North Square Advisory Research All Cap Value Fund
SCHEDULE OF INVESTMENTS
January 31, 2021 (Unaudited)
Number of Shares			Value
		COMMON STOCKS - 97.7%
		BASIC MATERIALS - 6.8%
		Metal Fabricating - 2.7%
	3,184	Rexnord Corp.	$	120,546
		Specialty Chemicals - 4.1%
	10,803	Element Solutions, Inc.		183,975
		TOTAL BASIC MATERIALS		304,521
		CONSUMER DISCRETIONARY - 24.2%
		Apparel Retailers - 3.9%
	2,777	The TJX Co., Inc.		177,839
		Consumer Services: Misc. - 3.1%
	2,890	Terminix Global Holdings, Inc.*		137,796
		Home Improvement Retailers - 2.7%
	455	The Home Depot, Inc.		123,223
		Household Furnishings - 3.5%
	1,840	Fortune Brands Home & Security, Inc.		158,700
		Restaurants and Bars - 5.3%
	575	McDonald's Corp.		119,508
	1,210	Starbucks Corp.		117,140
				236,648
		Specialty Retailers - 5.7%
	630	Asbury Automotive Group, Inc.*		89,844
	151	AutoZone, Inc.*		168,874
				258,718
		TOTAL CONSUMER DISCRETIONARY		1,092,924
		CONSUMER STAPLES - 5.3%
		Food Retailers and Wholesalers - 3.3%
	4,911	Core-Mark Holding Co., Inc.		150,620
		Soft Drinks - 2.0%
	659	PepsiCo, Inc.		90,000
		TOTAL CONSUMER STAPLES		240,620

	ENERGY - 3.5%
	Integrated Oil and Gas - 3.5%
1,862	Chevron Corp.	158,642
	TOTAL ENERGY	158,642
	FINANCIALS - 12.6%
	Banks - 3.9%
4,607	First Interstate BancSystem, Inc. - Class A	178,107
	Diversified Financial Services - 4.0%
1,420	JPMorgan Chase & Co.	182,711
	Reinsurance - 4.7%
921	Berkshire Hathaway, Inc. - Class B*	209,868
	TOTAL FINANCIALS	570,686
	HEALTH CARE - 11.1%
	Health Care Management Services - 2.9%
398	UnitedHealth Group Inc.	132,765
	Medical Equipment - 4.2%
1,704	Medtronic PLC1	189,706
	Pharmaceuticals - 4.0%
1,452	Abbott Laboratories	179,453
	TOTAL HEALTH CARE	501,924
	INDUSTRIALS - 15.8%
	Commercial Vehicles and Parts - 2.3%
2,550	Allison Transmission Holdings, Inc.	103,785
	Diversified Industrials - 3.1%
4,361	TriMas Corp.*	138,026
	Machinery: Tools - 3.2%
801	Snap-on, Inc.	144,172
	Railroads - 3.5%
796	Union Pacific Corp.	157,186
	Transaction Processing Services - 3.7%
1,458	American Express Co.	169,507
	TOTAL INDUSTRIALS	712,676
	TECHNOLOGY - 9.4%
	Computer Hardware - 2.9%
1,003	CDW Corp. of Delaware	132,055
	Consumer Digital Services - 4.3%
106	Alphabet Inc. - Class A*	193,700

		Software - 2.2%
430		Microsoft Corp.		99,743
		TOTAL TECHNOLOGY		425,498
		TELECOMMUNICATIONS - 3.4%
		Telecommunications Equipment - 3.4%
902		L3Harris Technologies, Inc.		154,702
		TOTAL TELECOMMUNICATIONS		154,702
		UTILITIES - 5.6%
		Conventional Electricity - 2.6%
1,339		IDACORP, Inc.		118,234
		Gas Distribution - 3.0%
1,339		Chesapeake Utilities Corp.		135,815
		TOTAL UTILITIES		254,049
		TOTAL COMMON STOCKS
		(Cost $3,210,847)		4,416,242
		SHORT-TERM INVESTMENT - 1.9%
86,597		First American Treasury Obligations Fund - Class X, 0.03%2		86,597
		TOTAL SHORT-TERM INVESTMENT
		(Cost $86,597)		86,597
		TOTAL INVESTMENTS - 99.6%
		(Cost $3,297,444)		4,502,839
		Other Assets in Excess of Liabilities - 0.4%		16,589
		TOTAL NET ASSETS - 100.0%	$	4,519,428
		PLC - Public Limited Company
	*	Non-Income producing security.
	1	Foreign security denominated in U.S. Dollars.
	2	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Schedule of Investments.

North Square Advisory Research All Cap Value Fund
SUMMARY OF INVESTMENTS
As of January 31, 2021 (Unaudited)
Security Type/Sector	Percent of Total Net Assets
Common Stocks
Consumer Discretionary	24.2%
Industrials	15.8%
Financials	12.6%
Health Care	11.1%
Technology	9.4%
Basic Materials	6.8%
Utilities	5.6%
Consumer Staples	5.3%
Energy	3.5%
Telecommunications	3.4%
Total Common Stocks	97.7%
Short-Term Investment	1.9%
Total Investments	99.6%
Other Assets in Excess of Liabilities	0.4%
Total Net Assets	100.0%

North Square Advisory Research All Cap Value Fund

NOTES TO SCHEDULE OF INVESTMENTS

As of January 31, 2021 (Unaudited)

Fair Value Measurements and Disclosure

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:

☐ 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of January 31, 2021, in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks1	$	4,416,242	$	-	$	-	$	4,416,242
Short-Term Investment		86,597		-		-		86,597
Total Investments	$	4,502,839	$	-	$	-	$	4,502,839

¹ All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by industry and sector, 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.