NPORT-EX 2 ultimus_6101.htm
North
Square
Spectrum
Alpha
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
2.2%
9,700‌
iShares®
Russell
2000
ETF
$
1,829,517‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $1,754,787)
1,829,517‌
Shares
Fair
Value
MUTUAL
FUNDS
—
94.8%
707,808‌
North
Square
Advisory
Research
Small
Cap
Growth
Fund,
Class
I
(a)
7,969,913‌
1,375,846‌
North
Square
Advisory
Research
Small
Value
Fund,
Class
I
(a)
14,033,633‌
4,415,121‌
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)(b)
55,100,708‌
TOTAL
MUTUAL
FUNDS
(Cost $83,516,313)
77,104,254‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
4.4%
3,558,739‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$3,558,739)
(c)
3,558,739‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $3,558,739)
3,558,739‌
TOTAL
INVESTMENTS
-
101.4%
(Cost
$88,829,839)
$
82,492,510‌
Liabilities
in
Excess
of
Other
Assets-
(1.4)%
(1,124,799‌)
NET
ASSETS
-
100.0%
$
81,367,711‌
(a)
Affiliated
Company.
(b)
Represents
an
investment
greater
than
25%
of
the
Fund’s
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
August
31,
2023,
the
percentage
of
net
assets
invested
in
North
Square
Dynamic
Small
Cap
Fund,
Class
I
were
67.7%
of
the
Fund.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
COMMUNICATIONS
-
3.9%
CABLE
&
SATELLITE
-
0.2%
26,620
WideOpenWest,
Inc.
(a)
$
215,622‌
COMMERCIAL
SUPPORT
SERVICES
-
0.5%
9,370
Cimpress
PLC
(a)
605,396‌
ENTERTAINMENT
CONTENT
-
0.9%
37,660
AMC
Networks,
Inc.,
Class
A
(a)
438,362‌
30,150
Sciplay
Corp.
(a)
684,405‌
1,122,767‌
INTERNET
MEDIA
&
SERVICES
-
1.4%
88,870
Upwork,
Inc.
(a)
1,316,165‌
8,390
Yelp,
Inc.
(a)
359,512‌
1,675,677‌
TELECOMMUNICATIONS
-
0.9%
2,410
Cogent
Communications
Holdings,
Inc.
170,098‌
52,310
GOGO,
Inc.
(a)
593,718‌
9,050
IDT
Corp.,
Class
B
(a)
211,589‌
9,200
Ooma,
Inc.
(a)
129,628‌
1,105,033‌
TOTAL
COMMUNICATIONS
4,724,495‌
CONSUMER
DISCRETIONARY
-
14.1%
AUTOMOTIVE
-
3.3%
141,500
Garret
Motion,
Inc.
(a)
1,098,040‌
34,690
Harley-Davidson,
Inc.
1,170,788‌
32,160
Modine
Manufacturing
Co.
(a)
1,530,494‌
5,760
Sleep
Number
Corp.,
Class
A
(a)
147,341‌
3,946,663‌
CONSUMER
SERVICES
-
0.8%
89,390
Chegg,
Inc.
(a)
912,672‌
E-COMMERCE
DISCRETIONARY
-
0.5%
71,730
Rover
Group,
Inc.
(a)
485,612‌
19,220
Solo
Brands,
Inc.,
Class
A
(a)
107,440‌
593,052‌
ENTERTAINMENT
CONTENT
-
0.1%
7,970
Inspired
Entertainment,
Inc.
(a)
105,045‌
HOME
&
OFFICE
PRODUCTS
-
0.1%
9,080
Arhaus
Inc
(a)
89,892‌
HOME
CONSTRUCTION
-
4.8%
30,930
Green
Brick
Partners,
Inc.
(a)
1,529,798‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
HOME
CONSTRUCTION
-
4.8%
(Continued)
15,640
Interface,
Inc.
$
161,561‌
7,800
Landesa
Home
Corp.
(a)
75,582‌
17,600
M/I
Homes,
Inc.
(a)
1,727,967‌
5,410
Meritage
Homes
Corp.
752,206‌
20,880
Taylor
Morrison
Home
Corp.
(a)
989,712‌
17,490
TRI
Pointe
Homes,
Inc.
(a)
543,939‌
5,780,765‌
LEISURE
FACILITIES
&
SERVICES
-
2.5%
21,980
St.
Joe
Co.
(The)
1,357,045‌
29,240
Travel
+
Leisure
Co.
1,175,448‌
22,880
Xponential
Fitness,
Inc.,
Class
A
(a)
495,581‌
3,028,074‌
RETAIL
-
DISCRETIONARY
-
2.0%
32,800
Aaron's
Co.,
Inc.
(The)
(a)
395,896‌
99,650
Aspen
Aerogels,
Inc.
(a)
606,869‌
7,240
Genesco,
Inc.
(a)
248,187‌
830
Group
1
Automotive,
Inc.
219,469‌
22,770
Rush
Enterprises,
Inc.,
Class
A
942,905‌
2,413,326‌
TOTAL
CONSUMER
DISCRETIONARY
16,869,489‌
CONSUMER
STAPLES
-
6.9%
BEVERAGES
-
1.5%
4,410
National
Beverage
Corp.
(a)
226,277‌
55,230
Vita
Coco
Co.,
Inc.
(The)
(a)
1,562,457‌
1,788,734‌
FOOD
-
0.8%
5,790
Cal-Maine
Foods,
Inc.
276,704‌
590
John
B.
Sanfilippo
&
Son,
Inc.
59,207‌
50,610
Vital
Farms,
Inc.
(a)
596,185‌
932,096‌
HOUSEHOLD
PRODUCTS
-
3.3%
17,633
e.l.f.
Beauty,
Inc.
(a)
2,445,874‌
11,080
Inter
Parfums,
Inc.
1,548,209‌
3,994,083‌
RETAIL
-
CONSUMER
STAPLES
-
0.5%
7,230
PriceSmart,
Inc.
574,640‌
TOBACCO
&
CANNABIS
-
0.2%
9,750
Turning
Point
Brands,
Inc.
240,045‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
WHOLESALE
-
CONSUMER
STAPLES
-
0.6%
36,740
United
Natural
Foods,
Inc.
(a)
$
739,576‌
TOTAL
CONSUMER
STAPLES
8,269,174‌
ENERGY
-
8.0%
OIL
&
GAS
PRODUCERS
-
3.9%
106,340
Equitrans
Midstream
Corp.
1,020,864‌
55,510
Evolution
Petroleum
Corp.
469,615‌
14,090
PBF
Energy,
Inc.,
Class
A
660,680‌
32,850
SM
Energy
Co.
1,389,884‌
40,810
Viper
Energy
Partners
LP
1,135,334‌
4,676,377‌
OIL
&
GAS
SERVICES
&
EQUIP
-
0.4%
34,954
MRC
Global,
Inc.
(a)
325,771‌
28,850
TETRA
Technologies,
Inc.
(a)
158,387‌
484,158‌
OIL
&
GAS
SERVICES
&
EQUIPMENT
-
1.5%
97,700
Liberty
Energy,
Inc.,
Class
A
1,558,315‌
31,530
Newpark
Resources,
Inc.
(a)
188,549‌
1,746,864‌
TRANSPORTATION
&
LOGISTICS
-
1.5%
20,010
DHT
Holdings,
Inc.
185,093‌
9,960
International
Seaways,
Inc.
(a)
427,981‌
7,870
Scorpio
Tankers,
Inc.
397,514‌
17,240
Teekay
Corp.
(a)
110,508‌
16,240
Teekay
Tankers
Ltd.,
Class
A
660,643‌
1,781,739‌
UTILITIES
-
0.7%
28,880
New
Fortress
Energy,
Inc.,
Class
A
896,435‌
TOTAL
ENERGY
9,585,573‌
FINANCIALS
-
9.8%
ASSET
MANAGEMENT
-
0.3%
9,580
Federated
Hermes,
Inc.,
Class
B
333,001‌
BANKING
-
4.6%
9,860
Amalgamated
Bank
176,691‌
31,524
Bancorp,
Inc.
(The)
(a)
1,157,247‌
27,990
Bank
of
N.T.
Butterfield
&
Son
Ltd.
(The)
815,069‌
9,250
BankUnited,
Inc.
242,813‌
4,990
Central
Pacific
Financial
Corp.
84,680‌
29,695
Customers
Bancorp,
Inc.
(a)
1,043,482‌
24,840
First
BanCorp.
344,282‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
BANKING
-
4.6%
(Continued)
73,770
First
Foundation,
Inc.
(a)
$
579,832‌
18,058
Hanmi
Financial
Corp.
312,765‌
22,250
Heritage
Commerce
Corp.
192,908‌
3,030
Live
Oak
Bancshares,
Inc.
97,990‌
2,250
Unity
Bancorp,
Inc.
(a)
54,371‌
24,290
Veritex
Holdings,
Inc.
456,895‌
5,559,025‌
COMMERCIAL
SUPPORT
SERVICES
-
1.1%
5,857
CorVel
Corp.
(a)
1,267,748‌
INSTITUTIONAL
FINANCIAL
SERVICES
-
0.4%
97,010
BGC
Group,
Inc.
(a)
479,229‌
INSURANCE
-
2.8%
23,370
Brighthouse
Financial,
Inc.
(a)
1,160,553‌
3,650
Goosehead
Insurance,
Inc.,
Class
A
(a)
254,989‌
18,280
James
River
Group
Holdings,
Ltd.
266,157‌
37,960
Lincoln
National
Corp.
974,054‌
10,050
NMI
Holdings,
Inc.,
Class
A
(a)
287,631‌
4,300
Palomar
Holdings,
Inc.
(a)
219,343‌
20,810
SiriusPoint
Ltd.
(a)
230,159‌
3,392,886‌
SPECIALTY
FINANCE
-
0.6%
25,252
Enact
Holdings,
Inc.
723,722‌
TOTAL
FINANCIALS
11,755,611‌
HEALTH
CARE
-
14.9%
BIOTECH
&
PHARMA
-
8.6%
31,440
89Bio,
Inc.
(a)
538,882‌
16,710
ACADIA
Pharmaceuticals,
Inc.
(a)
451,504‌
47,160
Alkermes
PLC
(a)
1,376,599‌
53,670
Allakos,
Inc.
(a)
154,570‌
117,450
Amneal
Pharmaceuticals,
Inc.
(a)
480,371‌
21,630
Arvinas,
Inc.
(a)
610,182‌
7,360
Corcept
Therapeutics,
Inc.
(a)
240,893‌
37,830
Dyne
Therapeutics,
Inc.
(a)
431,262‌
20,960
ImmunoGen,
Inc.
(a)
332,006‌
4,960
Intra-Cellular
Therapies,
Inc.
(a)
275,379‌
48,740
Iovance
Biotherapeutics,
Inc.
(a)
294,390‌
61,190
Kura
Oncology,
Inc.
(a)
607,617‌
9,620
Kymera
Therapeutics,
Inc.
(a)
183,550‌
12,950
Merus
NV
(a)
289,692‌
9,380
Mirati
Therapeutics,
Inc.
(a)
348,936‌
22,310
Ocular
Therapeutix,
Inc.
(a)
84,332‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
BIOTECH
&
PHARMA
-
8.6%
(Continued)
18,240
Olema
Pharmaceuticals,
Inc.
(a)
$
185,136‌
24,541
PetIQ,
Inc.,
Class
A
(a)
468,242‌
4,030
RAPT
Therapeutics,
Inc.
(a)
76,973‌
9,120
Replimune
Group,
Inc.
(a)
186,230‌
65,000
Syndax
Pharmaceuticals
(a)
1,203,149‌
87,550
uniQure
NV
(a)
762,560‌
16,920
Xenon
Pharmaceuticals,
Inc.
(a)
659,542‌
16,280
Y-mAbs
Therapeutics,
Inc.
(a)
82,540‌
10,324,537‌
HEALTH
CARE
FACILITIES
&
SERVICES
-
5.2%
9,370
AirSculpt
Technologies,
Inc.
(a)
71,962‌
48,890
GoodRx
Holdings,
Inc.,
Class
A
(a)
319,252‌
7,242
Medpace
Holdings,
Inc.
(a)
1,957,294‌
59,190
Owens
&
Minor,
Inc.
(a)
1,000,311‌
47,270
Patterson
Companies,
Inc.
1,419,991‌
14,940
Pennant
Group,
Inc.
(The)
(a)
178,981‌
35,550
Progyny,
Inc.
(a)
1,327,437‌
6,275,228‌
MEDICAL
EQUIPMENT
&
DEVICES
-
1.1%
14,760
Adaptive
Biotechnologies
Corp.
(a)
99,925‌
12,950
AxoGen,
Inc.
(a)
81,067‌
10,550
Lantheus
Holdings,
Inc.
(a)
722,042‌
20,310
Tactile
Systems
Technology,
Inc.
(a)
384,875‌
1,287,909‌
TOTAL
HEALTH
CARE
17,887,674‌
INDUSTRIALS
-
11.4%
AEROSPACE
&
DEFENSE
-
2.0%
23,040
AAR
Corp.
(a)
1,419,263‌
25,990
Mercury
Systems,
Inc.
(a)
1,020,108‌
2,439,371‌
COMMERCIAL
SUPPORT
SERVICES
-
1.8%
24,390
Brady
Corp.,
Class
A
1,230,231‌
55,550
Enviri
Corp.
(a)
413,848‌
4,500
TriNet
Group,
Inc.
(a)
499,185‌
2,143,264‌
ELECTRICAL
EQUIPMENT
-
0.2%
2,860
Itron,
Inc.
(a)
195,653‌
ENGINEERING
&
CONSTRUCTION
-
2.6%
9,590
Encore
Wire
Corp.
1,580,527‌
47,280
Frontdoor,
Inc.
(a)
1,551,730‌
3,132,257‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
INDUSTRIAL
INTERMEDIATE
PRODUCTS
-
0.3%
35,010
Janus
International
Group,
Inc.,
Class
A
(a)
$
400,865‌
INDUSTRIAL
SUPPORT
SERVICES
-
1.5%
7,780
Applied
Industrial
Technologies,
Inc.
1,200,998‌
17,430
Titan
Machinery,
Inc.
(a)
540,679‌
1,741,677‌
MACHINERY
-
0.3%
23,930
CECO
Environmental
Corp.
(a)
329,755‌
5,650
Luxfer
Holdings
PLC
(a)
67,970‌
397,725‌
RETAIL
-
DISCRETIONARY
-
1.9%
8,095
BlueLinx
Holdings,
Inc.
(a)
722,560‌
21,990
GMS,
Inc.
(a)
1,524,786‌
2,247,346‌
TRANSPORTATION
&
LOGISTICS
-
0.8%
3,710
Air
Transport
Services
Group,
Inc.
(a)
79,988‌
6,430
Hub
Group,
Inc.,
Class
A
(a)
501,797‌
53,380
Safe
Bulkers,
Inc.
171,350‌
4,250
SkyWest,
Inc.
(a)
191,675‌
944,810‌
TOTAL
INDUSTRIALS
13,642,968‌
MATERIALS
-
5.5%
CHEMICALS
-
1.6%
6,640
Innospec,
Inc.
713,269‌
33,230
Orion
Engineered
Carbons
SA
751,663‌
2,230
WD-40
Co.
479,160‌
1,944,092‌
CONTAINERS
&
PACKAGING
-
0.1%
12,460
Pactiv
Evergreen,
Inc.
102,421‌
FORESTRY,
PAPER
&
WOOD
PRODUCTS
-
3.7%
17,520
Boise
Cascade
Co.
1,916,163‌
8,440
Louisiana-Pacific
Corp.
527,331‌
18,120
UFP
Industries,
Inc.
1,890,822‌
4,334,316‌
METALS
&
MINING
-
0.1%
67,730
Coeur
Mining,
Inc.
(a)
163,229‌
TOTAL
MATERIALS
6,544,058‌
REAL
ESTATE
-
5.3%
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
HOME
CONSTRUCTION
-
1.0%
40,557
Forestar
Group,
Inc.
(a)
$
1,156,280‌
REAL
ESTATE
SERVICES
-
1.2%
78,900
Anywhere
Real
Estate,
Inc.
(a)
517,584‌
13,550
Assetmark
Financial
Holdings,
Inc.
(a)
391,460‌
157,000
Compass,
Inc.,
Class
A
(a)
565,200‌
1,474,244‌
REIT
-
3.1%
40,198
American
Assets
Trust,
Inc.
860,639‌
41,290
Brandywine
Realty
Trust
206,450‌
18,950
Chatham
Lodging
Trust
185,331‌
86,170
Hudson
Pacific
Properties,
Inc.
586,818‌
19,890
National
Storage
Affiliates
Trust
668,304‌
13,880
Ryman
Hospitality
Properties,
Inc.
1,180,216‌
3,687,758‌
TOTAL
REAL
ESTATE
6,318,282‌
TECHNOLOGY
-
18.0%
COMMERCIAL
SUPPORT
SERVICES
-
1.4%
20,260
ASGN,
Inc.
(a)
1,664,562‌
ELECTRICAL
EQUIPMENT
-
0.4%
7,080
Camtek
Ltd.
(a)
426,924‌
SEMICONDUCTORS
-
2.0%
67,040
ACM
Research,
Inc.,
Class
A
(a)
1,177,223‌
4,920
Alpha
&
Omega
SemiConductor
Ltd.
(a)
155,226‌
3,460
NVE
Corp.
306,037‌
8,180
Synaptics,
Inc.
(a)
716,077‌
2,354,563‌
SOFTWARE
-
7.8%
15,360
Agilysys,
Inc.
(a)
1,083,570‌
21,600
Alarm.com
Holdings,
Inc.
(a)
1,265,111‌
12,420
American
Software,
Inc.,
Class
A
143,203‌
5,420
Amplitude,
Inc.
(a)
63,306‌
11,210
Avid
Technology,
Inc.
(a)
298,859‌
10,180
Bandwidth,
Inc.,
Class
A
(a)
146,287‌
11,340
Clear
Secure
Inc
(a)
246,532‌
22,830
CommVault
Systems,
Inc.
(a)
1,559,516‌
8,510
Donnelley
Financial
Solutions,
Inc.
(a)
419,288‌
2,530
Duolingo,
Inc.
(a)
372,315‌
4,980
GitLab,
Inc.
(a)
235,903‌
6,817
IBEX
Ltd.
(a)
133,341‌
2,900
PDF
Solutions,
Inc.
(a)
105,386‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
98.9%
(Continued)
SOFTWARE
-
7.8%
(Continued)
18,130
Sapiens
International
Corp.
NV
$
541,906‌
68,230
Sprinklr
Inc,
Class
A
(a)
1,032,319‌
30,910
Teradata
Corp.
(a)
1,430,205‌
31,270
Weave
Communications,
Inc.
(a)
319,267‌
9,396,314‌
TECHNOLOGY
HARDWARE
-
5.4%
70,150
A10
Networks,
Inc.
1,044,534‌
42,360
Arlo
Technologies,
Inc.
(a)
413,857‌
28,730
Avnet,
Inc.
1,458,048‌
58,280
Extreme
Networks,
Inc.
(a)
1,599,785‌
4,085
Fabrinet
(a)
656,745‌
37,060
Goosehead
Insurance,
Inc.,
Class
A
(a)
212,724‌
8,360
Sanmina
Corp.
(a)
465,652‌
10,830
ScanSource,
Inc.
(a)
355,007‌
3,710
Vicor
Corp.
(a)
251,427‌
6,457,779‌
TECHNOLOGY
SERVICES
-
1.0%
36,850
ExlService
Holdings,
Inc.
(a)
1,077,126‌
13,960
Open
Lending
Corp.
(a)
115,170‌
1,192,296‌
TOTAL
TECHNOLOGY
21,492,438‌
UTILITIES
-
1.1%
ELECTRIC
UTILITIES
-
1.1%
55,400
Clearway
Energy,
Inc.,
Class
C
1,372,258‌
TOTAL
UTILITIES
1,372,258‌
TOTAL
COMMON
STOCKS
(Cost $107,608,702)
118,462,020‌
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
0.0%
(b)
7‌
iShares®
Russell
2000
ETF
1,320‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $1,300)
1,320‌
Shares
Fair
Value
RIGHTS
—
0.0%
(b)
BIOTECH
&
PHARMA
-
0.0%
(b)
29,400‌
Novartis
A.G.
CVR
–‌
TOTAL
RIGHTS
(Cost $–)
–‌
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
0.7%
867,231‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$867,231)
(c)
$
867,231‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $867,231)
867,231‌
TOTAL
INVESTMENTS
-
99.6%
(Cost
$108,477,233)
$
119,330,571‌
Other
Assets
in
Excess
of
Liabilities-
0.4%
497,334‌
NET
ASSETS
-
100.0%
$
119,827,905‌
(a)
Non-income
producing
security.
(b)
Percentage
rounds
to
less
than
0.1%.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
LP
-
Limited
Partnership
LTD
-
Limited
Company
NV
-
Naamioze
Vennootschap
PLC
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
North
Square
Advisory
Research
Small
Cap
Growth
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.2%
COMMUNICATIONS
-
1.6%
INTERNET
MEDIA
&
SERVICES
-
1.6%
1,700
Integral
Ad
Science
Holding
Corp.
(a)
$
24,259‌
5,380
Opera
Ltd.
-
ADR
80,324‌
3,177
Upwork,
Inc.
(a)
47,051‌
151,634‌
TOTAL
COMMUNICATIONS
151,634‌
CONSUMER
DISCRETIONARY
-
17.4%
APPAREL
&
TEXTILE
PRODUCTS
-
1.8%
6,391
Ermenegildo
Zegna
NV
(a)
95,737‌
2,660
On
Holding
AG
(a)
76,688‌
172,425‌
AUTOMOTIVE
-
2.2%
4,353
Modine
Manufacturing
Co.
(a)
207,159‌
CONSUMER
SERVICES
-
1.7%
6,807
Coursera,
Inc.
(a)
118,374‌
4,821
Weight
Watchers
International,
Inc.
(a)
46,812‌
165,186‌
HOME
&
OFFICE
PRODUCTS
-
0.5%
4,758
Arhaus
Inc
(a)
47,104‌
HOME
CONSTRUCTION
-
1.5%
1,971
Green
Brick
Partners,
Inc.
(a)
97,486‌
1,036
Taylor
Morrison
Home
Corp.
(a)
49,106‌
146,592‌
LEISURE
FACILITIES
&
SERVICES
-
6.5%
8,659
Arcos
Dorados
Holdings,
Inc.,
Class
A
85,464‌
15,285
Genius
Sports
Ltd.
(a)
101,492‌
1,088
Kura
Sushi
USA,
Inc.,
Class
A
(a)
95,059‌
7,655
Life
Time
Group
Holdings,
Inc.
(a)
131,666‌
1,302
Portillos,
Inc.,
Class
A
(a)
23,879‌
12,737
Sweetgreen,
Inc.
(a)
182,904‌
620,464‌
RETAIL
-
DISCRETIONARY
-
3.2%
769
Academy
Sports
&
Outdoors,
Inc.
41,964‌
1,247
Beacon
Roofing
Supply,
Inc.
(a)
99,573‌
688
Boot
Barn
Holdings,
Inc.
(a)
63,124‌
1,912
Carvana
Co.
(a)
96,269‌
300,930‌
TOTAL
CONSUMER
DISCRETIONARY
1,659,860‌
CONSUMER
STAPLES
-
0.9%
North
Square
Advisory
Research
Small
Cap
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.2%
(Continued)
RETAIL
-
CONSUMER
STAPLES
-
0.9%
1,999
Sprouts
Farmers
Market,
Inc.
(a)
$
81,539‌
TOTAL
CONSUMER
STAPLES
81,539‌
ENERGY
-
5.3%
OIL
&
GAS
PRODUCERS
-
3.0%
6,817
Kosmos
Energy
Ltd.
(a)
49,628‌
2,171
Matador
Resources
Co.
137,858‌
2,284
Northern
Oil
and
Gas,
Inc.
95,540‌
283,026‌
OIL
&
GAS
SERVICES
&
EQUIPMENT
-
2.3%
2,052
Noble
Corp.
PLC,
Class
A
108,222‌
1,303
Weatherford
International
PLC
(a)
115,342‌
223,564‌
TOTAL
ENERGY
506,590‌
FINANCIALS
-
3.9%
ASSET
MANAGEMENT
-
3.9%
1,845
Avantax,
Inc.
(a)
38,597‌
3,635
Donnelley
Financial
Solutions,
Inc.
(a)
179,097‌
4,421
Victory
Capital
Holdings,
Inc.,
Class
A
152,171‌
369,865‌
TOTAL
FINANCIALS
369,865‌
HEALTH
CARE
-
20.3%
BIOTECH
&
PHARMA
-
7.3%
6,668
Avadel
Pharmaceuticals
Public
Limited
Co.
-
ADR
(a)
90,085‌
1,517
Immunocore
Holdings
PLC
-
ADR
(a)
85,362‌
863
Intra-Cellular
Therapies,
Inc.
(a)
47,914‌
3,366
Kiniksa
Pharmaceuticals
Ltd.
(a)
57,996‌
742
Krystal
Biotech,
Inc.
(a)
92,364‌
539
Prothena
Corp.
PLC
(a)
28,470‌
9,205
Roivant
Sciences
Ltd.
(a)
106,502‌
2,214
Vaxcyte,
Inc.
(a)
114,950‌
1,757
Xenon
Pharmaceuticals,
Inc.
(a)
68,488‌
692,131‌
HEALTH
CARE
FACILITIES
&
SERVICES
-
4.2%
1,390
HealthEquity,
Inc.
(a)
93,895‌
618
Medpace
Holdings,
Inc.
(a)
167,027‌
14,859
Oscar
Health,
Inc.,
Class
A
(a)
93,166‌
1,965
Privia
Health
Group,
Inc.
(a)
51,581‌
405,669‌
North
Square
Advisory
Research
Small
Cap
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.2%
(Continued)
MEDICAL
EQUIPMENT
&
DEVICES
-
8.8%
9,029
Alphatec
Holdings,
Inc.
(a)
$
147,624‌
493
Axonics,
Inc.
(a)
28,249‌
2,920
InMode
Ltd.
(a)
114,143‌
1,688
Natera,
Inc.
(a)
99,136‌
5,994
RxSight,
Inc.
(a)
173,886‌
4,190
TransMedics
Group,
Inc.
(a)
274,989‌
838,027‌
TOTAL
HEALTH
CARE
1,935,827‌
INDUSTRIALS
-
23.7%
COMMERCIAL
SUPPORT
SERVICES
-
3.0%
2,513
Huron
Consulting
Group,
Inc.
(a)
251,175‌
3,315
LegalZoom.com,
Inc.
(a)
37,824‌
288,999‌
CONSTRUCTION
MATERIALS
-
1.8%
4,414
Tecnoglass,
Inc.
172,014‌
CONTAINERS
&
PACKAGING
-
1.7%
8,115
O-I
Glass,
Inc.
(a)
161,164‌
ELECTRICAL
EQUIPMENT
-
5.6%
1,520
AAON,
Inc.
95,851‌
3,900
BWX
Technologies,
Inc.
287,664‌
2,458
Camtek
Ltd.
(a)
148,217‌
531,732‌
ENGINEERING
&
CONSTRUCTION
-
3.2%
1,338
Fluor
Corp.
(a)
46,817‌
969
IES
Holdings,
Inc.
(a)
72,656‌
1,300
MYR
Group,
Inc.
(a)
184,690‌
304,163‌
INDUSTRIAL
INTERMEDIATE
PRODUCTS
-
1.7%
398
Chart
Industries,
Inc.
(a)
71,871‌
1,218
Mueller
Industries,
Inc.
93,981‌
165,852‌
MACHINERY
-
4.3%
1,025
Albany
International
Corp.,
Class
A
95,038‌
967
Standex
International,
Inc.
148,560‌
3,964
Symbotic,
Inc.,
Class
A
(a)
165,656‌
409,254‌
STEEL
-
2.4%
5,077
Allegheny
Technologies,
Inc.
(a)
230,140‌
TOTAL
INDUSTRIALS
2,263,318‌
North
Square
Advisory
Research
Small
Cap
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
99.2%
(Continued)
MATERIALS
-
0.9%
CONSTRUCTION
MATERIALS
-
0.9%
535
Simpson
Manufacturing
Co.,
Inc.
$
85,472‌
TOTAL
MATERIALS
85,472‌
TECHNOLOGY
-
25.2%
SEMICONDUCTORS
-
5.6%
4,418
Aehr
Test
Systems
(a)
225,362‌
1,162
Axcelis
Technologies,
Inc.
(a)
223,278‌
3,236
Veeco
Instruments,
Inc.
(a)
94,459‌
543,099‌
SOFTWARE
-
16.3%
5,833
Alkami
Technology,
Inc.
(a)
101,611‌
4,538
C3.ai,
Inc.,
Class
A
(a)
140,769‌
18,531
Cellebrite
DI
Ltd
(a)
149,175‌
1,248
Docebo,
Inc.
(a)
54,700‌
818
Duolingo,
Inc.
(a)
120,377‌
2,031
Fastly,
Inc.,
Class
A
(a)
48,317‌
2,226
Freshworks,
Inc.
(a)
48,683‌
2,804
IonQ,
Inc.
(a)
48,201‌
963
Monday.com
Ltd.
(a)
170,875‌
1,171
PDF
Solutions,
Inc.
(a)
42,554‌
3,164
Perion
Network
Ltd.
(a)
105,013‌
11,021
Samsara,
Inc.,
Class
A
(a)
301,534‌
1,912
Vertex,
Inc.,
Class
A
(a)
42,810‌
1,688
Workiva,
Inc.,
Class
A
(a)
188,802‌
1,563,421‌
TECHNOLOGY
HARDWARE
-
3.0%
1,523
ESCO
Technologies,
Inc.
162,976‌
2,333
Harmonic,
Inc.
(a)
24,916‌
344
Super
Micro
Computer,
Inc.
(a)
94,628‌
282,520‌
TECHNOLOGY
SERVICES
-
0.3%
1,704
Paymentus
Holdings,
Inc.
(a)
25,662‌
TOTAL
TECHNOLOGY
2,414,702‌
TOTAL
COMMON
STOCKS
(Cost $7,881,671)
9,468,807‌
North
Square
Advisory
Research
Small
Cap
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
0.1%
9,615‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.20%
(Cost
$9,615)
(b)
$
9,615‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $9,615)
9,615‌
TOTAL
INVESTMENTS
-
99.3%
(Cost
$7,891,286)
$
9,478,422‌
Other
Assets
in
Excess
of
Liabilities-
0.7%
67,544‌
NET
ASSETS
-
100.0%
$
9,545,966‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ADR
-
American
Depositary
Receipt
LTD
-
Limited
Company
NV
-
Naamioze
Vennootschap
PLC
-
Public
Limited
Company
North
Square
Multi
Strategy
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
32.1%
16,000‌
Invesco®
S&P
500®
GARP
ETF
$
1,510,880‌
10,060‌
iShares®
Core
S&P
500®
ETF
4,554,062‌
19,000‌
Vanguard®
Dividend
Appreciation
ETF
3,098,900‌
4,800‌
Vanguard®
Growth
ETF
1,388,544‌
19,185‌
Vanguard®
Value
ETF
2,753,239‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $12,980,937)
13,305,625‌
Shares
Fair
Value
MUTUAL
FUNDS
—
66.5%
128,057‌
North
Square
Advisory
Research
Small
Cap
Growth
Fund,
Class
I
(a)
1,441,922‌
215,696‌
North
Square
Advisory
Research
Small
Value
Fund,
Class
I
(a)
2,200,102‌
483,150‌
North
Square
Altrinsic
International
Equity
Fund,
Class
I
(a)
5,029,595‌
695,306‌
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)
8,677,416‌
385,702‌
North
Square
McKee
Bond
Fund,
Class
I
(a)
3,336,320‌
350,829‌
North
Square
Preferred
And
Income
Securities
Fund,
Class
I
(a)
6,535,938‌
43,228‌
North
Square
Strategic
Income
Fund,
Class
I
(a)
374,783‌
TOTAL
MUTUAL
FUNDS
(Cost $25,921,195)
27,596,076‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
2.4%
991,343‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$991,343)
(b)
991,343‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $991,343)
991,343‌
TOTAL
INVESTMENTS
-
101.0%
(Cost
$39,893,475)
$
41,893,044‌
Liabilities
in
Excess
of
Other
Assets-
(1.0)%
(431,983‌)
NET
ASSETS
-
100.0%
$
41,461,061‌
(a)
Affiliated
Company.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Principal
Amount
($)
Fair
Value
CORPORATE
BONDS
—
98.1%
ASSET
MANAGEMENT
—
4.2%
2,500,000
UBS
Group
AG,
4.375%,
Perpetual
$
1,851,250‌
1,000,000
UBS
Group
AG,
6.875%,
Perpetual
940,787‌
2,792,037‌
AUTOMOTIVE
—
1.9%
1,557,000
General
Motors
Financial
Co.,
Inc.,
5.750%,
Perpetual
1,280,633‌
BANKING
—
65.1%
2,000,000
Banco
Santander
SA,
4.750%,
Perpetual
1,532,194‌
1,000,000
Barclays
PLC,
6.125%,
Perpetual
888,693‌
3,000,000
BNP
Paribas
SA,
4.625%,
Perpetual
2,490,000‌
3,750,000
Citigroup,
Inc.,
3.875%,
Perpetual
3,290,775‌
1,553,000
Citizens
Financial
Group,
Inc.,
4.000%,
Perpetual
1,178,603‌
822,000
Citizens
Financial
Group,
Inc.,
8.533%,
Perpetual
735,673‌
2,047,000
Comerica,
Inc.,
5.625%,
Perpetual
1,885,738‌
1,500,000
Credit
Agricole
SA,
6.875%,
Perpetual
1,478,325‌
2,000,000
Fifth
Third
Bancorp,
8.571%,
12/31/49
1,918,320‌
2,000,000
HSBC
Holdings
PLC,
4.700%,
Perpetual
1,554,035‌
1,000,000
Huntington
Bancshares,
Inc.,
4.045%,
03/15/68
850,560‌
1,606,000
Huntington
Bancshares,
Inc.,
8.450%,
Perpetual
1,459,625‌
3,000,000
ING
Groep
NV,
3.875%,
Perpetual
2,235,450‌
2,413,000
JPMorgan
Chase
&
Co., Series
HH,
4.600%,
(United
States
SOFR
+
3.125%),
Perpetual
(a)
2,269,909‌
3,837,000
KeyCorp,
5.000%,
(ICE
LIBOR
USD
3
Month
+
3.606%),
Perpetual
2,984,802‌
2,000,000
Lloyds
Banking
Group
PLC,
8.000%,
Perpetual
1,815,467‌
3,537,000
M&T
Bank
Corp.,
3.500%,
Perpetual
2,523,191‌
117,000
M&T
Bank
Corp.,
5.000%,
Perpetual
100,388‌
254,000
M&T
Bank
Corp., Series
F,
5.125%,
Perpetual
211,184‌
2,500,000
NatWest
Group
PLC,
4.600%,
Perpetual
1,708,195‌
11,000
PNC
Finacial
Services,
5.000%,
Perpetual
9,654‌
1,200,000
Societe
Generale
SA,
4.750%,
Perpetual
980,508‌
2,500,000
Standard
Chartered
PLC,
4.300%,
Perpetual
1,845,204‌
1,800,000
Svenska
Handelsbanken
AB,
4.750%,
Perpetual
1,404,000‌
2,873,000
Truist
Financial
Corp., Series
N,
4.800%,
Perpetual
2,551,224‌
750,000
US
Bancorp,
5.300%,
Perpetual
639,760‌
3,000,000
Wells
Fargo
&
Co., Series
BB,
3.900%,
(Yield
of
U.S.
Treasury
Note
with
a
Constant
Maturity
of
5
Years
+
3.453%),
Perpetual
(a)
2,661,375‌
43,202,852‌
ELECTRIC
UTILITIES
—
6.8%
2,000,000
American
Electric
Power
Co.,
Inc.,
3.875%,
Perpetual
1,622,509‌
1,491,000
Duke
Energy
Corp.,
3.250%,
01/15/82
1,105,581‌
1,858,000
Emera
,
Inc.,
6.700%,
06/15/76
1,790,648‌
4,518,738‌
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Principal
Amount
($)
Fair
Value
INSTITUTIONAL
FINANCIAL
SERVICES
—
3.0%
1,784,000
Goldman
Sachs
Group,
Inc.
(The),
3.650%,
Perpetual
$
1,461,988‌
505,000
Goldman
Sachs
Group,
Inc.
(The),
7.500%,
Perpetual
508,788‌
1,970,776‌
INSURANCE
—
2.1%
400,000
Allianz
SE,
6.350%,
09/06/53
(b)
401,560‌
1,000,000
Corebridge
Financial,
Inc.,
6.875%,
Perpetual
(b)
973,834‌
1,375,394‌
OIL
&
GAS
PRODUCERS
—
5.8%
700,000
Energy
Transfer
LP, Series
G,
7.125%,
Perpetual
621,166‌
1,500,000
Energy
Transfer
LP,
9.654%,
Perpetual
(a)
1,381,875‌
2,000,000
Plains
All
American
Pipeline
LP,
Series
B,
9.736%,
Perpetual
(a)
1,844,990‌
3,848,031‌
SPECIALTY
FINANCE
—
9.2%
4,000,000
Ally
Financial,
Inc.,
Series
B,
4.700%,
Perpetual
2,822,314‌
3,050,000
Capital
One
Financial
Corp.,
3.950%,
Perpetual
2,348,500‌
1,242,000
Discover
Financial
Services,
Series
C,
5.500%,
Perpetual
929,202‌
6,100,016‌
TOTAL
CORPORATE
BONDS
(Cost $63,892,927)
65,088,477‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
1.3%
863,673‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$863,673)
(c)
863,673‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $863,673)
863,673‌
TOTAL
INVESTMENTS
-
99.4%
(Cost
$64,756,600)
$
65,952,150‌
Other
Assets
in
Excess
of
Liabilities-
0.6%
383,504‌
NET
ASSETS
-
100.0%
$
66,335,654‌
(a)
Variable
rate
security;
the
rate
shown
represents
the
rate
on
August
31,
2023.
(b)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.  As
of
August
31,
2023
the
total
market
value
of
144A
securities
is
1,375,394
or
2.1%
of
net
assets.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
LP
-
Limited
Partnership
NV
-
Naamioze
Vennootschap
PLC
-
Public
Limited
Company
North
Square
Tactical
Growth
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
97.0%
168,575‌
Invesco
QQQ
Trust,
Series
1
$
63,719,664‌
460,100‌
iShares
®
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
39,439,772‌
383,000‌
iShares
®
MSCI
Japan
ETF
23,608,120‌
398,000‌
iShares
®
MSCI
Mexico
Capped
ETF
24,540,680‌
215,300‌
iShares
®
U.S.
Aerospace
&
Defense
ETF
25,011,401‌
129,440‌
SPDR®
S&P
500®
ETF
Trust
58,293,304‌
792,400‌
Vanguard®
FTSE
Europe
ETF
48,273,008‌
281,887‌
Vanguard®
Growth
ETF
81,544,271‌
481,500‌
Vanguard®
Total
International
Bond
ETF
23,477,940‌
666,298‌
Vanguard®
Value
ETF
95,620,426‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $358,680,122)
483,528,586‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
3.2%
15,745,419‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$15,745,419)
(a)
15,745,419‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $15,745,419)
15,745,419‌
TOTAL
INVESTMENTS
-
100.2%
(Cost
$374,425,541)
$
499,274,005‌
Liabilities
in
Excess
of
Other
Assets-
(0.2)%
(863,578‌)
NET
ASSETS
-
100.0%
$
498,410,427‌
(a)
Rate
disclose
d
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
MSCI
-
Morgan
Stanley
Capital
International
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Tactical
Defensive
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
50.7%
144,000‌
SPDR®
Portfolio
Developed
World
EX-US
ETF
$
4,642,560‌
45,100‌
SPDR®
Portfolio
Emerging
Markets
ETF
1,547,832‌
177,700‌
SPDR®
Portfolio
S&P
500®
ETF
9,412,769‌
32,700‌
SPDR®
Portfolio
S&P
600®
Small
Cap
ETF
1,284,456‌
111,000‌
Vanguard®
Total
International
Stock
ETF
6,182,700‌
36,800‌
Vanguard®
Total
Stock
Market
ETF
8,240,992‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $30,217,160)
31,311,309‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
49.4%
30,559,038‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$30,559,038)
(a)(b)
30,559,038‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $30,559,038)
30,559,038‌
TOTAL
INVESTMENTS
-
100.1%
(Cost
$60,776,198)
$
61,870,347‌
Liabilities
in
Excess
of
Other
Assets-
(0.1)%
(61,185‌)
NET
ASSETS
-
100.0%
$
61,809,162‌
(a)
Represents
an
investment
greater
than
25%
of
the
Fund’s
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
August
31,
2023,
the
percentage
of
net
assets
invested
in
First
American
Treasury
Obligations
Fund,
Class
X
were
49.4%
of
the
Fund.
The
financial
statements
and
portfolio
holdings
for
this
security
can
be
found
at
www.sec.gov.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
August
31,
2023
-
(Unaudited)
z
Shares
Fair
Value
COMMON
STOCKS
—
30.2%
CONSUMER
DISCRETIONARY
-
2.9%
HOTELS,
RESTAURANTS
&
LEISURE
-
1.8%
1,553
McDonald's
Corp.
$
436,625‌
SPECIALTY
RETAIL
-
1.1%
825
Home
Depot,
Inc.
(The)
272,498‌
TOTAL
CONSUMER
DISCRETIONARY
709,123‌
CONSUMER
STAPLES
-
4.9%
BANKS
-
1.3%
2,098
Procter
&
Gamble
Co.
(The)
323,805‌
FOOD
-
0.8%
3,044
General
Mills,
Inc.
205,957‌
RETAIL
-
CONSUMER
STAPLES
-
1.9%
2,713
Wal-Mart
Stores,
Inc.
441,161‌
WHOLESALE
-
CONSUMER
STAPLES
-
0.9%
3,023
Sysco
Corp.
210,552‌
TOTAL
CONSUMER
STAPLES
1,181,475‌
FINANCIALS
-
2.6%
BANKS
-
0.9%
6,991
Truist
Financial
Corp.
213,575‌
INSURANCE
-
1.7%
5,747
Aflac,
Inc.
428,554‌
TOTAL
FINANCIALS
642,129‌
HEALTH
CARE
-
5.8%
BIOTECH
&
PHARMA
-
3.2%
757
Eli
Lilly
&
Co.
419,530‌
3,388
Merck
&
Co.,
Inc.
369,224‌
788,754‌
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
-
0.9%
2,081
Abbott
Laboratories
214,135‌
PHARMACEUTICALS
-
1.7%
1,297
Johnson
&
Johnson
209,699‌
5,869
Pfizer,
Inc.
207,645‌
417,344‌
TOTAL
HEALTH
CARE
1,420,233‌
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
COMMON
STOCKS
—
30.2%
(Continued)
INDUSTRIALS
-
4.9%
AEROSPACE
&
DEFENSE
-
0.9%
1,210
L3
Harris
Technologies,
Inc.
$
215,489‌
COMMERCIAL
SUPPORT
SERVICES
-
1.8%
2,719
Waste
Management,
Inc.
426,284‌
DIVERSIFIED
INDUSTRIALS
-
0.9%
933
Illinois
Tool
Works,
Inc.
230,778‌
INDUSTRIAL
SUPPORT
SERVICES
-
1.3%
456
W.W.
Grainger,
Inc.
325,648‌
TOTAL
INDUSTRIALS
1,198,199‌
TECHNOLOGY
-
6.1%
SOFTWARE
-
2.7%
2,002
Microsoft
Corp.
656,176‌
TECHNOLOGY
HARDWARE
-
3.4%
4,366
Apple,
Inc.
820,240‌
TOTAL
TECHNOLOGY
1,476,416‌
UTILITIES
-
3.0%
ELECTRIC
UTILITIES
-
3.0%
2,211
Dominion
Energy,
Inc.
107,322‌
3,195
Eversource
Energy
203,905‌
6,226
Southern
Co.
(The)
421,687‌
732,914‌
TOTAL
UTILITIES
732,914‌
TOTAL
COMMON
STOCKS
(Cost $2,772,842)
7,360,489‌
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
62.2%
17,250‌
iShares®
Broad
USD
High
Yield
Corporate
Bond
ETF
(a)
611,513‌
19,420‌
iShares®
Core
Dividend
Growth
ETF
1,009,452‌
26,400‌
iShares®
MBS
ETF
(a)
2,426,160‌
13,582‌
Schwab®
U.S.
Dividend
Equity
ETF
(a)
1,012,266‌
132,300‌
SPDR®
Portfolio
Intermediate
Term
Corporate
Bond
ETF
(a)
4,236,246‌
53,300‌
SPDR®
Portfolio
Long-Term
Corporate
Bond
ETF
(a)
1,201,915‌
81,800‌
SPDR®
Portfolio
Short-Term
Corporate
Bond
ETF
(a)
2,410,646‌
43,900‌
VanEck®
Vectors
Fallen
Angel
High
Yield
Bond
ETF
(a)
1,217,786‌
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Shares
Fair
Value
EXCHANGE-TRADED
FUNDS
—
62.2%
(Continued)
6,234‌
Vanguard®
Dividend
Appreciation
ETF
$
1,016,765‌
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $15,417,246)
15,142,749‌
Contracts
PURCHASED
OPTIONS-
8.2%
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
CALL
OPTIONS
PURCHASED
-
8.2%
10‌
S&P
500®
Index
09/05/2023
$
4,700‌
$
4,507,660‌
$
50‌
10‌
S&P
500®
Index
09/11/2023
4,650‌
4,507,660‌
550‌
10‌
S&P
500®
Index
09/18/2023
4,500‌
4,507,660‌
47,800‌
10‌
S&P
500®
Index
09/25/2023
4,550‌
4,507,660‌
35,350‌
10‌
S&P
500®
Index
10/02/2023
4,650‌
4,507,660‌
11,450‌
15‌
S&P
500®
Index
12/15/2023
3,700‌
6,761,490‌
1,298,475‌
10‌
S&P
500®
Index
12/15/2023
4,000‌
4,507,660‌
582,950‌
1,976,625‌
Contracts
PURCHASED
OPTIONS-
1.9%
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
PUT
OPTIONS
PURCHASED
-
1.9%
10‌
S&P
500®
Index
09/04/2023
$
4,350‌
$
4,507,660‌
$
200‌
10‌
S&P
500®
Index
09/04/2023
4,425‌
4,507,660‌
400‌
10‌
S&P
500®
Index
09/11/2023
4,275‌
4,507,660‌
950‌
10‌
S&P
500®
Index
09/11/2023
4,300‌
4,507,660‌
1,050‌
10‌
S&P
500®
Index
09/18/2023
4,150‌
4,507,660‌
1,625‌
10‌
S&P
500®
Index
09/18/2023
4,325‌
4,507,660‌
4,150‌
10‌
S&P
500®
Index
09/25/2023
4,200‌
4,507,660‌
4,100‌
10‌
S&P
500®
Index
09/25/2023
4,475‌
4,507,660‌
32,400‌
10‌
S&P
500®
Index
10/02/2023
4,300‌
4,507,660‌
11,800‌
5‌
S&P
500®
Index
12/15/2023
3,300‌
2,253,830‌
3,050‌
5‌
S&P
500®
Index
12/15/2023
3,450‌
2,253,830‌
3,975‌
5‌
S&P
500®
Index
12/15/2023
3,525‌
2,253,830‌
4,550‌
5‌
S&P
500®
Index
12/15/2023
3,825‌
2,253,830‌
8,325‌
5‌
S&P
500®
Index
06/21/2024
3,450‌
2,253,830‌
19,075‌
5‌
S&P
500®
Index
06/21/2024
3,525‌
2,253,830‌
21,225‌
5‌
S&P
500®
Index
06/21/2024
3,550‌
2,253,830‌
22,050‌
5‌
S&P
500®
Index
06/21/2024
3,650‌
2,253,830‌
25,425‌
5‌
S&P
500®
Index
06/21/2024
3,725‌
2,253,830‌
28,350‌
5‌
S&P
500®
Index
06/24/2024
3,775‌
2,253,830‌
30,475‌
5‌
S&P
500®
Index
06/24/2024
3,975‌
2,253,830‌
40,950‌
5‌
S&P
500®
Index
12/23/2024
3,950‌
2,253,830‌
63,750‌
5‌
S&P
500®
Index
12/23/2024
4,100‌
2,253,830‌
76,175‌
100‌
SPDR®
S&P
500®
ETF
Trust
12/15/2023
405‌
4,503,500‌
29,700‌
50‌
SPDR®
S&P
500®
ETF
Trust
12/21/2024
360‌
2,251,750‌
42,325‌
476,075‌
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Investments
(continued)
August
31,
2023
-
(Unaudited)
Contracts
TOTAL
PURCHASED
OPTIONS
(Cost
-
$3,148,884)
2,452,700‌
Shares
Fair
Value
SHORT-TERM
INVESTMENTS
—
1.0%
235,383‌
First
American
Treasury
Obligations
Fund,
Class
X,
5.26%
(Cost
$235,383)
(b)
$
235,383‌
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $235,383)
235,383‌
TOTAL
INVESTMENTS
-
103.5%
(Cost
$21,575,559)
$
25,192,525‌
Other
Assets
in
Excess
of
Liabilities-
0.1%
19,260‌
NET
ASSETS
-
100.0%
$
24,334,735‌
(a)
Security
held
as
collateral
for
written
options.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2023.
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
North
Square
Trilogy
Alternative
Return
Fund
Schedule
of
Written
Options
August
31,
2023
-
(Unaudited)
Contracts
Description
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
CALL
OPTIONS
WRITTEN-
(2.2)%
(10)
S&P
500®
Index
09/18/2023
$
4,350‌
$
(4,507,660‌)
$
(173,550‌)
(10)
S&P
500®
Index
09/25/2023
4,400‌
(4,507,660‌)
(138,650‌)
(10)
S&P
500®
Index
10/02/2023
4,500‌
(4,507,660‌)
(72,700‌)
(5)
S&P
500®
Index
12/20/2024
4,600‌
(2,253,830‌
)
(209,850‌)
(594,750‌)
Contracts
Description
Expiration
Date
Exercise
Price
Notional
Value
Fair
Value
PUT
OPTIONS
WRITTEN
-
(1.4)%
(10)
S&P
500®
Index
09/04/2023
$
4,550‌
$
(4,507,660‌)
$
(40,550‌)
(10)
S&P
500®
Index
10/02/2023
4,500‌
(4,507,660‌)
(47,000‌)
(5)
S&P
500®
Index
12/15/2023
2,925‌
(2,253,830‌)
(1,625‌)
(5)
S&P
500®
Index
12/15/2023
3,050‌
(2,253,830‌)
(2,000‌)
(5)
S&P
500®
Index
12/15/2023
3,125‌
(2,253,830‌)
(2,275‌)
(5)
S&P
500®
Index
12/15/2023
3,400‌
(2,253,830‌)
(3,625‌)
(5)
S&P
500®
Index
06/21/2024
3,075‌
(2,253,830‌)
(11,450‌)
(5)
S&P
500®
Index
06/21/2024
3,125‌
(2,253,830‌)
(12,225‌)
(5)
S&P
500®
Index
06/21/2024
3,150‌
(2,253,830‌)
(12,650‌)
(5)
S&P
500®
Index
06/21/2024
3,250‌
(2,253,830‌)
(14,475‌)
(5)
S&P
500®
Index
06/21/2024
3,300‌
(2,253,830‌)
(15,525‌)
(5)
S&P
500®
Index
06/24/2024
3,375‌
(2,253,830‌)
(17,225‌)
(5)
S&P
500®
Index
06/24/2024
3,500‌
(2,253,830‌)
(20,500‌)
(5)
S&P
500®
Index
12/23/2024
3,500‌
(2,253,830‌)
(36,825‌)
(5)
S&P
500®
Index
12/23/2024
3,650‌
(2,253,830‌)
(44,350‌)
(282,300‌)
TOTAL
CALL
WRITTEN
OPTIONS
(Premiums
Received-
$1,279,725)
(877,050‌)