North
Square
Spectrum
Alpha
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
EXCHANGE-TRADED
FUNDS
—
2.2%
6,400
iShares®
Russell
2000
ETF
$
1,673,024
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $1,510,982)
1,673,024
MUTUAL
FUNDS
—
97.5%
2,319,930
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)(b)
39,485,209
1,084,438
North
Square
Kennedy
MicroCap
Fund,
Class
I
(a)
14,845,962
1,361,324
North
Square
Select
Small
Cap
Fund,
Class
I
(a)
18,582,066
TOTAL
MUTUAL
FUNDS
(Cost $56,993,519)
72,913,237
SHORT-TERM
INVESTMENTS
—
0.5%
354,421
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(c)
354,421
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$354,421)
354,421
TOTAL
INVESTMENTS
—
100.2%
(Cost
$58,858,922)
$
74,940,682
Liabilities
in
Excess
of
Other
Assets —
(0.2)%
(125,856)
NET
ASSETS
—
100.00%
$
74,814,826
(a)
Affiliated
Company.
(b)
Represents
an
investment
greater
than
25%
of
the
Fund’s
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
February
28,
2026,
the
percentage
of
net
assets
invested
in
North
Square
Dynamic
Small
Cap
Fund,
Class
I
was
52.8%
of
the
Fund.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ETF
-
Exchange-Traded
Funds
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
COMMUNICATIONS
—
1.0%
ADVERTISING
&
MARKETING
—
0.1%
31,842
Magnite,
Inc.
(a)
$
433,688
ENTERTAINMENT
CONTENT
—
0.1%
48,444
AMC
Networks,
Inc.,
Class
A
(a)
395,788
5,730
Sphere
Entertainment
Co.
(a)
681,927
1,077,715
INTERNET
MEDIA
&
SERVICES
—
0.3%
947,602
Nextdoor
Holdings,
Inc.
(a)
1,658,304
37,620
Upwork,
Inc.
(a)
504,860
2,163,164
TELECOMMUNICATIONS
—
0.5%
29,910
EchoStar
Corp.,
Class
A
(a)
3,455,502
TOTAL COMMUNICATIONS
7,130,069
CONSUMER
DISCRETIONARY
—
11.6%
APPAREL
&
TEXTILE
PRODUCTS
—
0.3%
60,270
Levi
Strauss
&
Co.,
Class
A
1,335,583
21,214
Rocky
Brands,
Inc.
958,873
2,294,456
AUTOMOTIVE
—
1.5%
18,459
Dorman
Products,
Inc.
(a)
2,175,578
206,283
Garrett
Motion,
Inc.
4,199,922
93,552
Holley,
Inc.
(a)
381,692
71,567
Motorcar
Parts
of
America,
Inc.
(a)
740,003
66,624
Standard
Motor
Products,
Inc.
2,643,640
10,140,835
CONSUMER
SERVICES
—
3.0%
39,990
Adtalem
Global
Education,
Inc.
(a)
3,919,020
29,590
Bright
Horizons
Family
Solutions,
Inc.
(a)
2,205,047
18,360
Grand
Canyon
Education,
Inc.
(a)
2,920,525
178,160
Laureate
Education,
Inc.
(a)
5,761,694
64,675
Stride,
Inc.
(a)
5,457,277
20,263,563
E-COMMERCE
DISCRETIONARY
—
0.5%
133,821
Revolve
Group,
Inc.
(a)
3,366,936
HOME
CONSTRUCTION
—
2.1%
18,032
Century
Communities,
Inc.
1,212,291
68,928
Interface,
Inc.
2,170,543
17,820
M/I
Homes,
Inc.
(a)
2,533,291
129,265
Taylor
Morrison
Home
Corp.
(a)
8,517,271
14,433,396
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
CONSUMER
DISCRETIONARY
—
11.6%
(Continued)
LEISURE
FACILITIES
&
SERVICES
—
2.6%
115,577
Accel
Entertainment,
Inc.
(a)
$
1,312,955
143,540
Lindblad
Expeditions
Holdings,
Inc.
(a)
2,829,173
108,709
Madison
Square
Garden
Entertainment
Corp.
(a)
6,863,886
7,637
Monarch
Casino
&
Resort,
Inc.
733,916
599,430
Super
Group
(SGHC)
Ltd.
6,413,901
18,153,831
LEISURE
PRODUCTS
—
0.2%
272,920
Peloton
Interactive,
Inc.,
Class
A
(a)
1,097,139
RETAIL
-
DISCRETIONARY
—
1.4%
15,830
Abercrombie
&
Fitch
Co.,
Class
A
(a)
1,548,174
117,820
American
Eagle
Outfitters,
Inc.
2,894,837
74,379
Urban
Outfitters,
Inc.
(a)
4,923,890
9,366,901
WHOLESALE
-
DISCRETIONARY
—
0.0%
(b)
5,100
ePlus,
Inc.
411,366
TOTAL CONSUMER
DISCRETIONARY
79,528,423
CONSUMER
STAPLES
—
2.8%
BEVERAGES
—
1.1%
12,040
Coca-Cola
Consolidated,
Inc.
2,436,896
81,602
Vita
Coco
Co.,
Inc.
(The)
(a)
4,737,812
7,174,708
FOOD
—
1.6%
190,352
Dole
PLC
3,053,246
21,212
Marzetti
Co.
(The)
3,485,980
52,553
Nature's
Sunshine
Products,
Inc.
(a)
1,454,667
367,785
SunOpta,
Inc.
(a)
2,383,247
26,435
USANA
Health
Sciences,
Inc.
(a)
568,881
10,946,021
TOBACCO
&
CANNABIS
—
0.1%
7,160
Turning
Point
Brands,
Inc.
980,849
TOTAL CONSUMER
STAPLES
19,101,578
ENERGY
—
7.7%
OIL
&
GAS
PRODUCERS
—
2.0%
424,631
Clean
Energy
Fuels
Corp.
(a)
959,666
123,400
CNX
Resources
Corp.
(a)
5,155,652
38,660
Delek
US
Holdings,
Inc.
1,473,333
131,123
PBF
Energy,
Inc.,
Class
A
4,667,979
21,728
Summit
Midstream
Corp.
(a)
641,193
269,154
W&T
Offshore,
Inc.
(a)
713,258
13,611,081
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
ENERGY
—
7.7%
(Continued)
OIL
&
GAS
SERVICES
&
EQUIPMENT
—
2.9%
350,300
Borr
Drilling
Ltd.
(a)
$
2,147,339
69,078
Bristow
Group,
Inc.
(a)
3,295,021
155,072
Flotek
Industries,
Inc.
(a)
2,380,355
33,012
Forum
Energy
Technologies,
Inc.
(a)
1,915,686
100,702
Matrix
Service
Co.
(a)
1,106,715
116,436
NPK International,
Inc.
(a)
1,680,171
96,843
Oceaneering
International,
Inc.
(a)
3,437,927
7,810
Solaris
Energy
Infrastructure,
Inc.,
Class
A
387,610
549,320
Transocean
Ltd.
3,559,594
19,910,418
RENEWABLE
ENERGY
—
2.6%
148,410
American
Superconductor
Corp.
(a)
4,835,198
279,159
Array
Technologies,
Inc.
(a)
2,116,025
49,931
EnerSys
8,296,036
165,249
Green
Plains,
Inc.
(a)
2,268,869
49,920
Shoals
Technologies
Group,
Inc.,
Class
A
(a)
296,025
17,812,153
TRANSPORTATION
&
LOGISTICS
—
0.2%
18,050
Scorpio
Tankers,
Inc.
1,427,394
TOTAL ENERGY
52,761,046
FINANCIALS
—
12.1%
ASSET
MANAGEMENT
—
0.7%
62,927
F&G
Annuities
&
Life,
Inc.
1,425,297
19,112
Oppenheimer
Holdings,
Inc.,
Class
A
1,649,174
10,986
Virtus
Investment
Partners,
Inc.
1,520,023
4,594,494
BANKING
—
6.0%
58,323
Axos
Financial,
Inc.
(a)
5,063,603
68,890
Banc
of
California,
Inc.
1,272,398
21,366
Bank
OZK
994,801
13,924
Bankwell
Financial
Group,
Inc.
650,251
92,155
California
BanCorp
1,687,358
65,972
Carter
Bankshares,
Inc.
(a)
1,374,856
21,757
CF
Bankshares,
Inc.
657,497
52,791
Colony
Bankcorp,
Inc.
(a)
1,046,845
55,708
Community
West
Bancshares
1,294,097
22,812
Independent
Bank
Corp.
792,717
137,369
Kearny
Financial
Corp.
1,050,873
80,851
Live
Oak
Bancshares,
Inc.
2,932,466
31,343
Meridian
Corp.
(a)
609,308
69,280
Midland
States
Bancorp,
Inc.
1,533,166
66,343
Northfield
Bancorp,
Inc.
885,016
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
FINANCIALS
—
12.1%
(Continued)
BANKING
—
6.0%
(Continued)
81,160
OFG
Bancorp
$
3,252,893
65,965
Orrstown
Financial
Services,
Inc.
2,370,782
54,299
Peapack
Gladstone
Financial
Corp.
1,818,473
23,267
Pinnacle
Financial
Partners,
Inc.
2,111,713
25,147
Ponce
Financial
Group,
Inc.
(a)
408,639
19,869
Southern
First
Bancshares,
Inc.,
151938513
(a)
1,109,485
25,008
Southern
Missouri
Bancorp,
Inc.
1,548,245
52,140
Texas
Capital
Bancshares,
Inc.
(a)
4,968,942
14,197
Third
Coast
Bancshares,
Inc.
(a)
562,343
28,674
Univest
Financial
Corp.
962,013
40,958,780
INSTITUTIONAL
FINANCIAL
SERVICES
—
2.0%
507,144
BGC
Group,
Inc.,
Class
A
4,828,011
159,990
Marex
Group
PLC
6,953,165
44,300
Virtu
Financial,
Inc.,
Class
A
1,834,463
13,615,639
INSURANCE
—
2.6%
33,030
Hamilton
Insurance
Group
Ltd.
(a)
1,043,418
75,280
Jackson
Financial,
Inc.
8,241,654
95,840
Kemper
Corp.
3,097,549
39,986
Mercury
General
Corp.
3,621,932
10,271
NMI
Holdings,
Inc.,
Class
A
(a)
403,753
4,770
Selective
Insurance
Group,
Inc.
400,871
77,797
Tiptree,
Inc.
1,324,883
18,134,060
SPECIALTY
FINANCE
—
0.8%
59,890
Chimera
Investment
Corp.
815,103
158,410
LendingClub
Corp.
(a)
2,361,893
241,840
Rithm
Capital
Corp.
2,430,492
5,607,488
TOTAL FINANCIALS
82,910,461
HEALTH
CARE
—
15.8%
BIOTECH
&
PHARMA
—
11.8%
183,498
Acadia
Pharmaceuticals,
Inc.
(a)
4,506,711
72,594
Agios
Pharmaceuticals,
Inc.
(a)
2,194,517
34,893
Axsome
Therapeutics,
Inc.
(a)
5,718,614
140,170
Bicara
Therapeutics,
Inc.
(a)
2,352,053
92,050
BridgeBio
Pharma,
Inc.
(a)
6,119,484
17,980
Cogent
Biosciences,
Inc.
(a)
698,523
18,130
CRISPR
Therapeutics
A.G.
(a)
1,090,338
131,875
Day
One
Biopharmaceuticals,
Inc.
(a)
1,397,875
115,451
Design
Therapeutics,
Inc.
(a)
1,205,308
9,575
Dianthus
Therapeutics,
Inc.
(a)
528,444
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
HEALTH
CARE
—
15.8%
(Continued)
BIOTECH
&
PHARMA
—
11.8%
(Continued)
150,980
Dyne
Therapeutics,
Inc.
(a)
$
2,358,308
319,793
Fortrea
Holdings,
Inc.
(a)
3,428,181
39,060
Harmony
Biosciences
Holdings,
Inc.
(a)
1,114,772
89,301
Janux
Therapeutics,
Inc.
(a)
1,215,387
28,250
Kodiak
Sciences,
Inc.
(a)
757,100
111,420
Liquidia
Corp.
(a)
3,456,248
90,374
Mineralys
Therapeutics,
Inc.
(a)
2,644,343
20,340
Mirum
Pharmaceuticals,
Inc.
(a)
1,877,179
140,290
Nuvation
Bio,
Inc.
(a)
829,114
20,837
Praxis
Precision
Medicines,
Inc.
(a)
7,016,860
229,799
Savara,
Inc.
(a)
1,383,390
266,150
Syndax
Pharmaceuticals,
Inc.
(a)
5,778,116
41,968
TG
Therapeutics,
Inc.
(a)
1,262,817
43,880
Travere
Therapeutics,
Inc.
(a)
1,307,185
72,914
Tyra
Biosciences,
Inc.
(a)
2,428,765
44,850
Ultragenyx
Pharmaceutical,
Inc.
(a)
1,049,041
60,330
Vaxcyte,
Inc.
(a)
3,724,774
256,351
Verastem,
Inc.
(a)
1,466,328
158,637
Viridian
Therapeutics,
Inc.
(a)
4,660,755
24,797
Xenon
Pharmaceuticals,
Inc.
(a)
1,071,974
249,088
Xeris
Biopharma
Holdings,
Inc.
(a)
1,524,419
179,361
Zymeworks,
Inc.
(a)
4,177,318
80,344,241
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.7%
341,849
Aveanna
Healthcare
Holdings,
Inc.
(a)
2,516,009
34,640
BrightSpring
Health
Services,
Inc.
(a)
1,435,135
68,050
PACS
Group,
Inc.
(a)
2,484,505
66,720
Progyny,
Inc.
(a)
1,180,277
273,608
Select
Medical
Holdings
Corp.
4,095,912
11,711,838
MEDICAL
EQUIPMENT
&
DEVICES
—
2.3%
78,160
Adaptive
Biotechnologies
Corp.
(a)
1,252,123
53,018
Bioventus,
Inc.
(a)
465,498
389,192
Butterfly
Network,
Inc.
(a)
1,475,038
67,666
Delcath
Systems,
Inc.
(a)
602,227
4,750
Glaukos
Corp.
(a)
571,900
28,401
iRadimed
Corp.
(a)
2,940,356
94,593
NeuroPace,
Inc.
(a)
1,379,166
174,210
NovoCure
Ltd.
(a)
2,381,451
76,353
RxSight,
Inc.
(a)
571,120
48,451
SI-BONE,
Inc.
(a)
751,959
58,893
Tactile
Systems
Technology,
Inc.
(a)
1,724,976
122,786
Varex
Imaging
Corp.
(a)
1,617,092
15,732,906
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
HEALTH
CARE
—
15.8%
(Continued)
MEDICAL
EQUIPMENT
&
DEVICES
—
2.3%
(Continued)
TOTAL HEALTH
CARE
$
107,788,985
INDUSTRIALS
—
23.2%
AEROSPACE
&
DEFENSE
—
1.5%
13,860
Astronics
Corp.
(a)
1,117,393
16,960
Ducommun,
Inc.
(a)
2,096,086
135,001
Innovative
Solutions
and
Suport,
Inc.
(a)
3,501,926
6,820
Moog,
Inc.,
Class
A
2,301,273
130,145
Ondas
Holdings,
Inc.
(a)
1,311,862
10,328,540
COMMERCIAL
SUPPORT
SERVICES
—
1.7%
37,270
ABM
Industries,
Inc.
1,658,515
26,150
Brink's
Co.
(The)
3,053,536
5,294
CRA
International,
Inc.
914,062
50,533
Innodata,
Inc.
(a)
2,232,043
20,479
V2X
Inc.
(a)
1,428,410
25,851
Willdan
Group,
Inc.
(a)
2,304,358
11,590,924
ELECTRICAL
EQUIPMENT
—
5.1%
94,240
Atmus
Filtration
Technologies,
Inc.
6,081,307
35,830
Bloom
Energy
Corp.,
Class
A
(a)
5,577,656
52,113
Napco
Security
Technologies,
Inc.
2,428,987
85,010
NEXTracker,
Inc.,
Class
A
(a)
8,934,551
67,619
nLight,
Inc.
(a)
3,799,512
23,664
Watts
Water
Technologies,
Inc.,
Class
A
7,779,303
34,601,316
ENGINEERING
&
CONSTRUCTION
—
8.4%
225,429
Centuri
Holdings,
Inc.
(a)
6,988,299
20,321
Energy
Services
of
America
Corp.
317,414
34,150
Everus
Construction
Group,
Inc.
(a)
4,127,710
125,122
Frontdoor,
Inc.
(a)
8,579,616
29,856
Great
Lakes
Dredge
&
Dock
Corp.
(a)
506,059
4,369
IES
Holdings,
Inc.
(a)
2,164,184
94,475
MISTRAS
Group,
Inc.
(a)
1,443,578
198,898
Montrose
Environmental
Group,
Inc.
(a)
5,811,800
19,146
MYR
Group,
Inc.
(a)
5,168,654
132,521
Orion
Group
Holdings,
Inc.
(a)
1,819,513
72,419
Primoris
Services
Corp.
10,914,992
9,870
Sterling
Infrastructure,
Inc.
(a)
4,225,643
75,132
Tutor
Perini
Corp.
5,662,699
57,730,161
INDUSTRIAL
INTERMEDIATE
PRODUCTS
—
1.0%
60,154
Insteel
Industries,
Inc.
2,242,541
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
INDUSTRIALS
—
23.2%
(Continued)
INDUSTRIAL
INTERMEDIATE
PRODUCTS
—
1.0%
(Continued)
18,303
Mueller
Industries,
Inc.
$
2,159,022
66,140
Xometry,
Inc.,
Class
A
(a)
2,712,732
7,114,295
MACHINERY
—
1.6%
71,612
Douglas
Dynamics,
Inc.
3,288,423
20,937
Federal
Signal
Corp.
2,437,695
49,973
Luxfer
Holdings
PLC
643,152
90,893
Manitowoc
Company,
Inc.
(The)
1,340,672
104,790
Mueller
Water
Products,
Inc.,
Class
A
3,136,365
10,846,307
MARINE
TRANSPORTATION
—
1.9%
76,579
Matson,
Inc.
12,722,069
TRANSPORTATION
&
LOGISTICS
—
1.5%
29,835
Covenant
Logistics
Group,
Inc.,
Class
A
878,343
40,940
Kirby
Corp.
(a)
5,314,012
77,146
Pangaea
Logistics
Solutions
Ltd.
721,315
50,493
Proficient
Auto
Logistics,
Inc.
(a)
382,232
185,261
Safe
Bulkers,
Inc.
1,215,312
83,413
Sun
Country
Airlines
Holdings,
Inc.
(a)
1,641,568
10,152,782
TRANSPORTATION
EQUIPMENT
—
0.5%
63,957
Blue
Bird
Corp.
(a)
3,726,774
TOTAL INDUSTRIALS
158,813,168
MATERIALS
—
5.8%
CHEMICALS
—
1.9%
50,230
Axalta
Coating
Systems
Ltd.
(a)
1,678,184
42,648
Balchem
Corp.
7,737,627
143,425
Perimeter
Solutions,
Inc.
(a)
3,367,619
12,783,430
CONSTRUCTION
MATERIALS
—
0.4%
112,870
Aspen
Aerogels,
Inc.
(a)
352,155
18,533
United
States
Lime
&
Minerals,
Inc.
2,115,727
2,467,882
CONTAINERS
&
PACKAGING
—
0.3%
63,840
O-I
Glass,
Inc.
855,456
175,197
Ranpak
Holdings
Corp.
(a)
897,008
16,958
TriMas
Corp.
662,719
2,415,183
FORESTRY,
PAPER
&
WOOD
PRODUCTS
—
0.6%
207,827
Magnera
Corp.
(a)
2,691,360
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
MATERIALS
—
5.8%
(Continued)
FORESTRY,
PAPER
&
WOOD
PRODUCTS
—
0.6%
(Continued)
152,641
Mativ
Holdings,
Inc.
$
1,654,628
4,345,988
METALS
&
MINING
—
2.1%
200,333
Constellium
SE,
Class
A
(a)
4,986,289
120,873
Hallador
Energy
Co.
(a)
2,197,471
56,402
Hecla
Mining
Co.
1,404,974
68,980
Warrior
Met
Coal,
Inc.
5,741,895
14,330,629
STEEL
—
0.5%
297,896
Cleveland-Cliffs,
Inc.
(a)
3,175,571
TOTAL MATERIALS
39,518,683
REAL
ESTATE
—
5.1%
REAL
ESTATE
SERVICES
—
1.2%
347,600
Cushman
&
Wakefield
Ltd.
(a)
4,661,316
54,018
Marcus
&
Millichap,
Inc.
1,426,615
165,198
Newmark
Group,
Inc.,
Class
A
2,398,675
8,486,606
REIT
—
3.9%
63,986
American
Assets
Trust,
Inc.
1,249,007
128,380
American
Healthcare
REIT,
Inc.
6,706,571
91,231
Chatham
Lodging
Trust
703,391
31,410
EPR
Properties
1,866,068
173,954
Hudson
Pacific
Properties,
Inc.
(a)
1,259,427
136,097
Industrial
Logistics
Properties
Trust
797,528
91,155
Outfront
Media,
Inc.
2,626,176
88,767
Postal
Realty
Trust,
Inc.,
Class
A
1,840,140
304,290
Sabra
Health
Care
REIT,
Inc.
6,253,159
193,792
Safehold,
Inc.
3,127,803
26,429,270
TOTAL REAL
ESTATE
34,915,876
TECHNOLOGY
—
12.0%
SEMICONDUCTORS
—
2.1%
73,267
Ambarella,
Inc.
(a)
4,420,931
13,420
Cohu,
Inc.
(a)
405,284
18,967
Kulicke
&
Soffa
Industries,
Inc.
1,322,379
185,299
MaxLinear,
Inc.,
Class
A
(a)
3,229,762
28,434
Rambus,
Inc.
(a)
2,833,732
23,570
Semtech
Corp.
(a)
2,126,485
14,338,573
SOFTWARE
—
5.1%
114,336
Alarm.com
Holdings,
Inc.
(a)
5,470,977
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
TECHNOLOGY
—
12.0%
(Continued)
SOFTWARE
—
5.1%
(Continued)
50,758
Amplitude,
Inc.,
Class
A
(a)
$
370,533
29,380
Appian
Corp.,
Class
A
(a)
783,564
162,970
AvePoint,
Inc.
(a)
1,756,817
93,922
Bandwidth,
Inc.,
Class
A
(a)
1,391,924
37,604
BioAge
Labs,
Inc.
(a)
837,441
168,181
Cerence,
Inc.
(a)
1,330,312
395,741
Fastly,
Inc.
(a)
7,566,568
37,140
Five9,
Inc.
(a)
647,722
685,266
Freshworks,
Inc.,
Class
A
(a)
5,358,780
46,080
GigaCloud
Technology,
Inc.,
Class
A
(a)
2,043,187
163,581
Phreesia,
Inc.
(a)
2,016,954
127,741
Planet
Labs
PBC
(a)
3,083,668
165,749
PubMatic,
Inc.,
Class
A
(a)
1,342,567
40,300
Zeta
Global
Holdings
Corp.,
Class
A
(a)
683,085
34,684,099
TECHNOLOGY
HARDWARE
—
3.0%
32,510
Avnet,
Inc.
2,140,458
45,270
Credo
Technology
Group
Holding
Ltd.
(a)
5,082,463
146,256
Cricut,
Inc.,
Class
A
628,901
39,409
Extreme
Networks,
Inc.
(a)
550,938
9,638
Fabrinet
(a)
5,258,782
89,440
Rigetti
Computing,
Inc.
(a)
1,558,045
24,120
TTM
Technologies,
Inc.
(a)
2,514,269
26,990
Viasat,
Inc.
(a)
1,235,602
31,950
Vistance
Networks,
Inc.
(a)
561,361
166,345
Xperi,
Inc.
(a)
1,019,695
20,550,514
TECHNOLOGY
SERVICES
—
1.8%
1,500,156
Bit
Digital,
Inc.
(a)
2,505,261
54,440
Cipher
Digital,
Inc.
(a)
849,264
111,530
Cleanspark,
Inc.
(a)
1,109,724
174,769
ExlService
Holdings,
Inc.
(a)
5,461,531
35,400
Genpact
Ltd.
1,406,088
201,392
Telos
Corp.
(a)
809,596
37,820
TeraWulf,
Inc.
(a)
613,440
12,754,904
TOTAL TECHNOLOGY
82,328,090
UTILITIES
—
2.1%
ELECTRIC
UTILITIES
—
2.1%
115,890
Avista
Corp.
4,707,452
9,880
Oklo,
Inc.
(a)
621,946
139,350
Portland
General
Electric
Co.
7,519,326
North
Square
Dynamic
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.2%
(Continued)
UTILITIES
—
2.1%
(Continued)
ELECTRIC
UTILITIES
—
2.1%
(Continued)
134,141
XPLR
Infrastructure
LP
$
1,420,553
14,269,277
TOTAL UTILITIES
14,269,277
TOTAL
COMMON
STOCKS
(Cost $594,727,234)
679,065,656
EXCHANGE-TRADED
FUNDS
—
0.1%
1,060
iShares®
Russell
2000
ETF
277,094
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $276,411)
277,094
RIGHTS
—
0.0%
(b)
HEALTH
CARE
—
0.0%
29,400
Novartis
A.G.
CVR
(a)
—
—
TOTAL
RIGHTS
(Cost $–)
—
SHORT-TERM
INVESTMENTS
—
0.9%
6,220,739
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(c)
6,220,739
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$6,220,739)
6,220,739
TOTAL
INVESTMENTS
—
100.2%
(Cost
$601,224,384)
$
685,563,489
Liabilities
in
Excess
of
Other
Assets —
(0.2)%
(1,031,077)
NET
ASSETS
—
100.00%
$
684,532,412
(a)
Non-income
producing
security.
(b)
Percentage
rounds
to
less
than
0.1%.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ETF
-
Exchange-Traded
Funds
North
Square
Multi
Strategy
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
EXCHANGE-TRADED
FUNDS
—
53.0%
13,500
Invesco®
S&P
500®
GARP
ETF
$
1,557,495
24,000
iShares®
MSCI
EAFE
ETF
2,529,120
15,000
iShares®
MSCI
Emerging
Markets
ETF
938,700
4,300
iShares®
Russell
Mid-Cap
Growth
ETF
588,025
175,931
North
Square
RCIM
Tax-Advantaged
Preferred
and
Income
Securities
ETF
(a)
4,544,298
20,400
Vanguard®
Dividend
Appreciation
ETF
4,645,080
7,100
Vanguard®
Growth
ETF
3,272,177
12,485
Vanguard®
Value
ETF
2,587,641
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $16,309,829)
20,662,536
MUTUAL
FUNDS
—
46.2%
431,155
North
Square
Altrinsic
International
Equity
Fund,
Class
I
(a)
5,574,830
338,602
North
Square
Dynamic
Small
Cap
Fund,
Class
I
(a)
5,763,001
90,491
North
Square
Kennedy
MicroCap
Fund,
Class
I
(a)
1,238,818
349,778
North
Square
McKee
Bond,
Class
I
(a)
3,161,989
80,293
North
Square
Select
Small
Cap
Fund,
Class
I
(a)
1,096,006
116,089
North
Square
Strategic
Income
Fund,
Class
I
(a)
1,173,661
TOTAL
MUTUAL
FUNDS
(Cost $14,272,800)
18,008,305
SHORT-TERM
INVESTMENTS
—
0.7%
273,249
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(b)
273,249
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$273,249)
273,249
TOTAL
INVESTMENTS
—
99.9%
(Cost
$30,855,878)
$
38,944,090
Other
Assets
in
Excess
of
Liabilities
—
0.1%
26,267
NET
ASSETS
—
100.00%
$
38,970,357
(a)
Affiliated
Company.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ETF
-
Exchange-Traded
Funds
MSCI
-
Morgan
Stanley
Capital
International
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
PREFERRED
STOCKS
—
1.7%
FINANCIALS
—
1.3%
BANKING
—
1.3%
1,532
Bank
Of
America
Corp.,
Series
L,
7.25%
$
1,904,292
2,368
Wells
Fargo
&
Co.,
Series
L,
7.50%
(a)
2,917,352
4,821,644
TOTAL
FINANCIALS
(Cost $4,839,036)
4,821,644
UTILITIES
—
0.4%
ELECTRIC
UTILITIES
—
0.4%
15,900
NextEra
Energy,
Inc.,
7.30%
896,601
10,837
Southern
Co.
(The),
Series
A,
7.13%
577,612
1,474,213
TOTAL
UTILITIES
(Cost $1,397,508)
1,474,213
TOTAL
PREFERRED
STOCKS
(Cost $6,236,544)
6,295,857
EXCHANGE-TRADED
FUNDS
—
1.3%
189,692
North
Square
RCIM
Tax-Advantaged
Preferred
and
Income
Securities
ETF
(b)
4,899,744
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $4,800,323)
4,899,744
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
CORPORATE
BONDS
—
88.5%
COMMUNICATIONS
—
8.9%
ENTERTAINMENT
CONTENT
—
1.0%
5,000,000
Paramount
Global,
6.25%,
2/28/57
(c)
3,914,000
TELECOMMUNICATIONS
—
7.9%
4,800,000
Bell
Canada,
7.00%,
9/15/55
(H15T5Y
+
236bps)
(c)
5,082,907
11,000,000
Rogers
Communications,
Inc.,
7.13%,
4/15/55
(H15T5Y
+
262bps)
(c)
11,655,695
8,000,000
TELUS
Corp.,
7.00%,
10/15/55
(c)
8,445,160
5,000,000
Vodafone
Group
PLC,
5.13%,
6/04/81
(H15T5Y
+
307bps)
(c)
4,044,893
29,228,655
TOTAL COMMUNICATIONS
33,142,655
ENERGY
—
14.5%
OIL
&
GAS
PRODUCERS
—
14.5%
5,000,000
BP
Capital
Markets
PLC,
6.13%,
6/18/55
(H15T5Y
+
167bps)
(a)(c)
5,170,600
5,500,000
Enbridge,
Inc.,
7.20%,
6/27/54
(H15T5Y
+
297bps)
(c)
5,929,314
2,000,000
Enbridge,
Inc.,
5.50%,
7/15/77
(TSFR3M
+
368bps)
(c)
2,009,922
1,000,000
Enbridge,
Inc.,
5.75%,
7/15/80
(c)
1,018,541
11,815,000
Energy
Transfer
LP,
6.63%,
2/15/72
(US0003M
+
416bps)
(a)(c)
11,976,180
6,000,000
Petroleos
Mexicanos,
6.63%,
9/28/99
(a)
4,567,260
3,000,000
Phillips
66
Co.,
5.88%,
3/15/56
(H15T5Y
+
228bps)
(c)
3,016,965
9,000,000
Phillips
66
Co.,
6.20%,
3/15/56
(H15T5Y
+
217bps)
(c)
9,125,883
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
88.5%
(Continued)
ENERGY
—
14.5%
(continued)
OIL
&
GAS
PRODUCERS
—
14.5%
(continued)
8,225,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
7.50%,
3/01/55
(c)
$
8,735,180
2,892,000
Transcanada
Trust,
5.30%,
3/15/77
(US0003M
+
321bps)
(c)
2,913,864
54,463,709
TOTAL ENERGY
54,463,709
FINANCIALS
—
29.1%
ASSET
MANAGEMENT
—
2.9%
3,800,000
UBS
Group
AG,
7.13%,
12/31/49
(USISSO05
+
318bps)
(a)(c)(d)
3,894,954
8,000,000
UBS
Group
AG,
4.38%,
8/10/71
(a)(c)
7,285,735
11,180,689
BANKING
—
24.9%
2,000,000
Banco
Bilbao
Vizcaya
Argentaria
SA,
6.13%,
2/16/49
(USSW5
+
387bps)
(a)(c)
2,025,458
6,000,000
Banco
Santander
SA,
8.00%,
12/31/49
(H15T5Y
+
391bps)
(a)(c)
6,641,508
7,500,000
Bank
of
America
Corp.,
6.63%,
12/31/49
(H15T5Y
+
3bps)
(a)(c)
7,856,617
10,000,000
Citigroup,
Inc.,
6.95%,
2/15/80
(H15T5Y
+
273bps)
(a)(c)
10,304,610
2,000,000
Citigroup,
Inc.,
6.63%,
5/15/99
(a)(c)
2,068,852
6,405,000
Citizens
Financial
Group,
Inc.,
4.00%,
10/06/71
(a)(c)
6,373,325
4,800,000
HSBC
Holdings
PLC,
7.05%,
12/31/49
(H15T5Y
+
299bps)
(a)(c)
5,002,158
6,000,000
Huntington
Bancshares,
Inc.,
6.25%,
10/15/80
(H15T5Y
+
265bps)
(a)(c)
6,048,402
3,500,000
ING
Groep
NV,
4.25%,
10/16/69
(H15T5Y
+
286bps)
(a)(c)
3,164,635
7,500,000
JPMorgan
Chase
&
Co.,
3.65%,
12/31/69
(a)(c)
7,477,967
12,000,000
Nordea
Bank
Abp,
6.75%,
11/10/88
(H15T5Y
+
272bps)
(a)(c)(d)
12,401,584
10,000,000
Royal
Bank
of
Canada,
6.50%,
11/24/85
(c)
9,996,217
4,800,000
Svenska
Handelsbanken
AB,
4.75%,
3/01/71
(a)(c)
4,619,085
8,900,000
Truist
Financial
Corp.,
5.10%,
3/01/61
(H15T10Y
+
4bps)
(a)(c)
9,006,889
92,987,307
INSTITUTIONAL
FINANCIAL
SERVICES
—
1.3%
4,839,000
Bank
of
New
York
Mellon
Corp.,
4.63%,
12/20/49
4,838,185
TOTAL FINANCIALS
109,006,181
HEALTH
CARE
—
2.5%
HEALTH
CARE
FACILITIES
&
SERVICES
—
2.5%
4,000,000
CVS
Health
Corp.,
6.75%,
12/10/54
(H15T5Y
+
252bps)
(c)
4,163,000
5,000,000
CVS
Health
Corp.,
7.00%,
3/10/55
(H15T5Y
+
289bps)
(c)
5,262,045
9,425,045
TOTAL HEALTH
CARE
9,425,045
MATERIALS
—
1.5%
CHEMICALS
—
1.5%
8,400,000
FMC
Corp.,
8.45%,
11/01/55
(c)
5,531,991
TOTAL MATERIALS
5,531,991
North
Square
Preferred
and
Income
Securities
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
88.5%
(Continued)
UTILITIES
—
32.0%
ELECTRIC
UTILITIES
—
29.8%
7,000,000
Algonquin
Power
&
Utilities
Corp.,
4.75%,
1/18/82
(c)
$
6,946,623
9,500,000
American
Electric
Power
Co.,
Inc.,
6.05%,
3/15/56
(H15T5Y
+
194bps)
(c)
9,537,192
7,650,000
CenterPoint
Energy,
Inc.,
6.85%,
2/15/55
(H15T5Y
+
295bps)
(c)
8,132,593
8,751,000
CMS
Energy
Corp.,
4.75%,
6/01/50
(H15T5Y
+
412bps)
(c)
8,695,667
9,000,000
Dominion
Energy,
Inc.,
6.20%,
2/15/56
(H15T10Y
+
2bps)
(c)
9,166,113
8,500,000
Duke
Energy
Corp.,
6.45%,
9/01/54
(H15T5Y
+
259bps)
(c)
8,959,595
8,000,000
Emera,
Inc.,
6.75%,
6/15/76
(c)
8,073,416
2,000,000
EUSHI
Finance,
Inc.,
7.63%,
12/15/54
(c)
2,112,780
1,000,000
EUSHI
Finance,
Inc.,
6.25%,
4/01/56
(H15T5Y
+
251bps)
(c)
1,007,669
10,000,000
Exelon
Corp.,
6.50%,
3/15/55
(H15T5Y
+
198bps)
(c)
10,470,117
8,700,000
NextEra
Energy
Capital
Holdings,
Inc.,
6.50%,
8/15/55
(H15T5Y
+
198bps)
(c)
9,227,316
10,792,000
NiSource,
Inc.,
6.38%,
3/31/55
(H15T5Y
+
253bps)
(c)
11,275,535
6,648,000
NRG
Energy,
Inc.,
10.25%,
12/31/49
(H15T5Y
+
592bps)
(a)(c)(d)
7,322,912
9,762,000
Vistra
Corp.,
8.88%,
12/31/49
(H15T5Y
+
505bps)
(a)(c)(d)
10,791,403
111,718,931
GAS
&
WATER
UTILITIES
—
2.2%
8,000,000
AltaGas
Ltd.,
7.20%,
10/15/54
(H15T5Y
+
357bps)
(c)(d)
8,362,216
TOTAL UTILITIES
120,081,147
TOTAL
CORPORATE
BONDS
(Cost $323,498,997)
331,650,728
Sh
ar
e
s
SHORT-TERM
INVESTMENTS
—
6.9%
25,810,174
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(e)
25,810,174
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$25,810,174)
25,810,174
TOTAL
INVESTMENTS
—
98.4%
(Cost
$360,346,038)
$
368,656,503
Other
Assets
in
Excess
of
Liabilities
—
1.6%
6,151,326
NET
ASSETS
—
100.00%
$
374,807,829
(a)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(b)
Affiliated
Company.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(d)
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
February
28,
2026
the
total
market
value
of
144A
securities
is
$42,773,069
or
11.4%
of
net
assets.
(e)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ETF
-
Exchange-Traded
Fund
North
Square
Tactical
Growth
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
EXCHANGE-TRADED
FUNDS
—
85.5%
153,075
Invesco
QQQ
Trust,
Series
1
$
92,960,917
189,900
iShares®
3-7
Year
Treasury
Bond
ETF
22,924,728
357,500
iShares®
MSCI
Canada
ETF
20,727,850
720,600
iShares®
MSCI
Eurozone
ETF
49,418,748
228,200
iShares®
Russell
2000
ETF
59,653,762
129,440
State
Street
SPDR®
S&P
500®
ETF
88,794,545
194,287
Vanguard
Growth
ETF
89,541,050
354,498
Vanguard
Value
ETF
73,473,255
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $248,106,340)
497,494,855
SHORT-TERM
INVESTMENTS
—
14.5%
84,501,479
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(a)
84,501,479
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$84,501,479)
84,501,479
TOTAL
INVESTMENTS
—
100.0%
(Cost
$332,607,819)
$
581,996,334
Liabilities
in
Excess
of
Other
Assets —
0.0%
(b)
(258,166)
NET
ASSETS
—
100.00%
$
581,738,168
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
(b)
Percentage
rounds
to
less
than
0.1%.
ETF
-
Exchange-Traded
Funds
MSCI
-
Morgan
Stanley
Capital
International
SPDR
-
Standard
and
Poor's
Depository
Receipt
North
Square
Tactical
Defensive
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
EXCHANGE-TRADED
FUNDS
—
77.4%
21,800
Invesco
QQQ
Trust,
Series
1
$
13,238,922
184,000
SPDR®
Portfolio
Developed
World
ex-US
ETF
9,176,080
57,800
SPDR®
Portfolio
Emerging
Markets
ETF
2,919,478
34,300
SPDR®
Portfolio
S&P
600®
Small
Cap
ETF
1,733,865
182,200
State
Street®
SPDR®
Portfolio
S&P
500®
ETF
(a)
14,714,472
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $38,201,832)
41,782,817
SHORT-TERM
INVESTMENTS
—
22.6%
12,179,880
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(b)
12,179,880
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$12,179,880)
12,179,880
TOTAL
INVESTMENTS
—
100.0%
(Cost
$50,381,712)
$
53,962,697
Other
Assets
in
Excess
of
Liabilities
—
0.0%
(c)
10,256
NET
ASSETS
—
100.00%
$
53,972,953
(a)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets.
Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
February
28,
2026,
the
percentage
of
net
assets
invested
in
State
Street®
SPDR®
Portfolio
S&P
500®
ETF
was
27.3%
of
the
Fund.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
(c)
Percentage
rounds
to
less
than
0.1%.
ETF
-
Exchange-Traded
Funds
SPDR
-
Standard
and
Poor's
Depository
Receipt
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
PREFERRED
STOCKS
—
0.8%
FINANCIALS
—
0.8%
BANKING
—
0.3%
3,658
Webster
Financial
Corp.,
5.25%
(a)
$
76,086
SPECIALTY
FINANCE
—
0.5%
4,750
Synchrony
Financial,
Series
B,
8.25%
(a)
124,070
TOTAL
FINANCIALS
(Cost $201,515)
200,156
TOTAL
PREFERRED
STOCKS
(Cost $201,515)
200,156
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
ASSET
BACKED
SECURITIES
—
10.6%
99,572
Alternative
Loan
Trust
2003-22CB
1A1,
5.75%,
12/25/33
102,451
80,000
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
2025-1A
A2,
6.72%,
6/07/55
(b)
81,379
116,528
Bear
Stearns
Asset
Backed
Securities
I
Trust
2004-HE7
M1,
4.69%,
8/25/34
(TSFR1M
+
101bps)
(c)
115,794
175,000
BMW
Vehicle
Lease
Trust
2024-2
A3,
4.18%,
2/25/27
175,407
3,500,000
Citigroup
Commercial
Mortgage
Trust
2020-555
X,
0.74%,
12/10/29
(b)(c)
91,211
89,143
Citigroup
Mortgage
Loan
Trust,
Inc.
2007-WFH3
M1,
4.18%,
6/25/37
(TSFR1M
+
50bps)
(c)
89,285
138,376
COMM
2010-C1
Mortgage
Trust,
5.79%,
7/10/46
(b)(c)
137,511
100,000
COMM
2013-CCRE7
Mortgage
Trust,
4.29%,
3/10/46
(b)(c)
94,075
9,242,000
CSMC
Series
2019-UVIL,
0.12%,
12/01/41
(b)(c)
50,043
34,618
Dell
Equipment
Finance
Trust
2023-3
A3,
5.93%,
6/22/26
34,766
101,614
HomeBanc
Mortgage
Trust
2005-3
M4,
4.79%,
7/25/35
(c)
102,520
60,000
Honda
Auto
Receivables
2024-3
A3
Owner
Trust,
4.57%,
10/21/27
60,394
25,000
Hyundai
Auto
Receivables
Trust 2024-C
A3,
4.41%,
5/15/29
25,187
108,196
Impac
CMB
Trust
Series
2005-4
IMI,
4.22%,
5/25/35
(TSFR1M
+
54bps)
(c)
105,501
58,066
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
2012-C6
D,
4.96%,
5/15/45
(c)
57,902
82,720
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
2012-WLDN
A,
3.91%,
5/05/30
81,893
165,086
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
2012-C5,
4.68%,
8/15/45
(b)(c)
162,038
60,443
Morgan
Stanley
Bank
of
America
Merrill
Lynch,
2013-C11,
3.89%,
8/15/46
(c)
58,590
100,000
Morgan
Stanley
Capital
I
Trust
2014-150E
A,
3.91%,
9/09/32
(b)
94,451
148,413
Morgan
Stanley
Capital
I
Trust,
2011-C2,
5.21%,
6/15/44
(b)(c)
147,365
80,392
MSBAM
Commercial
Mortgage
Securities
Trust
2012-CKSV
A2,
3.28%,
10/15/30
(b)
78,340
188,000
Nissan
Auto
Lease
Trust
2025-A
A3,
4.75%,
3/15/28
190,209
75,000
SEB
Funding
LLC
2024-1A
A2,
7.39%,
4/30/54
(b)
77,178
77,505
Structured
Adjustable
Rate
Mortgage
Loan
Trust
2004-4
B1,
5.85%,
4/25/34
(c)
75,455
45,000
Verizon
Master
Trust
2024-3
A1A,
5.34%,
4/22/30
45,821
37,000
Verizon
Master
Trust
2025-7
A1A,
3.96%,
8/20/31
37,332
29,921
Wells
Fargo
Commercial
Mortgage
Trust
2015-C29,
4.26%,
6/01/48
(c)
29,104
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
ASSET
BACKED
SECURITIES
—
10.6%
(Continued)
83,495
Wells
Fargo
Commercial
Mortgage
Trust
2016-C32,
3.79%,
1/15/59
(b)(c)
$
82,067
47,000
Wells
Fargo
Commercial
Mortgage
Trust
2026-5C8,
5.03%,
3/15/59
48,643
TOTAL
ASSET
BACKED
SECURITIES
(Cost $2,495,019)
2,531,912
CORPORATE
BONDS
—
39.2%
COMMUNICATIONS
—
5.0%
CABLE
&
SATELLITE
—
0.8%
100,000
Cable
One,
Inc.,
4.00%,
11/15/30
(b)
69,312
75,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
4.25%,
2/01/31
(b)
69,961
66,000
Comcast
Corp.,
3.25%,
11/01/39
52,724
191,997
ENTERTAINMENT
CONTENT
—
1.3%
30,000
AMC
Networks,
Inc.,
10.25%,
1/15/29
(b)
32,190
66,000
Fox
Corp.,
6.50%,
10/13/33
72,462
150,000
Paramount
Global,
6.25%,
2/28/57
(c)
117,420
35,000
TEGNA,
Inc.,
4.63%,
3/15/28
34,929
37,000
Walt
Disney
Co.
(The),
4.00%,
3/14/31
37,085
69,000
Walt
Disney
Co.
(The),
3.50%,
5/13/40
58,535
352,621
INTERNET
MEDIA
&
SERVICES
—
0.9%
45,000
Alphabet,
Inc.,
4.40%,
2/15/33
45,410
37,000
Alphabet,
Inc.,
4.70%,
11/15/35
37,479
18,000
Alphabet,
Inc.,
5.50%,
2/15/46
18,340
38,000
Meta
Platforms,
Inc.,
4.60%,
11/15/32
38,648
20,000
Meta
Platforms,
Inc.,
5.60%,
5/15/53
19,486
30,000
Ziff
Davis,
Inc.,
4.63%,
10/15/30
(b)
26,988
186,351
PUBLISHING
&
BROADCASTING
—
0.1%
35,000
Gray
Media,
Inc.,
7.25%,
8/15/33
(b)
36,166
TELECOMMUNICATIONS
—
1.9%
150,000
Rogers
Communications,
Inc.,
7.13%,
4/15/55
(H15T5Y
+
262bps)
(c)
158,941
35,000
Telecom
Italia
Capital
SA,
6.38%,
11/15/33
37,200
150,000
TELUS
Corp.,
7.00%,
10/15/55
(c)
158,347
110,000
Verizon
Communications,
Inc.,
2.65%,
11/20/40
80,211
434,699
TOTAL COMMUNICATIONS
1,201,834
CONSUMER
DISCRETIONARY
—
2.4%
APPAREL
&
TEXTILE
PRODUCTS
—
0.1%
30,000
Crocs,
Inc.,
4.25%,
3/15/29
(b)
29,253
AUTOMOTIVE
—
1.6%
30,000
American
Axle
&
Manufacturing,
Inc.,
6.38%,
10/15/32
(b)
30,552
60,000
Ford
Motor
Co.,
Class
B,
3.25%,
2/12/32
54,031
83,000
General
Motors
Financial
Co.,
Inc.,
5.35%,
1/07/30
86,172
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
CONSUMER
DISCRETIONARY
—
2.4%
(continued)
AUTOMOTIVE
—
1.6%
(continued)
75,000
General
Motors
Financial
Co.,
Inc.,
5.75%,
3/30/66
(a)(c)
$
75,195
125,000
Honda
Motor
Co.
Ltd.,
4.69%,
7/08/30
127,453
373,403
CONSUMER
SERVICES
—
0.1%
25,000
Rent-A-Center,
Inc.,
6.38%,
2/15/29
(b)
24,769
LEISURE
FACILITIES
&
SERVICES
—
0.1%
11,000
McDonald's
Corp.,
4.40%,
2/12/31
11,183
RETAIL
-
DISCRETIONARY
—
0.5%
30,000
Bath
&
Body
Works,
Inc.,
6.88%,
11/01/35
30,595
30,000
Gap,
Inc.
(The),
3.88%,
10/01/31
(b)
27,939
46,000
Lowe's
Companies,
Inc.,
4.50%,
10/15/32
46,215
30,000
Macy's
Retail
Holdings
LLC,
7.38%,
8/01/33
(b)
31,466
136,215
TOTAL CONSUMER
DISCRETIONARY
574,823
CONSUMER
STAPLES
—
1.4%
BEVERAGES
—
0.3%
47,000
Coca-Cola
Co.
(The),
3.45%,
3/25/30
46,481
11,000
Keurig
Dr
Pepper,
Inc.,
5.20%,
3/15/31
11,370
57,851
FOOD
—
0.4%
45,000
BellRing
Brands,
Inc.,
7.00%,
3/15/30
(b)
45,948
50,000
HLF
Financing
Sarl
LLC,
4.88%,
6/01/29
(b)
47,942
93,890
HOUSEHOLD
PRODUCTS
—
0.4%
40,000
Central
Garden
&
Pet
Co.,
4.13%,
10/15/30
38,631
53,000
Procter
&
Gamble
Co.
(The),
4.10%,
11/03/32
53,402
92,033
TOBACCO
&
CANNABIS
—
0.3%
29,000
Philip
Morris
International,
Inc.,
5.13%,
2/15/30
30,138
50,000
Turning
Point
Brands,
Inc.,
7.63%,
3/15/32
(b)
53,743
83,881
TOTAL CONSUMER
STAPLES
327,655
ENERGY
—
5.5%
OIL
&
GAS
PRODUCERS
—
4.9%
13,000
BP
Capital
Markets
America,
Inc.,
4.89%,
9/11/33
13,366
40,000
California
Resources
Corp.,
8.25%,
6/15/29
42,017
50,000
California
Resources
Corp.,
7.00%,
1/15/34
(b)
50,948
71,000
Chevron
USA,
Inc.,
4.82%,
4/15/32
73,917
80,000
ConocoPhillips
Co.,
5.30%,
5/15/53
75,944
75,000
Crescent
Energy
Finance
LLC,
7.75%,
7/31/29
(b)
75,422
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
ENERGY
—
5.5%
(continued)
OIL
&
GAS
PRODUCERS
—
4.9%
(continued)
75,000
CVR
Energy,
Inc.,
7.50%,
2/15/31
(b)
$
74,790
27,000
Energy
Transfer
LP,
3.75%,
5/15/30
26,568
125,000
Energy
Transfer
LP,
6.63%,
2/15/72
(US0003M
+
416bps)
(a)(c)
126,705
92,000
Exxon
Mobil
Corp.,
4.33%,
3/19/50
78,838
31,000
ONEOK,
Inc.,
4.95%,
10/15/32
31,551
20,000
ONEOK,
Inc.,
5.70%,
11/01/54
18,861
100,000
Petroleos
Mexicanos,
6.63%,
9/28/99
(a)
76,121
60,000
Phillips
66
Co.,
5.25%,
6/15/31
62,834
29,000
Shell
Finance
US,
Inc.,
4.75%,
1/06/36
29,235
150,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
7.50%,
3/01/55
(c)
159,304
55,000
TotalEnergies
Capital
SA,
5.49%,
4/05/54
54,401
50,000
TotalEnergies
Capital
USA
LLC,
4.57%,
1/13/33
50,638
68,000
Vital
Energy,
Inc.,
7.88%,
4/15/32
(b)
69,315
1,190,775
OIL
&
GAS
SERVICES
&
EQUIPMENT
—
0.6%
40,000
Helix
Energy
Solutions
Group,
Inc.,
9.75%,
3/01/29
(b)
42,062
40,000
Noble
Finance
II
LLC,
8.00%,
4/15/30
(b)
41,655
40,000
Weatherford
International
Ltd,
6.75%,
10/15/33
(b)
41,840
125,557
TOTAL ENERGY
1,316,332
FINANCIALS
—
12.5%
ASSET
MANAGEMENT
—
1.0%
15,000
Charles
Schwab
Corp.
(The),
4.91%,
11/14/36
(c)
15,010
30,000
Icahn
Enterprises
LP,
4.38%,
2/01/29
25,593
200,000
UBS
Group
AG,
7.13%,
12/31/49
(USISSO05
+
318bps)
(a)(b)(c)
204,998
245,601
BANKING
—
8.8%
200,000
Banco
Bilbao
Vizcaya
Argentaria
SA,
6.13%,
2/16/49
(USSW5
+
387bps)
(a)(c)
202,546
200,000
Banco
Santander
SA,
8.00%,
12/31/49
(H15T5Y
+
391bps)
(a)(c)
221,384
39,000
Bank
of
America
Corp.,
4.46%,
2/06/32
(c)
39,301
39,000
Bank
of
Nova
Scotia
(The),
5.13%,
2/14/31
(SOFRRATE
+
107bps)
(c)
40,394
60,000
Canadian
Imperial
Bank
of
Commerce,
5.26%,
4/08/29
62,286
51,000
Citigroup,
Inc.,
4.95%,
5/07/31
(c)
52,321
150,000
Citigroup,
Inc.,
6.95%,
2/15/80
(H15T5Y
+
273bps)
(a)(c)
154,569
200,000
HSBC
Holdings
PLC,
7.05%,
12/31/49
(H15T5Y
+
299bps)
(a)(c)
208,423
200,000
ING
Groep
NV,
4.25%,
10/16/69
(H15T5Y
+
286bps)
(a)(c)
180,836
132,000
JPMorgan
Chase
&
Co.,
5.14%,
1/24/31
(SOFRRATE
+
90bps)
(c)
136,999
58,000
JPMorgan
Chase
&
Co.,
4.81%,
10/22/36
(SOFRRATE
+
1bps)
(c)
57,912
154,000
Morgan
Stanley
Bank
NA,
3.85%,
2/18/28
154,033
154,000
Morgan
Stanley
Private
Bank
NA,
3.85%,
2/18/28
154,033
22,000
PNC
Financial
Services
Group,
Inc.
(The),
6.88%,
10/20/34
(SOFRRATE
+
2bps)
(c)
25,056
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
FINANCIALS
—
12.5%
(continued)
BANKING
—
8.8%
(continued)
96,000
Royal
Bank
of
Canada,
4.65%,
10/18/30
(SOFRINDX
+
108bps)
(c)
$
97,954
20,000
Toronto-Dominion
Bank
(The),
4.86%,
1/31/28
20,385
17,000
Truist
Financial
Corp.,
4.60%,
1/27/32
(c)
17,184
15,000
Truist
Financial
Corp.,
5.12%,
1/26/34
(c)
15,390
155,000
UBS
Bank
USA,
3.80%,
2/11/28
154,943
60,000
US
Bancorp,
5.05%,
2/12/31
(SOFRRATE
+
106bps)
(c)
61,998
68,000
Wells
Fargo
Bank
NA,
4.25%,
3/11/27
68,368
2,126,315
INSTITUTIONAL
FINANCIAL
SERVICES
—
2.2%
20,000
Bank
of
New
York
Mellon
Corp.
(The),
4.94%,
2/11/31
(c)
20,639
64,000
Bank
of
New
York
Mellon
Corp.
(The),
5.06%,
7/22/32
(c)
66,610
64,000
Goldman
Sachs
Bank
USA,
4.30%,
3/11/27
64,353
25,000
Goldman
Sachs
Bank
USA,
5.41%,
5/21/27
(SOFRRATE
+
75bps)
(c)
25,076
89,000
Goldman
Sachs
Bank
USA,
3.85%,
2/22/28
89,053
70,000
Goldman
Sachs
Group
Inc.
(The),
4.37%,
10/21/31
(c)
70,060
19,000
Goldman
Sachs
Group
Inc.
(The),
4.94%,
10/21/36
(c)
18,940
38,000
Morgan
Stanley,
5.23%,
1/15/31
(c)
39,359
94,000
Morgan
Stanley,
5.07%,
1/30/37
(c)
94,838
488,928
SPECIALTY
FINANCE
—
0.5%
26,000
Capital
One
Financial
Corp.,
5.46%,
7/26/30
(SOFRRATE
+
156bps)
(c)
26,982
31,000
Capital
One
Financial
Corp.,
4.49%,
9/11/31
(c)
31,012
30,000
FirstCash
Holdings,
Inc.,
4.63%,
9/01/28
(b)
29,656
40,000
OneMain
Finance
Corp.,
6.75%,
3/15/32
40,361
128,011
TOTAL FINANCIALS
2,988,855
HEALTH
CARE
—
2.5%
BIOTECH
&
PHARMA
—
0.7%
19,000
AbbVie,
Inc.,
4.40%,
3/15/33
19,085
46,000
Eli
Lilly
&
Co.,
5.00%,
2/09/54
43,245
58,000
Merck
&
Co.,
Inc.,
4.75%,
12/04/35
58,550
50,000
Prestige
Consumer
Healthcare,
Inc.,
3.75%,
4/01/31
(b)
46,793
167,673
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.8%
18,000
Cigna
Group
(The),
4.88%,
9/15/32
18,418
64,000
Cigna
Group
(The),
5.25%,
1/15/36
65,759
175,000
CVS
Health
Corp.,
6.75%,
12/10/54
(H15T5Y
+
252bps)
(c)
182,131
30,000
HealthEquity
Inc.,
4.50%,
10/01/29
(b)
29,258
50,000
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30
(b)
49,715
28,000
UnitedHealth
Group,
Inc.,
2.30%,
5/15/31
25,576
35,000
UnitedHealth
Group,
Inc.,
5.15%,
7/15/34
36,180
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
HEALTH
CARE
—
2.5%
(continued)
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.8%
(continued)
22,000
UnitedHealth
Group,
Inc.,
5.88%,
2/15/53
$
22,389
429,426
TOTAL HEALTH
CARE
597,099
INDUSTRIALS
—
1.9%
AEROSPACE
&
DEFENSE
—
0.3%
37,000
Boeing
Co.
(The),
5.15%,
5/01/30
38,329
38,000
Lockheed
Martin
Corp.,
4.70%,
5/15/46
35,157
73,486
COMMERCIAL
SUPPORT
SERVICES
—
0.2%
60,000
VM
Consolidated
Inc.,
5.50%,
4/15/29
(b)
58,951
DIVERSIFIED
INDUSTRIALS
—
0.4%
87,000
Honeywell
International,
Inc.,
4.75%,
2/01/32
89,661
ELECTRICAL
EQUIPMENT
—
0.2%
35,000
Johnson
Controls
International
PLC,
5.50%,
4/19/29
36,614
INDUSTRIAL
INTERMEDIATE
PRODUCTS
—
0.1%
35,000
Enpro,
Inc.,
6.13%,
6/01/33
(b)
36,209
MACHINERY
—
0.1%
24,000
Caterpillar,
Inc.,
5.20%,
5/15/35
25,152
TRANSPORTATION
&
LOGISTICS
—
0.6%
80,000
Burlington
Northern
Santa
Fe
LLC,
4.55%,
9/01/44
72,394
21,177
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust,
1.88%,
2/20/34
18,873
40,000
FedEx
Freight
Holding
Co.,
Inc.,
4.95%,
3/15/33
40,013
131,280
TOTAL INDUSTRIALS
451,353
MATERIALS
—
1.5%
CHEMICALS
—
0.4%
150,000
FMC
Corp.,
8.45%,
11/01/55
(c)
98,785
METALS
&
MINING
—
1.1%
50,000
Alliance
Resource
Operating
Partners
LP,
8.63%,
6/15/29
(b)
52,826
60,000
Eldorado
Gold
Corp.,
6.25%,
9/01/29
(b)
60,406
40,000
Hudbay
Minerals,
Inc.,
6.13%,
4/01/29
(b)
40,347
55,000
New
Gold,
Inc.,
6.88%,
4/01/32
(b)
58,655
50,000
SunCoke
Energy,
Inc.,
4.88%,
6/30/29
(b)
45,711
257,945
TOTAL MATERIALS
356,730
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
REAL
ESTATE
—
0.5%
REAL
ESTATE
OWNERS
&
DEVELOPERS
—
0.1%
30,000
Howard
Hughes
Corp.
(The),
4.38%,
2/01/31
(b)
$
28,555
REIT
—
0.4%
50,000
American
Tower
Corp.,
3.80%,
8/15/29
49,611
20,000
American
Tower
Corp.,
4.70%,
12/15/32
20,236
30,000
RLJ
Lodging
Trust
LP,
4.00%,
9/15/29
28,723
98,570
TOTAL REAL
ESTATE
127,125
TECHNOLOGY
—
1.5%
SEMICONDUCTORS
—
0.4%
35,000
Broadcom,
Inc.,
4.35%,
2/15/30
35,445
71,000
Broadcom,
Inc.,
4.90%,
7/15/32
73,147
108,592
SOFTWARE
—
0.8%
30,000
Consensus
Cloud
Solutions,
Inc.,
6.50%,
10/15/28
(b)
29,918
14,000
Oracle
Corp.,
4.55%,
2/04/29
14,030
90,000
Oracle
Corp.,
4.45%,
9/26/30
88,295
39,000
Oracle
Corp.,
5.88%,
9/26/45
35,358
30,000
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/01/29
(b)
25,905
193,506
TECHNOLOGY
HARDWARE
—
0.3%
59,000
Apple,
Inc.,
2.95%,
9/11/49
40,332
30,000
Zebra
Technologies
Corp.,
6.50%,
6/01/32
(b)
30,773
71,105
TOTAL TECHNOLOGY
373,203
UTILITIES
—
4.5%
ELECTRIC
UTILITIES
—
3.7%
40,000
Alabama
Power
Co.,
3.45%,
10/01/49
29,172
15,000
Berkshire
Hathaway
Energy
Co.,
3.70%,
7/15/30
14,859
75,000
CenterPoint
Energy,
Inc.,
3.00%,
8/01/28
(b)
79,459
125,000
CenterPoint
Energy,
Inc.,
6.85%,
2/15/55
(H15T5Y
+
295bps)
(c)
132,886
50,000
Dominion
Energy,
Inc.,
6.20%,
2/15/56
(H15T10Y
+
2bps)
(c)
50,923
110,000
Duke
Energy
Carolinas
LLC,
5.30%,
2/15/40
112,487
19,000
Duke
Energy
Corp.,
4.95%,
9/15/35
19,047
75,000
Emera,
Inc.,
6.75%,
6/15/76
(c)
75,688
20,000
Entergy
Corp.,
1.90%,
6/15/28
19,117
27,000
Florida
Power
&
Light
Co.,
5.30%,
6/15/34
28,474
35,000
Florida
Power
&
Light
Co.,
5.30%,
4/01/53
34,123
109,000
MidAmerican
Energy
Co.,
4.25%,
7/15/49
91,218
15,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.25%,
6/01/30
13,925
75,000
NRG
Energy,
Inc.,
10.25%,
12/31/49
(H15T5Y
+
592bps)
(a)(b)(c)
82,614
33,000
Virginia
Electric
and
Power
Co.,
4.95%,
3/15/36
32,959
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
39.2%
(Continued)
UTILITIES
—
4.5%
(continued)
ELECTRIC
UTILITIES
—
3.7%
(continued)
65,000
Virginia
Electric
and
Power
Co.,
5.45%,
4/01/53
$
62,575
879,526
GAS
&
WATER
UTILITIES
—
0.8%
125,000
AltaGas
Ltd.,
7.20%,
10/15/54
(H15T5Y
+
357bps)
(b)(c)
130,660
35,000
AmeriGas
Partners,
L.P.,
9.50%,
6/01/30
(b)
37,484
30,000
Suburban
Propane
Partners,
L.P.,
6.50%,
12/15/35
(b)
29,713
197,857
TOTAL UTILITIES
1,077,383
TOTAL
CORPORATE
BONDS
(Cost $9,351,130)
9,392,392
MORTGAGE-BACKED
SECURITIES
—
18.0%
262,748
Fannie
Mae
Pool
,
3.50%,
10/13/37
252,077
95,904
Fannie
Mae
Pool
,
5.00%,
6/01/43
97,569
170,490
Fannie
Mae
Pool
,
5.00%,
11/01/46
176,643
223,682
Fannie
Mae
Pool
,
2.50%,
12/01/47
199,792
70,890
Fannie
Mae
Pool
,
3.00%,
9/01/50
64,773
58,367
Fannie
Mae
Pool
,
2.50%,
5/01/51
51,686
45,951
Fannie
Mae
Pool
,
3.00%,
5/01/51
41,882
134,276
Fannie
Mae
Pool
,
2.50%,
10/01/51
117,344
38,844
Fannie
Mae
Pool
,
4.00%,
1/01/52
38,302
215,683
Fannie
Mae
Pool
,
5.50%,
11/01/52
220,753
25,525
Fannie
Mae
Pool
,
6.50%,
1/01/53
26,810
38,424
Fannie
Mae
Pool
,
6.00%,
9/01/53
40,303
126,196
Fannie
Mae
Pool
,
5.50%,
9/01/56
130,987
12,788
Fannie
Mae
REMICS
2023-21
,
5.00%,
1/25/53
12,975
87,827
Fannie
Mae
REMICS
2024-11
BK
,
5.00%,
2/25/51
87,794
28,217
Fannie
Mae
REMICS
2024-26
A
,
5.00%,
7/25/51
28,339
12,618
Fannie
Mae
REMICS
2202-22
AE
,
4.00%,
5/25/49
12,444
101,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.59%,
8/25/31
101,146
156,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.11%,
7/15/32
156,644
79,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.94%,
3/03/33
79,604
85,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.27%,
6/23/33
85,156
75,000
Federal
Home
Loan
Banks
,
4.85%,
9/24/32
75,175
130,000
Federal
Home
Loan
Banks
,
5.35%,
6/12/34
130,696
2,149,740
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K-093
,
0.94%,
5/01/29
(c)
54,459
650,000
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K-G04
,
2.63%,
11/25/30
(c)
67,402
75,435
Freddie
Mac
Pool
,
2.50%,
2/01/52
66,276
70,237
Freddie
Mac
Pool
,
3.50%,
4/01/52
66,698
232,094
Freddie
Mac
Pool
,
3.00%,
5/01/52
210,879
32,686
Freddie
Mac
Pool
,
5.50%,
11/01/55
33,349
90,663
Freddie
Mac
REMICS
4322
DJ
,
3.00%,
5/15/43
89,550
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
18.0%
(Continued)
36,048
Freddie
Mac
REMICS
5522
DE
,
5.50%,
11/25/51
$
36,542
54,569
Freddie
Mac
REMICS
5604
EA
,
4.50%,
4/25/52
54,691
181,272
Ginnie
Mae
II
Pool
,
2.50%,
8/20/50
157,830
115,280
Ginnie
Mae
II
Pool
,
2.50%,
12/20/50
100,908
87,170
Ginnie
Mae
II
Pool
,
2.00%,
1/20/51
73,925
206,988
Ginnie
Mae
II
Pool
,
2.00%,
3/20/51
172,840
317,414
Ginnie
Mae
II
Pool
,
3.00%,
10/20/51
291,617
75,406
Ginnie
Mae
II
Pool
,
3.00%,
3/20/52
69,157
189,421
Ginnie
Mae
II
Pool
,
5.00%,
11/20/52
191,561
21,243
Ginnie
Mae
II
Pool
,
2.50%,
2/20/53
18,817
71,841
Ginnie
Mae
II
Pool
,
5.50%,
9/01/53
(c)
73,285
196,705
Government
National
Mortgage
Association
2022-189
PT
,
2.50%,
10/20/51
168,391
42,674
Government
National
Mortgage
Association
2024-65
NB
,
5.50%,
2/20/48
42,673
60,000
Government
National
Mortgage
Association
2024-8
JL
,
5.00%,
1/20/54
60,771
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $4,274,707)
4,330,515
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.0%
SUPRANATIONAL
—
1.4%
150,000
Asian
Development
Bank,
4.95%,
4/12/29
150,145
86,000
International
Bank
for
Reconstruction
&
Development,
1.62%,
3/11/30
79,698
100,000
International
Bank
for
Reconstruction
&
Development,
5.17%,
4/24/29
100,410
330,253
NON
U.S.
TREASURY
—
0.6%
2,500,000
Mexican
Bonos,
7.75%,
5/29/31
143,368
TOTAL
NON
U.S.
GOVERNMENT
&
AGENCIES
(Cost $469,524)
473,621
U.S.
GOVERNMENT
&
AGENCIES
—
24.7%
U.S.
TREASURY
BONDS
—
8.2%
203,000
United
States
Treasury
Bond,
2.75
%
,
11/15/42
161,163
234,000
United
States
Treasury
Bond,
4.75
%
,
11/15/43
240,929
270,000
United
States
Treasury
Bond,
2.00
%
,
8/15/51
161,568
177,000
United
States
Treasury
Bond,
4.00
%
,
11/15/52
159,082
391,000
United
States
Treasury
Note,
3.50
%
,
1/31/28
391,779
152,000
United
States
Treasury
Note/Bond,
4.88
%
,
8/15/45
158,151
158,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/45
159,074
399,000
United
States
Treasury
Note/Bond,
3.13
%
,
5/15/48
314,415
200,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/55
199,703
1,945,864
U.S.
TREASURY
NOTES
—
16.5%
158,000
United
States
Treasury
Inflation
Indexed
Bonds,
1.88
%
,
1/15/36
160,041
303,000
United
States
Treasury
Note,
4.13
%
,
7/31/31
311,267
174,000
United
States
Treasury
Note,
1.88
%
,
2/15/32
157,708
77,000
United
States
Treasury
Note,
4.25
%
,
8/15/35
78,925
310,000
United
States
Treasury
Note/Bond,
3.88
%
,
7/15/28
313,445
312,000
United
States
Treasury
Note/Bond,
3.50
%
,
11/15/28
312,914
470,000
United
States
Treasury
Note/Bond,
3.50
%
,
1/15/29
471,487
North
Square
Core
Plus
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
U.S.
GOVERNMENT
&
AGENCIES
—
24.7%
(Continued)
262,000
United
States
Treasury
Note/Bond,
3.63
%
,
10/31/30
$
263,330
275,000
United
States
Treasury
Note/Bond,
3.63
%
,
12/31/30
276,311
351,000
United
States
Treasury
Note/Bond,
3.75
%
,
1/31/31
354,620
157,000
United
States
Treasury
Note/Bond,
3.75
%
,
10/31/32
157,466
157,000
United
States
Treasury
Note/Bond,
3.88
%
,
12/31/32
158,570
266,000
United
States
Treasury
Note/Bond,
4.00
%
,
1/31/33
270,613
247,000
United
States
Treasury
Note/Bond,
4.00
%
,
11/15/35
247,926
145,000
United
States
Treasury
Note/Bond,
4.13
%
,
2/15/36
146,937
152,000
United
States
Treasury
Note/Bond,
4.38
%
,
2/15/38
156,756
140,000
United
States
Treasury
Note/Bond,
4.75
%
,
8/15/55
142,592
3,980,908
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $5,842,180)
5,926,772
C
ont
ra
ct
s
Description
Expiration
Date
Exercise
Price
Notional
Value
PURCHASED
CALL
OPTIONS
—
0.10%
22
E-mini
S&P
500®
6/22/2026
$
7,500.00
$
15,271,300
31,900
TOTAL
PURCHASED
CALL
OPTIONS
(Cost $61,050)
31,900
Sh
ar
e
s
SHORT-TERM
INVESTMENTS
—
2.90%
700,187
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(d)
700,187
TOTAL
SHORT-TERM
INVESTMENTS
(Cost $700,187)
700,187
TOTAL
INVESTMENTS
—
98.3%
(Cost
$23,395,312)
$
23,587,455
Other
Assets
in
Excess
of
Liabilities
—
1.7%
397,034
NET
ASSETS
—
100.00%
$
23,984,489
(a)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(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
February
28,
2026
the
total
market
value
of
144A
securities
is
$3,206,525
or
13.4%
of
net
assets.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
REMIC
Real
Estate
Mortgage
Investment
Conduit
North
Square
Core
Plus
Bond
Fund
Futures
Table
Schedule
of
Investments
February
28,
2026
(Unaudited)
Contracts
Long
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
6
10-Year
US
Treasury
Note
Future
06/22/2026
$
682,875
$
3,844
16
2-Year
US
Treasury
Note
Future
07/01/2026
3,348,374
3,609
15
5-Year
US
Treasury
Note
Future
07/01/2026
1,652,109
5,343
4
Ultra
10-Year
US
Treasury
Note
Future
06/22/2026
466,938
2,875
4
Ultra
US
Treasury
Bond
Future
06/22/2026
486,375
3,625
6
US
Treasury
Bond
Future
06/22/2026
710,813
4,688
$
23,984
Short
Contracts
(41)
Bloomberg
U.S.
Corporate
High
Yield
Very
Liquid
Future
03/18/2026
$
(4,598,355)
$
(11,625)
(4)
E-mini
S&P
500®
Index
Future
03/23/2026
(1,377,800)
15,513
$
3,888
North
Square
Core
Plus
Bond
Fund
Schedule
of
Written
Options
February
28,
2026
(Unaudited)
Short
Contracts
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
Bloomberg
U.S.
Corporate
High
Yield
Very
Liquid
Future
(41)
03/18/2026
$
(4,598,355)
$
(11,625)
E-mini
S&P
500®
Index
Future
(4)
03/23/2026
(1,377,800)
15,513
$
3,888
Long
Contracts
10-Year
US
Treasury
Note
Future
6
06/22/2026
$
682,875
$
3,844
2-Year
US
Treasury
Note
Future
16
07/01/2026
3,348,374
3,609
5-Year
US
Treasury
Note
Future
15
07/01/2026
1,652,109
5,343
Ultra
10-Year
US
Treasury
Note
Future
4
06/22/2026
466,938
2,875
Ultra
US
Treasury
Bond
Future
4
06/22/2026
486,375
3,625
US
Treasury
Bond
Future
6
06/22/2026
710,813
4,688
$
23,984
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
COMMUNICATIONS
—
1.5%
ADVERTISING
&
MARKETING
—
0.2%
5,866
Magnite,
Inc.
(a)
$
79,895
ENTERTAINMENT
CONTENT
—
0.3%
10,086
Inspired
Entertainment,
Inc.
(a)
82,301
INTERNET
MEDIA
&
SERVICES
—
1.0%
51,685
DHI
Group,
Inc.
(a)
128,696
4,200
LiveOne,
Inc.
(a)
23,058
18,352
OptimizeRx
Corp.
(a)
139,108
290,862
PUBLISHING
&
BROADCASTING
—
0.0%
(b)
1,068
Thryv
Holdings,
Inc.
(a)
2,478
TOTAL COMMUNICATIONS
455,536
CONSUMER
DISCRETIONARY
—
3.5%
APPAREL
&
TEXTILE
PRODUCTS
—
0.1%
3,413
Lakeland
Industries,
Inc.
31,297
AUTOMOTIVE
—
0.5%
3,131
Gentherm,
Inc.
(a)
102,603
5,705
Motorcar
Parts
of
America,
Inc.
(a)
58,990
161,593
CONSUMER
SERVICES
—
2.5%
29,628
Legacy
Education,
Inc.
(a)
407,977
3,590
Matthews
International
Corp.,
Class
A
94,884
4,451
Universal
Technical
Institute,
Inc.
(a)
161,126
3,584
Upbound
Group,
Inc.
76,877
740,864
LEISURE
FACILITIES
&
SERVICES
—
0.4%
8,789
First
Watch
Restaurant
Group,
Inc.
(a)
109,511
TOTAL CONSUMER
DISCRETIONARY
1,043,265
CONSUMER
STAPLES
—
3.9%
FOOD
—
2.8%
20,910
Nature's
Sunshine
Products,
Inc.
(a)
578,789
38,977
SunOpta,
Inc.
(a)
252,571
831,360
WHOLESALE
-
CONSUMER
STAPLES
—
1.1%
4,781
Chefs'
Warehouse,
Inc.
(The)
(a)
341,316
TOTAL CONSUMER
STAPLES
1,172,676
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
(Continued)
ENERGY
—
5.8%
OIL
&
GAS
PRODUCERS
—
0.8%
7,906
Riley
Exploration
Permian,
Inc.
$
228,009
OIL
&
GAS
SERVICES
&
EQUIPMENT
—
4.8%
26,559
DNOW,
Inc.
(a)
312,865
21,124
Helix
Energy
Solutions
Group,
Inc.
(a)
194,129
22,446
Oil
States
International,
Inc.
(a)
293,818
6,320
Solaris
Energy
Infrastructure,
Inc.,
Class
A
313,662
6,196
Thermon
Group
Holdings,
Inc.
(a)
314,633
1,429,107
RENEWABLE
ENERGY
—
0.2%
2,186
American
Superconductor
Corp.
(a)
71,220
TOTAL ENERGY
1,728,336
FINANCIALS
—
21.3%
ASSET
MANAGEMENT
—
2.0%
8,038
Compass
Diversified
Holdings
60,204
10,783
Kayne
Anderson
BDC,
Inc.
144,708
12,447
Trinity
Capital,
Inc.
184,091
7,665
Voyager
Technologies,
Inc.
(a)
204,579
593,582
BANKING
—
14.7%
14,088
California
BanCorp
(a)
257,951
12,258
Capital
Bancorp,
Inc.
360,508
12,143
Carter
Bankshares,
Inc.
(a)
253,060
2,262
Coastal
Financial
Corp.
(a)
167,818
11,230
ConnectOne
Bancorp,
Inc.
297,932
16,418
Horizon
Bancorp,
Inc.
276,479
12,478
Investar
Holding
Corp.
352,254
5,835
Northeast
Bank
646,985
18,851
Old
Second
Bancorp,
Inc.
370,045
6,143
Origin
Bancorp,
Inc.
255,549
5,605
QCR
Holdings,
Inc.
484,832
13,223
Third
Coast
Bancshares,
Inc.
(a)
523,763
7,340
VersaBank
121,110
4,368,286
INSTITUTIONAL
FINANCIAL
SERVICES
—
0.3%
5,233
Perella
Weinberg
Partners
96,863
INSURANCE
—
2.8%
22,116
Abacus
Life,
Inc.
(a)
201,919
24,072
Crawford
&
Co.,
Class
A
259,015
14,342
James
River
Group
Holdings,
Inc.
100,394
16,311
Tiptree,
Inc.
277,776
839,104
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
(Continued)
FINANCIALS
—
21.3%
(Continued)
SPECIALTY
FINANCE
—
1.5%
6,684
Applied
Digital
Corp.
(a)
$
182,273
8,626
LendingClub
Corp.
(a)
128,614
4,343
Mid
Penn
Bancorp,
Inc.
139,714
450,601
TOTAL FINANCIALS
6,348,436
HEALTH
CARE
—
23.6%
BIOTECH
&
PHARMA
—
13.5%
34,548
Abeona
Therapeutics,
Inc.
(a)
176,886
13,778
Aldeyra
Therapeutics,
Inc.
(a)
75,228
23,316
Annexon,
Inc.
(a)
130,569
4,468
Apogee
Therapeutics,
Inc.
(a)
312,760
13,727
Arvinas,
Inc.
(a)
182,157
9,832
Avalo
Therapeutics,
Inc.
(a)
172,060
5,997
Celldex
Therapeutics,
Inc.
(a)
180,450
9,893
Cogent
Biosciences,
Inc.
(a)
384,343
18,663
CorMedix,
Inc.
(a)
133,067
13,760
Day
One
Biopharmaceuticals,
Inc.
(a)
145,856
6,162
Design
Therapeutics,
Inc.
(a)
64,331
2,706
Disc
Medicine,
Inc.
(a)
180,274
11,279
enGene
Holdings,
Inc.
(a)
114,031
25,697
Exagen,
Inc.
(a)
93,023
8,574
Immunome,
Inc.
(a)
187,428
16,118
MeiraGTx
Holdings
PLC
(a)
121,852
4,701
NewAmsterdam
Pharma
Co.
NV
(a)
166,697
2,156
Oruka
Therapeutics,
Inc.
(a)
74,188
33,340
Puma
Biotechnology,
Inc.
(a)
190,038
5,407
Rapport
Therapeutics,
Inc.
(a)
156,965
29,480
Rezolute,
Inc.
(a)
94,631
7,386
Tectonic
Therapeutic,
Inc.
(a)
173,202
13,977
TriSalus
Life
Sciences,
Inc.
(a)
70,724
6,713
Ultragenyx
Pharmaceutical,
Inc.
(a)
157,017
9,374
WAVE
Life
Sciences
Ltd.
(a)
130,580
25,428
Xeris
Biopharma
Holdings,
Inc.
(a)
155,619
4,023,976
HEALTH
CARE
FACILITIES
&
SERVICES
—
2.7%
35,304
AdaptHealth
Corp.
(a)
323,032
6,897
Park
Dental
Partners,
Inc.
(a)
130,077
20,642
Personalis,
Inc.
(a)
187,016
1,877
US
Physical
Therapy,
Inc.
155,716
795,841
MEDICAL
EQUIPMENT
&
DEVICES
—
7.4%
17,040
Adaptive
Biotechnologies
Corp.
(a)
272,981
14,073
Artivion,
Inc.
(a)
541,810
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
(Continued)
HEALTH
CARE
—
23.6%
(Continued)
MEDICAL
EQUIPMENT
&
DEVICES
—
7.4%
(Continued)
10,834
AtriCure,
Inc.
(a)
$
338,671
19,271
Bioventus,
Inc.
(a)
169,199
8,813
Delcath
Systems,
Inc.
(a)
78,436
2,950
Integer
Holdings
Corp.
(a)
255,706
36,159
Neogen
Corp.
(a)
406,066
7,347
OrthoPediatrics
Corp.
(a)
140,842
2,203,711
TOTAL HEALTH
CARE
7,023,528
INDUSTRIALS
—
12.1%
COMMERCIAL
SUPPORT
SERVICES
—
4.0%
6,313
Barrett
Business
Services,
Inc.
175,312
590
CRA
International,
Inc.
101,869
14,853
Healthcare
Services
Group,
Inc.
(a)
323,350
18,783
Kelly
Services,
Inc.,
Class
A
182,383
24,401
Quest
Resource
Holding
Corp.
(a)
43,190
26,032
Resources
Connection,
Inc.
97,880
3,598
V2X,
Inc.
(a)
250,961
1,174,945
ELECTRICAL
EQUIPMENT
—
2.1%
18,930
LSI
Industries,
Inc.
409,267
443
M-Tron
Industries,
Inc.
(a)
28,037
72,441
SmartRent,
Inc.
(a)
110,110
8,030
Stoneridge,
Inc.
(a)
63,357
610,771
ENGINEERING
&
CONSTRUCTION
—
1.3%
18,835
Orion
Group
Holdings,
Inc.
(a)
258,605
597
VSE
Corp.
135,561
394,166
INDUSTRIAL
INTERMEDIATE
PRODUCTS
—
1.9%
1,028
AZZ,
Inc.
139,788
20,742
Hillman
Solutions
Corp.
170,084
4,348
Insteel
Industries,
Inc.
162,093
4,108
Mayville
Engineering
Co.,
Inc.
(a)
86,268
558,233
MACHINERY
—
1.3%
4,900
Ichor
Holdings
Ltd.
(a)
232,995
630
Lindsay
Corp.
84,861
8,159
Titan
International,
Inc.
(a)
79,387
397,243
TRANSPORTATION
&
LOGISTICS
—
0.7%
6,290
Werner
Enterprises,
Inc.
220,716
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
(Continued)
INDUSTRIALS
—
12.1%
(Continued)
TRANSPORTATION
EQUIPMENT
—
0.8%
15,879
Aebi
Schmidt
Holding
AG
$
228,975
TOTAL INDUSTRIALS
3,585,049
MATERIALS
—
5.6%
CHEMICALS
—
4.0%
15,589
LSB
Industries,
Inc.
(a)
181,144
3,276
Materion
Corp.
534,185
2,296
Minerals
Technologies,
Inc.
162,144
11,875
Park
Aerospace
Corp.
313,737
1,191,210
CONTAINERS
&
PACKAGING
—
1.6%
2,719
Ranpak
Holdings
Corp.
(a)
13,921
12,048
TriMas
Corp.
470,836
484,757
TOTAL MATERIALS
1,675,967
REAL
ESTATE
—
2.9%
REIT
—
2.9%
37,163
Chatham
Lodging
Trust
286,527
8,605
Community
Healthcare
Trust,
Inc.
147,059
10,470
CTO
Realty
Growth,
Inc.
203,956
9,372
Easterly
Government
Properties,
Inc.
218,180
855,722
TOTAL REAL
ESTATE
855,722
TECHNOLOGY
—
15.8%
SEMICONDUCTORS
—
3.2%
2,889
ACM
Research,
Inc.,
Class
A
(a)
160,860
6,717
Aehr
Test
Systmes
(a)
251,417
1,207
Axcelis
Technologies,
Inc.
(a)
99,710
6,657
Penguin
Solutions,
Inc.
(a)
138,333
10,059
Veeco
Instruments,
Inc.
(a)
307,403
957,723
SOFTWARE
—
5.4%
7,003
Adeia,
Inc.
144,892
19,305
Asure
Software,
Inc.
(a)
176,448
25,958
AudioEye,
Inc.
(a)
177,034
8,686
Computer
Programs
&
Systems,
Inc.
(a)
167,553
7,004
Domo,
Inc.
(a)
25,144
20,795
DoubleVerify
Holdings,
Inc.
(a)
219,179
51,285
Evolent
Health,
Inc.,
Class
A
(a)
166,676
33,868
Health
Catalyst,
Inc.
(a)
54,866
8,404
Red
Violet,
Inc.
(a)
363,977
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
96.0%
(Continued)
TECHNOLOGY
—
15.8%
(Continued)
SOFTWARE
—
5.4%
(Continued)
25,747
Sophia
Genetics
S.A.
(a)
$
115,862
1,611,631
TECHNOLOGY
HARDWARE
—
5.7%
5,093
Applied
Optoelectronics,
Inc.
(a)
428,983
13,593
Aviat
Networks,
Inc.
(a)
340,369
16,417
CommScope
Holding
Co.,
Inc.
(a)
288,447
7,058
Kornit
Digital
Ltd.
(a)
107,917
11,494
PAR
Technology
Corp.
(a)
188,386
73,293
Powerfleet,
Inc.
(a)
261,656
1,224
Vishay
Precision
Group,
Inc.
(a)
56,390
1,672,148
TECHNOLOGY
SERVICES
—
1.5%
11,765
Cipher
Digital,
Inc.
(a)
183,534
3,124
ICF
International,
Inc.
259,698
443,232
TOTAL TECHNOLOGY
4,684,734
TOTAL
COMMON
STOCKS
(Cost $23,981,374)
28,573,249
EXCHANGE-TRADED
FUNDS
—
1.0%
1,776
iShares®
Micro-Cap
ETF
298,688
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $300,752)
298,688
RIGHT
—
0.0%
(b)
HEALTH
CARE
—
0.0%
(b)
6,763
Alkermes
PLC
-
CVR
–
TOTAL
RIGHT
Cost
($–)
–
SHORT-TERM
INVESTMENTS
—
3.7%
1,094,095
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(c)
1,094,095
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$1,094,095)
1,094,095
TOTAL
INVESTMENTS
—
100.7%
(Cost
$25,376,221)
$
29,966,032
Liabilities
in
Excess
of
Other
Assets —
(0.7)%
(215,206)
NET
ASSETS
—
100.00%
$
29,750,826
(a)
Non-income
producing
security.
(b)
Percentage
rounds
to
less
than
0.1%.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
North
Square
Kennedy
MicroCap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
ETF
-
Exchange-Traded
Funds
North
Square
Select
Small
Cap
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.3%
CONSUMER
DISCRETIONARY
—
22.8%
AUTOMOTIVE
—
3.5%
83,791
Holley,
Inc.
(a)
$
341,867
6,159
Phinia
,
Inc.
447,328
789,195
LEISURE
FACILITIES
&
SERVICES
—
7.8%
14,398
OneSpaWorld
Holdings
Ltd.
309,989
29,811
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
1,036,231
3,220
Vail
Resorts,
Inc.
437,308
1,783,528
RETAIL
-
DISCRETIONARY
—
6.6%
1,648
Asbury
Automotive
Group,
Inc.
(a)
352,309
44,246
Driven
Brands
Holdings,
Inc.
(a)
486,706
18,027
Valvoline,
Inc.
(a)
681,421
1,520,436
WHOLESALE
-
DISCRETIONARY
—
4.9%
39,715
Openlane
,
Inc.
(a)
1,132,275
TOTAL CONSUMER
DISCRETIONARY
5,225,434
CONSUMER
STAPLES
—
6.3%
FOOD
—
3.0%
7,920
Cal-Maine
Foods,
Inc.
689,911
WHOLESALE
-
CONSUMER
STAPLES
—
3.3%
7,771
Performance
Food
Group
Co.
(a)
754,253
TOTAL CONSUMER
STAPLES
1,444,164
FINANCIALS
—
17.7%
BANKING
—
16.0%
16,059
First
Merchants
Corp.
627,586
7,563
Nicolet
Bankshares
,
Inc.
1,155,324
6,631
Southstate
Bank
Corp.
654,281
6,236
Stock
Yards
Bancorp,
Inc.
399,977
11,574
Webster
Financial
Corp.
834,832
3,672,000
INSTITUTIONAL
FINANCIAL
SERVICES
—
1.7%
8,658
Jefferies
Financial
Group,
Inc.
384,415
TOTAL FINANCIALS
4,056,415
HEALTH
CARE
—
3.0%
HEALTH
CARE
FACILITIES
&
SERVICES
—
3.0%
8,965
HealthEquity,
Inc.
(a)
685,733
TOTAL HEALTH
CARE
685,733
North
Square
Select
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
99.3%
(Continued)
INDUSTRIALS
—
23.7%
AEROSPACE
&
DEFENSE
—
3.9%
6,784
National
Presto
Industries,
Inc.
(a)
$
895,081
COMMERCIAL
SUPPORT
SERVICES
—
2.4%
133,141
Emerald
Holding,
Inc.
555,198
ELECTRICAL
EQUIPMENT
—
7.0%
3,594
Bel
Fuse,
Inc.,
Class
B
825,578
12,441
M-Tron
Industries,
Inc.
(a)
787,391
1,612,969
ENGINEERING
&
CONSTRUCTION
—
3.8%
8,034
Arcosa
,
Inc.
863,494
MACHINERY
—
6.6%
5,874
JBT
Marel
Corp.
904,596
8,640
Terex
Corp.
594,346
1,498,942
TOTAL INDUSTRIALS
5,425,684
MATERIALS
—
13.3%
CONSTRUCTION
MATERIALS
—
3.2%
3,316
Eagle
Materials,
Inc.
742,121
CONTAINERS
&
PACKAGING
—
10.1%
50,523
Myers
Industries,
Inc.
1,130,199
30,435
TriMas
Corp.
1,189,400
2,319,599
TOTAL MATERIALS
3,061,720
REAL
ESTATE
—
3.1%
REAL
ESTATE
OWNERS
&
DEVELOPERS
—
3.1%
32,694
Legacy
Housing
Corp.
(a)
716,653
TOTAL REAL
ESTATE
716,653
TECHNOLOGY
—
9.4%
SOFTWARE
—
7.9%
108,994
ACV
Auctions,
Inc.
(a)
529,711
39,471
Alkami
Technology,
Inc.
(a)
653,047
1,253
Daily
Journal
Corp.
(a)
638,416
1,821,174
TECHNOLOGY
SERVICES
—
1.5%
27,589
Flywire
Corp.
(a)
339,621
TOTAL TECHNOLOGY
2,160,795
TOTAL
COMMON
STOCKS
(Cost $18,484,463)
22,776,598
North
Square
Select
Small
Cap
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
SHORT-TERM
INVESTMENTS
—
0.5%
121,703
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(b)
$
121,703
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$121,703)
121,703
TOTAL
INVESTMENTS
—
99.8%
(Cost
$18,606,166)
$
22,898,301
Other
Assets
in
Excess
of
Liabilities
—
0.2%
42,209
NET
ASSETS
—
100.00%
$
22,940,510
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
air
V
alu
e
COMMON
STOCKS
—
96.2%
Belgium
—
1.0%
6,137
KBC
Groupe
N.V.
(a)
$
831,555
Bermuda
—
4.0%
11,970
Axis
Capital
Holdings
Ltd.
1,265,468
6,697
Everest
Re
Group,
Ltd.
2,246,777
3,512,245
Canada
—
1.5%
5,006
Agnico
Eagle
Mines
Ltd.
1,259,510
China
—
1.5%
73,332
Alibaba
Group
Holding
Ltd.
1,327,075
France
—
10.2%
51,777
Bureau
Veritas
SA
1,800,200
6,716
Capgemini
SE
849,159
18,215
Cia
Generale
de
Establissements
Michelin
SCA
736,994
11,091
Danone
SA
954,277
16,804
Sanofi
1,644,251
21,021
SCOR
SE
766,518
26,731
TotalEnergies
SE
2,142,234
8,893,633
Germany
—
10.7%
8,115
Adidas
AG
1,506,348
6,644
Bayerische
Motoren
Werke
AG
696,652
20,100
Daimler
Truck
Holding
AG
1,014,620
8,524
Deutsche
Boerse
AG
2,330,681
22,052
Deutsche
Post
AG
1,299,165
8,426
GEA
Group
A.G.
653,615
3,649
Siemens
AG
1,055,597
14,150
Siemens
Healthineers
AG
144A
(b)
702,174
9,258,852
Hong
Kong
—
1.3%
71,123
Techtronic
Industries
Co.
Ltd.
1,151,890
India
—
1.5%
41,294
HDFC
Bank
Ltd.
-
ADR
1,315,214
Indonesia
—
1.2%
3,234,410
PT
Bank
Mandiri
(Persero)
Tbk
1,014,404
Ireland
—
9.5%
5,400
Aon
PLC,
Class
A
1,811,539
67,234
Bank
of
Ireland
Group
PLC
1,309,767
6,031
CRH
PLC
723,599
14,342
Kerry
Group
PLC,
Class
A
1,274,984
17,105
Medtronic
PLC
1,670,475
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
air
V
alu
e
COMMON
STOCKS
—
96.2%
(Continued)
Ireland
—
9.5%
(Continued)
4,691
Willis
Towers
Watson
PLC
$
1,431,552
8,221,916
Israel
—
1.3%
7,578
Check
Point
Software
Technologies
Ltd.
(a)
1,152,386
Italy
—
1.1%
41,090
FinecoBank
SpA
967,485
Japan
—
15.2%
51,547
Daito
Trust
Construction
Co.,
Ltd.
1,187,012
68,930
Japan
Exchange
Group,
Inc.
938,064
83,573
Kubota
Corp.
1,698,804
69,689
Murata
Manufacturing
Co.
Ltd.,
F
1,822,363
3,244
SMC
Corp.
1,551,778
85,198
Sony
Group
Corp.
1,958,553
59,568
Sumitomo
Mitsui
Trust
Holdings,
Inc.
2,077,071
128,349
Suzuki
Motor
Corp.
1,941,070
13,174,715
Korea
(Republic
Of)
—
4.3%
9,690
Hana
Financial
Group,
Inc.
818,484
15,510
KB
Financial
Group,
Inc.
1,709,374
335
Samsung
Electronics
Co.
Ltd.
-
ADR
1,215,080
3,742,938
Mexico
—
3.8%
6,593
Fomento
Economico
Mexicano
SAB
de
CV
-
ADR
740,526
127,901
Grupo
Financiero
Banorte
SAB
de
CV
1,454,394
345,862
Wal-Mart
de
Mexico
SAB
de
CV
1,122,648
3,317,568
Netherlands
—
6.9%
16,920
Akzo
Nobel
N.V.
1,189,187
9,057
Euronext
N.V.
1,497,095
19,069
Heineken
N.V.
1,767,005
48,983
Koninklijke
Philips
N.V.
1,570,438
6,023,725
Norway
—
1.5%
41,427
DNB
Bank
ASA
1,311,322
South
Africa
—
0.1%
2,706
Standard
Bank
Group
Ltd.
54,501
Spain
—
1.0%
52,138
Bankinter
SA
865,563
Sweden
—
1.5%
59,865
Hexagon
AB
681,240
North
Square
Altrinsic
International
Equity
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
air
V
alu
e
COMMON
STOCKS
—
96.2%
(Continued)
Sweden
—
1.5%
(Continued)
13,483
Sandvik
AB
(a)
$
594,389
1,275,629
Switzerland
—
6.6%
9,102
Chubb
Ltd.
3,102,508
7,141
Nestle
SA
780,300
6,144
Sandoz
Group
AG
541,288
1,732
Zurich
Insurance
Group
Ltd.
1,306,610
5,730,706
United
Kingdom
—
10.6%
21,720
Admiral
Group
PLC
867,764
25,864
BP
PLC
-
ADR
1,005,075
53,553
Diageo
PLC
1,201,093
72,848
GSK
PLC
2,164,705
171,769
Haleon
PLC
942,896
116,191
Informa
PLC
1,312,386
11,817
Intertek
Group
PLC
753,033
51,019
Smith
&
Nephew
PLC
941,879
9,188,831
TOTAL
COMMON
STOCKS
(Cost
$61,688,342)
83,591,663
PREFERRED
STOCKS
—
0.6%
Brazil
—
0.6%
57,387
Itau
Unibanco
Holdings
SA
519,979
TOTAL
PREFERRED
STOCKS
(Cost
$295,970)
519,979
SHORT-TERM
INVESTMENTS
—
2.2%
1,908,413
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(c)
1,908,413
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$1,908,413)
1,908,413
TOTAL
INVESTMENTS
—
99.0%
(Cost
$63,892,725)
$
86,020,055
Other
Assets
in
Excess
of
Liabilities
—
1.0%
837,547
NET
ASSETS
—
100.0%
$
86,857,602
(a)
Non-income
producing
security.
(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
February
28,
2026
the
total
market
value
of
144A
securities
is
$702,174
or
0.8%
of
net
assets.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ADR
-
American
Depositary
Receipt.
North
Square
McKee
Bond
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
,
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
ASSET
BACKED
SECURITIES
—
2.9%
400,000
Aligned
Data
Centers
Issuer
LLC
2021-1A
A2,
1.94%,
8/15/46
(a)
$
395,325
391
Ally
Auto
Receivables
Trust
2022-2
A3,
4.76%,
5/17/27
392
10,000
BBCMS
Mortgage
Trust
2017-C1
A4,
3.67%,
2/15/50
9,925
41,406
BBCMS
Mortgage
Trust
2022-C14
A1,
1.73%,
2/18/55
40,965
3,019
Carmax
Auto
Owner
Trust
2022-4
A3,
5.34%,
8/15/27
3,025
600,000
CarMax
Auto
Owner
Trust
2024-4
A3,
4.60%,
10/15/29
606,614
72,120
Dell
Equipment
Finance
Trust
2023-3
A3,
5.93%,
6/22/26
(a)
72,430
476,902
EQUS
2021-EQAZ
A
Mortgage
Trust,
4.70%,
10/15/36
(1MO
SOFR
+
102bps)
(a)(b)
477,092
5,000
Ford
Credit
Auto
Owner
Trust
2024-C
A3,
4.07%,
7/15/29
5,021
400,000
GMF
Floorplan
Owner
Revolving
Trust
2025-2A
A,
4.64%,
3/15/30
(a)
407,067
209,054
Harley-Davidson
Motorcycle
Trust
2024-A
A3,
5.37%,
3/15/29
211,835
520,000
NextGear
Floorplan
Master
Owner
Trust
2024-2A
A2,
4.42%,
9/15/27
(a)
525,362
1,050,000
Toyota
Auto
Receivables
2024-C
A3
Owner
Trust,
4.88%,
1/18/28
(a)
1,059,627
524,535
Tricon
Residential
2022-SFR2
A
Trust,
3.86%,
4/19/39
(a)
522,003
465,000
Verizon
Master
Trust
2023-7
A1A,
5.67%,
11/20/26
472,332
464,000
Verizon
Master
Trust
2025-7
A1A,
3.96%,
8/20/31
468,162
624,000
Wells
Fargo
Commercial
Mortgage
Trust
2026-5C8,
5.03%,
3/15/59
645,819
TOTAL
ASSET
BACKED
SECURITIES
(Cost $5,882,159)
5,922,996
CORPORATE
BONDS
—
29.2%
COMMUNICATIONS
—
2.6%
CABLE
&
SATELLITE
—
0.3%
812,000
Comcast
Corp.,
3.25%,
11/01/39
648,663
ENTERTAINMENT
CONTENT
—
0.9%
719,000
Fox
Corp.,
6.50%,
10/13/33
789,393
437,000
Walt
Disney
Co.
(The),
4.00%,
3/14/31
438,008
769,000
Walt
Disney
Co.
(The),
3.50%,
5/13/40
652,363
1,879,764
INTERNET
MEDIA
&
SERVICES
—
0.9%
579,000
Alphabet,
Inc.,
4.40%,
2/15/33
584,274
474,000
Alphabet,
Inc.,
4.70%,
11/15/35
480,134
219,000
Alphabet,
Inc.,
5.50%,
2/15/46
223,141
466,000
Meta
Platforms,
Inc.,
4.60%,
11/15/32
473,949
218,000
Meta
Platforms,
Inc.,
5.60%,
5/15/53
212,395
1,973,893
TELECOMMUNICATIONS
—
0.5%
1,227,000
Verizon
Communications,
Inc.,
2.65%,
11/20/40
894,720
TOTAL COMMUNICATIONS
5,397,040
CONSUMER
DISCRETIONARY
—
1.9%
AUTOMOTIVE
—
1.6%
640,000
Ford
Motor
Co.,
Class
B,
3.25%,
2/12/32
576,326
959,000
General
Motors
Financial
Co.,
Inc.,
5.35%,
1/07/30
995,651
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
CONSUMER
DISCRETIONARY
—
1.9%
(continued)
AUTOMOTIVE
—
1.6%
(continued)
1,582,000
Honda
Motor
Co.
Ltd.,
4.69%,
7/08/30
$
1,613,048
3,185,025
LEISURE
FACILITIES
&
SERVICES
—
0.0%
(c)
122,000
McDonald's
Corp.,
4.40%,
2/12/31
124,034
RETAIL
-
DISCRETIONARY
—
0.3%
571,000
Lowe's
Companies,
Inc.,
4.50%,
10/15/32
573,667
TOTAL CONSUMER
DISCRETIONARY
3,882,726
CONSUMER
STAPLES
—
0.8%
BEVERAGES
—
0.4%
541,000
Coca-Cola
Co.
(The),
3.45%,
3/25/30
535,026
159,000
Keurig
Dr
Pepper,
Inc.,
5.20%,
3/15/31
164,346
699,372
HOUSEHOLD
PRODUCTS
—
0.3%
643,000
Procter
&
Gamble
Co.
(The),
4.10%,
11/03/32
647,875
TOBACCO
&
CANNABIS
—
0.1%
292,000
Philip
Morris
International,
Inc.,
5.13%,
2/15/30
303,461
TOTAL CONSUMER
STAPLES
1,650,708
ENERGY
—
3.2%
OIL
&
GAS
PRODUCERS
—
3.2%
158,000
BP
Capital
Markets
America,
Inc.,
4.89%,
9/11/33
162,451
806,000
Chevron
Corp.,
4.82%,
4/15/32
839,111
831,000
ConocoPhillips
Co.,
5.30%,
5/15/53
788,867
323,000
Energy
Transfer
L.P.,
3.75%,
5/15/30
317,836
1,156,000
Exxon
Mobil
Corp.,
4.33%,
3/19/50
990,613
381,000
ONEOK,
Inc.,
4.95%,
10/15/32
387,775
269,000
ONEOK,
Inc.,
5.70%,
11/01/54
253,675
738,000
Phillips
66
Co.,
5.25%,
6/15/31
772,855
554,000
Saudi
Arabian
Oil
Co.,
5.00%,
2/02/36
(a)
555,066
351,000
Shell
Finance
US,
Inc.,
4.75%,
1/06/36
353,847
560,000
TotalEnergies
Capital
SA,
5.49%,
4/05/54
553,904
627,000
TotalEnergies
Capital
USA
LLC,
4.57%,
1/13/33
635,003
6,611,003
TOTAL ENERGY
6,611,003
FINANCIALS
—
11.4%
ASSET
MANAGEMENT
—
0.1%
179,000
Charles
Schwab
Corp.
(The),
4.91%,
11/14/36
(b)
179,124
BANKING
—
8.4%
245,000
American
Express
National
Bank,
4.05%,
4/10/28
246,086
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
FINANCIALS
—
11.4%
(continued)
BANKING
—
8.4%
(continued)
505,000
Bank
of
America
Corp.,
4.46%,
2/06/32
(b)
$
508,891
487,000
Bank
of
Nova
Scotia
(The),
5.13%,
2/14/31
(SOFRRATE
+
107bps)
(b)
504,402
592,000
Canadian
Imperial
Bank
of
Commerce,
5.26%,
4/08/29
614,560
596,000
Citigroup,
Inc.,
4.95%,
5/07/31
(b)
611,438
737,000
Goldman
Sachs
Bank
USA,
3.85%,
2/24/28
737,142
510,000
HSBC
Holdings
PLC,
5.29%,
11/19/30
(b)
528,789
1,557,000
JPMorgan
Chase
&
Co.,
5.14%,
1/24/31
(SOFRRATE
+
90bps)
(b)
1,615,963
709,000
JPMorgan
Chase
&
Co.,
4.81%,
10/22/36
(SOFRRATE
+
1bps)
(b)
707,929
1,830,000
Morgan
Stanley
Bank
NA,
3.85%,
2/18/28
1,830,393
1,830,000
Morgan
Stanley
Private
Bank
NA,
3.85%,
2/18/28
1,830,393
690,000
Morgan
Stanley
Private
Bank
NA,
4.73%,
7/18/31
(SOFRRATE
+
108bps)
(b)
702,763
250,000
PNC
Financial
Services
Group,
Inc.
(The),
6.88%,
10/20/34
(SOFRRATE
+
2bps)
(b)
284,722
1,113,000
Royal
Bank
of
Canada,
4.65%,
10/18/30
(SOFRINDX
+
108bps)
(b)
1,135,657
240,000
Toronto-Dominion
Bank
(The),
4.86%,
1/31/28
244,616
300,000
Truist
Financial
Corp.,
4.60%,
1/27/32
(b)
303,240
185,000
Truist
Financial
Corp.,
5.12%,
1/26/34
(b)
189,810
1,860,000
UBS
Bank
USA,
3.80%,
2/11/28
1,859,322
750,000
UBS
Bank
USA,
3.95%,
2/19/30
752,058
685,000
US
Bancorp,
5.05%,
2/12/31
(SOFRRATE
+
106bps)
(b)
707,815
1,000,000
Wells
Fargo
Bank
NA,
4.25%,
3/11/27
1,005,414
16,921,403
INSTITUTIONAL
FINANCIAL
SERVICES
—
2.5%
296,000
Bank
of
New
York
Mellon
Corp.
(The),
4.94%,
2/11/31
(b)
305,455
852,000
Bank
of
New
York
Mellon
Corp.
(The),
5.06%,
7/22/32
(b)
886,751
245,000
Goldman
Sachs
Bank
USA,
4.30%,
3/11/27
246,350
1,320,000
Goldman
Sachs
Bank
USA,
3.85%,
2/22/28
1,320,784
893,000
Goldman
Sachs
Group
Inc.
(The),
4.37%,
10/21/31
(b)
893,763
219,000
Goldman
Sachs
Group
Inc.
(The),
4.94%,
10/21/36
(b)
218,304
429,000
Morgan
Stanley,
5.23%,
1/15/31
(b)
444,343
1,107,000
Morgan
Stanley,
5.07%,
1/30/37
(b)
1,116,868
5,432,618
SPECIALTY
FINANCE
—
0.4%
329,000
Capital
One
Financial
Corp.,
5.46%,
7/26/30
(SOFRRATE
+
156bps)
(b)
341,428
360,000
Capital
One
Financial
Corp.,
4.49%,
9/11/31
(b)
360,141
701,569
TOTAL FINANCIALS
23,234,714
HEALTH
CARE
—
1.8%
BIOTECH
&
PHARMA
—
0.8%
245,000
AbbVie,
Inc.,
4.40%,
3/15/33
246,100
513,000
Eli
Lilly
&
Co.,
5.00%,
2/09/54
482,280
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
HEALTH
CARE
—
1.8%
(continued)
BIOTECH
&
PHARMA
—
0.8%
(continued)
796,000
Merck
&
Co.,
Inc.,
4.75%,
12/04/35
$
803,554
1,531,934
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.0%
207,000
Cigna
Group
(The),
4.88%,
9/15/32
211,808
883,000
Cigna
Group
(The),
5.25%,
1/15/36
907,262
263,000
UnitedHealth
Group,
Inc.,
2.30%,
5/15/31
240,228
393,000
UnitedHealth
Group,
Inc.,
5.15%,
7/15/34
406,247
266,000
UnitedHealth
Group,
Inc.,
5.88%,
2/15/53
270,704
2,036,249
TOTAL HEALTH
CARE
3,568,183
INDUSTRIALS
—
2.4%
AEROSPACE
&
DEFENSE
—
0.4%
394,000
Boeing
Co.
(The),
5.15%,
5/01/30
408,153
446,000
Lockheed
Martin
Corp.,
4.70%,
5/15/46
412,634
820,787
DIVERSIFIED
INDUSTRIALS
—
0.5%
1,079,000
Honeywell
International,
Inc.,
4.75%,
2/01/32
1,112,007
ELECTRICAL
EQUIPMENT
—
0.2%
299,000
Johnson
Controls
International
PLC,
5.50%,
4/19/29
312,786
MACHINERY
—
0.1%
249,000
Caterpillar,
Inc.,
5.20%,
5/15/35
260,948
TRANSPORTATION
&
LOGISTICS
—
1.2%
457,631
BNSF
Railway
Co.
2015-1
Pass
Through
Trust,
3.44%,
6/16/28
(a)
453,709
1,097,000
Burlington
Northern
Santa
Fe
LLC,
4.55%,
9/01/44
992,699
258,360
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust,
1.88%,
2/20/34
230,248
500,000
FedEx
Freight
Holding
Co.,
Inc.,
4.95%,
3/15/33
(a)
500,162
8,608
Union
Pacific
Railroad
Co.
2005
Pass
Through
Trust,
5.08%,
1/02/29
8,766
155,401
Union
Pacific
Railroad
Co.
2014-1
Pass
Through
Trust,
3.23%,
5/14/26
155,168
2,340,752
TOTAL INDUSTRIALS
4,847,280
REAL
ESTATE
—
0.3%
REIT
—
0.3%
449,000
American
Tower
Corp.,
3.80%,
8/15/29
445,508
239,000
American
Tower
Corp.,
4.70%,
12/15/32
241,818
687,326
TOTAL REAL
ESTATE
687,326
TECHNOLOGY
—
1.9%
SEMICONDUCTORS
—
0.6%
398,000
Broadcom,
Inc.,
4.35%,
2/15/30
403,055
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
TECHNOLOGY
—
1.9%
(continued)
SEMICONDUCTORS
—
0.6%
(continued)
861,000
Broadcom,
Inc.,
4.90%,
7/15/32
$
887,041
1,290,096
SOFTWARE
—
0.8%
163,000
Oracle
Corp.,
4.55%,
2/04/29
163,346
1,054,000
Oracle
Corp.,
4.45%,
9/26/30
1,034,037
533,000
Oracle
Corp.,
5.88%,
9/26/45
483,219
1,680,602
TECHNOLOGY
HARDWARE
—
0.2%
632,000
Apple,
Inc.,
2.95%,
9/11/49
432,033
TECHNOLOGY
SERVICES
—
0.3%
600,000
International
Business
Machines
Corp.,
4.15%,
5/15/39
538,310
TOTAL TECHNOLOGY
3,941,041
UTILITIES
—
2.9%
ELECTRIC
UTILITIES
—
2.9%
494,000
Alabama
Power
Co.,
3.45%,
10/01/49
360,279
129,000
Berkshire
Hathaway
Energy
Co.,
3.70%,
7/15/30
127,787
1,446,000
Duke
Energy
Carolinas
LLC,
5.30%,
2/15/40
1,478,698
222,000
Duke
Energy
Corp.,
4.95%,
9/15/35
222,555
342,000
Entergy
Corp.,
1.90%,
6/15/28
326,897
363,000
Florida
Power
&
Light
Co.,
5.30%,
6/15/34
382,812
472,000
Florida
Power
&
Light
Co.,
5.30%,
4/01/53
460,178
1,334,000
MidAmerican
Energy
Co.,
4.25%,
7/15/49
1,116,374
136,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.25%,
6/01/30
126,250
419,000
Virginia
Electric
and
Power
Co.,
4.95%,
3/15/36
418,480
862,000
Virginia
Electric
and
Power
Co.,
5.45%,
4/01/53
829,843
5,850,153
TOTAL UTILITIES
5,850,153
TOTAL
CORPORATE
BONDS
(Cost $59,001,405)
59,670,174
MORTGAGE-BACKED
SECURITIES
—
26.4%
257,164
Fannie
Mae
Pool
,
4.00%,
5/15/27
252,051
12,932
Fannie
Mae
Pool
,
5.00%,
11/01/29
13,134
17,429
Fannie
Mae
Pool
,
1.50%,
10/01/36
16,018
15,425
Fannie
Mae
Pool
,
2.50%,
4/01/37
14,621
82,723
Fannie
Mae
Pool
,
3.50%,
10/13/37
79,364
65,129
Fannie
Mae
Pool
,
3.50%,
12/01/37
64,257
238,457
Fannie
Mae
Pool
,
3.00%,
1/01/40
226,198
223,147
Fannie
Mae
Pool
,
3.00%,
10/01/40
211,588
206,839
Fannie
Mae
Pool
,
2.00%,
11/01/40
186,121
146,242
Fannie
Mae
Pool
,
2.00%,
1/01/41
131,221
176,931
Fannie
Mae
Pool
,
2.50%,
3/01/41
163,140
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.4%
(Continued)
367,715
Fannie
Mae
Pool
,
2.50%,
9/01/41
$
339,071
413,210
Fannie
Mae
Pool
,
2.50%,
10/01/41
381,023
224,665
Fannie
Mae
Pool
,
2.50%,
11/01/41
206,977
264,508
Fannie
Mae
Pool
,
3.50%,
9/01/42
258,349
73,669
Fannie
Mae
Pool
,
3.00%,
4/01/46
68,541
68,423
Fannie
Mae
Pool
,
3.50%,
6/01/46
65,907
17,594
Fannie
Mae
Pool
,
3.00%,
11/01/46
16,305
170,490
Fannie
Mae
Pool
,
5.00%,
11/01/46
176,643
84,034
Fannie
Mae
Pool
,
3.00%,
4/01/48
77,818
311,404
Fannie
Mae
Pool
,
4.50%,
1/01/49
312,329
17,402
Fannie
Mae
Pool
,
2.50%,
7/01/49
15,544
68,533
Fannie
Mae
Pool
,
3.00%,
12/01/49
63,087
226,778
Fannie
Mae
Pool
,
2.50%,
5/01/50
193,451
1,049,130
Fannie
Mae
Pool
,
2.50%,
6/01/50
927,711
190,582
Fannie
Mae
Pool
,
5.00%,
6/01/50
194,893
113,363
Fannie
Mae
Pool
,
2.50%,
10/01/50
100,245
16,337
Fannie
Mae
Pool
,
2.00%,
1/01/51
13,804
301,402
Fannie
Mae
Pool
,
2.50%,
2/01/51
267,526
339,703
Fannie
Mae
Pool
,
2.50%,
2/01/51
298,604
250,410
Fannie
Mae
Pool
,
2.00%,
3/01/51
212,226
23,609
Fannie
Mae
Pool
,
2.00%,
5/01/51
19,726
22,297
Fannie
Mae
Pool
,
2.50%,
5/01/51
19,745
608,842
Fannie
Mae
Pool
,
2.50%,
6/01/51
538,894
323,550
Fannie
Mae
Pool
,
2.50%,
6/01/51
286,375
1,054,780
Fannie
Mae
Pool
,
2.50%,
7/01/51
931,014
615,378
Fannie
Mae
Pool
,
2.50%,
8/01/51
541,021
226,149
Fannie
Mae
Pool
,
2.50%,
10/01/51
197,632
23,275
Fannie
Mae
Pool
,
2.50%,
10/01/51
20,325
223,798
Fannie
Mae
Pool
,
2.00%,
1/01/52
188,168
225,194
Fannie
Mae
Pool
,
3.00%,
1/01/52
205,754
259,181
Fannie
Mae
Pool
,
3.50%,
1/01/52
245,592
533,150
Fannie
Mae
Pool
,
4.00%,
1/01/52
525,708
492,875
Fannie
Mae
Pool
,
2.00%,
2/01/52
416,562
36,730
Fannie
Mae
Pool
,
2.00%,
3/01/52
31,067
378,633
Fannie
Mae
Pool
,
5.00%,
11/01/52
382,643
215,301
Fannie
Mae
Pool
,
6.50%,
1/01/53
226,139
329,142
Fannie
Mae
Pool
,
6.00%,
9/01/53
345,234
490,346
Fannie
Mae
Pool
,
5.50%,
3/01/54
505,185
1,134,161
Fannie
Mae
Pool
,
6.00%,
3/01/55
1,182,091
52,058
Fannie
Mae
Pool
,
4.50%,
4/01/56
52,296
288,903
Fannie
Mae
Pool
,
4.50%,
8/01/56
288,798
436,199
Fannie
Mae
Pool
,
5.50%,
9/01/56
452,761
12,411
Fannie
Mae
REMICS
2005-69
AG
,
5.00%,
8/25/35
12,777
856,514
Fannie
Mae
REMICS
2005-W1
1A1
,
6.00%,
10/25/44
902,355
26,029
Fannie
Mae
REMICS
2012-111
EC
,
2.00%,
12/25/41
24,676
3,958
Fannie
Mae
REMICS
2012-145
EA
,
1.25%,
1/25/28
3,881
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.4%
(Continued)
1,236
Fannie
Mae
REMICS
2012-34PC
,
5.50%,
1/25/32
$
1,239
100,696
Fannie
Mae
REMICS
2013-2
MA
,
3.50%,
2/25/43
98,014
54,683
Fannie
Mae
REMICS
2013-31
NL
,
4.00%,
4/25/33
54,839
300,000
Fannie
Mae
REMICS
2017-44
VB
,
3.50%,
10/25/37
296,641
39,952
Fannie
Mae
REMICS
2017-82
PA
,
3.00%,
4/25/45
38,889
195,544
Fannie
Mae
REMICS
2017-89
PL
,
3.00%,
6/25/43
193,842
57,648
Fannie
Mae
REMICS
2018-62
PT
,
3.50%,
9/25/48
56,556
49,354
Fannie
Mae
REMICS
2019-35
A
,
3.00%,
7/25/49
45,887
116,308
Fannie
Mae
REMICS
2019-37
AG
,
3.50%,
6/25/53
114,216
13,235
Fannie
Mae
REMICS
2019-39
LA
,
3.00%,
2/25/49
12,561
142,516
Fannie
Mae
REMICS
2020-12
JC
,
2.00%,
3/25/50
123,460
484,351
Fannie
Mae
REMICS
2020-48
DA
,
2.00%,
7/25/50
419,118
80,843
Fannie
Mae
REMICS
2020-78
CA
,
2.00%,
10/25/44
75,265
8,767
Fannie
Mae
REMICS
2021-3
ME
,
1.00%,
2/25/51
6,951
33,547
Fannie
Mae
REMICS
2022-75
A
,
5.50%,
1/25/49
33,956
299,102
Fannie
Mae
REMICS
2023-21
,
5.00%,
1/25/53
303,465
204,930
Fannie
Mae
REMICS
2024-11
BK
,
5.00%,
2/25/51
204,852
369,962
Fannie
Mae
REMICS
2024-26
A
,
5.00%,
7/25/51
371,558
305,410
Fannie
Mae
REMICS
2024-9
NP
,
5.50%,
6/25/44
309,238
1,240,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.59%,
8/25/31
1,241,796
1,387,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.11%,
7/15/32
1,392,728
852,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.94%,
3/03/33
858,515
1,376,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.27%,
6/23/33
1,378,520
920,000
Federal
Home
Loan
Banks
,
4.85%,
9/24/32
922,145
1,815,000
Federal
Home
Loan
Banks
,
5.35%,
6/12/34
1,824,716
29,262
Freddie
Mac
Gold
Pool
,
3.00%,
11/01/42
27,638
4,998
Freddie
Mac
Gold
Pool
,
3.00%,
11/01/46
4,642
194,198
Freddie
Mac
Gold
Pool
,
3.00%,
12/01/46
180,481
108,118
Freddie
Mac
Gold
Pool
,
3.00%,
1/01/47
100,001
441,499
Freddie
Mac
Pool
,
2.50%,
3/15/28
390,429
216,999
Freddie
Mac
Pool
,
3.50%,
6/15/29
206,334
224,685
Freddie
Mac
Pool
,
3.00%,
7/01/38
216,174
6,954
Freddie
Mac
Pool
,
2.50%,
5/01/50
5,932
112,315
Freddie
Mac
Pool
,
2.00%,
8/01/50
95,361
205,617
Freddie
Mac
Pool
,
2.50%,
11/01/50
180,000
176,072
Freddie
Mac
Pool
,
2.50%,
12/01/50
155,699
271,435
Freddie
Mac
Pool
,
2.00%,
2/01/51
227,048
587,947
Freddie
Mac
Pool
,
2.50%,
3/01/51
520,405
30,757
Freddie
Mac
Pool
,
2.50%,
5/01/51
27,219
22,164
Freddie
Mac
Pool
,
2.50%,
6/01/51
19,386
386,275
Freddie
Mac
Pool
,
2.50%,
9/01/51
343,003
360,446
Freddie
Mac
Pool
,
2.00%,
11/01/51
300,266
402,830
Freddie
Mac
Pool
,
3.00%,
12/01/51
367,810
630,559
Freddie
Mac
Pool
,
3.00%,
8/01/52
576,890
427,269
Freddie
Mac
Pool
,
5.00%,
12/01/52
437,972
462,108
Freddie
Mac
Pool
,
6.00%,
2/01/53
483,915
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.4%
(Continued)
227,266
Freddie
Mac
Pool
,
5.50%,
6/01/53
$
232,366
16,836
Freddie
Mac
Pool
,
6.00%,
8/01/53
17,425
352,833
Freddie
Mac
Pool
,
5.50%,
9/01/53
365,088
16,755
Freddie
Mac
Pool
,
6.50%,
11/01/53
17,645
189,213
Freddie
Mac
Pool
,
5.50%,
11/01/54
195,247
497,701
Freddie
Mac
Pool
,
5.50%,
11/01/55
506,681
402,135
Freddie
Mac
Pool
,
5.50%,
11/01/55
410,294
8,069
Freddie
Mac
REMICS
4091
KC
,
3.00%,
8/15/40
8,051
8,546
Freddie
Mac
REMICS
4097
BG
,
2.00%,
12/15/41
8,195
20,399
Freddie
Mac
REMICS
4322
DJ
,
3.00%,
5/15/43
20,149
7,547
Freddie
Mac
REMICS
4338
HP
,
3.00%,
11/15/43
7,519
107,030
Freddie
Mac
REMICS
4569
DA
,
3.00%,
8/15/44
105,004
5,849
Freddie
Mac
REMICS
4590
AK
,
3.50%,
8/15/27
5,839
21,530
Freddie
Mac
REMICS
4628
KA
,
3.00%,
1/15/55
21,096
115,871
Freddie
Mac
REMICS
4639
KB
,
3.25%,
4/15/53
114,239
528,190
Freddie
Mac
REMICS
4948
E
,
2.50%,
10/25/48
493,647
82,481
Freddie
Mac
REMICS
4994
GA
,
2.00%,
3/25/44
79,255
222,073
Freddie
Mac
REMICS
4998
A
,
2.00%,
5/25/46
203,790
327,696
Freddie
Mac
REMICS
5009
TA
,
1.00%,
9/25/50
261,785
41,986
Freddie
Mac
REMICS
5019
GH
,
2.00%,
6/25/42
40,386
16,712
Freddie
Mac
REMICS
5056
PB
,
0.75%,
12/25/50
13,340
38,203
Freddie
Mac
REMICS
5070
JP
,
2.00%,
1/25/51
32,119
152,144
Freddie
Mac
REMICS
5072
NJ
,
1.00%,
1/25/50
120,250
683,082
Freddie
Mac
REMICS
5100
PD
,
1.50%,
2/25/49
571,479
97,186
Freddie
Mac
REMICS
5131
TG
,
1.00%,
4/25/49
84,520
224,820
Freddie
Mac
REMICS
5199
BA
,
3.00%,
6/25/48
212,651
947,136
Freddie
Mac
REMICS
5419
CA
,
5.50%,
9/25/49
957,502
392,291
Freddie
Mac
REMICS
5522
DE
,
5.50%,
11/25/51
397,667
773,713
Freddie
Mac
REMICS
5604
EA
,
4.50%,
4/25/52
775,435
69,344
Freddie
Mac
Structured
Pass-Through
Certificates
,
5.07%,
7/25/44
(12MTA
+
140bps)
(b)
67,860
10,688
Freddie
Mac
Structured
Pass-Through
Certificates
,
4.87%,
10/25/44
(12MTA
+
120bps)
(b)
9,915
225,646
Ginnie
Mae
I
Pool
,
3.00%,
8/15/45
209,230
9,656
Ginnie
Mae
II
Pool
,
3.50%,
4/20/27
9,613
4,252
Ginnie
Mae
II
Pool
,
3.50%,
7/20/27
4,232
354,045
Ginnie
Mae
II
Pool
,
3.50%,
12/20/34
351,142
1,808
Ginnie
Mae
II
Pool
,
5.00%,
6/20/48
1,844
39,664
Ginnie
Mae
II
Pool
,
5.00%,
7/20/48
40,469
341,948
Ginnie
Mae
II
Pool
,
3.50%,
1/20/50
326,631
207,505
Ginnie
Mae
II
Pool
,
2.50%,
12/20/50
181,634
1,049,177
Ginnie
Mae
II
Pool
,
2.00%,
2/20/51
870,802
2,440,702
Ginnie
Mae
II
Pool
,
2.00%,
3/20/51
2,038,042
745,628
Ginnie
Mae
II
Pool
,
2.00%,
4/20/51
619,784
1,299,787
Ginnie
Mae
II
Pool
,
2.50%,
6/20/51
1,126,876
407,631
Ginnie
Mae
II
Pool
,
2.50%,
9/20/51
356,564
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.4%
(Continued)
708,820
Ginnie
Mae
II
Pool
,
3.00%,
3/20/52
$
650,080
362,028
Ginnie
Mae
II
Pool
,
4.00%,
7/20/52
344,500
371,414
Ginnie
Mae
II
Pool
,
5.00%,
11/20/52
375,610
266,638
Ginnie
Mae
II
Pool
,
2.50%,
2/20/53
236,194
284,492
Ginnie
Mae
II
Pool
,
5.50%,
9/01/53
(b)
290,210
405,913
Ginnie
Mae
II
Pool
,
6.00%,
9/20/53
418,221
779,388
Ginnie
Mae
II
Pool
,
3.00%,
12/20/53
702,757
823
Government
National
Mortgage
Association
2009-34
BH
,
4.00%,
5/20/39
820
53,146
Government
National
Mortgage
Association
2014-6
JA
,
2.75%,
6/20/42
52,304
471,462
Government
National
Mortgage
Association
2015-151
UB
,
2.00%,
3/20/45
440,492
3,035
Government
National
Mortgage
Association
2016-150
JG
,
2.50%,
10/20/45
3,010
3,854
Government
National
Mortgage
Association
2017-24
A
,
2.25%,
9/16/44
3,783
124,278
Government
National
Mortgage
Association
2018-76
EB
,
2.50%,
9/20/46
120,977
288,076
Government
National
Mortgage
Association
2020-45
ME
,
2.00%,
3/20/50
248,828
1,355,211
Government
National
Mortgage
Association
2021-154
CE
,
1.75%,
9/20/51
1,203,594
115,327
Government
National
Mortgage
Association
2021-77
LA
,
1.00%,
8/20/50
91,153
141,999
Government
National
Mortgage
Association
2021-83
KB
,
1.25%,
5/20/51
113,658
948,120
Government
National
Mortgage
Association
2022-189
PT
,
2.50%,
10/20/51
811,647
10,820
Government
National
Mortgage
Association
2022-213
GP
,
5.00%,
8/20/47
10,869
465,197
Government
National
Mortgage
Association
2022-218
EV
,
5.50%,
11/20/33
482,691
22,383
Government
National
Mortgage
Association
2022-99
GQ
,
3.50%,
1/20/52
22,185
14,401
Government
National
Mortgage
Association
2023-120
AK
,
6.00%,
11/20/44
14,529
64,071
Government
National
Mortgage
Association
2023-150
HE
,
6.00%,
3/20/42
64,468
213,199
Government
National
Mortgage
Association
2024-20
PC
,
5.50%,
2/20/54
218,280
3,455
Government
National
Mortgage
Association
2024-20
VG
,
5.50%,
8/20/35
3,519
11,175
Government
National
Mortgage
Association
2024-43
HP
,
5.00%,
7/20/53
11,292
222,547
Government
National
Mortgage
Association
2024-65
NB
,
5.50%,
2/20/48
222,542
540,000
Government
National
Mortgage
Association
2024-8
JL
,
5.00%,
1/20/54
546,940
413,000
Morgan
Stanley
Capital
I
Trust
2016-UBS12
,
3.60%,
12/17/49
409,795
925,000
PSMC
2020-3
Trust
,
3.00%,
11/25/50
(a)(b)
803,692
61,623
Seasoned
Credit
Risk
Transfer
Trust
2012-2
MA
,
2.00%,
11/25/60
54,691
352,000
UBS
Commercial
Mortgage
Trust
,
2.92%,
10/18/52
337,936
15,000
UBS
Commercial
Mortgage
Trust
2018-C8
A4
,
3.98%,
2/15/51
14,868
2,042,120
UMBS
Freddie
Mac
Pool
,
4.50%,
10/01/52
2,029,339
347,099
UMBS
Freddie
Mac
Pool
,
5.00%,
7/01/53
354,531
160,000
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
,
2.93%,
7/17/48
159,053
351,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-RB1
,
3.64%,
3/15/50
345,130
36,384
Wells
Fargo
Commercial
Mortgage
Trust
2021-SAVE
,
5.05%,
2/15/40
(1MO
SOFR
+
136bps)
(a)(b)
36,324
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $54,313,706)
54,083,572
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.1%
SUPRANATIONAL
—
1.7%
2,060,000
Asian
Development
Bank,
4.95%,
4/12/29
2,061,988
1,098,000
International
Bank
for
Reconstruction
&
Development,
1.62%,
3/11/30
1,017,534
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.1%
(Continued)
293,000
International
Bank
for
Reconstruction
&
Development,
5.17%,
4/24/29
$
294,202
3,373,724
SOVEREIGN
—
0.4%
753,000
Mexico
Government
International
Bond,
7.38%,
5/13/55
827,585
TOTAL
NON
U.S.
GOVERNMENT
&
AGENCIES
(Cost $4,174,359)
4,201,309
U.S.
GOVERNMENT
&
AGENCIES
—
36.9%
U.S.
TREASURY
BONDS
—
12.1%
2,573,000
United
States
Treasury
Bond,
2.75
%
,
11/15/42
2,042,721
2,954,000
United
States
Treasury
Bond,
4.75
%
,
11/15/43
3,041,466
3,418,000
United
States
Treasury
Bond,
2.00
%
,
8/15/51
2,045,326
2,245,000
United
States
Treasury
Bond,
4.00
%
,
11/15/52
2,017,737
4,974,000
United
States
Treasury
Note,
3.50
%
,
1/31/28
4,983,909
1,940,000
United
States
Treasury
Note/Bond,
4.88
%
,
8/15/45
2,018,509
2,021,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/45
2,034,736
5,080,000
United
States
Treasury
Note/Bond,
3.13
%
,
5/15/48
4,003,080
2,528,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/55
2,524,247
24,711,731
U.S.
TREASURY
NOTES
—
24.8%
2,002,000
United
States
Treasury
Inflation
Indexed
Bonds,
1.88
%
,
1/15/36
2,027,855
3,846,000
United
States
Treasury
Note,
4.13
%
,
7/31/31
3,950,939
2,243,000
United
States
Treasury
Note,
1.88
%
,
2/15/32
2,032,982
992,000
United
States
Treasury
Note,
4.25
%
,
8/15/35
1,016,800
3,946,000
United
States
Treasury
Note/Bond,
3.88
%
,
7/15/28
3,989,853
3,979,000
United
States
Treasury
Note/Bond,
3.50
%
,
11/15/28
3,990,657
5,993,000
United
States
Treasury
Note/Bond,
3.50
%
,
1/15/29
6,011,962
3,368,000
United
States
Treasury
Note/Bond,
3.63
%
,
10/31/30
3,385,103
3,483,000
United
States
Treasury
Note/Bond,
3.63
%
,
12/31/30
3,499,599
4,470,000
United
States
Treasury
Note/Bond,
3.75
%
,
1/31/31
4,516,097
2,004,000
United
States
Treasury
Note/Bond,
3.75
%
,
10/31/32
2,009,949
2,002,000
United
States
Treasury
Note/Bond,
3.88
%
,
12/31/32
2,022,020
3,398,000
United
States
Treasury
Note/Bond,
4.00
%
,
1/31/33
3,456,934
3,177,000
United
States
Treasury
Note/Bond,
4.00
%
,
11/15/35
3,188,914
1,881,000
United
States
Treasury
Note/Bond,
4.13
%
,
2/15/36
1,906,129
1,936,000
United
States
Treasury
Note/Bond,
4.38
%
,
2/15/38
1,996,576
1,765,000
United
States
Treasury
Note/Bond,
4.75
%
,
8/15/55
1,797,680
50,800,049
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $74,487,220)
75,511,780
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
SHORT-TERM
INVESTMENTS
—
2.7%
5,546,310
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(d)
$
5,546,310
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$5,546,310)
5,546,310
TOTAL
INVESTMENTS
—
100.2%
(Cost
$203,405,159)
$
204,936,141
Liabilities
in
Excess
of
Other
Assets —
(0.2)%
(499,096)
NET
ASSETS
—
100.00%
$
204,437,045
(a)
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
February
28,
2026
the
total
market
value
of
144A
securities
is
$5,807,859
or
2.8%
of
net
assets.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(c)
Percentage
rounds
to
less
than
0.1%.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
REMIC
Real
Estate
Mortgage
Investment
Conduit
North
Square
McKee
Bond
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
,
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
ASSET
BACKED
SECURITIES
—
2.6%
400,000
Aligned
Data
Centers
Issuer
LLC
2021-1A
A2,
1.94%,
8/15/46
(a)
$
395,325
391
Ally
Auto
Receivables
Trust
2022-2
A3,
4.76%,
5/17/27
391
10,000
BBCMS
Mortgage
Trust
2017-C1
A4,
3.67%,
2/15/50
9,925
41,406
BBCMS
Mortgage
Trust
2022-C14
A1,
1.73%,
2/18/55
40,965
3,019
Carmax
Auto
Owner
Trust
2022-4
A3,
5.34%,
8/15/27
3,025
600,000
CarMax
Auto
Owner
Trust
2024-4
A3,
4.60%,
10/15/29
606,614
72,120
Dell
Equipment
Finance
Trust
2023-3
A3,
5.93%,
6/22/26
(a)
72,430
476,902
EQUS
2021-EQAZ
A
Mortgage
Trust,
4.70%,
10/15/36
(1MO
SOFR
+
102bps)
(a)(b)
477,092
5,000
Ford
Credit
Auto
Owner
Trust
2024-C
A3,
4.07%,
7/15/29
5,021
400,000
GMF
Floorplan
Owner
Revolving
Trust
2025-2A
A,
4.64%,
3/15/30
(a)
407,067
209,054
Harley-Davidson
Motorcycle
Trust
2024-A
A3,
5.37%,
3/15/29
211,835
520,000
NextGear
Floorplan
Master
Owner
Trust
2024-2A
A2,
4.42%,
9/15/27
(a)
525,362
1,050,000
Toyota
Auto
Receivables
2024-C
A3
Owner
Trust,
4.88%,
1/18/28
1,059,627
524,535
Tricon
Residential
2022-SFR2
A
Trust,
3.86%,
4/19/39
(a)
522,003
465,000
Verizon
Master
Trust
2023-7
A1A,
5.67%,
11/20/26
472,332
464,000
Verizon
Master
Trust
2025-7
A1A,
3.96%,
8/20/31
468,162
TOTAL
ASSET
BACKED
SECURITIES
(Cost $5,239,441)
5,277,176
CORPORATE
BONDS
—
29.2%
COMMUNICATIONS
—
2.6%
CABLE
&
SATELLITE
—
0.3%
812,000
Comcast
Corp.,
3.25%,
11/01/39
648,663
ENTERTAINMENT
CONTENT
—
0.9%
719,000
Fox
Corp.,
6.50%,
10/13/33
789,393
437,000
Walt
Disney
Co.
(The),
4.00%,
3/14/31
438,008
769,000
Walt
Disney
Co.
(The),
3.50%,
5/13/40
652,363
1,879,764
INTERNET
MEDIA
&
SERVICES
—
0.9%
579,000
Alphabet,
Inc.,
4.40%,
2/15/33
584,274
474,000
Alphabet,
Inc.,
4.70%,
11/15/35
480,134
219,000
Alphabet,
Inc.,
5.50%,
2/15/46
223,141
466,000
Meta
Platforms,
Inc.,
4.60%,
11/15/32
473,949
218,000
Meta
Platforms,
Inc.,
5.60%,
5/15/53
212,395
1,973,893
TELECOMMUNICATIONS
—
0.5%
1,227,000
Verizon
Communications,
Inc.,
2.65%,
11/20/40
894,720
TOTAL COMMUNICATIONS
5,397,040
CONSUMER
DISCRETIONARY
—
1.9%
AUTOMOTIVE
—
1.6%
640,000
Ford
Motor
Co.,
Class
B,
3.25%,
2/12/32
576,326
959,000
General
Motors
Financial
Co.,
Inc.,
5.35%,
1/07/30
995,651
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
CONSUMER
DISCRETIONARY
—
1.9%
(continued)
AUTOMOTIVE
—
1.6%
(continued)
1,582,000
Honda
Motor
Co.
Ltd.,
4.69%,
7/08/30
$
1,613,048
3,185,025
LEISURE
FACILITIES
&
SERVICES
—
0.0%
(c)
122,000
McDonald's
Corp.,
4.40%,
2/12/31
124,034
RETAIL
-
DISCRETIONARY
—
0.3%
571,000
Lowe's
Companies,
Inc.,
4.50%,
10/15/32
573,667
TOTAL CONSUMER
DISCRETIONARY
3,882,726
CONSUMER
STAPLES
—
0.8%
BEVERAGES
—
0.4%
541,000
Coca-Cola
Co.
(The),
3.45%,
3/25/30
535,026
159,000
Keurig
Dr
Pepper,
Inc.,
5.20%,
3/15/31
164,346
699,372
HOUSEHOLD
PRODUCTS
—
0.3%
643,000
Procter
&
Gamble
Co.
(The),
4.10%,
11/03/32
647,875
TOBACCO
&
CANNABIS
—
0.1%
292,000
Philip
Morris
International,
Inc.,
5.13%,
2/15/30
303,461
TOTAL CONSUMER
STAPLES
1,650,708
ENERGY
—
3.2%
OIL
&
GAS
PRODUCERS
—
3.2%
158,000
BP
Capital
Markets
America,
Inc.,
4.89%,
9/11/33
162,451
806,000
Chevron
Corp.,
4.82%,
4/15/32
839,111
831,000
ConocoPhillips
Co.,
5.30%,
5/15/53
788,867
323,000
Energy
Transfer
L.P.,
3.75%,
5/15/30
317,836
1,156,000
Exxon
Mobil
Corp.,
4.33%,
3/19/50
990,613
381,000
ONEOK,
Inc.,
4.95%,
10/15/32
387,775
269,000
ONEOK,
Inc.,
5.70%,
11/01/54
253,675
738,000
Phillips
66
Co.,
5.25%,
6/15/31
772,855
554,000
Saudi
Arabian
Oil
Co.,
5.00%,
2/02/36
(a)
555,066
351,000
Shell
Finance
US,
Inc.,
4.75%,
1/06/36
353,847
560,000
TotalEnergies
Capital
SA,
5.49%,
4/05/54
553,904
627,000
TotalEnergies
Capital
USA
LLC,
4.57%,
1/13/33
635,003
6,611,003
TOTAL ENERGY
6,611,003
FINANCIALS
—
11.4%
ASSET
MANAGEMENT
—
0.1%
179,000
Charles
Schwab
Corp.
(The),
4.91%,
11/14/36
(b)
179,124
BANKING
—
8.4%
245,000
American
Express
National
Bank,
4.05%,
4/10/28
246,086
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
FINANCIALS
—
11.4%
(continued)
BANKING
—
8.4%
(continued)
505,000
Bank
of
America
Corp.,
4.46%,
2/06/32
(b)
$
508,891
487,000
Bank
of
Nova
Scotia
(The),
5.13%,
2/14/31
(SOFRRATE
+
107bps)
(b)
504,402
592,000
Canadian
Imperial
Bank
of
Commerce,
5.26%,
4/08/29
614,560
596,000
Citigroup,
Inc.,
4.95%,
5/07/31
(b)
611,438
737,000
Goldman
Sachs
Bank
USA,
3.85%,
2/24/28
737,142
510,000
HSBC
Holdings
PLC,
5.29%,
11/19/30
(b)
528,789
1,557,000
JPMorgan
Chase
&
Co.,
5.14%,
1/24/31
(SOFRRATE
+
90bps)
(b)
1,615,963
709,000
JPMorgan
Chase
&
Co.,
4.81%,
10/22/36
(SOFRRATE
+
1bps)
(b)
707,929
1,830,000
Morgan
Stanley
Bank
NA,
3.85%,
2/18/28
1,830,393
1,830,000
Morgan
Stanley
Private
Bank
NA,
3.85%,
2/18/28
1,830,393
690,000
Morgan
Stanley
Private
Bank
NA,
4.73%,
7/18/31
(SOFRRATE
+
108bps)
(b)
702,763
250,000
PNC
Financial
Services
Group,
Inc.
(The),
6.88%,
10/20/34
(SOFRRATE
+
2bps)
(b)
284,722
1,113,000
Royal
Bank
of
Canada,
4.65%,
10/18/30
(SOFRINDX
+
108bps)
(b)
1,135,657
240,000
Toronto-Dominion
Bank
(The),
4.86%,
1/31/28
244,616
300,000
Truist
Financial
Corp.,
4.60%,
1/27/32
(b)
303,240
185,000
Truist
Financial
Corp.,
5.12%,
1/26/34
(b)
189,810
1,860,000
UBS
Bank
USA,
3.80%,
2/11/28
1,859,322
750,000
UBS
Bank
USA,
3.95%,
2/19/30
752,058
685,000
US
Bancorp,
5.05%,
2/12/31
(SOFRRATE
+
106bps)
(b)
707,815
1,000,000
Wells
Fargo
Bank
NA,
4.25%,
3/11/27
1,005,414
16,921,403
INSTITUTIONAL
FINANCIAL
SERVICES
—
2.5%
296,000
Bank
of
New
York
Mellon
Corp.
(The),
4.94%,
2/11/31
(b)
305,455
852,000
Bank
of
New
York
Mellon
Corp.
(The),
5.06%,
7/22/32
(b)
886,751
245,000
Goldman
Sachs
Bank
USA,
4.30%,
3/11/27
246,350
1,320,000
Goldman
Sachs
Bank
USA,
3.85%,
2/22/28
1,320,784
893,000
Goldman
Sachs
Group
Inc.
(The),
4.37%,
10/21/31
(b)
893,763
219,000
Goldman
Sachs
Group
Inc.
(The),
4.94%,
10/21/36
(b)
218,304
429,000
Morgan
Stanley,
5.23%,
1/15/31
(b)
444,343
1,107,000
Morgan
Stanley,
5.07%,
1/30/37
(b)
1,116,868
5,432,618
SPECIALTY
FINANCE
—
0.4%
329,000
Capital
One
Financial
Corp.,
5.46%,
7/26/30
(SOFRRATE
+
156bps)
(b)
341,428
360,000
Capital
One
Financial
Corp.,
4.49%,
9/11/31
(b)
360,141
701,569
TOTAL FINANCIALS
23,234,714
HEALTH
CARE
—
1.8%
BIOTECH
&
PHARMA
—
0.8%
245,000
AbbVie,
Inc.,
4.40%,
3/15/33
246,100
513,000
Eli
Lilly
&
Co.,
5.00%,
2/09/54
482,280
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
HEALTH
CARE
—
1.8%
(continued)
BIOTECH
&
PHARMA
—
0.8%
(continued)
796,000
Merck
&
Co.,
Inc.,
4.75%,
12/04/35
$
803,554
1,531,934
HEALTH
CARE
FACILITIES
&
SERVICES
—
1.0%
207,000
Cigna
Group
(The),
4.88%,
9/15/32
211,808
883,000
Cigna
Group
(The),
5.25%,
1/15/36
907,262
263,000
UnitedHealth
Group,
Inc.,
2.30%,
5/15/31
240,228
393,000
UnitedHealth
Group,
Inc.,
5.15%,
7/15/34
406,247
266,000
UnitedHealth
Group,
Inc.,
5.88%,
2/15/53
270,704
2,036,249
TOTAL HEALTH
CARE
3,568,183
INDUSTRIALS
—
2.4%
AEROSPACE
&
DEFENSE
—
0.4%
394,000
Boeing
Co.
(The),
5.15%,
5/01/30
408,153
446,000
Lockheed
Martin
Corp.,
4.70%,
5/15/46
412,634
820,787
DIVERSIFIED
INDUSTRIALS
—
0.5%
1,079,000
Honeywell
International,
Inc.,
4.75%,
2/01/32
1,112,007
ELECTRICAL
EQUIPMENT
—
0.2%
299,000
Johnson
Controls
International
PLC,
5.50%,
4/19/29
312,786
MACHINERY
—
0.1%
249,000
Caterpillar,
Inc.,
5.20%,
5/15/35
260,948
TRANSPORTATION
&
LOGISTICS
—
1.2%
457,631
BNSF
Railway
Co.
2015-1
Pass
Through
Trust,
3.44%,
6/16/28
(a)
453,709
1,097,000
Burlington
Northern
Santa
Fe
LLC,
4.55%,
9/01/44
992,699
258,360
FedEx
Corp.
2020-1
Class
AA
Pass
Through
Trust,
1.88%,
2/20/34
230,248
500,000
FedEx
Freight
Holding
Co.,
Inc.,
4.95%,
3/15/33
(a)
500,162
8,608
Union
Pacific
Railroad
Co.
2005
Pass
Through
Trust,
5.08%,
1/02/29
8,766
155,401
Union
Pacific
Railroad
Co.
2014-1
Pass
Through
Trust,
3.23%,
5/14/26
155,168
2,340,752
TOTAL INDUSTRIALS
4,847,280
REAL
ESTATE
—
0.3%
REIT
—
0.3%
449,000
American
Tower
Corp.,
3.80%,
8/15/29
445,508
239,000
American
Tower
Corp.,
4.70%,
12/15/32
241,818
687,326
TOTAL REAL
ESTATE
687,326
TECHNOLOGY
—
1.9%
SEMICONDUCTORS
—
0.6%
398,000
Broadcom,
Inc.,
4.35%,
2/15/30
403,055
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
29.2%
(Continued)
TECHNOLOGY
—
1.9%
(continued)
SEMICONDUCTORS
—
0.6%
(continued)
861,000
Broadcom,
Inc.,
4.90%,
7/15/32
$
887,041
1,290,096
SOFTWARE
—
0.8%
163,000
Oracle
Corp.,
4.55%,
2/04/29
163,346
1,054,000
Oracle
Corp.,
4.45%,
9/26/30
1,034,037
533,000
Oracle
Corp.,
5.88%,
9/26/45
483,219
1,680,602
TECHNOLOGY
HARDWARE
—
0.2%
632,000
Apple,
Inc.,
2.95%,
9/11/49
432,033
TECHNOLOGY
SERVICES
—
0.3%
600,000
International
Business
Machines
Corp.,
4.15%,
5/15/39
538,310
TOTAL TECHNOLOGY
3,941,041
UTILITIES
—
2.9%
ELECTRIC
UTILITIES
—
2.9%
494,000
Alabama
Power
Co.,
3.45%,
10/01/49
360,279
129,000
Berkshire
Hathaway
Energy
Co.,
3.70%,
7/15/30
127,787
1,446,000
Duke
Energy
Carolinas
LLC,
5.30%,
2/15/40
1,478,698
222,000
Duke
Energy
Corp.,
4.95%,
9/15/35
222,555
342,000
Entergy
Corp.,
1.90%,
6/15/28
326,897
363,000
Florida
Power
&
Light
Co.,
5.30%,
6/15/34
382,812
472,000
Florida
Power
&
Light
Co.,
5.30%,
4/01/53
460,178
1,334,000
MidAmerican
Energy
Co.,
4.25%,
7/15/49
1,116,374
136,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.25%,
6/01/30
126,250
419,000
Virginia
Electric
and
Power
Co.,
4.95%,
3/15/36
418,480
862,000
Virginia
Electric
and
Power
Co.,
5.45%,
4/01/53
829,843
5,850,153
TOTAL UTILITIES
5,850,153
TOTAL
CORPORATE
BONDS
(Cost $59,001,404)
59,670,174
MORTGAGE-BACKED
SECURITIES
—
26.8%
257,164
Fannie
Mae
Pool
,
4.00%,
5/15/27
252,051
12,932
Fannie
Mae
Pool
,
5.00%,
11/01/29
13,134
17,429
Fannie
Mae
Pool
,
1.50%,
10/01/36
16,018
15,425
Fannie
Mae
Pool
,
2.50%,
4/01/37
14,621
82,723
Fannie
Mae
Pool
,
3.50%,
10/13/37
79,364
65,129
Fannie
Mae
Pool
,
3.50%,
12/01/37
64,257
238,457
Fannie
Mae
Pool
,
3.00%,
1/01/40
226,198
223,147
Fannie
Mae
Pool
,
3.00%,
10/01/40
211,588
206,839
Fannie
Mae
Pool
,
2.00%,
11/01/40
186,121
146,242
Fannie
Mae
Pool
,
2.00%,
1/01/41
131,221
176,931
Fannie
Mae
Pool
,
2.50%,
3/01/41
163,140
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.8%
(Continued)
367,715
Fannie
Mae
Pool
,
2.50%,
9/01/41
$
339,071
413,210
Fannie
Mae
Pool
,
2.50%,
10/01/41
381,023
224,665
Fannie
Mae
Pool
,
2.50%,
11/01/41
206,977
264,508
Fannie
Mae
Pool
,
3.50%,
9/01/42
258,349
73,669
Fannie
Mae
Pool
,
3.00%,
4/01/46
68,541
68,423
Fannie
Mae
Pool
,
3.50%,
6/01/46
65,907
17,594
Fannie
Mae
Pool
,
3.00%,
11/01/46
16,305
170,490
Fannie
Mae
Pool
,
5.00%,
11/01/46
176,643
84,034
Fannie
Mae
Pool
,
3.00%,
4/01/48
77,818
311,404
Fannie
Mae
Pool
,
4.50%,
1/01/49
312,329
17,402
Fannie
Mae
Pool
,
2.50%,
7/01/49
15,544
68,533
Fannie
Mae
Pool
,
3.00%,
12/01/49
63,087
226,778
Fannie
Mae
Pool
,
2.50%,
5/01/50
193,451
1,049,130
Fannie
Mae
Pool
,
2.50%,
6/01/50
927,711
190,582
Fannie
Mae
Pool
,
5.00%,
6/01/50
194,893
113,363
Fannie
Mae
Pool
,
2.50%,
10/01/50
100,245
16,337
Fannie
Mae
Pool
,
2.00%,
1/01/51
13,804
301,402
Fannie
Mae
Pool
,
2.50%,
2/01/51
267,526
339,703
Fannie
Mae
Pool
,
2.50%,
2/01/51
298,604
250,410
Fannie
Mae
Pool
,
2.00%,
3/01/51
212,226
23,609
Fannie
Mae
Pool
,
2.00%,
5/01/51
19,726
22,297
Fannie
Mae
Pool
,
2.50%,
5/01/51
19,745
608,842
Fannie
Mae
Pool
,
2.50%,
6/01/51
538,894
323,550
Fannie
Mae
Pool
,
2.50%,
6/01/51
286,375
1,054,780
Fannie
Mae
Pool
,
2.50%,
7/01/51
931,014
615,378
Fannie
Mae
Pool
,
2.50%,
8/01/51
541,021
226,149
Fannie
Mae
Pool
,
2.50%,
10/01/51
197,632
23,275
Fannie
Mae
Pool
,
2.50%,
10/01/51
20,325
223,798
Fannie
Mae
Pool
,
2.00%,
1/01/52
188,168
225,194
Fannie
Mae
Pool
,
3.00%,
1/01/52
205,754
259,181
Fannie
Mae
Pool
,
3.50%,
1/01/52
245,592
533,150
Fannie
Mae
Pool
,
4.00%,
1/01/52
525,708
492,875
Fannie
Mae
Pool
,
2.00%,
2/01/52
416,562
36,730
Fannie
Mae
Pool
,
2.00%,
3/01/52
31,067
378,633
Fannie
Mae
Pool
,
5.00%,
11/01/52
382,643
215,301
Fannie
Mae
Pool
,
6.50%,
1/01/53
226,139
329,142
Fannie
Mae
Pool
,
6.00%,
9/01/53
345,234
490,346
Fannie
Mae
Pool
,
5.50%,
3/01/54
505,185
1,134,161
Fannie
Mae
Pool
,
6.00%,
3/01/55
1,182,091
52,058
Fannie
Mae
Pool
,
4.50%,
4/01/56
52,296
288,903
Fannie
Mae
Pool
,
4.50%,
8/01/56
288,798
436,199
Fannie
Mae
Pool
,
5.50%,
9/01/56
452,761
12,411
Fannie
Mae
REMICS
2005-69
AG
,
5.00%,
8/25/35
12,777
856,514
Fannie
Mae
REMICS
2005-W1
1A1
,
6.00%,
10/25/44
902,355
26,029
Fannie
Mae
REMICS
2012-111
EC
,
2.00%,
12/25/41
24,676
3,958
Fannie
Mae
REMICS
2012-145
EA
,
1.25%,
1/25/28
3,881
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.8%
(Continued)
1,236
Fannie
Mae
REMICS
2012-34PC
,
5.50%,
1/25/32
$
1,239
100,696
Fannie
Mae
REMICS
2013-2
MA
,
3.50%,
2/25/43
98,014
54,683
Fannie
Mae
REMICS
2013-31
NL
,
4.00%,
4/25/33
54,839
300,000
Fannie
Mae
REMICS
2017-44
VB
,
3.50%,
10/25/37
296,641
39,952
Fannie
Mae
REMICS
2017-82
PA
,
3.00%,
4/25/45
38,889
195,544
Fannie
Mae
REMICS
2017-89
PL
,
3.00%,
6/25/43
193,842
57,648
Fannie
Mae
REMICS
2018-62
PT
,
3.50%,
9/25/48
56,556
49,354
Fannie
Mae
REMICS
2019-35
A
,
3.00%,
7/25/49
45,887
116,308
Fannie
Mae
REMICS
2019-37
AG
,
3.50%,
6/25/53
114,216
13,235
Fannie
Mae
REMICS
2019-39
LA
,
3.00%,
2/25/49
12,561
142,516
Fannie
Mae
REMICS
2020-12
JC
,
2.00%,
3/25/50
123,460
484,351
Fannie
Mae
REMICS
2020-48
DA
,
2.00%,
7/25/50
419,118
80,843
Fannie
Mae
REMICS
2020-78
CA
,
2.00%,
10/25/44
75,265
8,767
Fannie
Mae
REMICS
2021-3
ME
,
1.00%,
2/25/51
6,951
33,547
Fannie
Mae
REMICS
2022-75
A
,
5.50%,
1/25/49
33,956
299,102
Fannie
Mae
REMICS
2023-21
,
5.00%,
1/25/53
303,465
204,930
Fannie
Mae
REMICS
2024-11
BK
,
5.00%,
2/25/51
204,852
369,962
Fannie
Mae
REMICS
2024-26
A
,
5.00%,
7/25/51
371,558
305,410
Fannie
Mae
REMICS
2024-9
NP
,
5.50%,
6/25/44
309,238
1,240,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.59%,
8/25/31
1,241,796
1,387,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.11%,
7/15/32
1,392,728
852,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
4.94%,
3/03/33
858,515
1,376,000
Federal
Farm
Credit
Banks
Funding
Corp.
,
5.27%,
6/23/33
1,378,520
920,000
Federal
Home
Loan
Banks
,
4.85%,
9/24/32
922,145
1,815,000
Federal
Home
Loan
Banks
,
5.35%,
6/12/34
1,824,716
29,262
Freddie
Mac
Gold
Pool
,
3.00%,
11/01/42
27,638
4,998
Freddie
Mac
Gold
Pool
,
3.00%,
11/01/46
4,642
194,198
Freddie
Mac
Gold
Pool
,
3.00%,
12/01/46
180,481
108,118
Freddie
Mac
Gold
Pool
,
3.00%,
1/01/47
100,001
441,499
Freddie
Mac
Pool
,
2.50%,
3/15/28
390,429
216,999
Freddie
Mac
Pool
,
3.50%,
6/15/29
206,334
224,685
Freddie
Mac
Pool
,
3.00%,
7/01/38
216,174
6,954
Freddie
Mac
Pool
,
2.50%,
5/01/50
5,932
112,315
Freddie
Mac
Pool
,
2.00%,
8/01/50
95,361
205,617
Freddie
Mac
Pool
,
2.50%,
11/01/50
180,000
176,072
Freddie
Mac
Pool
,
2.50%,
12/01/50
155,699
271,435
Freddie
Mac
Pool
,
2.00%,
2/01/51
227,048
587,947
Freddie
Mac
Pool
,
2.50%,
3/01/51
520,405
30,757
Freddie
Mac
Pool
,
2.50%,
5/01/51
27,219
22,164
Freddie
Mac
Pool
,
2.50%,
6/01/51
19,386
386,275
Freddie
Mac
Pool
,
2.50%,
9/01/51
343,003
360,446
Freddie
Mac
Pool
,
2.00%,
11/01/51
300,266
402,830
Freddie
Mac
Pool
,
3.00%,
12/01/51
367,810
630,559
Freddie
Mac
Pool
,
3.00%,
8/01/52
576,890
427,269
Freddie
Mac
Pool
,
5.00%,
12/01/52
437,972
462,108
Freddie
Mac
Pool
,
6.00%,
2/01/53
483,915
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.8%
(Continued)
227,266
Freddie
Mac
Pool
,
5.50%,
6/01/53
$
232,366
16,836
Freddie
Mac
Pool
,
6.00%,
8/01/53
17,425
352,833
Freddie
Mac
Pool
,
5.50%,
9/01/53
365,088
16,755
Freddie
Mac
Pool
,
6.50%,
11/01/53
17,645
189,213
Freddie
Mac
Pool
,
5.50%,
11/01/54
195,247
497,701
Freddie
Mac
Pool
,
5.50%,
11/01/55
506,681
402,135
Freddie
Mac
Pool
,
5.50%,
11/01/55
410,294
8,069
Freddie
Mac
REMICS
4091
KC
,
3.00%,
8/15/40
8,051
8,546
Freddie
Mac
REMICS
4097
BG
,
2.00%,
12/15/41
8,195
20,399
Freddie
Mac
REMICS
4322
DJ
,
3.00%,
5/15/43
20,149
7,547
Freddie
Mac
REMICS
4338
HP
,
3.00%,
11/15/43
7,519
107,030
Freddie
Mac
REMICS
4569
DA
,
3.00%,
8/15/44
105,004
5,849
Freddie
Mac
REMICS
4590
AK
,
3.50%,
8/15/27
5,839
21,530
Freddie
Mac
REMICS
4628
KA
,
3.00%,
1/15/55
21,096
115,871
Freddie
Mac
REMICS
4639
KB
,
3.25%,
4/15/53
114,239
528,190
Freddie
Mac
REMICS
4948
E
,
2.50%,
10/25/48
493,647
82,481
Freddie
Mac
REMICS
4994
GA
,
2.00%,
3/25/44
79,255
222,073
Freddie
Mac
REMICS
4998
A
,
2.00%,
5/25/46
203,790
327,696
Freddie
Mac
REMICS
5009
TA
,
1.00%,
9/25/50
261,785
41,986
Freddie
Mac
REMICS
5019
GH
,
2.00%,
6/25/42
40,386
16,712
Freddie
Mac
REMICS
5056
PB
,
0.75%,
12/25/50
13,340
38,203
Freddie
Mac
REMICS
5070
JP
,
2.00%,
1/25/51
32,119
152,144
Freddie
Mac
REMICS
5072
NJ
,
1.00%,
1/25/50
120,250
683,082
Freddie
Mac
REMICS
5100
PD
,
1.50%,
2/25/49
571,479
97,186
Freddie
Mac
REMICS
5131
TG
,
1.00%,
4/25/49
84,520
224,820
Freddie
Mac
REMICS
5199
BA
,
3.00%,
6/25/48
212,651
947,136
Freddie
Mac
REMICS
5419
CA
,
5.50%,
9/25/49
957,502
392,291
Freddie
Mac
REMICS
5522
DE
,
5.50%,
11/25/51
397,667
773,713
Freddie
Mac
REMICS
5604
EA
,
4.50%,
4/25/52
775,435
69,344
Freddie
Mac
Structured
Pass-Through
Certificates
,
5.07%,
7/25/44
(12MTA
+
140bps)
(b)
67,860
10,688
Freddie
Mac
Structured
Pass-Through
Certificates
,
4.87%,
10/25/44
(12MTA
+
120bps)
(b)
9,915
225,646
Ginnie
Mae
I
Pool
,
3.00%,
8/15/45
209,230
9,656
Ginnie
Mae
II
Pool
,
3.50%,
4/20/27
9,613
4,252
Ginnie
Mae
II
Pool
,
3.50%,
7/20/27
4,232
354,045
Ginnie
Mae
II
Pool
,
3.50%,
12/20/34
351,142
1,808
Ginnie
Mae
II
Pool
,
5.00%,
6/20/48
1,844
39,664
Ginnie
Mae
II
Pool
,
5.00%,
7/20/48
40,469
341,948
Ginnie
Mae
II
Pool
,
3.50%,
1/20/50
326,631
207,505
Ginnie
Mae
II
Pool
,
2.50%,
12/20/50
181,634
1,049,177
Ginnie
Mae
II
Pool
,
2.00%,
2/20/51
870,802
2,440,702
Ginnie
Mae
II
Pool
,
2.00%,
3/20/51
2,038,042
745,628
Ginnie
Mae
II
Pool
,
2.00%,
4/20/51
619,784
1,299,787
Ginnie
Mae
II
Pool
,
2.50%,
6/20/51
1,126,876
407,631
Ginnie
Mae
II
Pool
,
2.50%,
9/20/51
356,564
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
26.8%
(Continued)
708,820
Ginnie
Mae
II
Pool
,
3.00%,
3/20/52
$
650,080
362,028
Ginnie
Mae
II
Pool
,
4.00%,
7/20/52
344,500
371,414
Ginnie
Mae
II
Pool
,
5.00%,
11/20/52
375,610
266,638
Ginnie
Mae
II
Pool
,
2.50%,
2/20/53
236,194
284,492
Ginnie
Mae
II
Pool
,
5.50%,
9/01/53
(b)
290,210
405,913
Ginnie
Mae
II
Pool
,
6.00%,
9/20/53
418,221
779,388
Ginnie
Mae
II
Pool
,
3.00%,
12/20/53
702,757
823
Government
National
Mortgage
Association
2009-34
BH
,
4.00%,
5/20/39
820
53,146
Government
National
Mortgage
Association
2014-6
JA
,
2.75%,
6/20/42
52,304
471,462
Government
National
Mortgage
Association
2015-151
UB
,
2.00%,
3/20/45
440,492
3,035
Government
National
Mortgage
Association
2016-150
JG
,
2.50%,
10/20/45
3,010
3,854
Government
National
Mortgage
Association
2017-24
A
,
2.25%,
9/16/44
3,783
124,278
Government
National
Mortgage
Association
2018-76
EB
,
2.50%,
9/20/46
120,977
288,076
Government
National
Mortgage
Association
2020-45
ME
,
2.00%,
3/20/50
248,828
1,355,211
Government
National
Mortgage
Association
2021-154
CE
,
1.75%,
9/20/51
1,203,594
115,327
Government
National
Mortgage
Association
2021-77
LA
,
1.00%,
8/20/50
91,153
141,999
Government
National
Mortgage
Association
2021-83
KB
,
1.25%,
5/20/51
113,658
948,120
Government
National
Mortgage
Association
2022-189
PT
,
2.50%,
10/20/51
811,647
10,820
Government
National
Mortgage
Association
2022-213
GP
,
5.00%,
8/20/47
10,869
465,197
Government
National
Mortgage
Association
2022-218
EV
,
5.50%,
11/20/33
482,691
22,383
Government
National
Mortgage
Association
2022-99
GQ
,
3.50%,
1/20/52
22,185
14,401
Government
National
Mortgage
Association
2023-120
AK
,
6.00%,
11/20/44
14,529
64,071
Government
National
Mortgage
Association
2023-150
HE
,
6.00%,
3/20/42
64,468
213,199
Government
National
Mortgage
Association
2024-20
PC
,
5.50%,
2/20/54
218,280
3,455
Government
National
Mortgage
Association
2024-20
VG
,
5.50%,
8/20/35
3,519
11,175
Government
National
Mortgage
Association
2024-43
HP
,
5.00%,
7/20/53
11,292
222,547
Government
National
Mortgage
Association
2024-65
NB
,
5.50%,
2/20/48
222,542
540,000
Government
National
Mortgage
Association
2024-8
JL
,
5.00%,
1/20/54
546,940
413,000
Morgan
Stanley
Capital
I
Trust
2016-UBS12
,
3.60%,
12/17/49
409,795
925,000
PSMC
2020-3
Trust
,
3.00%,
11/25/50
(a)(b)
803,692
61,623
Seasoned
Credit
Risk
Transfer
Trust
2012-2
MA
,
2.00%,
11/25/60
54,691
352,000
UBS
Commercial
Mortgage
Trust
,
2.92%,
10/18/52
337,936
15,000
UBS
Commercial
Mortgage
Trust
2018-C8
A4
,
3.98%,
2/15/51
14,868
2,042,120
UMBS
Freddie
Mac
Pool
,
4.50%,
10/01/52
2,029,339
347,099
UMBS
Freddie
Mac
Pool
,
5.00%,
7/01/53
354,531
160,000
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
,
2.93%,
7/17/48
159,053
351,000
Wells
Fargo
Commercial
Mortgage
Trust
2017-RB1
,
3.64%,
3/15/50
345,130
36,384
Wells
Fargo
Commercial
Mortgage
Trust
2021-SAVE
,
5.05%,
2/15/40
(1MO
SOFR
+
136bps)
(a)(b)
36,324
624,000
Wells
Fargo
Commercial
Mortgage
Trust
2026-5C8
,
5.03%,
3/15/59
645,819
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $54,956,425)
54,729,391
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.0%
SUPRANATIONAL
—
1.6%
2,060,000
Asian
Development
Bank,
4.95%,
4/12/29
2,061,988
1,098,000
International
Bank
for
Reconstruction
&
Development,
1.62%,
3/11/30
1,017,534
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.0%
(Continued)
293,000
International
Bank
for
Reconstruction
&
Development,
5.17%,
4/24/29
$
294,202
3,373,724
SOVEREIGN
—
0.4%
753,000
Mexico
Government
International
Bond,
7.38%,
5/13/55
827,585
TOTAL
NON
U.S.
GOVERNMENT
&
AGENCIES
(Cost $4,174,359)
4,201,309
U.S.
GOVERNMENT
&
AGENCIES
—
36.9%
U.S.
TREASURY
BONDS
—
12.1%
2,573,000
United
States
Treasury
Bond,
2.75
%
,
11/15/42
2,042,721
2,954,000
United
States
Treasury
Bond,
4.75
%
,
11/15/43
3,041,466
3,418,000
United
States
Treasury
Bond,
2.00
%
,
8/15/51
2,045,326
2,245,000
United
States
Treasury
Bond,
4.00
%
,
11/15/52
2,017,738
4,974,000
United
States
Treasury
Note,
3.50
%
,
1/31/28
4,983,909
1,940,000
United
States
Treasury
Note/Bond,
4.88
%
,
8/15/45
2,018,509
2,021,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/45
2,034,736
5,080,000
United
States
Treasury
Note/Bond,
3.13
%
,
5/15/48
4,003,080
2,528,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/55
2,524,247
24,711,732
U.S.
TREASURY
NOTES
—
24.8%
2,002,000
United
States
Treasury
Inflation
Indexed
Bonds,
1.88
%
,
1/15/36
2,027,855
3,846,000
United
States
Treasury
Note,
4.13
%
,
7/31/31
3,950,939
2,243,000
United
States
Treasury
Note,
1.88
%
,
2/15/32
2,032,982
992,000
United
States
Treasury
Note,
4.25
%
,
8/15/35
1,016,800
3,946,000
United
States
Treasury
Note/Bond,
3.88
%
,
7/15/28
3,989,853
3,979,000
United
States
Treasury
Note/Bond,
3.50
%
,
11/15/28
3,990,657
5,993,000
United
States
Treasury
Note/Bond,
3.50
%
,
1/15/29
6,011,962
3,368,000
United
States
Treasury
Note/Bond,
3.63
%
,
10/31/30
3,385,103
3,483,000
United
States
Treasury
Note/Bond,
3.63
%
,
12/31/30
3,499,599
4,470,000
United
States
Treasury
Note/Bond,
3.75
%
,
1/31/31
4,516,097
2,004,000
United
States
Treasury
Note/Bond,
3.75
%
,
10/31/32
2,009,949
2,002,000
United
States
Treasury
Note/Bond,
3.88
%
,
12/31/32
2,022,020
3,398,000
United
States
Treasury
Note/Bond,
4.00
%
,
1/31/33
3,456,934
3,177,000
United
States
Treasury
Note/Bond,
4.00
%
,
11/15/35
3,188,914
1,881,000
United
States
Treasury
Note/Bond,
4.13
%
,
2/15/36
1,906,129
1,936,000
United
States
Treasury
Note/Bond,
4.38
%
,
2/15/38
1,996,576
1,765,000
United
States
Treasury
Note/Bond,
4.75
%
,
8/15/55
1,797,680
50,800,049
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $74,487,220)
75,511,781
North
Square
McKee
Bond
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
SHORT-TERM
INVESTMENTS
—
2.7%
5,546,310
First
American
Treasury
Obligations
Fund,
Class
X,
3.60%
(d)
$
5,546,310
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$5,546,310)
5,546,310
TOTAL
INVESTMENTS
—
100.2%
(Cost
$203,405,159)
$
204,936,141
Liabilities
in
Excess
of
Other
Assets —
(0.2)%
(499,096)
NET
ASSETS
—
100.00%
$
204,437,045
(a)
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
February
28,
2026
the
total
market
value
of
144A
securities
is
$4,748,232
or
2.3%
of
net
assets.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(c)
Percentage
rounds
to
less
than
0.1%.
(d)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
REMIC
Real
Estate
Mortgage
Investment
Conduit
North
Square
Strategic
Income
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
2.0%
ENERGY
—
1.0%
OIL
&
GAS
PRODUCERS
—
0.3%
17,214
Exxon
Mobil
Corp.
$
2,625,135
OIL
&
GAS
SERVICES
&
EQUIPMENT
—
0.7%
73,387
Halliburton
Co.
2,641,932
50,181
SLB
Ltd.
2,576,293
403,803
Transocean
Ltd.
(a)
2,616,643
7,834,868
TOTAL ENERGY
10,460,003
MATERIALS
—
1.0%
METALS
&
MINING
—
1.0%
10,760
Agnico
Eagle
Mines
Ltd.
2,707,216
51,746
Alamos
Gold,
Inc.,
Class
A
2,804,116
31,689
BHP
Group
Ltd.
-
ADR
2,584,871
71,819
Kinross
Gold
Corp.
2,656,585
10,752,788
TOTAL MATERIALS
10,752,788
TOTAL
COMMON
STOCKS
(Cost $20,786,228)
21,212,791
EXCHANGE-TRADED
FUNDS
—
3.4%
276,501
North
Square
RCIM
Tax-Advantaged
Preferred
&
Income
Securities
ETF
(b)
7,142,021
1,118,872
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
29,750,806
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost $36,694,279)
36,892,827
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
ASSET
BACKED
SECURITIES
—
10.2%
597,687
Aegis
Asset
Backed
Securities
Trust
2005-2,
4.51%,
6/25/35
(TSFR1M
+
83bps)
(c)
580,646
10,425,000
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
2025-1A
A2,
6.72%,
6/07/55
(d)
10,604,727
26,130,000
Citigroup
Commercial
Mortgage
Trust
2015-101A,
1.10%,
1/14/43
(c)(d)
1,974,150
3,550,000
Citigroup
Commercial
Mortgage
Trust
2015-GC27,
3.00%,
2/01/48
(d)
3,354,035
72,000,000
Citigroup
Commercial
Mortgage
Trust
2020-555
X,
0.74%,
12/10/29
(c)(d)
1,876,342
6,189,848
COMM
2010-C1
Mortgage
Trust,
5.79%,
7/10/46
(c)(d)
6,151,175
350,000
COMM
2013-CCRE7
Mortgage
Trust,
4.29%,
3/10/46
(c)(d)
329,264
2,886,000
Credit
Suisse
Mortgage
Trust
2021-Gate
C,
6.48%,
12/15/36
(d)(e)
2,841,686
438,338
FBR
Securitization
Trust
2005-5
M2,
4.50%,
11/26/35
(TSFR1M
+
82bps)
(c)
437,428
3,288,361
GS
Mortgage
Securities
Corp.
Trust
2012-BWTR,
2.95%,
11/05/34
(d)
2,963,404
3,000,000
GS
Mortgage
Securities
Corp.
Trust
2015-GC32,
4.37%,
7/10/48
(c)(d)
2,919,721
4,970,000
HI-FI
Music
IP
Issuer
LP
2022-1A
A2,
3.94%,
2/01/62
(d)
4,932,964
3,952,373
HomeBanc
Mortgage
Trust
2005-3
M4,
4.79%,
7/25/35
(c)
3,987,605
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
ASSET
BACKED
SECURITIES
—
10.2%
(Continued)
74,592
HSI
Asset
Securitization
Corp.
Trust
2006-OPT3,
4.33%,
2/25/36
(TSFR1M
+
65bps)
(c)
$
74,185
755,576
Impac
CMB
Trust
Series
2005-4,
4.22%,
5/25/35
(TSFR1M
+
54bps)
(c)
736,754
4,003,658
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
2012-WLDN,
3.91%,
5/05/30
(d)
3,963,621
225,326
JPMorgan
Mortgage
Acquisition
Trust
2007-CH3,
4.05%,
3/25/37
(TSFR1M
+
37bps)
(c)
224,555
3,580,000
Kapitus
Asset
Securitization,
LLC
2024-1A,
5.49%,
9/10/31
(d)
3,610,086
562,346
Long
Beach
Mortgage
Loan
Trust
2005-1,
5.07%,
2/25/35
(TSFR1M
+
139bps)
(c)
559,661
4,630,817
Lyra
Music
Assets
Delaware
LP
2025-1A
A2,
5.60%,
9/20/65
(d)
4,711,184
2,756,772
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2012-C5
E,
4.68%,
8/15/45
(c)(d)
2,705,875
2,072,014
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2013-C7
C,
4.16%,
2/15/46
(c)
1,945,840
3,095,256
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C26
D,
3.06%,
10/01/48
(d)
2,974,674
399,084
Morgan
Stanley
Capital
I
Trust
2011-C2,
5.21%,
6/15/44
(c)(d)
396,269
2,500,000
Morgan
Stanley
Capital
I
Trust
2011-C2,
5.21%,
6/15/44
(c)(d)
2,432,881
2,800,000
Morgan
Stanley
Capital
I
Trust
2014-150E,
3.91%,
9/09/32
(d)
2,644,628
7,325,348
MSBAM
Commercial
Mortgage
Securities
Trust
2012-CKSV
A2,
3.28%,
10/15/30
(d)
7,138,323
3,500,000
Olympic
Tower
2017-OT
Mortgage
Trust,
3.57%,
5/01/39
(d)
3,363,889
13,590,000
Planet
Fitness
Master
Issuer
LLC
2025-1A
A2I,
5.27%,
12/06/55
(d)
13,825,322
159,583
Renaissance
Home
Equity
Loan
Trust
2005-3,
5.14%,
11/25/35
159,711
251,000,000
RIDE
2025-SHRE,
0.29%,
2/14/47
(c)(d)
2,359,977
1,303,621
Wells
Fargo
Commercial
Mortgage
Trust
2014-LC18,
4.19%,
12/15/47
(c)
1,287,790
688,194
Wells
Fargo
Commercial
Mortgage
Trust
2015-C29,
4.26%,
6/01/48
(c)
669,382
9,855,000
Zayo
Issuer
LLC
2025-3A
A2,
5.57%,
10/20/55
(d)
10,119,626
TOTAL
ASSET
BACKED
SECURITIES
(Cost $107,602,047)
108,857,380
CORPORATE
BONDS
—
28.3%
COMMUNICATIONS
—
2.7%
ENTERTAINMENT
CONTENT
—
0.5%
6,900,000
Paramount
Global,
6.25%,
2/28/57
(c)
5,401,320
TELECOMMUNICATIONS
—
2.2%
9,000,000
Bell
Canada,
7.00%,
9/15/55
(H15T5Y
+
236bps)
(c)
9,530,451
5,775,000
Rogers
Communications,
Inc.,
7.13%,
4/15/55
(H15T5Y
+
262bps)
(c)
6,119,240
5,700,000
TELUS
Corp.,
6.63%,
10/15/55
(c)
5,890,026
2,000,000
TELUS
Corp.,
7.00%,
10/15/55
(c)
2,111,290
23,651,007
TOTAL COMMUNICATIONS
29,052,327
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
28.3%
(Continued)
CONSUMER
DISCRETIONARY
—
0.9%
AUTOMOTIVE
—
0.9%
9,416,000
General
Motors
Financial
Co.,
Inc.,
5.75%,
3/30/66
(c)(f)
$
9,440,532
TOTAL CONSUMER
DISCRETIONARY
9,440,532
ENERGY
—
4.2%
OIL
&
GAS
PRODUCERS
—
4.2%
2,050,000
Enbridge,
Inc.,
7.20%,
6/27/54
(H15T5Y
+
297bps)
(c)
2,210,017
9,000,000
Enbridge,
Inc.,
5.75%,
7/15/80
(c)
9,166,869
9,500,000
Energy
Transfer
LP,
6.63%,
2/15/72
(US0003M
+
416bps)
(c)(f)
9,629,599
2,000,000
Phillips
66
Co.,
5.88%,
3/15/56
(H15T5Y
+
228bps)
(c)
2,011,310
6,000,000
Phillips
66
Co.,
6.20%,
3/15/56
(H15T5Y
+
217bps)
(c)
6,083,922
9,000,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
7.50%,
3/01/55
(c)
9,558,252
6,500,000
Transcanada
Trust,
5.50%,
9/15/79
(c)
6,585,605
45,245,574
TOTAL ENERGY
45,245,574
FINANCIALS
—
8.5%
ASSET
MANAGEMENT
—
1.1%
9,055,000
Charles
Schwab
Corp.
(The),
4.00%,
12/31/49
(H15T10Y
+
308bps)
(c)(f)
8,561,567
4,000,000
UBS
Group
AG,
4.38%,
8/10/71
(c)(f)
3,642,867
12,204,434
BANKING
—
7.4%
8,000,000
Bank
of
America
Corp.,
Series
FF,
5.88%,
3/15/49
(c)(f)
8,171,024
5,000,000
BNP
Paribas
SA,
6.88%,
12/15/99
(c)(d)(f)
5,028,390
7,500,000
Citigroup,
Inc.,
6.95%,
2/15/80
(H15T5Y
+
273bps)
(c)(f)
7,728,458
2,000,000
Citigroup,
Inc.,
6.63%,
5/15/99
(c)(f)
2,068,852
7,750,000
Citizens
Financial
Group,
Inc.,
4.00%,
10/06/71
(c)(f)
7,711,673
4,800,000
HSBC
Holdings
PLC,
7.05%,
12/31/49
(H15T5Y
+
299bps)
(c)(f)
5,002,158
6,000,000
Huntington
Bancshares,
Inc.,
6.25%,
10/15/80
(H15T5Y
+
265bps)
(c)(f)
6,048,402
8,000,000
JPMorgan
Chase
&
Co.,
3.65%,
12/31/69
(c)(f)
7,976,498
6,800,000
Nordea
Bank
Abp,
6.75%,
11/10/88
(H15T5Y
+
272bps)
(c)(d)(f)
7,027,564
5,000,000
Royal
Bank
of
Canada,
6.50%,
11/24/85
(c)
4,998,109
6,600,000
Svenska
Handelsbanken
AB,
4.75%,
3/01/71
(c)(f)
6,351,241
10,000,000
Truist
Financial
Corp.,
5.10%,
3/01/61
(H15T10Y
+
4bps)
(c)(f)
10,120,100
78,232,469
TOTAL FINANCIALS
90,436,903
HEALTH
CARE
—
0.6%
HEALTH
CARE
FACILITIES
&
SERVICES
—
0.6%
6,000,000
CVS
Health
Corp.,
6.75%,
12/10/54
(H15T5Y
+
252bps)
(c)
6,244,500
TOTAL HEALTH
CARE
6,244,500
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
28.3%
(Continued)
MATERIALS
—
0.3%
CHEMICALS
—
0.3%
5,250,000
FMC
Corp.,
8.45%,
11/01/55
(c)
$
3,457,495
TOTAL MATERIALS
3,457,495
UTILITIES
—
11.1%
ELECTRIC
UTILITIES
—
10.0%
5,467,000
Algonquin
Power
&
Utilities
Corp.,
4.75%,
1/18/82
(c)
5,425,313
4,782,000
American
Electric
Power
Co.,
Inc.,
6.95%,
12/15/54
(H15T5Y
+
268bps)
(c)
5,169,815
3,500,000
American
Electric
Power
Co.,
Inc.,
6.05%,
3/15/56
(H15T5Y
+
194bps)
(c)
3,513,703
9,725,000
CenterPoint
Energy,
Inc.,
3.00%,
8/01/28
(d)
10,303,151
3,000,000
CenterPoint
Energy,
Inc.,
6.85%,
2/15/55
(H15T5Y
+
295bps)
(c)
3,189,252
9,721,000
CMS
Energy
Corp.,
4.75%,
6/01/50
(H15T5Y
+
412bps)
(c)
9,659,534
11,000,000
Dominion
Energy,
Inc.,
6.20%,
2/15/56
(H15T10Y
+
201bps)
(c)
11,203,027
4,500,000
Duke
Energy
Corp.,
6.45%,
9/01/54
(H15T5Y
+
259bps)
(c)
4,743,315
5,436,000
Emera,
Inc.,
6.75%,
6/15/76
(c)
5,485,886
9,700,000
Exelon
Corp.,
6.50%,
3/15/55
(H15T5Y
+
198bps)
(c)
10,156,013
6,000,000
NextEra
Energy
Capital
Holdings,
Inc.,
6.38%,
8/15/55
(c)
6,235,896
7,500,000
NextEra
Energy
Capital
Holdings,
Inc.,
6.50%,
8/15/55
(H15T5Y
+
198bps)
(c)
7,954,583
7,000,000
NiSource,
Inc.,
6.38%,
3/31/55
(H15T5Y
+
253bps)
(c)
7,313,635
4,000,000
NRG
Energy,
Inc.,
10.25%,
12/31/49
(H15T5Y
+
592bps)
(c)(d)(f)
4,406,084
6,400,000
Southern
Co.
(The),
6.38%,
3/15/55
(c)
6,698,138
5,040,000
Vistra
Corp.,
8.88%,
12/31/49
(H15T5Y
+
505bps)
(c)(d)(f)
5,571,468
107,028,813
GAS
&
WATER
UTILITIES
—
1.1%
8,550,000
AltaGas
Ltd.,
7.20%,
10/15/54
(H15T5Y
+
357bps)
(c)(d)
8,937,118
3,000,000
NiSource,
Inc.,
5.75%,
7/15/56
(c)
3,019,197
11,956,315
TOTAL UTILITIES
118,985,128
TOTAL
CORPORATE
BONDS
(Cost $299,573,443)
302,862,459
MORTGAGE-BACKED
SECURITIES
—
31.7%
3,500,000
BXHPP
Trust
2021-FILM
,
4.44%,
8/15/36
(1MO
SOFR
+
76bps)
(c)(d)
3,338,125
4,789,814
Fannie
Mae
Pool
,
3.50%,
10/01/51
4,526,575
8,378,290
Fannie
Mae
Pool
,
2.50%,
12/01/51
7,303,822
3,217,307
Fannie
Mae
Pool
,
3.00%,
12/01/51
2,916,623
5,374,427
Fannie
Mae
Pool
,
3.50%,
4/01/52
5,105,253
2,305,806
Fannie
Mae
Pool
,
2.50%,
5/01/52
2,025,839
12,593,255
Fannie
Mae
Pool
,
4.00%,
5/01/52
12,260,163
8,503,653
Fannie
Mae
Pool
,
2.50%,
6/01/52
7,428,496
1,789,225
Fannie
Mae
Pool
,
3.00%,
7/01/52
1,622,308
2,043,053
Fannie
Mae
Pool
,
5.00%,
7/01/52
2,064,066
4,094,871
Fannie
Mae
Pool
,
4.50%,
11/01/52
4,068,823
5,001,889
Fannie
Mae
Pool
,
4.00%,
3/01/53
4,884,320
5,674,330
Fannie
Mae
Pool
,
4.50%,
6/01/53
5,638,818
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
31.7%
(Continued)
2,552,069
Fannie
Mae
Pool
,
5.00%,
6/01/53
$
2,585,392
781,468
Fannie
Mae
Pool
,
6.00%,
10/01/53
807,742
2,826,655
Fannie
Mae
Pool
,
6.00%,
10/01/53
2,905,256
10,706,980
Fannie
Mae
Pool
,
4.00%,
11/01/53
10,454,300
6,766,879
Fannie
Mae
Pool
,
6.00%,
1/01/54
6,956,129
10,945,312
Fannie
Mae
Pool
,
5.50%,
5/01/54
11,188,689
4,386,363
Fannie
Mae
Pool
,
4.50%,
8/01/54
4,385,841
865,592
Fannie
Mae
Pool
,
6.00%,
11/01/54
897,025
12,872,464
Fannie
Mae
Pool
,
4.00%,
1/01/55
12,523,970
4,591,586
Fannie
Mae
Pool
,
5.00%,
6/01/55
4,645,333
6,621,999
Fannie
Mae
Pool
,
5.00%,
6/01/55
6,665,640
2,636,272
Fannie
Mae-Aces
2019-M24
XA
,
1.24%,
3/26/29
(c)
76,298
3,506,939
Fannie
Mae-Aces
2020-M10
X6
,
1.38%,
8/25/28
(c)
94,853
828,314
Fannie
Mae-Aces
2020-M39
1A1
,
0.75%,
9/25/28
795,518
39,722,498
Fannie
Mae-Aces
2025-M4
X
,
0.53%,
8/01/35
(c)
1,712,131
15,695,757
FHLMC
Multifamily
Structured
Pass-Through
Certificates
2021-RR19
X
,
2.02%,
4/27/29
(c)
650,129
30,000,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K064
XAM
,
0.48%,
3/25/27
(c)
163,146
30,893,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K067
XAM
,
0.47%,
8/25/27
(c)
210,100
7,570,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K109
XAM
,
1.80%,
4/25/30
(c)
499,307
7,249,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K110
XAM
,
1.84%,
4/25/30
(c)
497,690
1,835,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K111
X3
,
3.18%,
4/25/48
(c)
220,313
3,332,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K116
XAM
,
1.60%,
8/25/30
(c)
211,031
2,750,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K122
X3
,
2.63%,
1/25/49
(c)
288,333
1,715,000
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K124
X3
,
2.62%,
2/25/49
(c)
184,943
36,689,681
FHLMC
Multifamily
Structured
Pass-Through
Certificates
K738
X1
,
1.48%,
1/25/27
(c)
331,737
339,145
FHLMC
Multifamily
Structured
Pass-Through
Certificates
KJ37
A1
,
1.68%,
12/25/27
328,806
21,180,651
FHLMC
Multifamily
Structured
Pass-Through
Certificates
Q002
XA
,
0.92%,
7/25/33
(c)
670,706
14,829,220
Freddie
Mac
30-Year
Pool
,
3.50%,
9/01/52
13,999,166
123,159,827
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K057
X1
,
1.17%,
7/25/26
(c)
276,457
308,013,166
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K072
X1
,
0.36%,
12/25/27
(c)
1,863,295
3,455,000
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K119
X3
,
2.73%,
10/25/30
(c)
377,028
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
31.7%
(Continued)
120,182,776
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K507
X1
,
0.09%,
9/25/28
(c)
$
420,652
49,208,000
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
K755
XAM
,
0.36%,
2/25/31
(c)
978,225
15,350,000
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
KG04
X3
,
2.63%,
11/25/30
(c)
1,591,720
63,586,759
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
KG06
X1
,
0.53%,
10/25/31
(c)
1,561,004
12,044,000
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
KS16
X
,
1.18%,
1/25/32
(c)
602,723
3,913,586
Freddie
Mac
Pool
,
4.00%,
5/01/52
3,821,532
7,153,286
Freddie
Mac
Pool
,
3.50%,
6/01/52
6,788,632
12,636,775
Freddie
Mac
Pool
,
3.50%,
7/01/52
11,936,505
10,064,243
Freddie
Mac
Pool
,
3.50%,
9/01/52
9,575,800
7,481,020
Freddie
Mac
Pool
,
4.00%,
9/01/52
7,306,520
1,679,050
Freddie
Mac
Pool
,
4.50%,
2/01/53
1,666,030
2,617,691
Freddie
Mac
Pool
,
5.00%,
6/01/53
2,649,963
2,347,537
Freddie
Mac
Pool
,
5.50%,
6/01/53
2,421,265
1,508,774
Freddie
Mac
Pool
,
5.50%,
6/01/53
1,547,600
2,517,985
Freddie
Mac
Pool
,
6.00%,
11/01/53
2,623,360
1,732,672
Freddie
Mac
Pool
,
6.00%,
12/01/53
1,797,154
3,729,204
Freddie
Mac
Pool
,
6.50%,
12/01/53
3,915,539
6,356,300
Freddie
Mac
Pool
,
5.50%,
9/01/54
6,516,288
7,008,827
Freddie
Mac
Pool
,
5.00%,
11/01/54
7,089,765
8,491,728
Freddie
Mac
Pool
,
5.00%,
11/01/54
8,584,755
3,675,829
Freddie
Mac
Pool
,
5.00%,
12/01/54
3,733,811
1,591,459
Freddie
Mac
Pool
,
6.00%,
12/01/54
1,636,891
4,374,255
Freddie
Mac
Pool
,
6.00%,
7/01/55
4,489,748
9,675,319
Freddie
Mac
Pool
,
4.50%,
9/01/55
9,623,273
253,216,822
Freddie
Mac
Structured
Pass-Through
Certificates
2016-K59
X2A
,
0.10%,
11/25/49
(d)
63,507
7,690,000
Freddie
Mac
Structured
Pass-Through
Certificates
2020-RR02
AX
,
1.83%,
10/27/28
(c)
265,254
125,870,000
Freddie
Mac
Structured
Pass-Through
Certificates
KG08
X1
,
0.00%,
5/25/33
(c)
574,471
7,007,350
Ginnie
Mae
II
Pool
,
2.50%,
12/01/51
6,192,040
1,941,889
Ginnie
Mae
II
Pool
,
2.00%,
7/20/52
1,649,131
1,599,584
Ginnie
Mae
II
Pool
,
3.00%,
8/20/52
1,471,973
2,136,496
Ginnie
Mae
II
Pool
,
3.00%,
9/20/52
1,968,687
5,127,653
Ginnie
Mae
II
Pool
,
2.50%,
2/20/53
4,542,193
4,434,413
Ginnie
Mae
II
Pool
,
3.50%,
2/20/53
4,213,884
2,930,046
Ginnie
Mae
II
Pool
,
2.50%,
3/20/53
2,599,126
1,874,822
Ginnie
Mae
II
Pool
,
2.50%,
4/20/53
1,660,084
4,321,641
Ginnie
Mae
II
Pool
,
3.00%,
3/20/54
3,986,311
1,202,985
Government
National
Mortgage
Association
2017-76
,
0.74%,
12/16/56
(c)
55,026
35,989,876
Government
National
Mortgage
Association
2018-170
,
1.09%,
11/16/60
(c)
3,169,747
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
MORTGAGE-BACKED
SECURITIES
—
31.7%
(Continued)
52,923,428
Government
National
Mortgage
Association
2020-121
,
0.88%,
8/16/60
(c)
$
3,326,211
19,310,138
Government
National
Mortgage
Association
2020-155
,
1.27%,
9/16/60
(c)
1,714,958
47,742,298
Government
National
Mortgage
Association
2020-179
,
1.01%,
9/16/62
(c)
3,403,229
40,101,233
Government
National
Mortgage
Association
2020-41
,
1.00%,
1/16/62
(c)
2,922,738
53,919,778
Government
National
Mortgage
Association
2021-10
,
0.99%,
5/16/63
(c)
4,177,645
42,542,144
Government
National
Mortgage
Association
2021-150
,
1.04%,
11/16/63
(c)
3,408,391
49,793,053
Government
National
Mortgage
Association
2021-157
,
0.88%,
9/16/63
(c)
3,095,365
33,589,701
Government
National
Mortgage
Association
2021-17
,
1.05%,
1/01/61
(c)
2,674,708
42,287,662
Government
National
Mortgage
Association
2021-170
,
0.99%,
5/16/63
(c)
3,120,660
70,450,426
Government
National
Mortgage
Association
2021-198
,
0.81%,
11/16/61
(c)
4,060,361
10,681,076
Government
National
Mortgage
Association
2021-22
,
0.97%,
5/16/63
(c)
745,538
36,810,579
Government
National
Mortgage
Association
2021-51
,
1.02%,
10/16/62
(c)
2,661,928
30,278,622
Government
National
Mortgage
Association
2022-2
,
0.82%,
4/16/62
(c)
1,649,661
14,051,573
Government
National
Mortgage
Association
2024-178
,
0.68%,
7/16/66
(c)
872,329
48,545,748
Government
National
Mortgage
Association
2025-109
,
0.60%,
5/16/67
(c)
2,901,288
43,625,727
Government
National
Mortgage
Association
2025-31
,
0.58%,
8/16/67
(c)
2,779,801
52,939,339
Government
National
Mortgage
Association
2025-53
,
0.54%,
10/16/66
(c)
2,762,751
28,362,634
Government
National
Mortgage
Association
2025-74
,
0.71%,
2/16/67
(c)
1,568,808
1,959,630
UMBS
Fannie
Mae
Pool
,
5.00%,
3/01/53
1,988,547
3,464,471
UMBS
Fannie
Mae
Pool
,
4.50%,
7/01/53
3,450,340
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost $331,223,146)
339,224,981
NON
U.S.
GOVERNMENT
&
AGENCIES
—
2.8%
NON
U.S.
TREASURY
—
1.9%
363,000,000
Mexican
Bonos,
7.75%,
5/29/31
20,817,034
SOVEREIGN
—
0.9%
140,000,000
Republic
of
South
Africa
Government
Bond,
8.88%,
2/28/35
9,311,914
TOTAL
NON
U.S.
GOVERNMENT
&
AGENCIES
(Cost $29,076,945)
30,128,948
U.S.
GOVERNMENT
&
AGENCIES
—
15.9%
U.S.
TREASURY
INFLATION
PROTECTED
—
2.9%
30,100,000
United
States
Treasury
Inflation
Indexed
Bonds,
1.88
%
,
7/15/35
31,024,423
U.S.
TREASURY
BONDS
—
1.1%
12,190,000
United
States
Treasury
Note/Bond,
4.63
%
,
11/15/55
12,171,905
U.S.
TREASURY
NOTES
—
11.9%
50,360,000
United
States
Treasury
Note/Bond,
3.50
%
,
1/15/29
50,519,342
16,485,000
United
States
Treasury
Note/Bond,
3.75
%
,
1/31/31
16,655,002
59,640,000
United
States
Treasury
Note/Bond,
4.00
%
,
11/15/35
59,863,650
127,037,994
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $167,469,630)
170,234,322
North
Square
Strategic
Income
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
C
ont
ra
ct
s
Description
Expiration
Date
Exercise
Price
Notional
Value
F
a
i
r
V
a
lu
e
PURCHASED
CALL
OPTIONS
—
0.20%
1,825
E-mini
S&P
500®
6/22/2026
$
7,500.00
$
1,266,823,750
$
2,646,250
TOTAL
PURCHASED
CALL
OPTIONS
(Cost $4,920,688)
2,646,250
TOTAL
INVESTMENTS
—
94.5%
(Cost
$997,346,406)
$
1,012,059,958
Other
Assets
in
Excess
of
Liabilities
—
5.5%
59,186,621
NET
ASSETS
—
100.00%
$
1,071,246,579
(a)
Non-income
producing
security.
(b)
Affiliated
Company.
(c)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(d)
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
February
28,
2026
the
total
market
value
of
144A
securities
is
$142,869,230
or
13.3%
of
net
assets.
(e)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.
(f)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
ADR
-
American
Depositary
Receipt.
ETF
-
Exchange-Traded
Funds
North
Square
Strategic
Income
Fund
Schedule
of
Futures
Contracts
February
28,
2026
(Unaudited)
Contracts
Long
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
829
2-Year
US
Treasury
Note
Future
07/01/2026
$
173,487,681
$
119,401
450
Brazilian
Real
Future
04/01/2026
8,694,000
42,300
203
Ultra
US
Treasury
Bond
Future
06/22/2026
24,683,531
76,156
$
237,857
Short
Contracts
(150)
Bloomberg
IG
Duration
Hedged
Credit
Future
03/18/2026
$
(16,473,750)
$
63,428
(289)
E-mini
S&P
500®
Index
Future
03/23/2026
(99,546,050)
1,173,328
(231)
Ultra
10-Year
US
Treasury
Note
Future
06/22/2026
(26,965,641)
(169,641)
$
1,067,115
North
Square
Strategic
Income
Fund
Schedule
of
Credit
Default
Swap
Contracts
February
28,
2026
(Unaudited)
*
Buy
Protection
CENTRALLY
CLEARED
CREDIT
DEFAULT
SWAP
AGREEMENTS
Description
Fixed
Deal
(Pay)Rate
Maturity
Date
Notional
Value
Fair
Value
Amortized
Upfront
Payments
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG
SERIES
45*
1.00%
12/20/2030
$
575,000,000
(11,264,989)
(12,411,548)
$
1,146,559
$
1,146,559
North
Square
Small
Cap
Value
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
95.7%
CONSUMER
DISCRETIONARY
—
7.4%
AUTOMOTIVE
—
2.1%
211,210
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
$
1,742,483
19,353
Lear
Corp.
2,540,081
4,282,564
CONSUMER
SERVICES
—
1.1%
103,955
Upbound
Group,
Inc.
2,229,835
HOME
CONSTRUCTION
—
2.1%
66,996
Interface,
Inc.
2,109,704
31,918
Taylor
Morrison
Home
Corp.
(a)
2,103,077
4,212,781
RETAIL
-
DISCRETIONARY
—
2.1%
40,899
Advance
Auto
Parts,
Inc.
2,174,600
125,930
Sally
Beauty
Holdings,
Inc.
(a)
2,023,695
4,198,295
TOTAL CONSUMER
DISCRETIONARY
14,923,475
ENERGY
—
12.2%
OIL
&
GAS
PRODUCERS
—
8.2%
9,786
Chord
Energy
Corp.
1,060,509
15,298
Gulfport
Energy
Corp.
(a)
3,192,081
114,583
Murphy
Oil
Corp.
3,798,426
120,638
SM
Energy
Co.
2,790,357
84,470
Talos
Energy,
Inc.
(a)
1,034,758
460,282
Whitecap
Resources,
Inc.
4,593,614
16,469,745
OIL
&
GAS
SERVICES
&
EQUIPMENT
—
2.2%
295,521
DNOW,
Inc.
(a)
3,481,237
37,409
Innovex
International,
Inc.
(a)
985,727
4,466,964
RENEWABLE
ENERGY
—
1.8%
21,694
EnerSys
3,604,458
TOTAL ENERGY
24,541,167
FINANCIALS
—
17.6%
BANKING
—
11.2%
47,406
Ameris
Bancorp
3,681,550
80,797
Cathay
General
Bancorp
4,016,419
73,728
Hancock
Whitney
Corp.
4,852,040
53,603
International
Bancshares
Corp.
3,597,297
100,027
OFG
Bancorp
4,009,082
25,979
Pathward
Financial
Group,
Inc.
2,358,633
22,515,021
North
Square
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
95.7%
(Continued)
FINANCIALS
—
17.6%
(Continued)
INSTITUTIONAL
FINANCIAL
SERVICES
—
1.8%
28,893
StoneX
Group,
Inc.
(a)
$
3,683,858
INSURANCE
—
3.5%
169,239
Fidelis
Insurance
Holdings
Ltd.
3,225,695
22,068
Jackson
Financial,
Inc.
2,416,005
41,442
Kemper
Corp.
1,339,406
6,981,106
SPECIALTY
FINANCE
—
1.1%
16,643
Enova
International,
Inc.
(a)
2,314,209
TOTAL FINANCIALS
35,494,194
HEALTH
CARE
—
6.8%
BIOTECH
&
PHARMA
—
1.3%
10,908
ANI
Pharmaceuticals,
Inc.
(a)
806,101
280,259
SIGA
Technologies,
Inc.
(a)
1,813,276
2,619,377
HEALTH
CARE
FACILITIES
&
SERVICES
—
4.0%
348,370
AdaptHealth
Corp.
(a)
3,187,585
147,374
Pediatrax
Medical
Group,
Inc.
(a)
2,925,374
128,825
Select
Medical
Holdings
Corp.
1,928,510
8,041,469
MEDICAL
EQUIPMENT
&
DEVICES
—
1.5%
44,128
Livanova
PLC
(a)
3,115,437
TOTAL HEALTH
CARE
13,776,283
INDUSTRIALS
—
20.5%
COMMERCIAL
SUPPORT
SERVICES
—
2.4%
38,707
ABM
Industries,
Inc.
1,722,462
141,124
Healthcare
Services
Group,
Inc.
(a)
3,072,269
4,794,731
ELECTRICAL
EQUIPMENT
—
3.3%
14,738
Atkore,
Inc.
(a)
953,696
27,700
Belden,
Inc.
3,969,410
37,556
Ralliant
Corp.
(a)
1,723,445
6,646,551
ENGINEERING
&
CONSTRUCTION
—
1.0%
13,577
Primoris
Services
Corp.
2,046,325
INDUSTRIAL
INTERMEDIATE
PRODUCTS
—
2.7%
22,840
Timken
Co.
(The)
2,475,399
6,242
Valmont
Industries,
Inc.
2,870,883
5,346,282
North
Square
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
95.7%
(Continued)
INDUSTRIALS
—
20.5%
(Continued)
INDUSTRIAL
SUPPORT
SERVICES
—
0.5%
27,510
Resideo
Technologies,
Inc.
(a)
$
1,064,637
MACHINERY
—
5.2%
10,064
Alamo
Group,
Inc.
2,148,966
80,268
Gates
Industrial
Corp.
PLC
(a)
2,212,989
88,695
Terex
Corp.
6,101,329
10,463,284
TRANSPORTATION
&
LOGISTICS
—
5.4%
107,107
Ardmore
Shipping
Corp.
1,754,413
21,023
Copa
Holdings
SA,
Class
A
2,913,998
76,433
Global
Ship
Lease,
Inc.,
Class
A
3,139,868
39,220
Teekay
Tankers
Ltd.,
Class
A
3,069,749
10,878,028
TOTAL INDUSTRIALS
41,239,838
MATERIALS
—
10.1%
CHEMICALS
—
2.3%
41,912
Minerals
Technologies,
Inc.
2,959,825
291,036
Orion
Engineered
Carbons
SA
1,655,995
4,615,820
CONSTRUCTION
MATERIALS
—
0.5%
22,531
Apogee
Enterprises,
Inc.
897,184
METALS
&
MINING
—
5.5%
84,932
Century
Aluminum
Co.
(a)
4,379,094
36,769
Gold.com,
Inc.
2,113,114
168,413
New
Gold,
Inc.
(a)
2,260,103
33,031
Pan
American
Silver
Corp.
2,269,230
11,021,541
STEEL
—
1.8%
89,325
Worthington
Steel,
Inc.
3,712,347
TOTAL MATERIALS
20,246,892
REAL
ESTATE
—
4.4%
REAL
ESTATE
SERVICES
—
0.8%
113,621
Newmark
Group,
Inc.,
Class
A
1,649,777
REIT
—
3.6%
242,549
Apple
Hospitality
REIT,
Inc.
2,973,651
76,400
Cousins
Properties,
Inc.
1,769,424
16,379
Innovative
Industrial
Properties,
Inc.
867,432
59,119
NexPoint
Residential
Trust,
Inc.
1,666,564
7,277,071
TOTAL REAL
ESTATE
8,926,848
North
Square
Small
Cap
Value
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
COMMON
STOCKS
—
95.7%
(Continued)
TECHNOLOGY
—
10.9%
SEMICONDUCTORS
—
0.9%
89,529
Penguin
Solutions,
Inc.
(a)
$
1,860,413
SOFTWARE
—
2.1%
35,108
Clear
Secure,
Inc.,
Class
A
1,707,653
19,156
Pegasystems,
Inc.
837,692
50,478
Teradata
Corp.
(a)
1,589,552
4,134,897
TECHNOLOGY
HARDWARE
—
6.5%
57,330
Avnet,
Inc.
3,774,607
133,094
Daktronics,
Inc.
(a)
3,431,163
103,239
Knowles
Corp.
(a)
2,805,004
108,115
NetScout
Systems,
Inc.
(a)
3,158,039
13,168,813
TECHNOLOGY
SERVICES
—
1.4%
23,285
Science
Applications
International
Corp.
2,148,274
68,883
TaskUs,
Inc.,
Class
A
(a)
731,538
2,879,812
TOTAL TECHNOLOGY
22,043,935
UTILITIES
—
5.8%
ELECTRIC
UTILITIES
—
2.4%
50,269
Avista
Corp.
2,041,927
180,193
Hawaiian
Electric
Industries,
Inc.
(a)
2,791,189
4,833,116
GAS
&
WATER
UTILITIES
—
3.4%
23,462
National
Fuel
Gas
Co.
2,135,746
39,505
Northwest
Natural
Holding
Co.
2,095,345
67,096
UGI
Corp.
2,510,062
6,741,153
TOTAL UTILITIES
11,574,269
TOTAL
COMMON
STOCKS
(Cost $164,264,226)
192,766,901
SHORT-TERM
INVESTMENTS
—
4.2%
8,448,043
First
American
Government
Obligations
Fund,
Class
X,
3.60%
(b)
8,448,043
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$8,448,043)
8,448,043
TOTAL
INVESTMENTS
—
99.9%
(Cost
$172,712,269)
$
201,214,944
Other
Assets
in
Excess
of
Liabilities
—
0.1%
158,658
NET
ASSETS
—
100.00%
$
201,373,602
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
North
Square
RCIM
Tax-Advantaged
Preferred
and
Income
Securities
ETF
Schedule
of
Investments
February
28,
2026
(Unaudited)
Sh
ar
e
s
F
a
i
r
V
a
lu
e
PREFERRED
STOCKS
—
13.6%
COMMUNICATIONS
—
1.6%
TELECOMMUNICATIONS
—
1.6%
57,000
AT&T,
Inc.,
5.00%
(a)
$
1,190,160
TOTAL
COMMUNICATIONS
(Cost $1,168,668)
1,190,160
FINANCIALS
—
12.0%
ASSET
MANAGEMENT
—
1.0%
28,300
Charles
Schwab
Corp.
(The),
Series
D,
5.95%
(a)
712,311
BANKING
—
7.3%
42,000
Citizens
Financial
Group,
Inc.,
6.50%
(a)
1,071,420
38,000
Fifth
Third
Bancorp,
6.88%
(a)
978,500
24,200
Huntington
Bancshares,
Inc.,
Series
J,
6.88%
(a)
621,940
36,300
KeyCorp,
Series
H,
6.20%
(a)
929,280
33,500
M&T
Bank
Corp.,
Series
J,
7.50%
(a)
899,475
16,000
Regions
Financial
Corp.,
6.95%
(a)
414,400
15,450
UMB
Financial
Corp.,
7.75%
(a)
414,060
7,481
Webster
Financial
Corp.,
5.25%
(a)
155,605
5,484,680
INSTITUTIONAL
FINANCIAL
SERVICES
—
1.4%
39,500
Morgan
Stanley,
6.50%
(a)
1,019,495
INSURANCE
—
0.9%
25,969
Allstate
Corp.
(The),
6.50%
(a)
693,372
SPECIALTY
FINANCE
—
1.4%
21,250
Capital
One
Financial
Corp.,
5.00%
(a)
417,350
21,647
Synchrony
Financial,
Series
B,
8.25%
(a)
565,420
982,770
TOTAL
FINANCIALS
(Cost $8,825,579)
8,892,628
TOTAL
PREFERRED
STOCKS
(Cost $9,994,247)
10,082,788
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
CORPORATE
BONDS
—
81.1%
CONSUMER
DISCRETIONARY
—
2.6%
AUTOMOTIVE
—
2.6%
1,900,000
General
Motors
Financial
Co.,
Inc.,
6.50%,
3/30/73
(SOFR
+
344bps)
(a)(b)
1,932,076
TOTAL CONSUMER
DISCRETIONARY
1,932,076
ENERGY
—
5.7%
OIL
&
GAS
PRODUCERS
—
5.7%
1,975,000
BP
Capital
Markets
PLC,
6.45%,
3/01/74
(H15T5Y
+
240bps)
(a)(b)
2,106,082
North
Square
RCIM
Tax-Advantaged
Preferred
and
Income
Securities
ETF
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
81.1%
(Continued)
ENERGY
—
5.7%
(continued)
OIL
&
GAS
PRODUCERS
—
5.7%
(continued)
2,075,000
Transcanada
Trust,
5.30%,
3/15/77
(US0003M
+
321bps)
(b)
$
2,090,687
4,196,769
TOTAL ENERGY
4,196,769
FINANCIALS
—
66.7%
ASSET
MANAGEMENT
—
4.1%
1,375,000
Charles
Schwab
Corp.
(The),
5.00%,
3/04/72
(H15T5Y
+
326bps)
(a)(b)
1,376,320
1,525,000
UBS
Group
A.G.,
9.25%,
5/13/72
(H15T5Y
+
475bps)
(a)(b)(c)
1,667,618
3,043,938
BANKING
—
48.7%
1,300,000
Banco
Bilbao
Vizcaya
Argentaria
S.A.,
9.38%,
9/19/73
(H15T5Y
+
510bps)
(a)
(b)
1,451,130
1,200,000
Banco
Santander
SA,
9.63%,
2/21/73
(H15T5Y
+
531bps)
(a)(b)
1,337,603
850,000
Bank
of
America
Corp.,
6.30%,
12/29/49
(CMETRMSOFR
+
455bps)
(a)(b)
852,999
1,450,000
Bank
of
America
Corp.,
6.63%,
8/01/73
(H15T5Y
+
3bps)
(a)(b)
1,519,001
1,950,000
Bank
of
Montreal,
7.70%,
5/26/84
(H15T5Y
+
345bps)
(b)
2,071,317
1,700,000
Bank
of
Nova
Scotia
(The),
Series
4,
8.63%,
10/27/82
(H15T5Y
+
439bps)
(b)
1,797,682
2,050,000
Canadian
Imperial
Bank
of
Commerce,
7.00%,
10/28/85
(H15T5Y
+
300bps)
(b)
2,133,103
2,075,000
Citigroup,
Inc.,
7.63%,
2/15/72
(H15T5Y
+
321bps)
(a)(b)
2,200,515
200,000
First
Citizens
BancShares
,
Inc.,
7.96%,
6/15/70
(TSFR3M
+
423bps)
(a)(b)(c)
204,493
1,400,000
HSBC
Holdings
PLC,
7.05%,
12/05/73
(H15T5Y
+
299bps)
(a)(b)
1,467,614
1,500,000
ING
Groep
N.V.,
5.75%,
11/16/73
(H15T5Y
+
434bps)
(a)(b)
1,506,537
2,100,000
JPMorgan
Chase
&
Co.,
6.88%,
3/01/74
(H15T5Y
+
274bps)
(a)(b)
2,235,763
1,250,000
Lloyds
Banking
Group
PLC,
8.00%,
3/27/70
(H15T5Y
+
391bps)
(a)(b)
1,358,826
1,050,000
NatWest
Group
PLC,
8.13%,
6/30/72
(H15T5Y
+
375bps)
(a)(b)
1,184,660
600,000
Nordea
Bank
Abp
,
6.63%,
9/26/74
(H15T5Y
+
411bps)
(a)(b)(c)
601,403
2,075,000
PNC
Financial
Services
Group,
Inc.
(The),
6.25%,
6/15/73
(H15T7Y
+
281bps)
(a)(b)
2,152,902
2,000,000
Royal
Bank
of
Canada,
7.50%,
5/02/84
(H15T5Y
+
289bps)
(b)
2,121,686
1,250,000
Standard
Chartered
PLC,
7.75%,
2/15/73
(H15T5Y
+
498bps)
(a)(b)(c)
1,301,163
2,050,000
Toronto-Dominion
Bank
(The),
8.13%,
10/31/82
(H15T5Y
+
408bps)
(b)
2,146,639
1,750,000
Truist
Financial
Corp.,
5.10%,
3/01/69
(H15T10Y
+
4bps)
(a)(b)
1,771,032
300,000
Truist
Financial
Corp.,
Series
N,
6.67%,
3/01/73
(H15T5Y
+
300bps)
(a)(b)
302,256
2,110,000
US
Bancorp,
5.30%,
12/29/49
(SOFR
+
291bps)
(a)(b)
2,118,790
2,065,000
Wells
Fargo
&
Co.,
7.63%,
9/15/73
(H15T5Y
+
361bps)
(a)(b)
2,205,181
36,042,295
INSTITUTIONAL
FINANCIAL
SERVICES
—
9.1%
1,975,000
Bank
of
New
York
Mellon
Corp.
(The),
6.30%,
3/20/74
(H15T5Y
+
230bps)
(a)
(b)
2,048,051
2,010,000
Goldman
Sachs
Group,
Inc.
(The),
7.50%,
8/18/70
(H15T5Y
+
316bps)
(a)(b)
2,151,721
North
Square
RCIM
Tax-Advantaged
Preferred
and
Income
Securities
ETF
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
P
r
i
nc
i
p
a
l
Amo
u
nt
($)
F
a
i
r
V
a
lu
e
CORPORATE
BONDS
—
81.1%
(Continued)
FINANCIALS
—
66.7%
(continued)
INSTITUTIONAL
FINANCIAL
SERVICES
—
9.1%
(continued)
350,000
Morgan
Stanley,
7.15%,
9/15/70
(TSFR3M
+
342bps)
(a)(b)
$
353,044
2,050,000
State
Street
Corp.,
6.70%,
3/15/74
(H15T5Y
+
261bps)
(a)(b)
2,148,047
6,700,863
SPECIALTY
FINANCE
—
4.8%
1,550,000
Air
Lease
Corp.,
6.00%,
9/15/73
(H15T5Y
+
256bps)
(a)(b)
1,512,512
2,100,000
Capital
One
Financial
Corp.,
5.50%,
10/30/73
(TSFR3M
+
3bps)
(d)
2,113,364
3,625,876
TOTAL FINANCIALS
49,412,972
UTILITIES
—
6.1%
ELECTRIC
UTILITIES
—
6.1%
1,950,000
Dominion
Energy,
Inc.,
4.35%,
12/09/71
(H15T5Y
+
320bps)
(a)(b)
1,941,935
400,000
Electricite
de
France
SA,
9.13%,
6/15/73
(H15T5Y
+
541bps)
(a)(b)(c)
475,994
1,900,000
Vistra
Corp.,
8.88%,
1/15/71
(H15T5Y
+
505bps)
(a)(b)(c)
2,100,355
4,518,284
TOTAL UTILITIES
4,518,284
TOTAL
CORPORATE
BONDS
(Cost $59,524,727)
60,060,101
TOTAL
INVESTMENTS
—
94.7%
(Cost
$69,518,974)
$
70,142,889
Other
Assets
in
Excess
of
Liabilities
—
5.3%
3,930,589
NET
ASSETS
—
100.00%
$
74,073,478
(a)
Security
is
perpetual
in
nature
and
has
no
stated
maturity
date.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
February
28,
2026.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
(in
basis
points)
are
indicated
parenthetically.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities,
therefore,
do
not
indicate
a
reference
rate
and
spread.
(c)
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
February
28,
2026
the
total
market
value
of
144A
securities
is
$6,351,026
or
8.6%
of
net
assets.
(d)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.