NPORT-EX 2 multistrat.htm PART F HOLDINGS

North Square Multi Strategy Fund
      
SCHEDULE OF INVESTMENTS
      
As of February 28, 2023 (Unaudited)
      
           
Number of
Shares
 
 
 
Value
  
   
EXCHANGE TRADED FUNDS (ETFs) - 32.3%
      
            8,600
  
Invesco® S&P 500® GARP ETF
  
$
  747,942  
          13,700
  
iShares® Core S&P 500® ETF
  
5,452,189
  
          12,200
  
Vanguard® Dividend Appreciation ETF
  
1,854,156
  
            4,800
  
Vanguard® Growth ETF
  
1,113,072
  
          29,685
  
Vanguard® Value ETF
  
4,144,323
  
   
TOTAL ETFs
      
   
(Cost $14,531,401)
  
13,311,682
  
           
   
MUTUAL FUNDS - 66.4%
      
        164,863
  
North Square Advisory Research Small Cap Growth Fund - Class I1
  
1,787,885
  
        257,007
  
North Square Advisory Research Small Cap Value Fund - Class I1
  
2,631,494
  
        483,150
  
North Square Altrinsic International Equity Fund - Class I1
  
4,796,233
  
        739,006
  
North Square Dynamic Small Cap Fund - Class I1
  
8,713,398
  
        165,302
  
North Square McKee Bond Fund - Class R61
  
1,430,212
  
        385,196
  
North Square Preferred and Income Securities Fund - Class I1
  
7,226,892
  
          89,943
  
North Square Strategic Income Fund - Class I1
  
796,215
  
   
TOTAL MUTUAL FUNDS
      
   
(Cost $26,479,680)
  
27,382,329
  
           
   
SHORT-TERM INVESTMENT - 1.8%
      
739,675
  
First American Treasury Obligations Fund - Class X, 4.48%2
  
739,675
  
   
TOTAL SHORT-TERM INVESTMENT
      
   
(Cost $739,675)
  
739,675
  
           
   
TOTAL INVESTMENTS - 100.5%
      
   
(Cost $41,750,756)
  
41,433,686
  
   
Liabilities in Excess of Other Assets - (0.5)%
  
(200,962)
  
   
TOTAL NET ASSETS - 100.0%
  
$
  41,232,724  
           
1 
Affiliated Company. See Affiliates Table in Notes to Schedule of Investments.
    
2 
The rate is the annualized seven-day yield at period end.
      
           
Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
  
 
 
North Square Multi Strategy Fund
      
SUMMARY OF INVESTMENTS
      
As of February 28, 2023 (Unaudited)
      
       
       
Security Type/Sector
  
Percent of
Total Net
Assets
  
ETFs
    
32.3
%
Mutual Funds
    
66.4
%
Short-Term Investment
    
1.8
%
Total Investments
    
100.5
%
Liabilities in Excess of Other Assets
    
(0.5
)%
Total Net Assets
    
100.0
%

 
North Square Multi Strategy Fund
NOTES TO SCHEDULE OF INVESTMENTS
    
As of February 28, 2023 (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 February 28, 2023 in valuing the Fund’s assets carried at fair value:

         
Level 1
    
Level 2*
    
Level 3**
    
Total
   
Investments
                      
   
  ETFs
  
$
13,311,682
    
$
-
    
$
-
    
$
13,311,682
   
Mutual Funds
    
27,382,329
      
-
      
-
    
$
27,382,329
   
Short-Term Investment
    
739,675
      
-
      
-
    
$
739,675
   
Total Investments
  
$
41,433,686
    
$
-
    
$
-
    
$
41,433,686
                                   
 
* 
The Fund did not hold any Level 2 securities at period end.
                        
 
** 
The Fund did not hold any Level 3 securities at period end.
                        

 
North Square Multi Strategy Fund
                              
NOTES TO SCHEDULE OF INVESTMENTS
                                    
As of February 28, 2023 (Unaudited)
                                    
                                               
Investments in Affiliated Issuers
                                              
An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of February 28, 2023 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.
                                               
                           
Change in
                  
   
Value,
                
Net
    
Unrealized
    
Value,
          
Capital
   
Beginning
          
Sales
    
Realized
    
Appreciation
    
End
    
Dividend
    
Gain
   
of Period
    
Purchases
    
Proceeds
    
Gain (Loss)
    
(Depreciation)
    
of Period
    
Income
    
Distributions
                                               
North Square Advisory Research Small Cap Growth Fund - Class I*
  
$
2,046,022
    
$
233,976
    
$
(250,000
)
    
24,117
    
$
(266,230
)
  
$
1,787,885
    
$
233,976
    
$
-
North Square Advisory Research Small Cap Value Fund - Class I*
    
2,559,638
      
156,982
      
-
      
-
      
(85,125
)
    
2,631,494
      
156,982
      
-
North Square Altrinsic International Equity Fund - Class I
    
3,775,913
      
1,054,852
      
-
      
-
      
(34,532
)
    
4,796,233
      
54,852
      
-
North Square Dynamic Small Cap Fund - Class I
    
8,739,379
      
18,126
      
(600,000
)
    
(35,260
)
    
591,153
      
8,713,398
      
18,126
      
-
North Square McKee Bond Fund - Class R6**
    
1,389,777
      
246,329
      
(145,000
)
    
(12,554
)
    
(48,340
)
    
1,430,212
      
30,449
      
-
North Square Preferred and Income Securities Fund - Class I*
    
9,021,722
      
1,197,060
      
(2,150,000
)
    
502,722
      
(1,344,612
)
    
7,226,892
      
1,234,180
      
-
North Square Strategic Income Fund - Class I
    
1,076,918
      
22,033
      
(275,000
)
    
2,046
      
(29,783
)
    
796,215
      
24,570
      
-
   
$
28,609,370
    
$
2,929,358
    
$
(3,420,000
)
  
$
481,071
    
$
(1,217,469
)
  
$
27,382,329
    
$
1,753,135
    
$
-
                                                               
                                                               
   
Shares,
                    
Shares,
                                
   
Beginning
                    
End
                                
`
  
of Period
    
Purchases
    
Sales
    
of Period
                                
                                                               
North Square Advisory Research Small Cap Growth Fund - Class I*
    
161,456
      
23,574
      
(20,168
)
    
164,863
                                
North Square Advisory Research Small Cap Value Fund - Class I*
    
240,263
      
16,744
      
-
      
257,007
                                
North Square Altrinsic International Equity Fund - Class I
    
379,744
      
103,406
      
-
      
483,150
                                
North Square Dynamic Small Cap Fund - Class I
    
788,212
      
1,696
      
(50,902
)
    
739,006
                                
North Square McKee Bond Fund - Class R6**
    
152,154
      
28,957
      
(15,809
)
    
165,302
                                
North Square Preferred and Income Securities Fund - Class I*
    
430,479
      
64,927
      
(110,210
)
    
385,196
                                
North Square Strategic Income Fund - Class I
    
117,681
      
2,481
      
(30,218
)
    
89,943
                                
                             
2,284,467