(a)
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|
![]() |
North Square Investments | www.northsquareinvest.com
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Fund Performance
|
3
|
Schedules of Investments
|
7
|
Statements of Assets and Liabilities
|
41
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Statements of Operations
|
42
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Statements of Changes in Net Assets
|
43
|
Financial Highlights
|
45
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Notes to Financial Statements
|
50
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Supplemental Information
|
60
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Expense Examples
|
66
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of April 30, 2022
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I*
|
(7.45)%
|
(0.60)%
|
9.78%
|
10.24%
|
10.57%
|
11/16/09
|
Russell 2000 Value Total Return**
|
(9.50)%
|
(6.59)%
|
6.75%
|
9.81%
|
10.41%
|
11/16/09
|
Russell 3000 Value Total Return
|
(4.30)%
|
0.79%
|
8.89%
|
11.06%
|
11.01%
|
11/16/09
|
*
|
Effective January 11, 2022, the North Square Advisory Research All Cap Value Fund changed names to the North Square Advisory Research Small Cap Value Fund.
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**
|
Effective January 11, 2022, the Russell 2000 Value Total Return Index has replaced the Russell 3000 Value Total Return Index as the Fund’s primary benchmark as the Russell
2000 Value Total Return Index is more closely aligned with the Fund’s principal investment strategies and portfolio holdings.
|
Average Annual
|
||||||
Calendar
|
Since
|
Since
|
Inception
|
|||
Total Returns as of April 30, 2022
|
6 Months
|
Year to Date
|
Inception
|
1 Year
|
Inception
|
Date
|
Class I
|
(8.62)%
|
(7.78)%
|
(0.51)%
|
(8.40)%
|
(0.36)%
|
12/04/20
|
MSCI EAFE Index
|
(11.80)%
|
(12.00)%
|
0.14%
|
(8.15)%
|
0.10%
|
12/04/20
|
Average Annual
|
||||||
Calendar
|
Since
|
Since
|
Inception
|
|||
Total Returns as of April 30, 2022
|
6 Months
|
Year to Date
|
Inception
|
1 Year
|
Inception
|
Date
|
Class I*
|
(7.26)%
|
(7.14)%
|
(7.37)%
|
N/A
|
N/A
|
5/19/21
|
Class R6*
|
(7.17)%
|
(7.08)%
|
(8.01)%
|
(7.24)%
|
(6.06)%
|
12/28/20
|
Bloomberg Barclays Intermediate Aggregate Bond Index
|
(7.16)%
|
(7.09)%
|
(8.21)%
|
(7.27)%
|
(6.20)%
|
12/28/20
|
*
|
Effective December 1, 2021, Class I was re-classified to Class R6 and Class Y was re-classified to Class I.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of April 30, 2022
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I
|
(5.14)%
|
(2.92)%
|
4.14%
|
4.27%
|
4.08%
|
12/31/12
|
Bloomberg US Aggregate Bond Index
|
(9.47)%
|
(8.51)%
|
1.20%
|
2.36%
|
1.56%
|
12/31/12
|
Bloomberg Intermediate Credit Index
|
(7.66)%
|
(7.30)%
|
1.75%
|
1.73%
|
2.06%
|
12/31/12
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 99.3%
|
|||||||
BASIC MATERIALS – 7.6%
|
|||||||
Specialty Chemicals – 7.6%
|
|||||||
42,139
|
Element Solutions Inc.
|
$
|
868,906
|
||||
27,060
|
Valvoline, Inc.
|
818,024
|
|||||
TOTAL BASIC MATERIALS
|
1,686,930
|
||||||
CONSUMER DISCRETIONARY – 15.8%
|
|||||||
Casinos and Gambling – 3.6%
|
|||||||
11,455
|
Monarch Casino & Resort, Inc.*
|
803,568
|
|||||
Consumer Services: Misc. – 3.6%
|
|||||||
21,575
|
IAA Inc.*
|
790,724
|
|||||
Recreational Products – 3.5%
|
|||||||
39,841
|
Leslie’s, Inc.*
|
780,883
|
|||||
Restaurants and Bars – 1.6%
|
|||||||
17,245
|
Ruth’s Hospitality Group, Inc.
|
361,628
|
|||||
Specialty Retailers – 3.5%
|
|||||||
4,235
|
Asbury Automotive Group, Inc.*
|
778,012
|
|||||
TOTAL CONSUMER DISCRETIONARY
|
3,514,815
|
||||||
CONSUMER STAPLES – 4.8%
|
|||||||
Food Retailers and Wholesalers – 4.8%
|
|||||||
21,862
|
Performance Food Group Co.*
|
1,076,704
|
|||||
TOTAL CONSUMER STAPLES
|
1,076,704
|
||||||
ENERGY – 10.1%
|
|||||||
Oil Equipment and Services – 3.6%
|
|||||||
37,500
|
Championx Corp.
|
791,250
|
|||||
Oil: Crude Producers – 6.5%
|
|||||||
16,349
|
Denbury Inc.*
|
1,046,009
|
|||||
14,295
|
Viper Energy Partners LP
|
410,695
|
|||||
1,456,704
|
|||||||
TOTAL ENERGY
|
2,247,954
|
||||||
FINANCIALS – 25.0%
|
|||||||
Banks – 14.8%
|
|||||||
15,005
|
BankUnited, Inc.
|
563,288
|
|||||
11,357
|
First Interstate BancSystem, Inc. – Class A
|
369,329
|
|||||
8,200
|
First Merchants Corp.
|
321,358
|
|||||
4,277
|
Nicolet Bankshares, Inc.*
|
348,062
|
|||||
5,488
|
South State Corp.
|
424,991
|
|||||
9,930
|
Texas Capital Bancshares, Inc.*
|
510,005
|
|||||
15,386
|
Webster Financial Corp.
|
769,146
|
|||||
3,306,179
|
|||||||
Diversified Financial Services – 6.1%
|
|||||||
15,080
|
Cannae Holdings, Inc.*
|
337,792
|
|||||
22,525
|
Hillman Solutions Corp.*
|
261,966
|
|||||
71,755
|
Holley Inc.*
|
756,298
|
|||||
1,356,056
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Property and Casualty Insurance – 4.1%
|
|||||||
3,860
|
Enstar Group Ltd.*1
|
$
|
909,995
|
||||
TOTAL FINANCIALS
|
5,572,230
|
||||||
HEALTH CARE – 5.9%
|
|||||||
Health Care Services – 3.3%
|
|||||||
8,845
|
Addus HomeCare Corp.*
|
745,457
|
|||||
Pharmaceuticals – 2.6%
|
|||||||
12,725
|
Harmony Biosciences Holdings, Inc.*
|
573,134
|
|||||
TOTAL HEALTH CARE
|
1,318,591
|
||||||
INDUSTRIALS – 19.4%
|
|||||||
Aerospace – 3.1%
|
|||||||
16,675
|
Spirit AeroSystems Holdings, Inc. – Class A
|
701,017
|
|||||
Containers and Packaging – 1.4%
|
|||||||
42,405
|
Ardagh Metal Packaging S.A.*1
|
302,348
|
|||||
Diversified Industrials – 1.0%
|
|||||||
14,275
|
Luxfer Holdings PLC1
|
230,399
|
|||||
Electrical Components – 1.3%
|
|||||||
2,220
|
Regal Rexnord Corp.
|
282,473
|
|||||
Electronic Equipment: Gauges and Meters – 2.0%
|
|||||||
56,260
|
Mirion Technologies, Inc.*
|
443,891
|
|||||
Industrial Suppliers – 3.0%
|
|||||||
52,632
|
Gates Industrial Corp. plc*1
|
671,058
|
|||||
Machinery: Engines – 2.1%
|
|||||||
6,095
|
Brunswick Corp.
|
460,843
|
|||||
Machinery: Industrial – 1.1%
|
|||||||
5,031
|
ESAB Corp.*
|
236,457
|
|||||
Professional Business Support Services – 2.3%
|
|||||||
30,137
|
First Advantage Corp.*
|
523,178
|
|||||
Railroad Equipment – 2.1%
|
|||||||
16,625
|
Trinity Industries, Inc.
|
461,177
|
|||||
TOTAL INDUSTRIALS
|
4,312,841
|
||||||
TECHNOLOGY – 8.9%
|
|||||||
Computer Hardware – 5.2%
|
|||||||
38,445
|
Switch, Inc. – Class A
|
1,147,968
|
|||||
Computer Services – 1.9%
|
|||||||
27,430
|
Dun & Bradstreet Holdings, Inc.*
|
433,120
|
|||||
Consumer Digital Services – 1.8%
|
|||||||
5,865
|
TechTarget, Inc.*
|
394,773
|
|||||
TOTAL TECHNOLOGY
|
1,975,861
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
TELECOMMUNICATIONS – 1.8%
|
|||||||
Telecommunications Services – 1.8%
|
|||||||
20,585
|
WideOpenWest, Inc.*
|
$
|
412,729
|
||||
TOTAL TELECOMMUNICATIONS
|
412,729
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $23,852,403)
|
22,118,655
|
||||||
SHORT-TERM INVESTMENT – 0.7%
|
|||||||
147,277
|
First American Treasury Obligations Fund – Class X, 0.29%2
|
147,277
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $147,277)
|
147,277
|
||||||
TOTAL INVESTMENTS – 100.0%
|
|||||||
(Cost $23,999,680)
|
22,265,932
|
||||||
Other Assets in Excess of Liabilities – 0.0%
|
4,732
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
22,270,664
|
*
|
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
|
|||||
Financials
|
25.0
|
%
|
|||
Industrials
|
19.4
|
%
|
|||
Consumer Discretionary
|
15.8
|
%
|
|||
Energy
|
10.1
|
%
|
|||
Technology
|
8.9
|
%
|
|||
Basic Materials
|
7.6
|
%
|
|||
Health Care
|
5.9
|
%
|
|||
Consumer Staples
|
4.8
|
%
|
|||
Telecommunications
|
1.8
|
%
|
|||
Total Common Stocks
|
99.3
|
%
|
|||
Short-Term Investment
|
0.7
|
%
|
|||
Total Investments
|
100.0
|
%
|
|||
Other Assets in Excess of Liabilities
|
0.0
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 94.1%
|
|||||||
BERMUDA – 2.5%
|
|||||||
6,247
|
Everest Re Group, Ltd.
|
$
|
1,716,113
|
||||
CANADA – 1.6%
|
|||||||
8,707
|
Agnico Eagle Mines Ltd.
|
507,009
|
|||||
119,004
|
Kinross Gold Corp.
|
601,203
|
|||||
1,108,212
|
|||||||
CHINA – 3.8%
|
|||||||
38,064
|
Alibaba Group Holding Ltd.*
|
464,293
|
|||||
56,506
|
Baidu, Inc. – Class A*
|
900,915
|
|||||
250,400
|
Sands China Ltd.*
|
551,925
|
|||||
28,283
|
Trip.com Group Ltd. – ADR*
|
668,893
|
|||||
2,586,026
|
|||||||
FRANCE – 12.2%
|
|||||||
25,669
|
Accor SA*
|
843,322
|
|||||
45,662
|
AXA SA
|
1,207,993
|
|||||
45,782
|
Bureau Veritas SA
|
1,315,169
|
|||||
15,629
|
Danone
|
945,107
|
|||||
16,643
|
Sanofi
|
1,759,085
|
|||||
21,236
|
SCOR SE
|
600,425
|
|||||
32,677
|
TotalEnergies SE
|
1,604,541
|
|||||
8,275,642
|
|||||||
GERMANY – 7.4%
|
|||||||
2,500
|
adidas AG
|
504,149
|
|||||
8,455
|
Continental AG
|
579,516
|
|||||
13,580
|
Daimler Truck Holding AG*
|
365,232
|
|||||
13,985
|
Fresenius Medical Care AG & Co. KGaA
|
869,685
|
|||||
13,051
|
SAP SE
|
1,322,670
|
|||||
8,628
|
Siemens AG
|
1,060,858
|
|||||
15,731
|
Siemens Energy AG
|
303,015
|
|||||
5,005,125
|
|||||||
INDIA – 1.1%
|
|||||||
13,157
|
HDFC Bank Ltd. – ADR
|
726,398
|
|||||
IRELAND – 6.3%
|
|||||||
6,410
|
CRH Public Limited Co.
|
253,355
|
|||||
1,112
|
Linde Public Limited Co.
|
348,766
|
|||||
16,077
|
Medtronic, PLC
|
1,677,796
|
|||||
9,156
|
Willis Towers Watson Public Limited Co.
|
1,967,258
|
|||||
4,247,175
|
|||||||
ISRAEL – 2.1%
|
|||||||
11,521
|
Check Point Software Technologies Ltd.*
|
1,454,987
|
|||||
JAPAN – 14.7%
|
|||||||
116,746
|
Astellas Pharma Inc.
|
1,777,542
|
|||||
15,987
|
Daito Trust Construction Co., Ltd.
|
1,539,738
|
|||||
41,643
|
Japan Exchange Group Inc.
|
620,081
|
|||||
53,825
|
KUBOTA CORP.
|
914,415
|
|||||
29,908
|
Makita Corp.
|
883,986
|
|||||
1,788
|
Nintendo Co., Ltd.
|
816,027
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
JAPAN (Continued)
|
|||||||
37,891
|
Sekisui House, Ltd.
|
$
|
658,089
|
||||
41,801
|
Sumitomo Mitsui Trust Holdings, Inc.
|
1,297,399
|
|||||
26,698
|
Tokio Marine Holdings, Inc.
|
1,443,526
|
|||||
9,950,803
|
|||||||
NETHERLANDS – 6.7%
|
|||||||
13,052
|
Akzo Nobel N.V.
|
1,132,218
|
|||||
17,793
|
Euronext NV
|
1,425,617
|
|||||
20,656
|
Heineken N.V.
|
2,016,259
|
|||||
4,574,094
|
|||||||
REPUBLIC OF KOREA – 3.5%
|
|||||||
33,731
|
KB Financial Group Inc.
|
1,569,305
|
|||||
605
|
Samsung Electronics Co., Ltd. – GDR
|
790,288
|
|||||
2,359,593
|
|||||||
SINGAPORE – 1.8%
|
|||||||
176,531
|
Singapore Exchange Ltd.
|
1,242,133
|
|||||
SPAIN – 1.5%
|
|||||||
6,927
|
Aena SME, S.A.*
|
983,010
|
|||||
SWEDEN – 0.9%
|
|||||||
24,861
|
ASSA ABLOY AB – Class B
|
628,291
|
|||||
SWITZERLAND – 13.6%
|
|||||||
9,939
|
Chubb Ltd.
|
2,051,907
|
|||||
29,398
|
Julius Baer Group Ltd.
|
1,404,867
|
|||||
12,381
|
Nestle S.A.
|
1,598,314
|
|||||
16,115
|
Novartis AG
|
1,424,071
|
|||||
1,851
|
Roche Holding AG
|
686,377
|
|||||
4,441
|
Zurich Insurance Group AG
|
2,021,854
|
|||||
9,187,390
|
|||||||
UNITED KINGDOM – 13.7%
|
|||||||
3,591
|
Aon PLC – Class A
|
1,034,172
|
|||||
33,301
|
BP p.l.c – ADR
|
956,405
|
|||||
34,306
|
Diageo plc
|
1,711,487
|
|||||
81,770
|
GlaxoSmithKline PLC
|
1,843,307
|
|||||
49,031
|
Liberty Global plc – Class A*
|
1,115,945
|
|||||
1,261,463
|
Lloyds Banking Group plc
|
716,466
|
|||||
36,504
|
Smiths Group PLC
|
667,998
|
|||||
81,809
|
Vodafone Group PLC – ADR
|
1,242,679
|
|||||
9,288,459
|
|||||||
UNITED STATES – 0.7%
|
|||||||
5,878
|
Cognizant Technology Solutions Corp. – Class A
|
475,530
|
|||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $67,647,292)
|
63,808,981
|
Number
|
|||||||
of Shares
|
Value
|
||||||
PREFERRED STOCK – 1.2%
|
|||||||
GERMANY – 1.2%
|
|||||||
12,947
|
Henkel AG & Co. KGaA
|
$
|
831,346
|
||||
TOTAL PREFERRED STOCK
|
|||||||
(Cost $1,186,186)
|
831,346
|
||||||
SHORT-TERM INVESTMENT – 4.3%
|
|||||||
2,882,518
|
First American Treasury Obligations Fund – Class X, 0.29%1
|
2,882,518
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $2,882,518)
|
2,882,518
|
||||||
TOTAL INVESTMENTS – 99.6%
|
|||||||
(Cost $71,715,996)
|
67,522,845
|
||||||
Other Assets in Excess of Liabilities – 0.4%
|
267,697
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
67,790,542
|
*
|
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
|
31.0
|
%
|
|||
Health Care
|
14.8
|
%
|
|||
Industrials
|
10.5
|
%
|
|||
Consumer Staples
|
9.2
|
%
|
|||
Consumer Discretionary
|
6.3
|
%
|
|||
Communication Services
|
6.0
|
%
|
|||
Information Technology
|
6.0
|
%
|
|||
Materials
|
4.2
|
%
|
|||
Energy
|
3.8
|
%
|
|||
Real Estate
|
2.3
|
%
|
|||
Total Common Stocks
|
94.1
|
%
|
|||
Preferred Stock
|
1.2
|
%
|
|||
Short-Term Investment
|
4.3
|
%
|
|||
Total Investments
|
99.6
|
%
|
|||
Other Assets in Excess of Liabilities
|
0.4
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Principal
|
|||||||
Amount
|
Value
|
||||||
ASSET BACKED SECURITIES – 7.6%
|
|||||||
Aligned Data Centers Issuer LLC
|
|||||||
$
|
400,000
|
1.937%, 08/15/20461
|
$
|
361,840
|
|||
American Credit Acceptance Receivables Trust 2021-2
|
|||||||
446,000
|
1.340%, 07/13/20271
|
424,305
|
|||||
Americredit Automobile Receivables Trust 2019-2
|
|||||||
139,925
|
2.540%, 07/18/2024
|
140,263
|
|||||
AMSR 2019-SFR1 Trust
|
|||||||
500,000
|
2.774%, 01/20/20391
|
473,745
|
|||||
AMSR 2021-SFR2 Trust
|
|||||||
200,000
|
1.527%, 08/19/20381
|
179,607
|
|||||
Amur Equipment Finance Receivables IX LLC
|
|||||||
74,996
|
0.750%, 11/20/20261
|
73,256
|
|||||
Amur Equipment Finance Receivables X LLC
|
|||||||
785,000
|
2.200%, 01/20/20281
|
746,606
|
|||||
Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust
|
|||||||
53,817
|
5.720%, 01/15/2024
|
55,180
|
|||||
CNH Equipment Trust 2019-A
|
|||||||
13,309
|
3.010%, 04/15/2024
|
13,366
|
|||||
DT Auto Owner Trust 2020-1
|
|||||||
18,849
|
2.160%, 05/15/20241
|
18,853
|
|||||
Enterprise Fleet Funding 2021-1 LLC
|
|||||||
376,926
|
0.440%, 12/20/20261
|
367,480
|
|||||
Exeter Automobile Receivables Trust 2021-3
|
|||||||
317,000
|
0.350%, 02/18/2025
|
314,944
|
|||||
306,000
|
0.690%, 01/15/2026
|
298,824
|
|||||
FedEx Corp 2020-1 Class AA Pass Through Trust
|
|||||||
322,847
|
1.875%, 08/20/2035
|
285,785
|
|||||
Flagship Credit Auto Trust 2021-3
|
|||||||
96,510
|
0.360%, 07/15/20271
|
94,144
|
|||||
GLS Auto Receivables Issuer Trust 2021-3
|
|||||||
574,000
|
0.780%, 11/17/20251
|
554,212
|
|||||
GM Financial Automobile Leasing Trust 2020-2
|
|||||||
290,000
|
2.560%, 07/20/2024
|
288,619
|
|||||
GM Financial Automobile Leasing Trust 2021-3
|
|||||||
4,035
|
0.240%, 12/20/2023
|
4,006
|
|||||
MMAF Equipment Finance LLC 2018-A
|
|||||||
247,452
|
3.390%, 01/10/20251
|
248,848
|
|||||
Oportun Funding XIV LLC
|
|||||||
100,000
|
1.210%, 03/08/20281
|
97,050
|
|||||
Oscar US Funding X LLC
|
|||||||
336,257
|
3.270%, 05/11/20261,2
|
337,203
|
|||||
Oscar US Funding XII LLC
|
|||||||
110,000
|
0.700%, 04/10/20251,2
|
106,496
|
|||||
Santander Retail Auto Lease Trust 2021-C
|
|||||||
227,000
|
0.500%, 03/20/20251
|
220,083
|
|||||
Tricon Residential 2022-SFR1 Trust
|
|||||||
528,000
|
3.856%, 04/17/20391
|
516,657
|
|||||
Union Pacific Railroad Co 2005 Pass Through Trust
|
|||||||
26,656
|
5.082%, 01/02/2029
|
27,801
|
Principal
|
|||||||
Amount
|
Value
|
||||||
ASSET BACKED SECURITIES (Continued)
|
|||||||
Verizon Master Trust
|
|||||||
$
|
274,000
|
0.690%, 05/20/2027
|
$
|
258,986
|
|||
Verizon Owner Trust 2020-C
|
|||||||
635,000
|
0.670%, 04/21/2025
|
608,996
|
|||||
VMC Finance 2021-FL4 LLC
|
|||||||
354,096
|
1.654% (1 Month LIBOR USD + 1.100%), 06/18/20361,3
|
348,802
|
|||||
Volvo Financial Equipment LLC Series 2019-2
|
|||||||
109,282
|
2.040%, 11/15/20231
|
109,438
|
|||||
Westlake Automobile Receivables Trust 2020-2
|
|||||||
300,000
|
1.320%, 07/15/20251
|
299,606
|
|||||
Westlake Automobile Receivables Trust 2020-3
|
|||||||
52,577
|
0.560%, 05/15/20241
|
52,471
|
|||||
Westlake Automobile Receivables Trust 2021-1
|
|||||||
89,209
|
0.390%, 10/15/20241
|
88,751
|
|||||
295,000
|
0.640%, 03/16/20261
|
289,657
|
|||||
Westlake Automobile Receivables Trust 2021-2
|
|||||||
320,000
|
0.620%, 07/15/20261
|
309,920
|
|||||
Westlake Automobile Receivables Trust 2021-3
|
|||||||
1,000,000
|
1.290%, 01/15/20271
|
965,226
|
|||||
World Omni Auto Receivables Trust 2019-C
|
|||||||
172,595
|
1.960%, 12/15/2024
|
172,755
|
|||||
TOTAL ASSET BACKED SECURITIES
|
|||||||
(Cost $10,128,326)
|
9,753,781
|
||||||
CORPORATE BONDS – 26.7%
|
|||||||
COMMUNICATION SERVICES – 2.3%
|
|||||||
Diversified Telecommunication Services – 1.6%
|
|||||||
AT&T Inc.
|
|||||||
292,000
|
1.700%, 03/25/2026
|
269,836
|
|||||
300,000
|
4.350%, 03/01/2029
|
303,180
|
|||||
Verizon Communications Inc.
|
|||||||
1,702,000
|
2.100%, 03/22/2028
|
1,526,093
|
|||||
2,099,109
|
|||||||
Entertainment – 0.4%
|
|||||||
The Walt Disney Co.
|
|||||||
301,000
|
1.750%, 01/13/2026
|
282,352
|
|||||
180,000
|
2.000%, 09/01/2029
|
157,574
|
|||||
439,926
|
|||||||
Media – 0.3%
|
|||||||
Fox Corp.
|
|||||||
389,000
|
3.050%, 04/07/2025
|
382,132
|
|||||
TOTAL COMMUNICATION SERVICES
|
2,921,167
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
CONSUMER DISCRETIONARY – 2.4%
|
|||||||
Automobiles – 1.6%
|
|||||||
American Honda Finance Corp.
|
|||||||
$
|
218,000
|
2.000%, 03/24/2028
|
$
|
197,096
|
|||
Daimler Finance North America LLC
|
|||||||
150,000
|
1.450%, 03/02/20261
|
137,177
|
|||||
General Motors Financial Co., Inc.
|
|||||||
1,207,000
|
1.250%, 01/08/2026
|
1,081,243
|
|||||
345,000
|
4.300%, 04/06/2029
|
329,617
|
|||||
Hyundai Capital America
|
|||||||
250,000
|
5.875%, 04/07/20251
|
260,906
|
|||||
2,006,039
|
|||||||
Hotels, Restaurants & Leisure – 0.4%
|
|||||||
Starbucks Corp.
|
|||||||
528,000
|
3.550%, 08/15/2029
|
503,446
|
|||||
Internet & Direct Marketing Retail – 0.2%
|
|||||||
Amazon.com, Inc.
|
|||||||
265,000
|
3.300%, 04/13/2027
|
263,034
|
|||||
Specialty Retail – 0.2%
|
|||||||
The Home Depot, Inc.
|
|||||||
338,000
|
2.950%, 06/15/2029
|
323,156
|
|||||
TOTAL CONSUMER DISCRETIONARY
|
3,095,675
|
||||||
CONSUMER STAPLES – 1.4%
|
|||||||
Beverages – 0.4%
|
|||||||
Anheuser-Busch InBev Worldwide Inc.
|
|||||||
283,000
|
4.750%, 01/23/2029
|
291,547
|
|||||
PepsiCo, Inc.
|
|||||||
243,000
|
2.625%, 03/19/2027
|
234,598
|
|||||
526,145
|
|||||||
Household Products – 0.1%
|
|||||||
The Procter & Gamble Co.
|
|||||||
107,000
|
1.200%, 10/29/2030
|
88,321
|
|||||
Tobacco – 0.9%
|
|||||||
Altria Group, Inc.
|
|||||||
360,000
|
4.800%, 02/14/2029
|
357,236
|
|||||
B.A.T. Capital Corp.
|
|||||||
254,000
|
2.259%, 03/25/2028
|
217,324
|
|||||
257,000
|
4.906%, 04/02/2030
|
248,294
|
|||||
Philip Morris International Inc.
|
|||||||
354,000
|
2.750%, 02/25/2026
|
342,903
|
|||||
1,165,757
|
|||||||
TOTAL CONSUMER STAPLES
|
1,780,223
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
ENERGY – 1.3%
|
|||||||
Oil, Gas & Consumable Fuels – 1.3%
|
|||||||
BP Capital Markets America Inc.
|
|||||||
$
|
175,000
|
3.017%, 01/16/2027
|
$
|
168,594
|
|||
191,000
|
3.543%, 04/06/2027
|
188,145
|
|||||
Chevron Corp.
|
|||||||
361,000
|
2.954%, 05/16/2026
|
353,312
|
|||||
Saudi Arabian Oil Co.
|
|||||||
200,000
|
3.500%, 04/16/20291,2
|
194,180
|
|||||
Shell International Finance B.V.
|
|||||||
888,000
|
2.375%, 11/07/20292
|
793,521
|
|||||
TOTAL ENERGY
|
1,697,752
|
||||||
FINANCIALS – 12.6%
|
|||||||
Banks – 8.8%
|
|||||||
Bank of America Corp.
|
|||||||
1,321,000
|
1.658% (SOFR + 0.910%), 03/11/20273
|
1,197,543
|
|||||
325,000
|
1.734% (SOFR + 0.960%), 07/22/20273
|
291,985
|
|||||
504,000
|
2.572% (SOFR + 1.210%), 10/20/20323
|
426,408
|
|||||
Bank of Montreal
|
|||||||
170,000
|
1.850%, 05/01/20252
|
161,608
|
|||||
The Bank of Nova Scotia
|
|||||||
717,000
|
1.300%, 06/11/20252
|
665,808
|
|||||
Canadian Imperial Bank of Commerce
|
|||||||
415,000
|
2.250%, 01/28/20252
|
399,913
|
|||||
Citigroup Inc.
|
|||||||
628,000
|
0.981% (SOFR + 0.669%), 05/01/20253
|
592,661
|
|||||
388,000
|
3.070% (SOFR + 1.280%), 02/24/20283
|
364,998
|
|||||
Cooperatieve Rabobank U.A.
|
|||||||
556,000
|
1.980% (1 Year CMT Rate + 0.730%), 12/15/20271,2,3
|
504,574
|
|||||
F.N.B. Corp. of Pennsylvania
|
|||||||
249,000
|
2.200%, 02/24/2023
|
246,919
|
|||||
Federation des caisses Desjardins du Quebec
|
|||||||
220,000
|
2.050%, 02/10/20251,2
|
209,847
|
|||||
Fifth Third Bancorp
|
|||||||
464,000
|
3.650%, 01/25/2024
|
465,194
|
|||||
JPMorgan Chase & Co.
|
|||||||
783,000
|
0.969% (SOFR + 0.580%), 06/23/20253
|
737,317
|
|||||
1,688,000
|
2.005% (SOFR + 1.585%), 03/13/20263
|
1,591,176
|
|||||
525,000
|
1.578% (SOFR + 0.885%), 04/22/20273
|
475,278
|
|||||
286,000
|
1.953% (SOFR + 1.065%), 02/04/20323
|
233,889
|
|||||
PNC Financial Services Group, Inc.
|
|||||||
301,000
|
1.150%, 08/13/2026
|
273,043
|
|||||
513,000
|
2.550%, 01/22/2030
|
459,148
|
|||||
The Toronto-Dominion Bank
|
|||||||
716,000
|
1.150%, 06/12/20252
|
664,547
|
|||||
282,000
|
1.250%, 09/10/20262
|
253,225
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Banks (Continued)
|
|||||||
U.S. Bancorp
|
|||||||
$
|
79,000
|
2.677% (SOFR + 1.020%), 01/27/20333
|
$
|
69,974
|
|||
Wells Fargo & Co.
|
|||||||
779,000
|
3.526% (SOFR + 1.510%), 03/24/20283
|
748,766
|
|||||
Westpac Banking Corp.
|
|||||||
276,000
|
1.953%, 11/20/20282
|
243,568
|
|||||
11,277,389
|
|||||||
Capital Markets – 2.5%
|
|||||||
The Charles Schwab Corp.
|
|||||||
87,000
|
2.000%, 03/20/2028
|
78,593
|
|||||
The Goldman Sachs Group, Inc.
|
|||||||
881,000
|
3.272% (3 Month LIBOR USD + 1.201%), 09/29/20253
|
867,653
|
|||||
477,000
|
1.431% (SOFR + 0.798%), 03/09/20273
|
426,329
|
|||||
692,000
|
1.992% (SOFR + 1.090%), 01/27/20323
|
559,589
|
|||||
Morgan Stanley
|
|||||||
349,000
|
0.790% (SOFR + 0.525%), 05/30/20253
|
326,705
|
|||||
1,092,000
|
1.593% (SOFR + 0.879%), 05/04/20273
|
983,022
|
|||||
3,241,891
|
|||||||
Consumer Finance – 0.7%
|
|||||||
Capital One Financial Corp.
|
|||||||
1,029,000
|
1.878% (SOFR + 0.855%), 11/02/20273
|
921,381
|
|||||
Insurance – 0.6%
|
|||||||
Berkshire Hathaway Finance Corp.
|
|||||||
812,000
|
2.875%, 03/15/2032
|
735,943
|
|||||
TOTAL FINANCIALS
|
16,176,604
|
||||||
HEALTH CARE – 1.5%
|
|||||||
Biotechnology – 0.5%
|
|||||||
AbbVie Inc.
|
|||||||
195,000
|
3.600%, 05/14/2025
|
193,957
|
|||||
Amgen Inc.
|
|||||||
382,000
|
3.000%, 02/22/2029
|
358,798
|
|||||
197,000
|
2.450%, 02/21/2030
|
173,982
|
|||||
726,737
|
|||||||
Health Care Providers & Services – 0.8%
|
|||||||
CVS Health Corp.
|
|||||||
70,000
|
4.300%, 03/25/2028
|
70,366
|
|||||
UnitedHealth Group Inc.
|
|||||||
914,000
|
3.750%, 07/15/2025
|
923,034
|
|||||
993,400
|
|||||||
Pharmaceuticals – 0.2%
|
|||||||
AstraZeneca PLC
|
|||||||
268,000
|
0.700%, 04/08/20262
|
239,863
|
|||||
TOTAL HEALTH CARE
|
1,960,000
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
INDUSTRIALS – 1.6%
|
|||||||
Aerospace & Defense – 0.8%
|
|||||||
The Boeing Co.
|
|||||||
$
|
1,022,000
|
4.875%, 05/01/2025
|
$
|
1,035,909
|
|||
Air Freight & Logistics – 0.1%
|
|||||||
United Parcel Service, Inc.
|
|||||||
152,000
|
3.900%, 04/01/2025
|
153,950
|
|||||
Road & Rail – 0.7%
|
|||||||
BNSF Railway Co 2015-1 Pass Through Trust
|
|||||||
194,923
|
3.442%, 06/16/20281
|
194,807
|
|||||
CSX Corp.
|
|||||||
150,000
|
3.800%, 03/01/2028
|
149,144
|
|||||
CSX Transportation, Inc.
|
|||||||
322,983
|
6.251%, 01/15/2023
|
329,959
|
|||||
Union Pacific Railroad Co 2014-1 Pass Through Trust
|
|||||||
151,081
|
3.227%, 05/14/2026
|
148,796
|
|||||
822,706
|
|||||||
TOTAL INDUSTRIALS
|
2,012,565
|
||||||
INFORMATION TECHNOLOGY – 2.0%
|
|||||||
Semiconductors & Semiconductor Equipment – 0.3%
|
|||||||
Broadcom Inc.
|
|||||||
399,000
|
3.459%, 09/15/2026
|
388,837
|
|||||
Software – 0.3%
|
|||||||
Oracle Corp.
|
|||||||
390,000
|
3.250%, 11/15/2027
|
363,375
|
|||||
Technology Hardware, Storage & Peripherals – 1.4%
|
|||||||
Apple Inc.
|
|||||||
590,000
|
2.050%, 09/11/2026
|
559,531
|
|||||
655,000
|
1.200%, 02/08/2028
|
573,989
|
|||||
Hewlett Packard Enterprise Co.
|
|||||||
682,000
|
1.450%, 04/01/2024
|
657,540
|
|||||
1,791,060
|
|||||||
TOTAL INFORMATION TECHNOLOGY
|
2,543,272
|
||||||
MATERIALS – 0.2%
|
|||||||
Chemicals – 0.2%
|
|||||||
DuPont de Nemours, Inc.
|
|||||||
306,000
|
4.493%, 11/15/2025
|
311,803
|
|||||
TOTAL MATERIALS
|
311,803
|
||||||
REAL ESTATE – 0.4%
|
|||||||
Equity Real Estate Investment Trusts (REITs) – 0.4%
|
|||||||
Crown Castle International Corp.
|
|||||||
504,000
|
1.050%, 07/15/2026
|
445,384
|
|||||
TOTAL REAL ESTATE
|
445,384
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
UTILITIES – 1.0%
|
|||||||
Electric Utilities – 0.8%
|
|||||||
Duke Energy Corp.
|
|||||||
$
|
151,000
|
2.450%, 06/01/2030
|
$
|
131,930
|
|||
NextEra Energy Capital Holdings, Inc.
|
|||||||
419,000
|
1.900%, 06/15/2028
|
371,459
|
|||||
Pacific Gas and Electric Co.
|
|||||||
349,000
|
1.367%, 03/10/2023
|
344,035
|
|||||
Virginia Electric and Power Co.
|
|||||||
176,000
|
3.150%, 01/15/2026
|
172,551
|
|||||
1,019,975
|
|||||||
Multi-Utilities – 0.2%
|
|||||||
Consolidated Edison Co. of New York, Inc.
|
|||||||
222,000
|
3.350%, 04/01/2030
|
210,303
|
|||||
TOTAL UTILITIES
|
1,230,278
|
||||||
TOTAL CORPORATE BONDS
|
|||||||
(Cost $37,381,899)
|
34,174,723
|
||||||
MORTGAGE BACKED SECURITIES – 40.0%
|
|||||||
BBCMS Mortgage Trust 2022-C14
|
|||||||
233,201
|
1.727%, 02/18/2055
|
223,702
|
|||||
COMM 2012-CCRE4 Mortgage Trust
|
|||||||
243,278
|
2.853%, 10/17/2045
|
243,252
|
|||||
DBUBS 2017-BRBK Mortgage Trust
|
|||||||
300,000
|
3.452%, 10/12/20341
|
295,412
|
|||||
Ellington Financial Mortgage Trust 2020-1
|
|||||||
309,336
|
2.006%, 05/25/20651,4
|
303,936
|
|||||
EQUS 2021-EQAZ Mortgage Trust
|
|||||||
600,000
|
0.861% (1 Month LIBOR USD + 0.755%), 10/15/20361,3
|
585,828
|
|||||
Fannie Mae Pool
|
|||||||
14,666
|
4.500%, 07/01/2026
|
15,123
|
|||||
50,081
|
2.500%, 08/01/2028
|
49,162
|
|||||
38,882
|
5.000%, 11/01/2029
|
40,671
|
|||||
11,610
|
4.000%, 10/01/2030
|
11,572
|
|||||
96,126
|
4.500%, 05/01/2031
|
98,131
|
|||||
84,817
|
4.000%, 09/01/2031
|
85,753
|
|||||
37,413
|
4.500%, 01/01/2032
|
38,189
|
|||||
24,090
|
3.500%, 04/01/2032
|
24,000
|
|||||
474,988
|
2.500%, 06/01/2032
|
466,177
|
|||||
206,478
|
3.500%, 07/01/2032
|
207,898
|
|||||
154,603
|
3.500%, 02/01/2033
|
155,729
|
|||||
1,105,990
|
3.500%, 05/01/2033
|
1,124,847
|
|||||
320,991
|
3.000%, 05/01/2033
|
310,536
|
|||||
130,588
|
3.500%, 12/01/2033
|
130,992
|
|||||
92,462
|
4.500%, 05/01/2034
|
94,607
|
|||||
110,357
|
4.000%, 06/01/2034
|
112,116
|
|||||
151,770
|
3.500%, 08/01/2034
|
150,518
|
|||||
122,406
|
3.500%, 12/01/2034
|
121,653
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Fannie Mae Pool (Continued)
|
|||||||
$
|
256,589
|
3.500%, 02/01/2035
|
$
|
257,382
|
|||
172,225
|
3.000%, 02/01/2035
|
171,431
|
|||||
121,071
|
4.000%, 11/01/2035
|
122,711
|
|||||
57,670
|
3.500%, 11/01/2035
|
57,318
|
|||||
333,032
|
2.500%, 04/01/2037
|
310,425
|
|||||
129,630
|
4.000%, 07/01/2037
|
130,831
|
|||||
127,337
|
3.500%, 12/01/2037
|
125,439
|
|||||
126,358
|
4.000%, 12/01/2037
|
127,748
|
|||||
88,005
|
4.000%, 06/01/2038
|
89,631
|
|||||
82,103
|
3.000%, 08/01/2038
|
79,383
|
|||||
4,528
|
4.000%, 03/01/2039
|
4,576
|
|||||
614,580
|
3.000%, 01/01/2040
|
594,552
|
|||||
93,179
|
4.500%, 01/01/2040
|
97,239
|
|||||
656,249
|
2.500%, 06/01/2040
|
610,089
|
|||||
12,517
|
4.500%, 07/01/2040
|
13,063
|
|||||
351,068
|
2.000%, 08/01/2040
|
316,363
|
|||||
89,481
|
4.000%, 09/01/2040
|
90,310
|
|||||
21,806
|
4.500%, 09/01/2040
|
22,757
|
|||||
4,091
|
4.000%, 09/01/2040
|
4,140
|
|||||
386,878
|
3.000%, 10/01/2040
|
369,680
|
|||||
227,642
|
2.500%, 10/01/2040
|
212,074
|
|||||
272,300
|
2.000%, 11/01/2040
|
245,206
|
|||||
14,391
|
4.500%, 11/01/2040
|
14,817
|
|||||
35,336
|
4.500%, 12/01/2040
|
36,789
|
|||||
173,232
|
2.000%, 01/01/2041
|
155,962
|
|||||
98,662
|
4.000%, 01/01/2041
|
99,755
|
|||||
465,956
|
2.500%, 02/01/2041
|
426,826
|
|||||
393,652
|
1.500%, 03/01/2041
|
337,939
|
|||||
250,569
|
2.500%, 03/01/2041
|
233,391
|
|||||
86,808
|
4.500%, 04/01/2041
|
90,605
|
|||||
21,427
|
4.500%, 05/01/2041
|
22,318
|
|||||
521,527
|
2.500%, 09/01/2041
|
483,828
|
|||||
1,750,333
|
3.000%, 10/01/2041
|
1,676,909
|
|||||
532,817
|
2.500%, 10/01/2041
|
494,962
|
|||||
9,392
|
4.000%, 10/01/2041
|
9,434
|
|||||
337,862
|
2.500%, 11/01/2041
|
313,436
|
|||||
21,600
|
3.000%, 09/01/2042
|
20,843
|
|||||
143,838
|
3.000%, 04/01/2043
|
138,588
|
|||||
126,595
|
3.500%, 07/01/2043
|
125,469
|
|||||
46,170
|
3.500%, 01/01/2044
|
45,761
|
|||||
405,017
|
3.000%, 04/01/2045
|
389,798
|
|||||
37,638
|
3.500%, 12/01/2045
|
37,116
|
|||||
194,460
|
4.500%, 03/01/2046
|
202,908
|
|||||
115,488
|
3.000%, 04/01/2046
|
110,778
|
|||||
185,784
|
2.500%, 05/01/2046
|
170,970
|
|||||
151,803
|
3.000%, 06/01/2046
|
146,609
|
|||||
113,966
|
3.500%, 06/01/2046
|
112,533
|
|||||
74,303
|
3.000%, 10/01/2046
|
71,160
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Fannie Mae Pool (Continued)
|
|||||||
$
|
6,761
|
3.000%, 11/01/2046
|
$
|
6,483
|
|||
668,382
|
3.000%, 02/01/2047
|
642,428
|
|||||
1,127,921
|
2.500%, 11/01/2047
|
1,039,185
|
|||||
295,962
|
2.500%, 12/01/2047
|
272,167
|
|||||
55,616
|
3.500%, 03/01/2048
|
54,529
|
|||||
214,493
|
2.500%, 04/01/2048
|
197,629
|
|||||
119,644
|
3.000%, 04/01/2048
|
114,586
|
|||||
359,641
|
3.500%, 08/01/2048
|
353,780
|
|||||
112,112
|
3.500%, 11/01/2048
|
109,657
|
|||||
10,810
|
4.500%, 11/01/2048
|
11,032
|
|||||
144,619
|
3.000%, 12/01/2048
|
138,606
|
|||||
48,488
|
3.000%, 02/01/2049
|
46,285
|
|||||
20,875
|
3.500%, 02/01/2049
|
20,361
|
|||||
660,795
|
2.500%, 07/01/2049
|
608,883
|
|||||
602,079
|
3.500%, 09/01/2049
|
575,822
|
|||||
108,142
|
3.000%, 12/01/2049
|
102,430
|
|||||
419,639
|
2.500%, 04/01/2050
|
378,047
|
|||||
300,155
|
2.500%, 05/01/2050
|
270,444
|
|||||
164,573
|
3.500%, 08/01/2050
|
161,932
|
|||||
561,303
|
2.500%, 09/01/2050
|
513,896
|
|||||
141,284
|
2.500%, 10/01/2050
|
129,672
|
|||||
358,665
|
2.000%, 03/01/2051
|
318,359
|
|||||
1,461,397
|
2.500%, 07/01/2051
|
1,338,644
|
|||||
847,818
|
2.500%, 08/01/2051
|
774,980
|
|||||
613,517
|
2.500%, 09/01/2051
|
560,733
|
|||||
2,539,329
|
2.500%, 10/01/2051
|
2,326,986
|
|||||
295,903
|
2.500%, 12/01/2051
|
270,903
|
|||||
643,595
|
3.000%, 01/01/2052
|
609,683
|
|||||
801,667
|
3.000%, 02/01/2052
|
758,542
|
|||||
Fannie Mae REMICS
|
|||||||
1,227
|
7.000%, 11/25/2022
|
1,224
|
|||||
30,969
|
5.500%, 01/25/2026
|
31,730
|
|||||
119,035
|
4.000%, 04/25/2033
|
120,739
|
|||||
225,000
|
4.000%, 09/25/2033
|
225,001
|
|||||
4,544
|
5.000%, 08/25/2035
|
4,791
|
|||||
228,000
|
3.500%, 10/25/2037
|
225,763
|
|||||
5,788
|
4.500%, 02/25/2038
|
5,812
|
|||||
1,434
|
2.000%, 07/25/2041
|
1,421
|
|||||
45,594
|
2.000%, 12/25/2041
|
43,107
|
|||||
136,793
|
3.500%, 02/25/2043
|
135,785
|
|||||
110,116
|
2.000%, 02/25/2043
|
104,733
|
|||||
9,765
|
3.500%, 08/25/2043
|
9,782
|
|||||
195,352
|
2.000%, 10/25/2044
|
185,850
|
|||||
45,985
|
3.000%, 04/25/2045
|
44,832
|
|||||
8,341
|
3.500%, 08/25/2045
|
8,337
|
|||||
79,515
|
2.500%, 01/25/2048
|
75,008
|
|||||
568,000
|
4.000%, 05/25/20495
|
572,593
|
|||||
102,845
|
3.500%, 09/25/2048
|
103,018
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Fannie Mae REMICS (Continued)
|
|||||||
$
|
694,401
|
2.000%, 04/25/2049
|
$
|
641,634
|
|||
79,951
|
3.000%, 07/25/2049
|
76,563
|
|||||
11,786
|
3.500%, 06/25/2053
|
11,633
|
|||||
Fannie Mae Trust 2003-W8
|
|||||||
16,122
|
1.018% (1 Month LIBOR USD + 0.350%), 05/25/20423
|
16,055
|
|||||
Fannie Mae-Aces
|
|||||||
69,423
|
3.501%, 01/25/2024
|
69,665
|
|||||
Freddie Mac Gold Pool
|
|||||||
3,921
|
6.000%, 01/01/2024
|
3,994
|
|||||
14,528
|
4.500%, 12/01/2024
|
14,872
|
|||||
36,993
|
4.500%, 10/01/2028
|
38,587
|
|||||
80,126
|
4.500%, 05/01/2031
|
81,864
|
|||||
163,002
|
4.500%, 06/01/2031
|
166,537
|
|||||
6,911
|
4.000%, 09/01/2031
|
6,993
|
|||||
50,895
|
3.500%, 05/01/2032
|
51,267
|
|||||
244,605
|
3.500%, 08/01/2032
|
245,845
|
|||||
124,549
|
3.000%, 11/01/2032
|
120,861
|
|||||
48,497
|
3.500%, 06/01/2033
|
48,358
|
|||||
125,958
|
4.000%, 11/01/2033
|
128,080
|
|||||
15,913
|
3.500%, 07/01/2036
|
15,570
|
|||||
157,249
|
3.500%, 08/01/2036
|
156,801
|
|||||
26,977
|
4.500%, 12/01/2039
|
28,173
|
|||||
25,895
|
4.000%, 01/01/2041
|
26,228
|
|||||
46,639
|
3.000%, 11/01/2042
|
45,021
|
|||||
105,159
|
3.500%, 12/01/2042
|
104,073
|
|||||
659,023
|
3.000%, 12/01/2046
|
632,086
|
|||||
71,756
|
3.000%, 01/01/2047
|
68,796
|
|||||
Freddie Mac Multifamily Structured Pass Through Certificates
|
|||||||
11,831
|
0.792% (1 Month LIBOR USD + 0.340%), 07/25/20243
|
11,822
|
|||||
16,469
|
2.802%, 01/25/20464
|
16,445
|
|||||
Freddie Mac Pool
|
|||||||
252,190
|
3.500%, 07/01/2030
|
252,970
|
|||||
28,735
|
2.000%, 12/01/2030
|
27,514
|
|||||
121,088
|
2.500%, 11/01/2031
|
118,791
|
|||||
55,973
|
3.000%, 10/01/2032
|
55,538
|
|||||
309,408
|
4.000%, 06/01/2033
|
312,417
|
|||||
89,609
|
3.500%, 11/01/2034
|
90,226
|
|||||
357,691
|
3.000%, 07/01/2038
|
348,227
|
|||||
491,064
|
3.000%, 09/01/2039
|
470,852
|
|||||
727,267
|
3.000%, 06/01/2040
|
693,915
|
|||||
174,359
|
2.500%, 04/01/2042
|
161,654
|
|||||
472,393
|
2.500%, 10/01/2046
|
434,753
|
|||||
671,571
|
4.500%, 02/01/2047
|
690,318
|
|||||
38,797
|
3.500%, 01/01/2048
|
38,085
|
|||||
263,351
|
2.500%, 11/01/2050
|
240,896
|
|||||
355,820
|
2.000%, 02/01/2051
|
315,062
|
|||||
527,679
|
2.500%, 03/01/2051
|
483,021
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Freddie Mac Pool (Continued)
|
|||||||
$
|
429,934
|
2.000%, 11/01/2051
|
$
|
380,014
|
|||
582,522
|
3.000%, 12/01/2051
|
551,089
|
|||||
Freddie Mac REMICS
|
|||||||
24,724
|
4.500%, 09/15/2025
|
25,234
|
|||||
162,679
|
3.500%, 08/15/2027
|
162,773
|
|||||
4,654
|
3.000%, 11/15/2032
|
4,653
|
|||||
4,664
|
3.000%, 09/15/2037
|
4,673
|
|||||
217,222
|
3.000%, 08/15/2040
|
217,260
|
|||||
180,292
|
2.000%, 09/15/2041
|
171,217
|
|||||
18,643
|
2.000%, 12/15/2041
|
17,603
|
|||||
381,876
|
2.000%, 11/15/2042
|
361,446
|
|||||
84,679
|
3.000%, 05/15/2043
|
83,150
|
|||||
41,642
|
3.000%, 11/15/2043
|
41,488
|
|||||
110,113
|
2.000%, 03/25/2044
|
105,687
|
|||||
236,620
|
3.000%, 08/15/2044
|
231,506
|
|||||
595
|
4.000%, 07/15/2045
|
594
|
|||||
345,305
|
3.000%, 06/25/2048
|
330,848
|
|||||
155,190
|
1.000%, 04/25/2049
|
140,170
|
|||||
60,566
|
1.000%, 01/25/2050
|
49,894
|
|||||
239,122
|
3.250%, 04/15/20536
|
237,046
|
|||||
54,380
|
3.000%, 01/15/2055
|
53,829
|
|||||
Freddie Mac STACR REMIC Trust 2021-DNA3
|
|||||||
84,459
|
1.039% (SOFR30A + 0.750%), 10/25/20331,3
|
83,628
|
|||||
Freddie Mac STACR REMIC Trust 2022-DNA1
|
|||||||
1,000,000
|
1.289% (SOFR30A + 1.000%), 01/27/20421,3
|
982,435
|
|||||
Freddie Mac STACR REMIC Trust 2022-DNA1
|
|||||||
826,000
|
2.251% (SOFR30A + 2.000%), 04/25/20421,3
|
826,687
|
|||||
Freddie Mac Structured Agency Credit Risk Debt Notes
|
|||||||
48,426
|
1.089% (SOFR30A + 0.800%), 08/25/20331,3
|
48,136
|
|||||
Freddie Mac Structured Pass-Through Certificates
|
|||||||
119,660
|
1.619% (12 Month US Treasury Average + 1.400%), 07/25/20443
|
123,208
|
|||||
18,623
|
1.419% (12 Month US Treasury Average + 1.200%), 10/25/20443
|
18,935
|
|||||
Government National Mortgage Association
|
|||||||
563
|
5.000%, 12/20/2027
|
573
|
|||||
63,304
|
5.500%, 09/20/2033
|
65,496
|
|||||
146,985
|
2.750%, 06/20/2042
|
144,394
|
|||||
209,000
|
3.000%, 01/20/2043
|
203,388
|
|||||
46,067
|
2.200%, 11/16/2043
|
45,896
|
|||||
13,747
|
2.250%, 09/16/2044
|
13,628
|
|||||
36,201
|
2.000%, 03/20/2045
|
34,456
|
|||||
15,017
|
2.500%, 10/20/2045
|
14,846
|
|||||
25,381
|
2.500%, 09/20/2046
|
24,824
|
|||||
477,029
|
2.000%, 03/20/2050
|
443,426
|
|||||
165,882
|
1.000%, 08/20/2050
|
140,001
|
|||||
200,465
|
1.250%, 05/20/2051
|
171,450
|
|||||
1,933,535
|
1.750%, 09/20/2051
|
1,800,176
|
|||||
8,074
|
2.700%, 12/16/20544
|
8,073
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
GS Mortgage Securities Corp Trust 2021-RENT
|
|||||||
$
|
296,924
|
1.325% (1 Month LIBOR USD + 0.700%), 11/21/20351,3
|
$
|
293,992
|
|||
GS Mortgage Securities Corp Trust 2021-ROSS
|
|||||||
310,000
|
1.705% (1 Month LIBOR USD + 1.150%), 06/16/20361,3
|
304,572
|
|||||
ILPT Trust 2019-SURF
|
|||||||
145,000
|
4.145%, 02/13/20411
|
144,951
|
|||||
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
|
|||||||
124,000
|
2.822%, 08/17/2049
|
119,188
|
|||||
Morgan Stanley Capital I Trust 2015-UBS8
|
|||||||
168,000
|
3.809%, 12/17/2048
|
167,103
|
|||||
Morgan Stanley Capital I Trust 2016-UBS12
|
|||||||
413,000
|
3.596%, 12/17/2049
|
405,800
|
|||||
Morgan Stanley Capital I Trust 2016-UBS9
|
|||||||
337,000
|
3.594%, 03/17/2049
|
333,558
|
|||||
PSMC 2020-3 Trust
|
|||||||
925,000
|
3.000%, 11/25/20501,4
|
871,141
|
|||||
RLGH Trust 2021-TROT
|
|||||||
430,000
|
1.355% (1 Month LIBOR USD + 0.800%), 04/15/20361,3
|
424,085
|
|||||
Seasoned Credit Risk Transfer Trust
|
|||||||
93,293
|
2.000%, 11/25/2060
|
87,474
|
|||||
UBS Commercial Mortgage Trust
|
|||||||
334,000
|
2.921%, 10/18/2052
|
307,022
|
|||||
UBS-Barclays Commercial Mortgage Trust 2012-C4
|
|||||||
24,626
|
2.533%, 12/12/2045
|
24,616
|
|||||
UBS-Barclays Commercial Mortgage Trust 2013-C5
|
|||||||
98,649
|
2.687%, 03/12/2046
|
98,816
|
|||||
UBS-Barclays Commercial Mortgage Trust 2013-C6
|
|||||||
656,000
|
3.244%, 04/12/2046
|
654,632
|
|||||
VNDO 2012-6AVE Mortgage Trust
|
|||||||
300,000
|
2.996%, 11/15/20301
|
300,790
|
|||||
Wells Fargo Commercial Mortgage Trust 2016-C35
|
|||||||
160,000
|
2.931%, 07/17/2048
|
153,910
|
|||||
Wells Fargo Commercial Mortgage Trust 2016-NXS6
|
|||||||
437,000
|
2.918%, 11/18/2049
|
420,199
|
|||||
Wells Fargo Commercial Mortgage Trust 2017-RB1
|
|||||||
351,000
|
3.635%, 03/15/2050
|
346,253
|
|||||
Wells Fargo Commercial Mortgage Trust 2021-SAVE
|
|||||||
222,710
|
1.704% (1 Month LIBOR USD + 1.150%), 02/15/20401,3
|
219,800
|
|||||
WFRBS Commercial Mortgage Trust 2013-C12
|
|||||||
157,897
|
3.198%, 03/17/2048
|
158,039
|
|||||
TOTAL MORTGAGE BACKED SECURITIES
|
|||||||
(Cost $55,503,897)
|
51,279,699
|
||||||
U.S. GOVERNMENT AGENCY ISSUES – 18.3%
|
|||||||
Federal Farm Credit Banks Funding Corp.
|
|||||||
1,375,000
|
2.280%, 02/14/2028
|
1,304,719
|
|||||
676,000
|
2.450%, 02/23/2028
|
647,594
|
|||||
2,000,000
|
1.300%, 09/20/2028
|
1,781,255
|
|||||
585,000
|
2.750%, 03/07/2029
|
564,381
|
|||||
710,000
|
1.370%, 03/20/2029
|
621,605
|
Principal
|
|||||||
Amount
|
Value
|
||||||
U.S. GOVERNMENT AGENCY ISSUES (Continued)
|
|||||||
Federal Farm Credit Banks Funding Corp. (Continued)
|
|||||||
$
|
347,000
|
2.870%, 02/25/2030
|
$
|
335,058
|
|||
2,095,000
|
2.150%, 12/01/2031
|
1,840,398
|
|||||
687,000
|
2.950%, 02/17/2032
|
647,080
|
|||||
247,000
|
2.940%, 02/23/2032
|
235,586
|
|||||
1,849,000
|
3.000%, 03/08/2032
|
1,756,746
|
|||||
668,000
|
3.800%, 04/05/2032
|
656,072
|
|||||
1,378,000
|
2.480%, 02/01/2034
|
1,207,131
|
|||||
1,355,000
|
3.250%, 02/23/2035
|
1,259,082
|
|||||
1,706,000
|
3.360%, 02/23/2037
|
1,579,353
|
|||||
Federal Home Loan Banks
|
|||||||
550,875
|
1.000%, 03/23/2026
|
509,288
|
|||||
1,640,000
|
0.625%, 11/23/20265
|
1,541,385
|
|||||
550,000
|
2.500%, 02/25/2027
|
536,588
|
|||||
200,000
|
4.000%, 04/13/2027
|
200,029
|
|||||
925,000
|
3.200%, 04/21/2027
|
916,178
|
|||||
965,000
|
2.500%, 04/29/20275
|
963,716
|
|||||
100,000
|
0.500%, 08/26/20276
|
92,047
|
|||||
685,000
|
2.750%, 02/22/2034
|
627,361
|
|||||
360,000
|
2.900%, 02/18/2037
|
325,089
|
|||||
1,270,000
|
3.000%, 02/24/2037
|
1,140,109
|
|||||
Ginnie Mae I Pool
|
|||||||
920
|
4.500%, 04/15/2023
|
933
|
|||||
76,189
|
4.000%, 11/15/2024
|
77,966
|
|||||
313,457
|
3.020%, 09/15/2041
|
308,048
|
|||||
359,593
|
3.000%, 08/15/2045
|
345,629
|
|||||
Ginnie Mae II Pool
|
|||||||
114,237
|
3.500%, 04/20/2027
|
114,708
|
|||||
40,814
|
3.500%, 07/20/2027
|
40,983
|
|||||
747,234
|
3.500%, 12/20/2034
|
752,413
|
|||||
71,844
|
5.000%, 07/20/2048
|
74,732
|
|||||
463,445
|
3.000%, 10/20/2051
|
442,955
|
|||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES
|
|||||||
(Cost $24,892,004)
|
23,446,217
|
||||||
U.S. GOVERNMENT NOTES/BONDS – 4.1%
|
|||||||
United States Treasury Note/Bond
|
|||||||
476,000
|
0.875%, 01/31/2024
|
461,608
|
|||||
2,591,000
|
2.625%, 04/15/2025
|
2,572,580
|
|||||
1,727,000
|
1.875%, 02/28/2027
|
1,644,698
|
|||||
453,000
|
2.750%, 04/30/2027
|
449,142
|
|||||
175,000
|
1.750%, 01/31/2029
|
162,135
|
|||||
TOTAL U.S. GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $5,344,118)
|
5,290,163
|
Principal
|
|||||||
Amount
|
Value
|
||||||
FOREIGN GOVERNMENT AGENCY ISSUES – 1.5%
|
|||||||
International Bank for Reconstruction and Development
|
|||||||
$
|
712,000
|
0.650%, 02/24/20262
|
$
|
651,713
|
|||
1,500,000
|
2.700%, 12/28/20372
|
1,327,977
|
|||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES
|
|||||||
(Cost $2,180,623)
|
1,979,690
|
||||||
CERTIFICATES OF DEPOSIT – 1.2%
|
|||||||
American Express National Bank
|
|||||||
245,000
|
2.000%, 03/09/2027
|
233,722
|
|||||
Goldman Sachs Bank USA/New York NY
|
|||||||
865,000
|
1.000%, 02/11/2026
|
804,556
|
|||||
HSBC Bank USA NA
|
|||||||
225,000
|
0.506% (3 Month LIBOR USD + 0.000%), 11/15/20223
|
224,699
|
|||||
JPMorgan Chase Bank NA
|
|||||||
72,000
|
0.622% (3 Month LIBOR USD + 0.100%), 12/04/20233
|
71,926
|
|||||
100,000
|
0.508% (3 Month LIBOR USD + 0.000%), 11/29/20243
|
98,389
|
|||||
105,000
|
0.916% (3 Month LIBOR USD + 0.000%), 12/17/20253
|
101,945
|
|||||
TOTAL CERTIFICATES OF DEPOSIT
|
|||||||
(Cost $1,604,763)
|
1,535,237
|
||||||
SHORT TERM INVESTMENT – 0.7%
|
|||||||
946,931
|
First American Treasury Obligations Fund – Class X, 0.29%7
|
946,931
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $946,931)
|
946,931
|
||||||
TOTAL INVESTMENTS – 100.1%
|
|||||||
(Cost $137,982,561)
|
128,406,441
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(186,184
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
128,220,257
|
1
|
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, 2022, the value of these securities total $14,471,141 which represents 11.29% of total net assets.
|
2
|
Foreign security denominated in U.S. Dollars.
|
3
|
Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2022.
|
4
|
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, 2022.
|
5
|
Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.45% of Net Assets. The total value of these securities is $572,593.
|
6
|
Step-up bond; the interest rate shown is the rate in effect as of April 30, 2022.
|
7
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Asset Backed Securities
|
7.6
|
%
|
|||
Corporate Bonds
|
|||||
Financials
|
12.6
|
%
|
|||
Consumer Discretionary
|
2.4
|
%
|
|||
Communication Services
|
2.3
|
%
|
|||
Information Technology
|
2.0
|
%
|
|||
Industrials
|
1.6
|
%
|
|||
Health Care
|
1.5
|
%
|
|||
Consumer Staples
|
1.4
|
%
|
|||
Energy
|
1.3
|
%
|
|||
Utilities
|
1.0
|
%
|
|||
Real Estate
|
0.4
|
%
|
|||
Materials
|
0.2
|
%
|
|||
Total Corporate Bonds
|
26.7
|
%
|
|||
Mortgage Backed Securities
|
40.0
|
%
|
|||
U.S. Government Agency Issues
|
18.3
|
%
|
|||
U.S. Government Notes/Bonds
|
4.1
|
%
|
|||
Foreign Government Agency Issues
|
1.5
|
%
|
|||
Certificates of Deposit
|
1.2
|
%
|
|||
Short-Term Investment
|
0.7
|
%
|
|||
Total Investments
|
100.1
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.1
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 3.9%
|
|||||||
ENERGY – 0.9%
|
|||||||
Oil, Gas & Consumable Fuels – 0.9%
|
|||||||
4,049
|
Pioneer Natural Resources Co.
|
$
|
941,271
|
||||
TOTAL ENERGY
|
941,271
|
||||||
INDUSTRIALS – 0.5%
|
|||||||
Aerospace & Defense – 0.5%
|
|||||||
1,166
|
Lockheed Martin Corp.
|
503,852
|
|||||
TOTAL INDUSTRIALS
|
503,852
|
||||||
MATERIALS – 2.5%
|
|||||||
Chemicals – 1.0%
|
|||||||
9,711
|
Nutrien Ltd.1
|
954,106
|
|||||
Metals & Mining – 1.5%
|
|||||||
22,749
|
Barrick Gold Corp.1
|
507,530
|
|||||
7,898
|
BHP Group Ltd.1
|
529,008
|
|||||
6,975
|
Newmont Corp.
|
508,129
|
|||||
1,544,667
|
|||||||
TOTAL MATERIALS
|
2,498,773
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $3,982,979)
|
3,943,896
|
||||||
PURCHASED CALL OPTION – 0.5%
|
|||||||
150
|
S&P500 EMINI OPTN Sep22C 4550,
|
||||||
Expiration Date: September 2022, Exercise Price $4,550.00
|
519,375
|
||||||
TOTAL PURCHASED CALL OPTION
|
|||||||
(Cost $965,898)
|
519,375
|
||||||
Principal
|
|||||||
Amount
|
|||||||
ASSET BACKED SECURITIES – 14.6%
|
|||||||
Aegis Asset Backed Securities Trust 2005-2
|
|||||||
$
|
2,374,719
|
1.388% (1 Month LIBOR USD + 0.720%), 06/25/20353
|
2,304,474
|
||||
Aligned Data Centers Issuer LLC
|
|||||||
1,048,000
|
1.937%, 08/15/20462
|
948,021
|
|||||
Asset-Backed Pass-Through Certificates Series 2004-R2
|
|||||||
849,698
|
1.313% (1 Month LIBOR USD + 0.645%), 04/25/20343
|
845,479
|
|||||
Countrywide Asset-Backed Certificates
|
|||||||
543,297
|
1.328% (1 Month LIBOR USD + 0.660%), 03/25/20363
|
542,809
|
|||||
FBR Securitization Trust
|
|||||||
1,000,000
|
1.373% (1 Month LIBOR USD + 0.705%), 11/26/20353
|
985,247
|
|||||
Foundation Finance Trust 2017-1
|
|||||||
85,054
|
3.300%, 07/15/20332
|
85,310
|
|||||
HI-FI Music IP Issuer LP
|
|||||||
1,000,000
|
3.939%, 02/01/20622
|
993,465
|
|||||
HSI Asset Securitization Corp Trust 2006-OPT3
|
|||||||
405,370
|
1.208% (1 Month LIBOR USD + 0.540%), 02/25/20363
|
400,805
|
Principal
|
|||||||
Amount
|
Value
|
||||||
ASSET BACKED SECURITIES (Continued)
|
|||||||
JP Morgan Mortgage Acquisition Trust 2006-CH1
|
|||||||
$
|
290,000
|
0.988% (1 Month LIBOR USD + 0.320%), 07/25/20363
|
$
|
286,122
|
|||
JP Morgan Mortgage Acquisition Trust 2007-CH3
|
|||||||
508,246
|
0.928% (1 Month LIBOR USD + 0.260%), 03/25/20373
|
502,040
|
|||||
Long Beach Mortgage Loan Trust 2005-1
|
|||||||
1,172,495
|
1.943% (1 Month LIBOR USD + 1.275%), 02/25/20353
|
1,164,044
|
|||||
NMEF Funding 2022-A LLC
|
|||||||
2,000,000
|
2.580%, 10/16/20282
|
1,964,548
|
|||||
OASIS 2020-2 LLC
|
|||||||
122,396
|
4.262%, 05/15/20322
|
122,438
|
|||||
Oasis Securitization Funding LLC
|
|||||||
671,838
|
2.143%, 10/15/20332
|
663,531
|
|||||
Planet Fitness Master Issuer LLC
|
|||||||
1,250,000
|
3.251%, 12/05/20512
|
1,157,704
|
|||||
RASC Series 2005-EMX2 Trust
|
|||||||
239,476
|
1.643% (1 Month LIBOR USD + 0.650%), 07/25/20353
|
239,576
|
|||||
Renaissance Home Equity Loan Trust 2005-3
|
|||||||
956,184
|
5.140%, 11/25/20355
|
964,638
|
|||||
Soundview Home Loan Trust 2006-OPT3
|
|||||||
612,755
|
1.008% (1 Month LIBOR USD + 0.340%), 06/25/20363
|
612,346
|
|||||
TOTAL ASSET BACKED SECURITIES
|
|||||||
(Cost $14,973,411)
|
14,782,597
|
||||||
CORPORATE BONDS – 52.1%
|
|||||||
COMMUNICATION SERVICES – 2.4%
|
|||||||
Diversified Telecommunication Services – 0.9%
|
|||||||
T-Mobile USA, Inc.
|
|||||||
1,000,000
|
3.500%, 04/15/20312
|
887,700
|
|||||
Entertainment – 1.0%
|
|||||||
Netflix Inc.
|
|||||||
1,000,000
|
4.875%, 06/15/20302
|
976,480
|
|||||
Wireless Telecommunication Services – 0.5%
|
|||||||
Vodafone Group PLC
|
|||||||
515,000
|
7.000% (5 Year Swap Rate USD + 4.873%), 04/04/20791,3
|
544,556
|
|||||
TOTAL COMMUNICATION SERVICES
|
2,408,736
|
||||||
CONSUMER DISCRETIONARY – 4.8%
|
|||||||
Automobiles – 4.8%
|
|||||||
BMW US Capital, LLC
|
|||||||
1,500,000
|
3.250%, 04/01/20252
|
1,487,151
|
|||||
Ford Motor Credit Co. LLC
|
|||||||
1,500,000
|
3.810%, 01/09/2024
|
1,475,708
|
|||||
General Motors Financial Co., Inc.
|
|||||||
1,000,000
|
5.700% (5 Year CMT Rate + 4.997%), 09/30/21693
|
980,000
|
|||||
NISSAN MOTOR CO., LTD.
|
|||||||
1,000,000
|
4.810%, 09/17/20301
|
940,275
|
|||||
TOTAL CONSUMER DISCRETIONARY
|
4,883,134
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
CONSUMER STAPLES – 2.8%
|
|||||||
Food Products – 2.8%
|
|||||||
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance, Inc.
|
|||||||
$
|
1,000,000
|
3.000%, 02/02/20291,2
|
$
|
891,340
|
|||
Kraft Heinz Foods Co.
|
|||||||
1,500,000
|
3.000%, 06/01/2026
|
1,434,688
|
|||||
Mondelez International Inc.
|
|||||||
500,000
|
2.125%, 03/17/2024
|
491,198
|
|||||
TOTAL CONSUMER STAPLES
|
2,817,226
|
||||||
ENERGY – 2.8%
|
|||||||
Oil, Gas & Consumable Fuels – 2.8%
|
|||||||
Enbridge Inc.
|
|||||||
800,000
|
5.750% (5 Year CMT Rate + 5.314%), 07/15/20801,3
|
796,000
|
|||||
Schlumberger Holdings Corp.
|
|||||||
2,000,000
|
3.750%, 05/01/20242
|
2,013,256
|
|||||
TOTAL ENERGY
|
2,809,256
|
||||||
FINANCIALS – 26.0%
|
|||||||
Banks – 18.9%
|
|||||||
Australia and New Zealand Banking Group Ltd.
|
|||||||
1,250,000
|
6.750% (5 Year Mid Swap Rate USD + 5.168%), 12/29/20491,3
|
1,310,419
|
|||||
Banco Bilbao Vizcaya Argentaria, S.A.
|
|||||||
1,000,000
|
6.500% (5 Year CMT Rate + 5.192%), 06/05/20251,3
|
971,250
|
|||||
Bank of America Corp.
|
|||||||
850,000
|
6.500% (3 Month LIBOR USD + 4.174%), 04/23/20253
|
868,598
|
|||||
1,000,000
|
6.125% (5 Year CMT Rate + 3.231%), 07/27/21703
|
1,002,500
|
|||||
Bank of Montreal
|
|||||||
500,000
|
2.150%, 03/08/20241
|
490,118
|
|||||
BNP Paribas SA
|
|||||||
700,000
|
7.375% (5 Year Swap Rate USD + 5.150%), 12/29/20491,3
|
729,123
|
|||||
Citigroup Inc.
|
|||||||
1,300,000
|
4.000% (5 Year CMT Rate + 3.597%), 06/10/21693
|
1,183,000
|
|||||
CoBank ACB
|
|||||||
1,000,000
|
4.250% (5 Year CMT Rate + 3.049%), 07/01/21703
|
915,000
|
|||||
Commerzbank Aktiengesellschaft
|
|||||||
1,000,000
|
7.000% (5 Year Swap Rate USD + 5.228%), 04/09/21711,3
|
989,000
|
|||||
Credit Agricole S.A.
|
|||||||
1,000,000
|
7.875% (5 Year Swap Rate USD + 4.898%), 01/29/20491,2,3
|
1,027,500
|
|||||
Fifth Third Bancorp
|
|||||||
1,000,000
|
4.500% (5 Year CMT Rate + 4.215%), 12/30/20253
|
972,417
|
|||||
HSBC Holdings PLC
|
|||||||
1,000,000
|
6.000% (5 Year Swap Rate EUR + 5.338%), 03/29/21641,3
|
1,075,477
|
|||||
Huntington Bancshares Inc.
|
|||||||
1,000,000
|
4.450% (7 Year CMT Rate + 4.045%), 03/15/21683
|
960,083
|
|||||
500,000
|
5.625% (10 Year CMT Rate + 4.945%), 01/15/21693
|
500,985
|
|||||
JPMorgan Chase & Co.
|
|||||||
1,100,000
|
6.750% (3 Month LIBOR USD + 3.780%), 01/29/20503
|
1,120,031
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Banks (Continued)
|
|||||||
Lloyds Banking Group plc
|
|||||||
$
|
700,000
|
6.750% (5 Year CMT Rate + 4.815%), 12/27/21661,3
|
$
|
705,624
|
|||
M&T Bank Corp.
|
|||||||
325,000
|
6.450% (3 Month LIBOR USD + 3.610%), 12/29/20493
|
327,234
|
|||||
NatWest Group plc
|
|||||||
500,000
|
8.000% (5 Year Swap Rate USD + 5.720%), 12/29/20493
|
527,170
|
|||||
Regions Financial Corp.
|
|||||||
500,000
|
5.750% (5 Year CMT Rate + 5.430%), 12/15/21653
|
511,250
|
|||||
Skandinaviska Enskilda Banken AB
|
|||||||
800,000
|
5.125% (5 Year CMT Rate + 3.463%), 11/13/20251,3
|
768,500
|
|||||
SVB Financial Group
|
|||||||
500,000
|
4.000% (5 Year CMT Rate + 3.202%), 11/15/21693
|
435,475
|
|||||
Truist Financial Corp.
|
|||||||
1,000,000
|
5.100% (10 Year CMT Rate + 4.349%), 03/01/20613
|
1,001,250
|
|||||
Westpac Banking Corp.
|
|||||||
750,000
|
5.000% (5 Year Mid Swap Rate USD + 2.888%), 09/21/21621,3
|
712,500
|
|||||
19,104,504
|
|||||||
Capital Markets – 3.7%
|
|||||||
The Bank of New York Mellon Corp.
|
|||||||
900,000
|
4.700% (5 Year CMT Rate + 4.358%), 03/20/21693
|
900,000
|
|||||
The Charles Schwab Corp.
|
|||||||
500,000
|
5.375% (5 Year CMT Rate + 4.971%), 05/01/20253
|
506,285
|
|||||
240,000
|
6.106% (3 Month LIBOR USD + 4.820%), 02/28/20493
|
239,400
|
|||||
Credit Suisse Group AG
|
|||||||
500,000
|
5.250% (5 Year CMT Rate + 4.889%), 08/11/20271,2,3
|
440,625
|
|||||
The Goldman Sachs Group, Inc.
|
|||||||
125,000
|
5.300% (3 Month LIBOR USD + 3.834%), 12/29/20493
|
123,671
|
|||||
1,000,000
|
5.500% (5 Year CMT Rate + 3.623%), 08/10/21683
|
1,004,540
|
|||||
Northern Trust Corp.
|
|||||||
250,000
|
4.600% (3 Month LIBOR USD + 3.202%), 04/01/20273
|
243,438
|
|||||
State Street Corp.
|
|||||||
250,000
|
4.423% (3 Month LIBOR USD + 3.597%), 12/29/20493
|
249,862
|
|||||
3,707,821
|
|||||||
Consumer Finance – 0.9%
|
|||||||
Ally Financial Inc.
|
|||||||
500,000
|
4.700% (7 Year CMT Rate + 3.481%), 11/15/21693
|
431,655
|
|||||
American Express Co.
|
|||||||
500,000
|
2.250%, 03/04/2025
|
482,744
|
|||||
914,399
|
|||||||
Insurance – 2.5%
|
|||||||
Assurant, Inc.
|
|||||||
700,000
|
7.000% (3 Month LIBOR USD + 4.135%), 03/27/20483
|
724,048
|
|||||
MetLife, Inc.
|
|||||||
1,400,000
|
3.850% (5 Year CMT Rate + 3.576%), 03/15/20263
|
1,336,720
|
|||||
PartnerRe Finance B LLC
|
|||||||
500,000
|
4.500% (5 Year CMT Rate + 3.815%), 10/01/20503
|
468,680
|
|||||
2,529,448
|
|||||||
TOTAL FINANCIALS
|
26,256,172
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
HEALTH CARE – 0.5%
|
|||||||
Health Care Providers & Services – 0.5%
|
|||||||
Centene Corp.
|
|||||||
$
|
650,000
|
2.500%, 03/01/2031
|
$
|
541,304
|
|||
TOTAL HEALTH CARE
|
541,304
|
||||||
INDUSTRIALS – 4.1%
|
|||||||
Airlines – 0.5%
|
|||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd.
|
|||||||
500,000
|
5.750%, 04/20/20291,2
|
482,600
|
|||||
Commercial Services & Supplies – 0.5%
|
|||||||
Syngenta Finance N.V.
|
|||||||
500,000
|
5.182%, 04/24/20281
|
502,036
|
|||||
Industrial Conglomerates – 2.6%
|
|||||||
Caterpillar Financial Services Corp.
|
|||||||
1,660,000
|
3.250%, 12/01/2024
|
1,666,200
|
|||||
General Electric Co.
|
|||||||
1,000,000
|
4.156% (3 Month LIBOR USD + 3.330%), 09/15/21693
|
948,620
|
|||||
2,614,820
|
|||||||
Machinery – 0.5%
|
|||||||
Stanley Black & Decker Inc.
|
|||||||
500,000
|
2.300%, 02/24/2025
|
485,693
|
|||||
TOTAL INDUSTRIALS
|
4,085,149
|
||||||
INFORMATION TECHNOLOGY – 2.0%
|
|||||||
Technology Hardware, Storage & Peripherals – 2.0%
|
|||||||
Apple Inc.
|
|||||||
2,000,000
|
3.250%, 02/23/2026
|
1,997,613
|
|||||
TOTAL INFORMATION TECHNOLOGY
|
1,997,613
|
||||||
MATERIALS – 2.9%
|
|||||||
Metals & Mining – 2.9%
|
|||||||
Alcoa Nederland Holding BV
|
|||||||
1,200,000
|
6.125%, 05/15/20281,2
|
1,222,200
|
|||||
Freeport-McMoRan Inc.
|
|||||||
1,800,000
|
4.625%, 08/01/2030
|
1,741,257
|
|||||
TOTAL MATERIALS
|
2,963,457
|
||||||
UTILITIES – 3.8%
|
|||||||
Electric Utilities – 2.6%
|
|||||||
Duke Energy Corp.
|
|||||||
1,000,000
|
4.875% (5 Year CMT Rate + 3.388%), 03/16/20253
|
992,500
|
|||||
Emera Inc.
|
|||||||
750,000
|
6.750% (3 Month LIBOR USD + 5.440%), 06/15/20761,3
|
763,125
|
|||||
NextEra Energy Capital Holdings, Inc.
|
|||||||
1,000,000
|
3.800% (5 Year CMT Rate + 2.547%), 03/15/20823
|
872,066
|
|||||
2,627,691
|
Principal
|
|||||||
Amount
|
Value
|
||||||
CORPORATE BONDS (Continued)
|
|||||||
UTILITIES (Continued)
|
|||||||
Multi-Utilities – 1.2%
|
|||||||
CMS Energy Corp.
|
|||||||
$
|
700,000
|
3.750% (5 Year CMT Rate + 2.900%), 12/01/20503
|
$
|
589,750
|
|||
Dominion Energy, Inc.
|
|||||||
650,000
|
5.750% (3 Month LIBOR USD + 3.057%), 10/01/20543
|
648,218
|
|||||
1,237,968
|
|||||||
TOTAL UTILITIES
|
3,865,659
|
||||||
TOTAL CORPORATE BONDS
|
|||||||
(Cost $55,844,449)
|
52,627,706
|
||||||
U.S. GOVERNMENT NOTES/BONDS – 2.8%
|
|||||||
United States Treasury Note/Bond
|
|||||||
1,590,000
|
1.375%, 11/15/2031
|
1,388,641
|
|||||
1,575,000
|
1.875%, 02/15/2032
|
1,438,418
|
|||||
TOTAL U.S. GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $3,088,832)
|
2,827,059
|
||||||
FOREIGN GOVERNMENT NOTES/BONDS – 1.3%
|
|||||||
Indonesia Treasury Bond
|
|||||||
11,000,000,000
|
6.500%, 02/15/20311
|
732,600
|
|||||
Mexican Bonos
|
|||||||
120,000
|
8.500%, 05/31/20291
|
570,906
|
|||||
TOTAL FOREIGN GOVERNMENT NOTES/BONDS
|
|||||||
(Cost $1,365,101)
|
1,303,506
|
||||||
MORTGAGE BACKED SECURITIES – 17.3%
|
|||||||
BX Commercial Mortgage Trust 2021-VOLT
|
|||||||
1,000,000
|
1.504% (1 Month LIBOR USD + 0.950%), 09/15/20362,3
|
975,658
|
|||||
BX Trust 2021-SDMF
|
|||||||
1,100,000
|
1.292% (1 Month LIBOR USD + 0.738%), 09/15/20342,3
|
1,051,841
|
|||||
CityLine Commercial Mortgage Trust 2016-CLNE
|
|||||||
325,000
|
2.871%, 11/13/20312,5
|
320,287
|
|||||
COMM MTG TR 2014-277P
|
|||||||
1,000,000
|
3.732%, 08/12/20492,5
|
990,054
|
|||||
Fannie Mae-Aces
|
|||||||
510,362
|
0.776%, 05/25/20225
|
18
|
|||||
3,804,284
|
1.500%, 08/25/20285
|
279,895
|
|||||
3,481,946
|
1.386%, 03/26/20295
|
240,936
|
|||||
Freddie Mac Multiclass Certificates Series 2015-P001
|
|||||||
3,025,000
|
1.826%, 10/27/20285
|
292,097
|
|||||
Freddie Mac Multifamily Structured Pass Through Certificates
|
|||||||
19,383,866
|
1.107%, 01/25/20265
|
549,701
|
|||||
10,546,288
|
1.628%, 01/25/20275
|
619,762
|
|||||
13,244,551
|
1.084%, 06/25/20295
|
746,005
|
|||||
2,700,000
|
1.914%, 04/25/20305
|
327,023
|
|||||
2,074,000
|
1.985%, 04/25/20305
|
260,242
|
Principal
|
|||||||
Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES (Continued)
|
|||||||
Freddie Mac Multifamily Structured Pass Through Certificates (Continued)
|
|||||||
$
|
3,332,000
|
1.704%, 08/25/20305
|
$
|
371,717
|
|||
8,200,000
|
1.778%, 09/25/20415
|
166,393
|
|||||
1,835,000
|
3.286%, 04/25/20485
|
365,266
|
|||||
2,035,000
|
2.722%, 01/25/20495
|
351,547
|
|||||
1,715,000
|
2.711%, 02/25/20495
|
302,578
|
|||||
FREMF 2013-K28 Mortgage Trust
|
|||||||
2,000,000
|
3.608%, 06/25/20462,5
|
2,003,824
|
|||||
FREMF 2013-K29 Mortgage Trust
|
|||||||
850,000
|
3.591%, 05/25/20462,5
|
851,150
|
|||||
FREMF 2013-K30 Mortgage Trust
|
|||||||
488,190
|
3.666%, 06/25/20452,5
|
486,218
|
|||||
FREMF 2014-K37 Mortgage Trust
|
|||||||
1,000,000
|
4.716%, 01/25/20472,5
|
1,008,577
|
|||||
FREMF 2016-K55 Mortgage Trust
|
|||||||
400,000
|
4.297%, 04/25/20492,5
|
390,452
|
|||||
FREMF 2016-K59 Mortgage Trust
|
|||||||
63,500,818
|
0.100%, 11/25/20492
|
216,646
|
|||||
Government National Mortgage Association
|
|||||||
2,412,148
|
0.821%, 12/16/20565
|
113,090
|
|||||
4,852,649
|
1.268%, 09/16/20605
|
448,939
|
|||||
1,259,934
|
1.024%, 11/16/20605
|
98,037
|
|||||
8,815,750
|
0.993%, 05/16/20635
|
727,705
|
|||||
7,564,036
|
0.990%, 05/16/20635
|
607,761
|
|||||
4,126,293
|
0.976%, 05/16/20635
|
321,602
|
|||||
Independence Plaza Trust 2018-INDP
|
|||||||
1,500,000
|
4.158%, 07/12/20352
|
1,455,850
|
|||||
RAMP Series 2004-RS4 Trust
|
|||||||
588,561
|
1.643% (1 Month LIBOR USD + 0.650%), 04/25/20343
|
584,569
|
|||||
TOTAL MORTGAGE BACKED SECURITIES
|
|||||||
(Cost $17,809,022)
|
17,525,440
|
Number of
|
|||||||
Shares
|
Value
|
||||||
SHORT TERM INVESTMENT – 6.2%
|
|||||||
6,289,265
|
First American Treasury Obligations Fund – Class X, 0.29%6
|
$
|
6,289,265
|
||||
TOTAL SHORT TERM INVESTMENT
|
|||||||
(Cost $6,289,265)
|
6,289,265
|
||||||
TOTAL INVESTMENTS – 98.7%
|
|||||||
(Cost $104,318,957)
|
99,818,844
|
||||||
Other Assets in Excess of Liabilities – 1.3%
|
1,331,719
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
101,150,563
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
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, 2022, the value of these securities total $27,153,969 which represents 26.85% of total net assets.
|
3
|
Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2022.
|
4
|
Step-up bond; the interest rate shown is the rate in effect as of April 30, 2022.
|
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, 2022.
|
6
|
The rate is the annualized seven-day yield at period end.
|
Value
|
|||||||||||||||||||||
Number of
|
|||||||||||||||||||||
Contracts
|
Current
|
Value At
|
|||||||||||||||||||
Purchased
|
Settlement
|
Notional
|
Trade
|
Unrealized
|
Unrealized
|
||||||||||||||||
Description
|
(Sold)
|
Month-Year
|
Amount
|
Date
|
Appreciation
|
(Depreciation)
|
|||||||||||||||
Purchase Contracts:
|
|||||||||||||||||||||
US 10Yr Note (Cbt)
|
14
|
Jun-22
|
$
|
1,668,187
|
$
|
1,712,403
|
$
|
—
|
$
|
(44,216
|
)
|
||||||||||
US 10Yr Ultra Future
|
166
|
Jun-22
|
21,414,000
|
21,839,309
|
—
|
(425,309
|
)
|
||||||||||||||
US Ultra Bond Cbt
|
33
|
Jun-22
|
5,294,438
|
5,936,934
|
—
|
(642,496
|
)
|
||||||||||||||
Total Purchase Contracts
|
$
|
28,376,625
|
$
|
29,488,646
|
$
|
—
|
$
|
(1,112,021
|
)
|
||||||||||||
Sale Contracts:
|
|||||||||||||||||||||
AUD Currency Future
|
(7
|
)
|
Jun-22
|
$
|
496,090
|
$
|
501,740
|
$
|
5,650
|
$
|
—
|
||||||||||
GBP Currency Future
|
(27
|
)
|
Jun-22
|
2,126,081
|
2,181,810
|
55,728
|
—
|
||||||||||||||
EUR Currency Future
|
(24
|
)
|
Jun-22
|
3,176,700
|
3,262,313
|
85,613
|
—
|
||||||||||||||
JPY Currency Future
|
(5
|
)
|
Jun-22
|
483,438
|
489,611
|
6,173
|
—
|
||||||||||||||
CAD Currency Future
|
(7
|
)
|
Jun-22
|
545,335
|
548,230
|
2,895
|
—
|
||||||||||||||
S&P500 Emini Future
|
(45
|
)
|
Jun-22
|
9,286,875
|
10,007,611
|
720,736
|
—
|
||||||||||||||
US 2Yr Note (Cbt)
|
(352
|
)
|
Jun-22
|
74,206,000
|
74,713,917
|
507,917
|
—
|
||||||||||||||
US 5Yr Note (Cbt)
|
(137
|
)
|
Jun-22
|
15,436,047
|
16,113,009
|
676,963
|
—
|
||||||||||||||
Total Sale Contracts
|
$
|
105,756,566
|
$
|
107,818,241
|
$
|
2,061,675
|
$
|
—
|
|||||||||||||
Total Futures Contracts
|
$
|
(77,379,941
|
)
|
$
|
(78,329,595
|
)
|
$
|
2,061,675
|
$
|
(1,112,021
|
)
|
||||||||||
Net Unrealized Appreciation
|
$
|
949,654
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Materials
|
2.5
|
%
|
|||
Energy
|
0.9
|
%
|
|||
Industrials
|
0.5
|
%
|
|||
Total Common Stocks
|
3.9
|
%
|
|||
Purchased Call Option
|
0.5
|
%
|
|||
Asset Backed Securities
|
14.6
|
%
|
|||
Corporate Bonds
|
|||||
Financials
|
26.0
|
%
|
|||
Consumer Discretionary
|
4.8
|
%
|
|||
Industrials
|
4.1
|
%
|
|||
Utilities
|
3.8
|
%
|
|||
Materials
|
2.9
|
%
|
|||
Consumer Staples
|
2.8
|
%
|
|||
Energy
|
2.8
|
%
|
|||
Communication Services
|
2.4
|
%
|
|||
Information Technology
|
2.0
|
%
|
|||
Health Care
|
0.5
|
%
|
|||
Total Corporate Bonds
|
52.1
|
%
|
|||
U.S. Government Notes/Bonds
|
2.8
|
%
|
|||
Foreign Government Notes/Bonds
|
1.3
|
%
|
|||
Mortgage Backed Securities
|
17.3
|
%
|
|||
Short-Term Investment
|
6.2
|
%
|
|||
Total Investments
|
98.7
|
%
|
|||
Other Assets in Excess of Liabilities
|
1.3
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
North Square
|
North Square
|
|||||||||||||||
Advisory
|
Altrinsic
|
North Square
|
North Square
|
|||||||||||||
Research Small
|
International
|
McKee
|
Strategic
|
|||||||||||||
Cap Value Fund
|
Equity Fund
|
Bond Fund
|
Income Fund
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments, at cost
|
$
|
23,999,680
|
$
|
71,715,996
|
$
|
137,982,561
|
$
|
104,318,957
|
||||||||
Investments, at value
|
$
|
22,265,932
|
$
|
67,522,845
|
$
|
128,406,441
|
$
|
99,818,844
|
||||||||
Cash
|
—
|
—
|
—
|
5,313
|
||||||||||||
Receivables:
|
||||||||||||||||
Dividends and interest
|
1,910
|
353,441
|
477,133
|
724,628
|
||||||||||||
Receivable for Investments Sold
|
—
|
—
|
70,711
|
—
|
||||||||||||
Due from Advisor (Note 3)
|
—
|
—
|
3,847
|
—
|
||||||||||||
Fund shares sold
|
—
|
—
|
2,991
|
94,258
|
||||||||||||
Deposits
|
—
|
—
|
—
|
949,654
|
||||||||||||
Prepaid expenses
|
21,747
|
37,197
|
55,704
|
23,894
|
||||||||||||
Total assets
|
22,289,589
|
67,913,483
|
129,016,827
|
101,616,591
|
||||||||||||
Liabilities:
|
||||||||||||||||
Foreign Currency, at cost
|
—
|
45,769
|
—
|
—
|
||||||||||||
Foreign Currency, at value
|
—
|
43,962
|
—
|
—
|
||||||||||||
Cash
|
—
|
—
|
298
|
—
|
||||||||||||
Payables:
|
||||||||||||||||
Due to Broker
|
—
|
—
|
—
|
302,942
|
||||||||||||
Payable for Investment Securities Purchased
|
—
|
—
|
683,853
|
—
|
||||||||||||
Fund shares redeemed
|
—
|
—
|
—
|
50,751
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Due to Advisor (Note 3)
|
9,205
|
41,021
|
—
|
41,770
|
||||||||||||
Legal fees
|
1,763
|
8,096
|
28,273
|
—
|
||||||||||||
Fund administration fees
|
1,710
|
6,236
|
23,959
|
18,786
|
||||||||||||
Auditing fees
|
1,682
|
5,564
|
17,871
|
10,172
|
||||||||||||
Custody fees
|
1,316
|
10,028
|
9,644
|
4,285
|
||||||||||||
Due to Trustees
|
1,193
|
3,277
|
10,429
|
7,663
|
||||||||||||
Shareholder servicing fees (Note 6)
|
970
|
—
|
3,242
|
13,136
|
||||||||||||
Transfer agent fees
|
796
|
3,947
|
14,903
|
10,677
|
||||||||||||
Accrued other expenses
|
244
|
290
|
2,453
|
4,576
|
||||||||||||
Chief Compliance Officer fees
|
46
|
520
|
1,645
|
1,270
|
||||||||||||
Total liabilities
|
18,925
|
122,941
|
796,570
|
466,028
|
||||||||||||
Net Assets
|
$
|
22,270,664
|
$
|
67,790,542
|
$
|
128,220,257
|
$
|
101,150,563
|
||||||||
Components of Net Assets:
|
||||||||||||||||
Paid-in capital (par value of $0.01 per share with
|
||||||||||||||||
an unlimited number of shares authorized)
|
$
|
22,282,088
|
$
|
71,061,652
|
$
|
140,430,152
|
$
|
102,994,216
|
||||||||
Total distributable earnings (accumulated deficit)
|
(11,424
|
)
|
(3,271,110
|
)
|
(12,209,895
|
)
|
(1,843,653
|
)
|
||||||||
Net Assets
|
$
|
22,270,664
|
$
|
67,790,542
|
$
|
128,220,257
|
$
|
101,150,563
|
||||||||
Maximum Offering Price per Share:
|
||||||||||||||||
Class I Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
22,270,664
|
$
|
67,790,542
|
$
|
9,263
|
$
|
101,150,563
|
||||||||
Shares of beneficial interest issued and outstanding
|
2,123,380
|
6,953,427
|
1,021
|
10,962,890
|
||||||||||||
Net asset value, redemption and offering price per share
|
$
|
10.49
|
$
|
9.75
|
$
|
9.07
|
$
|
9.23
|
||||||||
Class R6 Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
—
|
$
|
—
|
$
|
128,210,994
|
$
|
—
|
||||||||
Shares of beneficial interest issued and outstanding
|
—
|
—
|
14,117,575
|
—
|
||||||||||||
Net asset value, redemption and offering price per share
|
$
|
—
|
$
|
—
|
$
|
9.08
|
$
|
—
|
North Square
|
North Square
|
|||||||||||||||
Advisory
|
Altrinsic
|
North Square
|
North Square
|
|||||||||||||
Research Small
|
International
|
McKee
|
Strategic
|
|||||||||||||
Cap Value Fund
|
Equity Fund
|
Bond Fund
|
Income Fund
|
|||||||||||||
Investment Income:
|
||||||||||||||||
Dividends (net of foreign withholding taxes and/or
|
||||||||||||||||
issuance fees of $0, $86,176, $0, and $764, respectively)
|
$
|
77,049
|
$
|
747,456
|
$
|
—
|
$
|
200,058
|
||||||||
Interest (net of foreign withholding taxes and/or
|
||||||||||||||||
issuance fees of $0, $0, $909, and $2,471, respectively)
|
111
|
923
|
796,530
|
1,367,285
|
||||||||||||
Total investment income
|
77,160
|
748,379
|
796,530
|
1,567,343
|
||||||||||||
Expenses:
|
||||||||||||||||
Advisory fees (Note 3)
|
63,325
|
210,307
|
162,217
|
322,452
|
||||||||||||
Registration fees
|
12,759
|
10,009
|
10,162
|
11,582
|
||||||||||||
Shareholder servicing fees (Note 6)
|
5,441
|
—
|
5,619
|
46,593
|
||||||||||||
Legal fees
|
5,051
|
19,266
|
39,085
|
34,832
|
||||||||||||
Fund administration fees
|
4,325
|
16,832
|
53,990
|
30,554
|
||||||||||||
Custody fees
|
3,296
|
15,031
|
9,690
|
8,132
|
||||||||||||
Transfer agent fees and expenses
|
2,353
|
9,944
|
31,138
|
18,421
|
||||||||||||
Trustees’ fees and expenses
|
1,664
|
5,024
|
13,098
|
9,546
|
||||||||||||
Auditing fees
|
1,376
|
3,396
|
9,320
|
6,735
|
||||||||||||
Chief Compliance Officer fees (Note 3)
|
774
|
2,878
|
8,235
|
5,123
|
||||||||||||
Fund accounting fees
|
429
|
1,806
|
5,905
|
3,164
|
||||||||||||
Shareholder reporting fees
|
363
|
1,073
|
3,248
|
1,624
|
||||||||||||
Offering costs
|
—
|
36,860
|
45,000
|
—
|
||||||||||||
Other expenses
|
1,140
|
1,927
|
4,485
|
6,681
|
||||||||||||
Total expenses
|
102,296
|
334,353
|
401,192
|
505,439
|
||||||||||||
Less advisory fees waived &
|
||||||||||||||||
expenses reimbursed (Note 3)
|
(17,062
|
)
|
(79,355
|
)
|
(211,929
|
)
|
(90,859
|
)
|
||||||||
Net expenses
|
85,234
|
254,998
|
189,263
|
414,580
|
||||||||||||
Net Investment income
|
(8,074
|
)
|
493,381
|
607,267
|
1,152,763
|
|||||||||||
Net Realized and Unrealized Gain (Loss):
|
||||||||||||||||
Net realized gain (loss) on:
|
||||||||||||||||
Investments
|
1,644,827
|
469,138
|
(1,997,724
|
)
|
(2,508,083
|
)
|
||||||||||
Futures contracts
|
—
|
—
|
—
|
3,818,194
|
||||||||||||
Foreign currency transactions
|
—
|
7,114
|
—
|
(5,748
|
)
|
|||||||||||
Net realized gain (loss)
|
1,644,827
|
476,252
|
(1,997,724
|
)
|
1,304,363
|
|||||||||||
Net change in unrealized appreciation/depreciation on:
|
||||||||||||||||
Investments
|
(3,856,800
|
)
|
(5,788,824
|
)
|
(8,580,330
|
)
|
(9,215,608
|
)
|
||||||||
Futures contracts
|
—
|
—
|
—
|
1,273,739
|
||||||||||||
Foreign currency transactions
|
—
|
1,807
|
—
|
—
|
||||||||||||
Net change in unrealized appreciation/depreciation
|
(3,856,800
|
)
|
(5,787,017
|
)
|
(8,580,330
|
)
|
(7,941,869
|
)
|
||||||||
Net realized and unrealized gain (loss)
|
(2,211,973
|
)
|
(5,310,765
|
)
|
(10,578,054
|
)
|
(6,637,506
|
)
|
||||||||
Net increase (decrease) in net assets from operations
|
$
|
(2,220,047
|
)
|
$
|
(4,817,384
|
)
|
$
|
(9,970,787
|
)
|
$
|
(5,484,743
|
)
|
North Square Advisory Research
|
North Square Altrinsic
|
|||||||||||||||
Small Cap Value Fund
|
International Equity Fund
|
|||||||||||||||
For the Period
|
||||||||||||||||
For the
|
For the
|
For the
|
December 4,
|
|||||||||||||
Period Ended
|
Year Ended
|
Period Ended
|
2020* through
|
|||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income
|
$
|
(8,074
|
)
|
$
|
20,862
|
$
|
493,381
|
$
|
372,003
|
|||||||
Net realized gain on investments and
|
||||||||||||||||
foreign currency translations
|
1,644,827
|
784,340
|
476,252
|
435,463
|
||||||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||||||
on investments and foreign currency translations
|
(3,856,800
|
)
|
1,342,207
|
(5,787,017
|
)
|
1,592,898
|
||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
resulting from operations
|
(2,220,047
|
)
|
2,147,409
|
(4,817,384
|
)
|
2,400,364
|
||||||||||
Distributions to shareholders
|
(727,531
|
)
|
(514,487
|
)
|
(831,136
|
)
|
(22,954
|
)
|
||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold
|
19,153,406
|
5,221,139
|
28,875,000
|
42,332,562
|
||||||||||||
Reinvestment of distributions
|
727,530
|
514,487
|
831,136
|
22,954
|
||||||||||||
Cost of shares redeemed
|
(4,774,116
|
)
|
(1,635,227
|
)
|
(1,000,000
|
)
|
—
|
|||||||||
Net increase in net assets
|
||||||||||||||||
from capital transactions
|
15,106,820
|
4,100,399
|
28,706,136
|
42,355,516
|
||||||||||||
|
||||||||||||||||
Total increase (decrease) in net assets
|
12,159,242
|
5,733,321
|
23,057,616
|
44,732,926
|
||||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
10,111,422
|
4,378,101
|
44,732,926
|
—
|
||||||||||||
End of Period
|
$
|
22,270,664
|
$
|
10,111,422
|
$
|
67,790,542
|
$
|
44,732,926
|
||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold
|
1,643,880
|
460,973
|
2,855,999
|
4,110,516
|
||||||||||||
Shares reinvested
|
63,892
|
53,827
|
79,806
|
2,323
|
||||||||||||
Shares redeemed
|
(412,744
|
)
|
(155,852
|
)
|
(95,217
|
)
|
—
|
|||||||||
Net increase (decrease) in capital share transactions
|
1,295,028
|
358,948
|
2,840,588
|
4,112,839
|
*
|
Commencement of Operations
|
North Square
|
North Square
|
|||||||||||||||
McKee Bond Fund
|
Strategic Income Fund
|
|||||||||||||||
For the Period
|
||||||||||||||||
For the
|
December 28,
|
For the
|
For the
|
|||||||||||||
Period Ended
|
2020* through
|
Period Ended
|
Year Ended
|
|||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income
|
$
|
607,267
|
$
|
225,812
|
$
|
1,152,763
|
$
|
1,814,677
|
||||||||
Net realized gain (loss) on investments and
|
||||||||||||||||
foreign currency translations
|
(1,997,724
|
)
|
(160,681
|
)
|
1,304,363
|
2,325,327
|
||||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||||||
on investments and foreign currency translations
|
(8,580,330
|
)
|
(995,789
|
)
|
(7,941,869
|
)
|
1,973,179
|
|||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
resulting from operations
|
(9,970,787
|
)
|
(930,658
|
)
|
(5,484,743
|
)
|
6,113,183
|
|||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class I**
|
(60
|
)
|
(38
|
)
|
(3,050,075
|
)
|
(5,504,517
|
)
|
||||||||
Class R6***
|
(835,542
|
)
|
(472,810
|
)
|
—
|
—
|
||||||||||
Total
|
(835,602
|
)
|
(472,848
|
)
|
(3,050,075
|
)
|
(5,504,517
|
)
|
||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class I**
|
—
|
10,000
|
37,985,655
|
19,060,975
|
||||||||||||
Class R6***
|
4,852,890
|
147,553,321
|
—
|
—
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Class I**
|
60
|
38
|
2,999,624
|
5,465,425
|
||||||||||||
Class R6***
|
745,482
|
372,220
|
—
|
—
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class I**
|
—
|
—
|
(10,760,060
|
)
|
(19,962,307
|
)
|
||||||||||
Class R6***
|
(5,863,197
|
)
|
(7,240,662
|
)
|
—
|
—
|
||||||||||
Net increase in net assets from capital transactions
|
(264,765
|
)
|
140,694,917
|
30,225,219
|
4,564,093
|
|||||||||||
|
||||||||||||||||
Total increase in net assets
|
(11,071,154
|
)
|
139,291,411
|
21,690,401
|
5,172,759
|
|||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
139,291,411
|
—
|
79,460,162
|
74,287,403
|
||||||||||||
End of Period
|
$
|
128,220,257
|
$
|
139,291,411
|
$
|
101,150,563
|
$
|
79,460,162
|
||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class I**
|
—
|
1,011
|
3,889,318
|
1,888,568
|
||||||||||||
Class R6***
|
502,869
|
14,843,011
|
—
|
—
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class I**
|
6
|
4
|
306,618
|
551,632
|
||||||||||||
Class R6***
|
78,703
|
37,556
|
—
|
—
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class I**
|
—
|
—
|
(1,107,495
|
)
|
(1,998,562
|
)
|
||||||||||
Class R6***
|
(613,196
|
)
|
(731,368
|
)
|
—
|
—
|
||||||||||
Net increase (decrease) in capital share transactions
|
(31,618
|
)
|
14,150,214
|
3,088,441
|
441,638
|
*
|
Commencement of Operations for Class R6.
|
**
|
This share class of North Square McKee Bond Fund was converted from “Class Y” to “Class I” effective December 1, 2021. The commencement of operations for this class was May 19, 2021.
|
***
|
This share class of North Square McKee Bond Fund was converted from “Class I” to “Class R6” effective December 1, 2021.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended October 31,
|
|||||||||||||||||||||||
April 30, 2022
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
12.21
|
$
|
9.33
|
$
|
11.63
|
$
|
14.73
|
$
|
14.77
|
$
|
12.99
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
(0.01
|
)
|
0.04
|
0.08
|
0.07
|
0.06
|
0.06
|
|||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.83
|
)
|
3.95
|
(1.11
|
)
|
0.85
|
1.27
|
2.68
|
||||||||||||||||
Total from investment operations
|
(0.84
|
)
|
3.99
|
(1.03
|
)
|
0.92
|
1.33
|
2.74
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.03
|
)
|
(0.10
|
)
|
(0.07
|
)
|
(0.07
|
)
|
(0.05
|
)
|
(0.09
|
)
|
||||||||||||
From net realized gain
|
(0.85
|
)
|
(1.01
|
)
|
(1.20
|
)
|
(3.95
|
)
|
(1.32
|
)
|
(0.87
|
)
|
||||||||||||
Total distributions
|
(0.88
|
)
|
(1.11
|
)
|
(1.27
|
)
|
(4.02
|
)
|
(1.37
|
)
|
(0.96
|
)
|
||||||||||||
Redemption Fee Proceeds1
|
—
|
—
|
—
|
—
|
2
|
—
|
2
|
—
|
2
|
|||||||||||||||
Net asset value, end of period
|
$
|
10.49
|
$
|
12.21
|
$
|
9.33
|
$
|
11.63
|
$
|
14.73
|
$
|
14.77
|
||||||||||||
Total return3
|
(7.45
|
)%4
|
46.09
|
%
|
(10.63
|
)%
|
12.95
|
%
|
9.33
|
%
|
21.93
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
22,271
|
$
|
10,111
|
$
|
4,378
|
$
|
9,385
|
$
|
10,575
|
$
|
15,603
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.13
|
%5
|
1.63
|
%
|
1.97
|
%
|
1.76
|
%
|
1.78
|
%
|
1.74
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
0.94
|
%5
|
0.95
|
%
|
0.97
|
%4
|
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
|
(0.34
|
)%
|
(0.21
|
)%
|
(0.17
|
)%
|
(0.39
|
)%
|
(0.29
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
(0.09
|
)%5
|
0.34
|
%
|
0.79
|
%
|
0.59
|
%
|
0.39
|
%
|
0.45
|
%
|
||||||||||||
Portfolio turnover rate
|
36
|
%4
|
45
|
%
|
49
|
%
|
26
|
%
|
42
|
%
|
31
|
%
|
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
|
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.
|
5
|
Not annualized.
|
6
|
Annualized.
|
For the
|
For the Period
|
|||||||
Six Months Ended
|
December 4,
|
|||||||
April 30, 2022
|
2020* through
|
|||||||
(Unaudited)
|
October 31, 2021
|
|||||||
Net asset value, beginning of period
|
$
|
10.88
|
$
|
10.00
|
||||
Income from Investment Operations:
|
||||||||
Net investment income1
|
0.10
|
0.13
|
||||||
Net realized and unrealized gain (loss)
|
(1.03
|
)
|
0.76
|
|||||
Total from investment operations
|
(0.93
|
)
|
0.89
|
|||||
Less Distributions:
|
||||||||
From net investment income
|
(0.09
|
)
|
(0.01
|
)
|
||||
From net realized gain
|
(0.11
|
)
|
—
|
|||||
Total distributions
|
(0.20
|
)
|
(0.01
|
)
|
||||
Net asset value, end of period
|
$
|
9.75
|
$
|
10.88
|
||||
Total return2
|
(8.62
|
)%3
|
8.88
|
%3
|
||||
Ratios and Supplemental Data:
|
||||||||
Net assets, end of period (in thousands)
|
$
|
67,791
|
$
|
44,733
|
||||
Ratio of expenses to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
1.27
|
%4
|
1.43
|
%4
|
||||
After fees waived and expenses absorbed
|
0.97
|
%4
|
0.97
|
%4
|
||||
Ratio of net investment income (loss) to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
1.57
|
%4
|
0.92
|
%4
|
||||
After fees waived and expenses absorbed
|
1.87
|
%4
|
1.38
|
%4
|
||||
Portfolio turnover rate
|
22
|
%3
|
22
|
%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
|
For the Period
|
|||||||
Six Months Ended
|
May 19, 2021*
|
|||||||
April 30, 2022
|
through
|
|||||||
(Unaudited)
|
October 31, 2021
|
|||||||
Net asset value, beginning of period
|
$
|
9.84
|
$
|
9.89
|
||||
Income from Investment Operations:
|
||||||||
Net investment income1
|
0.03
|
0.01
|
||||||
Net realized and unrealized gain (loss)
|
(0.74
|
)
|
(0.02
|
)
|
||||
Total from investment operations
|
(0.71
|
)
|
(0.01
|
)
|
||||
Less Distributions:
|
||||||||
From net investment income
|
(0.06
|
)
|
(0.04
|
)
|
||||
Total distributions
|
(0.06
|
)
|
(0.04
|
)
|
||||
Net asset value, end of period
|
$
|
9.07
|
$
|
9.84
|
||||
Total return2
|
(7.26
|
)%3
|
(0.12
|
)%3
|
||||
Ratios and Supplemental Data:
|
||||||||
Net assets, end of period (in thousands)
|
$
|
9
|
$
|
10
|
||||
Ratio of expenses to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
0.56
|
%4
|
0.64
|
%4
|
||||
After fees waived and expenses absorbed
|
0.47
|
%4
|
0.47
|
%4
|
||||
Ratio of net investment income (loss) to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
0.60
|
%4
|
0.13
|
%4
|
||||
After fees waived and expenses absorbed
|
0.69
|
%4
|
0.30
|
%4
|
||||
Portfolio turnover rate
|
78
|
%3
|
321
|
%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
|
For the Period
|
|||||||
Six Months Ended
|
December 28,
|
|||||||
April 30, 2022
|
2020* through
|
|||||||
(Unaudited)
|
October 31, 2021
|
|||||||
Net asset value, beginning of period
|
$
|
9.84
|
$
|
10.00
|
||||
Income from Investment Operations:
|
||||||||
Net investment income1
|
0.04
|
0.03
|
||||||
Net realized and unrealized gain (loss)
|
(0.74
|
)
|
(0.13
|
)
|
||||
Total from investment operations
|
(0.70
|
)
|
(0.10
|
)
|
||||
Less Distributions:
|
||||||||
From net investment income
|
(0.06
|
)
|
(0.06
|
)
|
||||
Total distributions
|
(0.06
|
)
|
(0.06
|
)
|
||||
Net asset value, end of period
|
$
|
9.08
|
$
|
9.84
|
||||
Total return2
|
(7.17
|
)%3
|
(0.91
|
)%3
|
||||
Ratios and Supplemental Data:
|
||||||||
Net assets, end of period (in thousands)
|
$
|
128,211
|
$
|
139,281
|
||||
Ratio of expenses to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
0.59
|
%4
|
0.73
|
%4
|
||||
After fees waived and expenses absorbed
|
0.28
|
%4
|
0.28
|
%4
|
||||
Ratio of net investment income (loss) to average net assets:
|
||||||||
Before fees waived and expenses absorbed
|
0.58
|
%4
|
(0.04
|
)%4
|
||||
After fees waived and expenses absorbed
|
0.89
|
%4
|
0.41
|
%4
|
||||
Portfolio turnover rate
|
78
|
%3
|
321
|
%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
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended October 31,
|
|||||||||||||||||||||||
April 30, 2022
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
10.09
|
$
|
9.99
|
$
|
9.53
|
$
|
8.97
|
$
|
9.46
|
$
|
9.47
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.12
|
0.24
|
0.23
|
0.32
|
0.35
|
0.39
|
||||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.62
|
)
|
0.60
|
0.48
|
0.56
|
(0.49
|
)
|
(0.04
|
)
|
|||||||||||||||
Total from investment operations
|
(0.50
|
)
|
0.84
|
0.71
|
0.88
|
(0.14
|
)
|
0.35
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.12
|
)
|
(0.28
|
)
|
(0.25
|
)
|
(0.32
|
)
|
(0.34
|
)
|
(0.36
|
)
|
||||||||||||
From net realized gain
|
(0.24
|
)
|
(0.46
|
)
|
—
|
—
|
(0.01
|
)
|
—
|
|||||||||||||||
Total distributions
|
(0.36
|
)
|
(0.74
|
)
|
(0.25
|
)
|
(0.32
|
)
|
(0.35
|
)
|
(0.36
|
)
|
||||||||||||
Redemption Fee Proceeds1
|
—
|
—
|
—
|
0.00
|
2
|
0.00
|
2
|
0.00
|
2
|
|||||||||||||||
Net asset value, end of period
|
$
|
9.23
|
$
|
10.09
|
$
|
9.99
|
$
|
9.53
|
$
|
8.97
|
$
|
9.46
|
||||||||||||
Total return3
|
(5.14
|
)%4
|
8.63
|
%
|
7.56
|
%
|
10.00
|
%
|
(1.43
|
)%
|
3.83
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
101,151
|
$
|
79,460
|
$
|
74,287
|
$
|
10,641
|
$
|
10,403
|
$
|
10,806
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.09
|
%5
|
1.28
|
%
|
1.48
|
%
|
1.76
|
%
|
2.27
|
%
|
2.49
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
0.90
|
%5
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.31
|
%5
|
2.06
|
%
|
1.75
|
%
|
2.56
|
%
|
2.41
|
%
|
2.53
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
2.50
|
%5
|
2.44
|
%
|
2.33
|
%
|
3.42
|
%
|
3.78
|
%
|
4.12
|
%
|
||||||||||||
Portfolio turnover rate
|
34
|
%4
|
77
|
%
|
145
|
%
|
36
|
%
|
48
|
%
|
64
|
%
|
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
|
Small 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 R6
|
||
Fund
|
Agreement Expires
|
Shares
|
Shares
|
Shares
|
Small Cap Value Fund
|
February 28, 2023
|
—
|
0.94%
|
—
|
International Equity Fund
|
February 28, 2023
|
—
|
0.97%
|
—
|
McKee Bond Fund
|
February 28, 2023
|
—
|
0.47%
|
0.28%
|
Strategic Income Fund
|
February 28, 2023
|
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.
|
Small Cap Value
|
International Equity
|
McKee Bond – R6
|
McKee Bond – I
|
Strategic Income
|
||||||||||||||||
October 31, 2022
|
$
|
75,274
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
92,526
|
||||||||||
October 31, 2023
|
$
|
75,703
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
273,154
|
||||||||||
October 31, 2024
|
$
|
41,636
|
$
|
124,314
|
$
|
245,194
|
$
|
7
|
$
|
296,122
|
||||||||||
October 31, 2025
|
$
|
17,061
|
$
|
79,355
|
$
|
211,925
|
$
|
4
|
$
|
90,859
|
||||||||||
Total
|
$
|
209,674
|
$
|
203,669
|
$
|
457,119
|
$
|
11
|
$
|
752,661
|
Small Cap Value
|
International Equity
|
McKee Bond
|
Strategic Income
|
|||||||||||||
Cost of investments
|
$
|
8,014,095
|
$
|
42,645,206
|
$
|
142,763,477
|
$
|
74,414,691
|
||||||||
Gross unrealized appreciation
|
$
|
2,233,840
|
$
|
3,115,329
|
$
|
186,310
|
$
|
5,225,871
|
||||||||
Gross unrealized depreciation
|
(149,723
|
)
|
(1,526,399
|
)
|
(1,241,335
|
)
|
(426,500
|
)
|
||||||||
Net unrealized appreciation
|
||||||||||||||||
(depreciation) on investments
|
$
|
2,084,117
|
$
|
1,588,930
|
$
|
(1,055,025
|
)
|
$
|
4,799,371
|
Increase (Decrease)
|
||||||||
Total
|
||||||||
Distributable
|
||||||||
Paid In Capital
|
Earnings
|
|||||||
Small Cap Value
|
$
|
67,188
|
$
|
(67,188
|
)
|
|||
International Equity
|
$
|
—
|
$
|
—
|
||||
McKee Bond
|
$
|
(2,850
|
)
|
$
|
2,850
|
|||
Strategic Income
|
$
|
106,524
|
$
|
(106,524
|
)
|
Small Cap Value
|
International Equity
|
|||||||
Undistributed ordinary income
|
$
|
84,780
|
$
|
791,255
|
||||
Undistributed long-term gains
|
633,842
|
—
|
||||||
Accumulated earnings
|
$
|
718,622
|
$
|
791,255
|
||||
Accumulated capital and other losses
|
—
|
—
|
||||||
Unrealized appreciation (depreciation) on foreign currency
|
—
|
(2,775
|
)
|
|||||
Unrealized appreciation (depreciation) on investments
|
2,084,117
|
1,588,930
|
||||||
Total accumulated earnings
|
$
|
2,802,739
|
$
|
2,377,410
|
||||
McKee Bond
|
Strategic Income
|
|||||||
Undistributed ordinary income
|
$
|
—
|
$
|
1,249,065
|
||||
Undistributed long-term gains
|
—
|
530,784
|
||||||
Accumulated earnings
|
$
|
—
|
$
|
1,779,849
|
||||
Accumulated capital and other losses
|
(345,632
|
)
|
—
|
|||||
Unrealized appreciation (depreciation) on foreign currency
|
—
|
(44
|
)
|
|||||
Unrealized appreciation (depreciation) on investments
|
(1,055,024
|
)
|
4,799,371
|
|||||
Total accumulated earnings (losses)
|
$
|
(1,400,656
|
)
|
$
|
6,579,176
|
Small Cap Value
|
International Equity
|
|||||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
Distributions paid from:
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Ordinary income
|
$
|
93,686
|
$
|
47,928
|
$
|
831,136
|
$
|
22,954
|
||||||||
Net long-term capital gains
|
633,845
|
466,559
|
—
|
—
|
||||||||||||
Total distributions paid
|
$
|
727,531
|
$
|
514,487
|
$
|
831,136
|
$
|
22,954
|
||||||||
McKee Bond
|
Strategic Income
|
|||||||||||||||
April 30,
|
October 31,
|
April 30,
|
October 31,
|
|||||||||||||
Distributions paid from:
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Ordinary income
|
$
|
835,602
|
$
|
472,848
|
$
|
2,519,215
|
$
|
5,252,612
|
||||||||
Net long-term capital gains
|
—
|
—
|
530,861
|
251,905
|
||||||||||||
Total distributions paid
|
$
|
835,602
|
$
|
472,848
|
$
|
3,050,076
|
$
|
5,504,517
|
Purchases
|
Sales
|
|||||||
Small Cap Value Fund
|
$
|
25,865,595
|
$
|
11,306,371
|
||||
International Equity Fund
|
$
|
32,948,792
|
$
|
5,709,018
|
||||
McKee Bond Fund
|
$
|
123,248,818
|
$
|
119,257,446
|
||||
Strategic Income Fund
|
$
|
106,063,642
|
$
|
78,601,464
|
•
|
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.
|
Small Cap Value Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
22,118,655
|
$
|
—
|
$
|
—
|
$
|
22,118,655
|
||||||||
Short-Term Investment
|
147,277
|
—
|
—
|
147,277
|
||||||||||||
Total Investments
|
$
|
22,265,932
|
$
|
—
|
$
|
—
|
$
|
22,265,932
|
||||||||
International Equity Fund
|
Level 1
|
Level 2
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks
|
||||||||||||||||
Bermuda
|
$
|
1,716,113
|
$
|
—
|
$
|
—
|
$
|
1,716,113
|
||||||||
Canada
|
1,108,212
|
—
|
—
|
1,108,212
|
||||||||||||
China
|
668,892
|
1,917,134
|
—
|
2,586,026
|
||||||||||||
France
|
—
|
8,275,642
|
—
|
8,275,642
|
||||||||||||
Germany
|
—
|
5,005,125
|
—
|
5,005,125
|
||||||||||||
India
|
726,398
|
—
|
—
|
726,398
|
||||||||||||
Ireland
|
3,645,054
|
602,121
|
—
|
4,247,175
|
||||||||||||
Israel
|
1,454,987
|
—
|
—
|
1,454,987
|
||||||||||||
Japan
|
—
|
9,950,803
|
—
|
9,950,803
|
||||||||||||
Netherlands
|
—
|
4,574,094
|
—
|
4,574,094
|
||||||||||||
Republic of Korea
|
—
|
2,359,593
|
—
|
2,359,593
|
||||||||||||
Singapore
|
—
|
1,242,133
|
—
|
1,242,133
|
||||||||||||
Spain
|
—
|
983,010
|
—
|
983,010
|
||||||||||||
Sweden
|
—
|
628,291
|
—
|
628,291
|
||||||||||||
Switzerland
|
2,051,907
|
7,135,483
|
—
|
9,187,390
|
||||||||||||
United Kingdom
|
4,349,201
|
4,939,258
|
—
|
9,288,459
|
||||||||||||
United States
|
475,530
|
—
|
—
|
475,530
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Germany
|
—
|
831,346
|
—
|
831,346
|
||||||||||||
Short-Term Investment
|
2,882,518
|
—
|
—
|
2,882,518
|
||||||||||||
Total Investments
|
$
|
19,078,812
|
$
|
48,444,033
|
$
|
—
|
$
|
67,522,845
|
||||||||
McKee Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Asset Backed Securities
|
$
|
—
|
$
|
9,753,781
|
$
|
—
|
$
|
9,753,781
|
||||||||
Corporate Bonds1
|
—
|
34,174,723
|
—
|
34,174,723
|
||||||||||||
Mortgage Backed Securities
|
—
|
50,707,106
|
572,593
|
51,279,699
|
||||||||||||
U.S. Government Agency Issues
|
—
|
23,446,217
|
—
|
23,446,217
|
||||||||||||
U.S. Government Notes/Bonds
|
—
|
5,290,163
|
—
|
5,290,163
|
||||||||||||
Foreign Government Agency Issues
|
—
|
1,979,690
|
—
|
1,979,690
|
||||||||||||
Certificates of Deposit
|
—
|
1,535,237
|
—
|
1,535,237
|
||||||||||||
Short-Term Investment
|
946,931
|
—
|
—
|
946,931
|
||||||||||||
Total Investments
|
$
|
946,931
|
$
|
126,886,917
|
$
|
572,593
|
$
|
128,406,441
|
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.
|
Strategic Income Fund
|
Level 1
|
Level 2
|
Level 3*
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1,2
|
$
|
3,943,896
|
$
|
—
|
$
|
—
|
$
|
3,943,896
|
||||||||
Purchased Call Option
|
519,375
|
—
|
—
|
519,375
|
||||||||||||
Asset Backed Securities
|
—
|
14,782,597
|
—
|
14,782,597
|
||||||||||||
Corporate Bonds2
|
—
|
52,627,706
|
—
|
52,627,706
|
||||||||||||
U.S. Government Notes/Bonds
|
—
|
2,827,059
|
—
|
2,827,059
|
||||||||||||
Foreign Government Notes/Bonds
|
—
|
1,303,506
|
—
|
1,303,506
|
||||||||||||
Mortgage Backed Securities
|
—
|
17,525,440
|
—
|
17,525,440
|
||||||||||||
Short-Term Investment
|
6,289,265
|
—
|
—
|
6,289,265
|
||||||||||||
Total Investments
|
$
|
10,752,536
|
$
|
89,066,308
|
$
|
—
|
$
|
99,818,844
|
||||||||
Futures Contracts**
|
||||||||||||||||
Long
|
$
|
(1,112,021
|
)
|
$
|
—
|
$
|
—
|
$
|
(1,112,021
|
)
|
||||||
Short
|
2,061,675
|
—
|
—
|
2,061,675
|
||||||||||||
Total Futures Contracts
|
$
|
949,654
|
$
|
—
|
$
|
—
|
$
|
949,654
|
1
|
All common stocks held in the Fund are Level 1 securities.
|
|
2
|
For a detailed break-out of common stocks and corporate bonds by major sector and industry classification, please refer to the Schedule of Investments.
|
|
*
|
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
|
Strategic Income Fund
|
|||||||
Beginning balance October 31, 2021
|
$
|
597,433
|
$
|
655,358
|
||||
Transfers into Level 3 during the period
|
—
|
—
|
||||||
Transfers out of Level 3 during the period
|
(585,828
|
)
|
—
|
|||||
Total realized gain (loss)
|
—
|
(4,247
|
)
|
|||||
Total unrealized appreciation (depreciation)
|
(15,088
|
)
|
(279
|
)
|
||||
Net purchases
|
576,076
|
—
|
||||||
Net sales
|
—
|
(650,832
|
)
|
|||||
Balance as of April 30, 2022
|
$
|
572,593
|
$
|
—
|
Assets:
|
Gross Amounts not
offset in the Statement
of Assets and Liabilities
|
|||||||||||||||||||||||
Gross Amounts
|
Net Amounts
|
|||||||||||||||||||||||
Gross Amounts
|
Offset in the
|
Presented in the
|
Collateral
|
|||||||||||||||||||||
of Recognized
|
Statement of Assets
|
Statement of Assets
|
Financial
|
Received
|
||||||||||||||||||||
Description
|
Assets
|
and Liabilities
|
and Liabilities
|
Instruments
|
(Pledged)
|
Net Amount
|
||||||||||||||||||
Futures contracts*
|
$
|
445,292
|
$
|
—
|
$
|
445,292
|
$
|
—
|
$
|
(445,292
|
)
|
$
|
—
|
|||||||||||
Total
|
$
|
445,292
|
$
|
—
|
$
|
445,292
|
$
|
—
|
$
|
(445,292
|
)
|
$
|
—
|
Liabilities:
|
Gross Amounts not
offset in the Statement
of Assets and Liabilities
|
|||||||||||||||||||||||
Gross Amounts
|
Net Amounts
|
|||||||||||||||||||||||
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*
|
$
|
119,000
|
$
|
—
|
$
|
119,000
|
$
|
—
|
$
|
(119,000
|
)
|
$
|
—
|
|||||||||||
Total
|
$
|
119,000
|
$
|
—
|
$
|
119,000
|
$
|
—
|
$
|
(119,000
|
)
|
$
|
—
|
*
|
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
|
||||||||||||
Interest Rate
|
$
|
—
|
$
|
1,112,021
|
$
|
(1,112,021
|
)
|
|||||
Total Long Contracts
|
—
|
1,112,021
|
(1,112,021
|
)
|
||||||||
Short Contracts
|
||||||||||||
Equity
|
$
|
720,736
|
$
|
—
|
$
|
720,736
|
||||||
Foreign Exchange
|
156,059
|
—
|
156,059
|
|||||||||
Interest Rate
|
1,184,880
|
—
|
1,184,880
|
|||||||||
Total Short Contracts
|
2,061,675
|
—
|
2,061,675
|
|||||||||
Total Futures Contracts
|
$
|
2,061,675
|
$
|
1,112,021
|
$
|
949,654
|
||||||
Option Contracts
|
||||||||||||
Purchased Option Contracts
|
$
|
519,375
|
$
|
—
|
$
|
(446,523
|
)
|
|||||
Total Option Contracts
|
$
|
519,375
|
$
|
—
|
$
|
(446,523
|
)
|
*
|
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
|
||||||||
Equity
|
$
|
3,005,106
|
$
|
1,131,106
|
||||
Foreign Exchange
|
(22,042
|
)
|
156,059
|
|||||
Interest rate
|
835,130
|
(13,427
|
)
|
|||||
Total Futures Contracts
|
$
|
3,818,194
|
$
|
1,273,738
|
||||
Option Contracts
|
||||||||
Purchased Option Contracts*
|
$
|
(2,807,868
|
)
|
$
|
(446,523
|
)
|
||
Total Option Contracts
|
$
|
(2,807,868
|
)
|
$
|
(446,523
|
)
|
*
|
Purchased options are included in the net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments.
|
Average Notional
|
||||||||
Long
|
Short
|
|||||||
Futures contracts
|
$
|
8,867,444
|
$
|
57,216,907
|
||||
Options
|
13,337
|
(82,313
|
)
|
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
|
12
|
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,
|
12
|
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,
|
12
|
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
|
12
|
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 twelve portfolios that currently comprise the Trust, which consists of the four Funds, the North Square Spectrum Alpha Fund, the North Square Advisory
Research Small Cap Growth Fund, the North Square Preferred and Income Securities Fund, the North Square Multi Strategy Fund, the North Square Dynamic Small Cap Fund, the North Square Tactical Defensive Fund, the North Square Tactical Growth
Fund, and the North Square Trilogy Alternative Return 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*
|
||
Small Cap Value Fund
|
11/1/21
|
4/30/22
|
11/1/21 – 4/30/22
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 925.50
|
$4.51
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,020.11
|
$4.73
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.94% 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
|
11/1/21
|
4/30/22
|
11/1/21 – 4/30/22
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 913.80
|
$4.60
|
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 181/365 (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
|
11/1/21
|
4/30/22
|
11/1/21 – 4/30/22
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 927.40
|
$2.25
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,022.46
|
$2.36
|
|
Class R6
|
Actual Performance
|
$1,000.00
|
$ 928.30
|
$1.34
|
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 0.47% and 0.28% for Class I and Class R6, respectively, multiplied by the average account value over the period, multiplied by
181/365 (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
|
11/1/21
|
4/30/22
|
11/1/21 – 4/30/22
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 948.60
|
$4.35
|
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 North 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 McKee Bond Fund
|
Class R6
|
NMKYX
|
66263L643
|
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 5, 2022
|
/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 5, 2022
|
/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 5, 2022
|
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