# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0001580642-25-003608
**Filing Date:** 2025-6
**Character Count:** 69454
**Document Hash:** e6bb656019f19691d1975849c2895d77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003608.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003608

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 251034831

**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

### Sphere 500 Climate Fund (Series ID: S000083897)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000247983 | Sphere 500 Climate Fund | SPFFX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-23373</u>

**Exchange Place Advisors Trust**

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Stacy H. Louizos, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 885-5147

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Sphere 500 Climate Fund
(SPFFX)

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](i3941d7c638630147e53f6700.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Sphere 500 Climate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.oursphere.org/fund. You can also request this information by contacting us at 1-844-2SPHERE.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sphere 500 Climate Fund | $3 | 0.07% |

---

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$28577185 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;406 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$9078 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;34% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i506643b60cc5329f05d8282f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Utilities | 0.1% |
| Materials | 2.2% |
| Real Estate | 2.5% |
| Consumer Staples | 5.0% |
| Industrials | 5.4% |
| Communications | 10.8% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.8% |
| Financials | 13.6% |
| Technology | 34.7% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.oursphere.org/fund), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i3941d7c638630147e53f6700.jpg)

#### Sphere 500 Climate Fund (SPFFX)

#### Semi-Annual Shareholder Report - March 31, 2025
TSR-SAR 033125-SPFFX

(b) Not applicable.

**Item 2. Code of Ethics.** 

Not applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.** 

Not applicable – disclosed with annual report

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable – disclosed with annual report

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](sphere500_001.jpg)

Sphere 500 Climate Fund

Semi-Annual Financial Statements & Additional Information

March 31, 2025

**Sphere 500 Climate Fund**

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | 2 |
| Statement of Assets and Liabilities | 15 |
| Statement of Operations | 16 |
| Statements of Changes in Net Assets | 17 |
| Financial Highlights | 18 |
| Notes to Financial Statements | 19 |
| Additional Information | 27 |

---

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40%** | **Shares** | **Fair Value** |
| **Communications — 10.76%** |  |  |
| Alphabet, Inc., Class C | 3496 | $546180 |
| Alphabet, Inc., Class A | 3983 | 615931 |
| AppLovin Corp., Class A<sup>(a)</sup> | 143 | 37891 |
| AT&T, Inc. | 4909 | 138826 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | 66 | 24323 |
| Comcast Corp., Class A | 2564 | 94612 |
| Electronic Arts, Inc. | 161 | 23268 |
| Liberty Media Corp., Class C<sup>(a)</sup> | 149 | 13411 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 106 | 13841 |
| Meta Platforms, Inc., Class A | 1497 | 862812 |
| Netflix, Inc.<sup>(a)</sup> | 291 | 271366 |
| Omnicom Group, Inc. | 133 | 11027 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 401 | 12431 |
| Reddit, Inc., Class A<sup>(a)</sup> | 75 | 7868 |
| Roblox Corp., Class A<sup>(a)</sup> | 379 | 22092 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 111 | 23005 |
| T-Mobile US, Inc. | 325 | 86681 |
| Verizon Communications, Inc. | 2882 | 130728 |
| Walt Disney Co. (The) | 1237 | 122091 |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 1521 | 16320 |
|  |  | 3074704 |
| **Consumer Discretionary — 12.33%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 285 | 34046 |
| Amazon.com, Inc.<sup>(a)</sup> | 6636 | 1262566 |
| Aptiv Holdings Ltd.<sup>(a)</sup> | 156 | 9282 |
| AutoZone, Inc.<sup>(a)</sup> | 11 | 41941 |
| Best Buy Co., Inc. | 135 | 9937 |
| Booking Holdings, Inc. | 22 | 101351 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 76 | 9495 |
| Burlington Stores, Inc.<sup>(a)</sup> | 43 | 10248 |
| Carnival Corp.<sup>(a)</sup> | 709 | 13847 |
| Carvana Co.<sup>(a)</sup> | 83 | 17354 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 921 | 46243 |
| Copart, Inc.<sup>(a)</sup> | 605 | 34237 |
| Coupang, Inc.<sup>(a)</sup> | 852 | 18685 |
| D.R. Horton, Inc. | 191 | 24282 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Consumer Discretionary — 12.33% (Continued)** |  |  |
| Darden Restaurants, Inc. | 80 | $16621 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 103 | 11516 |
| Domino's Pizza, Inc. | 23 | 10567 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 228 | 41672 |
| DraftKings, Inc., Class A<sup>(a)</sup> | 322 | 10694 |
| eBay, Inc. | 318 | 21538 |
| Expedia Group, Inc.<sup>(a)</sup> | 84 | 14120 |
| Ford Motor Co. | 2659 | 26670 |
| General Motors Co. | 680 | 31980 |
| Genuine Parts Co. | 95 | 11318 |
| Hilton Worldwide Holdings, Inc. | 161 | 36636 |
| Home Depot, Inc. (The) | 680 | 249213 |
| Kellogg Co. | 201 | 16580 |
| Las Vegas Sands Corp. | 258 | 9967 |
| Lennar Corp., Class A | 155 | 17791 |
| Lowe's Companies., Inc. | 386 | 90027 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 73 | 20663 |
| Marriott International, Inc., Class A | 165 | 39303 |
| Masco Corp. | 145 | 10083 |
| McDonald's Corp. | 489 | 152749 |
| Nike, Inc., Class B | 795 | 50467 |
| NVR, Inc.<sup>(a)</sup> | 2 | 14489 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 39 | 55871 |
| PulteGroup, Inc. | 138 | 14186 |
| Ross Stores, Inc. | 221 | 28242 |
| Royal Caribbean Cruises Ltd. | 168 | 34514 |
| Starbucks Corp. | 777 | 76215 |
| Tapestry, Inc. | 141 | 9928 |
| Tesla, Inc.<sup>(a)</sup> | 1919 | 497328 |
| TJX Companies, Inc. (The) | 769 | 93665 |
| Tractor Supply Co. | 363 | 20001 |
| Uber Technologies, Inc.<sup>(a)</sup> | 1374 | 100110 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 32 | 11729 |
| Williams-Sonoma, Inc. | 81 | 12806 |
| Yum! Brands, Inc. | 191 | 30056 |
|  |  | 3522829 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Consumer Staples — 4.99%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 90 | $10269 |
| Casey's General Stores, Inc. | 25 | 10851 |
| Clorox Co. (The) | 84 | 12369 |
| Coca-Cola Co. (The) | 2923 | 209345 |
| Colgate-Palmolive Co. | 555 | 52004 |
| Constellation Brands, Inc., Class A | 95 | 17434 |
| Costco Wholesale Corp. | 303 | 286571 |
| Dollar General Corp. | 150 | 13190 |
| Dollar Tree, Inc.<sup>(a)</sup> | 147 | 11035 |
| Estee Lauder Companies, Inc. (The), Class A | 160 | 10560 |
| General Mills, Inc. | 376 | 22481 |
| Hershey Co. (The) | 101 | 17274 |
| Kenvue Inc. | 1308 | 31366 |
| Keurig Dr Pepper, Inc. | 769 | 26315 |
| Kimberly-Clark Corp. | 227 | 32284 |
| Kraft Heinz Co. (The) | 814 | 24770 |
| Kroger Co. (The) | 492 | 33303 |
| McCormick & Co., Inc. | 173 | 14240 |
| Mondelez International, Inc., Class A | 884 | 59979 |
| Monster Beverage Corp.<sup>(a)</sup> | 473 | 27680 |
| Pentair PLC | 112 | 9798 |
| PepsiCo, Inc. | 937 | 140494 |
| Procter & Gamble Co. (The) | 1604 | 273353 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 67 | 10227 |
| Sysco Corp. | 334 | 25064 |
| Target Corp. | 313 | 32665 |
| US Foods Holding Corp.<sup>(a)</sup> | 157 | 10277 |
|  |  | 1425198 |
| **Financials — 13.58%** |  |  |
| Aflac, Inc. | 336 | 37360 |
| Allstate Corp. (The) | 181 | 37480 |
| American Express Co. | 480 | 129144 |
| American International Group, Inc. | 405 | 35211 |
| Ameriprise Financial, Inc. | 68 | 32919 |
| Aon PLC, Class A | 143 | 57070 |

---

*The accompanying notes are an integral part of these financial statements.*

 

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Financials — 13.58% (Continued)** |  |  |
| Apollo Global Management, Inc. | 274 | $37522 |
| Arthur J. Gallagher & Co. | 173 | 59726 |
| Bank of America Corp. | 5198 | 216913 |
| Bank of New York Mellon Corp. (The) | 490 | 41096 |
| BlackRock, Inc. | 99 | 93701 |
| Brown & Brown, Inc. | 162 | 20153 |
| Capital One Financial Corp. | 258 | 46259 |
| Charles Schwab Corp. (The) | 1168 | 91431 |
| Chubb Ltd. | 273 | 82443 |
| Church & Dwight Co., Inc. | 168 | 18495 |
| Cincinnati Financial Corp. | 105 | 15511 |
| CME Group, Inc. | 246 | 65261 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 137 | 23596 |
| Discover Financial Services | 171 | 29190 |
| Equitable Holdings, Inc. | 210 | 10939 |
| Fidelity National Financial, Inc. | 178 | 11584 |
| Fifth Third Bancorp | 455 | 17836 |
| First Citizens BancShares, Inc., Class A | 7 | 12979 |
| First Republic Bank<sup>(a)</sup> | 26 |  |
| Goldman Sachs Group, Inc. (The) | 213 | 116359 |
| Hartford Financial Services Group, Inc. (The) | 195 | 24127 |
| Huntington Bancshares, Inc. | 989 | 14845 |
| Interactive Brokers Group, Inc., Class A | 72 | 11922 |
| Intercontinental Exchange, Inc. | 391 | 67448 |
| JPMorgan Chase & Co. | 1905 | 467297 |
| KeyCorp | 754 | 12056 |
| Loews Corp. | 121 | 11121 |
| LPL Financial Holdings, Inc. | 51 | 16684 |
| M&T Bank Corp. | 112 | 20020 |
| Markel Group Inc.<sup>(a)</sup> | 9 | 16826 |
| Marsh & McLennan Companies., Inc. | 336 | 81994 |
| MasterCard, Inc., Class A | 561 | 307495 |
| MetLife, Inc. | 391 | 31393 |
| Moody's Corp. | 123 | 57280 |
| Morgan Stanley | 843 | 98353 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Financials — 13.58% (Continued)** |  |  |
| MSCI, Inc. | 51 | $28841 |
| Nasdaq, Inc. | 282 | 21393 |
| Northern Trust Corp. | 132 | 13022 |
| Otis Worldwide Corp. | 271 | 27967 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 675 | 44044 |
| PNC Financial Services Group, Inc. (The) | 270 | 47458 |
| Principal Financial Group, Inc. | 153 | 12909 |
| Progressive Corp. (The) | 400 | 113204 |
| Prudential Financial, Inc. | 242 | 27027 |
| Raymond James Financial, Inc. | 126 | 17503 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 505 | 21018 |
| S&P Global, Inc. | 211 | 107209 |
| State Street Corp. | 196 | 17548 |
| Synchrony Financial | 265 | 14029 |
| T. Rowe Price Group, Inc. | 149 | 13689 |
| Toast, Inc., Class A<sup>(a)</sup> | 302 | 10017 |
| Tradeweb Markets, Inc., Class A | 79 | 11728 |
| TransUnion | 133 | 11038 |
| Travelers Companies, Inc. (The) | 155 | 40991 |
| Truist Financial Corp. | 892 | 36706 |
| U.S. Bancorp | 1065 | 44964 |
| Unum Group | 120 | 9775 |
| Visa, Inc., Class A | 1177 | 412491 |
| W.R. Berkley Corp. | 198 | 14090 |
| Wells Fargo & Co. | 2248 | 161384 |
| Willis Towers Watson PLC | 68 | 22981 |
|  |  | 3882065 |
| **Health Care — 12.84%** |  |  |
| Abbott Laboratories | 1181 | 156660 |
| AbbVie, Inc. | 1207 | 252890 |
| Agilent Technologies, Inc. | 194 | 22694 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 85 | 22952 |
| AmerisourceBergen Corp. | 124 | 34483 |
| Amgen, Inc. | 367 | 114338 |
| Baxter International, Inc. | 349 | 11946 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Health Care — 12.84% (Continued)** |  |  |
| Becton, Dickinson and Co. | 196 | $44896 |
| Biogen, Inc.<sup>(a)</sup> | 100 | 13684 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 129 | 9119 |
| Boston Scientific Corp.<sup>(a)</sup> | 1006 | 101485 |
| Bristol-Myers Squibb Co. | 1389 | 84715 |
| Cardinal Health, Inc. | 165 | 22732 |
| Centene Corp.<sup>(a)</sup> | 336 | 20399 |
| Cigna Corp. | 184 | 60536 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | 136 | 11472 |
| CVS Health Corp. | 862 | 58401 |
| Danaher Corp. | 470 | 96350 |
| DexCom, Inc.<sup>(a)</sup> | 264 | 18029 |
| Edwards LifeSciences Corp.<sup>(a)</sup> | 395 | 28630 |
| Elevance Health, Inc. | 155 | 67419 |
| Eli Lilly & Co. | 582 | 480679 |
| GE HealthCare Technologies, Inc. | 312 | 25182 |
| Gilead Sciences, Inc. | 851 | 95355 |
| HCA Healthcare, Inc. | 120 | 41466 |
| Hologic, Inc.<sup>(a)</sup> | 152 | 9389 |
| Humana, Inc. | 82 | 21697 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 55 | 23097 |
| Illumina, Inc.<sup>(a)</sup> | 108 | 8569 |
| Insulet Corp.<sup>(a)</sup> | 48 | 12605 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 243 | 120350 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 120 | 21156 |
| Johnson & Johnson | 1647 | 273138 |
| Labcorp Holdings, Inc. | 57 | 13266 |
| McKesson Corp. | 86 | 57877 |
| Medtronic PLC | 877 | 78807 |
| Merck & Co., Inc. | 1728 | 155105 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 14 | 16533 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 38 | 12517 |
| Natera, Inc.<sup>(a)</sup> | 87 | 12303 |
| PerkinElmer, Inc. | 82 | 8676 |
| Pfizer, Inc. | 3875 | 98193 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Health Care — 12.84% (Continued)** |  |  |
| Quest Diagnostics, Inc. | 76 | $12859 |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 72 | 45665 |
| ResMed, Inc. | 100 | 22385 |
| Steris PLC | 67 | 15186 |
| Stryker Corp. | 244 | 90829 |
| Thermo Fisher Scientific, Inc. | 258 | 128380 |
| United Therapeutics Corp.<sup>(a)</sup> | 30 | 9248 |
| UnitedHealth Group, Inc. | 625 | 327344 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 175 | 84844 |
| Waters Corp.<sup>(a)</sup> | 41 | 15111 |
| West Pharmaceutical Services, Inc. | 49 | 10970 |
| Zimmer Biomet Holdings, Inc. | 136 | 15392 |
| Zoetis, Inc., Class A | 306 | 50383 |
|  |  | 3668386 |
| **Industrials — 5.38%** |  |  |
| 3M Co. | 371 | 54485 |
| Carrier Global Corp. | 552 | 34997 |
| Caterpillar, Inc. | 327 | 107845 |
| Cintas Corp. | 235 | 48300 |
| Citigroup, Inc. | 1276 | 90583 |
| Cummins, Inc. | 93 | 29150 |
| Deere & Co. | 172 | 80728 |
| Delta Air Lines, Inc. | 441 | 19228 |
| Dover Corp. | 94 | 16514 |
| EMCOR Group, Inc. | 31 | 11459 |
| Emerson Electric Co. | 385 | 42211 |
| Expeditors International of Washington, Inc. | 94 | 11304 |
| Fastenal Co. | 392 | 30400 |
| FedEx Corp. | 151 | 36811 |
| Graco, Inc. | 115 | 9604 |
| Hubbell, Inc. | 37 | 12244 |
| IDEX Corp. | 52 | 9410 |
| Illinois Tool Works, Inc. | 200 | 49602 |
| Ingersoll Rand, Inc. | 275 | 22008 |
| Johnson Controls International PLC | 448 | 35889 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Industrials — 5.38% (Continued)** |  |  |
| Lennox International, Inc. | 22 | $12338 |
| Norfolk Southern Corp. | 155 | 36712 |
| Old Dominion Freight Line, Inc. | 126 | 20847 |
| PACCAR, Inc. | 353 | 34371 |
| Paychex, Inc. | 221 | 34096 |
| Quanta Services, Inc. | 100 | 25418 |
| Republic Services, Inc. | 138 | 33418 |
| Rockwell Automation, Inc. | 77 | 19895 |
| Rollins, Inc. | 201 | 10860 |
| Roper Technologies, Inc. | 73 | 43039 |
| Snap-on, Inc. | 35 | 11795 |
| Southwest Airlines Co. | 401 | 13466 |
| TE Connectivity PLC | 204 | 28829 |
| Trane Technologies PLC | 153 | 51550 |
| Union Pacific Corp. | 416 | 98275 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 223 | 15398 |
| United Parcel Service, Inc., Class B | 507 | 55764 |
| United Rentals, Inc. | 44 | 27575 |
| Veralto Corp. | 163 | 15884 |
| Verisk Analytics, Inc. | 96 | 28572 |
| Vertiv Holdings Co., Class A | 256 | 18483 |
| W.W. Grainger, Inc. | 31 | 30622 |
| Waste Management, Inc. | 275 | 63665 |
| Watsco, Inc. | 24 | 12199 |
| Westinghouse Air Brake Technologies Corp. | 116 | 21037 |
| Xylem, Inc. | 165 | 19711 |
|  |  | 1536591 |
| **Materials — 2.16%** |  |  |
| Air Products & Chemicals, Inc. | 151 | 44533 |
| Amcor PLC | 986 | 9564 |
| AngloGold Ashanti PLC | 345 | 12806 |
| Avery Dennison Corp. | 53 | 9432 |
| Ball Corp. | 193 | 10050 |
| Carlisle Companies, Inc. | 30 | 10215 |
| Corteva, Inc. | 469 | 29514 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Materials — 2.16% (Continued)** |  |  |
| DuPont de Nemours, Inc. | 285 | $21284 |
| Ecolab, Inc. | 174 | 44112 |
| Freeport-McMoRan, Inc. | 978 | 37027 |
| International Flavors & Fragrances, Inc. | 172 | 13349 |
| Linde PLC | 322 | 149937 |
| LyondellBasell Industries NV, Class A | 176 | 12390 |
| Martin Marietta Materials, Inc. | 41 | 19603 |
| Newmont Corp. | 771 | 37224 |
| Nucor Corp. | 157 | 18893 |
| Packaging Corporation of America | 60 | 11881 |
| PPG Industries, Inc. | 155 | 16949 |
| Reliance Steel & Aluminum Co. | 36 | 10395 |
| RPM International, Inc. | 87 | 10064 |
| Sherwin-Williams Co. (The) | 158 | 55173 |
| Steel Dynamics, Inc. | 96 | 12008 |
| Vulcan Materials Co. | 90 | 20997 |
|  |  | 617400 |
| **Real Estate — 2.55%** |  |  |
| Alexandria Real Estate Equities, Inc. | 117 | 10824 |
| American Tower Corp. | 319 | 69415 |
| AvalonBay Communities, Inc. | 97 | 20818 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 204 | 26679 |
| Crown Castle International Corp. | 297 | 30956 |
| Digital Realty Trust, Inc. | 230 | 32957 |
| Equinix, Inc. | 66 | 53813 |
| Equity Residential | 258 | 18468 |
| Essex Property Trust, Inc. | 44 | 13489 |
| Extra Space Storage, Inc. | 143 | 21234 |
| Gaming and Leisure Properties, Inc. | 180 | 9162 |
| Healthpeak Properties, Inc. | 477 | 9645 |
| Invitation Homes, Inc. | 418 | 14567 |
| Iron Mountain, Inc. | 200 | 17208 |
| Kimco Realty Corp. | 455 | 9664 |
| Mid-America Apartment Communities, Inc. | 79 | 13239 |
| Prologis, Inc. | 632 | 70652 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Real Estate — 2.55% (Continued)** |  |  |
| Public Storage | 108 | $32323 |
| Realty Income Corp. | 610 | 35386 |
| Regency Centers Corp. | 123 | 9072 |
| SBA Communications Corp., Class A | 73 | 16061 |
| Simon Property Group, Inc. | 222 | 36870 |
| Sun Communities, Inc. | 86 | 11063 |
| UDR, Inc. | 226 | 10208 |
| Ventas, Inc. | 298 | 20490 |
| VICI Properties, Inc. | 721 | 23519 |
| Welltower, Inc. | 439 | 67259 |
| Weyerhaeuser Co. | 495 | 14494 |
| WP Carey, Inc. | 148 | 9340 |
|  |  | 728875 |
| **Technology — 34.74%** |  |  |
| Accenture PLC, Class A | 427 | 133241 |
| Adobe, Inc.<sup>(a)</sup> | 297 | 113908 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1103 | 113322 |
| Analog Devices, Inc. | 339 | 68366 |
| ANSYS, Inc.<sup>(a)</sup> | 60 | 18994 |
| Apple, Inc. | 10401 | 2310373 |
| Applied Materials, Inc. | 555 | 80542 |
| Arista Networks Inc<sup>(a)</sup> | 708 | 54856 |
| Atlassian Corp., Class A<sup>(a)</sup> | 110 | 23343 |
| Autodesk, Inc.<sup>(a)</sup> | 146 | 38223 |
| Automatic Data Processing, Inc. | 278 | 84937 |
| Block, Inc.<sup>(a)</sup> | 373 | 20265 |
| Broadcom, Inc. | 3156 | 528409 |
| Broadridge Financial Solutions, Inc. | 80 | 19397 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 187 | 47560 |
| CDW Corp. | 90 | 14423 |
| Cisco Systems, Inc. | 2721 | 167912 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 207 | 23327 |
| Cognizant Technology Solutions Corp., Class A | 337 | 25781 |
| Corning, Inc. | 534 | 24447 |
| Corpay, Inc.<sup>(a)</sup> | 46 | 16041 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Technology — 34.74% (Continued)** |  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 285 | $22581 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 164 | 57823 |
| CyberArk Software, Ltd.<sup>(a)</sup> | 33 | 11154 |
| Datadog, Inc., Class A<sup>(a)</sup> | 209 | 20735 |
| Dell Technologies, Inc., Class C | 212 | 19324 |
| DocuSign, Inc.<sup>(a)</sup> | 137 | 11152 |
| Dynatrace, Inc.<sup>(a)</sup> | 200 | 9430 |
| Entegris, Inc. | 102 | 8923 |
| Equifax, Inc. | 84 | 20459 |
| F5, Inc.<sup>(a)</sup> | 39 | 10385 |
| FactSet Research Systems, Inc. | 26 | 11821 |
| Fair Isaac Corp.<sup>(a)</sup> | 16 | 29507 |
| Fidelity National Information Services, Inc. | 362 | 27034 |
| First Solar, Inc.<sup>(a)</sup> | 68 | 8597 |
| Fiserv, Inc.<sup>(a)</sup> | 381 | 84136 |
| Fortinet, Inc.<sup>(a)</sup> | 437 | 42066 |
| Garmin Ltd. | 106 | 23016 |
| Gartner, Inc.<sup>(a)</sup> | 51 | 21407 |
| Gen Digital, Inc. | 382 | 10138 |
| Global Payments, Inc. | 168 | 16451 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 96 | 17293 |
| Guidewire Software, Inc.<sup>(a)</sup> | 57 | 10680 |
| Hewlett Packard Enterprise Co. | 894 | 13794 |
| HP, Inc. | 644 | 17832 |
| HubSpot, Inc.<sup>(a)</sup> | 34 | 19424 |
| Intel Corp. | 2961 | 67244 |
| International Business Machines Corp. | 634 | 157649 |
| Intuit, Inc. | 187 | 114815 |
| Jabil, Inc. | 73 | 9933 |
| KLA Corp. | 91 | 61862 |
| Lam Research Corp. | 875 | 63613 |
| Marvell Technology, Inc. | 590 | 36326 |
| Microchip Technology, Inc. | 360 | 17428 |
| Micron Technology, Inc. | 760 | 66036 |
| Microsoft Corp. | 5092 | 1911485 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Technology — 34.74% (Continued)** |  |  |
| MicroStrategy, Inc., Class A<sup>(a)</sup> | 163 | $46988 |
| MongoDB, Inc.<sup>(a)</sup> | 49 | 8595 |
| Monolithic Power Systems, Inc. | 31 | 17979 |
| NetApp, Inc. | 139 | 12210 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 170 | 11868 |
| Nvidia Corp. | 16303 | 1766920 |
| Okta, Inc.<sup>(a)</sup> | 113 | 11890 |
| ON Semiconductor Corp.<sup>(a)</sup> | 287 | 11678 |
| Oracle Corp. | 1126 | 157426 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 448 | 76447 |
| PTC, Inc.<sup>(a)</sup> | 81 | 12551 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 211 | 9341 |
| Qualcomm, Inc. | 757 | 116283 |
| Salesforce, Inc. | 641 | 172018 |
| Seagate Technology PLC | 144 | 12233 |
| ServiceNow, Inc.<sup>(a)</sup> | 140 | 111460 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 211 | 30840 |
| SS&C Technologies Holdings, Inc. | 147 | 12279 |
| Super Micro Computer, Inc.<sup>(a)</sup> | 348 | 11916 |
| Synopsys, Inc.<sup>(a)</sup> | 105 | 45029 |
| Teradyne, Inc. | 110 | 9086 |
| Texas Instruments, Inc. | 622 | 111773 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 308 | 16854 |
| Trimble, Inc.<sup>(a)</sup> | 168 | 11029 |
| Twilio, Inc., Class A<sup>(a)</sup> | 98 | 9595 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 29 | 16860 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 101 | 23395 |
| VeriSign, Inc.<sup>(a)</sup> | 64 | 16248 |
| Western Digital Corp.<sup>(a)</sup> | 237 | 9582 |
| Workday, Inc., Class A<sup>(a)</sup> | 145 | 33862 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 35 | 9890 |
| Zoom Video Communications<sup>(a)</sup> | 180 | 13279 |
| Zscaler, Inc.<sup>(a)</sup> | 65 | 12897 |
|  |  | 9929521 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.40% (Continued)** | **Shares** | **Fair Value** |
| **Utilities — 0.07%** |  |  |
| American Water Works Company, Inc. | 133 | $19620 |
| **Total Common Stocks**<br> (Cost $28,358,340) |  | 28405189 |
| **Total Investments — 99.40%**<br> (Cost $28,358,340) |  | 28405189 |
| Other Assets in Excess of Liabilities — 0.60% |  | 171996 |
| **NET ASSETS — 100.00%** |  | $28577185 |

---

(a) Non-income
 producing security.

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **March 31, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments, at value (cost of $28,357,826) | $28405189 |
| Receivable for fund shares sold | 30006 |
| Cash and Cash equivalents | 283128 |
| Dividends and interest receivable | 12757 |
| &nbsp;&nbsp;&nbsp;Total Assets | 28731080 |
| **Liabilities** |  |
| Payable to Adviser | 1749 |
| Payable for fund shares redeemed | 42313 |
| Payable for investments purchased | 109833 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 153895 |
| **Net Assets** | $28577185 |
| **Net Assets consist of:** |  |
| Paid-in capital | 27044954 |
| Accumulated earnings | 1532231 |
| **Net Assets** | $28577185 |
| Net Assets | 28577185 |
| Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value) | 1099895 |
| **Net asset value, offering price and redemption price per share** | $25.98 |

---

*The accompanying notes are an integral part of these financial statements.*

 

 

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Period Ended March 31, 2025 (Unaudited)** |

---

 

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income | $159885 |
| Interest income | 10185 |
| &nbsp;&nbsp;&nbsp;Total investment income | 170070 |
| **Expenses** |  |
| Adviser Fees | 9078 |
| Net operating expenses | 9078 |
| **Net investment income** | $160992 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | $1575415 |
| Change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (2510056) |
| **Net realized and change in unrealized gain (loss) on investment securities** | (934641) |
| **Net increase in net assets resulting from operations** | $(773649) |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $160992 | $119107 |
| Net realized gain/(loss) on investment securities | 1575415 | 20365 |
| Change in unrealized depreciation on investment securities | (2510056) | 2268461 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | (773649) | 2407933 |
| **Distributions** |  |  |
| From distributable earnings | (290480) | (79986) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (290480) | (79986) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 17868186 | 7980203 |
| Reinvestment of distributions | 261598 | 73443 |
| Amount paid for shares redeemed | (2114768) | (2285898) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 16015016 | 5767748 |
| Total Increase in Net Assets | 14950887 | 8095695 |
| **Net Assets** |  |  |
| Beginning of period | 13626298 | 5530603 |
| End of period | $28577185 | $13626298 |
| **Share Transactions** |  |  |
| Shares sold | 655751 | 329463 |
| Shares issued in reinvestment of distributions | 9478 | 3358 |
| Shares redeemed | (78139) | (98252) |
| Net increase in shares outstanding | 587090 | 234569 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **FINANCIAL HIGHLIGHTS** |
| **Institutional Shares** |

---

For a capital share outstanding throughout each period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the**<br> **Period Ended**<br> **September 30,**<br> **2022<sup>(a)</sup>** |
| **Per Share Operating Performance** |  |  |  |  |
| Net asset value, beginning of period | $26.57 | $19.88 | $16.55 | $20.00 |
| **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.17 <sup>(b)</sup> | 0.33 <sup>(b)</sup> | 0.31 <sup>(b)</sup> | 0.22 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.46) | 6.65 | 3.15 | (3.66) |
| Net change in net assets resulting from operations | (0.29) | 6.98 | 3.46 | (3.44) |
| **Less distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.29) | (0.13) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized losses | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.30) | (0.29) | (0.13) | (0.01) |
| **Net asset value, end of period** | $25.98 | $26.57 | $19.88 | $16.55 |
| **Total return** | (1.19)%<sup>(c)</sup> | 35.58% | 20.98% | (17.20)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $28577 | $13626 | $5531 | $1444 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: | 0.07 %<sup>(d)</sup> | 0.07% | 0.07% | 2.25 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: | 1.24 %<sup>(d)</sup> | 1.39% | 1.59% | (2.25)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 34 %<sup>(c)</sup> | 33% | 16% | 14 %<sup>(c)</sup> |

---

(a) For
 the period October 4, 2021 (commencement of operations) to September 30, 2022

(b) The
 net investment income per share was calculated using the average shares outstanding method.

(c) Not
 annualized.

(d) Annualized.

*The accompanying notes are an integral part of these financial statements.*

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **at March 31, 2025 (Unaudited)** |

---

**NOTE 1 – ORGANIZATION**

The Sphere 500 Climate Fund (the "Fund") is organized as a diversified series of the Exchange Place Advisors Trust, a Delaware statutory trust (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, as amended permits the Board of Trustees each member a "Trustee," collectively (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board.

The Fund is the successor to the Sphere 500 Climate Fund (the "Predecessor Fund"), which commenced operations on October 4, 2021, as a series of Manager Directed Portfolios. The Fund has substantially the same investment objectives and strategies as did the Predecessor Fund. Effective as of the close of business on April 12, 2024, all the assets, subject to the liabilities of the Predecessor Fund, were transferred to the Fund in exchange for 349,444 shares at a net asset value per share ("NAV") of $23.69 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from these tax-free transactions on the close of business April 12, 2024, after the reorganization, was $8,278,830 including net unrealized appreciation of $1,434,514; undistributed net investment income of $33,933 undistributed realized loss of $(70,217) and investment cost of $6,830,223. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The Fund's performance for periods prior to April 12, 2024, is that of the Predecessor Fund. The Predecessor Fund is the accounting survivor.

Reflection Asset Management, LLC (the "Adviser") serves as the investment adviser to the Fund. The investment objective of the Fund is to track the performance, before fees and expenses, of the Sphere 500 Fossil Free Index (the "Index").

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Fund is an investment company and accordingly follows the

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

**Security Valuation** – All investments in securities are recorded at their estimated fair value, as described in Note 3.

**Federal Income Taxes** – It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income or excise tax provisions are required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The tax returns for the Fund for the prior three fiscal years are open for examination. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Fund does not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Fund did not incur any interest or penalties for the six months ended March 31, 2025.

**Securities Transactions, Income and Distributions** – Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

The Fund distributes substantially all of its net investment income, if any, and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

**Use of Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

**Cash and Cash Equivalents** – Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

**Reclassification of Capital Accounts** – GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**NOTE 3 – SECURITIES VALUATION**

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement.

---

| | |
|:---|:---|
| Level 2 – | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). |

---

---

| | |
|:---|:---|
| Level 3 – | Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

**Equity Securities** – Equity securities, including common stocks and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 or Level 2 of the fair value hierarchy.

**Registered Investment Companies** – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy.

In the absence of prices from a pricing service, or if market quotations are not readily available, fair value will be determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Adviser as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has established procedures for its fair valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $28405189 | $— | $— | $28405189 |
| Total | $28405189 | $— | $— | $28405189 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

For the six months ended March 31, 2025, the Adviser provided the Fund with investment management services under an Investment Advisory Agreement (the "Agreement"). The Adviser furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at an annual rate of 0.07% of the average daily net assets of the Fund. For the six months ended March 31, 2025, the Adviser earned fees of $9,078 from the Fund. At March 31, 2025, the Fund owed the Adviser $1,749.

Pursuant to it's Agreement between the Trust, on behalf of the Fund, and Reflection Asset Management, the Fund pays a management fee to the Adviser, which is calculated daily and paid monthly. Under the Agreement, the Adviser has agreed to pay all expenses of the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, shareholder servicing, and the advisory fee payable to the Adviser.

Ultimus Fund Solutions, LLC (the "Administrator") serves as the Fund's fund accountant, transfer agent and administrator. Prior to April 12, 2024, U.S. Bank Global Fund Services, LLC ("U.S. Bank") provided administrative, transfer agent and fund accounting services to the Fund.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Prior to April 12, 2024, U.S. Bank provided the Chief Compliance Officer services to the Trust.

Ultimus Fund Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares.

Effective January 1, 2025, each Independent Trustee receives from the Trust an annual retainer of $50,000, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board (the "Chairperson") receives an additional annual retainer of $18,750, and each of the Chairs of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. Prior to January 1, 2025, each Independent Trustee received from the Trust an annual

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

retainer of $50,000, plus an annual fee per Fund of $1,666.67, plus reimbursement of related expenses. Prior to January 1, 2025, the Chairperson of the Board received an additional annual retainer of $6,250, and each of the Chairs of the Audit Committee and the Governance Committee received an additional annual retainer of $2,500 and $1,250, respectively. Effective November 3, 2023, each Independent Trustee receives $2,000 for each special in-person or telephonic meeting attended. The Independent Trustees may waive part of the annual retainer fees from time to time. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees. The Trust does not pay any compensation to the Trust's officers.

Certain officers of the Trust are also employees of the Administrator or NLCS and such persons are not paid by the Fund for serving in such capacities.

**NOTE 5 – SECURITIES TRANSACTIONS**

For the six months ended March 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $24488203 | $8474958 |

---

There were no purchases or sales of long-term U.S. Government securities.

**NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

At March 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1145812 |
| Gross unrealized depreciation | (1254964) |
| Net unrealized appreciation on investments | $(109152) |
| Tax cost of investments | $28514341 |

---

As of September 30, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $95830 |
| Undistributed long-term capital gains | 99626 |
| Unrealized appreciation on investments | 2400904 |
| Total accumulated earnings | $2596360 |

---

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

For the year ended September 30, 2024, the Fund utilized short-term capital loss carryforwards of $30,708.

The tax character of distributions paid during the fiscal year ended September 30, 2024, was as follows:

---

| | |
|:---|:---|
|  | **2024** |
| Distributions paid from: |  |
| Ordinary income<sup>(a)</sup> | $79986 |
| Total distributions paid | $79986 |

---

**NOTE 7 – PRINCIPAL RISKS**

Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund's NAV, market price, yield, and total return. Further information about the Fund's investment objective, principal investment strategies and principal risks is available in the Fund's prospectus and Statement of Additional Information.

*Sector Risk* **–** If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund's portfolio will be adversely affected. As of March 31, 2025, the Fund had 34.74% of the value of its net assets invested in stocks within the Technology sector.

*Climate Investing Considerations Risk* – Considerations to mitigate climate risk, such as environmental criteria (e.g., fossil fuel screens), applied to the Index's construction may limit the number of investment opportunities available to the Fund, and as a result, at times, the Fund may underperform funds that are not subject to similar investment considerations. For example, the Index may exclude certain securities due to climate friendly considerations when other investment considerations would suggest that investing in such securities would be advantageous. The Fund may also underperform funds that invest in the energy and utilities sectors, particularly in times of rising oil, gas and energy prices.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at March 31, 2025 (Unaudited)** |

---

**NOTE 8 – GUARANTEES AND INDEMNIFICATIONS**

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**NOTE 9 – CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, Vanguard Brokerage Services held 66% of the outstanding Shares of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by Vanguard Brokerage Services are also owned beneficially.

**NOTE 10 – COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations sand warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 11 – SUBSEQUENT EVENTS**

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **ADDITIONAL INFORMATION**<br> **(Unaudited)** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | Not Applicable – disclosed with annual report |
| (a)(2) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](sphere500_ex99-cert.htm) |
| (a)(3) | Not applicable. |
| (a)(4) | Not applicable. |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](sphere500_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Exchange Place Advisors Trust |
| By (Signature and Title) | /s/ Ian Martin |
|  | Ian Martin, President and Principal Executive Officer |
| Date | 6/9/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Ian Martin |
|  | Ian Martin, President and Principal Executive Officer |
| Date | 6/9/2025 |
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |
| Date | 6/9/2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Ian Martin, certify that:

1. I
have reviewed this report on Form N-CSR of the Exchange Place Advisors Trust (the "Registrant");

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The
Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over
financial reporting; and

5. The
Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| 6/9/2025 | /s/ Ian Martin |
| Date | Ian Martin |
|  | President and Principal Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I
have reviewed this report on Form N-CSR of the Exchange Place Advisors Trust (the "Registrant");

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The
Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over
financial reporting; and

5. The
Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| 6/9/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**certification** 

Ian Martin, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer of Exchange Place Advisors Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the
period ended March 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |
| Exchange Place Advisors Trust | Exchange Place Advisors Trust |
| /s/ Ian Martin | /s/ Zachary P. Richmond |
| Ian Martin | Zachary P. Richmond |

---

Date: <u>6/9/2025</u> Date: <u>6/9/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.