# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0000910472-25-002635
**Filing Date:** 2025-10
**Character Count:** 319013
**Document Hash:** d1ff33bc9c6568b8ce2ef0fb8c6906ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002635.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002635

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Place Advisors Trust
- **CENTRAL INDEX KEY:** 0001750821

**ORGANIZATION NAME:**
- **EIN:** 462828241
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 251429478

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (312) 857-2160

**MAIL ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North Square Investments Trust
- **DATE OF NAME CHANGE:** 20180821

## Series and Classes Contracts Data

### North Square McKee Bond Fund (Series ID: S000069692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222265 | Class I      | NMKYX           |
| C000222266 | Class R6     | NMKBX           |

## Nport-Ex

North

Square

Spectrum

Alpha

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

EXCHANGE-TRADED

FUNDS

—

1.2%

4,000

iShares®

Russell

2000

ETF

$

940,680

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $886,625)

940,680

MUTUAL

FUNDS

—

98.4%

2,543,360

North

Square

Dynamic

Small

Cap

Fund,

Class

I

(a)(b) 40,464,861

981,464

North

Square

Kennedy

MicroCap

Fund,

Class

I

(a) 13,612,909

1,514,992

North

Square

Select

Small

Cap

Fund,

Class

I

(a)(c) 22,315,832

TOTAL

MUTUAL

FUNDS

(Cost $60,240,665)

76,393,602

SHORT-TERM

INVESTMENTS

—

0.4%

323,196

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(d) 323,196

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$323,196)

323,196

TOTAL

INVESTMENTS

—

100.0%

(Cost

$61,450,486)

$

77,657,478

Liabilities

in

Excess

of

Other

Assets —

0.0%

(e) (27,208)

NET

ASSETS

—

100.00%

$

77,630,270

(a) Affiliated

Company.

(b) Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

August

31,

2025,

the

percentage

of

net

assets

invested

in

North

Square

Dynamic

Small

Cap

Fund,

Class

I

was

52.1%

of

the

Fund.

(c) Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

August

31,

2025,

the

percentage

of

net

assets

invested

in

North

Square

Select

Small

Cap

Fund,

Class

I

was

28.7%

of

the

Fund.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. (e) Percentage

rounds

to

less

than

0.1%.

ETF

-

Exchange-Traded

Funds

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

COMMUNICATIONS

—

0.8%

ADVERTISING

&

MARKETING

—

0.3%

96,590

QuinStreet

,

Inc.

(a) $

1,514,531

ENTERTAINMENT

CONTENT

—

0.0%

(b) 77,120

CuriosityStream

,

Inc.

353,210

INTERNET

MEDIA

&

SERVICES

—

0.1%

41,220

MediaAlpha

,

Inc.

(a) 435,695

TELECOMMUNICATIONS

—

0.4%

39,900

IDT

Corp.,

Class

B

(a) 2,556,393

TOTAL COMMUNICATIONS

4,859,829

CONSUMER

DISCRETIONARY

—

14.3%

APPAREL

&

TEXTILE

PRODUCTS

—

0.5%

135,760

Levi

Strauss

&

Co.,

Class

A

3,036,951

AUTOMOTIVE

—

2.4%

54,864

Dana,

Inc.

1,106,058

40,610

Dorman

Products,

Inc.

(a) 6,570,292

437,800

Garrett

Motion,

Inc.

5,687,022

26,080

Motorcar

Parts

of

America,

Inc.

(a) 388,592

13,751,964

CONSUMER

SERVICES

—

4.6%

54,440

Adtalem

Global

Education,

Inc.

(a) 7,128,918

260,612

Coursera,

Inc.

(a) 2,997,038

36,960

Grand

Canyon

Education,

Inc.

(a) 7,450,027

82,910

Laureate

Education,

Inc.

(a) 2,278,367

38,420

Stride,

Inc.

(a) 6,269,760

26,124,110

E-COMMERCE

DISCRETIONARY

—

0.8%

195,780

Revolve

Group,

Inc.

(a) 4,379,599

HOME

CONSTRUCTION

—

1.8%

50,980

Century

Communities,

Inc.

3,358,562

28,356

Forestar

Group,

Inc.

(a) 784,611

41,470

M/I

Homes,

Inc.

(a) 6,106,872

10,250,045

LEISURE

FACILITIES

&

SERVICES

—

2.4%

202,750

Life

Time

Group

Holdings,

Inc.

(a) 5,660,780

63,920

Lindblad

Expeditions

Holdings,

Inc.

(a) 931,954

185,693

Rush

Street

Interactive,

Inc.

(a) 4,140,954

282,010

Super

Group

(SGHC)

Ltd.

3,279,776

14,013,464

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

(Continued)

CONSUMER

DISCRETIONARY

—

14.3%

(Continued)

LEISURE

PRODUCTS

—

0.2%

139,110

Peloton

Interactive,

Inc.,

Class

A

(a) $

1,057,236

RETAIL

-

DISCRETIONARY

—

1.6%

22,120

Buckle,

Inc.

1,251,771

17,580

Group

Automotive,

Inc.

8,170,832

9,422,603

TOTAL CONSUMER

DISCRETIONARY

82,035,972

CONSUMER

STAPLES

—

6.5%

BEVERAGES

—

1.9%

4,610

Boston

Beer

Co.,

Inc.,

Class

A

(a) 1,019,225

45,480

Coca-Cola

Consolidated,

Inc.

5,332,075

28,640

National

Beverage

Corp.

(a) 1,204,312

83,533

Vita

Coco

Co.,

Inc.

(The)

(a) 2,985,469

96,291

Zevia

PBC,

Class

A

(a) 269,615

10,810,696

FOOD

—

2.7%

90,790

BellRing

Brands,

Inc.

(a) 3,726,930

108,595

Dole

PLC

1,598,519

1,486

Nathan's

Famous,

Inc.

155,584

9,776

Seneca

Foods

Corp.,

Class

A

(a) 1,106,643

62,537

Simply

Good

Foods

Co.

(The)

(a) 1,790,434

149,997

SunOpta

,

Inc.

(a) 940,481

123,930

Vital

Farms,

Inc.

(a) 6,331,584

15,650,175

HOUSEHOLD

PRODUCTS

—

0.3%

346,893

Honest

Co.,

Inc.

(The)

(a) 1,373,696

TOBACCO

&

CANNABIS

—

1.2%

69,960

Turning

Point

Brands,

Inc.

6,961,020

WHOLESALE

-

CONSUMER

STAPLES

—

0.4%

13,064

Andersons,

Inc.

(The)

534,318

29,180

Chefs'

Warehouse,

Inc.

(The)

(a) 1,842,425

2,376,743

TOTAL CONSUMER

STAPLES

37,172,330

ENERGY

—

5.7%

OIL

&

GAS

PRODUCERS

—

2.7%

135,346

Berry

Corp.

(bry)

452,056

123,680

California

Resources

Corp.

6,144,422

253,118

Clean

Energy

Fuels

Corp.

(a) 665,700

9,733

Gulfport

Energy

Corp.

(a) 1,693,834

58,900

Par

Pacific

Holdings,

Inc.

(a) 2,040,296

153,910

PBF

Energy,

Inc.,

Class

A

4,204,821

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

(Continued)

ENERGY

—

5.7%

(Continued)

OIL

&

GAS

PRODUCERS

—

2.7%

(Continued)

13,260

SM

Energy

Co.

$

378,573

15,579,702

OIL

&

GAS

SERVICES

&

EQUIPMENT

—

1.6%

99,788

Flotek

Industries,

Inc.

(a) 1,206,437

63,490

Kodiak

Gas

Services,

Inc.

2,272,307

156,690

Oceaneering

International,

Inc.

(a) 3,823,236

111,283

Oil

States

International,

Inc.

(a) 623,185

237,760

Tetra

Technologies,

Inc.

(a) 1,117,472

9,042,637

RENEWABLE

ENERGY

—

1.4%

103,870

American

Superconductor

Corp.

(a) 5,183,113

259,500

Green

Plains,

Inc.

(a) 2,883,045

8,066,158

TOTAL ENERGY

32,688,497

FINANCIALS

—

13.1%

ASSET

MANAGEMENT

—

0.5%

9,340

Oppenheimer

Holdings,

Inc.,

Class

A

677,804

10,256

Virtus

Investment

Partners,

Inc.

2,065,866

2,743,670

BANKING

—

8.7%

52,790

Ameris

Bancorp

3,868,451

89,150

Axos

Financial,

Inc.

(a) 8,131,371

41,950

Banc

of

California,

Inc.

709,794

94,280

Bank

OZK

4,946,872

134,659

BankUnited

,

Inc.

5,277,286

31,615

Customers

Bancorp,

Inc.

(a) 2,266,479

21,360

Eagle

Bancorp,

Inc.

414,811

210,990

First

BanCorp

4,690,308

33,018

Hanmi

Financial

Corp.

830,733

32,670

International

Bancshares

Corp.

2,337,212

45,140

Live

Oak

Bancshares,

Inc.

1,746,467

53,430

OFG

Bancorp

2,390,993

82,200

Pacific

Premier

Bancorp,

Inc.

2,013,078

11,440

Peapack

Gladstone

Financial

Corp.

331,874

83,180

Provident

Financial

Services,

Inc.

1,650,291

47,910

Synovus

Financial

Corp.

2,472,635

68,680

Texas

Capital

Bancshares,

Inc.

(a) 5,945,628

50,024,283

INSTITUTIONAL

FINANCIAL

SERVICES

—

1.2%

505,583

BGC

Group,

Inc.,

Class

A

4,959,769

55,400

Marex

Group

PLC

1,958,944

6,918,713

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

(Continued)

FINANCIALS

—

13.1%

(Continued)

INSURANCE

—

2.5%

85,369

Hamilton

Insurance

Group

Ltd.

(a) $

2,035,197

88,510

Jackson

Financial,

Inc.

8,744,788

84,150

NMI

Holdings,

Inc.,

Class

A

(a) 3,311,302

201,380

SelectQuote

,

Inc.

(a) 455,119

14,546,406

SPECIALTY

FINANCE

—

0.2%

70,301

Marathon

Digital

Holdings,

Inc.

(a) 1,123,410

TOTAL FINANCIALS

75,356,482

HEALTH

CARE

—

12.9%

BIOTECH

&

PHARMA

—

9.5%

125,034

Acadia

Pharmaceuticals,

Inc.

(a) 3,249,634

131,020

Adaptive

Biotechnologies

Corp.

(a) 1,726,844

244,650

Amicus

Threaputic

,

Inc.

(a) 1,856,894

250,030

Amneal

Pharmaceuticals,

Inc.

(a) 2,390,287

67,872

Amphastar

Pharmaceuticals,

Inc.

(a) 2,078,241

17,300

AnaptysBio

,

Inc.

(a) 351,709

55,970

Arcutis

Biotherapeutics

,

Inc.

(a) 868,654

296,896

BioCryst

Pharmaceuticals,

Inc.

(a) 2,467,206

90,951

Cogent

Biosciences,

Inc.

(a) 1,098,688

256,511

Day

One

Biopharmaceuticals,

Inc.

(a) 1,926,398

174,074

Dyne

Therapeutics,

Inc.

(a) 2,348,258

320,580

Fortrea

Holdings,

Inc.

(a) 3,157,713

1,683,566

Geron

Corp.

(a) 2,356,992

77,380

Harmony

Biosciences

Holdings,

Inc.

(a) 2,854,548

26,639

Keros

Therapeutics,

Inc.

(a) 405,179

36,379

Kiniksa

Pharmaceuticals

International

PLC

(a) 1,218,333

189,938

Kura

Oncology,

Inc.

(a) 1,500,510

61,470

Mirum

Pharmaceuticals,

Inc.

(a) 4,540,789

175,350

Niagen

Bioscience,

Inc.

(a) 1,735,965

90,585

Nurix

Therapeutics,

Inc.

(a) 846,064

13,321

Praxis

Precision

Medicines,

Inc.

(a) 606,638

165,845

Prothena

Corp.

PLC

(a) 1,359,929

23,060

Rhythm

Pharmaceuticals,

Inc.

(a) 2,378,639

82,366

Sarepta

Therapeutics,

Inc.

(a) 1,499,061

345,130

Syndax

Pharmaceuticals,

Inc.

(a) 5,635,973

37,490

Theravance

Biopharma

Inc.

(a) 520,361

30,790

Travere

Therapeutics,

Inc.

(a) 538,825

15,810

Ultragenyx

Pharmaceutical,

Inc.

(a) 473,668

83,330

Vera

Therapeutics,

Inc.

(a) 1,803,261

38,729

Zymeworks

,

Inc.

(a) 573,576

54,368,837

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

(Continued)

HEALTH

CARE

—

12.9%

(Continued)

HEALTH

CARE

FACILITIES

&

SERVICES

—

1.7%

71,062

Ardent

Health,

Inc.

(a) $

901,777

137,119

Aveanna

Healthcare

Holdings,

Inc.

(a) 1,096,952

105,125

Enhabit

,

Inc.

(a) 828,385

12,650

GeneDx

Holdings

Corp.

(a) 1,638,049

58,231

Pennant

Group,

Inc.

(The)

(a) 1,398,126

161,060

Progyny

,

Inc.

(a) 3,812,290

9,675,579

MEDICAL

EQUIPMENT

&

DEVICES

—

1.7%

127,482

10X

Genomics,

Inc.,

Class

A

(a) 1,786,023

31,020

AtriCure

,

Inc.

(a) 1,147,430

14,360

iRhythm

Technologies,

Inc.

(a) 2,440,913

5,220

LeMaitre

Vascular,

Inc.

497,805

48,160

NeuroPace

,

Inc.

(a) 440,664

124,590

NovoCure

Ltd.

(a) 1,536,195

69,180

SI-BONE,

Inc.

(a) 1,153,230

58,859

Varex

Imaging

Corp.

(a) 679,821

9,682,081

TOTAL HEALTH

CARE

73,726,497

INDUSTRIALS

—

21.1%

AEROSPACE

&

DEFENSE

—

1.0%

68,700

Amprius

Technologies

Inc

(a) 487,083

128,190

Leonardo

DRS,

Inc.

5,340,395

5,827,478

COMMERCIAL

SUPPORT

SERVICES

—

2.5%

166,966

AMN

Healthcare

Services,

Inc.

(a) 3,469,553

26,580

CorVel

Corp.

(a) 2,366,949

4,894

CRA

International,

Inc.

948,261

321,672

LegalZoom.com,

Inc.

(a) 3,564,126

39,724

Willdan

Group,

Inc.

(a) 4,364,079

14,712,968

ELECTRICAL

EQUIPMENT

—

5.3%

119,760

Atmus

Filtration

Technologies,

Inc.

5,331,715

64,020

Itron

,

Inc.

(a) 7,870,619

149,530

NEXTracker

,

Inc.,

Class

A

(a) 10,057,388

87,259

nLight

,

Inc.

(a) 2,513,059

15,954

Watts

Water

Technologies,

Inc.,

Class

A

4,417,663

30,190,444

ENGINEERING

&

CONSTRUCTION

—

5.8%

3,070

Dycom

Industries,

Inc.

(a) 775,083

97,680

Frontdoor

,

Inc.

(a) 5,934,060

59,064

Great

Lakes

Dredge

&

Dock

Corp.

(a) 688,686

3,820

IES

Holdings,

Inc.

(a) 1,334,364

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

99.1%

(Continued)

INDUSTRIALS

—

21.1%

(Continued)

ENGINEERING

&

CONSTRUCTION

—

5.8%

(Continued)

27,140

Montrose

Environmental

Group

Inc.

(a) $

842,968

31,339

MYR

Group,

Inc.

(a) 5,868,855

88,730

Primoris

Services

Corp.

10,518,942

120,579

Tutor

Perini

Corp.

(a) 7,106,926

33,069,884

INDUSTRIAL

INTERMEDIATE

PRODUCTS

—

1.8%

16,057

Insteel

Industries,

Inc.

616,268

100,270

Mueller

Industries,

Inc.

9,619,904

10,236,172

INDUSTRIAL

SUPPORT

SERVICES

—

0.6%

22,583

DXP

Enterprises,

Inc.

(a) 2,820,165

20,701

Global

Industrial

Co.

772,768

3,592,933

MACHINERY

—

0.1%

9,240

Astec

Industries,

Inc.

427,720

MARINE

TRANSPORTATION

—

0.6%

35,700

Matson,

Inc.

3,714,585

TRANSPORTATION

&

LOGISTICS

—

1.9%

24,420

Bristow

Group,

Inc.

(a) 940,414

11,380

Covenant

Logistics

Group,

Inc.,

Class

A

274,599

30,541

Dorian,

LPG

Ltd.

976,701

59,230

SkyWest,

Inc.

(a) 7,190,522

105,310

Sun

Country

Airlines

Holdings,

Inc.

(a) 1,395,358

10,777,594

TRANSPORTATION

EQUIPMENT

—

1.5%

62,920

AerSale

Corp.

(a) 543,000

47,070

Blue

Bird

Corp.

(a) 2,748,417

69,720

Greenbrier

Companies,

Inc.

(The)

3,251,044

37,550

REV

Group,

Inc.

1,998,035

8,540,496

TOTAL INDUSTRIALS

121,090,274

MATERIALS

—

4.3%

CHEMICALS

—

1.8%

31,970

Balchem

Corp.

5,182,017

47,550

Celanese

Corp.

2,264,806

11,860

Stepan

Co.

(The)

593,356

373,950

Tronox

Holdings

PLC,

Class

A

(a) 1,600,506

2,170

Co.

468,807

10,109,492

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

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V

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e

COMMON

STOCKS

—

99.1%

(Continued)

MATERIALS

—

4.3%

(Continued)

CONSTRUCTION

MATERIALS

—

0.7%

34,120

United

States

Lime

&

Minerals,

Inc.

$

4,296,390

CONTAINERS

&

PACKAGING

—

0.2%

249,289

Ardagh

Metal

Packaging

S.A.

919,876

11,328

Karat

Packaging,

Inc.

286,372

1,206,248

FORESTRY,

PAPER

&

WOOD

PRODUCTS

—

0.2%

78,010

Mativ

Holdings,

Inc.

980,586

METALS

&

MINING

—

0.7%

55,423

Coeur

Mining,

Inc.

(a) 728,813

220,123

Constellium

SE,

Class

A

(a) 3,189,582

3,918,395

STEEL

—

0.7%

17,070

Carpenter

Technology

Corp.

4,111,822

TOTAL MATERIALS

24,622,933

REAL

ESTATE

—

5.1%

REAL

ESTATE

SERVICES

—

1.4%

182,653

Anywhere

Real

Estate,

Inc.

(a) 1,116,010

679,490

Compass,

Inc.,

Class

A

(a) 6,169,769

117,673

Real

Brokerage,

Inc.

(The)

(a) 633,081

7,918,860

REIT

—

3.7%

17,410

Alexander

&

Baldwin,

Inc.

336,709

64,354

American

Assets

Trust,

Inc.

1,344,999

144,220

American

Healthcare

REIT,

Inc.

6,171,174

150,932

Diversified

Healthcare

Trust

575,051

1,133,518

Hudson

Pacific

Properties,

Inc.

3,185,186

92,955

Industrial

Logistics

Properties

Trust

572,603

146,490

Millrose

Properties,

Inc.

(a) 5,172,562

10,506

NexPoint

Residential

Trust,

Inc.

362,562

174,290

Piedmont

Realty

Trust,

Inc.,

Class

A

1,476,236

73,940

Safehold

,

Inc.

1,217,052

52,910

Urban

Edge

Properties

1,094,708

21,508,842

TOTAL REAL

ESTATE

29,427,702

TECHNOLOGY

—

13.1%

SEMICONDUCTORS

—

2.8%

73,711

Ambarella

,

Inc.

(a) 6,079,684

123,253

Arteris

,

Inc.

(a) 1,161,043

214,650

MaxLinear

,

Inc.

(a) 3,374,298

161,200

Ouster,

Inc.

(a) 4,599,036

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

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s

F

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V

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e

COMMON

STOCKS

—

99.1%

(Continued)

TECHNOLOGY

—

13.1%

(Continued)

SEMICONDUCTORS

—

2.8%

(Continued)

6,580

Silicon

Laboratories,

Inc.

(a) $

884,023

16,098,084

SOFTWARE

—

7.3%

111,440

ACI

Worldwide,

Inc.

(a) 5,499,564

155,680

Alignment

Healthcare,

Inc.

(a) 2,546,925

138,138

Amplitude,

Inc.,

Class

A

(a) 1,578,917

135,240

Appian

Corp.,

Class

A

(a) 4,162,687

80,727

Backblaze

,

Inc.,

Class

A

(a) 674,071

37,380

Bandwidth,

Inc.,

Class

A

(a) 560,700

30,470

Cerence

,

Inc.

(a) 320,849

3,070

CommVault

Systems,

Inc.

(a) 573,000

289,640

DoubleVerify

Holdings,

Inc.

(a) 4,712,443

389,369

Fastly

,

Inc.,

Class

A

(a) 2,963,098

52,140

Klaviyo

,

Inc.,

Class

A

(a) 1,691,422

50,140

Mitek

Systems,

Inc.

(a) 509,924

31,895

Outset

Medical,

Inc.

(a) 443,659

77,920

Phreesia

,

Inc.

(a) 2,466,947

271,264

Porch

Group,

Inc.

(a) 4,603,350

101,670

Privia

Health

Group,

Inc.

(a) 2,342,477

30,000

RingCentral,

Inc.,

Class

A

(a) 915,300

7,900

Rubrik

,

Inc.,

Class

A

(a) 706,260

54,960

Workiva

,

Inc.,

Class

A

(a) 4,519,910

41,791,503

TECHNOLOGY

HARDWARE

—

2.6%

92,240

Arlo

Technologies,

Inc.

(a) 1,605,899

66,930

Credo

Technology

Group

Holding

Ltd.

(a) 8,236,071

63,615

Cricut

,

Inc.,

Class

A

362,606

212,180

Extreme

Networks,

Inc.

(a) 4,536,408

14,740,984

TECHNOLOGY

SERVICES

—

0.4%

45,180

Cleanspark

,

Inc.

(a) 427,855

25,292

Paymentus

Holdings,

Inc.,

Class

A

(a) 984,617

58,020

Riot

Blockchain

,

Inc.

(a) 798,355

2,210,827

TOTAL TECHNOLOGY

74,841,398

UTILITIES

—

2.2%

ELEC

&

GAS

MARKETING

&

TRADING

—

0.1%

23,785

Genie

Energy

Ltd.,

Class

B

363,910

ELECTRIC

UTILITIES

—

1.6%

41,824

Avista

Corp.

1,528,249

North

Square

Dynamic

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

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V

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e

COMMON

STOCKS

—

99.1%

(Continued)

UTILITIES

—

2.2%

(Continued)

ELECTRIC

UTILITIES

—

1.6%

(Continued)

184,550

Portland

General

Electric

Co.

$

7,895,049

9,423,298

GAS

&

WATER

UTILITIES

—

0.5%

109,140

Aris

Water

Solution,

Inc.,

Class

A

2,648,828

TOTAL UTILITIES

12,436,036

TOTAL

COMMON

STOCKS

(Cost $487,827,305)

568,257,950

EXCHANGE-TRADED

FUNDS

—

0.0%

(b) 62

iShares®

Russell

2000

ETF

14,581

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $10,827)

14,581

Sh

ar

e

s

F

air

V

alu

e

RIGHTS

—

0.0%

(b) HEALTH

CARE

—

0.0%

(b) 29,400

Novartis

A.G.

CVR

$

–

Total

Cost

($–)

–

SHORT-TERM

INVESTMENTS

—

0.8%

4,344,187

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(c) 4,344,187

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$4,344,187)

4,344,187

TOTAL

INVESTMENTS

—

99.9%

(Cost

$492,182,319)

$

572,616,718

Other

Assets

in

Excess

of

Liabilities

—

0.1%

295,243

NET

ASSETS

—

100.00%

$

572,911,961

(a) Non-income

producing

security.

(b) Percentage

rounds

to

less

than

0.1%.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ETF

-

Exchange-Traded

Funds

North

Square

Multi

Strategy

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

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V

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e

EXCHANGE-TRADED

FUNDS

—

49.2%

17,800

Invesco®

S&P

500®

GARP

ETF

$

2,008,552

14,900

iShares

MSCI

EAFE

ETF

1,363,052

198,202

North

Square

RCIM

Tax-Advantaged

Preferred

and

Income

Securities

ETF

(a) 5,048,542

21,100

Vanguard®

Dividend

Appreciation

ETF

4,450,412

7,100

Vanguard®

Growth

ETF

3,256,202

12,485

Vanguard®

Value

ETF

2,287,501

6,800

iShares

Russell

Mid-Cap

Growth

ETF

971,788

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $15,985,297)

19,386,049

MUTUAL

FUNDS

—

48.8%

448,162

North

Square

Altrinsic

International

Equity

Fund,

Class

I

(a) 5,664,769

373,082

North

Square

Dynamic

Small

Cap

Fund,

Class

I

(a) 5,935,733

81,898

North

Square

Kennedy

MicroCap

Fund,

Class

I

(a) 1,135,926

342,516

North

Square

McKee

Bond

Fund,

Class

I

(a) 3,034,694

161,198

North

Square

Select

Small

Cap

Fund,

Class

I

(a) 2,374,439

112,936

North

Square

Strategic

Income

Fund,

Class

I

(a) 1,107,906

TOTAL

MUTUAL

FUNDS

(Cost $15,499,753)

19,253,467

SHORT-TERM

INVESTMENTS

—

2.0%

789,185

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(b) 789,185

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$789,185)

789,185

TOTAL

INVESTMENTS

—

100.0%

(Cost

$32,274,235)

$

39,428,701

Liabilities

in

Excess

of

Other

Assets —

0.0%

(c) (10,900)

NET

ASSETS

—

100.00%

$

39,417,801

(a) Affiliated

Company.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. (d) Percentage

rounds

to

less

than

0.1%.

ETF

-

Exchange-Traded

Funds

MSCI

-

Morgan

Stanley

Capital

International

North

Square

Preferred

and

Income

Securities

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

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s

F

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V

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PREFERRED

STOCKS

—

1.4%

FINANCIALS

—

1.4%

BANKING

—

1.2%

100,000

Citizens

Financial

Group,

Inc.,

6.50%

$

2,522,000

60,000

Comerica,

Inc.,

6.88%

1,518,000

4,040,000

SPECIALTY

FINANCE

—

0.2%

25,000

Annaly

Capital

Management,

Inc.,

8.88%

641,750

TOTAL

FINANCIALS

(Cost $4,699,600)

4,681,750

TOTAL

PREFERRED

STOCKS

(Cost $4,699,600)

4,681,750

EXCHANGE-TRADED

FUNDS

—

0.9%

125,000

North

Square

RCIM

Tax-Advantaged

Preferred

and

Income

Securities

ETF

(a) 3,183,963

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $3,140,500)

3,183,963

P

ri

nc

i

p

al

Amo

u

nt

($)

CORPORATE

BONDS

—

89.1%

COMMUNICATIONS

—

8.9%

ENTERTAINMENT

CONTENT

—

1.1%

3,800,000

Paramount

Global,

6.25%,

2/28/57

(b) 3,701,849

TELECOMMUNICATIONS

—

7.8%

4,800,000

Bell

Canada,

7.00%,

9/15/55

(H15T5Y

+

236bps)

(b) 4,921,368

11,000,000

Rogers

Communications,

Inc.,

7.13%,

4/15/55

(H15T5Y

+

262bps)

(b) 11,424,362

6,000,000

TELUS

Corp.,

7.00%,

10/15/55

(b) 6,172,086

5,000,000

Vodafone

Group

PLC,

5.13%,

6/04/81

(H15T5Y

+

307bps)

(b) 3,884,433

26,402,249

CONSUMER

DISCRETIONARY

—

2.8%

AUTOMOTIVE

—

2.8%

5,000,000

General

Motors

Financial

Co.,

Inc.,

6.50%,

12/30/49

(SOFR

+

3bps)

(b)(c) 4,920,628

4,757,000

General

Motors

Financial

Co.,

Inc.,

5.75%,

3/30/66

(b)(c) 4,658,893

9,579,521

ENERGY

—

10.4%

OIL

&

GAS

PRODUCERS

—

10.4%

5,000,000

BP

Capital

Markets

PLC,

6.13%,

6/18/55

(H15T5Y

+

167bps)

(b)(c) 5,110,190

5,500,000

Enbridge,

Inc.,

7.20%,

6/27/54

(H15T5Y

+

297bps)

(b) 5,732,936

2,000,000

Enbridge,

Inc.,

5.50%,

7/15/77

(TSFR3M

+

368bps)

(b) 1,995,163

2,500,000

Energy

Transfer

LP,

7.13%,

5/15/70

(b)(c) 2,571,705

8,315,000

Energy

Transfer

LP,

6.63%,

2/15/72

(US0003M

+

416bps)

(b)(c) 8,281,985

8,225,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.,

7.50%,

3/01/55

(b) 8,601,845

North

Square

Preferred

and

Income

Securities

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

89.1%

(Continued)

ENERGY

—

10.4%

(continued)

OIL

&

GAS

PRODUCERS

—

10.4%

(continued)

2,892,000

TransCanada

Trust,

5.30%,

3/15/77

(US0003M

+

321bps)

(b) $

2,880,555

35,174,379

FINANCIALS

—

31.4%

ASSET

MANAGEMENT

—

3.2%

3,800,000

UBS

Group

AG,

7.13%,

12/31/49

(USISSO05

+

318bps)

(b)(c)(d)

3,878,041

8,000,000

UBS

Group

AG,

4.38%,

8/10/71

(b)(c) 7,192,767

11,070,808

BANKING

—

25.3%

2,000,000

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.13%,

2/16/49

(USSW5

+

387bps)

(b)(c) 1,995,297

2,000,000

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.00%,

12/31/49

(b)(c) 2,365,891

1,000,000

Banco

Santander

SA,

3.63%,

12/31/49

(EUAMDB05

+

376bps)

(b)(c) 1,097,680

6,000,000

Banco

Santander

SA,

8.00%,

12/31/49

(H15T5Y

+

391bps)

(b)(c) 6,527,850

5,000,000

Bank

of

America

Corp.,

6.63%,

12/31/49

(b)(c) 5,160,040

4,000,000

BNP

Paribas

SA,

7.45%,

12/31/49

(H15T5Y

+

3bps)

(b)(c)(d)

4,092,247

5,000,000

CaixaBank

SA,

3.63%,

3/14/71

(EUSA5

+

386bps)

(b)(c) 5,611,329

10,000,000

Citigroup,

Inc.,

6.95%,

2/15/80

(H15T5Y

+

273bps)

(b)(c) 10,178,920

2,000,000

Citigroup,

Inc.,

3.88%,

5/18/72

(b)(c) 1,979,164

11,405,000

Citizens

Financial

Group,

Inc.,

4.00%,

10/06/71

(b)(c) 11,173,510

4,800,000

HSBC

Holdings

PLC,

7.05%,

12/31/49

(H15T5Y

+

3bps)

(b)(c) 4,963,771

1,248,000

Huntington

Bancshares,

Inc.,

4.45%,

3/15/68

(b)(c) 1,232,829

4,185,000

ING

Groep

NV,

3.88%,

10/16/69

(H15T5Y

+

286bps)

(b)(c) 3,989,626

3,500,000

ING

Groep

NV,

4.25%,

10/16/69

(H15T5Y

+

286bps)

(b)(c) 3,067,227

7,614,000

KeyCorp,

4.89%,

12/15/65

(b)(c) 7,545,823

4,800,000

Svenska

Handelsbanken

AB,

4.75%,

3/01/71

(b)(c) 4,509,844

10,000,000

Truist

Financial

Corp.,

4.95%,

12/01/71

(b)(c) 9,978,508

85,469,556

INSURANCE

—

1.5%

5,200,000

MetLife,

Inc.,

3.85%,

3/15/26

(b)(c) 5,190,198

SPECIALTY

FINANCE

—

1.4%

4,700,000

Capital

One

Financial

Corp.,

3.95%,

12/01/70

(b)(c) 4,611,486

HEALTH

CARE

—

1.6%

HEALTH

CARE

FACILITIES

&

SERVICES

—

1.6%

5,000,000

CVS

Health

Corp,

7.00%,

3/10/55

(H15T5Y

+

289bps)

(b) 5,218,040

MATERIALS

—

1.8%

CHEMICALS

—

1.8%

5,900,000

FMC

Corp.,

8.45%,

11/01/55

(b) 6,178,982

North

Square

Preferred

and

Income

Securities

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

89.1%

(Continued)

UTILITIES

—

32.2%

ELECTRIC

UTILITIES

—

29.8%

7,000,000

Algonquin

Power

&

Utilities

Corp.,

4.75%,

1/18/82

(b) $

6,813,469

8,782,000

American

Electric

Power

Co.,

Inc.,

6.95%,

12/15/54

(H15T5Y

+

268bps)

(b) 9,358,591

7,650,000

CenterPoint

Energy,

Inc.,

6.85%,

2/15/55

(H15T5Y

+

295bps)

(b) 8,037,503

8,751,000

CMS

Energy

Corp.,

4.75%,

6/01/50

(H15T5Y

+

412bps)

(b) 8,474,744

1,880,000

Dominion

Energy,

Inc.,

6.88%,

2/01/55

(H15T5Y

+

239bps)

(b) 1,966,589

9,000,000

Dominion

Energy,

Inc.,

6.20%,

2/15/56

(H15T10Y

+

2bps)

(b) 8,976,290

8,500,000

Duke

Energy

Corp.,

6.45%,

9/01/54

(H15T5Y

+

259bps)

(b) 8,821,912

5,000,000

Emera,

Inc.,

6.75%,

6/15/76

(b) 5,043,890

2,000,000

EUSHI

Finance,

Inc.,

7.63%,

12/15/54

2,094,598

9,200,000

NextEra

Energy

Capital

Holdings,

Inc.,

6.50%,

8/15/55

(H15T5Y

+

198bps)

(b) 9,659,052

7,752,000

NiSource

Inc.,

6.38%,

3/31/55

(H15T5Y

+

253bps)

(b) 7,979,878

6,648,000

NRG

Energy,

Inc.,

10.25%,

12/31/49

(H15T5Y

+

592bps)

(b)(c)(d)

7,332,903

5,150,000

Southern

Co.

(The),

6.38%,

3/15/55

(b) 5,401,495

9,762,000

Vistra

Corp.,

8.88%,

12/31/49

(H15T5Y

+

505bps)

(b)(c)(d)

10,643,382

100,604,296

GAS

&

WATER

UTILITIES

—

2.4%

8,000,000

AltaGas

Ltd.,

7.20%,

10/15/54

(H15T5Y

+

357bps)

(b)(d) 8,126,552

TOTAL

CORPORATE

BONDS

(Cost $288,183,112)

301,327,916

Sh

ar

e

s

SHORT-TERM

INVESTMENTS

—

5.0%

17,011,043

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(e) 17,011,043

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$17,011,043)

17,011,043

TOTAL

INVESTMENTS

—

96.4%

(Cost

$313,034,255)

$

326,204,672

Other

Assets

in

Excess

of

Liabilities

—

3.6%

12,042,573

NET

ASSETS

—

100.00%

$

338,247,245

(a) Affiliated

Company.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

August

31,

2025. 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

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(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

August

31,

2025

the

total

market

value

of

144A

securities

is

$34,073,125

or

10.1%

of

net

assets.

(e) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ETF

-

Exchange-Traded

Fund

North

Square

Preferred

and

Income

Securities

Fund

Schedule

of

Futures

Contracts

August

31,

2025

(Unaudited)

Short

Contracts

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Euro

Foreign

Exchange

Currency

Futures

(63) 09/16/2025

$

(9,222,019)

$

(111,195)

Ultra

10-Year

US

Treasury

Note

Futures

(171) 12/22/2025

(19,563,469)

(98,864)

$

(210,059)

North

Square

Tactical

Growth

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

EXCHANGE-TRADED

FUNDS

—

98.4%

688,900

Financial

Select

Sector

SPDR®

Fund

$

37,193,711

153,075

Invesco

QQQ

Trust,

Series

87,313,980

229,600

iShares®

3-7

Year

Treasury

Bond

ETF

27,480,824

357,500

iShares®

MSCI

Canada

ETF

17,442,425

720,600

iShares®

MSCI

Eurozone

ETF

43,099,086

487,500

iShares®

MSCI

India

ETF

25,340,250

391,600

Schwab

International

Small-Cap

Equity

ETF

17,328,300

129,440

SPDR®

S&P

500®

ETF

Trust

83,495,272

398,700

VanEck

Gold

Miners

ETF

25,185,879

124,200

Vanguard

FTSE

All-World

ex-US

Small-Cap

ETF

17,421,534

357,400

Vanguard

Global

ex-US

Real

Estate

ETF

16,833,540

194,287

Vanguard

Growth

ETF

89,103,904

354,498

Vanguard

Value

ETF

64,951,124

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $311,668,324)

552,189,829

SHORT-TERM

INVESTMENTS

—

1.8%

9,951,335

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(a) 9,951,335

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,951,335)

9,951,335

TOTAL

INVESTMENTS

—

100.2%

(Cost

$321,619,659)

$

562,141,164

Liabilities

in

Excess

of

Other

Assets —

(0.2)%

(1,230,622)

NET

ASSETS

—

100.00%

$

560,910,542

(a) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ETF

-

Exchange-Traded

Funds

FTSE

-

Financial

Times

Stock

Exchange

MSCI

-

Morgan

Stanley

Capital

International

SPDR

-

Standard

and

Poor's

Depository

Receipt

North

Square

Tactical

Defensive

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

EXCHANGE-TRADED

FUNDS

—

98.8%

25,500

Invesco

QQQ

Trust,

Series

(a) $

14,545,200

166,800

SPDR®

Portfolio

Developed

World

ex-US

ETF

6,962,232

54,400

SPDR®

Portfolio

Emerging

Markets

ETF

2,415,360

169,700

SPDR®

Portfolio

S&P

500®

ETF

12,880,230

29,500

SPDR®

Portfolio

S&P

600®

Small

Cap

ETF

1,358,180

21,800

SPDR®

S&P

500®

ETF

Trust

(a) 14,062,090

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $46,495,557)

52,223,292

SHORT-TERM

INVESTMENTS

—

1.3%

698,598

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(b) 698,598

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$698,598)

698,598

TOTAL

INVESTMENTS

—

100.1%

(Cost

$47,194,155)

$

52,921,890

Liabilities

in

Excess

of

Other

Assets —

(0.1)%

(33,835)

NET

ASSETS

—

100.00%

$

52,888,055

(a) Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

August

31,

2025,

the

percentage

of

net

assets

invested

in

Invesco

QQQ

Trust,

Series

and

SPDR®

S&P

500®

ETF

Trust

was

27.5%

and

26.6%,

respectively

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ETF

-

Exchange-Traded

Funds

SPDR

-

Standard

and

Poor's

Depository

Receipt

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

PREFERRED

STOCKS

—

0.5%

FINANCIALS

—

0.5%

SPECIALTY

FINANCE

—

0.5%

4,750

Synchrony

Financial,

Series

B,

8.25%

$

122,788

TOTAL

FINANCIALS

(Cost $122,122)

122,788

TOTAL

PREFERRED

STOCKS

(Cost $122,122)

122,788

P

ri

nc

i

p

al

Amo

u

nt

($)

ASSET

BACKED

SECURITIES

—

13.5%

80,000

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

2025-1A

A2,

6.72%,

6/07/55

(a) 81,055

120,395

Bear

Stearns

Asset

Backed

Securities

I

Trust

2004-HE7

M1,

5.34%,

8/25/34

(TSFR1M

+

101bps)

(b) 117,363

175,000

BMW

Vehicle

Lease

Trust,

2024-2

A3,

4.18%,

2/25/27

175,221

103,302

BXP

Trust

2017-CQHP,

5.26%,

11/15/34

(TSFR1M

+

90bps)

(a)(b) 99,948

100,000

CFCRE

Commercial

Mortgage

Trust

2011-C2

E,

5.25%,

12/15/47

(a)(b) 93,471

127,721

Citigroup

Commercial

Mortgage

Trust

2014-GC23,

4.59%,

7/10/47

(a)(b) 122,125

3,500,000

Citigroup

Commercial

Mortgage

Trust

2020-555,

0.74%,

12/10/29

(a)(b) 102,085

116,006

Citigroup

Mortgage

Loan

Trust,

Inc.

2007-WFH3

M1,

4.83%,

6/25/37

(TSFR1M

+

50bps)

(b) 116,309

150,107

COMM

2010-C1

Mortgage

Trust,

5.79%,

7/10/46

(a)(b) 148,388

117,327

COMM

2013-CCE11

Mortgage

Trust,

4.46%,

8/10/50

(a)(b) 111,442

100,000

COMM

2013-CCRE7

Mortgage

Trust,

4.24%,

3/10/46

(a)(b) 93,425

52,063

COMM

2015-CCRE23

Mortgage

Trust,

4.22%,

5/10/48

(b) 50,635

88,896

Dell

Equipment

Finance

Trust

2023-3

A3,

5.93%,

6/22/26

(a) 89,411

121,527

HomeBanc

Mortgage

Trust

2005-3

M4,

5.44%,

7/25/35

(b) 122,253

60,000

Honda

Auto

Receivables

2024-3

Owner

Trust,

4.57%,

10/21/27

60,437

25,000

Hyundai

Auto

Receivables

Trust

2024-C

A3,

4.41%,

5/15/29

25,163

118,156

Impac

CMB

Trust

2005-4

1M1,

4.87%,

5/25/35

(TSFR1M

+

54bps)

(b) 113,051

159,526

JPMorgan

Chase

Commercial

Mortgage

Securities

2012-WLDN,

3.91%,

5/05/30

(a) 153,178

114,273

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

2012-C6,

4.96%,

5/15/45

(b) 113,369

100,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C10,

4.10%,

12/15/47

(b) 93,912

125,072

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

2019

MFP,

6.07%,

7/15/36

(TSFR1M

+

171bps)

(a)(b) 122,042

181,118

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

2012-C5,

4.65%,

8/15/45

(a)(b) 177,758

121,954

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

2014-C17,

3.50%,

8/15/47

(a) 118,885

100,000

Morgan

Stanley

Capital

I

Trust

2014-150E

A,

3.91%,

9/09/32

(a) 90,993

182,661

Morgan

Stanley

Capital

I

Trust,

2011-C2,

5.21%,

6/15/44

(a)(b) 181,390

188,000

Nissan

Auto

Lease

Trust

2025-A

A3,

4.75%,

3/15/28

190,341

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

ASSET

BACKED

SECURITIES

—

13.5%

(Continued)

90,243

Structured

Adjustable

Rate

Mortgage

Loan

Trust

2004-4

B1,

5.93%,

4/25/34

(b) $

86,675

45,000

Verizon

Master

Trust

2024-3

A1A,

5.34%,

4/22/30

45,948

TOTAL

ASSET

BACKED

SECURITIES

(Cost $3,066,887)

3,096,273

CORPORATE

BONDS

—

39.7%

COMMUNICATIONS

—

3.4%

CABLE

&

SATELLITE

—

0.5%

75,000

Clear

Channel

Outdoor

Holdings,

Inc.,

4.25%,

2/01/31

(a) 69,228

66,000

Comcast

Corp.,

3.25%,

11/01/39

52,005

121,233

ENTERTAINMENT

CONTENT

—

1.4%

60,000

Fox

Corp.,

6.50%,

10/13/33

65,333

150,000

Paramount

Global,

6.25%,

2/28/57

(b) 146,126

50,000

TEGNA,

Inc.,

4.63%,

3/15/28

49,773

69,000

Walt

Disney

Co.

(The),

3.50%,

5/13/40

57,019

318,251

INTERNET

MEDIA

&

SERVICES

—

0.2%

20,000

Meta

Platforms,

Inc.,

5.60%,

5/15/53

19,787

30,000

Ziff

Davis,

Inc.,

4.63%,

10/15/30

(a) 28,310

48,097

PUBLISHING

&

BROADCASTING

—

0.2%

50,000

Nexstar

Media

Group,

Inc.,

4.75%,

11/01/28

(a) 49,112

TELECOMMUNICATIONS

—

1.1%

20,000

AT&T,

Inc.,

4.35%,

3/01/29

20,089

150,000

Rogers

Communications,

Inc.,

7.13%,

4/15/55

(H15T5Y

+

262bps)

(b) 155,787

95,000

Verizon

Communications,

Inc.,

2.65%,

11/20/40

67,403

243,279

CONSUMER

DISCRETIONARY

—

2.3%

APPAREL

&

TEXTILE

PRODUCTS

—

0.1%

30,000

Crocs,

Inc.,

4.25%,

3/15/29

(a) 28,607

AUTOMOTIVE

—

1.7%

45,000

American

Honda

Finance

Corp.,

2.00%,

3/24/28

42,684

91,000

American

Honda

Finance

Corp.,

4.80%,

3/05/30

92,909

60,000

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/32

51,457

88,000

General

Motors

Financial

Co.,

Inc.,

5.35%,

1/07/30

90,036

75,000

General

Motors

Financial

Co.,

Inc.,

5.75%,

3/30/66

(b)(c) 73,453

45,000

Toyota

Motor

Credit

Corp.,

5.35%,

1/09/36

46,491

397,030

CONSUMER

SERVICES

—

0.1%

25,000

Rent-A-Center,

Inc.,

6.38%,

2/15/29

(a) 24,538

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

39.7%

(Continued)

CONSUMER

DISCRETIONARY

—

2.3%

(continued)

LEISURE

FACILITIES

&

SERVICES

—

0.1%

18,000

McDonald's

Corp.,

4.40%,

2/12/31

$

18,067

RETAIL

-

DISCRETIONARY

—

0.3%

30,000

Gap,

Inc.

(The),

3.88%,

10/01/31

(a) 27,190

30,000

Patrick

Industries,

Inc.,

4.75%,

5/01/29

(a) 29,450

56,640

CONSUMER

STAPLES

—

2.1%

BEVERAGES

—

0.7%

37,000

Coca-Cola

Co.

(The),

1.65%,

6/01/30

33,219

34,000

Keurig

Dr

Pepper,

Inc.,

5.20%,

3/15/31

34,784

78,000

PepsiCo,

Inc.,

5.00%,

7/23/35

78,764

146,767

FOOD

—

0.3%

54,000

HLF

Financing

Sarl

LLC,

12.25%,

4/15/29

(a) 58,862

HOUSEHOLD

PRODUCTS

—

0.3%

70,000

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

66,269

RETAIL

-

CONSUMER

STAPLES

—

0.1%

30,000

Walmart,

Inc.,

4.90%,

4/28/35

30,487

TOBACCO

&

CANNABIS

—

0.5%

51,000

British

American

Tobacco

PLC,

5.35%,

8/15/32

52,530

29,000

Philip

Morris

International,

Inc.,

5.13%,

2/15/30

30,023

50,000

Turning

Point

Brands,

Inc.,

7.63%,

3/15/32

(a) 52,395

134,948

WHOLESALE

-

CONSUMER

STAPLES

—

0.2%

40,000

US

Foods

Holding

Corp.,

6.88%,

9/15/28

(a) 41,262

ENERGY

—

4.7%

OIL

&

GAS

PRODUCERS

—

4.3%

21,000

BP

Capital

Markets

America,

Inc.,

4.89%,

9/11/33

21,129

84,000

California

Resources

Corp.,

8.25%,

6/15/29

(a) 86,858

68,000

Chevron

USA,

Inc.,

4.82%,

4/15/32

69,685

29,000

ConocoPhillips

Co.,

5.00%,

1/15/35

29,012

70,000

ConocoPhillips

Co.,

5.30%,

5/15/53

64,211

27,000

Energy

Transfer

LP,

3.75%,

5/15/30

26,184

125,000

Energy

Transfer

LP,

6.63%,

2/15/72

(US0003M

+

416bps)

(b)(c) 124,504

10,000

Enterprise

Products

Operating

LLC,

4.80%,

2/01/49

8,650

94,000

Exxon

Mobil

Corp.,

4.33%,

3/19/50

77,896

40,000

Murphy

Oil

Corp.,

4.75%,

9/15/29

39,374

26,000

ONEOK,

Inc.,

5.05%,

11/01/34

25,362

20,000

ONEOK,

Inc.,

5.70%,

11/01/54

18,260

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

39.7%

(Continued)

ENERGY

—

4.7%

(continued)

OIL

&

GAS

PRODUCERS

—

4.3%

(continued)

60,000

Phillips

Co.,

5.25%,

6/15/31

$

62,178

150,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.,

7.50%,

3/01/55

(b) 156,873

55,000

TotalEnergies

Capital

SA,

5.49%,

4/05/54

52,404

75,000

Vital

Energy,

Inc.,

7.75%,

7/31/29

(a) 75,059

68,000

Vital

Energy,

Inc.,

7.88%,

4/15/32

(a) 67,043

1,004,682

OIL

&

GAS

SERVICES

&

EQUIPMENT

—

0.4%

40,000

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

3/01/29

(a) 41,663

40,000

Noble

Finance

II

LLC,

8.00%,

4/15/30

(a) 41,449

83,112

FINANCIALS

—

13.7%

ASSET

MANAGEMENT

—

1.1%

200,000

UBS

Group

AG,

7.13%,

12/31/49

(USISSO05

+

318bps)

(a)(b)(c)

204,107

37,319

United

Airlines

2023-1

Class

A

Pass

Through

Trust,

5.80%,

7/15/36

38,511

242,618

BANKING

—

9.4%

200,000

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.13%,

2/16/49

(USSW5

+

387bps)

(b)(c) 199,530

200,000

Banco

Santander

SA,

8.00%,

12/31/49

(H15T5Y

+

391bps)

(b)(c) 217,595

39,000

Bank

of

Nova

Scotia

(The),

5.13%,

2/14/31

(SOFRRATE

+

107bps)

(b) 40,140

200,000

CaixaBank

SA,

3.63%,

3/14/71

(EUSA5

+

386bps)

(a)(b)(c)

224,453

60,000

Canadian

Imperial

Bank

of

Commerce,

5.26%,

4/08/29

62,131

55,000

Citigroup,

Inc.,

4.95%,

5/07/31

(b) 56,052

150,000

Citigroup,

Inc.,

6.95%,

2/15/80

(H15T5Y

+

273bps)

(b)(c) 152,684

200,000

HSBC

Holdings

PLC,

7.05%,

12/31/49

(H15T5Y

+

3bps)

(b)(c) 206,824

200,000

ING

Groep

NV,

4.25%,

10/16/69

(H15T5Y

+

286bps)

(b)(c) 175,270

50,000

JPMorgan

Chase

&

Co.,

5.00%,

7/22/30

51,293

80,000

JPMorgan

Chase

&

Co.,

5.14%,

1/24/31

(SOFRRATE

+

90bps)

(b) 82,466

43,000

JPMorgan

Chase

&

Co.,

1.95%,

2/04/32

(b) 37,816

33,000

Morgan

Stanley,

1.59%,

5/04/27

(b) 32,391

153,000

Morgan

Stanley

Bank

NA,

4.15%,

5/07/29

154,491

153,000

Morgan

Stanley

Private

Bank

NA,

4.15%,

5/07/29

154,491

22,000

PNC

Financial

Services

Group

Inc.

(The),

6.88%,

10/20/34

(SOFRRATE

+

2bps)

(b) 24,710

79,000

Royal

Bank

of

Canada,

4.65%,

10/18/30

(SOFRINDEX

+

108bps)

(b) 79,713

39,000

Toronto-Dominion

Bank

(The),

4.86%,

1/31/28

39,667

23,000

Toronto-Dominion

Bank

(The),

4.78%,

12/17/29

23,513

33,000

US

Bancorp,

Series

CC,

5.68%,

1/23/35

(SOFRRATE

+

186bps)

(b) 34,405

50,000

Wells

Fargo

&

Co.,

5.24%,

1/24/31

(SOFRRATE

+

111bps)

(b) 51,665

68,000

Wells

Fargo

Bank

NA,

4.25%,

3/11/27

68,374

2,169,674

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

39.7%

(Continued)

FINANCIALS

—

13.7%

(continued)

INSTITUTIONAL

FINANCIAL

SERVICES

—

2.2%

84,000

Bank

of

New

York

Mellon

Corp.

(The),

5.06%,

7/22/32

(b) $

86,559

125,000

CenterPoint

Energy,

Inc.,

6.85%,

2/15/55

(H15T5Y

+

295bps)

(b) 131,332

64,000

Goldman

Sachs

Bank

USA,

4.30%,

3/11/27

64,373

35,000

Goldman

Sachs

Bank

USA,

5.41%,

5/21/27

(SOFRRATE

+

75bps)

(b) 35,261

116,000

Goldman

Sachs

Group,

Inc.

(The),

1.43%,

3/09/27

(b) 114,210

84,000

Goldman

Sachs

Group,

Inc.

(The),

1.99%,

1/27/32

(b) 73,802

505,537

SPECIALTY

FINANCE

—

1.0%

50,000

American

Express

Co.,

5.28%,

7/26/35

(SOFRRATE

+

142bps)

(b) 51,079

60,000

Bread

Financial

Holdings,

Inc.,

9.75%,

3/15/29

(a) 64,160

20,000

Capital

One

Financial

Corp.,

1.88%,

11/02/27

(b) 19,439

19,000

Capital

One

Financial

Corp.,

6.31%,

6/08/29

(b) 19,946

72,000

Springleaf

Finance

Corp.,

5.38%,

11/15/29

71,236

225,860

HEALTH

CARE

—

1.1%

BIOTECH

&

PHARMA

—

0.4%

28,000

Eli

Lilly

&

Co.,

5.00%,

2/09/54

25,682

70,000

Prestige

Consumer

Healthcare,

Inc.,

3.75%,

4/01/31

(a) 64,555

90,237

HEALTH

CARE

FACILITIES

&

SERVICES

—

0.7%

20,000

Cigna

Group

(The),

2.38%,

3/15/31

17,940

30,000

HealthEquity

,

Inc.,

4.50%,

10/01/29

(a) 29,038

50,000

Pediatrix

Medical

Group,

Inc.,

5.38%,

2/15/30

(a) 49,498

28,000

UnitedHealth

Group,

Inc.,

2.30%,

5/15/31

25,016

35,000

UnitedHealth

Group,

Inc.,

5.15%,

7/15/34

35,574

10,000

UnitedHealth

Group,

Inc.,

5.38%,

4/15/54

9,240

166,306

INDUSTRIALS

—

2.4%

AEROSPACE

&

DEFENSE

—

0.4%

30,000

Boeing

Co.

(The),

5.15%,

5/01/30

30,783

29,000

Lockheed

Martin

Corp.,

5.00%,

8/15/35

29,196

38,000

Lockheed

Martin

Corp.,

4.70%,

5/15/46

33,949

15,000

Northrop

Grumman

Corp.,

3.25%,

1/15/28

14,735

108,663

COMMERCIAL

SUPPORT

SERVICES

—

0.4%

82,000

Deluxe

Corp.,

8.00%,

6/01/29

(a) 81,274

DIVERSIFIED

INDUSTRIALS

—

0.3%

77,000

Honeywell

International,

Inc.,

4.75%,

2/01/32

78,223

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

39.7%

(Continued)

INDUSTRIALS

—

2.4%

(continued)

ELECTRICAL

EQUIPMENT

—

0.2%

35,000

Johnson

Controls

International

PLC,

5.50%,

4/19/29

$

36,503

INDUSTRIAL

INTERMEDIATE

PROD

—

0.3%

60,000

Enpro

,

Inc.,

6.13%,

6/01/33

(a) 61,375

MACHINERY

—

0.4%

47,000

Caterpillar,

Inc.,

5.20%,

5/15/35

48,182

39,000

John

Deere

Capital

Corp.,

5.10%,

4/11/34

39,999

88,181

TRANSPORTATION

&

LOGISTICS

—

0.4%

80,000

Burlington

Northern

Santa

Fe

LLC,

4.55%,

9/01/44

70,612

21,979

FedEx

Corp.

2020-1

Class

AA

Pass

Through

Trust,

1.88%,

2/20/34

19,238

89,850

MATERIALS

—

2.2%

CHEMICALS

—

0.7%

150,000

FMC

Corp.,

8.45%,

11/01/55

(b) 157,093

METALS

&

MINING

—

1.5%

50,000

Alliance

Resource

Operating

Partners

LP,

8.63%,

6/15/29

(a) 52,871

79,000

Eldorado

Gold

Corp.,

6.25%,

9/01/29

(a) 79,254

80,000

Hudbay

Minerals,

Inc.,

6.13%,

4/01/29

(a) 80,936

80,000

New

Gold,

Inc.,

6.88%,

4/01/32

(a) 83,448

50,000

SunCoke

Energy,

Inc.,

4.88%,

6/30/29

(a) 45,700

342,209

REAL

ESTATE

—

0.5%

REAL

ESTATE

INVESTMENT

TRUSTS

—

0.2%

50,000

American

Tower

Corp.,

3.80%,

8/15/29

49,015

REAL

ESTATE

OWNERS

&

DEVELOPERS

—

0.1%

30,000

Howard

Hughes

Corp.

(The),

4.38%,

2/01/31

(a) 27,963

REIT

—

0.2%

30,000

RLJ

Lodging

Trust

LP,

4.00%,

9/15/29

(a) 28,174

TECHNOLOGY

—

1.5%

SEMICONDUCTORS

—

0.7%

35,000

Broadcom,

Inc.,

4.35%,

2/15/30

35,109

71,000

Broadcom,

Inc.,

4.90%,

7/15/32

71,900

15,000

Intel

Corp.,

5.70%,

2/10/53

13,803

25,000

Synaptics

,

Inc.,

4.00%,

6/15/29

(a) 23,887

144,699

SOFTWARE

—

0.6%

30,000

Consensus

Cloud

Solutions,

Inc.,

6.50%,

10/15/28

(a) 30,144

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

39.7%

(Continued)

TECHNOLOGY

—

1.5%

(continued)

SOFTWARE

—

0.6%

(continued)

34,000

Oracle

Corp.,

4.80%,

8/03/28

$

34,659

67,000

Oracle

Corp.,

3.60%,

4/01/40

53,152

30,000

ZoomInfo

Technologies

LLC/

ZoomInfo

Finance

Corp.,

3.88%,

2/01/29

(a) 28,193

146,148

TECHNOLOGY

HARDWARE

—

0.2%

49,000

Apple,

Inc.,

2.95%,

9/11/49

32,561

30,000

Cisco

Systems,

Inc.,

4.95%,

2/26/31

31,067

63,628

UTILITIES

—

5.8%

ELECTRIC

UTILITIES

—

5.2%

40,000

Alabama

Power

Co.,

3.45%,

10/01/49

28,335

15,000

Berkshire

Hathaway

Energy

Co.,

3.70%,

7/15/30

14,699

10,000

Consolidated

Edison

Company

of

New

York,

Inc.,

5.70%,

5/15/54

9,899

45,000

Dominion

Energy,

Inc.,

5.45%,

3/15/35

45,611

120,000

Dominion

Energy,

Inc.,

6.88%,

2/01/55

(H15T5Y

+

239bps)

(b) 125,527

50,000

Dominion

Energy,

Inc.,

6.20%,

2/15/56

(H15T10Y

+

2bps)

(b) 49,868

138,000

Duke

Energy

Carolinas

LLC,

5.30%,

2/15/40

138,376

20,000

Entergy

Corp.,

1.90%,

6/15/28

18,837

27,000

Florida

Power

&

Light

Co.,

5.30%,

6/15/34

27,936

35,000

Florida

Power

&

Light

Co.,

5.30%,

4/01/53

33,405

119,000

MidAmerican

Energy

Co.,

4.25%,

7/15/49

96,400

15,000

NextEra

Energy

Capital

Holdings,

Inc.,

2.25%,

6/01/30

13,681

100,000

NextEra

Energy

Capital

Holdings,

Inc.,

6.50%,

8/15/55

(H15T5Y

+

198bps)

(b) 104,990

100,000

NiSource,

Inc.,

6.38%,

3/31/55

(H15T5Y

+

253bps)

(b) 102,940

75,000

NRG

Energy,

Inc.,

10.25%,

12/31/49

(H15T5Y

+

592bps)

(a)(b)(c)

82,727

21,000

Pacific

Gas

and

Electric

Co.,

4.55%,

7/01/30

20,809

65,000

Virginia

Electric

and

Power

Co.,

5.45%,

4/01/53

61,721

200,000

Vistra

Corp.,

8.88%,

12/31/49

(H15T5Y

+

505bps)

(a)(b)(c)

218,057

1,193,818

GAS

&

WATER

UTILITIES

—

0.6%

125,000

AltaGas

Ltd.,

7.20%,

10/15/54

(H15T5Y

+

357bps)

(a)(b) 126,977

TOTAL

CORPORATE

BONDS

(Cost $8,990,623)

9,095,268

MORTGAGE-BACKED

SECURITIES

—

29.1%

273,317

Fannie

Mae

Pool

,

3.50%,

10/13/37

252,871

179,400

Fannie

Mae

Pool

,

5.00%,

11/01/46

182,528

109,921

Fannie

Mae

Pool

,

4.00%,

6/01/47

105,112

106,415

Fannie

Mae

Pool

,

3.50%,

9/01/49

95,262

73,977

Fannie

Mae

Pool

,

3.00%,

9/01/50

64,791

61,390

Fannie

Mae

Pool

,

2.50%,

5/01/51

51,789

48,367

Fannie

Mae

Pool

,

3.00%,

5/01/51

42,259

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

29.1%

(Continued)

249,948

Fannie

Mae

Pool

,

2.50%,

10/01/51

$

208,457

41,319

Fannie

Mae

Pool

,

4.00%,

1/01/52

39,100

69,878

Fannie

Mae

Pool

,

5.00%,

6/01/52

69,681

231,040

Fannie

Mae

Pool

,

5.50%,

11/01/52

234,138

30,265

Fannie

Mae

Pool

,

6.50%,

1/01/53

31,736

228,627

Fannie

Mae

Pool

,

4.50%,

4/01/53

220,479

41,140

Fannie

Mae

Pool

,

6.00%,

9/01/53

42,615

88,719

Fannie

Mae

Pool

,

4.50%,

11/01/54

86,217

132,320

Fannie

Mae

Pool

,

5.50%,

9/01/56

136,558

128,200

Fannie

Mae

REMICS

2024-11

,

5.00%,

2/25/51

128,020

199,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.70%,

3/05/29

199,504

77,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.97%,

1/15/30

77,137

122,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.11%,

7/15/32

122,162

146,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.34%,

1/28/33

146,079

79,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.94%,

3/03/33

79,483

100,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.09%,

3/11/33

99,830

54,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.72%,

4/14/33

53,709

85,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.27%,

6/23/33

85,263

47,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

1.95%,

5/14/35

37,030

77,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

1.74%,

2/01/36

57,691

37,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

2.37%,

3/18/41

26,038

24,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

2.50%,

7/29/41

17,075

80,000

Federal

Home

Loan

Banks

,

4.84%,

3/06/30

80,162

155,000

Federal

Home

Loan

Banks

,

4.54%,

4/17/30

155,021

75,000

Federal

Home

Loan

Banks

,

5.19%,

2/25/32

75,261

25,000

Federal

Home

Loan

Banks

,

5.25%,

6/25/32

25,219

35,000

Federal

Home

Loan

Banks

,

5.35%,

6/12/34

35,182

155,000

Federal

Home

Loan

Banks

,

5.38%,

4/09/35

155,436

75,000

Federal

Home

Loan

Banks

,

5.75%,

12/27/35

75,003

50,000

Federal

Home

Loan

Banks

,

1.90%,

2/25/36

38,053

120,000

Federal

Home

Loan

Banks

,

2.00%,

2/26/36

92,309

50,000

Federal

Home

Loan

Banks

,

2.15%,

2/25/41

34,064

98,000

Federal

Home

Loan

Mortgage

Corp.

,

1.72%,

9/22/36

72,291

37,000

Federal

Home

Loan

Mortgage

Corp.

,

2.00%,

10/29/40

24,883

195,000

Federal

National

Mortgage

Association

,

1.53%,

8/17/35

147,050

223,000

Federal

National

Mortgage

Association

,

1.60%,

8/24/35

168,225

56,871

Freddie

Mac

Gold

Pool

,

4.00%,

8/01/45

54,307

650,000

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates

K-G04

,

2.63%,

11/25/30

(b) 73,042

84,853

Freddie

Mac

Pool

,

2.50%,

4/01/42

74,866

106,555

Freddie

Mac

Pool

,

3.00%,

7/01/51

92,976

77,761

Freddie

Mac

Pool

,

2.50%,

2/01/52

65,198

75,028

Freddie

Mac

Pool

,

3.50%,

4/01/52

68,302

240,459

Freddie

Mac

Pool

,

3.00%,

5/01/52

210,676

55,200

Freddie

Mac

Pool

,

4.00%,

9/01/52

51,638

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

29.1%

(Continued)

128,540

Freddie

Mac

Pool

,

5.00%,

7/01/53

$

128,757

121,276

Freddie

Mac

REMICS

,

3.00%,

5/15/43

118,957

46,697

Freddie

Mac

REMICS

,

5.50%,

11/25/51

47,412

188,166

Ginnie

Mae

II

Pool

,

2.50%,

8/20/50

157,425

124,247

Ginnie

Mae

II

Pool

,

2.50%,

12/20/50

104,985

215,631

Ginnie

Mae

II

Pool

,

2.00%,

3/20/51

173,964

332,656

Ginnie

Mae

II

Pool

,

3.00%,

10/20/51

295,071

80,340

Ginnie

Mae

II

Pool

,

3.00%,

3/20/52

70,097

200,955

Ginnie

Mae

II

Pool

,

5.00%,

11/20/52

200,090

192,899

Ginnie

Mae

II

Pool

,

5.50%,

9/01/53

(b) 195,747

204,351

Government

National

Mortgage

Association

2022-189

PT

,

2.50%,

10/20/51

171,277

84,692

Government

National

Mortgage

Association

2024-65

NB

,

5.50%,

2/20/48

85,160

60,000

Government

National

Mortgage

Association

2024-8

JL

,

5.00%,

1/20/54

59,822

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost $6,702,590)

6,670,542

NON

U.S.

GOVERNMENT

&

AGENCIES

—

0.4%

SUPRANATIONAL

—

0.4%

100,000

International

Bank

for

Reconstruction

&

Development,

4.70%,

11/8/34

100,021

TOTAL

NON

U.S.

GOVERNMENT

&

AGENCIES

(Cost $100,000)

100,021

U.S.

GOVERNMENT

&

AGENCIES

—

12.8%

GOVERNMENT

SPONSORED

—

0.3%

88,000

Resolution

Funding

Corp.

Principal

"Strips",

0.00 %

,

1/15/30

74,307

U.S.

TREASURY

BONDS

—

6.5%

279,000

United

States

Treasury

Bond,

2.75 %

,

11/15/42

210,961

270,000

United

States

Treasury

Bond,

4.00 %

,

11/15/52

231,789

111,000

United

States

Treasury

Bond,

4.63 %

,

2/15/55

105,832

158,000

United

States

Treasury

Note/Bond,

3.75 %

,

12/31/28

158,737

290,000

United

States

Treasury

Note/Bond,

4.75 %

,

2/15/45

285,786

398,000

United

States

Treasury

Note/Bond,

3.13 %

,

5/15/48

298,127

207,000

United

States

Treasury

Note/Bond,

4.50 %

,

11/15/54

193,278

1,484,510

U.S.

TREASURY

NOTES

—

6.0%

51,000

United

States

Treasury

Note,

4.25 %

,

5/15/35

51,163

171,000

United

States

Treasury

Note,

4.25 %

,

8/15/35

171,361

168,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/31/27

168,709

227,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/15/28

228,782

379,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/31/30

382,109

261,000

United

States

Treasury

Note/Bond,

4.00 %

,

7/31/32

262,223

81,000

United

States

Treasury

Note/Bond,

4.75 %

,

5/15/55

78,823

38,000

United

States

Treasury

Note/Bond,

4.75 %

,

8/15/55

37,008

1,380,178

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

(Cost $2,956,215)

2,938,995

North

Square

Core

Plus

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

C

ont

ra

ct

s

Description

Expiration

Date

Exercise

Price

Notional

Value

Fair

Value

PURCHASED

CALL

OPTIONS

—

0.70%

E-mini

S&P

500®

Index

12/22/2025

$

6,700.00

$

18,932,650

$

151,888

TOTAL

PURCHASED

CALL

OPTIONS

(Cost $135,388)

151,888

Sh

ar

e

s

SHORT-TERM

INVESTMENTS

—

1.80%

417,865

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(d) 417,865

TOTAL

SHORT-TERM

INVESTMENTS

(Cost $417,865)

417,865

TOTAL

INVESTMENTS

—

98.5%

(Cost

$22,491,690)

$

22,593,640

Other

Assets

in

Excess

of

Liabilities

—

1.5%

341,574

NET

ASSETS

—

100.00%

$

22,935,214

(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

August

31,

2025

the

total

market

value

of

144A

securities

is

$4,193,413

or

18.3%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

August

31,

2025. 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

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(d) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. REMIC

Real

Estate

Mortgage

Investment

Conduit

North

Square

Core

Plus

Bond

Fund

Futures

Table

Schedule

of

Investments

August

31,

2025

(Unaudited)

Contracts

Long

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

10-Year

US

Treasury

Note

Future

12/22/2025

$

1,350,000

$

6,904

2-Year

US

Treasury

Note

Future

01/02/2026

2,502,469

1,946

3-Year

US

Treasury

Note

Future

01/02/2026

213,164

578

5-Year

US

Treasury

Note

Future

01/02/2026

2,955,656

9,185

Ultra

US

Treasury

Bond

Future

12/22/2025

116,563

(187) 9

US

Treasury

Bond

Future

12/22/2025

1,028,250

1,687

$

20,113

Contracts

Short

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

(43) Bloomberg

US

Corporate

High

Yield

Very

Liquid

Future

09/17/2025

$

(4,682,055)

$

(73,290)

(10) E-mini

S&P

500®

Index

Future

09/22/2025

(3,236,375)

(45,987)

(2) Euro

Foreign

Exchange

Currency

Future

09/16/2025

(292,763)

3,187

(7) Ultra

10-Year

US

Treasury

Note

Future

12/22/2025

(800,844)

(4,047)

$

(120,137)

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

COMMUNICATIONS

—

2.8%

ADVERTISING

&

MARKETING

—

0.9%

44,727

Advantage

Solutions,

Inc.

(a) $

81,403

6,327

Magnite,

Inc.

(a) 164,186

245,589

ENTERTAINMENT

CONTENT

—

0.4%

12,454

Inspired

Entertainment,

Inc.

(a) 115,822

INTERNET

MEDIA

&

SERVICES

—

1.0%

16,248

OptimizeRx

Corp.

(a) 293,602

PUBLISHING

&

BROADCASTING

—

0.5%

11,991

Thryv

Holdings,

Inc.

(a) 154,204

TOTAL COMMUNICATIONS

809,217

CONSUMER

DISCRETIONARY

—

2.9%

AUTOMOTIVE

—

0.6%

4,568

Gentherm,

Inc.

(a) 167,966

CONSUMER

SERVICES

—

2.3%

22,166

Legacy

Education,

Inc.

(a) 267,322

3,597

Matthews

International

Corp.,

Class

A

88,378

11,773

Universal

Technical

Institute,

Inc.

(a) 313,044

668,744

TOTAL CONSUMER

DISCRETIONARY

836,710

CONSUMER

STAPLES

—

4.0%

FOOD

—

2.5%

5,606

LifeVantage

Corp.

73,438

22,582

Nature's

Sunshine

Products,

Inc.

(a) 380,507

41,396

SunOpta,

Inc.

(a) 259,553

713,498

WHOLESALE

-

CONSUMER

STAPLES

—

1.5%

7,099

Chefs'

Warehouse,

Inc.

(The)

(a) 448,231

TOTAL CONSUMER

STAPLES

1,161,729

ENERGY

—

5.3%

OIL

&

GAS

PRODUCERS

—

0.9%

8,592

Riley

Exploration

Permian,

Inc.

251,402

OIL

&

GAS

SERVICES

&

EQUIPMENT

—

4.0%

23,081

Helix

Energy

Solutions

Group,

Inc.

(a) 152,104

28,044

MRC

Global,

Inc.

(a) 422,904

24,524

Oil

States

International,

Inc.

(a) 137,334

8,194

Solaris

Energy

Infrastructure,

Inc.,

Class

A

258,848

6,574

Thermon

Group

Holdings,

Inc.

(a) 174,343

1,145,533

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

(Continued)

ENERGY

—

5.3%

(Continued)

RENEWABLE

ENERGY

—

0.4%

2,330

American

Superconductor

Corp.

(a) $

116,267

TOTAL ENERGY

1,513,202

FINANCIALS

—

24.2%

ASSET

MANAGEMENT

—

1.0%

5,679

Acuren

Corp.

(a) 64,002

13,187

Trinity

Capital,

Inc.

213,630

277,632

BANKING

—

17.9%

12,713

Amerant

Bancorp,

Inc.

273,330

13,114

Capital

Bancorp,

Inc.

445,745

12,940

Carter

Bankshares,

Inc.

(a) 251,812

1,673

Coastal

Financial

Corp.

(a) 191,558

15,081

FB

Financial

Corp.

809,548

2,521

First

Financial

Corp.

148,739

3,468

Horizon

Bancorp

58,470

13,328

Investar

Holding

Corp.

312,408

6,214

Northeast

Bank

687,020

20,068

Old

Second

Bancorp,

Inc.

370,455

6,502

Origin

Bancorp,

Inc.

252,863

2,010

QCR

Holdings,

Inc.

157,544

10,554

Simmons

First

National

Corp.,

Class

A

219,312

14,116

Southern

California

Bancorp

(a) 237,713

14,073

Third

Coast

Bancshares,

Inc.

(a) 560,528

2,506

Timberland

Bancorp,

Inc.

83,826

7,711

VersaBank

84,590

5,145,461

INSTITUTIONAL

FINANCIAL

SERVICES

—

0.4%

5,582

Perella

Weinberg

Partners

123,530

INSURANCE

—

3.0%

23,895

Abacus

Life,

Inc.

(a) 170,849

25,829

Crawford

&

Co.,

Class

A

279,987

15,686

James

River

Group

Holdings,

Ltd.

88,155

13,976

Tiptree,

Inc.

327,737

866,728

SPECIALTY

FINANCE

—

1.9%

9,306

LendingClub

Corp.

(a) 159,877

4,553

Mid

Penn

Bancorp,

Inc.

137,227

37,451

Oportun

Financial

Corp.

(a) 247,551

544,655

TOTAL FINANCIALS

6,958,006

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

(Continued)

HEALTH

CARE

—

20.6%

BIOTECH

&

PHARMA

—

10.7%

23,123

Abeona

Therapeutics,

Inc.

(a) $

157,930

24,001

Adaptive

Biotechnologies

Corp.

(a) 316,333

12,901

Aldeyra

Therapeutics,

Inc.

(a) 75,342

18,346

Annexon,

Inc.

(a) 37,793

4,446

Apogee

Therapeutics,

Inc.

(a) 161,701

12,160

Arvinas,

Inc.

(a) 93,997

20,155

Avadel

Pharmaceuticals

PLC

(a) 297,488

16,314

Cogent

Biosciences,

Inc.

(a) 197,073

19,827

CorMedix,

Inc.

(a) 294,034

14,949

Day

One

Biopharmaceuticals,

Inc.

(a) 112,267

25,221

Elutia,

Inc.

(a) 57,504

25,747

Exagen,

Inc.

(a) 253,865

15,239

Immunome,

Inc.

(a) 144,923

3,764

NewAmsterdam

Pharma

Co.

NV

(a) 90,524

3,941

Oruka

Therapeutics,

Inc.

(a) 58,327

30,988

Ovid

Therapeutics,

Inc.

(a) 39,665

1,587

Praxis

Precision

Medicines,

Inc.

(a) 72,272

35,726

Puma

Biotechnology,

Inc.

(a) 180,059

5,883

Tectonic

Therapeutic,

Inc.

(a) 150,252

9,826

WAVE

Life

Sciences

Ltd.

(a) 94,329

25,476

Xeris

Biopharma

Holdings,

Inc.

(a) 199,477

3,085,155

HEALTH

CARE

FACILITIES

&

SERVICES

—

2.5%

36,828

AdaptHealth

Corp.

(a) 349,498

6,447

GoodRx

Holdings,

Inc.

(a) 28,044

34,975

Personalis,

Inc.

(a) 171,028

1,999

US

Physical

Therapy,

Inc.

165,697

714,267

HEALTH

CARE

TECHNOLOGY

—

0.4%

33,933

Health

Catalyst,

Inc.

(a) 115,033

MEDICAL

EQUIPMENT

&

DEVICES

—

7.0%

10,026

AtriCure,

Inc.

(a) 370,862

20,659

Bioventus,

Inc.

(a) 152,877

18,753

CryoLife,

Inc.

(a) 823,819

19,958

Delcath

Systems,

Inc.

(a) 219,937

60,821

MaxCyte,

Inc.

(a) 84,541

38,570

Neogen

Corp.

(a) 221,777

6,777

OrthoPediatrics

Corp.

(a) 144,757

2,018,570

TOTAL HEALTH

CARE

5,933,025

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

(Continued)

INDUSTRIALS

—

13.9%

AEROSPACE

&

DEFENSE

—

1.6%

12,587

Park

Aerospace

Corp.

$

235,880

3,891

V2X,

Inc.

(a) 223,733

459,613

COMMERCIAL

SUPPORT

SERVICES

—

3.6%

6,743

Barrett

Business

Services,

Inc.

329,058

622

CRA

International,

Inc.

120,519

15,838

Healthcare

Services

Group,

Inc.

(a) 247,231

20,220

Kelly

Services,

Inc.,

Class

A

287,731

26,346

Quest

Resource

Holding

Corp.

(a) 49,135

1,033,674

ELECTRICAL

EQUIPMENT

—

0.6%

4,478

LSI

Industries,

Inc.

102,681

8,551

Stoneridge,

Inc.

(a) 70,973

173,654

ENGINEERING

&

CONSTRUCTION

—

0.9%

20,466

Orion

Group

Holdings,

Inc.

(a) 151,449

636

VSE

Corp.

103,286

254,735

INDUSTRIAL

INTERMEDIATE

PRODUCTS

—

1.9%

1,096

AZZ,

Inc.

123,727

25,177

Hillman

Solutions

Corp.

248,749

4,666

Insteel

Industries,

Inc.

179,081

551,557

INDUSTRIAL

SUPPORT

SERVICES

—

0.2%

10,617

Custom

Truck

One

Source,

Inc.,

Class

A

(a) 65,188

MACHINERY

—

2.9%

3,827

Albany

International

Corp.,

Class

A

243,053

6,725

Heilos

Technologies,

Inc.

364,764

8,230

Ichor

Holdings

Ltd.

(a) 138,675

8,652

Titan

International,

Inc.

(a) 76,311

822,803

TRANSPORTATION

&

LOGISTICS

—

0.7%

6,789

Werner

Enterprises,

Inc.

195,863

TRANSPORTATION

EQUIPMENT

—

1.5%

8,141

REV

Group,

Inc.

433,183

TOTAL INDUSTRIALS

3,990,270

MATERIALS

—

5.0%

CHEMICALS

—

1.0%

16,708

LSB

Industries,

Inc.

(a) 139,011

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

(Continued)

MATERIALS

—

5.0%

(Continued)

CHEMICALS

—

1.0%

(Continued)

2,450

Minerals

Technologies,

Inc.

$

160,352

299,363

CONTAINERS

&

PACKAGING

—

2.7%

19,869

TriMas

Corp.

768,334

METALS

&

MINING

—

1.3%

3,499

Materion

Corp.

387,689

TOTAL MATERIALS

1,455,386

REAL

ESTATE

—

3.7%

REIT

—

3.7%

39,575

Chatham

Lodging

Trust

301,957

9,321

Community

Healthcare

Trust,

Inc.

143,637

11,109

CTO

Realty

Growth,

Inc.

191,963

10,202

Easterly

Government

Properties,

Inc.

233,524

9,367

Plymouth

Industrial

REIT,

Inc.

206,074

1,077,155

TOTAL REAL

ESTATE

1,077,155

TECHNOLOGY

—

10.9%

CONSUMER

SERVICES

—

0.3%

3,590

Upbound

Group,

Inc.

91,222

SCIENTIFIC

INSTRUMENTS

&

SERVICES

—

0.3%

9,836

MIND

Technology,

Inc.

(a) 99,540

SEMICONDUCTORS

—

2.0%

7,888

Aehr

Test

Systems

(a) 196,806

2,192

Axcelis

Technologies,

Inc.

(a) 175,448

10,397

MagnaChip

Semiconductor

Corp.

(a) 32,750

2,192

Silicon

Motion

Technology

Corp.

-

ADR

174,658

579,662

SOFTWARE

—

4.0%

19,618

Asure

Software,

Inc.

(a) 164,791

11,200

AudioEye,

Inc.

(a) 143,920

9,372

Computer

Programs

&

Systems,

Inc.

(a) 187,065

23,227

Evolent

Health,

Inc.,

Class

A

(a) 224,140

8,336

Red

Violet,

Inc.

(a) 418,801

1,138,717

TECHNOLOGY

HARDWARE

—

3.5%

14,310

Aviat

Networks,

Inc.

(a) 328,558

17,513

CommScope

Holding

Co.,

Inc.

(a) 280,908

13,876

Key

Tronic

Corp.

(a) 40,518

7,118

Kornit

Digital

Ltd.

(a) 106,343

North

Square

Kennedy

MicroCap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

93.3%

(Continued)

TECHNOLOGY

—

10.9%

(Continued)

TECHNOLOGY

HARDWARE

—

3.5%

(Continued)

53,786

Powerfleet,

Inc.

(a) $

251,181

1,007,508

TECHNOLOGY

SERVICES

—

0.8%

8,913

Penguin

Solutions,

Inc.

(a) 215,071

TOTAL TECHNOLOGY

3,131,720

TOTAL

COMMON

STOCKS

(Cost $21,660,778)

26,866,420

EXCHANGE-TRADED

FUNDS

—

0.5%

914

iShares

Micro-Cap

ETF

130,090

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $101,526)

130,090

SHORT-TERM

INVESTMENTS

—

5.7%

1,645,629

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(b) 1,645,629

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,645,629)

1,645,629

TOTAL

INVESTMENTS

—

99.5%

(Cost

$23,407,933)

$

28,642,139

Other

Assets

in

Excess

of

Liabilities

—

0.5%

146,256

NET

ASSETS

—

100.00%

$

28,788,395

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ADR

-

American

Depositary

Receipt.

ETF

-

Exchange-Traded

Funds

North

Square

Select

Small

Cap

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

98.7%

CONSUMER

DISCRETIONARY

—

23.7%

AUTOMOTIVE

—

4.6%

8,670

Miller

Industries,

Inc.

$

364,920

15,875

Phinia,

Inc.

928,370

1,293,290

LEISURE

FACILITIES

&

SERVICES

—

7.2%

6,655

Monarch

Casino

&

Resort,

Inc.

694,316

35,957

OneSpaWorld

Holdings

Ltd.

811,550

3,105

Vail

Resorts,

Inc.

508,599

2,014,465

RETAIL

-

DISCRETIONARY

—

4.3%

1,885

Asbury

Automotive

Group,

Inc.

(a) 474,153

39,170

Driven

Brands

Holdings,

Inc.

(a) 721,511

1,195,664

SPECIALTY

RETAIL

—

2.9%

20,610

Valvoline,

Inc.

(a) 799,256

WHOLESALE

-

DISCRETIONARY

—

4.7%

45,412

Openlane,

Inc.

(a) 1,313,315

TOTAL CONSUMER

DISCRETIONARY

6,615,990

CONSUMER

STAPLES

—

5.0%

WHOLESALE

-

CONSUMER

STAPLES

—

5.0%

14,585

Grocery

Outlet

Holding

Corp.

(a) 264,134

11,017

Performance

Food

Group

Co.

(a) 1,117,124

1,381,258

TOTAL CONSUMER

STAPLES

1,381,258

FINANCIALS

—

17.1%

BANKING

—

14.8%

18,365

First

Merchants

Corp.

762,515

8,647

Nicolet

Bankshares,

Inc.

(a) 1,195,793

7,578

SouthState

Corp.

773,411

7,130

Stock

Yards

Bancorp,

Inc.

575,462

13,231

Webster

Financial

Corp.

823,233

4,130,414

INSTITUTIONAL

FINANCIAL

SERVICES

—

2.3%

9,905

Jefferies

Financial

Group,

Inc.

642,340

TOTAL FINANCIALS

4,772,754

HEALTH

CARE

—

1.9%

HEALTH

CARE

FACILITIES

&

SERVICES

—

1.9%

6,015

HealthEquity,

Inc.

(a) 537,320

TOTAL HEALTH

CARE

537,320

North

Square

Select

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

98.7%

(Continued)

INDUSTRIALS

—

22.6%

COMMERCIAL

SUPPORT

SERVICES

—

7.3%

152,228

Emerald

Holding,

Inc.

(a) $

783,974

34,089

Pursuit

Attractions

and

Hospitality,

Inc.

(a) 1,271,520

2,055,494

ELECTRICAL

EQUIPMENT

—

4.8%

9,955

Bel

Fuse,

Inc.,

Class

B

1,339,545

ENGINEERING

&

CONSTRUCTION

—

3.3%

9,185

Arcosa,

Inc.

908,856

MACHINERY

—

3.4%

6,715

JBT

Marel

Corp.

962,192

TRANSPORTATION

EQUIPMENT

—

3.8%

19,840

REV

Group,

Inc.

1,055,686

TOTAL INDUSTRIALS

6,321,773

MATERIALS

—

10.7%

CONSTRUCTION

MATERIALS

—

3.1%

3,795

Eagle

Materials,

Inc.

876,265

CONTAINERS

&

PACKAGING

—

7.6%

42,415

Myers

Industries,

Inc.

710,027

36,456

TriMas

Corp.

(a) 1,409,754

2,119,781

TOTAL MATERIALS

2,996,046

REAL

ESTATE

—

3.7%

REAL

ESTATE

OWNERS

&

DEVELOPERS

—

3.7%

37,386

Legacy

Housing

Corp.

(a) 1,044,752

TOTAL REAL

ESTATE

1,044,752

TECHNOLOGY

—

14.0%

SOFTWARE

—

9.7%

37,145

Alkami

Technology,

Inc.

(a) 950,912

2,246

Daily

Journal

Corp.

(a) 1,049,331

21,807

nCino,

Inc.

(a) 700,223

2,700,466

TECHNOLOGY

HARDWARE

—

3.3%

77,380

Pitney

Bowes,

Inc.

937,846

TECHNOLOGY

SERVICES

—

1.0%

21,760

Flywire

Corp.

(a) 286,144

North

Square

Select

Small

Cap

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

98.7%

(Continued)

TECHNOLOGY

—

14.0%

(Continued)

TECHNOLOGY

SERVICES

—

1.0%

(Continued)

TOTAL TECHNOLOGY

$

3,924,456

TOTAL

COMMON

STOCKS

(Cost $20,179,032)

27,594,349

SHORT-TERM

INVESTMENTS

—

1.3%

369,654

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(b) 369,654

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$369,654)

369,654

TOTAL

INVESTMENTS

—

100.0%

(Cost

$20,548,686)

$

27,964,003

Other

Assets

in

Excess

of

Liabilities

—

0.0%

(c) 7,855

NET

ASSETS

—

100.00%

$

27,971,858

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. (c) Percentage

rounds

to

less

than

0.1%.

North

Square

Altrinsic

International

Equity

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

96.1%

Belgium

—

1.7%

15,385

KBC

Group

N.V.

$

1,813,214

Bermuda

—

4.6%

17,214

AXIS

Capital

Holdings

Ltd.

1,696,956

9,620

Everest

Re

Group,

Ltd.

3,288,886

4,985,842

Canada

—

1.0%

7,905

Agnico

Eagle

Mines

Ltd.

1,139,664

Cayman

Islands

—

2.4%

104,001

Alibaba

Group

Holding

Ltd.

1,722,023

343,079

Sands

China

Ltd.

903,553

2,625,576

France

—

12.1%

74,005

Bureau

Veritas

SA

2,232,149

9,598

Capgemini

SE

1,364,917

18,571

Cia

Generale

de

Establissements

Michelin

SCA

672,423

19,017

Danone

1,587,065

12,048

Pernod

Ricard

SA

1,372,254

24,217

Sanofi

2,402,263

37,401

SCOR

SE

1,224,954

38,490

TotalEnergies

SE

2,416,085

13,272,110

Germany

—

10.4%

9,313

Adidas

AG

1,811,634

12,003

Bayerische

Motoren

Werke

AG

1,255,574

28,446

Daimler

Truck

Holding

AG

1,337,871

6,133

Deutsche

Boerse

AG

1,804,884

35,847

DHL

Group

1,633,583

11,620

Henkel

AG

&

Co.

KGaA

980,703

5,253

Siemens

AG

1,455,945

19,862

Siemens

Healthineers

AG

1,099,686

11,379,880

Hong

Kong

—

0.9%

75,607

Techtronic

Industries

Co.

Ltd.

977,785

India

—

1.5%

22,325

HDFC

Bank

Ltd.

-

ADR

1,588,647

Indonesia

—

0.8%

3,131,175

PT

Bank

Mandiri

(Persero)

Tbk

898,985

Ireland

—

8.1%

124,221

Bank

of

Ireland

Group

PLC

1,837,062

8,672

CRH

PLC

979,502

North

Square

Altrinsic

International

Equity

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

96.1%

(Continued)

Ireland

—

8.1%

(Continued)

3,667

Icon

PLC

(a) $

652,506

12,351

Kerry

Group

PLC,

Class

A

1,130,736

24,610

Medtronic

PLC

2,284,055

5,884

Willis

Towers

Watson

PLC

1,922,832

8,806,693

Israel

—

1.3%

7,585

Check

Point

Software

Technologies

Ltd.

(a) 1,464,967

Japan

—

13.3%

14,836

Daito

Trust

Construction

Co.,

Ltd.

1,578,597

138,096

Kubota

Corp.

1,596,543

60,928

MinebeaMitsumi

,

Inc.

1,038,204

73,033

Murata

Manufacturing

Co.

Ltd.

1,178,916

4,602

SMC

Corp.

1,408,368

94,976

Sony

Group

Corp.

2,595,591

94,833

Sumitomo

Mitsui

Trust

Holdings,

Inc.

2,698,632

183,073

Suzuki

Motor

Corp.

2,422,363

14,517,214

Korea (Republic

Of)

—

4.6%

22,506

Hana

Financial

Group,

Inc.

1,329,027

29,137

KB

Financial

Group,

Inc.

2,279,639

1,179

Samsung

Electronics

Co.

Ltd.

-

ADR

1,458,262

5,066,928

Mexico

—

3.6%

9,496

Fomento

Economico

Mexicano

,

SAB

de

CV

-

ADR

822,733

180,860

Grupo

Financiero

Banorte

SAB

de

CV

1,647,345

497,615

Wal-Mart

de

Mexico

SAB

de

CV

1,486,564

3,956,642

Netherlands

—

5.3%

24,378

Akzo

Nobel

N.V.

1,684,875

27,453

Heineken

N.V.

2,226,384

69,588

Koninklijke

Philips

N.V.

1,921,668

5,832,927

Norway

—

0.8%

33,268

DNB

Bank

Asa

876,513

South

Africa

—

0.6%

42,857

Standard

Bank

Group

Ltd.

602,938

Spain

—

1.2%

87,492

Bankinter

SA

1,305,553

Sweden

—

1.6%

84,854

Hexagon

AB

945,596

North

Square

Altrinsic

International

Equity

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

96.1%

(Continued)

Sweden

—

1.6%

(Continued)

31,407

Sandvik

AB

$

794,295

1,739,891

Switzerland

—

7.7%

13,097

Chubb

Ltd.

3,602,592

10,137

Nestle

S.A.

956,217

2,096

Roche

Holding

AG

683,452

21,114

Sandoz

Group

AG

1,324,877

2,476

Zurich

Insurance

Group

AG

1,809,328

8,376,466

United

Kingdom

—

12.7%

24,914

Admiral

Group

PLC

1,220,777

6,943

Aon

PLC,

Class

A

2,548,080

37,199

BP

PLC

-

ADR

1,310,521

55,082

Diageo

PLC

1,527,520

119,089

GSK

PLC

2,353,033

114,674

Haleon

PLC

564,296

165,935

Informa

PLC

1,954,482

16,826

Intertek

Group

PLC

1,067,144

72,201

Smith

&

Nephew

PLC

1,354,141

13,899,994

TOTAL

COMMON

STOCKS

(Cost

$87,999,410)

105,128,429

PREFERRED

STOCKS

—

1.7%

Brazil

—

1.7%

258,435

Itau

Unibanco

Holding

SA,

4.64%

1,835,002

TOTAL

PREFERRED

STOCKS

(Cost

$1,341,600)

1,835,002

SHORT-TERM

INVESTMENTS

—

1.8%

1,919,007

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(b) 1,919,007

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,919,007)

1,919,007

TOTAL

INVESTMENTS

—

99.6%

(Cost

$91,260,017)

108,882,438

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

—

0.5%

493,192

NET

ASSETS

—

100.0%

$

109,375,630

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. ADR

-

American

Depositary

Receipt.

North

Square

McKee

Bond

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

,

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

ASSET

BACKED

SECURITIES

—

3.1%

400,000

Aligned

Data

Centers

Issuer

LLC

2021-1

A2,

1.94%,

8/15/46

(a) $

389,051

6,331

Ally

Auto

Receivables

Trust

2022-2

A3,

4.76%,

5/17/27

6,336

388,905

Amur

Equipment

Finance

Receivables

X

2022-1

B,

2.20%,

1/20/28

(a) 387,980

10,000

BBCMS

Mortgage

Trust

2017-C1

A4,

3.67%,

2/15/50

9,837

68,572

BBCMS

Mortgage

Trust

2022-C14,

1.73%,

2/18/55

67,251

9,264

CarMax

Auto

Owner

Trust

2022-4

A3,

5.34%,

8/15/27

9,299

2,107

CarMax

Auto

Owner

Trust

2023-1

A3,

4.75%,

10/15/27

2,111

600,000

CarMax

Auto

Owner

Trust

2024-4

A3,

4.60%,

10/15/29

605,537

185,199

Dell

Equipment

Finance

Trust

2023-3

A3,

5.93%,

6/22/26

(a) 186,273

599,932

EQUS

2021

EQAZ

Mortgage

Trust,

5.38%,

10/15/36

(1MO

SOFR

+

102bps)

(a)(b) 599,916

5,000

Ford

Credit

Auto

Owner

Trust

2024-C,

4.07%,

7/15/29

5,007

400,000

GMF

Floorplan

Owner

Revolving

Trust,

4.64%,

3/15/30

(a) 405,902

278,000

Harley-Davidson

Motorcycle

Trust

2024-A,

5.37%,

3/15/29

281,395

520,000

NextGear

Floorplan

Master

Owner

Trust

2024-2

A2,

4.42%,

9/15/27

(a) 523,475

26,417

North

Mill

Equipment

Funding

2022-B

A2,

6.07%,

6/01/49

(a) 26,461

1,050,000

Toyota

Auto

Receivables

2024-C

Owner

Trust,

4.88%,

1/18/28

1,059,867

526,244

Tricon

Residential

2022-SFR2

Trust,

3.86%,

4/19/39

(a) 520,547

15,000

UBS

Commercial

Mortgage

Trust

2018-C8

A4,

3.98%,

2/15/51

14,842

465,000

Verizon

Master

Trust

2023-7

A1A,

5.67%,

11/20/26

475,152

2,016

World

Omni

Auto

Receivables

Trust

2023-B

A3,

4.66%,

5/15/28

2,020

TOTAL

ASSET

BACKED

SECURITIES

(Cost $5,555,140)

5,578,259

CORPORATE

BONDS

—

28.2%

COMMUNICATIONS

—

1.8%

CABLE

&

SATELLITE

—

0.3%

812,000

Comcast

Corp.,

3.25%,

11/01/39

639,820

ENTERTAINMENT

CONTENT

—

0.8%

765,000

Fox

Corp.,

6.50%,

10/13/33

832,999

769,000

Walt

Disney

Co.

(The),

3.50%,

5/13/40

635,472

1,468,471

INTERNET

MEDIA

&

SERVICES

—

0.1%

218,000

Meta

Platforms,

Inc.,

5.60%,

5/15/53

215,679

TELECOMMUNICATIONS

—

0.6%

108,000

AT&T,

Inc.,

4.35%,

3/01/29

108,480

1,227,000

Verizon

Communications,

Inc.,

2.65%,

11/20/40

870,567

979,047

CONSUMER

DISCRETIONARY

—

2.4%

AUTOMOTIVE

—

2.3%

518,000

American

Honda

Finance

Corp.,

2.00%,

3/24/28

491,341

1,065,000

American

Honda

Finance

Corp.,

4.80%,

3/05/30

1,087,336

301,000

BMW

Bank

of

North

America,

3.90%,

8/29/29

301,495

1,060,000

Ford

Motor

Co.,

Class

B,

3.25%,

2/12/32

909,074

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.2%

(Continued)

CONSUMER

DISCRETIONARY

—

2.4%

(continued)

AUTOMOTIVE

—

2.3%

(continued)

854,000

General

Motors

Financial

Co.,

Inc.,

5.35%,

1/07/30

$

873,755

474,000

Toyota

Motor

Credit

Corp.,

5.35%,

1/09/36

489,704

4,152,705

LEISURE

FACILITIES

&

SERVICES

—

0.1%

192,000

McDonald's

Corp.,

4.40%,

2/12/31

192,719

CONSUMER

STAPLES

—

1.7%

BEVERAGES

—

1.0%

426,000

Coca-Cola

Co.

(The),

1.65%,

6/01/30

382,469

441,000

Keurig

Dr

Pepper,

Inc.,

5.20%,

3/15/31

451,169

964,000

PepsiCo,

Inc.,

5.00%,

7/23/35

973,443

1,807,081

RETAIL

-

CONSUMER

STAPLES

—

0.1%

186,000

Walmart,

Inc.,

4.90%,

4/28/35

189,019

TOBACCO

&

CANNABIS

—

0.6%

732,000

BAT

Capital

Corp.,

5.35%,

8/15/32

753,956

292,000

Philip

Morris

International,

Inc.,

5.13%,

2/15/30

302,296

1,056,252

ENERGY

—

2.9%

OIL

&

GAS

PRODUCERS

—

2.9%

261,000

BP

Capital

Markets

America

Inc.,

4.89%,

9/11/33

262,597

712,000

Chevron

Corp.,

4.82%,

4/15/32

729,640

258,000

ConocoPhillips

Co.,

5.00%,

1/15/35

258,107

831,000

ConocoPhillips

Co.,

5.30%,

5/15/53

762,275

323,000

Energy

Transfer

L.P.,

3.75%,

5/15/30

313,238

76,000

Enterprise

Products

Operating

LLC,

4.80%,

2/01/49

65,742

1,125,000

Exxon

Mobil

Corp.,

4.33%,

3/19/50

932,260

317,000

ONEOK,

Inc.,

5.05%,

11/01/34

309,225

204,000

ONEOK,

Inc.,

5.70%,

11/01/54

186,257

738,000

Phillips

Co.,

5.25%,

6/15/31

764,795

560,000

TotalEnergies

Capital

SA,

5.49%,

4/05/54

533,568

5,117,704

FINANCIALS

—

9.8%

ASSET

MANAGEMENT

—

0.2%

349,864

United

Airlines

2023-1

Class

A

Pass

Through

Trust,

5.80%,

7/15/36

361,043

BANKING

—

6.5%

644,000

American

Express

National

Bank,

4.05%,

4/10/28

647,571

250,000

American

Express

National

Bank,

4.25%,

6/12/28

252,805

417,000

Bank

of

Nova

Scotia

(The),

5.13%,

2/14/31

(SOFRRATE

+

107bps)

(b) 429,190

592,000

Canadian

Imperial

Bank

of

Commerce,

5.26%,

4/08/29

613,026

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.2%

(Continued)

FINANCIALS

—

9.8%

(continued)

BANKING

—

6.5%

(continued)

676,000

Citigroup,

Inc.,

4.95%,

5/07/31

(b) $

688,931

510,000

HSBC

Holdings

PLC,

5.29%,

11/19/30

(b) 526,082

534,000

JPMorgan

Chase

&

Co.,

5.00%,

7/22/30

547,808

813,000

JPMorgan

Chase

&

Co.,

5.14%,

1/24/31

(SOFRRATE

+

90bps)

(b) 838,060

524,000

JPMorgan

Chase

&

Co.,

1.95%,

2/04/32

(b) 460,831

336,000

Morgan

Stanley,

1.59%,

5/04/27

(b) 329,796

358,000

Morgan

Stanley,

5.59%,

1/18/36

(b) 370,292

300,000

Morgan

Stanley

Bank

NA,

4.10%,

5/08/28

302,036

788,000

Morgan

Stanley

Bank

NA,

4.15%,

5/07/29

795,682

265,000

Morgan

Stanley

Private

Bank

NA,

4.10%,

5/08/28

266,799

695,000

Morgan

Stanley

Private

Bank

NA,

4.15%,

5/07/29

701,775

180,000

PNC

Financial

Services

Group

Inc.

(The),

6.88%,

10/20/34

(SOFRRATE

+

2bps)

(b) 202,176

925,000

Royal

Bank

of

Canada,

4.65%,

10/18/30

(SOFRINDEX

+

108bps)

(b) 933,351

353,000

Toronto-Dominion

Bank

(The),

4.86%,

1/31/28

359,037

244,000

Toronto-Dominion

Bank

(The),

4.78%,

12/17/29

249,439

369,000

U.S.

Bancorp,

Series

CC,

5.68%,

1/23/35

(SOFRRATE

+

186bps)

(b) 384,705

462,000

Wells

Fargo

&

Co.,

5.24%,

1/24/31

(SOFRRATE

+

111bps)

(b) 477,385

1,415,000

Wells

Fargo

Bank

NA,

4.25%,

3/11/27

1,422,785

11,799,562

INSTITUTIONAL

FINANCIAL

SERVICES

—

2.6%

993,000

Bank

of

New

York

Mellon

Corp.

(The),

5.06%,

7/22/32

(b) 1,023,255

1,000,000

Goldman

Sachs

Bank

USA,

4.30%,

3/11/27

1,005,825

381,000

Goldman

Sachs

Bank

USA,

5.41%,

5/21/27

(SOFRRATE

+

75bps)

(b) 383,841

1,340,000

Goldman

Sachs

Group,

Inc.

(The),

1.43%,

3/09/27

(b) 1,319,324

984,000

Goldman

Sachs

Group,

Inc.

(The),

1.99%,

1/27/32

(b) 864,536

4,596,781

SPECIALTY

FINANCE

—

0.5%

422,000

American

Express

Co.,

5.28%,

7/26/35

(SOFRRATE

+

142bps)

(b) 431,105

314,000

Capital

One

Financial

Corp.,

1.88%,

11/02/27

(b) 305,184

195,000

Capital

One

Financial

Corp.,

6.31%,

6/08/29

(b) 204,708

940,997

HEALTH

CARE

—

0.8%

BIOTECH

&

PHARMA

—

0.2%

420,000

Eli

Lilly

&

Co.,

5.00%,

2/09/54

385,232

HEALTH

CARE

FACILITIES

&

SERVICES

—

0.6%

226,000

Cigna

Group

(The),

2.38%,

3/15/31

202,724

263,000

UnitedHealth

Group,

Inc.,

2.30%,

5/15/31

234,975

393,000

UnitedHealth

Group,

Inc.,

5.15%,

7/15/34

399,444

122,000

UnitedHealth

Group,

Inc.,

5.38%,

4/15/54

112,722

949,865

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.2%

(Continued)

INDUSTRIALS

—

3.0%

AEROSPACE

&

DEFENSE

—

0.7%

324,000

Boeing

Co.

(The),

5.15%,

5/01/30

$

332,454

351,000

Lockheed

Martin

Corp.,

5.00%,

8/15/35

353,368

446,000

Lockheed

Martin

Corp.,

4.70%,

5/15/46

398,451

197,000

Northrop

Grumman

Corp.,

3.25%,

1/15/28

193,517

1,277,790

DIVERSIFIED

INDUSTRIALS

—

0.5%

888,000

Honeywell

International,

Inc.,

4.75%,

2/01/32

902,110

ELECTRICAL

EQUIPMENT

—

0.2%

299,000

Johnson

Controls

International

PLC,

5.50%,

4/19/29

311,839

MACHINERY

—

0.6%

526,000

Caterpillar,

Inc.,

5.20%,

5/15/35

539,227

478,000

Deere

&

Co.,

5.10%,

4/11/34

490,252

1,029,479

TRANSPORTATION

&

LOGISTICS

—

1.0%

472,892

BNSF

Railway

Co.

2015-1

Pass

Through

Trust,

3.44%,

6/16/28

(a) 460,530

1,097,000

Burlington

Northern

Santa

Fe

LLC,

4.55%,

9/01/44

968,272

4,000

Canadian

Pacific

Railway

Co.,

2.05%,

3/05/30

3,642

268,145

FedEx

Corp.

2020-1

Class

AA

Pass

Through

Trust,

1.88%,

2/20/34

234,706

10,099

Union

Pacific

Railroad

Co.

2005

Pass

Through

Trust,

5.08%,

1/02/29

10,187

155,401

Union

Pacific

Railroad

Co.

2014-1

Pass

Through

Trust,

3.23%,

5/14/26

154,287

1,831,624

REAL

ESTATE

—

0.3%

REAL

ESTATE

INVESTMENT

TRUSTS

—

0.3%

449,000

American

Tower

Corp.,

3.80%,

8/15/29

440,159

TECHNOLOGY

—

2.1%

SEMICONDUCTORS

—

0.8%

303,000

Broadcom,

Inc.,

4.35%,

2/15/30

303,940

861,000

Broadcom,

Inc.,

4.90%,

7/15/32

871,914

147,000

Intel

Corp.,

5.70%,

2/10/53

135,272

1,311,126

SOFTWARE

—

0.5%

334,000

Oracle

Corp.,

4.80%,

8/03/28

340,475

723,000

Oracle

Corp.,

3.60%,

4/01/40

573,571

914,046

TECHNOLOGY

HARDWARE

—

0.4%

632,000

Apple,

Inc.,

2.95%,

9/11/49

419,968

413,000

Cisco

Systems,

Inc.,

4.95%,

2/26/31

427,685

847,653

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.2%

(Continued)

TECHNOLOGY

—

2.1%

(continued)

TECHNOLOGY

SERVICES

—

0.4%

600,000

International

Business

Machines

Corp.,

4.15%,

5/15/39

$

529,311

250,000

International

Business

Machines

Corp.,

1.70%,

10/01/52

240,685

769,996

UTILITIES

—

3.4%

ELECTRIC

UTILITIES

—

3.4%

494,000

Alabama

Power

Co.,

3.45%,

10/01/49

349,941

129,000

Berkshire

Hathaway

Energy

Co.,

3.70%,

7/15/30

126,411

103,000

Consolidated

Edison

Company

of

New

York,

Inc.,

5.70%,

5/15/54

101,960

490,000

Dominion

Energy,

Inc.,

5.45%,

3/15/35

496,656

1,695,000

Duke

Energy

Carolinas

LLC,

5.30%,

2/15/40

1,699,623

342,000

Entergy

Corp.,

1.90%,

6/15/28

322,107

313,000

Florida

Power

&

Light

Co.,

5.30%,

6/15/34

323,846

472,000

Florida

Power

&

Light

Co.,

5.30%,

4/01/53

450,488

1,455,000

MidAmerican

Energy

Co.,

4.25%,

7/15/49

1,178,674

136,000

NextEra

Energy

Capital

Holdings,

Inc.,

2.25%,

6/01/30

124,038

193,000

Pacific

Gas

and

Electric

Co.,

4.55%,

7/01/30

191,241

862,000

Virginia

Electric

and

Power

Co.,

5.45%,

4/01/53

818,523

6,183,508

TOTAL

CORPORATE

BONDS

(Cost $50,277,650)

50,671,307

MORTGAGE-BACKED

SECURITIES

—

45.3%

14,150

Ellington

Financial

Mortgage

Trust

2020-01

A1

,

2.01%,

5/25/65

(a)(b) 14,083

260,415

Fannie

Mae

Pool

,

4.00%,

5/15/27

246,068

15,649

Fannie

Mae

Pool

,

5.00%,

11/01/29

15,843

18,747

Fannie

Mae

Pool

,

1.50%,

10/01/36

16,862

16,583

Fannie

Mae

Pool

,

2.50%,

4/01/37

15,464

86,051

Fannie

Mae

Pool

,

3.50%,

10/13/37

79,614

70,922

Fannie

Mae

Pool

,

3.50%,

12/01/37

69,168

6,184

Fannie

Mae

Pool

,

4.00%,

3/01/39

6,037

253,941

Fannie

Mae

Pool

,

3.00%,

1/01/40

237,249

43,249

Fannie

Mae

Pool

,

4.50%,

7/01/40

42,743

2,771

Fannie

Mae

Pool

,

4.00%,

9/01/40

2,702

56,147

Fannie

Mae

Pool

,

4.00%,

9/01/40

54,861

168,332

Fannie

Mae

Pool

,

2.50%,

10/01/40

151,452

235,589

Fannie

Mae

Pool

,

3.00%,

10/01/40

220,393

216,776

Fannie

Mae

Pool

,

2.00%,

11/01/40

189,045

152,751

Fannie

Mae

Pool

,

2.00%,

1/01/41

132,318

4,288

Fannie

Mae

Pool

,

4.00%,

1/01/41

4,180

20,696

Fannie

Mae

Pool

,

4.00%,

1/01/41

20,171

301,369

Fannie

Mae

Pool

,

1.50%,

3/01/41

251,062

186,077

Fannie

Mae

Pool

,

2.50%,

3/01/41

167,084

17,140

Fannie

Mae

Pool

,

2.00%,

7/01/41

14,738

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

385,964

Fannie

Mae

Pool

,

2.50%,

9/01/41

$

343,151

435,556

Fannie

Mae

Pool

,

2.50%,

10/01/41

387,243

5,300

Fannie

Mae

Pool

,

4.00%,

10/01/41

5,152

241,510

Fannie

Mae

Pool

,

2.50%,

11/01/41

214,418

931,824

Fannie

Mae

Pool

,

2.00%,

8/01/42

801,210

278,239

Fannie

Mae

Pool

,

3.50%,

9/01/42

263,489

156,841

Fannie

Mae

Pool

,

3.50%,

1/01/44

147,290

7,453

Fannie

Mae

Pool

,

4.00%,

3/01/45

7,176

26,331

Fannie

Mae

Pool

,

3.50%,

12/01/45

24,497

77,076

Fannie

Mae

Pool

,

3.00%,

4/01/46

69,029

150,311

Fannie

Mae

Pool

,

2.50%,

5/01/46

127,202

72,248

Fannie

Mae

Pool

,

3.50%,

6/01/46

67,028

2,446

Fannie

Mae

Pool

,

4.00%,

7/01/46

2,331

59,701

Fannie

Mae

Pool

,

3.00%,

10/01/46

53,306

49,912

Fannie

Mae

Pool

,

4.00%,

10/01/46

48,617

61,792

Fannie

Mae

Pool

,

3.00%,

11/01/46

56,479

18,431

Fannie

Mae

Pool

,

3.00%,

11/01/46

16,469

179,400

Fannie

Mae

Pool

,

5.00%,

11/01/46

182,528

145,066

Fannie

Mae

Pool

,

3.00%,

2/01/47

129,584

2,782

Fannie

Mae

Pool

,

4.50%,

3/01/47

2,730

841,699

Fannie

Mae

Pool

,

4.50%,

4/01/47

839,291

5,376

Fannie

Mae

Pool

,

3.50%,

5/01/47

5,018

3,713

Fannie

Mae

Pool

,

3.50%,

5/01/47

3,435

242,401

Fannie

Mae

Pool

,

2.50%,

12/01/47

207,746

38,888

Fannie

Mae

Pool

,

3.50%,

3/01/48

35,755

159,200

Fannie

Mae

Pool

,

2.50%,

4/01/48

136,334

86,690

Fannie

Mae

Pool

,

3.00%,

4/01/48

77,374

222,606

Fannie

Mae

Pool

,

3.50%,

8/01/48

203,750

6,298

Fannie

Mae

Pool

,

4.50%,

11/01/48

6,164

105,454

Fannie

Mae

Pool

,

3.00%,

12/01/48

94,177

13,874

Fannie

Mae

Pool

,

3.50%,

2/01/49

12,704

18,151

Fannie

Mae

Pool

,

3.50%,

6/01/49

16,806

18,113

Fannie

Mae

Pool

,

2.50%,

7/01/49

15,527

297,938

Fannie

Mae

Pool

,

3.50%,

7/01/49

272,549

392,916

Fannie

Mae

Pool

,

3.50%,

9/01/49

351,735

72,278

Fannie

Mae

Pool

,

3.00%,

12/01/49

63,729

17,182

Fannie

Mae

Pool

,

3.00%,

2/01/50

15,252

16,936

Fannie

Mae

Pool

,

3.00%,

2/01/50

15,148

233,746

Fannie

Mae

Pool

,

2.50%,

5/01/50

191,618

1,103,219

Fannie

Mae

Pool

,

2.50%,

6/01/50

935,195

37,855

Fannie

Mae

Pool

,

2.50%,

6/01/50

31,997

18,143

Fannie

Mae

Pool

,

3.00%,

6/01/50

15,918

205,006

Fannie

Mae

Pool

,

5.00%,

6/01/50

205,948

117,966

Fannie

Mae

Pool

,

2.50%,

10/01/50

99,952

16,885

Fannie

Mae

Pool

,

2.00%,

1/01/51

13,605

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

353,474

Fannie

Mae

Pool

,

2.50%,

2/01/51

$

296,662

313,521

Fannie

Mae

Pool

,

2.50%,

2/01/51

266,184

260,600

Fannie

Mae

Pool

,

2.00%,

3/01/51

211,072

20,804

Fannie

Mae

Pool

,

2.50%,

3/01/51

17,440

24,491

Fannie

Mae

Pool

,

2.00%,

5/01/51

19,619

23,452

Fannie

Mae

Pool

,

2.50%,

5/01/51

19,785

339,471

Fannie

Mae

Pool

,

2.50%,

6/01/51

287,005

629,340

Fannie

Mae

Pool

,

2.50%,

6/01/51

531,581

1,115,180

Fannie

Mae

Pool

,

2.50%,

7/01/51

939,322

654,903

Fannie

Mae

Pool

,

2.50%,

8/01/51

551,452

235,245

Fannie

Mae

Pool

,

2.50%,

10/01/51

196,194

25,385

Fannie

Mae

Pool

,

2.50%,

10/01/51

21,195

26,927

Fannie

Mae

Pool

,

3.00%,

11/01/51

23,637

24,632

Fannie

Mae

Pool

,

3.00%,

12/01/51

21,428

235,280

Fannie

Mae

Pool

,

2.00%,

1/01/52

189,611

236,782

Fannie

Mae

Pool

,

3.00%,

1/01/52

206,019

279,551

Fannie

Mae

Pool

,

3.50%,

1/01/52

254,092

567,118

Fannie

Mae

Pool

,

4.00%,

1/01/52

536,668

424,497

Fannie

Mae

Pool

,

2.00%,

2/01/52

345,099

515,003

Fannie

Mae

Pool

,

2.00%,

2/01/52

414,870

342,918

Fannie

Mae

Pool

,

3.00%,

2/01/52

300,071

310,102

Fannie

Mae

Pool

,

3.50%,

2/01/52

280,421

38,257

Fannie

Mae

Pool

,

2.00%,

3/01/52

30,920

22,582

Fannie

Mae

Pool

,

5.00%,

9/01/52

22,382

399,627

Fannie

Mae

Pool

,

5.00%,

11/01/52

396,939

255,278

Fannie

Mae

Pool

,

6.50%,

1/01/53

267,690

734,015

Fannie

Mae

Pool

,

4.50%,

4/01/53

707,853

528,319

Fannie

Mae

Pool

,

4.00%,

7/01/53

495,491

352,410

Fannie

Mae

Pool

,

6.00%,

9/01/53

365,046

475,079

Fannie

Mae

Pool

,

5.50%,

3/01/54

482,187

26,099

Fannie

Mae

Pool

,

5.50%,

8/01/54

26,457

363,461

Fannie

Mae

Pool

,

4.50%,

11/01/54

353,210

1,368,253

Fannie

Mae

Pool

,

6.00%,

3/01/55

1,405,512

55,189

Fannie

Mae

Pool

,

4.50%,

4/01/56

53,655

140,760

Fannie

Mae

Pool

,

4.00%,

7/01/56

131,864

284,755

Fannie

Mae

Pool

,

4.50%,

8/01/56

276,837

457,365

Fannie

Mae

Pool

,

5.50%,

9/01/56

472,015

5,772

Fannie

Mae

REMICS

,

1.25%,

1/25/28

5,607

1,695

Fannie

Mae

REMICS

,

5.50%,

1/25/32

1,700

63,249

Fannie

Mae

REMICS

,

4.00%,

4/25/33

63,053

2,274

Fannie

Mae

REMICS

,

5.00%,

8/25/35

2,322

228,000

Fannie

Mae

REMICS

,

3.50%,

10/25/37

223,307

27,540

Fannie

Mae

REMICS

,

2.00%,

12/25/41

25,785

92,183

Fannie

Mae

REMICS

,

3.50%,

2/25/43

88,238

238,451

Fannie

Mae

REMICS

,

3.00%,

6/25/43

234,753

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

416,972

Fannie

Mae

REMICS

,

5.50%,

6/25/44

$

422,067

85,274

Fannie

Mae

REMICS

,

2.00%,

10/25/44

78,250

919,464

Fannie

Mae

REMICS

,

6.00%,

10/25/44

961,718

42,784

Fannie

Mae

REMICS

,

3.00%,

4/25/45

40,977

62,678

Fannie

Mae

REMICS

,

3.50%,

9/25/48

60,599

37,578

Fannie

Mae

REMICS

,

5.50%,

1/25/49

38,559

4,844

Fannie

Mae

REMICS

,

3.00%,

2/25/49

4,506

51,955

Fannie

Mae

REMICS

,

3.00%,

7/25/49

47,512

150,561

Fannie

Mae

REMICS

,

2.00%,

3/25/50

126,666

508,502

Fannie

Mae

REMICS

,

2.00%,

7/25/50

429,601

9,156

Fannie

Mae

REMICS

,

1.00%,

2/25/51

7,003

436,438

Fannie

Mae

REMICS

,

5.00%,

7/25/51

441,472

326,443

Fannie

Mae

REMICS

,

5.00%,

1/25/53

325,802

124,909

Fannie

Mae

REMICS

,

3.50%,

6/25/53

118,487

299,133

Fannie

Mae

REMICS

2024-11

,

5.00%,

2/25/51

298,713

9,259

Fannie

Mae

Trust,

Series

2003-W8,

Class

3F2

,

4.81%,

5/25/42

(SOFR

NYF

30D

+

46bps)

(b) 9,237

810,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.70%,

3/05/29

812,052

833,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.97%,

1/15/30

834,479

2,832,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.11%,

7/15/32

2,835,765

623,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.34%,

1/28/33

623,339

852,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.94%,

3/03/33

857,207

1,906,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.09%,

3/11/33

1,902,755

1,658,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.11%,

3/25/33

1,652,543

500,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

4.72%,

4/14/33

497,306

1,376,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.27%,

6/23/33

1,380,256

309,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

5.25%,

3/03/34

309,292

550,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

1.95%,

5/14/35

433,327

935,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

1.74%,

2/01/36

700,539

452,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

2.37%,

3/18/41

318,084

292,000

Federal

Farm

Credit

Banks

Funding

Corp.

,

2.50%,

7/29/41

207,744

850,000

Federal

Home

Loan

Banks

,

4.84%,

3/06/30

851,720

1,750,000

Federal

Home

Loan

Banks

,

4.54%,

4/17/30

1,750,233

805,000

Federal

Home

Loan

Banks

,

5.19%,

2/25/32

807,804

450,000

Federal

Home

Loan

Banks

,

5.35%,

6/12/34

452,346

1,760,000

Federal

Home

Loan

Banks

,

5.38%,

4/09/35

1,764,946

910,000

Federal

Home

Loan

Banks

,

5.75%,

12/27/35

910,040

625,000

Federal

Home

Loan

Banks

,

1.90%,

2/25/36

475,665

1,440,000

Federal

Home

Loan

Banks

,

2.00%,

2/26/36

1,107,711

470,000

Federal

Home

Loan

Banks

,

2.15%,

2/25/41

320,197

1,204,000

Federal

Home

Loan

Mortgage

Corp.

,

1.72%,

9/22/36

888,147

449,000

Federal

Home

Loan

Mortgage

Corp.

,

2.00%,

10/29/40

301,955

2,450,000

Federal

National

Mortgage

Association

,

1.60%,

8/24/35

1,848,210

2,534,000

Federal

National

Mortgage

Association

,

1.63%,

9/14/35

1,934,843

17,107

Freddie

Mac

Gold

Pool

,

4.00%,

1/01/41

16,695

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

31,717

Freddie

Mac

Gold

Pool

,

3.00%,

11/01/42

$

29,043

66,145

Freddie

Mac

Gold

Pool

,

3.50%,

12/01/42

62,395

5,225

Freddie

Mac

Gold

Pool

,

3.00%,

11/01/46

4,671

204,507

Freddie

Mac

Gold

Pool

,

3.00%,

12/01/46

182,993

1,075,874

Freddie

Mac

Gold

Pool

,

3.00%,

12/01/46

962,269

113,059

Freddie

Mac

Gold

Pool

,

3.00%,

1/01/47

101,106

461,556

Freddie

Mac

Pool

,

2.50%,

3/15/28

390,427

236,736

Freddie

Mac

Pool

,

3.50%,

6/15/29

215,807

237,547

Freddie

Mac

Pool

,

3.00%,

7/01/38

225,093

331,795

Freddie

Mac

Pool

,

3.00%,

9/01/39

312,005

134,994

Freddie

Mac

Pool

,

2.50%,

4/01/42

119,104

3,517

Freddie

Mac

Pool

,

3.50%,

8/01/49

3,217

21,280

Freddie

Mac

Pool

,

3.00%,

2/01/50

19,424

7,145

Freddie

Mac

Pool

,

2.50%,

5/01/50

5,857

117,956

Freddie

Mac

Pool

,

2.00%,

8/01/50

95,419

212,772

Freddie

Mac

Pool

,

2.50%,

11/01/50

178,523

180,544

Freddie

Mac

Pool

,

2.50%,

12/01/50

152,631

282,763

Freddie

Mac

Pool

,

2.00%,

2/01/51

226,689

606,397

Freddie

Mac

Pool

,

2.50%,

3/01/51

512,692

32,115

Freddie

Mac

Pool

,

2.50%,

5/01/51

27,297

23,307

Freddie

Mac

Pool

,

2.50%,

6/01/51

19,520

40,620

Freddie

Mac

Pool

,

3.50%,

7/01/51

37,131

408,816

Freddie

Mac

Pool

,

2.50%,

9/01/51

346,373

876,935

Freddie

Mac

Pool

,

3.50%,

9/01/51

811,227

371,032

Freddie

Mac

Pool

,

2.00%,

11/01/51

296,908

424,284

Freddie

Mac

Pool

,

3.00%,

12/01/51

371,130

199,069

Freddie

Mac

Pool

,

2.50%,

2/01/52

166,908

663,139

Freddie

Mac

Pool

,

3.00%,

8/01/52

581,491

459,823

Freddie

Mac

Pool

,

5.00%,

12/01/52

464,168

501,851

Freddie

Mac

Pool

,

6.00%,

2/01/53

519,156

318,511

Freddie

Mac

Pool

,

6.00%,

5/01/53

326,816

246,602

Freddie

Mac

Pool

,

5.50%,

6/01/53

249,668

378,987

Freddie

Mac

Pool

,

5.00%,

7/01/53

379,625

18,693

Freddie

Mac

Pool

,

6.00%,

8/01/53

19,272

391,814

Freddie

Mac

Pool

,

5.50%,

9/01/53

399,412

19,059

Freddie

Mac

Pool

,

6.50%,

11/01/53

19,934

12,947

Freddie

Mac

Pool

,

5.00%,

4/01/54

12,812

193,689

Freddie

Mac

Pool

,

5.50%,

11/01/54

195,994

17,540

Freddie

Mac

REMICS

,

3.50%,

8/15/27

17,471

23,007

Freddie

Mac

REMICS

,

3.00%,

8/15/40

22,876

9,524

Freddie

Mac

REMICS

,

2.00%,

12/15/41

9,045

17,631

Freddie

Mac

REMICS

,

2.00%,

6/25/42

16,784

27,287

Freddie

Mac

REMICS

,

3.00%,

5/15/43

26,765

5,046

Freddie

Mac

REMICS

,

3.00%,

11/15/43

5,006

91,630

Freddie

Mac

REMICS

,

2.00%,

3/25/44

87,084

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

118,695

Freddie

Mac

REMICS

,

3.00%,

8/15/44

$

115,418

234,796

Freddie

Mac

REMICS

,

2.00%,

5/25/46

211,089

234,077

Freddie

Mac

REMICS

,

3.00%,

6/25/48

218,407

558,834

Freddie

Mac

REMICS

,

2.50%,

10/25/48

513,163

731,538

Freddie

Mac

REMICS

,

1.50%,

2/25/49

593,823

101,472

Freddie

Mac

REMICS

,

1.00%,

4/25/49

83,818

1,301,499

Freddie

Mac

REMICS

,

5.50%,

9/25/49

1,321,777

45,963

Freddie

Mac

REMICS

,

1.00%,

1/25/50

34,595

342,116

Freddie

Mac

REMICS

,

1.00%,

9/25/50

267,951

17,511

Freddie

Mac

REMICS

,

0.75%,

12/25/50

13,359

39,482

Freddie

Mac

REMICS

,

2.00%,

1/25/51

32,547

508,168

Freddie

Mac

REMICS

,

5.50%,

11/25/51

515,959

132,272

Freddie

Mac

REMICS

,

3.25%,

4/15/53

129,102

24,905

Freddie

Mac

REMICS

,

3.00%,

1/15/55

24,156

64,686

Freddie

Mac

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2021-2,

2.00%,

11/25/60

56,620

72,758

Freddie

Mac

Structured

Pass-Through

Certificates

,

5.37%,

7/25/44

(12MTA

+

140bps)

(b) 70,474

11,558

Freddie

Mac

Structured

Pass-Through

Certificates

,

5.17%,

10/25/44

(12MTA

+

120bps)

(b) 10,610

242,012

Ginnie

Mae

I

Pool

,

3.00%,

8/15/45

217,109

18,175

Ginnie

Mae

II

Pool

,

3.50%,

4/20/27

18,058

6,667

Ginnie

Mae

II

Pool

,

3.50%,

7/20/27

6,609

391,745

Ginnie

Mae

II

Pool

,

3.50%,

12/20/34

380,703

1,900

Ginnie

Mae

II

Pool

,

5.00%,

6/20/48

1,921

42,482

Ginnie

Mae

II

Pool

,

5.00%,

7/20/48

42,888

359,779

Ginnie

Mae

II

Pool

,

3.50%,

1/20/50

330,239

223,645

Ginnie

Mae

II

Pool

,

2.50%,

12/20/50

188,973

1,088,035

Ginnie

Mae

II

Pool

,

2.00%,

2/20/51

865,583

2,542,617

Ginnie

Mae

II

Pool

,

2.00%,

3/20/51

2,051,297

769,907

Ginnie

Mae

II

Pool

,

2.00%,

4/20/51

612,494

1,359,188

Ginnie

Mae

II

Pool

,

2.50%,

6/20/51

1,133,772

424,127

Ginnie

Mae

II

Pool

,

2.50%,

9/20/51

358,119

723,061

Ginnie

Mae

II

Pool

,

3.00%,

3/20/52

630,872

960,870

Ginnie

Mae

II

Pool

,

3.50%,

3/20/52

878,110

371,424

Ginnie

Mae

II

Pool

,

4.00%,

7/20/52

342,473

328,086

Ginnie

Mae

II

Pool

,

3.50%,

6/20/53

300,837

305,551

Ginnie

Mae

II

Pool

,

5.50%,

9/01/53

(b) 310,064

455,708

Ginnie

Mae

II

Pool

,

6.00%,

9/20/53

468,570

804,699

Ginnie

Mae

II

Pool

,

3.00%,

12/20/53

695,839

371,254

Government

National

Mortgage

Association

,

5.50%,

11/20/33

380,853

3,597

Government

National

Mortgage

Association

,

5.50%,

8/20/35

3,707

887

Government

National

Mortgage

Association

,

4.00%,

5/20/39

873

109,861

Government

National

Mortgage

Association

,

6.00%,

3/20/42

110,692

62,994

Government

National

Mortgage

Association

,

2.75%,

6/20/42

61,275

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

45.3%

(Continued)

4,262

Government

National

Mortgage

Association

,

2.25%,

9/16/44

$

4,163

20,061

Government

National

Mortgage

Association

,

6.00%,

11/20/44

20,412

507,053

Government

National

Mortgage

Association

,

2.00%,

3/20/45

466,431

4,624

Government

National

Mortgage

Association

,

2.50%,

10/20/45

4,564

136,982

Government

National

Mortgage

Association

,

2.50%,

9/20/46

132,146

15,258

Government

National

Mortgage

Association

,

5.00%,

8/20/47

15,301

304,940

Government

National

Mortgage

Association

,

2.00%,

3/20/50

258,559

111,534

Government

National

Mortgage

Association

,

1.00%,

8/20/50

85,764

133,489

Government

National

Mortgage

Association

,

1.25%,

5/20/51

104,502

1,415,352

Government

National

Mortgage

Association

,

1.75%,

9/20/51

1,234,963

26,515

Government

National

Mortgage

Association

,

3.50%,

1/20/52

25,803

14,113

Government

National

Mortgage

Association

,

5.00%,

7/20/53

14,267

833,754

Government

National

Mortgage

Association

2022-189

PT

,

2.50%,

10/20/51

698,810

291,777

Government

National

Mortgage

Association

2024-020

,

5.50%,

2/20/54

297,678

441,667

Government

National

Mortgage

Association

2024-65

NB

,

5.50%,

2/20/48

444,109

540,000

Government

National

Mortgage

Association

2024-8

JL

,

5.00%,

1/20/54

538,400

413,000

Morgan

Stanley

Capital

I

Trust

2016-UBS12

,

3.60%,

12/17/49

405,012

337,000

Morgan

Stanley

Capital

I

Trust

2016-UBS9

,

3.59%,

3/17/49

334,607

925,000

PSMC

2020-3

Trust

,

3.00%,

11/25/50

(a)(b) 765,117

334,000

UBS

Commercial

Mortgage

Trust

,

2.92%,

10/18/52

314,632

64,118

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2021-SAVE,

5.73%,

2/15/40

(1MO

SOFR

+

136bps)

(a)(b) 64,142

160,000

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-C35,

2.93%,

7/17/48

157,559

351,000

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2017-RB1,

3.64%,

3/15/50

340,797

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost $83,188,838)

81,597,186

NON

U.S.

GOVERNMENT

&

AGENCIES

—

1.3%

SUPRANATIONAL

—

0.9%

730,000

International

Bank

for

Reconstruction

&

Development,

4.63%,

7/18/28

730,277

900,000

International

Bank

for

Reconstruction

&

Development,

4.70%,

11/8/34

900,193

1,630,470

SOVEREIGN

—

0.4%

766,000

Mexico

Government

International

Bond,

7.38%,

5/13/55

805,449

TOTAL

NON

U.S.

GOVERNMENT

&

AGENCIES

(Cost $2,390,392)

2,435,919

U.S.

GOVERNMENT

&

AGENCIES

—

19.9%

GOVERNMENT

SPONSORED

—

0.5%

1,077,000

Resolution

Funding

Corp.

Principal

"Strips",

0.00 %

,

1/15/30

909,411

U.S.

TREASURY

BONDS

—

10.0%

3,405,000

United

States

Treasury

Bond,

2.75 %

,

11/15/42

2,574,632

3,295,000

United

States

Treasury

Bond,

4.00 %

,

11/15/52

2,828,680

1,350,000

United

States

Treasury

Bond,

4.63 %

,

2/15/55

1,287,141

1,926,000

United

States

Treasury

Note,

3.75 %

,

12/31/28

1,934,991

3,510,000

United

States

Treasury

Note/Bond,

4.75 %

,

2/15/45

3,458,995

North

Square

McKee

Bond

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

U.S.

GOVERNMENT

&

AGENCIES

—

19.9%

(Continued)

4,851,000

United

States

Treasury

Note/Bond,

3.13 %

,

5/15/48

$

3,633,702

2,536,000

United

States

Treasury

Note/Bond,

4.50 %

,

11/15/54

2,367,891

18,086,032

U.S.

TREASURY

NOTES

—

9.4%

627,000

United

States

Treasury

Note,

4.25 %

,

5/15/35

629,008

2,065,000

United

States

Treasury

Note,

4.25 %

,

8/15/35

2,069,356

2,051,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/31/27

2,059,653

2,753,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/15/28

2,774,615

4,626,000

United

States

Treasury

Note/Bond,

3.88 %

,

7/31/30

4,663,948

3,167,000

United

States

Treasury

Note/Bond,

4.00 %

,

7/31/32

3,181,845

978,000

United

States

Treasury

Note/Bond,

4.75 %

,

5/15/55

951,716

460,000

United

States

Treasury

Note/Bond,

4.75 %

,

8/15/55

447,997

16,778,138

TOTAL

U.S.

GOVERNMENT

&

AGENCIES

(Cost $35,983,672)

35,773,581

Sh

ar

e

s

SHORT-TERM

INVESTMENTS

—

1.4%

2,469,162

First

American

Treasury

Obligations

Fund,

Class

X,

4.20%

(c) 2,469,162

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,469,162)

2,469,162

TOTAL

INVESTMENTS

—

99.2%

(Cost

$179,864,854)

$

178,525,414

Other

Assets

in

Excess

of

Liabilities

—

0.8%

1,404,978

NET

ASSETS

—

100.00%

$

179,930,392

(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

August

31,

2025

the

total

market

value

of

144A

securities

is

$4,343,477

or

2.4%

of

net

assets.

(b) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

August

31,

2025. 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) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. REMIC

Real

Estate

Mortgage

Investment

Conduit

North

Square

Strategic

Income

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

5.0%

MATERIALS

—

5.0%

METALS

&

MINING

—

5.0%

35,434

Agnico

Eagle

Mines

Ltd.

$

5,108,520

154,890

Alamos

Gold,

Inc.,

Class

A

4,716,400

259,233

Kinross

Gold

Corp.

5,417,970

906,740

New

Gold,

Inc.

(a) 5,349,766

423,384

Orla

Mining

Ltd.

(a) 4,682,627

310,251

Wesdome

Gold

Mines,

Ltd.

(a) 4,120,133

29,395,416

TOTAL MATERIALS

29,395,416

TOTAL

COMMON

STOCKS

(Cost $21,451,187)

29,395,416

PREFERRED

STOCKS

—

0.3%

FINANCIALS

—

0.3%

BANKING

—

0.3%

75,000

Citizens

Financial

Group,

Inc.,

–%

(a) 1,891,500

TOTAL

FINANCIALS

(Cost $1,899,000)

1,891,500

TOTAL

PREFERRED

STOCKS

(Cost $1,899,000)

1,891,500

EXCHANGE-TRADED

FUNDS

—

0.9%

200,800

North

Square

RCIM

Tax-Advantaged

Preferred

&

Income

Securities

ETF

(b) 5,114,718

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost $5,066,512)

5,114,718

P

ri

nc

i

p

al

Amo

u

nt

($)

ASSET

BACKED

SECURITIES

—

14.4%

784,029

Aegis

Asset

Backed

Securities

Trust

2005-2,

5.16%,

6/25/35

(TSFR1M

+

83bps)

(c) 752,757

78,275

Ameriquest

Mortgage

Securities,

Inc.,

2004-R2,

5.08%,

4/25/34

(TSFR1M

+

76bps)

(c) 78,145

5,720,000

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

2025-1A

A2,

6.72%,

6/07/55

(d) 5,795,430

3,880,708

BXP

Trust

2017-CQHP,

5.26%,

11/15/34

(TSFR1M

+

90bps)

(c)(d) 3,754,699

2,261,699

Citigroup

Commercial

Mortgage

Trust

2014-GC23,

4.59%,

7/10/47

(c)(d) 2,162,608

26,130,000

Citigroup

Commercial

Mortgage

Trust

2015-101A,

1.10%,

1/14/43

(c)(d) 2,035,187

72,000,000

Citigroup

Commercial

Mortgage

Trust

2020-555,

0.74%,

12/10/29

(c)(d) 2,100,031

3,640,895

COMM

2010-C1

Mortgage

Trust,

5.79%,

7/10/46

(c)(d) 3,599,196

3,011,391

COMM

2013-CCE11

Mortgage

Trust,

4.46%,

8/10/50

(c)(d) 2,860,339

350,000

COMM

2013-CCRE7

Mortgage

Trust,

4.24%,

3/10/46

(c)(d) 326,987

1,770,145

COMM

2015-CCRE23

Mortgage

Trust,

4.22%,

5/10/48

(c) 1,721,602

5,037,000

CyrusOne

Data

Centers

Issuer

I

2024-2

A2,

4.50%,

5/20/29

(d) 4,965,520

516,812

FBR

Securitization

Trust

2005-5

M2,

5.14%,

11/26/35

(TSFR1M

+

82bps)

(c) 513,441

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

ASSET

BACKED

SECURITIES

—

14.4%

(Continued)

3,000,000

GS

Mortgage

Securities

Trust

2015-GC32

E,

4.50%,

7/10/48

(c)(d) $

2,897,842

3,570,000

HI-FI

Music

IP

Issuer

LP

2022-1

A2,

3.94%,

2/01/62

(d) 3,512,573

4,571,377

HomeBanc

Mortgage

Trust

2005-3

M4,

5.44%,

7/25/35

(c) 4,598,670

113,992

HSI

Asset

Securitization

Corporation

Trust

2006-OPT3,

4.98%,

2/25/36

(TSFR1M

+

65bps)

(c) 112,969

825,132

Impac

CMB

Trust

Series

2005-4,

4.87%,

5/25/35

(TSFR1M

+

54bps)

(c) 789,478

4,342,206

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

2012-WLDN,

3.91%,

5/05/30

(d) 4,169,430

3,648,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C10,

4.10%,

12/15/47

(c) 3,425,928

2,970,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

2019-MFP,

6.57%,

7/15/36

(TSFR1M

+

221bps)

(c)(d) 2,327,135

61,043

JPMorgan

Mortgage

Acquisition

Trust

2006-CH1,

4.92%,

7/25/36

(TSFR1M

+

59bps)

(c) 61,001

273,742

JPMorgan

Mortgage

Acquisition

Trust

2007-CH3,

4.70%,

3/25/37

(TSFR1M

+

37bps)

(c) 271,128

3,580,000

Kapitus

Asset

Securitization

IV

LLC

2024-1,

5.49%,

9/10/31

(d) 3,603,456

653,941

Long

Beach

Mortgage

Loan

Trust

2005-1,

5.71%,

2/25/35

(TSFR1M

+

139bps)

(c) 641,885

5,000,000

Lyra

Music

Assets

Delaware

LP

2025-1

A2,

5.60%,

9/20/65

(d) 5,069,935

3,024,487

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2012-C5,

4.65%,

8/15/45

(c)(d) 2,968,382

2,072,014

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2013-C7

C,

4.04%,

2/15/46

(c) 1,971,194

2,211,937

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C17,

3.50%,

8/15/47

(d) 2,156,283

491,178

Morgan

Stanley

Capital

I

Trust

2011-C2,

5.21%,

6/15/44

(c)(d) 487,761

2,500,000

Morgan

Stanley

Capital

I

Trust

2011-C2,

5.21%,

6/15/44

(c)(d) 2,385,106

2,800,000

Morgan

Stanley

Capital

I

Trust

2014-150E,

3.91%,

9/09/32

(d) 2,547,795

261,164

Renaissance

Home

Equity

Loan

Trust

2005-3,

5.14%,

11/25/35

261,112

251,000,000

RIDE

2025-SHRE

XCP,

0.28%,

2/14/47

(c)(d) 2,671,343

2,475,254

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC18

C,

4.19%,

12/15/47

(c) 2,409,090

4,448,000

Wells

Fargo

Commercial

Mortgage

Trust

2017-SMP,

5.26%,

12/15/34

(c)(d) 4,142,192

TOTAL

ASSET

BACKED

SECURITIES

(Cost $84,020,487)

84,147,630

CORPORATE

BONDS

—

28.4%

COMMUNICATIONS

—

3.2%

ENTERTAINMENT

CONTENT

—

0.5%

3,100,000

Paramount

Global,

6.25%,

2/28/57

(c) 3,019,929

TELECOMMUNICATIONS

—

2.7%

4,000,000

Bell

Canada,

7.00%,

9/15/55

(H15T5Y

+

236bps)

(c) 4,101,140

5,775,000

Rogers

Communications,

Inc.,

7.13%,

4/15/55

(H15T5Y

+

262bps)

(c) 5,997,790

5,700,000

TELUS

Corp.,

6.63%,

10/15/55

(c) 5,800,457

15,899,387

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.4%

(Continued)

CONSUMER

DISCRETIONARY

—

0.7%

AUTOMOTIVE

—

0.7%

4,416,000

General

Motors

Financial

Co.,

Inc.,

5.75%,

3/30/66

(c)(e) $

4,324,926

ENERGY

—

2.6%

OIL

&

GAS

PRODUCERS

—

2.6%

2,050,000

Enbridge,

Inc.,

7.20%,

6/27/54

(H15T5Y

+

297bps)

(c) 2,136,822

500,000

Energy

Transfer

LP,

6.50%,

2/15/56

(H15T5Y

+

268bps)

(c) 497,991

2,000,000

Energy

Transfer

LP,

6.75%,

2/15/56

(H15T5Y

+

248bps)

(c) 1,995,199

2,500,000

Energy

Transfer

LP,

7.13%,

5/15/70

(c)(e) 2,571,705

3,000,000

Energy

Transfer

LP,

6.63%,

2/15/72

(US0003M

+

416bps)

(c)(e) 2,988,088

5,000,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.,

7.50%,

3/01/55

(c) 5,229,085

15,418,890

FINANCIALS

—

10.3%

ASSET

MANAGEMENT

—

0.9%

805,000

Charles

Schwab

Corp.

(The),

4.00%,

12/31/49

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3bps)

(c)(e) 737,038

1,000,000

UBS

Group

AG,

7.00%,

12/31/49

(USISSO05

+

308bps)

(c)(d)(e)

1,016,914

4,000,000

UBS

Group

AG,

4.38%,

8/10/71

(c)(e) 3,596,384

5,350,336

BANKING

—

7.1%

5,000,000

Bank

of

America

Corp.,

5.88%,

3/15/49

(c)(e) 5,063,550

500,000

Bank

of

America

Corp.,

6.63%,

12/31/49

(c)(e) 516,004

3,000,000

BNP

Paribas

SA,

7.45%,

12/31/49

(H15T5Y

+

3bps)

(c)(d)(e)

3,069,185

6,000,000

Citigroup,

Inc.,

6.95%,

2/15/80

(H15T5Y

+

273bps)

(c)(e) 6,107,352

6,000,000

Citizens

Financial

Group,

Inc.,

4.00%,

10/06/71

(c)(e) 5,878,217

4,343,000

Fifth

Third

Bancorp,

4.50%,

12/31/49

(H15T5Y

+

422bps)

(c)(e) 4,339,437

4,800,000

HSBC

Holdings

PLC,

7.05%,

12/31/49

(H15T5Y

+

3bps)

(c)(e) 4,963,771

4,385,000

ING

Groep

NV,

3.88%,

10/16/69

(H15T5Y

+

286bps)

(c)(e) 4,180,289

2,700,000

KeyCorp,

4.89%,

12/15/65

(c)(e) 2,675,824

2,000,000

Svenska

Handelsbanken

AB,

4.75%,

3/01/71

(c)(e) 1,879,102

2,900,000

Truist

Financial

Corp.,

4.95%,

12/01/71

(c)(e) 2,893,767

41,566,498

INSTITUTIONAL

FINANCIAL

SERVICES

—

0.5%

3,000,000

CenterPoint

Energy,

Inc.,

6.85%,

2/15/55

(H15T5Y

+

295bps)

(c) 3,151,962

INSURANCE

—

0.9%

5,000,000

MetLife,

Inc.,

3.85%,

3/15/26

(c)(e) 4,990,575

SPECIALTY

FINANCE

—

0.9%

2,000,000

AerCap

Ireland

Capital

DAC,

6.50%,

1/31/56

(c) 2,062,418

3,000,000

Capital

One

Financial

Corp.,

3.95%,

12/01/70

(c)(e) 2,943,502

5,005,920

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

28.4%

(Continued)

MATERIALS

—

0.8%

CHEMICALS

—

0.8%

4,250,000

FMC

Corp.,

8.45%,

11/01/55

(c) $

4,450,961

UTILITIES

—

10.8%

ELECTRIC

UTILITIES

—

10.0%

5,467,000

Algonquin

Power

&

Utilities,

Corp.,

4.75%,

1/18/82

(c) 5,321,319

6,000,000

American

Electric

Power

Co.,

Inc.,

6.95%,

12/15/54

(H15T5Y

+

268bps)

(c) 6,393,936

2,250,000

CMS

Energy

Corp.,

4.75%,

6/01/50

(H15T5Y

+

412bps)

(c) 2,178,971

2,000,000

CMS

Energy

Corp.,

6.50%,

6/01/55

(H15T5Y

+

196bps)

(c) 2,045,086

3,500,000

Dominion

Energy,

Inc.,

6.88%,

2/01/55

(H15T5Y

+

239bps)

(c) 3,661,202

3,000,000

Dominion

Energy,

Inc.,

6.00%,

2/15/56

(H15T10Y

+

226bps)

(c) 3,030,457

4,500,000

Duke

Energy

Corp.,

6.45%,

9/01/54

(H15T5Y

+

259bps)

(c) 4,670,424

4,436,000

Emera,

Inc.,

6.75%,

6/15/76

(c) 4,474,939

2,000,000

Exelon

Corp.,

6.50%,

3/15/55

(H15T5Y

+

198bps)

(c) 2,067,247

5,500,000

NextEra

Energy

Capital

Holdings,

Inc.,

6.50%,

8/15/55

(H15T5Y

+

198bps)

(c) 5,774,434

2,000,000

NiSource,

Inc.,

6.38%,

3/31/55

(H15T5Y

+

253bps)

(c) 2,058,792

4,000,000

NRG

Energy,

Inc.,

10.25%,

12/31/49

(H15T5Y

+

592bps)

(c)(d)(e)

4,412,096

6,400,000

Southern

Co.

(The),

6.38%,

3/15/55

(c) 6,712,538

5,040,000

Vistra

Corp.,

8.88%,

12/31/49

(H15T5Y

+

505bps)

(c)(d)(e)

5,495,047

58,296,488

GAS

&

WATER

UTILITIES

—

0.8%

4,550,000

AltaGas

Ltd.,

7.20%,

10/15/54

(H15T5Y

+

357bps)

(c)(d) 4,621,976

TOTAL

CORPORATE

BONDS

(Cost $159,956,915)

166,097,848

MORTGAGE-BACKED

SECURITIES

—

42.5%

3,000,000

BXHPP

Trust

2021-FILM

,

5.13%,

8/15/36

(1

MO

SOFR

+

77bps)

(c)(d) 2,902,399

5,017,926

Fannie

Mae

Pool

,

3.50%,

10/01/51

4,545,037

8,700,135

Fannie

Mae

Pool

,

2.50%,

12/01/51

7,260,358

3,336,292

Fannie

Mae

Pool

,

3.00%,

12/01/51

2,897,970

2,394,850

Fannie

Mae

Pool

,

2.50%,

5/01/52

2,008,755

8,798,949

Fannie

Mae

Pool

,

2.50%,

6/01/52

7,357,504

1,900,806

Fannie

Mae

Pool

,

3.00%,

7/01/52

1,651,205

2,271,900

Fannie

Mae

Pool

,

5.00%,

7/01/52

2,252,633

4,264,936

Fannie

Mae

Pool

,

4.50%,

11/01/52

4,117,400

2,570,071

Fannie

Mae

Pool

,

5.00%,

6/01/53

2,552,381

7,091,131

Fannie

Mae

Pool

,

5.50%,

6/01/53

7,210,242

7,369,749

Fannie

Mae

Pool

,

5.50%,

10/01/53

7,456,073

844,526

Fannie

Mae

Pool

,

6.00%,

10/01/53

869,492

3,721,644

Fannie

Mae

Pool

,

6.00%,

10/01/53

3,805,666

3,800,772

Fannie

Mae

Pool

,

6.00%,

1/01/54

3,891,634

4,827,237

Fannie

Mae

Pool

,

5.50%,

5/01/54

4,876,312

4,498,669

Fannie

Mae

Pool

,

4.50%,

8/01/54

4,353,530

1,034,186

Fannie

Mae

Pool

,

6.00%,

11/01/54

1,061,117

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

42.5%

(Continued)

8,330,896

Fannie

Mae

Pool

,

4.00%,

1/01/55

$

7,780,749

4,698,307

Fannie

Mae

Pool

,

5.00%,

6/01/55

4,646,695

7,031,612

Fannie

Mae

Pool

,

5.00%,

6/01/55

6,938,733

3,538,343

Fannie

Mae-Aces

,

1.38%,

8/25/28

(c) 106,268

1,212,739

Fannie

Mae-Aces

,

0.75%,

9/25/28

1,155,862

2,648,588

Fannie

Mae-Aces

,

1.25%,

3/26/29

(c) 86,585

3,793,608

Freddie

Mac

30-Year

Pool

,

3.50%,

9/01/52

3,434,685

7,264,040

Freddie

Mac

Pool

,

2.00%,

2/01/52

5,804,441

4,162,731

Freddie

Mac

Pool

,

2.00%,

3/01/52

3,321,276

3,992,318

Freddie

Mac

Pool

,

4.00%,

5/01/52

3,733,907

5,730,727

Freddie

Mac

Pool

,

3.50%,

9/01/52

5,200,025

1,751,863

Freddie

Mac

Pool

,

4.50%,

2/01/53

1,688,811

2,842,375

Freddie

Mac

Pool

,

5.00%,

6/01/53

2,815,251

2,485,823

Freddie

Mac

Pool

,

5.50%,

6/01/53

2,522,090

1,567,123

Freddie

Mac

Pool

,

5.50%,

6/01/53

1,581,005

2,649,879

Freddie

Mac

Pool

,

5.50%,

8/01/53

2,686,373

2,723,460

Freddie

Mac

Pool

,

6.00%,

11/01/53

2,811,061

4,991,358

Freddie

Mac

Pool

,

5.50%,

12/01/53

5,054,675

1,986,576

Freddie

Mac

Pool

,

6.00%,

12/01/53

2,049,567

4,738,582

Freddie

Mac

Pool

,

6.50%,

12/01/53

4,926,039

3,755,472

Freddie

Mac

Pool

,

5.50%,

9/01/54

3,785,643

7,327,807

Freddie

Mac

Pool

,

5.50%,

9/01/54

7,396,487

2,904,788

Freddie

Mac

Pool

,

5.00%,

11/01/54

2,869,362

7,235,495

Freddie

Mac

Pool

,

5.00%,

11/01/54

7,165,157

3,825,945

Freddie

Mac

Pool

,

5.00%,

12/01/54

3,786,177

1,880,352

Freddie

Mac

Pool

,

6.00%,

12/01/54

1,925,504

1,951,613

Freddie

Mac

Pool

,

5.50%,

3/01/55

1,972,582

4,965,961

Freddie

Mac

Pool

,

6.00%,

7/01/55

5,076,636

11,559,464

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.98%,

1/25/26

(c) 9,811

139,695,097

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.15%,

7/25/26

(c) 1,028,365

36,880,018

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.48%,

1/25/27

(c) 587,539

30,000,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.47%,

3/25/27

(c) 223,737

30,893,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.47%,

8/25/27

(c) 257,969

316,824,056

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.36%,

12/25/27

(c) 2,439,767

540,888

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.68%,

12/25/27

518,557

120,439,858

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.09%,

9/25/28

(c) 478,989

7,690,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.83%,

10/27/28

(c) 318,616

15,695,757

Freddie

Mac

Structured

Pass-Through

Certificates

,

2.02%,

4/27/29

(c) 789,548

7,570,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.80%,

4/25/30

(c) 549,489

7,249,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.84%,

4/25/30

(c) 541,845

3,332,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.60%,

8/25/30

(c) 231,127

3,455,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

2.73%,

10/25/30

(c) 410,407

15,350,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

2.63%,

11/25/30

(c) 1,724,904

49,208,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.36%,

2/25/31

(c) 1,040,351

63,626,747

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.53%,

10/25/31

(c) 1,676,425

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

MORTGAGE-BACKED

SECURITIES

—

42.5%

(Continued)

12,044,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

1.18%,

1/25/32

(c) $

658,960

125,870,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.00%,

5/25/33

(c) 563,923

21,872,199

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.94%,

7/25/33

(c) 763,071

1,835,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

3.18%,

4/25/48

(c) 239,728

2,750,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

2.63%,

1/25/49

(c) 312,395

1,715,000

Freddie

Mac

Structured

Pass-Through

Certificates

,

2.62%,

2/25/49

(c) 199,560

268,951,155

Freddie

Mac

Structured

Pass-Through

Certificates

,

0.10%,

11/25/49

(d) 176,808

1,686,770

Ginnie

Mae

II

Pool

,

3.00%,

8/20/52

1,496,619

2,269,806

Ginnie

Mae

II

Pool

,

3.00%,

9/20/52

2,012,414

5,400,199

Ginnie

Mae

II

Pool

,

2.50%,

2/20/53

4,646,382

4,656,337

Ginnie

Mae

II

Pool

,

3.50%,

2/20/53

4,265,991

3,087,584

Ginnie

Mae

II

Pool

,

2.50%,

3/20/53

2,637,343

4,632,993

Ginnie

Mae

II

Pool

,

3.00%,

3/20/54

4,119,901

2,062,631

Government

National

Mortgage

Association

,

2.00%,

7/20/52

1,691,733

1,981,665

Government

National

Mortgage

Association

,

2.50%,

4/20/53

1,692,693

1,230,519

Government

National

Mortgage

Association

,

0.77%,

12/16/56

(c) 56,336

19,534,370

Government

National

Mortgage

Association

,

1.27%,

9/16/60

(c) 1,758,949

36,324,008

Government

National

Mortgage

Association

,

1.08%,

11/16/60

(c) 3,143,225

71,183,587

Government

National

Mortgage

Association

,

0.81%,

11/16/61

(c) 4,128,036

40,492,393

Government

National

Mortgage

Association

,

–%,

1/16/62

(c) 2,903,199

48,230,413

Government

National

Mortgage

Association

,

1.01%,

9/16/62

(c) 3,425,531

11,091,667

Government

National

Mortgage

Association

,

0.97%,

5/16/63

(c) 774,476

6,973,096

Government

National

Mortgage

Association

,

0.99%,

5/16/63

(c) 513,301

42,762,009

Government

National

Mortgage

Association

,

0.99%,

5/16/63

(c) 3,147,536

50,285,391

Government

National

Mortgage

Association

,

0.88%,

9/16/63

(c) 3,140,604

14,105,602

Government

National

Mortgage

Association

,

0.68%,

7/16/66

(c) 902,173

56,662,380

Government

National

Mortgage

Association

,

0.55%,

10/16/66

(c) 2,903,454

29,468,452

Government

National

Mortgage

Association

,

0.71%,

2/16/67

(c) 1,725,228

2,154,423

UMBS

Fannie

Mae

Pool

,

5.00%,

3/01/53

2,139,378

3,643,832

UMBS

Fannie

Mae

Pool

,

4.50%,

7/01/53

3,526,481

2,713,549

UMBS

Freddie

Mac

Pool

,

5.50%,

5/01/54

2,756,579

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost $246,355,658)

248,640,807

NON

U.S.

GOVERNMENT

&

AGENCIES

—

1.1%

NON

U.S.

TREASURY

—

1.1%

125,000,000

Mexican

Bonos,

5.50%,

3/4/27

6,483,895

TOTAL

NON

U.S.

GOVERNMENT

&

AGENCIES

(Cost $6,146,643)

6,483,895

North

Square

Strategic

Income

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

C

ont

ra

ct

s

Description

Expiration

Date

Exercise

Price

Notional

Value

Fair

Value

PURCHASED

CALL

OPTIONS

—

1.10%

1,300

E-mini

S&P

500®

Index

12/22/2025

$

6,700.00

$

848,705,000

$

6,808,750

TOTAL

PURCHASED

CALL

OPTIONS

(Cost $6,102,963)

6,808,750

TOTAL

INVESTMENTS

—

93.7%

(Cost

$530,999,365)

$

548,580,564

Other

Assets

in

Excess

of

Liabilities

—

6.3%

36,699,095

NET

ASSETS

—

100.00%

$

585,279,659

(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

August

31,

2025. 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

August

31,

2025

the

total

market

value

of

144A

securities

is

$88,233,655

or

15.30%

of

net

assets.

(e) Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

ETF

-

Exchange-Traded

Funds

North

Square

Strategic

Income

Fund

Schedule

of

Credit

Default

Swap

Contracts

August

31,

2025

(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

1.00%

6/20/2030

$

200,000,000

$

(4,325,050)

$

(3,657,765)

$

(667,285)

$

(667,285)

North

Square

Strategic

Income

Fund

Schedule

of

Futures

Contracts

August

31,

2025

(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

Contracts

Long

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

10-Year

US

Treasury

Note

Future

12/22/2025

$

51,075,000

$

261,186

2-Year

US

Treasury

Note

Future

01/02/2026

33,783,328

26,349

798

5-Year

US

Treasury

Note

Future

01/02/2026

87,356,062

349,085

Japanese

Yen

Currency

Future

09/16/2025

17,033,750

(450,888)

Ultra

10-Year

US

Treasury

Note

Future

12/22/2025

10,410,969

51,183

$

236,915

Contracts

Short

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

(150) Bloomberg

US

Corporate

Investment

Grade

Duration

Future

09/17/2025

$

(16,143,750)

$

(82,822)

(464) E-mini

S&P

500®

Index

Future

09/22/2025

(150,167,800)

(1,699,390)

(126) Mexican

Peso

Currency

Future

09/16/2025

(3,372,390)

(79,065)

(20) Ultra

US

Treasury

Bond

Future

12/22/2025

(2,331,250)

4,018

(368) US

Treasury

Bond

Future

12/22/2025

(42,044,000)

(78,951)

$

(1,936,210)

North

Square

Small

Cap

Value

Fund

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

97.9%

CONSUMER

DISCRETIONARY

—

5.2%

AUTOMOTIVE

—

1.8%

158,419

Goodyear

Tire

&

Rubber

Co.

(The)

(a) $

1,343,393

16,823

Lear

Corp.

1,850,530

3,193,923

HOME

CONSTRUCTION

—

0.9%

62,288

Interface,

Inc.

1,664,335

RETAIL

-

DISCRETIONARY

—

1.3%

39,236

Advance

Auto

Parts,

Inc.

2,393,004

WHOLESALE

-

DISCRETIONARY

—

1.2%

82,411

G-III

Apparel

Group

Ltd.

(a) 2,225,097

TOTAL CONSUMER

DISCRETIONARY

9,476,359

ENERGY

—

8.8%

OIL

&

GAS

PRODUCERS

—

5.0%

101,965

Murphy

Oil

Corp.

2,534,850

91,479

SM

Energy

Co.

2,611,726

531,429

Whitecap

Resources,

Inc.

4,001,660

9,148,236

OIL

&

GAS

SERVICES

&

EQUIPMENT

—

2.4%

139,285

DNOW,

Inc.

(a) 2,228,560

142,767

MRC

Global,

Inc.

(a) 2,152,926

4,381,486

RENEWABLE

ENERGY

—

1.4%

24,221

EnerSys

2,486,286

TOTAL ENERGY

16,016,008

FINANCIALS

—

21.7%

ASSET

MANAGEMENT

—

1.1%

60,047

F&G

Annuities

&

Life,

Inc.

2,075,825

BANKING

—

12.7%

44,075

Ameris

Bancorp

3,229,816

75,120

Cathay

General

Bancorp

3,749,239

68,548

Hancock

Whitney

Corp.

4,313,040

49,837

International

Bancshares

Corp.

3,565,339

92,999

OFG

Bancorp

4,161,705

51,724

Pathward

Financial

Group,

Inc.

4,110,507

23,129,646

INSTITUTIONAL

FINANCIAL

SERVICES

—

2.0%

35,933

StoneX

Group,

Inc.

(a) 3,671,275

INSURANCE

—

4.2%

157,348

Fidelis

Insurance

Holdings

Ltd.

2,750,443

North

Square

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

97.9%

(Continued)

FINANCIALS

—

21.7%

(Continued)

INSURANCE

—

4.2%

(Continued)

28,880

Jackson

Financial,

Inc.

$

2,853,344

38,530

Kemper

Corp.

(a) 2,067,134

7,670,921

SPECIALTY

FINANCE

—

1.7%

24,998

Enova

International,

Inc.

(a) 3,032,257

TOTAL FINANCIALS

39,579,924

HEALTH

CARE

—

6.3%

BIOTECH

&

PHARMA

—

1.2%

260,566

SIGA

Technologies,

Inc.

2,186,149

HEALTH

CARE

FACILITIES

&

SERVICES

—

3.8%

323,891

AdaptHealth

Corp.

(a) 3,073,725

137,020

Pediatrix

Medical

Group,

Inc.

(a) 2,358,114

119,773

Select

Medical

Holdings

Corp.

1,558,247

6,990,086

MEDICAL

EQUIPMENT

&

DEVICES

—

1.3%

41,027

LivaNova

PLC

(a) 2,312,692

TOTAL HEALTH

CARE

11,488,927

INDUSTRIALS

—

18.8%

COMMERCIAL

SUPPORT

SERVICES

—

2.7%

35,989

ABM

Industries,

Inc.

1,769,579

131,208

Healthcare

Services

Group,

Inc.

(a) 2,048,157

26,508

ManpowerGroup,

Inc.

1,123,939

4,941,675

ELECTRICAL

EQUIPMENT

—

1.9%

26,215

Belden,

Inc.

3,413,193

ENGINEERING

&

CONSTRUCTION

—

1.3%

19,756

Primoris

Services

Corp.

2,342,074

INDUSTRIAL

INTERMEDIATE

PROD

—

3.2%

34,996

Gibraltar

Industries,

Inc.

(a) 2,190,400

21,235

Timken

Co.

(The)

1,639,979

5,803

Valmont

Industries,

Inc.

2,130,397

5,960,776

INDUSTRIAL

SUPPORT

SERVICES

—

1.3%

67,891

Resideo

Technologies,

Inc.

(a) 2,311,689

MACHINERY

—

2.0%

74,628

Gates

Industrial

Corp.

PLC

(a) 1,907,492

34,850

Terex

Corp.

1,740,409

3,647,901

North

Square

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

97.9%

(Continued)

INDUSTRIALS

—

18.8%

(Continued)

TRANSPORTATION

&

LOGISTICS

—

4.7%

99,580

Ardmore

Shipping

Corp.

$

1,157,119

19,547

Copa

Holdings,

S.A.,

Class

A

2,293,645

67,483

Covenant

Logistics

Group,

Inc.,

Class

A

1,628,365

71,063

Global

Ship

Lease,

Inc.,

Class

A

2,135,443

29,594

Teekay

Tankers

Ltd.,

Class

A

(a) 1,455,137

8,669,709

TRANSPORTATION

EQUIPMENT

—

1.7%

58,642

REV

Group,

Inc.

3,120,341

TOTAL INDUSTRIALS

34,407,358

MATERIALS

—

10.0%

CHEMICALS

—

2.8%

38,967

Minerals

Technologies,

Inc.

2,550,390

235,770

Orion

S.A.

2,487,374

5,037,764

CONSTRUCTION

MATERIALS

—

0.5%

20,948

Apogee

Enterprises,

Inc.

921,188

METALS

&

MINING

—

5.2%

130,115

Century

Aluminum

Co.

(a) 2,905,468

556,292

New

Gold,

Inc.

(a) 3,282,123

99,879

Pan

American

Silver

Corp.

3,387,895

9,575,486

STEEL

—

1.5%

83,049

Worthington

Steel,

Inc.

(a) 2,765,532

TOTAL MATERIALS

18,299,970

REAL

ESTATE

—

7.0%

REIT

—

7.0%

225,508

Apple

Hospitality

REIT,

Inc.

2,945,134

146,650

Cousins

Properties,

Inc.

4,324,709

73,195

NexPoint

Residential

Trust,

Inc.

2,525,959

255,052

Park

Hotels

&

Resorts,

Inc.

2,999,412

12,795,214

TOTAL REAL

ESTATE

12,795,214

TECHNOLOGY

—

15.5%

CONSUMER

SERVICES

—

1.1%

79,278

Upbound

Group,

Inc.

(a) 2,014,454

SOFTWARE

—

4.7%

33,225

Clear

Secure,

Inc.,

Class

A

1,206,400

33,826

Pegasystems,

Inc.

1,833,707

102,548

RingCentral,

Inc.,

Class

A

(a) 3,128,740

North

Square

Small

Cap

Value

Fund

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

97.9%

(Continued)

TECHNOLOGY

—

15.5%

(Continued)

SOFTWARE

—

4.7%

(Continued)

121,023

Verint

Systems,

Inc.

(a) $

2,467,659

8,636,506

TECHNOLOGY

HARDWARE

—

5.5%

54,254

Avnet,

Inc.

2,960,641

199,534

Daktronics,

Inc.

(a) 3,461,915

163,954

Knowles

Corp.

(a) 3,500,418

9,922,974

TECHNOLOGY

SERVICES

—

4.2%

21,028

Euronet

Worldwide,

Inc.

(a) 1,959,599

136,845

Paysafe

Ltd.

(a) 1,930,883

84,726

Penguin

Solutions,

Inc.

(a) 2,044,438

14,647

Science

Applications

International

Corp.

1,723,952

7,658,872

TOTAL TECHNOLOGY

28,232,806

UTILITIES

—

4.6%

ELECTRIC

UTILITIES

—

2.6%

46,736

Avista

Corp.

1,707,734

232,065

Hawaiian

Electric

Industries,

Inc.

(a) 3,007,562

4,715,296

GAS

&

WATER

UTILITIES

—

2.0%

36,730

Northwest

Natural

Holding

Co.

1,525,397

62,382

UGI

Corp.

2,160,912

3,686,309

TOTAL UTILITIES

8,401,605

TOTAL

COMMON

STOCKS

(Cost $168,161,043)

178,698,171

SHORT-TERM

INVESTMENTS

—

2.1%

3,850,975

First

American

Government

Obligations

Fund,

Class

X,

4.22%

(b) 3,850,975

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,850,975)

3,850,975

TOTAL

INVESTMENTS

—

100.0%

(Cost

$172,012,018)

$

182,549,146

Other

Assets

in

Excess

of

Liabilities

—

0.0%

(c) 27,154

NET

ASSETS

—

100.00%

$

182,576,300

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2025. (c) Percentage

rounds

to

less

than

0.1%.

North

Square

RCIM

Tax-Advantaged

Preferred

and

Income

Securities

ETF

Schedule

of

Investments

August

31,

2025

(Unaudited)

Sh

ar

e

s

F

air

V

alu

e

PREFERRED

STOCKS

—

19.9%

FINANCIALS

—

18.8%

ASSET

MANAGEMENT

—

1.9%

13,000

Charles

Schwab

Corp.

(The),

Series

D,

5.95%

$

327,600

BANKING

—

12.2%

5,000

Citizens

Financial

Group,

Inc.,

6.50%

126,100

20,000

Comerica,

Inc.,

6.88%

506,000

15,200

Huntington

Bancshares

Inc.,

Series

J,

6.88%

384,864

12,800

KeyCorp,

Series

H,

6.20%

317,440

15,150

M&T

Bank

Corp.,

Series

J,

7.50%

410,565

14,450

UMB

Financial

Corp.,

7.75%

379,312

2,124,281

INSURANCE

—

1.6%

9,969

Allstate

Corp.

(The),

7.38%

271,556

SPECIALTY

FINANCE

—

3.1%

16,250

Capital

One

Financial

Corp.,

5.00%

320,450

8,647

Synchrony

Financial,

Series

B,

8.25%

223,525

543,975

TOTAL

FINANCIALS

(Cost $3,222,366)

3,267,412

COMMUNICATIONS

—

1.1%

TELECOMMUNICATIONS

—

1.1%

9,000

AT&T,

Inc.,

5.00%

184,770

TOTAL

COMMUNICATIONS

(Cost $174,554)

184,770

TOTAL

PREFERRED

STOCKS

(Cost $3,396,920)

3,452,182

P

ri

nc

i

p

al

Amo

u

nt

($)

CORPORATE

BONDS

—

76.1%

CONSUMER

DISCRETIONARY

—

2.9%

AUTOMOTIVE

—

2.9%

500,000

General

Motors

Financial

Co.,

Inc.,

6.50%,

3/30/73(SOFR

+

3bps)

(a)(b) 492,216

ENERGY

—

6.2%

OIL

&

GAS

PRODUCERS

—

6.2%

550,000

BP

Capital

Markets

PLC,

6.45%,

3/01/74(H15T5Y

+

240bps)

(a)(b) 579,629

500,000

TransCanada

Trust,

5.30%,

3/15/77(US0003M

+

321bps)

(a) 497,985

1,077,614

FINANCIALS

—

58.3%

ASSET

MANAGEMENT

—

1.3%

200,000

UBS

Group

A.G.,

9.25%,

5/13/72(H15T5Y

+

475bps)

(a)(b)(c)

219,694

North

Square

RCIM

Tax-Advantaged

Preferred

and

Income

Securities

ETF

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

P

ri

nc

i

p

al

Amo

u

nt

($)

F

air

V

alu

e

CORPORATE

BONDS

—

76.1%

(Continued)

FINANCIALS

—

58.3%

(continued)

BANKING

—

42.7%

200,000

Banco

Bilbao

Vizcaya

Argentaria

S.A.,

9.38%,

9/19/73(H15T5Y

+

510bps)

(a)(b) $

221,563

200,000

Banco

Santander

SA,

9.63%,

2/21/73(H15T5Y

+

531bps)

(a)(b) 222,323

550,000

Bank

of

America

Corp.,

6.30%,

12/29/49(US0003M

+

455bps)

(a)(b) 553,550

500,000

Bank

of

Montreal,

7.70%,

5/26/84(H15T5Y

+

345bps)

(a) 522,566

550,000

Citigroup,

Inc.,

7.63%,

2/15/72(H15T5Y

+

321bps)

(a)(b) 576,647

350,000

Citizens

Financial

Group,

Inc.,

5.65%,

10/06/73(H15T5Y

+

531bps)

(a)(b) 350,658

350,000

Fifth

Third

Bancorp,

4.50%,

9/30/68(H15T5Y

+

422bps)

(a)(b) 349,739

200,000

First

Citizens

BancShares,

Inc.,

8.55%,

6/15/70(TSFR3M

+

423bps)

(a)(b)(c)

206,500

200,000

HSBC

Holdings

PLC,

7.05%,

12/05/73(H15T5Y

+

3bps)

(a)(b) 206,824

550,000

JPMorgan

Chase

&

Co.,

6.88%,

3/01/74(H15T5Y

+

274bps)

(a)(b) 579,311

200,000

Lloyds

Banking

Group

PLC,

8.00%,

3/27/70(H15T5Y

+

391bps)

(a)(b) 215,326

200,000

NatWest

Group

PLC,

8.13%,

6/30/72(H15T5Y

+

375bps)

(a)(b) 221,947

550,000

PNC

Financial

Services

Group,

Inc.

(The),

6.25%,

6/15/73(H15T7Y

+

281bps)

(a) (b) 557,598

525,000

Royal

Bank

of

Canada,

7.50%,

5/02/84(H15T5Y

+

289bps)

(a) 550,222

200,000

Standard

Chartered

PLC,

7.75%,

2/15/73(H15T5Y

+

498bps)

(a)(b)(c)

207,870

400,000

Toronto-Dominion

Bank

(The),

8.13%,

10/31/82(H15T5Y

+

408bps)

(a) 422,420

300,000

Truist

Financial

Corp.,

6.67%,

3/01/73(H15T5Y

+

3bps)

(a)(b) 300,697

550,000

US

Bancorp,

5.30%,

12/29/49(US0003M

+

291bps)

(a)(b) 549,455

550,000

Wells

Fargo

&

Co.,

7.63%,

9/15/73(H15T5Y

+

361bps)

(a)(b) 588,768

7,403,984

INSTITUTIONAL

FINANCIAL

SERVICES

—

11.4%

500,000

Bank

of

New

York

Mellon

Corp.

(The),

6.30%,

3/20/74(H15T5Y

+

2bps)

(a)(b) 512,509

550,000

Goldman

Sachs

Group,

Inc.

(The),

7.50%,

8/18/70(H15T5Y

+

316bps)

(a)(b) 584,853

350,000

Morgan

Stanley,

7.74%,

9/15/70(TSFR3M

+

342bps)

(a)(b) 353,276

500,000

State

Street

Corp.,

6.70%,

3/15/74(H15T5Y

+

261bps)

(a)(b) 518,673

1,969,311

SPECIALTY

FINANCE

—

2.9%

500,000

Air

Lease

Corp.,

6.00%,

9/15/73(H15T5Y

+

256bps)

(a)(b) 492,461

UTILITIES

—

8.7%

ELECTRIC

UTILITIES

—

8.7%

500,000

Dominion

Energy

Inc.,

4.35%,

12/09/71(H15T5Y

+

320bps)

(a)(b) 491,641

400,000

Electricite

de

France

SA,

9.13%,

6/15/73(H15T5Y

+

541bps)

(a)(b)(c)

461,912

500,000

Vistra

Corp.,

8.88%,

1/15/71(H15T5Y

+

505bps)

(a)(b)(c)

545,144

1,498,697

TOTAL

CORPORATE

BONDS

(Cost $12,984,242)

13,153,977

TOTAL

INVESTMENTS

—

96.0%

(Cost

$16,381,162)

$

16,606,159

Other

Assets

in

Excess

of

Liabilities

—

4.0%

687,086

NET

ASSETS

—

100.00%

$

17,293,245

North

Square

RCIM

Tax-Advantaged

Preferred

and

Income

Securities

ETF

Schedule

of

Investments

(continued)

August

31,

2025

(Unaudited)

(a) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

August

31,

2025. 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.

(b) Security

is

perpetual

in

nature

and

has

no

stated

maturity

date.

(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

August

31,

2025

the

total

market

value

of

144A

securities

is

1,641,120

or

9.60%

of

net

assets.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Exchange Place Advisors Trust

- **b. Investment Company Act file number:** 811-23373

- **c. CIK number of Registrant:** 0001750821

- **d. LEI of Registrant:** 549300K2CKCXH4E67T58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 West Madison St

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-857-2160

**Item A.2. Information about the Series.**

- **a. Name of Series:** NORTH SQUARE MCKEE BOND FUND

- **b. EDGAR series identifier (if any):** S000069692

- **c. LEI of Series:** 549300PHHMXSPZQUPF03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $179973199.36

**Total Liabilities:** $92210.06

**Net Assets:** $179880989.30

**Cash Not Reported:** $876.27

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 770.53092691 | **1-Year:** 4620.05357652 | **5-Year:** 20287.18088666 | **10-Year:** 37259.67327691 | **30-Year:** 10674.95647803

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222266 | 1.63%                | -0.17%               | 1.03%                |
| Class ID C000222265 | 1.52%                | -0.18%               | 1.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-154313.68              | $2438152.32                                |
| Month 2  | $-125831.78              | $-930134.90                                |
| Month 3  | $83851.44                | $1269148.97                                |

### Schedule of Portfolio Investments

| Name                                                                     | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140K3J29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72278 | PA      | $63729.33     | 0.04%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac pool # QC6512 MBS 30yr                  | CUSIP: 3133ARGV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    408816 | PA      | $346373.14    | 0.19%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XAG22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186077 | PA      | $167083.62    | 0.09%             | 2041-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140N25R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22582 | PA      | $22382.15     | 0.01%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Trust 2003-W8                            | CUSIP: 31393CX40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      9259 | PA      | $9237.40      | 0.01%             | 2042-05-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JPMorgan Chase & Co                                 | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    524000 | PA      | $460831.15    | 0.26%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FYVZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    731538 | PA      | $593823.36    | 0.33%             | 2049-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXEP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    457365 | PA      | $472014.58    | 0.26%             | 2056-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DXQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    301369 | PA      | $251062.00    | 0.14%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | U.S. Treasury Bond 2.75%, 11/15/2042                | CUSIP: 912810QY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3405000 | PA      | $2574632.22   | 1.43%             | 2042-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FUCW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     91630 | PA      | $87084.42     | 0.05%             | 2044-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                            | UBS Commercial Mortgage Trust 2018-C8               | CUSIP: 90276VAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15000 | PA      | $14841.69     | 0.01%             | 2051-02-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418B6V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2446 | PA      | $2331.20      | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corp.                    | CUSIP: 3134GW6D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    449000 | PA      | $301954.92    | 0.17%             | 2040-10-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                   | Freddie Mac REMICS                                  | CUSIP: 3137HD2T6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1301499 | PA      | $1321777.24   | 0.73%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KJX98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    117956 | PA      | $95418.59     | 0.05%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae                                          | CUSIP: 3140XJ3W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    279551 | PA      | $254092.45    | 0.14%             | 2052-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132E0RF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    663139 | PA      | $581491.04    | 0.32%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                          | Phillips 66 Co                                      | CUSIP: 718547AU6<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    738000 | PA      | $764795.39    | 0.43%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                | Toronto-Dominion Bank/The                           | CUSIP: 89115A3E0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | US        |    353000 | PA      | $359036.87    | 0.20%             | 2028-01-31      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond                    | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2753000 | PA      | $2774615.34   | 1.54%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ETCE5<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $497306.05    | 0.28%             | 2033-04-14      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31416NYV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6184 | PA      | $6036.58      | 0.00%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond 4.25 05/15/35      | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    627000 | PA      | $629008.36    | 0.35%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                     | Royal Bank of Canada                                | CUSIP: 78017FZT3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | US        |    925000 | PA      | $933350.79    | 0.52%             | 2030-10-18      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B4DF5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    910000 | PA      | $910039.93    | 0.51%             | 2035-12-27      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QRWM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    734015 | PA      | $707852.34    | 0.39%             | 2053-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                              | Lockheed Martin Corp                                | CUSIP: 539830BL2<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    446000 | PA      | $398451.03    | 0.22%             | 2046-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BDXY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      9156 | PA      | $7002.88      | 0.00%             | 2051-02-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QVQB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    363461 | PA      | $353209.71    | 0.20%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179XBK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    371424 | PA      | $342473.11    | 0.19%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                         | Pacific Gas and Electric Co                         | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    193000 | PA      | $191240.97    | 0.11%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130ALBQ6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    470000 | PA      | $320196.74    | 0.18%             | 2041-02-25      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    399627 | PA      | $396938.70    | 0.22%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMUR EQUIPMENT FINANCE RECEIVABLES X LLC                                 | Amur Equipment Finance Receivables X LLC            | CUSIP: 03236VAC5<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |    388905 | PA      | $387979.52    | 0.22%             | 2028-01-20      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137B8MS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     27287 | PA      | $26765.44     | 0.01%             | 2043-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                | Florida Power & Light Co                            | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    313000 | PA      | $323846.25    | 0.18%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                        | Enterprise Products Operating LLC                   | CUSIP: 29379VBU6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     76000 | PA      | $65741.58     | 0.04%             | 2049-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QCRV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    253941 | PA      | $237248.62    | 0.13%             | 2040-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137BB5D8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      5046 | PA      | $5005.53      | 0.00%             | 2043-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ETRL3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    623000 | PA      | $623338.56    | 0.35%             | 2033-01-28      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A. | Johnson Controls International plc                  | CUSIP: 477921AA8<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | US        |    299000 | PA      | $311838.70    | 0.17%             | 2029-04-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS ISSUER LLC                                          | Aligned Data Centers Issuer LLC                     | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $389051.32    | 0.22%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BRXF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    436438 | PA      | $441472.19    | 0.25%             | 2051-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KLJ57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    606397 | PA      | $512691.84    | 0.29%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Structured Pass-Through Certificates    | CUSIP: 31395A3J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |     72758 | PA      | $70473.56     | 0.04%             | 2044-07-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond                    | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2051000 | PA      | $2059652.66   | 1.15%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138AV3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5300 | PA      | $5152.16      | 0.00%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                      | Virginia Electric and Power Co.                     | CUSIP: 927804GL2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    862000 | PA      | $818522.94    | 0.46%             | 2053-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X5PZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105454 | PA      | $94176.86     | 0.05%             | 2048-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                       | Coca-Cola Co/The                                    | CUSIP: 191216CV0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    426000 | PA      | $382469.06    | 0.21%             | 2030-06-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XJQV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26927 | PA      | $23636.89     | 0.01%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ms Cap I Tr 2016-Ubs9                                                    | Morgan Stanley Capital I Trust 2016-UBS9            | CUSIP: 61766CAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    337000 | PA      | $334607.20    | 0.19%             | 2049-03-17      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DF23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    392916 | PA      | $351735.29    | 0.20%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133EMTL6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    452000 | PA      | $318083.82    | 0.18%             | 2041-03-18      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                  | UnitedHealth Group Inc                              | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    393000 | PA      | $399444.12    | 0.22%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DQ3W4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     18693 | PA      | $19272.22     | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418CGD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145066 | PA      | $129583.85    | 0.07%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FQZF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    558834 | PA      | $513163.30    | 0.29%             | 2048-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Alabama Power Company                                                    | Alabama Power Co.                                   | CUSIP: 010392FT0<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    494000 | PA      | $349940.78    | 0.19%             | 2049-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                        | PNC Financial Services Group Inc/The                | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $202176.19    | 0.11%             | 2034-10-20      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                       | American Honda Finance Corp.                        | CUSIP: 02665WFY2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1087336.18   | 0.60%             | 2030-03-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38383LDU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    833754 | PA      | $698810.36    | 0.39%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                              | Capital One Financial Corp                          | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    195000 | PA      | $204707.64    | 0.11%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418C4G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6298 | PA      | $6163.63      | 0.00%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                  | UnitedHealth Group, Inc.                            | CUSIP: 91324PED0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    263000 | PA      | $234974.61    | 0.13%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384JC77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    291777 | PA      | $297678.44    | 0.17%             | 2054-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138ENZ93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156841 | PA      | $147289.90    | 0.08%             | 2044-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KYSC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    331795 | PA      | $312004.84    | 0.17%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                        | Berkshire Hathaway Energy Co                        | CUSIP: 084659AV3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    129000 | PA      | $126410.83    | 0.07%             | 2030-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137F74K8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     17511 | PA      | $13359.48     | 0.01%             | 2050-12-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                      | International Bank for Reconstruction & Development | CUSIP: 45906M6D8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    730000 | PA      | $730277.31    | 0.41%             | 2028-07-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST 2023-3                                      | Dell Equipment Finance Trust 2023-3                 | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185199 | PA      | $186273.27    | 0.10%             | 2026-06-22      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XC5Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25385 | PA      | $21194.53     | 0.01%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Midamerican Energy Company                                               | MidAmerican Energy Co.                              | CUSIP: 595620AU9<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1178674.32   | 0.66%             | 2049-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                      | Entergy Corp                                        | CUSIP: 29364GAN3<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    342000 | PA      | $322106.87    | 0.18%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X63C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159200 | PA      | $136334.09    | 0.08%             | 2048-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ETLW5<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1376000 | PA      | $1380255.75   | 0.77%             | 2033-06-23      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| PSMC TRUST                                                               | PSMC 2020-3 Trust                                   | CUSIP: 693675AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    925000 | PA      | $765116.62    | 0.43%             | 2050-11-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ER5H0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    810000 | PA      | $812052.41    | 0.45%             | 2029-03-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                         | BP Capital Markets America Inc                      | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    261000 | PA      | $262596.98    | 0.15%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                       | Energy Transfer LP                                  | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    323000 | PA      | $313238.46    | 0.17%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DNKZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    876935 | PA      | $811226.95    | 0.45%             | 2051-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38383AED2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1415352 | PA      | $1234963.44   | 0.69%             | 2051-09-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Bond                         | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3295000 | PA      | $2828680.27   | 1.57%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXKG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86051 | PA      | $79613.63     | 0.04%             | 2037-10-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DNKE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     40620 | PA      | $37130.57     | 0.02%             | 2051-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X6QT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242401 | PA      | $207746.08    | 0.12%             | 2047-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Inc                                             | Morgan Stanley Capital I Trust 2016-UBS12           | CUSIP: 61691EBA2<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-O            | CORP              | US        |    413000 | PA      | $405011.67    | 0.23%             | 2049-12-17      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38382Q3B4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    111534 | PA      | $85763.52     | 0.05%             | 2050-08-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136B5GG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     51955 | PA      | $47511.50     | 0.03%             | 2049-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                             | Honeywell International Inc                         | CUSIP: 438516CZ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    888000 | PA      | $902109.86    | 0.50%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132E0YS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     19059 | PA      | $19934.22     | 0.01%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | UMBS Freddie Mac Pool                               | CUSIP: 3132DQQM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    378987 | PA      | $379625.30    | 0.21%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XDGA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205006 | PA      | $205947.70    | 0.11%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137H1VN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    101472 | PA      | $83817.94     | 0.05%             | 2049-04-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XMRE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352410 | PA      | $365045.72    | 0.20%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                      | NextEra Energy Capital Holdings Inc                 | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    136000 | PA      | $124037.48    | 0.07%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140JBK62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70922 | PA      | $69168.31     | 0.04%             | 2037-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                      | International Bank for Reconstruction & Dev         | CUSIP: 45906M5V9<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |    900000 | PA      | $900192.58    | 0.50%             | 2034-11-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XQU96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26099 | PA      | $26456.54     | 0.01%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QDV27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1103219 | PA      | $935195.19    | 0.52%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137BQ5B9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     17540 | PA      | $17471.21     | 0.01%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank, National Association (Utah)                         | Morgan Stanley Bank NA                              | CUSIP: 61690D3Y2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | STIV             | CORP              | US        |    300000 | PA      | $302036.37    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express National Bank                                           | American Express National Bank                      | CUSIP: 02589AH47<br>LEI: 2MTSQ5CCMGGQ8GQ49R43 | Long             | STIV             | CORP              | US        |    644000 | PA      | $647570.85    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                               | ONEOK Inc.                                          | CUSIP: 682680CF8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    204000 | PA      | $186256.52    | 0.10%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QKT73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150311 | PA      | $127201.54    | 0.07%             | 2046-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XAFR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18113 | PA      | $15526.97     | 0.01%             | 2049-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3128M9MY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66145 | PA      | $62395.44     | 0.03%             | 2042-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B5PU6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1760000 | PA      | $1764945.97   | 0.98%             | 2035-04-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond 3.75 12/31/28      | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1926000 | PA      | $1934990.51   | 1.08%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2            | Seasoned Credit Risk Transfer Trust                 | CUSIP: 35563P2N8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     64686 | PA      | $56619.49     | 0.03%             | 2060-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DWCV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    424284 | PA      | $371130.31    | 0.21%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXGC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43249 | PA      | $42743.37     | 0.02%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FIN MOR TR 20-1                                                | Ellington Financial Mortgage Trust 2020-1           | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14150 | PA      | $14083.04     | 0.01%             | 2065-05-25      | Variable      | 2.01%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137ATH70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      9524 | PA      | $9044.67      | 0.01%             | 2041-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138A46Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20696 | PA      | $20170.90     | 0.01%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ER5N7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    852000 | PA      | $857206.65    | 0.48%             | 2033-03-03      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                   | Freddie Mac REMICS                                  | CUSIP: 3137HKA61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    508168 | PA      | $515959.20    | 0.29%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136AYWH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    238451 | PA      | $234753.34    | 0.13%             | 2043-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond                    | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4626000 | PA      | $4663947.63   | 2.59%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                      | Bank of Nova Scotia/The                             | CUSIP: 06418GAQ0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    417000 | PA      | $429190.25    | 0.24%             | 2031-02-14      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XLBL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    278239 | PA      | $263488.61    | 0.15%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley                                      | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    358000 | PA      | $370292.13    | 0.21%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                         | Canadian Pacific Railway Co                         | CUSIP: 13648TAA5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3641.99      | 0.00%             | 2030-03-05      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XCJK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1115180 | PA      | $939321.94    | 0.52%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                       | Boeing Co/The                                       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    324000 | PA      | $332453.98    | 0.18%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138A36V4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4288 | PA      | $4180.11      | 0.00%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132E0B27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    459823 | PA      | $464168.17    | 0.26%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XH7J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24632 | PA      | $21427.35     | 0.01%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179VDP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    359779 | PA      | $330239.28    | 0.18%             | 2050-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38378GM70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |         0 | PA      | $0.31         | 0.00%             | 2027-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                       | Meta Platforms Inc.                                 | CUSIP: 30303M8Q8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    218000 | PA      | $215678.72    | 0.12%             | 2053-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Note/Bond                    | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4851000 | PA      | $3633702.19   | 2.02%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XFPR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16936 | PA      | $15147.88     | 0.01%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Bond                         | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1350000 | PA      | $1287140.63   | 0.72%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXFD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179400 | PA      | $182528.30    | 0.10%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gmf Floorplan Owner Revolving Trust                                      | GMF Floorplan Owner Revolving Trust                 | CUSIP: 361886EB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $405902.00    | 0.23%             | 2030-03-15      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DPK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233746 | PA      | $191618.16    | 0.11%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179X5D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    328086 | PA      | $300836.77    | 0.17%             | 2053-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                               | ONEOK, Inc.                                         | CUSIP: 682680CE1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    317000 | PA      | $309224.76    | 0.17%             | 2034-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XFH20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17182 | PA      | $15252.35     | 0.01%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137F9XQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     39482 | PA      | $32547.22     | 0.02%             | 2051-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXK84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    222606 | PA      | $203749.64    | 0.11%             | 2048-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                | Goldman Sachs Group Inc/The                         | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1319324.04   | 0.73%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| NMEF FUNDING 2022-B LLC                                                  | NMEF Funding 2022-B LLC                             | CUSIP: 62890MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26417 | PA      | $26461.04     | 0.01%             | 2049-06-01      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank, National Association (Utah)                         | Morgan Stanley Bank NA                              | CUSIP: 61690D4D7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | STIV             | CORP              | US        |    788000 | PA      | $795681.50    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                  | UnitedHealth Group Inc                              | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    122000 | PA      | $112722.36    | 0.06%             | 2054-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                | Toronto-Dominion Bank/The                           | CUSIP: 89115A3C4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | US        |    244000 | PA      | $249439.40    | 0.14%             | 2029-12-17      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2017-RB1                           | Wells Fargo Commercial Mortgage Trust 2017-RB1      | CUSIP: 95000TBS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351000 | PA      | $340797.20    | 0.19%             | 2050-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                      | Comcast Corp                                        | CUSIP: 20030NCY5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    812000 | PA      | $639820.00    | 0.36%             | 2039-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                   | Goldman Sachs Bank USA/New York NY                  | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    381000 | PA      | $383841.39    | 0.21%             | 2027-05-21      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3132HPNB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31717 | PA      | $29042.70     | 0.02%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Structured Pass-Through Certificates    | CUSIP: 31395HHV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |     11558 | PA      | $10609.88     | 0.01%             | 2044-10-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                               | BAT Capital Corp.                                   | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    732000 | PA      | $753956.32    | 0.42%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                   | Freddie Mac REMICS                                  | CUSIP: 3137H6AQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    234077 | PA      | $218407.37    | 0.12%             | 2048-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                       | American Honda Finance Corp                         | CUSIP: 02665WDW8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    518000 | PA      | $491341.23    | 0.27%             | 2028-03-24      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ACBN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    305551 | PA      | $310063.80    | 0.17%             | 2053-09-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2022-4                                           | Carmax Auto Owner Trust                             | CUSIP: 14318UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9264 | PA      | $9298.63      | 0.01%             | 2027-08-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XNYC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    310102 | PA      | $280421.43    | 0.16%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38379U6D3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      4262 | PA      | $4162.82      | 0.00%             | 2044-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418CHQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2782 | PA      | $2729.48      | 0.00%             | 2047-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                             | Oracle Corp.                                        | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    723000 | PA      | $573571.07    | 0.32%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                               | American Tower Corp                                 | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    449000 | PA      | $440158.67    | 0.24%             | 2029-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DNSU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    461556 | PA      | $390426.93    | 0.22%             | 2028-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31417YHV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15649 | PA      | $15842.61     | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140F0JJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59701 | PA      | $53306.05     | 0.03%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                      | Walt Disney Co./The                                 | CUSIP: 254687FY7<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    769000 | PA      | $635472.27    | 0.35%             | 2040-05-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association               | CUSIP: 3136G4Q71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2450000 | PA      | $1848210.42   | 1.03%             | 2035-08-24      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DQA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18143 | PA      | $15918.28     | 0.01%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137F9AC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     45963 | PA      | $34594.65     | 0.02%             | 2050-01-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133AXMA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    371032 | PA      | $296908.19    | 0.17%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179WDG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    769907 | PA      | $612494.23    | 0.34%             | 2051-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QGUP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152751 | PA      | $132318.14    | 0.07%             | 2041-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B5TW8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1750000 | PA      | $1750233.10   | 0.97%             | 2030-04-17      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384KPA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     14113 | PA      | $14267.43     | 0.01%             | 2053-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                | Toyota Motor Credit Corp                            | CUSIP: 89236TNB7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    474000 | PA      | $489703.90    | 0.27%             | 2036-01-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XPGP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475079 | PA      | $482186.81    | 0.27%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 312945DS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17107 | PA      | $16695.45     | 0.01%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418D6M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    241510 | PA      | $214418.09    | 0.12%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool FS6404                              | CUSIP: 3140XNDJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    528319 | PA      | $495490.92    | 0.28%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3128MJZF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    113059 | PA      | $101105.76    | 0.06%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Federal Home Loan Mortgage Corp.                    | CUSIP: 3134GWTS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1204000 | PA      | $888146.66    | 0.49%             | 2036-09-22      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                              | PepsiCo, Inc.                                       | CUSIP: 713448GK8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    964000 | PA      | $973442.48    | 0.54%             | 2035-07-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133AFT27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    282763 | PA      | $226689.31    | 0.13%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Express Corporation                                              | FedEx Corp Pass Trough Trust 2020-1 Clasas AA       | CUSIP: 314353AA1<br>LEI: 2138002VCAKQQ63C7C03 | Long             | ABS-O            | CORP              | US        |    268145 | PA      | $234706.50    | 0.13%             | 2034-02-20      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38383LH45<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     15258 | PA      | $15300.50     | 0.01%             | 2047-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179T4R3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42482 | PA      | $42887.96     | 0.02%             | 2048-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216776 | PA      | $189044.69    | 0.11%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                | Goldman Sachs Group Inc/The                         | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    984000 | PA      | $864536.40    | 0.48%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank National Association                         | Morgan Stanley Private Bank NA                      | CUSIP: 61776NRV7<br>LEI: 549300GS0W0TEUQS8571 | Long             | STIV             | CORP              | US        |    695000 | PA      | $701774.93    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133ABNR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    212772 | PA      | $178522.56    | 0.10%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DQVS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    318511 | PA      | $326815.82    | 0.18%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BPLY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     37578 | PA      | $38558.73     | 0.02%             | 2049-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac pool # SD3835 MBS 30yr                  | CUSIP: 3132E0HL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    501851 | PA      | $519155.89    | 0.29%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                       | ConocoPhillips Co                                   | CUSIP: 20826FBL9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    258000 | PA      | $258106.85    | 0.14%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384HVG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    540000 | PA      | $538400.30    | 0.30%             | 2054-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3128MJZB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1075874 | PA      | $962268.92    | 0.53%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRICON RES 2022-SFR1                                                     | Tricon Residential 2022-SFR2 Trust                  | CUSIP: 89616QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    526244 | PA      | $520546.85    | 0.29%             | 2039-04-19      | Fixed         | 3.86%                 | Yes           |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                              | Lockheed Martin Corp.                               | CUSIP: 539830CM9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    351000 | PA      | $353368.17    | 0.20%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                       | Canadian Imperial Bank of Commerce                  | CUSIP: 13608JAA5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | US        |    592000 | PA      | $613025.71    | 0.34%             | 2029-04-08      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST 2024-C                                      | Ford Credit Auto Owner Trust 2024-C                 | CUSIP: 34532UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5000 | PA      | $5007.48      | 0.00%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132E0AU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    391814 | PA      | $399412.58    | 0.22%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO RECEIVABLES 2024-C OWNE                                      | Toyota Auto Receivables 2024-C Owner Trust          | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1059866.85   | 0.59%             | 2028-01-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BMW Bank of North America, N.A.                                          | BMW Bank of North America                           | CUSIP: 05612LFX5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    301000 | PA      | $301494.75    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B5B49<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    805000 | PA      | $807804.24    | 0.45%             | 2032-02-25      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ADFS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    804699 | PA      | $695838.90    | 0.39%             | 2053-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                 | John Deere Capital Corp.                            | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    478000 | PA      | $490251.86    | 0.27%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                     | Keurig Dr Pepper Inc                                | CUSIP: 49271VAU4<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    441000 | PA      | $451168.34    | 0.25%             | 2031-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137BSVC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     24905 | PA      | $24155.55     | 0.01%             | 2055-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130AL5Z3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1440000 | PA      | $1107710.70   | 0.62%             | 2036-02-26      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418D2V3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17140 | PA      | $14737.74     | 0.01%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140J5MF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16583 | PA      | $15463.84     | 0.01%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Note/Bond                    | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2536000 | PA      | $2367890.94   | 1.32%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137BTS85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    132272 | PA      | $129101.92    | 0.07%             | 2053-04-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X7AN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37855 | PA      | $31996.97     | 0.02%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XKWM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    424497 | PA      | $345098.68    | 0.19%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38383R7S0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     26515 | PA      | $25802.59     | 0.01%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                                | First American Treasury Obligations Fund            | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2469162 | PA      | $2469162.28   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418C7K4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13874 | PA      | $12703.51     | 0.01%             | 2049-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KKUD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    180544 | PA      | $152631.18    | 0.08%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOTORCYCLE TRUST 2024-A                                  | Harley-Davidson Motorcycle Trust 2024-A             | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    278000 | PA      | $281394.94    | 0.16%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ACSZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    455708 | PA      | $468570.38    | 0.26%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DSYK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     12947 | PA      | $12811.60     | 0.01%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418CDL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18431 | PA      | $16468.82     | 0.01%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179TZ73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1900 | PA      | $1921.40      | 0.00%             | 2048-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLY AUTO RECEIVABLES TRUST 2022-2                                       | Ally Auto Receivables Trust 2022-2                  | CUSIP: 02008MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6331 | PA      | $6335.98      | 0.00%             | 2027-05-17      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DUUC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    193688 | PA      | $195994.00    | 0.11%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                | Florida Power & Light Co.                           | CUSIP: 341081GM3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    472000 | PA      | $450488.29    | 0.25%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2024-4                                           | CarMax Auto Owner Trust 2024-4                      | CUSIP: 14290DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $605537.16    | 0.34%             | 2029-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138WGX90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77076 | PA      | $69029.17     | 0.04%             | 2046-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp              | CUSIP: 3133ELZB3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    550000 | PA      | $433327.43    | 0.24%             | 2035-05-14      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3132L8CS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    204507 | PA      | $182992.72    | 0.10%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                         | Philip Morris International, Inc.                   | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    292000 | PA      | $302296.21    | 0.17%             | 2030-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133EMPF3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    935000 | PA      | $700538.95    | 0.39%             | 2036-02-01      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXEE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140760 | PA      | $131864.33    | 0.07%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                          | Chevron USA, Inc.                                   | CUSIP: 166756BE5<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    712000 | PA      | $729640.44    | 0.41%             | 2032-04-15      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38382QQM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    133489 | PA      | $104501.54    | 0.06%             | 2051-05-20      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384NLT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    441667 | PA      | $444109.53    | 0.25%             | 2048-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 31339UEV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      3517 | PA      | $3217.27      | 0.00%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp              | CUSIP: 3133ERT35<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    833000 | PA      | $834479.11    | 0.46%             | 2030-01-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                             | Broadcom, Inc.                                      | CUSIP: 11135FCL3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    861000 | PA      | $871914.29    | 0.48%             | 2032-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                            | Consolidated Edison Co. of New York, Inc.           | CUSIP: 209111GK3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    103000 | PA      | $101960.18    | 0.06%             | 2054-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JPMorgan Chase & Co.                                | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    534000 | PA      | $547808.29    | 0.30%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                           | Mexico Government International Bond                | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    766000 | PA      | $805449.00    | 0.45%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179MAH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18175 | PA      | $18057.81     | 0.01%             | 2027-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QMBL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435556 | PA      | $387243.45    | 0.22%             | 2041-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130AKZE9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    625000 | PA      | $475665.38    | 0.26%             | 2036-02-25      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XPKG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    567118 | PA      | $536667.76    | 0.30%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136B42K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    124909 | PA      | $118487.08    | 0.07%             | 2053-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                   | Goldman Sachs Bank USA/New York NY                  | CUSIP: 38150VR43<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $1005824.90   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X5V83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5376 | PA      | $5017.64      | 0.00%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                        | HSBC Holdings PLC                                   | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |    510000 | PA      | $526082.04    | 0.29%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXGR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    841699 | PA      | $839291.14    | 0.47%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Gold Pool                               | CUSIP: 3132WH5N1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5225 | PA      | $4671.52      | 0.00%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XM3R5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18747 | PA      | $16862.05     | 0.01%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179V6V7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1088035 | PA      | $865583.42    | 0.48%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BATZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    508502 | PA      | $429600.93    | 0.24%             | 2050-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136AAZ57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      5772 | PA      | $5606.76      | 0.00%             | 2028-01-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                           | Citigroup, Inc.                                     | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    676000 | PA      | $688930.79    | 0.38%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                             | Oracle Corp.                                        | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    334000 | PA      | $340474.49    | 0.19%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                               | Apple, Inc.                                         | CUSIP: 037833DQ0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    632000 | PA      | $419967.90    | 0.23%             | 2049-09-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Note/Bond                    | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    460000 | PA      | $447996.88    | 0.25%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ER6U0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1906000 | PA      | $1902754.48   | 1.06%             | 2033-03-11      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136ADFU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     63249 | PA      | $63053.01     | 0.04%             | 2033-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140J6GJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3713 | PA      | $3434.91      | 0.00%             | 2047-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38374TJ62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |       887 | PA      | $873.01       | 0.00%             | 2039-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                                    | Wells Fargo Commercial Mortgage Trust 2021-SAVE     | CUSIP: 95003LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64118 | PA      | $64142.26     | 0.04%             | 2040-02-15      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Verizon Communications Inc.                                              | Verizon Communications, Inc.                        | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1227000 | PA      | $870566.65    | 0.48%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Federal National Mortgage Association               | CUSIP: 3136G43S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2534000 | PA      | $1934843.45   | 1.08%             | 2035-09-14      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DMZE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    236736 | PA      | $215806.85    | 0.12%             | 2029-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132E07J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     21280 | PA      | $19424.24     | 0.01%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138WECQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7453 | PA      | $7175.56      | 0.00%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136B5YE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      4844 | PA      | $4506.31      | 0.00%             | 2049-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     32115 | PA      | $27297.57     | 0.02%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2022-C14                                            | BBCMS Mortgage Trust 2022-C14                       | CUSIP: 07336AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68572 | PA      | $67250.59     | 0.04%             | 2055-02-18      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140W06W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1368253 | PA      | $1405512.06   | 0.78%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QCEW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86690 | PA      | $77374.15     | 0.04%             | 2048-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ubs Commercial Mortgage Trust 2019-C17                                   | UBS Commercial Mortgage Trust                       | CUSIP: 90278MBA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334000 | PA      | $314631.97    | 0.17%             | 2052-10-18      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X8BP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117966 | PA      | $99951.63     | 0.06%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38380WZN2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    136982 | PA      | $132146.36    | 0.07%             | 2046-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                 | American Express Co                                 | CUSIP: 025816DW6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    422000 | PA      | $431104.92    | 0.24%             | 2035-07-26      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note/Bond                    | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3167000 | PA      | $3181845.31   | 1.77%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FXHR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     17631 | PA      | $16784.01     | 0.01%             | 2042-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XBW63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    313521 | PA      | $266184.33    | 0.15%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38383L6W5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    371254 | PA      | $380853.12    | 0.21%             | 2033-11-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133EMW65<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    292000 | PA      | $207744.50    | 0.12%             | 2041-07-29      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136AB3Q4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     92183 | PA      | $88238.47     | 0.05%             | 2043-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140X4QA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61792 | PA      | $56479.04     | 0.03%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ER5R8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    309000 | PA      | $309291.62    | 0.17%             | 2034-03-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BP2M2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    326443 | PA      | $325802.39    | 0.18%             | 2053-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384CSR1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     20061 | PA      | $20412.30     | 0.01%             | 2044-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FUMY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    234796 | PA      | $211089.15    | 0.12%             | 2046-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Note/Bond                    | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    978000 | PA      | $951716.25    | 0.53%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QKVB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23452 | PA      | $19784.66     | 0.01%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XL6S2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24491 | PA      | $19619.14     | 0.01%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ABDV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    424127 | PA      | $358119.11    | 0.20%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133N3WH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      7145 | PA      | $5856.93      | 0.00%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3617MKP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    223645 | PA      | $188973.13    | 0.11%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BCSC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     85274 | PA      | $78250.28     | 0.04%             | 2044-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140L1VP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260600 | PA      | $211072.14    | 0.12%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136AYNU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     42784 | PA      | $40977.14     | 0.02%             | 2045-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                                          | Fox Corp                                            | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    765000 | PA      | $832998.66    | 0.46%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | United States Treasury Note                         | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2065000 | PA      | $2069355.87   | 1.15%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132DQY42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    246602 | PA      | $249668.01    | 0.14%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                            | US Bancorp 5.678 01/23/35                           | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    369000 | PA      | $384705.35    | 0.21%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418D4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235245 | PA      | $196194.44    | 0.11%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QLX35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    385964 | PA      | $343150.60    | 0.19%             | 2041-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38379QP82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    507053 | PA      | $466430.50    | 0.26%             | 2045-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae I Pool                                   | CUSIP: 3622ABDD1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    242012 | PA      | $217109.33    | 0.12%             | 2045-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179U5R9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    391745 | PA      | $380703.18    | 0.21%             | 2034-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO RECEIVABLES TRUST 2                                      | World Omni Auto Receivables Trust 2023-B            | CUSIP: 98164QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2016 | PA      | $2020.28      | 0.00%             | 2028-05-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank, National Association                                   | Wells Fargo Bank NA                                 | CUSIP: 949764QM9<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | STIV             | CORP              | US        |   1415000 | PA      | $1422785.05   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| BNSF RAILWAY COMPANY PASS THROUGH TRUST                                  | BNSF Railway Co 2015-1 Pass Through Trust           | CUSIP: 05581JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    472892 | PA      | $460529.76    | 0.26%             | 2028-06-16      | Fixed         | 3.44%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XLAR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    342918 | PA      | $300070.55    | 0.17%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BRJF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    416972 | PA      | $422066.75    | 0.23%             | 2044-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2023-1                                           | CarMax Auto Owner Trust 2023-1                      | CUSIP: 14318DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2107 | PA      | $2111.29      | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank National Association                         | Morgan Stanley Private Bank NA                      | CUSIP: 61776NRW5<br>LEI: 549300GS0W0TEUQS8571 | Long             | STIV             | CORP              | US        |    265000 | PA      | $266798.79    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXGK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260415 | PA      | $246067.79    | 0.14%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                | UNP CO 2005 TRST 5.082% 01/02/2029                  | CUSIP: 90783VAA3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | ABS-O            | CORP              | US        |     10099 | PA      | $10187.55     | 0.01%             | 2029-01-02      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                              | Walmart, Inc.                                       | CUSIP: 931142FP3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    186000 | PA      | $189019.23    | 0.11%             | 2035-04-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136B8G60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    150561 | PA      | $126665.95    | 0.07%             | 2050-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QRET6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255278 | PA      | $267690.12    | 0.15%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XL6W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    629340 | PA      | $531581.09    | 0.30%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                      | Cisco Systems Inc                                   | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    413000 | PA      | $427684.95    | 0.24%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                          | Cigna Group/The                                     | CUSIP: 125523CM0<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    226000 | PA      | $202724.58    | 0.11%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                          | Eli Lilly & Co                                      | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    420000 | PA      | $385231.67    | 0.21%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                        | Intel Corp.                                         | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    147000 | PA      | $135271.64    | 0.08%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QLNA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    654903 | PA      | $551452.07    | 0.31%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                         | McDonald's Corp.                                    | CUSIP: 58013MGB4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    192000 | PA      | $192718.35    | 0.11%             | 2031-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                    | International Business Machines Corp                | CUSIP: 459200KB6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    600000 | PA      | $529311.23    | 0.29%             | 2039-05-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38380BTU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      4624 | PA      | $4563.94      | 0.00%             | 2045-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DC67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    297938 | PA      | $272549.36    | 0.15%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                 | AT&T Inc                                            | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    108000 | PA      | $108480.46    | 0.06%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                         | Burlington Northern Santa Fe LLC                    | CUSIP: 12189LAU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1097000 | PA      | $968272.09    | 0.54%             | 2044-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                           | Wells Fargo Commercial Mortgage Trust 2016-C35      | CUSIP: 95000FAT3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $157558.64    | 0.09%             | 2048-07-17      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ACLF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2542617 | PA      | $2051296.58   | 1.14%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                             | Broadcom Inc                                        | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    303000 | PA      | $303940.01    | 0.17%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KNSE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    199069 | PA      | $166907.70    | 0.09%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B5CL0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    850000 | PA      | $851720.15    | 0.47%             | 2030-03-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XMNX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515003 | PA      | $414870.52    | 0.23%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3132ADTF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    237547 | PA      | $225092.54    | 0.13%             | 2038-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Resolution Funding Corp                                                  | Resolution Funding Corp Principal Strip             | CUSIP: 76116FAB3<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   1077000 | PA      | $909411.01    | 0.51%             | 2030-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136AWZD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    228000 | PA      | $223306.96    | 0.12%             | 2037-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital S.A.                                               | TotalEnergies Capital SA                            | CUSIP: 89157XAB7<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    560000 | PA      | $533567.79    | 0.30%             | 2054-04-05      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XRC94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    931824 | PA      | $801210.09    | 0.45%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Railroad Co.                                               | Union Pacific Railroad Co 2014-1 Pass Through Tr    | CUSIP: 907825AA1<br>LEI: 549300E5Y4M86FFRWP82 | Long             | ABS-O            | CORP              | US        |    155401 | PA      | $154287.02    | 0.09%             | 2026-05-14      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                        | Wells Fargo & Co                                    | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    462000 | PA      | $477385.04    | 0.27%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| American Express National Bank                                           | American Express National Bank                      | CUSIP: 02589AHN5<br>LEI: 2MTSQ5CCMGGQ8GQ49R43 | Long             | STIV             | CORP              | US        |    250000 | PA      | $252805.28    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                  | Federal Home Loan Banks                             | CUSIP: 3130B6JM9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    450000 | PA      | $452346.29    | 0.25%             | 2034-06-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                             | Northrop Grumman Corp                               | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    197000 | PA      | $193516.99    | 0.11%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137FWEN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    342116 | PA      | $267950.63    | 0.15%             | 2050-09-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384C6U8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    109861 | PA      | $110691.54    | 0.06%             | 2042-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137ATEW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     23007 | PA      | $22875.90     | 0.01%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179WGT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1359188 | PA      | $1133772.02   | 0.63%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140QG5R4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    353474 | PA      | $296661.34    | 0.16%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nextgear Floorplan Master Owner Trust                                    | NextGear Floorplan Master Owner Trust               | CUSIP: 65341KCC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $523474.64    | 0.29%             | 2027-09-15      | Fixed         | 4.42%                 | Yes           |                  2 | On Loan: No      |
| Caterpillar Inc                                                          | Caterpillar Inc 5.2 05/15/35                        | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    526000 | PA      | $539226.79    | 0.30%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                       | ConocoPhillips Co                                   | CUSIP: 20826FBE5<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    831000 | PA      | $762275.24    | 0.42%             | 2053-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley                                      | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    336000 | PA      | $329796.30    | 0.18%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136A9GM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     27540 | PA      | $25785.14     | 0.01%             | 2041-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140L0D79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16885 | PA      | $13605.20     | 0.01%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JPMorgan Chase & Co                                 | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    813000 | PA      | $838059.94    | 0.47%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp              | CUSIP: 3133ETQA8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2832000 | PA      | $2835764.89   | 1.58%             | 2032-07-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55189 | PA      | $53655.03     | 0.03%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                    | International Business Machines Corp                | CUSIP: 459200KH3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240685.44    | 0.13%             | 2052-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136A42D0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      1695 | PA      | $1700.34      | 0.00%             | 2032-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418CU77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38888 | PA      | $35755.23     | 0.02%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XGEN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18151 | PA      | $16806.37     | 0.01%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                       | Ford Motor Co.                                      | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $909074.24    | 0.51%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                        | Bank of New York Mellon Corp/The                    | CUSIP: 06406RBZ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    993000 | PA      | $1023254.65   | 0.57%             | 2032-07-22      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133ALTH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     23307 | PA      | $19520.32     | 0.01%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                   | United Airlines 2023-1 Class A Pass Through Trust   | CUSIP: 90932LAJ6<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |    349864 | PA      | $361042.62    | 0.20%             | 2036-07-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXGF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56147 | PA      | $54860.98     | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                        | Exxon Mobil Corp.                                   | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $932260.14    | 0.52%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 3622ACP46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    723061 | PA      | $630871.80    | 0.35%             | 2052-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                | Federal Farm Credit Banks Funding Corp.             | CUSIP: 3133ETAX5<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1658000 | PA      | $1652543.11   | 0.92%             | 2033-03-25      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DTK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168332 | PA      | $151452.20    | 0.08%             | 2040-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                      | Dominion Energy, Inc.                               | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    490000 | PA      | $496656.15    | 0.28%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                              | Capital One Financial Corp                          | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    314000 | PA      | $305183.82    | 0.17%             | 2027-11-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31417YSC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2771 | PA      | $2702.17      | 0.00%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bbcms Mr 2017-C1                                                         | BBCMS MORTGAGE TRUST 2017-C1                        | CUSIP: 07332VBD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $9836.73      | 0.01%             | 2050-02-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XCY28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49912 | PA      | $48616.97     | 0.03%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac Pool                                    | CUSIP: 3133KYWP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    134994 | PA      | $119104.38    | 0.07%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XPLH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38257 | PA      | $30920.42     | 0.02%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136BRFK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    299133 | PA      | $298713.33    | 0.17%             | 2051-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XLG28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235280 | PA      | $189610.92    | 0.11%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas  LLC                                               | Duke Energy Carolinas LLC                           | CUSIP: 26442CAH7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1699623.13   | 0.94%             | 2040-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 3136B22G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     62678 | PA      | $60598.82     | 0.03%             | 2048-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XBK82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    339471 | PA      | $287004.44    | 0.16%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EQUS MTG TRUST 2021-EQAZ                                                 | EQUS 2021-EQAZ Mortgage Trust                       | CUSIP: 29478JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    599932 | PA      | $599915.89    | 0.33%             | 2036-10-15      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38378PQ43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     62994 | PA      | $61275.15     | 0.03%             | 2042-06-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XHD61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20804 | PA      | $17439.67     | 0.01%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140FXEG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    284755 | PA      | $276837.08    | 0.15%             | 2056-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMIC Trust 2005-W1                      | CUSIP: 31394CB35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    919464 | PA      | $961718.39    | 0.53%             | 2044-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                             | United States Treasury Note/Bond                    | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3510000 | PA      | $3458995.31   | 1.92%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company  Inc                                    | General Motors Financial Co Inc                     | CUSIP: 37045XFB7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    854000 | PA      | $873755.27    | 0.49%             | 2030-01-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38382DXT1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    304940 | PA      | $258559.41    | 0.14%             | 2050-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140EULG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26331 | PA      | $24496.66     | 0.01%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179WZB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    960870 | PA      | $878109.67    | 0.49%             | 2052-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3138WHEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72248 | PA      | $67027.92     | 0.04%             | 2046-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                         | Freddie Mac REMICS                                  | CUSIP: 3137BNZH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    118695 | PA      | $115418.26    | 0.06%             | 2044-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 31418DTY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    235589 | PA      | $220393.05    | 0.12%             | 2040-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae Pool                                     | CUSIP: 3140XGJR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    236782 | PA      | $206018.85    | 0.11%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TR 2021-1                                                 | Verizon Mater Trust                                 | CUSIP: 92348KCD3<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $475152.35    | 0.26%             | 2026-11-20      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Government National Mortgage Association            | CUSIP: 38384JZZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      3597 | PA      | $3706.53      | 0.00%             | 2035-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                  | CUSIP: 36179MGP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6667 | PA      | $6609.11      | 0.00%             | 2027-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                    | Fannie Mae REMICS                                   | CUSIP: 31394EP69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      2274 | PA      | $2322.08      | 0.00%             | 2035-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Exchange Place Advisors

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer