSETS
-
100.0%
$
56,352,980‌
(a)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
February
29,
2024,
the
percentage
of
net
assets
invested
in
Invesco
QQQ
Trust,
Series
1,
SPDR®
Portfolio
S&P
500®
ETF,
and
SPDR®
S&P
500®
ETF
Trust
was
25.0%,
25.0%,
and
25.1%,
respectively, of
the
Fund.
The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
35.9%
CONSUMER
DISCRETIONARY
-
3.4%
HOTELS,
RESTAURANTS
&
LEISURE
-
2.0%
1,353
McDonald's
Corp.
$
395,455‌
SPECIALTY
RETAIL
-
1.4%
725
Home
Depot,
Inc.
(The)
275,942‌
TOTAL
CONSUMER
DISCRETIONARY
671,397‌
CONSUMER
STAPLES
-
5.4%
FOOD
-
1.0%
3,044
General
Mills,
Inc.
195,364‌
HOUSEHOLD
PRODUCTS
-
1.5%
1,798
Procter
&
Gamble
Co.
(The)
285,774‌
RETAIL
-
CONSUMER
STAPLES
-
1.9%
6,639
Wal-Mart
Stores,
Inc.
389,112‌
WHOLESALE
-
CONSUMER
STAPLES
-
1.0%
2,423
Sysco
Corp.
196,190‌
TOTAL
CONSUMER
STAPLES
1,066,440‌
FINANCIALS
-
2.9%
BANKS
-
1.0%
5,491
Truist
Financial
Corp.
192,075‌
INSURANCE
-
1.9%
4,747
Aflac,
Inc.
383,273‌
TOTAL
FINANCIALS
575,348‌
HEALTH
CARE
-
7.8%
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
1.0%
1,681
Abbott
Laboratories
199,434‌
PHARMACEUTICALS
-
6.8%
757
Eli
Lilly
&
Co.
570,535‌
1,197
Johnson
&
Johnson
193,172‌
3,088
Merck
&
Co.,
Inc.
392,639‌
5,869
Pfizer,
Inc.
155,881‌
1,312,227‌
TOTAL
HEALTH
CARE
1,511,661‌
INDUSTRIALS
-
6.4%
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
35.9%
(Continued)
AEROSPACE
&
DEFENSE
-
1.0%
910
L3Harris
Technologies,
Inc.
$
192,611‌
COMMERCIAL
SUPPORT
SERVICES
-
2.2%
2,119
Waste
Management,
Inc.
435,772‌
DIVERSIFIED
INDUSTRIALS
-
1.0%
733
Illinois
Tool
Works,
Inc.
192,156‌
INDUSTRIAL
SUPPORT
SERVICES
-
2.2%
456
W.W.
Grainger,
Inc.
443,898‌
TOTAL
INDUSTRIALS
1,264,437‌
TECHNOLOGY
-
6.8%
SOFTWARE
-
3.6%
1,702
Microsoft
Corp.
704,015‌
TECHNOLOGY
HARDWARE
-
3.2%
3,466
Apple,
Inc.
626,480‌
TOTAL
TECHNOLOGY
1,330,495‌
UTILITIES
-
3.2%
ELECTRIC
UTILITIES
-
3.2%
2,211
Dominion
Energy,
Inc.
105,752‌
3,195
Eversource
Energy
187,547‌
5,026
Southern
Co.
(The)
337,998‌
631,297‌
TOTAL
UTILITIES
631,297‌
TOTAL
COMMON
STOCKS
(Cost $2,412,583)
7,051,075‌
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
63.5%
13,450‌
iShares®
Broad
USD
High
Yield
Corporate
Bond
ETF
489,042‌
16,220‌
iShares®
Core
Dividend
Growth
ETF
911,240‌
21,200‌
iShares®
MBS
ETF
1,948,492‌
11,082‌
Schwab®
U.S.
Dividend
Equity
ETF
860,40
6‌
104,700‌
SPDR®
Portfolio
Intermediate
Term
Corporate
Bond
ETF
3,402,750‌
41,900‌
SPDR®
Portfolio
Long-Term
Corporate
Bond
ETF
959,091‌
68,100‌
SPDR®
Portfolio
Short-Term
Corporate
Bond
ETF
2,023,932‌
33,800‌
VanEck®
Vectors
Fallen
Angel
High
Yield
Bond
ETF
970,736‌
5,034‌
Vanguard®
Dividend
Appreciation
ETF
897,965‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $12,350,112)
12,463,65
4‌
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Contracts
PURCHASED
OPTIONS
-
6.0
%
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
PURCHASED
CALL
OPTIONS
-
5.1%
10‌
S&P
500®
Index
03/04/2024
$
5,050‌
$
5,096,270‌
$
43,500‌
10‌
S&P
500®
Index
03/11/2024
5,150‌
5,096,270‌
11,500‌
10‌
S&P
500®
Index
03/18/2024
5,200‌
5,096,270‌
9,650‌
10‌
S&P
500®
Index
03/25/2024
5,250‌
5,096,270‌
9,400‌
15‌
S&P
500®
Index
12/23/2024
4,750‌
7,644,405‌
916,50
0‌
990,55
0‌
Contracts
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
PURCHASED
PUT
OPTIONS
-
0.9%
10‌
S&P
500®
Index
03/04/2024
$
4,700‌
$
5,096,270‌
$
75‌
10‌
S&P
500®
Index
03/04/2024
4,975‌
5,096,270‌
250‌
10‌
S&P
500®
Index
03/11/2024
4,800‌
5,096,270‌
1,000‌
10‌
S&P
500®
Index
03/11/2024
4,975‌
5,096,270‌
4,600‌
10‌
S&P
500®
Index
03/18/2024
4,850‌
5,096,270‌
4,000‌
10‌
S&P
500®
Index
03/25/2024
4,900‌
5,096,270‌
10,750‌
5‌
S&P
500®
Index
06/21/2024
3,450‌
2,548,135‌
2,150‌
5‌
S&P
500®
Index
06/21/2024
3,525‌
2,548,135‌
2,375‌
5‌
S&P
500®
Index
06/21/2024
3,550‌
2,548,135‌
2,450‌
5‌
S&P
500®
Index
06/21/2024
3,650‌
2,548,135‌
2,775‌
5‌
S&P
500®
Index
06/21/2024
3,725‌
2,548,135‌
3,075‌
5‌
S&P
500®
Index
06/24/2024
3,775‌
2,548,135‌
3,275‌
5‌
S&P
500®
Index
06/24/2024
3,975‌
2,548,135‌
4,325‌
5‌
S&P
500®
Index
12/21/2024
4,050‌
2,548,135‌
21,475‌
5‌
S&P
500®
Index
12/23/2024
3,950‌
2,548,135‌
18,875‌
5‌
S&P
500®
Index
12/23/2024
4,100‌
2,548,135‌
22,925‌
5‌
S&P
500®
Index
06/23/2025
4,550‌
2,548,135‌
66,900‌
50‌
SPDR®
S&P
500®
ETF
Trust
12/21/2024
360‌
2,540,400‌
12,500‌
183,775‌
TOTAL
PURCHASED
OPTIONS
(Cost
-
$1,790,534)
1,174,326‌
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
February
29,
2024
(Unaudited)
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
1.6%
319,866‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.23%
(Cost
$319,866)
(a)
$
319,866‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $319,866)
319,866‌
TOTAL
INVESTMENTS
-
107.0%
(Cost
$16,873,095)
$
21,008,92
0‌
Liabilities
in
Excess
of
Other
Assets
-
(7.0)%
(1,373,817‌)
NET
ASSETS
-
100.0%
$
19,635,105‌
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
29,
2024.
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Written
Options
February
29,
2024
(Unaudited)
Contracts
Description
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
WRITTEN
OPTIONS
-
(4.
9
)%
WRITTEN
CALL
OPTIONS
-
(4.0)%
(10)
S&P
500®
Index
03/04/2024
$
4,900‌
$
(5,096,270‌)
$
(192,600‌)
(10)
S&P
500®
Index
03/11/2024
5,000‌
(5,096,270‌)
(103,250‌)
(10)
S&P
500®
Index
03/18/2024
5,050‌
(5,096,270‌)
(74,850‌)
(10)
S&P
500®
Index
03/25/2024
5,100‌
(5,096,270‌)
(58,350‌)
(5)
S&P
500®
Index
12/20/2024
4,600‌
(2,548,135‌)
(365,300‌)
(794,350‌)
Contracts
Description
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
WRITTEN
PUT
OPTIONS
-
(0.9)%
(10)
S&P
500®
Index
03/04/2024
$
4,775‌
$
(5,096,270‌)
$
(100‌)
(10)
S&P
500®
Index
03/04/2024
4,900‌
(5,096,270‌)
(150‌)
(10)
S&P
500®
Index
03/11/2024
4,775‌
(5,096,270‌)
(900‌)
(10)
S&P
500®
Index
03/11/2024
5,000‌
(5,096,270‌)
(6,750‌)
(10)
S&P
500®
Index
03/18/2024
5,050‌
(5,096,270‌)
(24,600‌)
(10)
S&P
500®
Index
03/25/2024
5,100‌
(5,096,270‌)
(53,300‌)
(5)
S&P
500®
Index
06/21/2024
3,075‌
(2,548,135‌)
(1,350‌)
(5)
S&P
500®
Index
06/21/2024
3,125‌
(2,548,135‌)
(1,43
7‌
)
(5)
S&P
500®
Index
06/21/2024
3,150‌
(2,548,135‌)
(1,488‌)
(5)
S&P
500®
Index
06/21/2024
3,250‌
(2,548,135‌)
(1,675‌)
(5)
S&P
500®
Index
06/21/2024
3,300‌
(2,548,135‌)
(1,775‌)
(5)
S&P
500®
Index
06/24/2024
3,375‌
(2,548,135‌)
(1,975‌)
(5)
S&P
500®
Index
06/24/2024
3,500‌
(2,548,135‌)
(2,300‌)
(5)
S&P
500®
Index
12/21/2024
3,600‌
(2,548,135‌)
(12,300‌)
(5)
S&P
500®
Index
12/23/2024
3,500‌
(2,548,135‌)
(10,975‌)
(5)
S&P
500®
Index
12/23/2024
3,650‌
(2,548,135‌)
(13,075‌)
(5)
S&P
500®
Index
06/23/2025
4,050‌
(2,548,135‌)
(37,625‌)
(171,77
5‌
)
TOTAL
WRITTEN
OPTIONS
(Premiums
Received
-
$1,192,605
)
(966,12
5‌
)