# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0001580642-25-007523
**Filing Date:** 2025-12
**Character Count:** 124441
**Document Hash:** f7a47a0d0909cf975a74ff9d8baa08a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007523.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001580642-25-007523

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 251542643

**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 | Class R6            | SPFFX           |
| C000264391 | Institutional Class | SPFEX           |

?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>September 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) # Sphere 500 Climate Fund

# Institutional Class (SPFEX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5bf7ca52b6340f0554869271.jpg)

## Fund Overview
This annual shareholder report contains important information about Sphere 500 Climate Fund (the "Fund") for the period of September 16, 2025 to September 30, 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. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $1<sup>Footnote Reference\*</sup> | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

## How did the Fund perform during the reporting period?
Regarding the newly launched Institutional Class, for the period of September 16, 2025 to September 30, 2025, the Fund returned 1.06% vs. Sphere 500 Fossil Free Index of 1.07% and the S&P 500<sup>®</sup> Index of 1.26%. The majority of this under performance is a function of the mechanics of having launched mid-month and we expect performance to normalize on a go forward basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i17e93d67729145656cb661c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sphere 500 Climate Fund - Institutional Class** | **S&P 500<sup>®</sup> Index** | **Sphere 500 Fossil Free Index** |
| **Sep-2025** | $10000 | $10000 | $9999 |
| **Sep-2025** | $10106 | $10126 | $10107 |

---

## **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (September 16, 2025)** |
| Sphere 500 Climate Fund - Institutional Class | 1.06% |
| S&P 500<sup>®</sup> Index | 1.26% |
| Sphere 500 Fossil Free Index | 1.07% |

---

*The****Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-844-2SPHERE or visit https://www.oursphere.org/fund for updated performance information.*

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](icf6f03df39677df1d42eae29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Utilities | 0.10% |
| Materials | 1.8% |
| Real Estate | 1.9% |
| Consumer Staples | 4.0% |
| Industrials | 4.0% |
| Health Care | 10.1% |
| Communications | 11.8% |
| Consumer Discretionary | 12.0% |
| Financials | 13.3% |
| Technology | 40.2% |

---

## **Fund Statistics** 
* Net Assets$52,769,307

* Number of Portfolio Holdings396

* Advisory Fee (net of waivers)$0

* Portfolio Turnover49%

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's prospectus dated September 15, 2025, which is available upon request at 1-844-2SPHERE or on the Fund's website at https://www.oursphere.org/fund.

Effective September 16, 2025, pursuant to a new investment advisory agreement (the "New Advisory Agreement") between the Trust and the Adviser, approved by shareholders on September 15, 2025, the Fund pays the Adviser a fee at the annual rate of 0.07% of the Fund's average daily net assets for its investment advisory services. Under the New Advisory Agreement, the Fund will also be responsible for separately paying other Fund expenses. Prior to the New Advisory Agreement, the Fund paid the Adviser 0.07% of the Fund's daily net assets under a "unitary fee" structure, in which the Adviser was also responsible for most of the Fund's operating expenses.

In addition to the New Advisory Agreement, the Adviser has entered into an Expense Limitation Agreement whereby the Adviser contractually waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding any front-end or contingent deferred loads, taxes, interest expense, interest and dividends paid on short sales, acquired fund fees and expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, any expenses relating to tax reclaims, or extraordinary expenses, such as litigation) of the Fund are limited to 0.07% for R6 Class shares and 0.30% for Institutional Class shares through December 31, 2030. Pursuant to a services agreement with the Adviser, the Fund Sponsor has agreed to assume the obligation to pay any amounts that the Adviser is contractually responsible for with respect to the expense limitation on operating expenses with respect to each of Class R6 and the Institutional Class until such time as the Fund becomes profitable.

Prior to September 16, 2025, the Fund only offered one class of shares. Effective September 16, 2025, the initial share class was renamed "Class R6" and the new Institutional Class commenced operations.

## 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

# Sphere 500 Climate Fund - Institutional Class (SPFEX)

#### Annual Shareholder Report - September 30, 2025
TSR-AR 093025-SPFEX

![Image](i5bf7ca52b6340f0554869271.jpg)

# Sphere 500 Climate Fund

# Class R6 (SPFFX)

#### Annual Shareholder Report - September 30, 2025
![Image](i5bf7ca52b6340f0554869271.jpg)

## Fund Overview
This annual shareholder report contains important information about Sphere 500 Climate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $8 | 0.07% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended September 30, 2025, the Fund returned 20.14% versus its primary benchmark, Sphere 500 Fossil Fuel Free Index, of 17.84%. This 230 basis points ("bps") of outperformance can be explained by the cash position of the Fund and the relative overweight to the Technology Sector as a result of cash deployment. Relative to its secondary benchmark the S&P 500<sup>®</sup> Index, the Fund outperformed by 254 bps (20.14% versus 17.60%, respectively). This outperformance was primarily driven by allocation effect as a result of the overweight to Technology, Communications and Consumer Discretionary sectors. The largest detractors to performance were attributable to the relative underweights in the Utilities and Industrials sectors. We continue to be satisfied by both the relative and absolute performance of the Fund and believe it to be well positioned heading into the final quarter of the 2025 calendar year.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id65e09ace29d2191abab7da4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sphere 500 Climate Fund - Class R6** | **S&P 500<sup>®</sup> Index** | **Sphere 500 Fossil Free Index** |
| **Oct-2021** | $10000 | $10000 | $10000 |
| **Sep-2022** | $8280 | $8466 | $8133 |
| **Sep-2023** | $10007 | $10296 | $9920 |
| **Sep-2024** | $13568 | $14039 | $13763 |
| **Sep-2025** | $16301 | $16510 | $16219 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 4, 2021)** |
| Sphere 500 Climate Fund - Class R6 | 20.14% | 13.03% |
| S&P 500<sup>®</sup> Index | 17.60% | 13.39% |
| Sphere 500 Fossil Free Index | 17.84% | 12.88% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

*The Fund's performance for periods prior to April 12, 2024, is that of the Sphere 500 Climate Fund (the "Predecessor Fund"). The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Although the actual performance of the Predecessor Fund is not the performance of the Fund, which recently commenced operations, the Fund has adopted the performance of the Predecessor Fund as its performance. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.* 

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id11b1220fe7d384d8469c4c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Utilities | 0.10% |
| Materials | 1.8% |
| Real Estate | 1.9% |
| Consumer Staples | 4.0% |
| Industrials | 4.0% |
| Health Care | 10.1% |
| Communications | 11.8% |
| Consumer Discretionary | 12.0% |
| Financials | 13.3% |
| Technology | 40.2% |

---

## **Fund Statistics** 
* Net Assets$52,769,307

* Number of Portfolio Holdings396

* Advisory Fee (net of waivers)$0

* Portfolio Turnover49%

## Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information you may review the Fund's prospectus dated September 15, 2025, which is available upon request at 1-844-2SPHERE or on the Fund's website at https://www.oursphere.org/fund.

Effective September 16, 2025, pursuant to a new investment advisory agreement (the "New Advisory Agreement") between the Trust and the Adviser, approved by shareholders on September 15, 2025, the Fund pays the Adviser a fee at the annual rate of 0.07% of the Fund's average daily net assets for its investment advisory services. Under the New Advisory Agreement, the Fund will also be responsible for separately paying other Fund expenses. Prior to the New Advisory Agreement, the Fund paid the Adviser 0.07% of the Fund's daily net assets under a "unitary fee" structure, in which the Adviser was also responsible for most of the Fund's operating expenses.

In addition to the New Advisory Agreement, the Adviser has entered into an Expense Limitation Agreement whereby the Adviser contractually waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding any front-end or contingent deferred loads, taxes, interest expense, interest and dividends paid on short sales, acquired fund fees and expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, any expenses relating to tax reclaims, or extraordinary expenses, such as litigation) of the Fund are limited to 0.07% for R6 Class shares and 0.30% for Institutional Class shares through December 31, 2030. Pursuant to a services agreement with the Adviser, the Fund Sponsor has agreed to assume the obligation to pay any amounts that the Adviser is contractually responsible for with respect to the expense limitation on operating expenses with respect to each of Class R6 and the Institutional Class until such time as the Fund becomes profitable.

Prior to September 16, 2025, the Fund only offered one class of shares. Effective September 16, 2025, the initial share class was renamed "Class R6" and the new Institutional Class commenced operations.

## 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

# Sphere 500 Climate Fund - Class R6 (SPFFX)

#### Annual Shareholder Report - September 30, 2025
TSR-AR 093025-SPFFX

![Image](i5bf7ca52b6340f0554869271.jpg)

(b) Not
 applicable.

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 applicable.

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not
 applicable.

(f) See
 Item 19 (a)(1)

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

(a)(1) The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee.

(a)(2) David B. Boon and Donald J. Herrema are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

**Item 4. Audit Committee of Listed Registrants.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for
 the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| September 30, 2025 | $15500 |
| September 30, 2024 | $15000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

---

| | |
|:---|:---|
| September 30, 2025 | $3400 |
| September 30, 2024 | $3250 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed for the fiscal years ended September 30, 2025 and September 30, 2024 for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $0 and $0, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. The auditor performed no services for the registrant's investment advisers or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**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

Class R6

(Trading Symbol: SPFFX)

Institutional Class

(Trading Symbol: SPFEX)

Annual Financial Statements &

Additional Information

September 30, 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 | 19 |
| Notes to Financial Statements | 21 |
| Report of Independent Registered Public Accounting Firm | 30 |
| Additional Federal Income Tax Information | 32 |
| Additional Information | 33 |

---

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22%** | **Shares** | **Fair Value** |
| **Communications — 11.78%** |  |  |
| Alphabet, Inc., Class C | 4897 | $1192664 |
| Alphabet, Inc., Class A | 5730 | 1392963 |
| AppLovin Corp., Class A<sup>(a)</sup> | 250 | 179635 |
| AT&T, Inc. | 7520 | 212365 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | 91 | 25035 |
| Comcast Corp., Class A | 3868 | 121532 |
| Electronic Arts, Inc. | 219 | 44172 |
| Liberty Media Corp., Class C<sup>(a)</sup> | 212 | 22143 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 149 | 24347 |
| Meta Platforms, Inc., Class A | 2345 | 1722121 |
| Netflix, Inc.<sup>(a)</sup> | 469 | 562293 |
| Omnicom Group, Inc. | 186 | 15165 |
| Pinterest, Inc., Class A<sup>(a)</sup> | 569 | 18305 |
| Roblox Corp., Class A<sup>(a)</sup> | 606 | 83943 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 158 | 40821 |
| T-Mobile US, Inc. | 448 | 107242 |
| Verizon Communications, Inc. | 4410 | 193820 |
| Walt Disney Co. (The) | 1879 | 215146 |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 2170 | 42380 |
|  |  | 6216092 |
| **Consumer Discretionary — 12.03%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 402 | 48811 |
| Amazon.com, Inc.<sup>(a)</sup> | 10346 | 2271670 |
| Aptiv PLC<sup>(a)</sup> | 208 | 17934 |
| AutoZone, Inc.<sup>(a)</sup> | 15 | 64354 |
| Best Buy Co., Inc. | 188 | 14217 |
| Booking Holdings, Inc. | 39 | 210572 |
| Burlington Stores, Inc.<sup>(a)</sup> | 60 | 15270 |
| Carnival Corp.<sup>(a)</sup> | 1047 | 30269 |
| Carvana Co.<sup>(a)</sup> | 128 | 48287 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1301 | 50986 |
| Copart, Inc.<sup>(a)</sup> | 859 | 38629 |
| Coupang, Inc.<sup>(a)</sup> | 1208 | 38898 |
| D.R. Horton, Inc. | 263 | 44571 |
| Darden Restaurants, Inc. | 112 | 21320 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Consumer Discretionary — 12.03% (Continued)** |  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 141 | $14293 |
| Domino's Pizza, Inc. | 32 | 13815 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 356 | 96828 |
| DraftKings, Inc., Class A<sup>(a)</sup> | 464 | 17354 |
| eBay, Inc. | 446 | 40564 |
| Expedia Group, Inc. | 115 | 24581 |
| Ford Motor Co. | 3789 | 45316 |
| General Motors Co. | 932 | 56824 |
| Genuine Parts Co. | 134 | 18572 |
| Hilton Worldwide Holdings, Inc. | 225 | 58374 |
| Home Depot, Inc. (The) | 1114 | 451382 |
| Kellogg Co. | 288 | 23622 |
| Las Vegas Sands Corp. | 357 | 19203 |
| Lennar Corp., Class A | 221 | 27855 |
| Lowe's Companies., Inc. | 586 | 147268 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 101 | 17971 |
| Marriott International, Inc., Class A | 219 | 57036 |
| Masco Corp. | 203 | 14289 |
| McDonald's Corp. | 748 | 227310 |
| Nike, Inc., Class B | 1211 | 84443 |
| NVR, Inc.<sup>(a)</sup> | 2 | 16069 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 825 | 88943 |
| PulteGroup, Inc. | 193 | 25501 |
| Ross Stores, Inc. | 312 | 47546 |
| Royal Caribbean Cruises Ltd. | 310 | 100310 |
| Starbucks Corp. | 1187 | 100420 |
| Tapestry, Inc. | 201 | 22757 |
| Tesla, Inc.<sup>(a)</sup> | 2895 | 1287465 |
| TJX Companies, Inc. (The) | 1165 | 168389 |
| Tractor Supply Co. | 514 | 29231 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 43 | 23510 |
| Williams-Sonoma, Inc. | 114 | 22281 |
| Yum! Brands, Inc. | 269 | 40888 |
|  |  | 6345998 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Consumer Staples — 3.97%** |  |  |
| Casey's General Stores, Inc. | 35 | $19786 |
| Clorox Co. (The) | 118 | 14549 |
| Coca-Cola Co. (The) | 5138 | 340751 |
| Colgate-Palmolive Co. | 787 | 62913 |
| Constellation Brands, Inc., Class A | 131 | 17642 |
| Costco Wholesale Corp. | 512 | 473923 |
| Dollar General Corp. | 212 | 21910 |
| Dollar Tree, Inc.<sup>(a)</sup> | 202 | 19063 |
| Estee Lauder Companies, Inc. (The), Class A | 226 | 19915 |
| General Mills, Inc. | 530 | 26723 |
| Hershey Co. (The) | 142 | 26561 |
| Kenvue Inc. | 1866 | 30285 |
| Keurig Dr Pepper, Inc. | 1250 | 31888 |
| Kimberly-Clark Corp. | 321 | 39913 |
| Kraft Heinz Co. (The) | 1146 | 29841 |
| Kroger Co. (The) | 641 | 43210 |
| McCormick & Co., Inc. | 245 | 16393 |
| Mondelez International, Inc., Class A | 1258 | 78587 |
| Monster Beverage Corp.<sup>(a)</sup> | 673 | 45300 |
| Pentair PLC | 158 | 17500 |
| PepsiCo, Inc. | 1431 | 200970 |
| Performance Food Group Co.<sup>(a)</sup> | 148 | 15398 |
| Procter & Gamble Co. (The) | 2653 | 407634 |
| Sysco Corp. | 469 | 38618 |
| Target Corp. | 440 | 39468 |
| US Foods Holding Corp.<sup>(a)</sup> | 223 | 17086 |
|  |  | 2095827 |
| **Financials — 13.30%** |  |  |
| Aflac, Inc. | 471 | 52611 |
| Allstate Corp. (The) | 256 | 54950 |
| American Express Co. | 820 | 272372 |
| American International Group, Inc. | 558 | 43825 |
| Ameriprise Financial, Inc. | 91 | 44704 |
| Aon PLC, Class A | 203 | 72386 |
| Apollo Asset Management, Inc., Class A | 421 | 56107 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Financials — 13.30% (Continued)** |  |  |
| Ares Capital Corp. | 671 | $13695 |
| Arthur J. Gallagher & Co. | 246 | 76196 |
| Bank of America Corp. | 9794 | 505272 |
| Bank of New York Mellon Corp. (The) | 693 | 75509 |
| BlackRock, Inc. | 187 | 218017 |
| Brown & Brown, Inc. | 230 | 21572 |
| Capital One Financial Corp. | 660 | 140303 |
| Charles Schwab Corp. (The) | 1791 | 170987 |
| Chubb Ltd. | 387 | 109230 |
| Church & Dwight Co., Inc. | 237 | 20768 |
| Cincinnati Financial Corp. | 148 | 23399 |
| Circle Internet Group, Inc., Class A<sup>(a)</sup> | 160 | 21213 |
| Citigroup, Inc. | 1949 | 197824 |
| CME Group, Inc. | 349 | 94296 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 210 | 70873 |
| Equitable Holdings, Inc. | 293 | 14879 |
| Fidelity National Financial, Inc. | 252 | 15243 |
| Fifth Third Bancorp | 644 | 28690 |
| First Citizens BancShares, Inc., Class A | 8 | 14313 |
| First Republic Bank<sup>(a)</sup> | 26 |  |
| Goldman Sachs Group, Inc. (The) | 377 | 300224 |
| Hartford Financial Services Group, Inc. (The) | 274 | 36549 |
| Huntington Bancshares, Inc. | 1400 | 24178 |
| Interactive Brokers Group, Inc., Class A | 412 | 28350 |
| Intercontinental Exchange, Inc. | 553 | 93169 |
| JPMorgan Chase & Co. | 2998 | 945659 |
| KeyCorp | 1062 | 19849 |
| Loews Corp. | 168 | 16866 |
| LPL Financial Holdings, Inc. | 76 | 25284 |
| M&T Bank Corp. | 154 | 30433 |
| Markel Group Inc.<sup>(a)</sup> | 12 | 22936 |
| Marsh & McLennan Companies., Inc. | 479 | 96533 |
| MasterCard, Inc., Class A | 909 | 517048 |
| MetLife, Inc. | 546 | 44974 |
| Moody's Corp. | 187 | 89102 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Financials — 13.30% (Continued)** |  |  |
| Morgan Stanley | 1279 | $203310 |
| MSCI, Inc. | 73 | 41421 |
| Nasdaq, Inc. | 417 | 36884 |
| Northern Trust Corp. | 185 | 24901 |
| Otis Worldwide Corp. | 384 | 35109 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 1013 | 67932 |
| PNC Financial Services Group, Inc. (The) | 382 | 76756 |
| Principal Financial Group, Inc. | 215 | 17826 |
| Progressive Corp. (The) | 612 | 151133 |
| Prudential Financial, Inc. | 343 | 35583 |
| Raymond James Financial, Inc. | 175 | 30205 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 771 | 110392 |
| S&P Global, Inc. | 320 | 155747 |
| SoFi Technologies, Inc.<sup>(a)</sup> | 1052 | 27794 |
| State Street Corp. | 275 | 31903 |
| Synchrony Financial | 368 | 26146 |
| T. Rowe Price Group, Inc. | 209 | 21452 |
| Toast, Inc., Class A<sup>(a)</sup> | 436 | 15918 |
| TransUnion | 187 | 15667 |
| Travelers Companies, Inc. (The) | 219 | 61149 |
| Truist Financial Corp. | 1271 | 58110 |
| U.S. Bancorp | 1513 | 73123 |
| Visa, Inc., Class A | 1881 | 642136 |
| W.R. Berkley Corp. | 289 | 22143 |
| Wells Fargo & Co. | 3400 | 284988 |
| Willis Towers Watson PLC | 95 | 32818 |
|  |  | 7020934 |
| **Health Care — 10.12%** |  |  |
| Abbott Laboratories | 1810 | 242431 |
| AbbVie, Inc. | 1905 | 441084 |
| Agilent Technologies, Inc. | 274 | 35168 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 120 | 54720 |
| AmerisourceBergen Corp. | 176 | 55005 |
| Amgen, Inc. | 562 | 158596 |
| Becton, Dickinson and Co. | 278 | 52033 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Health Care — 10.12% (Continued)** |  |  |
| Biogen, Inc.<sup>(a)</sup> | 141 | $19751 |
| Boston Scientific Corp.<sup>(a)</sup> | 1542 | 150545 |
| Bristol-Myers Squibb Co. | 1978 | 89208 |
| Cardinal Health, Inc. | 231 | 36258 |
| Centene Corp.<sup>(a)</sup> | 479 | 17091 |
| Cigna Corp. | 256 | 73792 |
| CVS Health Corp. | 1230 | 92730 |
| Danaher Corp. | 682 | 135213 |
| DexCom, Inc.<sup>(a)</sup> | 375 | 25234 |
| Edwards LifeSciences Corp.<sup>(a)</sup> | 558 | 43396 |
| Elevance Health, Inc. | 219 | 70763 |
| Eli Lilly & Co. | 930 | 709590 |
| GE HealthCare Technologies, Inc. | 443 | 33269 |
| Gilead Sciences, Inc. | 1208 | 134088 |
| HCA Healthcare, Inc. | 165 | 70323 |
| Hologic, Inc.<sup>(a)</sup> | 214 | 14443 |
| Humana, Inc. | 115 | 29920 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 78 | 49833 |
| Illumina, Inc.<sup>(a)</sup> | 148 | 14056 |
| Incyte Corp.<sup>(a)</sup> | 185 | 15690 |
| Insmed, Inc.<sup>(a)</sup> | 171 | 24626 |
| Insulet Corp.<sup>(a)</sup> | 68 | 20994 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 454 | 203041 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 167 | 31720 |
| Johnson & Johnson | 2685 | 497853 |
| Labcorp Holdings, Inc. | 80 | 22965 |
| McKesson Corp. | 120 | 92705 |
| Medtronic PLC | 1340 | 127622 |
| Merck & Co., Inc. | 2626 | 220400 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 19 | 23325 |
| Natera, Inc.<sup>(a)</sup> | 125 | 20121 |
| Pfizer, Inc. | 5940 | 151351 |
| Quest Diagnostics, Inc. | 108 | 20583 |
| Regeneron Pharmaceuticals, Inc. | 101 | 56789 |
| ResMed, Inc. | 140 | 38322 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Health Care — 10.12% (Continued)** |  |  |
| Steris PLC | 95 | $23507 |
| Stryker Corp. | 374 | 138257 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 87 | 17664 |
| Thermo Fisher Scientific, Inc. | 393 | 190613 |
| UnitedHealth Group, Inc. | 980 | 338393 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 248 | 97127 |
| Waters Corp.<sup>(a)</sup> | 57 | 17089 |
| West Pharmaceutical Services, Inc. | 69 | 18101 |
| Zimmer Biomet Holdings, Inc. | 191 | 18814 |
| Zoetis, Inc., Class A | 432 | 63210 |
|  |  | 5339422 |
| **Industrials — 4.07%** |  |  |
| 3M Co. | 562 | 87211 |
| AECOM | 128 | 16700 |
| Carrier Global Corp. | 775 | 46268 |
| Cintas Corp. | 332 | 68146 |
| Comfort Systems USA, Inc. | 32 | 26406 |
| Cummins, Inc. | 131 | 55331 |
| Deere & Co. | 262 | 119802 |
| Delta Air Lines, Inc. | 632 | 35866 |
| Dover Corp. | 132 | 22022 |
| EMCOR Group, Inc. | 42 | 27281 |
| Emerson Electric Co. | 586 | 76871 |
| Expeditors International of Washington, Inc. | 131 | 16059 |
| Fastenal Co. | 1113 | 54582 |
| FedEx Corp. | 212 | 49992 |
| Hubbell, Inc. | 51 | 21946 |
| Illinois Tool Works, Inc. | 284 | 74056 |
| Ingersoll Rand, Inc. | 390 | 32222 |
| Johnson Controls International PLC | 638 | 70148 |
| Lennox International, Inc. | 30 | 15881 |
| Norfolk Southern Corp. | 218 | 65489 |
| Old Dominion Freight Line, Inc. | 176 | 24777 |
| PACCAR, Inc. | 501 | 49258 |
| Paychex, Inc. | 313 | 39676 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Industrials — 4.07% (Continued)** |  |  |
| Quanta Services, Inc. | 141 | $58433 |
| Republic Services, Inc. | 196 | 44978 |
| Rocket Lab Corp.<sup>(a)</sup> | 424 | 20314 |
| Rockwell Automation, Inc. | 109 | 38099 |
| Rollins, Inc. | 286 | 16800 |
| Roper Technologies, Inc. | 103 | 51365 |
| Snap-on, Inc. | 48 | 16633 |
| Southwest Airlines Co. | 547 | 17455 |
| TE Connectivity PLC | 287 | 63005 |
| Trane Technologies PLC | 232 | 97894 |
| Union Pacific Corp. | 623 | 147258 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 315 | 30398 |
| United Parcel Service, Inc., Class B | 713 | 59557 |
| United Rentals, Inc. | 67 | 63962 |
| Veralto Corp. | 231 | 24627 |
| Verisk Analytics, Inc. | 135 | 33954 |
| Vertiv Holdings Co., Class A | 390 | 58835 |
| W.W. Grainger, Inc. | 43 | 40977 |
| Waste Management, Inc. | 390 | 86124 |
| Westinghouse Air Brake Technologies Corp. | 164 | 32877 |
| XPO, Inc.<sup>(a)</sup> | 109 | 14090 |
| Xylem, Inc. | 234 | 34515 |
|  |  | 2148140 |
| **Materials — 1.78%** |  |  |
| Air Products & Chemicals, Inc. | 214 | 58362 |
| Amcor PLC | 2236 | 18290 |
| AngloGold Ashanti PLC | 488 | 34321 |
| Carlisle Companies, Inc. | 41 | 13487 |
| Corteva, Inc. | 662 | 44771 |
| DuPont de Nemours, Inc. | 405 | 31550 |
| Ecolab, Inc. | 246 | 67370 |
| Freeport-McMoRan, Inc. | 1493 | 58555 |
| International Flavors & Fragrances, Inc. | 243 | 14954 |
| Linde PLC | 488 | 231799 |
| Martin Marietta Materials, Inc. | 57 | 35926 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Materials — 1.78% (Continued)** |  |  |
| Newmont Corp. | 1080 | $91055 |
| Nucor Corp. | 223 | 30200 |
| Packaging Corporation of America | 85 | 18525 |
| PPG Industries, Inc. | 219 | 23019 |
| Reliance Steel & Aluminum Co. | 50 | 14042 |
| RPM International, Inc. | 123 | 14499 |
| Sherwin-Williams Co. (The) | 226 | 78255 |
| Steel Dynamics, Inc. | 135 | 18823 |
| Vulcan Materials Co. | 128 | 39376 |
|  |  | 937179 |
| **Real Estate — 1.87%** |  |  |
| American Tower Corp. | 453 | 87121 |
| AvalonBay Communities, Inc. | 137 | 26464 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 287 | 45220 |
| Crown Castle International Corp. | 421 | 40622 |
| Digital Realty Trust, Inc. | 327 | 56532 |
| Equinix, Inc. | 93 | 72841 |
| Equity Residential | 365 | 23626 |
| Essex Property Trust, Inc. | 62 | 16595 |
| Extra Space Storage, Inc. | 203 | 28611 |
| Invitation Homes, Inc. | 593 | 17393 |
| Iron Mountain, Inc. | 284 | 28951 |
| Kimco Realty Corp. | 643 | 14050 |
| Mid-America Apartment Communities, Inc. | 112 | 15650 |
| Prologis, Inc. | 966 | 110626 |
| Public Storage | 152 | 43905 |
| Realty Income Corp. | 878 | 53374 |
| SBA Communications Corp., Class A | 102 | 19722 |
| Simon Property Group, Inc. | 314 | 58928 |
| Sun Communities, Inc. | 121 | 15609 |
| Ventas, Inc. | 436 | 30516 |
| VICI Properties, Inc. | 1025 | 33425 |
| Welltower, Inc. | 636 | 113297 |
| Weyerhaeuser Co. | 703 | 17427 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Real Estate — 1.87% (Continued)** |  |  |
| WP Carey, Inc. | 209 | $14122 |
|  |  | 984627 |
| **Technology — 40.25%** |  |  |
| Accenture PLC, Class A | 653 | 161030 |
| Adobe, Inc.<sup>(a)</sup> | 499 | 176022 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1686 | 272778 |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 260 | 19001 |
| Analog Devices, Inc. | 518 | 127273 |
| Apple, Inc. | 15883 | 4044288 |
| Applied Materials, Inc. | 837 | 171367 |
| Arista Networks, Inc.<sup>(a)</sup> | 1079 | 157221 |
| Astera Labs, Inc.<sup>(a)</sup> | 151 | 29566 |
| Atlassian Corp., Class A<sup>(a)</sup> | 157 | 25073 |
| Autodesk, Inc.<sup>(a)</sup> | 207 | 65758 |
| Automatic Data Processing, Inc. | 424 | 124444 |
| Block, Inc.<sup>(a)</sup> | 520 | 37580 |
| Broadcom, Inc. | 4936 | 1628436 |
| Broadridge Financial Solutions, Inc. | 112 | 26675 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 284 | 99758 |
| CDW Corp. | 126 | 20069 |
| Ciena Corp.<sup>(a)</sup> | 122 | 17772 |
| Cisco Systems, Inc. | 4138 | 283122 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 318 | 68240 |
| Cognizant Technology Solutions Corp., Class A | 476 | 31925 |
| CoreWeave, Inc., Class A<sup>(a)</sup> | 297 | 40644 |
| Corning, Inc. | 762 | 62507 |
| Corpay, Inc.<sup>(a)</sup> | 65 | 18724 |
| CoStar Group, Inc.<sup>(a)</sup> | 404 | 34085 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 173 | 25191 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 290 | 142210 |
| CyberArk Software Ltd.<sup>(a)</sup> | 46 | 22225 |
| Datadog, Inc., Class A<sup>(a)</sup> | 297 | 42293 |
| Dell Technologies, Inc., Class C | 296 | 41964 |
| DocuSign, Inc.<sup>(a)</sup> | 193 | 13913 |
| Dynatrace, Inc.<sup>(a)</sup> | 286 | 13857 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Technology — 40.25% (Continued)** |  |  |
| Equifax, Inc. | 119 | $30527 |
| F5, Inc.<sup>(a)</sup> | 54 | 17452 |
| Fair Isaac Corp.<sup>(a)</sup> | 21 | 31427 |
| Fidelity National Information Services, Inc. | 510 | 33629 |
| Figma, Inc., Class A<sup>(a)</sup> | 761 | 39473 |
| First Solar, Inc.<sup>(a)</sup> | 98 | 21612 |
| Fiserv, Inc.<sup>(a)</sup> | 535 | 68978 |
| Flex Ltd.<sup>(a)</sup> | 359 | 20811 |
| Fortinet, Inc.<sup>(a)</sup> | 618 | 51961 |
| Garmin Ltd. | 157 | 38657 |
| Gartner, Inc.<sup>(a)</sup> | 73 | 19190 |
| Gen Digital, Inc. | 546 | 15501 |
| Global Payments, Inc. | 234 | 19441 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 137 | 18746 |
| Guidewire Software, Inc.<sup>(a)</sup> | 80 | 18389 |
| Hewlett Packard Enterprise Co. | 1270 | 31191 |
| HP, Inc. | 912 | 24834 |
| HubSpot, Inc.<sup>(a)</sup> | 48 | 22454 |
| Intel Corp. | 4558 | 152921 |
| International Business Machines Corp. | 970 | 273695 |
| Intuit, Inc. | 366 | 249945 |
| Jabil, Inc. | 101 | 21934 |
| KLA Corp. | 161 | 173655 |
| Lam Research Corp. | 1332 | 178355 |
| Marvell Technology, Inc. | 897 | 75411 |
| Microchip Technology, Inc. | 513 | 32945 |
| Micron Technology, Inc. | 1164 | 194760 |
| Microsoft Corp. | 7920 | 4102165 |
| MicroStrategy, Inc., Class A<sup>(a)</sup> | 264 | 85063 |
| MongoDB, Inc.<sup>(a)</sup> | 76 | 23589 |
| Monolithic Power Systems, Inc. | 60 | 55238 |
| NetApp, Inc. | 193 | 22863 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 248 | 18449 |
| Nvidia Corp. | 24754 | 4618600 |
| Okta, Inc.<sup>(a)</sup> | 160 | 14672 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Technology — 40.25% (Continued)** |  |  |
| ON Semiconductor Corp.<sup>(a)</sup> | 403 | $19872 |
| Oracle Corp. | 1786 | 502295 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 691 | 140701 |
| PTC, Inc.<sup>(a)</sup> | 114 | 23144 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 300 | 25143 |
| Qualcomm, Inc. | 1147 | 190815 |
| Salesforce, Inc. | 1085 | 257145 |
| Seagate Technology PLC | 204 | 48156 |
| ServiceNow, Inc.<sup>(a)</sup> | 243 | 223628 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 331 | 74657 |
| SS&C Technologies Holdings, Inc. | 207 | 18373 |
| Super Micro Computer, Inc.<sup>(a)</sup> | 498 | 23874 |
| Synopsys, Inc.<sup>(a)</sup> | 228 | 112493 |
| Teradyne, Inc. | 154 | 21197 |
| Texas Instruments, Inc. | 1055 | 193835 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 432 | 21172 |
| Trimble, Inc.<sup>(a)</sup> | 231 | 18861 |
| Twilio, Inc., Class A<sup>(a)</sup> | 140 | 14013 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 41 | 21450 |
| Uber Technologies, Inc.<sup>(a)</sup> | 2103 | 206031 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 143 | 42601 |
| VeriSign, Inc. | 90 | 25161 |
| Western Digital Corp.<sup>(a)</sup> | 335 | 40220 |
| Workday, Inc., Class A<sup>(a)</sup> | 207 | 49831 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 47 | 13967 |
| Zoom Video Communications<sup>(a)</sup> | 251 | 20708 |
| Zscaler, Inc.<sup>(a)</sup> | 93 | 27868 |
|  |  | 21240755 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 99.22% (Continued)** | **Shares** | **Fair Value** |
| **Utilities — 0.05%** |  |  |
| American Water Works Company, Inc. | 189 | $26307 |
| **Total Common Stocks**<br> (Cost $46,694,394) |  | 52355281 |
| **Total Investments — 99.22%**<br> (Cost $46,694,394) |  | 52355281 |
| Other Assets in Excess of Liabilities — 0.78% |  | 414026 |
| **NET ASSETS — 100.00%** |  | $52769307 |

---

(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** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments, at value (cost of $46,694,394) | $52355281 |
| Receivable for fund shares sold | 129059 |
| Cash and cash equivalents | 2118937 |
| Dividends and interest receivable | 22206 |
| Receivable from Adviser | 59881 |
| &nbsp;&nbsp;&nbsp;Total Assets | 54685364 |
| **Liabilities** |  |
| Payable for investments purchased | 1853436 |
| Payable to Administrator | 30022 |
| Other accrued expenses | 32599 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1916057 |
| **Net Assets** | $52769307 |
| **Net Assets consist of:** |  |
| Paid-in capital | 43863844 |
| Accumulated earnings | 8905463 |
| **Net Assets** | $52769307 |
| **Class R6** |  |
| Net Assets | 51289258 |
| Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value) | 1623452 |
| **Net asset value, offering price and redemption price per share** | $31.59 |
| **Institutional Class** |  |
| Net Assets | 1480049 |
| Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value) | 46852 |
| **Net asset value, offering price and redemption price per share** | $31.59 |

---

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $361990 |
| Foreign taxes withheld | (84) |
| Interest income | 22368 |
| &nbsp;&nbsp;&nbsp;Total investment income | 384274 |
| **Expenses** |  |
| Adviser Fees | 22128 |
| Fund accounting and administrative fees | 26048 |
| Legal Fees | 1750 |
| Transfer agent fees | 3974 |
| Printing and postage expenses | 3000 |
| Custodian fees | 2257 |
| Audit and tax preparation fees | 18900 |
| Pricing | 781 |
| Miscellaneous expenses | 5910 |
| **Total expenses** | 84748 |
| Fees waived/reimbursed by Investment Adviser (Note 4) | (62610) |
| Net operating expenses | 22138 |
| **Net investment income** | $362136 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | $3133979 |
| Change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 3103468 |
| **Net realized and change in unrealized gain (loss) on investment securities** | 6237447 |
| **Net increase in net assets resulting from operations** | $6599583 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $362136 | $119107 |
| Net realized gain/(loss) on investment securities | 3133979 | 20365 |
| Change in unrealized appreciation on investment securities | 3103468 | 2268461 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 6599583 | 2407933 |
| **Distributions to Shareholders** |  |  |
| Class R6 | (290480) | (79986) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions** | (290480) | (79986) |
| **Capital Transactions - Class R6** |  |  |
| Proceeds from shares sold | 36834376 | 7980203 |
| Reinvestment of distributions | 261598 | 73443 |
| Amount paid for shares redeemed | (5736756) | (2285898) |
| Total Class R6 | 31359218 | 5767748 |
| **Capital Transactions - Institutional Class** |  |  |
| Proceeds from shares sold | 1474688 <sup>(a)</sup> |  |
| Reinvestment of distributions |  |  |
| Amount paid for shares redeemed |  |  |
| Total Institutional Class | 1474688 |  |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 32833906 | 5767748 |
| Total Increase in Net Assets | 39143009 | 8095695 |
| **Net Assets** |  |  |
| Beginning of year | 13626298 | 5530603 |
| End of year | $52769307 | $13626298 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Share Transactions - Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1303572 | 329463 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 9478 | 3358 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (202403) | (98252) |
| &nbsp;&nbsp;&nbsp;Total Class R6 | 1110647 | 234569 |
| **Share Transactions - Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 46852 <sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Total Institutional Class | 46852 |  |
| **Net Increase in Shares Outstanding** | 1157499 | 234569 |

---

<sup>(a)</sup> For the period September 16, 2025 (commencement of operations) to September 30, 2025.

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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **FINANCIAL HIGHLIGHTS** |
| **Class R6** |

---

For a capital share outstanding throughout each period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **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 | 0.32 <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 | 5.00 | 6.65 | 3.15 | (3.66) |
| Net change in net assets resulting from operations | 5.32 | 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 gains | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.30) | (0.29) | (0.13) | (0.01) |
| **Net asset value, end of period** | $31.59 | $26.57 | $19.88 | $16.55 |
| **Total return<sup>(c)</sup>** | 20.14% | 35.58% | 20.98% | (17.20)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $51289 | $13626 | $5531 | $1444 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.07% | 0.07% | 0.07% | 2.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement: | 0.27% |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: | 1.14% | 1.39% | 1.59% | (2.25)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 49% | 33% | 16% | 14 %<sup>(d)</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) Total
 return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not
 annualized.

(e) Annualized.

(f) Portfolio
 turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares.

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

---

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

---

For a capital share outstanding throughout each period

---

| | |
|:---|:---|
|  | **For the**<br> **Period Ended**<br> **September 30,**<br> **2025<sup>(a)</sup>** |
| **Per Share Operating Performance** |  |
| Net asset value, beginning of period | $31.26 |
| **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.34 |
| Net change in net assets resulting from operations | 0.33 |
| **Less distributions** |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |
| &nbsp;&nbsp;&nbsp;Net realized losses |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  |
| **Net asset value, end of period** | $31.59 |
| **Total return<sup>(c)</sup>** | 1.06 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $1480 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.30 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement: | 3.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | (0.74)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 49 %<sup>(d)</sup> |

---

(a) For
 the period September 16, 2025 (commencement of operations) to September 30, 2025.

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

(c) Total
 return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not
 annualized.

(e) Annualized.

(f) Portfolio
 turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares.

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

 

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **at September 30, 2025** |

---

**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, 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. Effective September 16, 2025, the Fund offers two classes of shares: Class R6 shares and Institutional Class shares. Prior to September 16, 2025, the Fund offered only Class R6 shares (which was previously an undesignated share class of the Fund).

The Fund is the successor to the Sphere 500 Climate Fund (the "Predecessor Fund"), which commenced operations on October 4, 2021, 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"). Neither the Adviser, the Fund's sponsor (Our Sphere, Inc.), nor any of their affiliates has any rights to influence the selection of the securities in the Index.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for 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 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 fiscal year ended September 30, 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.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

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.

**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

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

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.

**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.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $52355281 | $— | $— | $52355281 |
| Total | $52355281 | $— | $— | $52355281 |

---

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

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**

The Adviser provides the Fund with investment management services pursuant to the Investment Advisory Agreement (the "Agreement") between the Trust and the Adviser with respect to the Fund that was approved by shareholders on September 16, 2025. The Adviser furnishes all investment advice, office space, 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 the annual rate of 0.07%, based upon the average daily net assets of the Fund. For the fiscal year ended September 30, 2025, the Adviser earned fees of $22,128 from the Fund. At September 30, 2025, the Adviser owed the Fund $59,881.

Prior to September 16, 2025, the Fund paid the Adviser a fee at the annual rate of 0.07% of the Fund's average daily net assets for investment advisory and administrative services under a management agreement structured as a unitary fee arrangement (the "prior investment advisory agreement"). The Fund's prior fee structure was a "unitary fee," in which the Adviser of the Fund had 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.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

Effective September 16, 2025, the Fund's investment adviser has contractually agreed to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("Operating Expenses") of the Fund are limited to 0.07% for Class R6 shares and 0.30% for Institutional Class shares, respectively, as a percentage of average net assets until December 31, 2030 and may not be terminated during its term without the consent of the Board of Trustees. The Fund's investment adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior 36 months following the waiver or reimbursement with respect to any Class provided that repayment does not cause annual Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. The Adviser can only recoup the fees previously waived or expenses reimbursed by the Institutional Class. As of September 30, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount as follows:

---

| | | |
|:---|:---|:---|
| <br>**Recoverable Through** |<br>**Class R6\*** | **Institutional**<br>**Class** |
| September 30, 2028 | $62485 | $125 |

---

\* The fee waivers and expense reimbursements for Class R6 are not eligible to be recouped by the Adviser.

Ultimus Fund Solutions, LLC (the "Administrator") serves as the Fund's fund accountant, transfer agent and administrator.

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.

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

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.

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 retainer of $50,000, plus an annual fee

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

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.

The Fund has adopted a Shareholder Servicing Plan (the "Shareholder Servicing Plan") that allows each of Class R6 and Institutional Class shares of the Fund to make payments to financial intermediaries and other service providers for shareholders in return for shareholder servicing and maintenance of shareholder accounts. These shareholder servicing and maintenance fees may not exceed 0.10% of the average daily net assets of the Fund attributable to each of Class R6 and Institutional Class shares and may not be used to pay for any services in connection with the distribution and sale of the Fund. Institutional Class shares of the Fund have implemented the Shareholder Servicing Plan. However, no shareholder servicing fees are currently being paid by the Class R6 shares of the Fund, and there are no plans to impose these fees on the Class R6 shares of the Fund. Prior to September 16, 2025 the shareholder servicing plan was inactive and therefore the Fund did not pay any shareholder servicing plan fees.

**NOTE 5 – SECURITIES TRANSACTIONS**

For the fiscal year ended September 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $48059430 | $15262179 |

---

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

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

At September 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $6805450 |
| Gross unrealized depreciation | (1255594) |
| Net unrealized appreciation on investments | $5549856 |
| Tax cost of investments | $46805425 |

---

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

As of September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $1851368 |
| Undistributed long-term capital gains | 1504239 |
| Unrealized appreciation on investments | 5549856 |
| Total accumulated earnings | $8905463 |

---

For the year ended September 30, 2025, the Fund didn't utilize any capital loss carryforwards.

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| Ordinary income | $165032 | $79986 |
| Long-term capital gains<sup>(a)</sup> | 125448 |  |
| Total distributions paid | $290480 | $79986 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

**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 September 30, 2025, the Fund had 40.25% of the value of its net assets invested in stocks within the Technology sector.

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **at September 30, 2025** |

---

*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.

**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 September 30, 2025, Vanguard Brokerage Services held 60% 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 and 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** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |

---

**To the Shareholders of Sphere 500 Climate Fund and**

**Board of Trustees of Exchange Place Advisors Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Sphere 500 Climate Fund (the "Fund"), a series of Exchange Place Advisors Trust, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the period October 4, 2021 through September 30, 2022, were audited by other auditors whose report dated November 29, 2022, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and

---

| |
|:---|
| **Sphere 500 Climate Fund** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)** |

---

significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](sphere500_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 21, 2025

---

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

---

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 53% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 52% qualifies for the corporate dividends received deduction.

For the fiscal year ended September 30, 2025, the Fund designated $125,448 as long-term capital gain distributions.

---

| |
|:---|
| **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**

At a Special Shareholder Meeting held on September 15, 2025, Fund shareholders of record as of the close of business on August 5, 2025 voted to approve the following proposal:

**Proposal 1:** To change the Fund's current management fee structure from a unitary fee arrangement, including approval of a new investment advisory agreement between the Trust, on behalf of the Fund, and Reflection Asset Management, LLC, the Fund's investment adviser.

---

| | | |
|:---|:---|:---|
| **Total<br> Shares Voted\*** | **Shares<br> Voted in Favor** | **Shares Voted<br> Against or Abstain** |
| 710,818 (52.84)% | 685,736 (96.47%) | 25,082 (3.52%) |

---

\* as a percentage of the total voting securities of the Fund voted at the Meeting at which quorum was present.

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

Refer to the financial statements included herein.

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

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that each mutual fund's board of trustees, including a majority of those trustees who are not "interested persons" of the fund, as defined in the 1940 Act (the "Independent Trustees"), initially approve, and annually review and consider the continuation of, the fund's investment advisory agreement. At a meeting held on June 24-25, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Place Advisors Trust (the "Trust"), including each of the Independent Trustees, unanimously voted to approve the investment advisory agreement (the "New Advisory Agreement") between Reflection Asset Management, LLC (the "Adviser" or "Reflection") and the Trust, on behalf of the Sphere 500 Climate Fund (the "Fund"). The Trustees noted that, currently, the Fund has an investment advisory agreement with the Adviser under which the Fund pays a single or unitary fee, at an annual rate of 0.07% of the Fund's net assets, that covers essentially all of the Fund's ordinary operating expenses (the "Current Advisory Agreement"). The Trustees further noted that the Fund's Adviser is proposing to change the Fund's Current Advisory agreement from a unitary fee arrangement to an arrangement involving a New

---

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

---

Advisory Agreement and a separate Operating Expenses Limitation Agreement whereby the Adviser would contractually agree to waive certain fees and/or reimburses certain of the Fund's ordinary operating expenses.

In connection with its consideration of the New Advisory Agreement, the Board requested and reviewed responses from the Adviser to the Section 15(c) request posed to the Adviser on behalf of the Independent Trustees by independent legal counsel and supporting materials relating to those questions and responses, as well as other information and data provided. In this connection, the Board reviewed and discussed various information that had been provided prior to the Meeting, including a description of the Advisory Agreement, a memorandum provided by independent legal counsel summarizing the requirements and guidelines relevant to the Board's consideration of the approval of such New Advisory Agreement, the Adviser's Form ADV Part 1A, brochures and brochure supplements, as applicable, profitability information, comparative information about the Fund's performance for periods ended May 31, 2025, advisory fees and expense ratios, and other pertinent information. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by the Adviser during the course of the year, to evaluate the New Advisory Agreement with respect to the Fund. The Board reviewed and discussed the Adviser's Section 15(c) responses and discussed various questions and information with representatives of the Adviser at the Meeting. The Board also considered the materials and presentations by Trust officers and representatives of the Adviser provided at the Meeting and at prior meetings in connection with current investment advisory agreement for the Fund (the "Current Advisory Agreement"). Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Adviser. The Independent Trustees were also advised by independent legal counsel and met in executive sessions at which no representatives of management were present to consider the New Advisory Agreement with respect to the Fund. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one. The Board, as noted above, also took into account information reviewed periodically throughout the year and in prior years that was relevant to its consideration of the New Advisory Agreement, including information and discussions with the Adviser, as well as such additional information it deemed relevant and appropriate in its judgement. The Board noted that it had been provided with information relating to its deliberations in connection with the approval of the Current Advisory Agreement with respect to the Fund at the Board's December 6-7, 2023 meeting. The Board noted that the information received and considered by the Board in connection with the Meeting was both written and oral. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the New Advisory Agreement for the Fund for an initial two-year period from the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund.

---

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

---

In determining whether to approve the New Advisory Agreement, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the New Advisory Agreement with respect to the Fund was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the New Advisory Agreement. As noted, the Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the New Advisory Agreement and, throughout the evaluation process, the Board was assisted by independent legal counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the New Advisory Agreement with respect to the Fund is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry.

**Nature, Extent and Quality of Services**

The Board considered information regarding the nature, extent and quality of services the Adviser provides to the Fund under the Current Advisory Agreement and will provide to the Fund under the New Advisory Agreement. The Board considered, among other things, the terms of the New Advisory Agreement and the range of services to be provided by the Adviser under the New Advisory Agreement. The Board noted that the services to be provided under the New Advisory Agreement would be the same as those provided under the Current Advisory Agreement and that the services to be provided include, but are not limited to, providing a continuous investment program for the Fund, adhering to the Fund's investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Fund. The Board also considered the Adviser's reputation, organizational structure, resources and overall financial condition (including economic and other support provided to the Adviser by the Fund Sponsor). The Board also noted that the terms of the New Advisory Agreement were same as the Current Advisory Agreement with the exception of the management fee structure and expense arrangements.

In addition, the Board considered the Adviser's professional personnel who will provide services to the Fund under the New Advisory Agreement, including the Adviser's ability and experience in attracting and retaining qualified personnel to service the Fund. The Board also considered the compliance programs and compliance records and regulatory history of the Adviser. The Board noted the Adviser's support of the Fund's compliance control structure, including the resources that are devoted by the Adviser in support of the Fund's obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of the Adviser to address matters such as cybersecurity risks and business continuity planning. The Board also noted that it received and reviewed information from the Trust's Chief Compliance Officer regarding the Fund's compliance policies and procedures

---

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

---

established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of the Adviser and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also noted that it met separately, in executive session, with the CCO.

The Board also considered the nature and extent of significant risks that the Adviser will continue to assume in connection with the services to be provided to the Fund, including entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also noted increased regulatory risk which, among other things, can increase cost of operations and introduce legal and administrative challenges.

After consideration of the foregoing factors, among others, the Board concluded that they are satisfied with the nature, extent and quality of services that the Adviser proposed to provide to the Fund under the New Advisory Agreement.

**Fund Performance**

The Board reviewed the performance of the Fund for periods ended May 31, 2025, presented in the Board meeting materials. The Board considered various data and materials provided to the Board by the Adviser concerning Fund performance, including a comparison of the investment performance of the Fund to its customized index and the S&P 500 Index, as well as comparative fee information provided by Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the "Broadridge Report"), comparing the investment performance of the Fund to a universe of peer funds.

The Board received information at the Meeting, including the Adviser's discussion of the Fund's performance and took into account factors contributing to, the performance of the Fund relative to its benchmark and universe for the relevant period. The Board also took into account factors including general market conditions; the "style" in which the Fund is managed; issuer-specific information; and fund cash flows. The Board noted that there would be no change in the portfolio manager or the investment objective or investment strategies of the Fund.

Based on these considerations, it was the consensus of the Board that it was reasonable to conclude that the Adviser has the ability to continue to manage the Fund successfully from a performance standpoint.

**Advisory Fees and Expenses**

The Board reviewed and considered the management fee rate of the Fund that is proposed to be paid to the Adviser under the New Advisory Agreement and the Fund's total net expense ratio. The Board considered that the management fee rate for the Fund would not change under the New Advisory Agreement.

---

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

---

The Board considered the impact of the change from the unitary management fee structure under the Current Advisory Agreement and noted that while the fee and expense arrangement under the New Advisory Agreement would result in higher total annual gross operating expenses for the Fund, the Adviser was contractually agreeing to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses of the Fund, excluding certain operating expenses and class-level expenses, would be limited to 0.07% for the current share class of the Fund (to be renamed Class R6 shares) and 0.30% for the new retail share class, respectively, as a percentage of average net assets until December 31, 2030. The Board took into account that the annual management fee rate and the Fund's total net expense ratio with respect to the current operational share class of the Fund would remain the same under the New Advisory Agreement until at least December 31, 2030. The Board took into account that although the Adviser does not anticipate or expect this expense cap to be permanent if the Fund increases in asset size and reaches scale, the Adviser has contractually committed to the expense cap with respect to the Shares remaining in place until at least this date in order to ensure that the fees and expenses borne by current Shareholders will not change immediately after the Fund's new fee structure and expense arrangement is implemented and to reflect the nature of such share class. The Board took into account management's discussion of the proposed arrangement.

The Board reviewed information contained in the Broadridge Report comparing the Fund's current and proposed advisory fee rate and total expense ratio under the New Advisory Agreement relative to a group of peer funds as selected by Broadridge. While the Board recognized that comparisons between the Fund and the peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the Fund's advisory fees and total expense ratio under the New Advisory Agreement. The Board noted that the management fee and total expense ratio under the New Advisory Agreement with respect to both share classes were lower than the peer group median in the Broadridge Report. The Board also recognized that the proposed management fee rate under the New Advisory Agreement was lower than the median management fee rate of the peer funds, while also acknowledging that since some peers have a flat fee or other structure, the total expense ratio is therefore a better comparison for these purposes. The Board considered the Fund's total expense ratio as compared with the peer funds as a way of taking account the differences in fee structure between the Fund and the funds in the peer group.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation to be paid to the Adviser under the New Advisory Agreement was reasonable.

---

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

---

**Profitability**

The Board received and considered information concerning the Adviser's costs of managing the Fund and the profitability to the Adviser from providing services to the Fund under the Current Advisory Agreement, as well as the Adviser's estimated profitability under the New Advisory Agreement. The Board noted that the levels of profitability may be affected by numerous factors. The Board also took into account the arrangement between the Adviser and the Fund Sponsor, the benefits to the Adviser in connection with the same and its impact on the Adviser's profitability. The Board also observed that the Fund's anticipated profitability for the Adviser was not expected to materially increase in the near term since the contractual expense cap with the New Advisory Agreement would be the same as the unitary fee under the Current Advisory Agreement. Based on its review, the Board determined that the potential profits that the Adviser may receive from services to be provided to the Fund, if any, were not excessive.

**Economies of Scale**

The Board considered the potential for the Adviser to experience economies of scale in the provision of advisory services to the Fund as the Fund grows. The Board also considered that the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. In addition, the Board considered the contractual expense cap arrangement that would reduce the Fund's expenses, which can have an effect similar to breakpoints in sharing economies of scale with shareholders. In addition, the Board took into account management's discussion of the Fund's fee structure, including the relatively low rate as compared to its peers. The Board also considered that, if the Fund's assets increase over time, the Fund may realize other economies of scale.

The Board concluded that, especially in light of the current stage of development of the Fund, the Adviser's arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

**"Fall-Out" Benefits**

The Board received and considered information regarding potential "fall-out" or ancillary benefits that the Adviser may receive as a result of its relationship with the Fund. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from Adviser's business as a result of its relationship with the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by the Adviser to be unreasonable.

---

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

---

**Conclusion**

At the June 2025 Meeting, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of independent counsel, the Board, comprised solely of Independent Trustees, concluded that the approval of the New Advisory Agreement with respect to the Fund was in the best interest of the Fund and its shareholders.

**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.** 

Included under Item 7.

**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) | [Code of Ethics for Principal Executive and Senior Financial Officers.](sphere500_ex99codeeth.htm) |
| (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 | 12/01/2025 |

---

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 | 12/01/2025 |
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |
| Date | 12/01/2025 |

---

## 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.

---

| | |
|:---|:---|
| 12/01/2025 | /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.

---

| | |
|:---|:---|
| 12/01/2025 | /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 September 30, 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>12/01/2025</u> Date: <u>12/01/2025</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.

## Ex-99.Code

**Exhibit 99.CODE ETH**

**NORTH SQUARE INVESTMENTS TRUST**

**Code of Ethics for Principal Officers**

**June 26, 2024**

**1.** **Purposes of this Code** 

This code of ethics ("Code") is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code is in addition to, not in replacement of, the North Square Investments Trust (the "Trust") code of ethics for access persons (the "Trust Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). The persons covered by this Code may also be subject to the Trust Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust, with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Trust. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

This Code serves to promote:

&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;B. Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;D. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;E. Accountability for adherence to the Code.

**2.** **Honest and Ethical Conduct** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;A. Use personal influence or personal relationships improperly to influence the Trust's investment decisions or financial reporting whereby the Principal Officer would benefit personally to the Trust's detriment;

&nbsp;&nbsp;&nbsp;&nbsp;B. Cause the Trust to take action, or fail to take action, for the Principal Officer's personal benefit, rather than the Trust's benefit.

&nbsp;&nbsp;&nbsp;&nbsp;C. Use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;D. Retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the Trust, its service providers, or the Principal Officers that are made in good faith.

**3.** **Financial Records and Reporting** 

It is the Trust's policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents filed with, or submitted to, the SEC and in all other public communications made by the Trust. Principal Officers are required to promote compliance with this policy by all employees of the Trust and its service providers to abide by Trust standards, policies and procedures designed to promote compliance with this policy. Thus, the Principal Officers shall:

&nbsp;&nbsp;&nbsp;&nbsp;A. Familiarize themselves with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent appropriate, within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the Trust's reports and documents to be filed with or submitted to the SEC or other applicable body, or that are otherwise publicly disclosed or communicated; and

&nbsp;&nbsp;&nbsp;&nbsp;C. Not knowingly misrepresent, or cause others to misrepresent, facts regarding the Trust to others, whether within or outside the Trust, including to the Trust's Board and independent registered public accounting firm, and to governmental regulators and self-regulatory organizations; and

&nbsp;&nbsp;&nbsp;&nbsp;D. respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust.

**4.** **Compliance with Laws, Rules and Regulations** 

The Principal Officers shall promote compliance with applicable laws, rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from such applicable federal, state or local laws, regulations or rules.

**5.** **Compliance with this Code of Ethics** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the Board and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board.

The Audit Committee will apply this Code to any specific situations presented to it and has the authority to interpret this Code in any particular situation. The Audit Committee will take all appropriate action to investigate any potential violations reported to the Audit Committee. If, after such investigation, the Audit Committee believes that no violation has occurred, no further action is required. If the Audit Committee believes that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action.

**6.** **Amendments and Waivers** 

This Code of Ethics may only be amended or modified by approval of the Board. The Board will consider any approvals or waivers sought by Principal and will be responsible for granting waivers of this Code, as appropriate.

Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with the requirements of rules under the 1940 Act (currently on Form N-CSR).

**7.** **Acknowledgement** 

The Principal Officers shall:

&nbsp;&nbsp;&nbsp;&nbsp;A. Upon the Code's adoption (or thereafter as applicable, upon becoming a Principal Officer), affirm in writing to the Board that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;B. Annually thereafter affirm to the Board that they have complied with the Code's requirements;

Adopted: June 26, 2024

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT

OF

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers to the Audit Committee as well as the full Board of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. I do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I will comply with the Code of Ethics for Principal Officers in all other respects.

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**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE

WITH

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.

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