# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0000898531-23-000062
**Filing Date:** 2023-2
**Character Count:** 320914
**Document Hash:** 6ef097f2d3238fc2e44fe49281e5065a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000062.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000898531-23-000062

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Square Investments Trust
- **CENTRAL INDEX KEY:** 0001750821
- **IRS NUMBER:** 462828241
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 23590086

**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

## Series and Classes Contracts Data

### NORTH SQUARE SPECTRUM ALPHA FUND (Series ID: S000063483)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205671 | CLASS A      | ORIGX           |
| C000205673 | CLASS I      | ORIYX           |

### NORTH SQUARE DYNAMIC SMALL CAP FUND (Series ID: S000063485)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205677 | CLASS I      | ORSIX           |

### NORTH SQUARE ADVISORY RESEARCH SMALL CAP GROWTH FUND (Series ID: S000063486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205679 | CLASS I      | ODGIX           |
| C000205680 | CLASS A      | ORDGX           |

### NORTH SQUARE MULTI STRATEGY FUND (Series ID: S000063487)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205681 | CLASS A      | ORILX           |
| C000205683 | CLASS I      | PORYX           |

### NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND (Series ID: S000063488)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205685 | CLASS I      | ORDNX           |

### North Square Tactical Growth Fund (Series ID: S000070728)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224836 | Class C      | ETFCX           |
| C000224837 | Class I      | ETFOX           |
| C000224838 | Class A      | ETFAX           |

### North Square Tactical Defensive Fund (Series ID: S000070729)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224839 | Class I      | ETFWX           |
| C000224840 | Class C      | ETFZX           |
| C000224841 | Class A      | ETFRX           |

### North Square Trilogy Alternative Return Fund (Series ID: S000070730)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000224842 | Class C      | STTCX           |
| C000224843 | Class I      | STTIX           |
| C000224844 | Class A      | STTGX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

**<u>NORTH SQUARE INVESTMENTS TRUST</u>**<br> (Exact name of Registrant as specified in charter)

#### 200 West Madison Street, Suite 2610
**<u>Chicago IL 60606</u>**<br> (Address of principal executive offices) (Zip code)

#### Alan E. Molotsky, Esq.

#### North Square Investments Trust

#### 200 West Madison Street, Suite 2610
**<u>Chicago IL 60606</u>**<br> (Name and address of agent for service)

<u>(312) 857-2160</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31, 2023</u>**

Date of reporting period: **<u>June 1, 2022 – November 30, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](north_square-logo.jpg)

### SEMI-ANNUAL REPORT

#### <br>

#### NORTH SQUARE SPECTRUM ALPHA FUND

#### (FORMERLY, NORTH SQUARE OAK RIDGE SMALL CAP GROWTH FUND)

#### NORTH SQUARE DYNAMIC SMALL CAP FUND

#### NORTH SQUARE ADVISORY RESEARCH SMALL CAP GROWTH FUND

#### (FORMERLY, NORTH SQUARE OAK RIDGE ALL CAP GROWTH FUND)

#### NORTH SQUARE MULTI STRATEGY FUND

#### NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND

#### (FORMERLY, NORTH SQUARE OAK RIDGE DIVIDEND GROWTH FUND)

#### NORTH SQUARE TACTICAL GROWTH FUND

#### NORTH SQUARE TACTICAL DEFENSIVE FUND

#### NORTH SQUARE TRILOGY ALTERNATIVE RETURN FUND

#### NOVEMBER 30, 2022

---

| | |
|:---|:---|
| ![](north_square-emblem.jpg) | North Square Investments \| www.northsquareinvest.com |

---

------

#### North Square Funds

#### **Table of Contents**

---

| | |
|:---|:---|
| Fund Performance | 1 |
| Schedules of Investments | 9 |
| Statements of Assets and Liabilities | 40 |
| Statements of Operations | 44 |
| Statements of Changes in Net Assets | 46 |
| Financial Highlights | 52 |
| Notes to Financial Statements | 68 |
| Supplemental Information | 83 |
| Expense Examples | 88 |

---

*This report and the financial statements contained herein are provided for the general information of the shareholders of the North Square Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

#### www.northsquareinvest.com

------

#### North Square Spectrum Alpha Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| **Before deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | 1.11% | -21.58% | 5.39% | &nbsp;&nbsp;&nbsp;&nbsp;7.89% | 9.16% | 01/03/94 |
| &nbsp;&nbsp;&nbsp; Class I<sup>2</sup> | 1.24% | -21.38% | 5.65% | &nbsp;&nbsp;&nbsp;&nbsp;8.22% | 9.21% | 12/29/09 |
| **After deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -4.70% | -26.09% | 4.15% | &nbsp;&nbsp;&nbsp;&nbsp;7.26% | 8.93% | 01/03/94 |
| Russell 2000 Index | 1.21% | -14.20% | 4.09% | &nbsp;&nbsp;&nbsp;&nbsp;8.66% | 7.14% | 01/03/94 |
| Russell 2000 Total Return Index<sup>3</sup> | 1.98% | -13.01% | 5.45% | 10.13% | 8.59% | 01/03/94 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.

<sup>2</sup> Class I shares do not have any initial or contingent deferred sales charge.

<sup>3</sup> Effective January 11, 2022, the Russell 2000 Index has replaced the Russell 2000 Total Return Index as the Fund's primary benchmark as the Russell 2000 Index is more closely aligned with the Fund's principal investment strategies and portfolio holdings.

The Russell 2000 Index and Russell 2000 Total Return Index measure the performance of the small cap segment of the U.S. equity universe. Total Return Indices include reinvestment of all dividends and capital gains. <br>

Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to become a "fund of funds" that invests primarily in affiliated mutual funds. Prior to January 11, 2022, the Fund invested primarily in equity securities of small capitalization companies. Effective January 11, 2022, the Fund's sub-adviser also changed. Accordingly, the performance shown above for periods prior to January 11, 2022, is based on the Fund's prior principal investment strategies, as implemented by the Fund's previous sub-adviser, and may not be representative of the Fund's performance under its current principal investment strategies. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross and net expense ratios for Class A shares were 1.20% and 1.60%, for Class I shares were 0.97% and 1.35%, which were the amounts stated in the current prospectus dated September 30, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.30% and 1.05% of the average daily net assets of the Fund's Class A, and Class I shares, respectively. This agreement is in effect until September 30, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Dynamic Small Cap Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| Class I | 2.85% | -10.45% | 8.04% | 12.87% | 12.89% | 11/01/08 |
| Russell 2000 Total Return Index | 1.98% | -13.01% | 5.45% | 10.13% | 10.83% | 11/01/08 |

---

The Russell 2000 Total Return Index measures the performance of the small cap segment of the U.S. equity universe. Total Return Indices include reinvestment of all dividends and capital gains. <br>

The Fund has adopted the historical performance of the Oak Ridge Dynamic Small Cap Fund (the "Predecessor Fund") as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the close of business on May 10, 2019 reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially the same investment strategies. Prior to the reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross and net expense ratios for the Class I shares were 1.36% and 0.99%, respectively, which were stated in the current prospectus dated September 30, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses does not exceed 0.99% of the average daily net assets of the Fund's Class I shares. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Advisory Research Small Cap Growth Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 3 Year | 5 Year | Inception | Date |
| Class I | -2.85% | -29.30% | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;9.52% | 10.54% | 07/29/16 |
| Russell 2000 Growth Total Return Index | 4.64% | -20.96% | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;8.19% | 07/29/16 |
| Russell 3000 Growth Total Return Index<sup>1</sup> | -1.39% | -21.59% | 11.26% | 12.36% | 14.30% | 07/29/16 |

---

<sup>1</sup> Effective January 11, 2022, the Russell 2000 Growth Index has replaced the Russell 3000 Growth Total Return Index as the Fund's primary benchmark as the Russell 2000 Growth Index is more closely aligned with the Fund's principal investment strategies and portfolio holdings.

The Russell 2000 Growth Total Return Index measures the performance of the small-cap growth segment of the U.S. equity universe. The Russell 3000 Growth Total Return Index is a market capitalization weighted index and includes companies that display signs of above average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S. Total Return Indices include reinvestment of all dividends and capital gains. <br>

Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to invest, under normal circumstances, primarily in equity securities of small capitalization companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one year period. Effective January 11, 2022, the Fund's sub-adviser also changed. Accordingly, the performance shown above for periods prior to January 11, 2022, is based on the Fund's prior principal investment strategies, as implemented by the Fund's previous sub-adviser, and may not be representative of the Fund's performance under its current principal investment strategies. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross and net expense ratios for the Class A shares were 1.61% and 1.19%, for Class I shares were 1.36% and 0.94%, respectively, which were stated in the current prospectus dated September 30, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses does not exceed 1.19% and 0.94% of the average daily net assets of the Fund's Class A and Class I shares, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

------

#### North Square Multi Strategy Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| **Before deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -0.04% | &nbsp;&nbsp;&nbsp;&nbsp;-9.52% | &nbsp;&nbsp;&nbsp;&nbsp;7.54% | 10.38% | 5.53% | 03/01/99 |
| &nbsp;&nbsp;&nbsp; Class I<sup>2</sup> | 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;-9.31% | &nbsp;&nbsp;&nbsp;&nbsp;8.04% | 10.67% | 7.50% | 08/10/04 |
| **After deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -5.79% | -14.73% | &nbsp;&nbsp;&nbsp;&nbsp;6.27% | &nbsp;&nbsp;&nbsp;&nbsp;9.73% | 5.27% | 03/01/99 |
| Russell 3000 Total Return Index | -0.33% | -10.80% | 10.33% | 12.95% | 7.40% | 03/01/99 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.

<sup>2</sup> Class I shares do not have any initial or contingent deferred sales charge.

The Russell 3000 Total Return Index measures the performance of the largest 3,000 U.S. companies. Total Return Indices include reinvestment of all dividends and capital gains. <br>

The Fund has adopted the historical performance of the Oak Ridge Multi Strategy Fund (the "Predecessor Fund") as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the close of business on May 10, 2019 reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially identical investment strategies. Prior to the reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

The gross expense ratio for Class A shares was 1.61% and for Class I shares was 1.36%, which were the amounts stated in the current prospectus dated September 30, 2022. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.20% and 1.17% of the average daily net assets of the Fund's Class A and Class I shares, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Preferred and Income Securities Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 3 Year | 5 Year | Inception | Date |
| Class I | -1.52% | &nbsp;&nbsp;&nbsp;&nbsp;-9.11% | &nbsp;&nbsp;&nbsp;&nbsp;8.28% | 10.01% | 11.03% | 06/28/13 |
| ICE BofAML Fixed Rate Preferred Securities Index | -2.90% | -11.18% | -1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;3.99% | 06/28/13 |
| S&P 500 Total Return Index<sup>1</sup> | -0.40% | &nbsp;&nbsp;&nbsp;&nbsp;-9.21% | 10.91% | 10.98% | 12.54% | 06/28/13 |

---

<sup>1</sup> Effective January 11, 2022, the ICE BofAML Fixed Rate Preferred Securities Index has replaced the S&P 500 Total Return Index as the Fund's primary benchmark as the ICE BofAML Fixed Rate Preferred Securities Index is more closely aligned with the Fund's principal investment strategies and portfolio holdings.

The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Total Return Index measures the performance of primarily large cap U.S. stocks. Total Return Indices include reinvestment of all dividends and capital gains. <br>

Effective January 11, 2022, the Fund made certain changes to its investment objective and principal investment strategies, including the modification of the strategies to invest in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one year period. Effective January 11, 2022, the Fund's sub-adviser also changed. Accordingly, the performance shown above for periods prior to January 11, 2022, is based on the Fund's prior investment objective and principal investment strategies, as implemented by the Fund's previous sub-adviser, and may not be representative of the Fund's performance under its current principal investment strategies.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross and net expense ratios for the Class I shares were 1.27% and 0.97%, respectively, which were stated in the current prospectus dated September 30, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses does not exceed 0.97% of the average daily net assets of the Fund's Class I shares. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Tactical Growth Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| **Before deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -0.73% | &nbsp;&nbsp;&nbsp;&nbsp;-8.73% | 5.02% | N/A | 6.43% | 04/01/13 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -1.11% | &nbsp;&nbsp;&nbsp;&nbsp;-9.41% | 4.24% | N/A | 5.63% | 04/01/13 |
| &nbsp;&nbsp;&nbsp; Class I<sup>3</sup> | -0.61% | &nbsp;&nbsp;&nbsp;&nbsp;-8.50% | 5.28% | 7.52% | 6.52% | 05/03/04 |
| **After deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -6.44% | -13.98% | 3.78% | N/A | 5.78% | 04/01/13 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -2.10% | -10.27% | 4.24% | N/A | 5.63% | 04/01/13 |
| Morningstar Moderately |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggressive Target Risk Total Return Index | -2.22% | &nbsp;&nbsp;&nbsp;&nbsp;-9.91% | 5.50% | 7.78% | 7.23% | 05/03/04 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.

<sup>2</sup> A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.

<sup>3</sup> Class I shares do not have any initial or contingent deferred sales charge.

The Morningstar Moderately Aggressive Target Risk Total Return Index seeks approximately 80% exposure to global equity markets. The index does not incorporate Environmental, Social, or Governance (ESG) criteria. Total Return Indices include reinvestment of all dividends and capital gains. <br>

The Fund has adopted the historical performance of the Stadion Tactical Growth Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. The performance shown for Class A and Class C shares for periods pre-dating the commencement of operations of those classes reflects the performance of the Fund's Class I shares, the initial share class, calculated using the fees and expenses of Class A and Class C shares respectively and without the effect of any fee and expense limitations or waivers. If Class A and Class C shares of the Fund had been available during periods prior to April 1, 2013, the performance shown may have been different. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross expense ratios for Class A, C and I shares were 1.75%, 2.51% and 1.51%, respectively, and net expense ratios for Class A, C, and I shares were 1.69%, 2.44% and 1.44%, respectively, which were the amounts stated in the current prospectus dated September 30, 2022. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.30% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Tactical Defensive Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| **Before deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;-4.24% | 3.90% | 5.40% | 4.08% | 09/15/06 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -0.31% | &nbsp;&nbsp;&nbsp;&nbsp;-4.96% | 3.13% | 4.59% | 4.45% | 10/01/09 |
| &nbsp;&nbsp;&nbsp; Class I<sup>3</sup> | 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;-4.03% | 4.12% | 5.61% | 5.36% | 05/28/10 |
| **After deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -5.68% | &nbsp;&nbsp;&nbsp;&nbsp;-9.74% | 2.68% | 4.78% | 3.71% | 09/15/06 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -1.31% | &nbsp;&nbsp;&nbsp;&nbsp;-5.92% | 3.13% | 4.59% | 4.45% | 10/01/09 |
| Morningstar Moderate Target Risk Index | -2.73% | -10.48% | 4.41% | 6.17% | 5.80% | 09/15/06 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.

<sup>2</sup> A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.

<sup>3</sup> Class I shares do not have any initial or contingent deferred sales charge.

The Morningstar Moderate Target Risk Index seeks approximately 60% exposure to global equity markets. The index does not incorporate Environmental, Social, or Governance (ESG) criteria. <br>

The Fund has adopted the historical performance of the Stadion Tactical Defensive Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross expense ratios for Class A, C and I shares were 2.02%, 2.77% and 1.77%, respectively, which were the amounts stated in the current prospectus dated September 30, 2022. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.70% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Trilogy Alternative Return Fund

#### FUND PERFORMANCE at November 30, 2022 (Unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |  |
|  |  |  |  |  | Since | Inception |
| **Total Returns** *as of November 30, 2022* | 6 Month | 1 Year | 5 Year | 10 Year | Inception | Date |
| **Before deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -3.73% | &nbsp;&nbsp;&nbsp;&nbsp;-8.88% | -0.59% | 1.11% | 1.36% | 04/02/12 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -4.09% | &nbsp;&nbsp;&nbsp;&nbsp;-9.57% | -1.31% | 0.36% | 0.60% | 04/02/12 |
| &nbsp;&nbsp;&nbsp; Class I<sup>3</sup> | -3.63% | &nbsp;&nbsp;&nbsp;&nbsp;-8.66% | -0.32% | 1.35% | 1.60% | 04/02/12 |
| **After deducting maximum sales charge** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A<sup>1</sup> | -9.27% | -14.12% | -1.76% | 0.51% | 0.79% | 04/02/12 |
| &nbsp;&nbsp;&nbsp; Class C<sup>2</sup> | -5.05% | -10.47% | -1.31% | 0.36% | 0.60% | 04/02/12 |
| HFRX Absolute Return Index | 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | 1.85% | 2.04% | 1.90% | 04/02/12 |
| Bloomberg U.S. Aggregate Bond Index | -4.06% | -12.84% | 0.21% | 1.09% | 1.39% | 04/02/12 |

---

<sup>1</sup> Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.

<sup>2</sup> A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.

<sup>3</sup> Class I shares do not have any initial or contingent deferred sales charge.

The HFRX Absolute Return Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralised mortgage-backed securities. <br>

The Fund has adopted the historical performance of the Stadion Trilogy Alternative Return Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. Please see the Fund's Prospectus for additional information on Predecessor Funds.

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.*

Gross expense ratios for Class A, C and I shares were 1.91%, 2.69% and 1.72%, respectively, and net expense ratios for Class A, C, and I were 1.68%, 2.43% and 1.43%, respectively, which were the amounts stated in the current prospectus dated September 30, 2022. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.38% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

------

#### North Square Spectrum Alpha Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE TRADED FUND (ETF) – 0.2%** |  |
| 2200 | iShares<sup>®</sup> Core S&P<sup>®</sup> Small-Cap ETF | $**224048** |
|  | **TOTAL ETF** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $203,242) | **224048** |
|  | **MUTUAL FUNDS – 97.4%** |  |
| 752630 | North Square Advisory Research Small Cap Growth Fund – Class I<sup>1</sup> | 9265933 |
| 1526360 | North Square Advisory Research Small Cap Value Fund – Class I<sup>1</sup> | 16276344 |
| 5233557 | North Square Dynamic Small Cap Fund – Class I<sup>1</sup> | 59679296 |
|  | **TOTAL MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,672,998) | **85221573** |
|  | **SHORT-TERM INVESTMENT – 2.5%** |  |
| 2151902 | First American Treasury Obligations Fund – Class X, 3.74%<sup>2</sup> | **2151902** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,151,902) | **2151902** |
|  | **TOTAL INVESTMENTS – 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $100,028,142) | **87597523** |
|  | Liabilities in Excess of Other Assets – (0.1)% | (98928) |
|  | **TOTAL NET ASSETS – 100.0%** | $**87498595** |

---

<sup>1</sup> Affiliated Company. See Note 11. <br> <sup>2</sup> The rate is the annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Spectrum Alpha Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| ETF | 0.2% |
| Mutual Funds | 97.4% |
| Short-Term Investment | 2.5% |
| **Total Investments** | 100.1<br>**%** |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS – 92.4%** |  |
|  | **COMMUNICATION SERVICES – 2.4%** |  |
|  | **Diversified Telecommunication Services – 0.3%** |  |
| 1530 | IDT Corp. – Class B\* | $42763 |
| 11060 | Ooma, Inc.\* | 174195 |
|  |  | **216958** |
|  | **Entertainment – 1.1%** |  |
| 1150 | Madison Square Garden Sports Corp. | 187266 |
| 7760 | World Wrestling Entertainment, Inc. – Class A | 619869 |
|  |  | **807135** |
|  | **Interactive Media & Services – 0.4%** |  |
| 17210 | ZipRecruiter, Inc. – Class A\* | **284998** |
|  | **Media – 0.1%** |  |
| 5010 | Gray Television, Inc. | **58617** |
|  | **Wireless Telecommunication Services – 0.5%** |  |
| 25980 | Gogo Inc.\* | **407626** |
|  | **TOTAL COMMUNICATION SERVICES** | **1775334** |
|  | **CONSUMER DISCRETIONARY – 9.9%** |  |
|  | **Auto Components – 2.3%** |  |
| 4490 | Fox Factory Holding Corp.\* | 476389 |
| 13340 | Modine Manufacturing Co.\* | 282408 |
| 6078 | Patrick Industries, Inc. | 339942 |
| 9280 | XPEL, Inc.\* | 636144 |
|  |  | **1734883** |
|  | **Diversified Consumer Services – 0.6%** |  |
| 12200 | 2U, Inc.\* | 97966 |
| 14290 | Coursera, Inc.\* | 199202 |
| 170 | Graham Holdings Co. – Class B | 109426 |
|  |  | **406594** |
|  | **Hotels, Restaurants & Leisure – 3.1%** |  |
| 60710 | Playa Hotels & Resorts N.V.\*<sup>1</sup> | 373366 |
| 6260 | SeaWorld Entertainment Inc.\* | 357196 |
| 35040 | Target Hospitality Corp\* | 506678 |
| 2480 | Travel + Leisure Co. | 96398 |
| 5170 | Wingstop, Inc. | 855687 |
| 3830 | Xponential Fitness, Inc. – Class A\* | 84796 |
|  |  | **2274121** |
|  | **Household Durables – 1.3%** |  |
| 11110 | Green Brick Partners, Inc.\* | 268640 |
| 1310 | M/I Homes, Inc.\* | 59186 |
| 3170 | Skyline Champion Corp.\* | 164808 |
| 22270 | Tri Pointe Homes, Inc.\* | 410659 |
| 6160 | Vizio Holding Corp. – Class A\* | 63386 |
|  |  | **966679** |
|  | **Leisure Products – 0.6%** |  |
| 10640 | YETI Holdings, Inc.\* | **477630** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
|  | **Multiline Retail – 0.0%** |  |
| 530 | Ollie's Bargain Outlet Holdings, Inc.\* | $**32277** |
|  | **Specialty Retail – 1.3%** |  |
| 14320 | The Aaron's Company, Inc. | 174561 |
| 19610 | Chico's FAS, Inc.\* | 115110 |
| 6330 | Destination XL Group, Inc.\* | 42158 |
| 15100 | Leslie's Inc.\* | 220460 |
| 1270 | Murphy USA, Inc. | 375679 |
|  |  | **927968** |
|  | **Textiles, Apparel & Luxury Goods – 0.7%** |  |
| 4770 | Crocs, Inc.\* | 481770 |
| 110 | Deckers Outdoor Corp.\* | 43877 |
|  |  | **525647** |
|  | **TOTAL CONSUMER DISCRETIONARY** | **7345799** |
|  | **CONSUMER STAPLES – 5.7%** |  |
|  | **Beverages – 1.1%** |  |
| 950 | The Boston Beer Company, Inc. – Class A | 365152 |
| 3570 | MGP Ingredients, Inc. | 446464 |
|  |  | **811616** |
|  | **Food Products – 2.0%** |  |
| 4280 | Cal-Maine Foods, Inc. | 249438 |
| 3490 | John B Sanfilippo & Son, Inc. | 295568 |
| 6470 | Pilgrim's Pride Corp.\* | 169255 |
| 53483 | SunOpta Inc.\*<sup>1</sup> | 500066 |
| 18370 | Vital Farms, Inc.\* | 262140 |
|  |  | **1476467** |
|  | **Personal Products – 2.5%** |  |
| 9150 | BellRing Brands, Inc.\* | 227926 |
| 12310 | e.l.f. Beauty, Inc.\* | 676558 |
| 7350 | Inter Parfums, Inc. | 700381 |
| 1910 | Medifast, Inc. | 240756 |
|  |  | **1845621** |
|  | **Tobacco – 0.1%** |  |
| 4700 | Turning Point Brands, Inc. | **103494** |
|  | **TOTAL CONSUMER STAPLES** | **4237198** |
|  | **ENERGY – 6.8%** |  |
|  | **Energy Equipment & Services – 2.4%** |  |
| 30610 | Liberty Energy Inc.\* | 505983 |
| 27880 | ProPetro Holding Corp.\* | 306123 |
| 26360 | RPC, Inc. | 244094 |
| 35570 | Select Energy Services, Inc. – Class A | 291318 |
| 20840 | Solaris Oilfield Infrastructure, Inc. – Class A | 228615 |
| 18660 | US Silica Holdings, Inc.\* | 244259 |
|  |  | **1820392** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ENERGY (Continued)** |  |
|  | **Oil, Gas & Consumable Fuels – 4.4%** |  |
| 1580 | Arch Resources, Inc. | $244505 |
| 24350 | Ardmore Shipping Corp.\*<sup>1</sup> | 367198 |
| 18200 | Comstock Resources, Inc.\* | 333970 |
| 191580 | Gran Tierra Energy, Inc.\* | 227980 |
| 920 | International Seaways, Inc.<sup>1</sup> | 39633 |
| 10550 | Kosmos Energy Ltd.\* | 70157 |
| 21460 | Par Pacific Holdings, Inc.\* | 502808 |
| 9540 | PBF Energy Inc. – Class A | 379406 |
| 3840 | PDC Energy, Inc. | 285389 |
| 5950 | Scorpio Tankers Inc.<sup>1</sup> | 303569 |
| 11220 | Teekay Tankers Ltd. – Class A\*<sup>1</sup> | 378563 |
| 21732 | W&T Offshore, Inc.\* | 149299 |
|  |  | **3282477** |
|  | **TOTAL ENERGY** | **5102869** |
|  | **FINANCIALS – 14.1%** |  |
|  | **Banks – 8.2%** |  |
| 14240 | Amalgamated Financial Corp. | 379781 |
| 1490 | Atlantic Union Bankshares Corp. | 53148 |
| 6430 | The Bank of NT Butterfield & Son Ltd.<sup>1</sup> | 223764 |
| 9520 | Bank OZK | 439348 |
| 7650 | Cathay General Bancorp | 355495 |
| 1820 | Central Pacific Financial Corp. | 38566 |
| 810 | Coastal Financial Corporation of Washington\* | 40435 |
| 2750 | Columbia Banking System, Inc. | 93665 |
| 8345 | Customers Bancorp, Inc.\* | 269293 |
| 11020 | East West Bancorp, Inc. | 773714 |
| 17710 | First BanCorp. – ADR<sup>1</sup> | 272380 |
| 4340 | First Commonwealth Financial Corp. | 63885 |
| 4390 | First Financial Bankshares, Inc. | 162210 |
| 15858 | Hanmi Financial Corp. | 428959 |
| 1710 | Lakeland Financial Corp. | 135022 |
| 7210 | Live Oak Bancshares, Inc. | 240454 |
| 6070 | Midland States Bancorp, Inc. | 163344 |
| 23600 | OFG Bancorp<sup>1</sup> | 683692 |
| 4680 | PCB Bancorp | 87142 |
| 4490 | Popular, Inc.<sup>1</sup> | 327860 |
| 3780 | TowneBank | 122094 |
| 1330 | Unity Bancorp, Inc. | 37918 |
| 2120 | Univest Financial Corp. | 59805 |
| 6860 | Washington Federal, Inc. | 241952 |
| 5620 | Western Alliance Bancorp | 385195 |
|  |  | **6079121** |
|  | **Capital Markets – 2.7%** |  |
| 91980 | BGC Partners, Inc. – Class A | 396434 |
| 11770 | Donnelley Financial Solutions, Inc.\* | 449378 |
| 5120 | Interactive Brokers Group, Inc. – Class A | 411136 |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | **Capital Markets (Continued)** |  |
| 2500 | MarketAxess Holdings, Inc. | $669800 |
| 1080 | StoneX Group Inc.\* | 109588 |
|  |  | **2036336** |
|  | **Consumer Finance – 0.1%** |  |
| 7140 | LendingClub Corp.\* | **73613** |
|  | **Insurance – 3.0%** |  |
| 22080 | Ambac Financial Group, Inc.\* | 359021 |
| 52145 | CNO Financial Group, Inc. | 1224364 |
| 18970 | James River Group Holdings Ltd.<sup>1</sup> | 455659 |
| 3140 | Palomar Holdings, Inc.\* | 197004 |
|  |  | **2236048** |
|  | **Thrifts & Mortgage Finance – 0.1%** |  |
| 1190 | Axos Financial, Inc.\* | 47731 |
| 900 | TrustCo Bank Corp NY | 34956 |
|  |  | **82687** |
|  | **TOTAL FINANCIALS** | **10507805** |
|  | **HEALTH CARE – 16.6%** |  |
|  | **Biotechnology – 6.0%** |  |
| 22550 | ACADIA Pharmaceuticals Inc.\* | 351329 |
| 20680 | Amicus Therapeutics, Inc.\* | 250228 |
| 13330 | Alkermes – PLC\*<sup>1</sup> | 330317 |
| 22420 | Chinook Therapeutics, Inc.\* | 507813 |
| 21480 | Cogent Biosciences, Inc.\* | 270219 |
| 1470 | Cytokinetics, Inc.\* | 62475 |
| 20730 | Dyne Therapeutics, Inc.\* | 242541 |
| 1190 | Enanta Pharmaceuticals, Inc.\* | 52110 |
| 16370 | Gossamer Bio, Inc.\* | 140127 |
| 30870 | Iovance Biotherapeutics, Inc.\* | 197568 |
| 19540 | IVERIC bio, Inc.\* | 461535 |
| 8200 | Karyopharm Therapeutics Inc.\* | 43378 |
| 20200 | Kura Oncology, Inc.\* | 318554 |
| 9850 | Merus N.V.\*<sup>1</sup> | 151198 |
| 7590 | Protagonist Therapeutics Inc.\* | 60037 |
| 14810 | Revolution Medicines, Inc.\* | 349368 |
| 2900 | Sarepta Therapeutics, Inc.\* | 356149 |
| 12490 | Syndax Pharmaceuticals, Inc.\* | 299260 |
|  |  | **4444206** |
|  | **Health Care Equipment & Supplies – 2.3%** |  |
| 11040 | Lantheus Holdings, Inc.\* | 685363 |
| 3310 | Merit Medical Systems, Inc.\* | 238320 |
| 8730 | OraSure Technologies, Inc.\* | 43999 |
| 630 | Shockwave Medical, Inc.\* | 159768 |
| 5300 | STAAR Surgical Co.\* | 302683 |
| 2609 | Tandem Diabetes Care, Inc.\* | 109709 |
| 13190 | Zynex Inc. | 180967 |
|  |  | **1720809** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
|  | **Health Care Providers & Services – 3.7%** |  |
| 9530 | Alignment Healthcare, Inc.\* | $126749 |
| 6800 | AMN Healthcare Services, Inc.\* | 841160 |
| 3377 | CorVel Corp.\* | 516579 |
| 9340 | Cross Country Healthcare, Inc.\* | 334185 |
| 20690 | Progyny, Inc.\* | 757875 |
| 6880 | Privia Health Group, Inc.\* | 164638 |
|  |  | **2741186** |
|  | **Health Care Technology – 0.1%** |  |
| 3920 | Phreesia, Inc.\* | **109054** |
|  | **Life Sciences Tools & Services – 3.7%** |  |
| 30620 | AbCellera Biologics Inc.\*<sup>1</sup> | 394080 |
| 24550 | Adaptive Biotechnologies Corp.\* | 215549 |
| 5560 | BioLife Solutions, Inc.\* | 117705 |
| 10710 | Bruker Corp. | 721961 |
| 27017 | Codexis, Inc.\* | 147783 |
| 4852 | Medpace Holdings, Inc.\* | 1018386 |
| 12320 | Quanterix Corp.\* | 163856 |
|  |  | **2779320** |
|  | **Pharmaceuticals – 0.8%** |  |
| 16410 | Corcept Therapeutics Inc.\* | 414845 |
| 42430 | Nektar Therapeutics\* | 118804 |
| 4790 | Phibro Animal Health Corp. – Class A | 58965 |
|  |  | **592614** |
|  | **TOTAL HEALTH CARE** | **12387189** |
|  | **INDUSTRIALS – 15.3%** |  |
|  | **Aerospace & Defense – 1.2%** |  |
| 15000 | BWX Technologies, Inc. | **913350** |
|  | **Airlines – 0.1%** |  |
| 3655 | Spirit Airlines, Inc.\* | **79350** |
|  | **Building Products – 1.1%** |  |
| 5500 | Insteel Industries, Inc. | 162195 |
| 680 | Lennox International Inc. | 177093 |
| 5800 | UFP Industries, Inc. | 474788 |
|  |  | **814076** |
|  | **Commercial Services & Supplies – 0.2%** |  |
| 16690 | CECO Environmental Corp.\* | **202283** |
|  | **Commercial Services & Supplies – 0.7%** |  |
| 66950 | Harsco Corp.\* | **500786** |
|  | **Construction & Engineering – 0.5%** |  |
| 3660 | Ameresco Inc. – Class A\* | 239803 |
| 6160 | Primoris Services Corp. | 131516 |
|  |  | **371319** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | **Electrical Equipment – 3.3%** |  |
| 10380 | Atkore Inc.\* | $1267917 |
| 5500 | Encore Wire Corp. | 803605 |
| 22250 | GrafTech International Ltd. | 120150 |
| 11180 | SunPower Corp.\* | 271115 |
|  |  | **2462787** |
|  | **Marine – 0.2%** |  |
| 2150 | Matson Inc. | **137084** |
|  | **Professional Services – 2.0%** |  |
| 3059 | Kforce Inc. | 180695 |
| 5210 | ManpowerGroup Inc. | 455979 |
| 11120 | Robert Half International, Inc. | 876034 |
|  |  | **1512708** |
|  | **Road & Rail – 0.1%** |  |
| 1430 | Universal Logistics Holdings, Inc. | **54297** |
|  | **Trading Companies & Distributors – 5.9%** |  |
| 5020 | Applied Industrial Technologies, Inc. | 665100 |
| 4285 | BlueLinx\* | 297379 |
| 4960 | Boise Cascade Co. | 367238 |
| 6920 | GMS Inc.\* | 339772 |
| 46294 | MRC Global Inc.\* | 544417 |
| 8080 | NOW Inc.\* | 100838 |
| 10500 | Rush Enterprises, Inc. – Class A | 541065 |
| 3070 | Textainer Group Holdings Ltd.<sup>1</sup> | 93574 |
| 29060 | Univar Solutions Inc.\* | 962758 |
| 3481 | Veritiv Corp. | 468334 |
|  |  | 4380475 |
|  | **TOTAL INDUSTRIALS** | **11428515** |
|  | **INFORMATION TECHNOLOGY – 15.9%** |  |
|  | **Communications Equipment – 0.5%** |  |
| 5389 | Calix, Inc.\* | **384236** |
|  | **Electronic Equipment, Instruments & Components – 2.3%** |  |
| 4550 | Avnet, Inc. | 205523 |
| 8350 | Fabrinet\*<sup>1</sup> | 1113974 |
| 13020 | ScanSource, Inc.\* | 388777 |
|  |  | **1708274** |
|  | **IT Services – 0.7%** |  |
| 7730 | Repay Holdings Corp.\* | 68488 |
| 18320 | Squarespace, Inc. – Class A\* | 375377 |
| 5220 | StoneCo Ltd. – Class A\*<sup>1</sup> | 60969 |
|  |  | **504834** |
|  | **Semiconductors & Semiconductor Equipment – 2.0%** |  |
| 33830 | Allegro MicroSystems, Inc.\* | 1053466 |
| 8570 | Camtek Ltd.\*<sup>1</sup> | 209022 |
| 730 | Impinj, Inc.\* | 93112 |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INFORMATION TECHNOLOGY (Continued)** |  |
|  | **Semiconductors & Semiconductor Equipment (Continued)** |  |
| 2500 | Photronics, Inc.\* | $47000 |
| 1840 | Semtech Corp.\* | 56562 |
|  |  | **1459162** |
|  | **Software – 7.7%** |  |
| 51360 | A10 Networks Inc. | 960945 |
| 5470 | Agilysys, Inc.\* | 363208 |
| 6670 | American Software, Inc. – Class A | 98783 |
| 12860 | Box, Inc. – Class A\* | 353007 |
| 2058 | CommVault Systems, Inc.\* | 135828 |
| 39580 | Dropbox, Inc. – Class A\* | 932505 |
| 4430 | JFrog Ltd.\*<sup>1</sup> | 97371 |
| 14110 | LiveRamp Holdings, Inc.\* | 309855 |
| 7770 | Manhattan Associates, Inc.\* | 978554 |
| 410 | Qualys, Inc.\* | 50561 |
| 16680 | Rimini Street, Inc.\* | 70056 |
| 36210 | Sprinklr, Inc. – Class A\* | 310682 |
| 24830 | Sumo Logic Inc.\* | 188708 |
| 24070 | Tenable Holdings, Inc.\* | 918993 |
|  |  | **5769056** |
|  | **Technology Hardware, Storage & Peripherals – 2.7%** |  |
| 22170 | Avid Technology, Inc.\* | 622534 |
| 15570 | Super Micro Computer, Inc.\* | 1404881 |
|  |  | **2027415** |
|  | **TOTAL INFORMATION TECHNOLOGY** | **11852977** |
|  | **MATERIALS – 3.8%** |  |
|  | **Chemicals – 2.0%** |  |
| 8890 | Livent Corp.\* | 248831 |
| 24490 | LSB Industries, Inc.\* | 377881 |
| 23480 | Orion Engineered Carbons S.A.<sup>1</sup> | 440954 |
| 3520 | Stepan Co. | 392727 |
|  |  | **1460393** |
|  | **Containers & Packaging – 0.5%** |  |
| 12510 | Graphic Packaging Holding Co. | 287480 |
| 11040 | Pactiv Evergreen, Inc. | 128505 |
|  |  | **415985** |
|  | **Metals & Mining – 0.9%** |  |
| 24150 | Coeur Mining, Inc.\* | 84525 |
| 26590 | Constellium Se\*<sup>1</sup> | 331045 |
| 7680 | Warrior Met Coal, Inc. | 282778 |
|  |  | **698348** |
|  | **Paper & Forest Products – 0.4%** |  |
| 6760 | Clearwater Paper Corp.\* | **263843** |
|  | **TOTAL MATERIALS** | **2838569** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE – 0.2%** |  |
|  | **Real Estate Management & Development – 0.2%** |  |
| 3640 | Marcus & Millichap, Inc. | $**135554** |
|  | **TOTAL REAL ESTATE** | **135554** |
|  | **UTILITIES – 1.7%** |  |
|  | **Independent Power and Renewable Electricity Producers – 1.7%** |  |
| 3700 | Atlantica Sustainable Infrastructure Plc<sup>1</sup> | 103230 |
| 9130 | Sunnova Energy International Inc.\* | 208438 |
| 39130 | Vistra Corp. | 952033 |
|  | **TOTAL UTILITIES** | **1263701** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,304,428) | **68875510** |
|  | **REAL ESTATE INVESTMENT TRUSTS (REITS) – 5.8%** |  |
| 9630 | AssetMark Financial Holdings, Inc.\* | 239402 |
| 23960 | The GEO Group, Inc.\* | 283207 |
| 7040 | CoreCivic, Inc.\* | 93492 |
| 7300 | Essential Properties Realty Trust, Inc. | 169433 |
| 34544 | Hersha Hospitality Trust – Class A | 332659 |
| 3700 | NexPoint Residential Trust, Inc. | 177933 |
| 26830 | OUTFRONT Media Inc. | 490720 |
| 24810 | Park Hotels & Resorts Inc. | 318312 |
| 33490 | RLJ Lodging Trust | 405899 |
| 5790 | Ryman Hospitality Properties, Inc. | 529959 |
| 21006 | Braemar Hotels & Resorts Inc. | 77512 |
| 20590 | Chatham Lodging Trust\* | 275288 |
| 23870 | DiamondRock Hospitality Co. | 224617 |
| 88340 | Service Properties Trust | 693469 |
|  | **TOTAL REITs** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,328,617) | **4311902** |
|  | **SHORT-TERM INVESTMENT – 0.5%** |  |
| 354567 | First American Treasury Obligations Fund – Class X, 3.74%<sup>2</sup> | **354567** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $354,567) | **354567** |
|  | **TOTAL INVESTMENTS – 98.7%** |  |
|  | (Cost $68,987,612) | **73541979** |
|  | Other Assets in Excess of Liabilities – 1.3% | 959274 |
|  | **TOTAL NET ASSETS – 100.0%** | $**74501253** |

---

PLC – Public Limited Company

\* Non-Income producing security <br> <sup>1</sup> Foreign security denominated in U.S. Dollars. <br> <sup>2</sup> The rate is the annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.2% |
| **Total Common Stocks** | 92.4<br>**%** |
| REITs | 5.8% |
| Short-Term Investment | 0.5% |
| **Total Investments** | 98.7<br>**%** |
| Other Assets in Excess of Liabilities | 1.3% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS – 99.3%** |  |
|  | **BASIC MATERIALS – 2.5%** |  |
|  | **Metal Fabricating – 1.3%** |  |
| 2085 | Mueller Industries, Inc. | $**143385** |
|  | **Specialty Chemicals – 1.2%** |  |
| 4918 | Livent Corp.\* | **137655** |
|  | **TOTAL BASIC MATERIALS** | **281040** |
|  | **CONSUMER DISCRETIONARY – 13.8%** |  |
|  | **Apparel Retailers – 1.5%** |  |
| 2489 | Boot Barn Holdings, Inc.\* | **167634** |
|  | **Auto Parts – 2.2%** |  |
| 536 | Gentherm Inc.\* | 38372 |
| 1388 | Visteon Corp.\* | 203759 |
|  |  | **242131** |
|  | **Clothing and Accessories – 1.5%** |  |
| 9978 | Warby Parker, Inc. – Class A\* | **169925** |
|  | **Diversified Retailers – 0.4%** |  |
| 962 | Academy Sports & Outdoors, Inc. | **48562** |
|  | **Footwear – 1.1%** |  |
| 6295 | On Holding AG – Class A\*<sup>1</sup> | **122249** |
|  | **Home Construction – 0.4%** |  |
| 816 | Skyline Champion Corp.\* | **42424** |
|  | **Restaurants and Bars – 6.7%** |  |
| 16507 | Arcos Dorados Holdings, Inc. – Class A<sup>1</sup> | 123637 |
| 3471 | Kura Sushi USA, Inc. – Class A\* | 228045 |
| 9616 | Portillo's Inc. – Class A\* | 194147 |
| 5462 | Sweetgreen, Inc. – Class A\* | 78270 |
| 1166 | Texas Roadhouse, Inc. | 115807 |
|  |  | **739906** |
|  | **TOTAL CONSUMER DISCRETIONARY** | **1532831** |
|  | **CONSUMER STAPLES – 0.7%** |  |
|  | **Food Products – 0.7%** |  |
| 8371 | SunOpta Inc.\*<sup>1</sup> | **78269** |
|  | **TOTAL CONSUMER STAPLES** | **78269** |
|  | **ENERGY – 4.9%** |  |
|  | **Offshore Drilling and Other Services – 0.7%** |  |
| 2017 | Noble Corp.\*<sup>1</sup> | **74891** |
|  | **Oil: Crude Producers – 4.2%** |  |
| 3725 | Denbury Inc.\* | 334356 |
| 1982 | Matador Resources Co. | 131526 |
|  |  | **465882** |
|  | **TOTAL ENERGY** | **540773** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS – 6.1%** |  |
|  | **Asset Managers and Custodians – 4.7%** |  |
| 3357 | AssetMark Financial Holdings, Inc.\* | $83455 |
| 9130 | Blucora, Inc.\* | 228706 |
| 1984 | PJT Partners, Inc. – Class A | 152788 |
| 2053 | Victory Capital Holdings, Inc. – Class A | 59537 |
|  |  | **524486** |
|  | **Diversified Financial Services – 1.4%** |  |
| 14090 | NuScale Power Corp.\* | **153581** |
|  | **TOTAL FINANCIALS** | **678067** |
|  | **HEALTH CARE – 29.6%** |  |
|  | **Biotechnology – 10.3%** |  |
| 9492 | AbCellera Biologics Inc.\*<sup>1</sup> | 122162 |
| 4109 | Chinook Therapeutics, Inc.\* | 93069 |
| 1249 | Cytokinetics, Inc.\* | 53082 |
| 4245 | Halozyme Therapeutics, Inc.\* | 243069 |
| 2662 | Immunocore Holdings PLC – ADR\*<sup>1</sup> | 167200 |
| 1509 | Krystal Biotech, Inc.\* | 117310 |
| 1442 | Prometheus Biosciences, Inc.\* | 59281 |
| 895 | Prothena Corp PLC\*<sup>1</sup> | 55946 |
| 6280 | Recursion Pharmaceuticals, Inc. – Class A\* | 59032 |
| 2498 | Ventyx Biosciences, Inc.\* | 72417 |
| 3392 | Xencor, Inc.\* | 100810 |
|  |  | **1143378** |
|  | **Health Care Management Services – 1.1%** |  |
| 3863 | Option Care Health, Inc.\* | **116315** |
|  | **Health Care Services – 4.6%** |  |
| 11595 | Evolent Health, Inc. – Class A\* | 333820 |
| 7432 | Privia Health Group, Inc.\* | 177848 |
|  |  | **511668** |
|  | **Medical Equipment – 12.4%** |  |
| 1010 | Akoya Biosciences, Inc.\* | 13110 |
| 2795 | Axonics, Inc.\* | 191402 |
| 5418 | Cytek Biosciences, Inc.\* | 69838 |
| 8100 | InMode Ltd.\*<sup>1</sup> | 310959 |
| 2326 | Lantheus Holdings, Inc.\* | 144398 |
| 2298 | Olink Holding AB – ADR\*<sup>1</sup> | 54761 |
| 581 | Shockwave Medical, Inc.\* | 147342 |
| 3945 | STAAR Surgical Co.\* | 225299 |
| 2034 | TransMedics Group, Inc.\* | 125844 |
| 4090 | Treace Medical Concepts, Inc.\* | 94683 |
|  |  | **1377636** |
|  | **Pharmaceuticals – 1.2%** |  |
| 3581 | Xenon Pharmaceuticals Inc.\*<sup>1</sup> | **132067** |
|  | **TOTAL HEALTH CARE** | **3281064** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS – 21.6%** |  |
|  | **Aerospace – 1.9%** |  |
| 5706 | Allegheny Technologies, Inc.\* | $174090 |
| 10129 | Rocket Lab USA, Inc.\* | 42441 |
|  |  | **216531** |
|  | **Building Materials: Other – 1.4%** |  |
| 5460 | Tecnoglass, Inc.<sup>1</sup> | **158340** |
|  | **Commercial Vehicle-Equipment Leasing – 0.3%** |  |
| 5651 | Custom Truck One Source, Inc.\* | **38653** |
|  | **Containers & Packaging – 1.0%** |  |
| 371 | Greif, Inc. – Class A | 26085 |
| 5289 | O-I Glass, Inc.\* | 86792 |
|  |  | **112877** |
|  | **Electrical Components – 1.0%** |  |
| 773 | Encore Wire Corp. | **112943** |
|  | **Electronic Equipment: Control and Filter – 1.4%** |  |
| 4570 | Energy Recovery, Inc.\* | 105933 |
| 2021 | Napco Security Technologies, Inc.\* | 53314 |
|  |  | **159247** |
|  | **Engineering and Contracting Services – 2.8%** |  |
| 9109 | Fluor Corp.\* | **306154** |
|  | **Machinery: Agricultural – 1.4%** |  |
| 10555 | Titan International Inc.\* | **151253** |
|  | **Machinery: Specialty – 2.9%** |  |
| 2589 | Albany International Corp. – Class A | 262447 |
| 26971 | Velo3D, Inc.\* | 54751 |
|  |  | **317198** |
|  | **Professional Business Support Services – 7.0%** |  |
| 6430 | Donnelley Financial Solutions, Inc.\* | 245497 |
| 4956 | Franklin Covey Co.\* | 257514 |
| 2866 | Huron Consulting Group Inc.\* | 223147 |
| 600 | WNS Holdings Ltd. – ADR\*<sup>1</sup> | 50592 |
|  |  | **776750** |
|  | **Transaction Processing Services – 0.5%** |  |
| 9336 | Payoneer Global Inc.\* | **50414** |
|  | **TOTAL INDUSTRIALS** | **2400360** |
|  | **TECHNOLOGY – 17.3%** |  |
|  | **Computer Services – 2.2%** |  |
| 3780 | KBR, Inc. | 195312 |
| 630 | Workiva Inc.\* | 50753 |
|  |  | **246065** |
|  | **Consumer Digital Services – 4.1%** |  |
| 10776 | Xometry, Inc. – Class A\* | **455071** |
|  | **Production Technology Equipment – 5.6%** |  |
| 4864 | Impinj, Inc.\* | **620403** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | **Semiconductors – 0.5%** |  |
| 3472 | Credo Technology Group Holding Ltd.\*<sup>1</sup> | $**48365** |
|  | **Software – 4.9%** |  |
| 4353 | Alkami Technology, Inc.\* | 54717 |
| 8937 | Box, Inc. – Class A\* | 245320 |
| 9556 | Samsara, Inc. – Class A\* | 91069 |
| 2251 | Sportradar Group AG – Class A\*<sup>1</sup> | 25819 |
| 1710 | Sprout Social, Inc. – Class A\* | 101403 |
| 3068 | Zeta Global Holdings Corp. – Class A\* | 25710 |
|  |  | **544038** |
|  | **TOTAL TECHNOLOGY** | **1913942** |
|  | **TELECOMMUNICATIONS – 2.8%** |  |
|  | **Telecommunication Equipment – 2.8%** |  |
| 5291 | Digi International, Inc.\* | 224709 |
| 5839 | Harmonic Inc.\* | 89570 |
|  | **TOTAL TELECOMMUNICATIONS** | **314279** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,891,993) | **11020625** |
|  | **SHORT-TERM INVESTMENT – 0.9%** |  |
| 99130 | First American Treasury Obligations Fund – Class X, 3.74%<sup>2</sup> | **99130** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $99,130) | **99130** |
|  | **TOTAL INVESTMENTS – 100.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,991,123) | **11119755** |
|  | Liabilities in Excess of Other Assets – (0.2)% | (22393) |
|  | **TOTAL NET ASSETS – 100.0%** | $**11097362** |

---

ADR – American Depositary Receipt

PLC – Public Limited Company

\* Non-Income producing security. <br> <sup>1</sup> Foreign security denominated in U.S. Dollars. <br> <sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 29.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 21.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 0.7% |
| **Total Common Stocks** | 99.3<br>**%** |
| Short-Term Investment | 0.9% |
| **Total Investments** | 100.2<br>**%** |
| Liabilities in Excess of Other Assets | (0.2)% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Multi Strategy Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE TRADED FUNDS (ETFs) – 38.2%** |  |
| 8600 | Invesco S&P 500<sup>®</sup> GARP ETF | $756628 |
| 21900 | iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 8964108 |
| 12200 | Vanguard<sup>®</sup> Dividend Appreciation ETF | 1935530 |
| 4800 | Vanguard<sup>®</sup> Growth ETF | 1118592 |
| 34285 | Vanguard<sup>®</sup> Value ETF | 5013838 |
|  | **TOTAL ETFs** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,083,372) | **17788696** |
|  | **MUTUAL FUNDS – 58.3%** |  |
| 141288 | North Square Advisory Research Small Cap Growth Fund – Class I<sup>1</sup> | 1739455 |
| 240263 | North Square Advisory Research Small Cap Value Fund – Class I<sup>1</sup> | 2562040 |
| 379744 | North Square Altrinsic International Equity Fund – Class I<sup>1</sup> | 3720205 |
| 788212 | North Square Dynamic Small Cap Fund – Class I<sup>1</sup> | 8988139 |
| 164081 | North Square McKee Bond Fund – Class R6<sup>1</sup> | 1432824 |
| 392844 | North Square Preferred and Income Securities Fund – Class I<sup>1</sup> | 7936736 |
| 89115 | North Square Strategic Income Fund – Class I<sup>1</sup> | 783952 |
|  | **TOTAL MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $25,549,757) | **27163351** |
|  | **SHORT-TERM INVESTMENT – 4.0%** |  |
| 1875742 | First American Treasury Obligations Fund – Class X, 3.74%<sup>2</sup> | **1875742** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,875,742) | **1875742** |
|  | **TOTAL INVESTMENTS – 100.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $46,508,871) | **46827789** |
|  | Liabilities in Excess of Other Assets – (0.5)% | (230253) |
|  | **TOTAL NET ASSETS – 100.0%** | $**46597536** |

---

<sup>1</sup> Affiliated Company. See Note 11. <br> <sup>2</sup> The rate is the annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Multi Strategy Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| ETFs | 38.2% |
| Mutual Funds | 58.3% |
| Short-Term Investment | 4.0% |
| **Total Investments** | 100.5<br>**%** |
| Liabilities in Excess of Other Assets | (0.5)% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Preferred and Income Securities Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **PREFERRED STOCKS – 1.1%** |  |
|  | **ENERGY – 1.1%** |  |
|  | **Oil, Gas & Consumable Fuels – 1.1%** |  |
|  | DCP Midstream LP |  |
| 10679 | &nbsp;&nbsp;&nbsp;&nbsp;7.875% (3 Month LIBOR USD + 4.919%), Perpetual<sup>1</sup> | $266441 |
| 7391 | &nbsp;&nbsp;&nbsp;&nbsp;7.950% (3 Month LIBOR USD + 4.882%), Perpetual<sup>1</sup> | 188101 |
|  | **TOTAL ENERGY** | **454542** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $445,961) | **454542** |
| Principal |  |  |
| Amount |  |  |
|  | **CORPORATE BONDS – 97.6%** |  |
|  | **CONSUMER DISCRETIONARY – 4.0%** |  |
|  | **Automobiles – 4.0%** |  |
|  | General Motors Financial Co Inc. |  |
| $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% (3 Month LIBOR USD + 3.598%), 03/30/2166<sup>1</sup> | **1699540** |
|  | **TOTAL CONSUMER DISCRETIONARY** | **1699540** |
|  | **ENERGY – 5.5%** |  |
|  | **Oil, Gas & Consumable Fuels – 5.5%** |  |
|  | Enbridge, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% (5 Year CMT Rate + 3.708%), 01/15/2083<sup>1,2</sup> | 1941965 |
|  | Energy Transfer LP |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% (5 Year CMT Rate + 5.306%), 11/15/2165<sup>1</sup> | 168500 |
|  | MPLX LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% (3 Month LIBOR USD + 4.652%), 08/15/2023<sup>1</sup> | 248295 |
|  | **TOTAL ENERGY** | **2358760** |
|  | **FINANCIALS – 80.4%** |  |
|  | **Banks – 39.1%** |  |
|  | Banco Bilbao Vizcaya Argentaria SA |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% (5 Year Swap Rate EUR + 5.660%), 12/24/2170<sup>1,2</sup> | 2027774 |
|  | Barclays Plc |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% (5 Year CMT Rate + 5.431%), 12/15/2170<sup>1,2</sup> | 1890000 |
|  | Citigroup Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% (SOFR + 3.813%), 03/30/2025<sup>1</sup> | 902500 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.350% (3 Month LIBOR USD + 3.466%), 04/29/2049<sup>1</sup> | 585000 |
|  | Fifth Third Bancorp |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.100% (3 Month LIBOR USD + 3.033%), 12/31/2049<sup>1</sup> | 928198 |
|  | First Citizens BancShares Inc/NC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;7.265% (3 Month LIBOR USD + 3.972%), 06/15/2171<sup>1</sup> | 1010000 |
|  | Huntington Bancshares Inc/OH |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.700% (3 Month LIBOR USD + 2.880%), 07/15/2171<sup>1</sup> | 2318750 |
|  | KeyCorp |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% (3 Month LIBOR USD + 3.606%), 12/15/2165<sup>1</sup> | 1315788 |
|  | Societe Generale SA |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;9.375% (5 Year CMT Rate + 5.385%), 05/22/2171<sup>1,2,3</sup> | 2035888 |
|  | US Bancorp |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.300% (3 Month LIBOR USD + 2.914%), 04/15/2099<sup>1</sup> | 1714200 |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Preferred and Income Securities Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | **Banks (Continued)** |  |
|  | Wells Fargo & Co. |  |
| $2200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.900% (3 Month LIBOR USD + 3.110%), 12/29/2049<sup>1</sup> | $2024000 |
|  |  | **16752098** |
|  | **Capital Markets – 26.4%** |  |
|  | The Bank of New York Mellon |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% (3 Month LIBOR USD + 3.131%), 12/29/2049<sup>1</sup> | 1733336 |
|  | The Charles Schwab Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% (3 Month LIBOR USD + 2.575%), 06/01/2171<sup>1</sup> | 403759 |
|  | The Goldman Sachs Group Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;7.466% (3 Month LIBOR USD + 2.874%), 05/10/2023<sup>1</sup> | 1945000 |
|  | Morgan Stanley |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.300% (3 Month LIBOR USD + 3.160%), 03/15/2171<sup>1</sup> | 1953837 |
|  | Northern Trust Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.600% (3 Month LIBOR USD + 3.202%), 04/01/2027<sup>1</sup> | 1757665 |
|  | State Street Corp. |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% (3 Month LIBOR USD + 2.539%), 12/15/2170<sup>1</sup> | 2057000 |
|  | UBS Group AG |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.375% (5 Year CMT Rate + 3.313%), 08/10/2171<sup>1,2</sup> | 1487500 |
|  |  | **7256002** |
|  | **Consumer Finance – 3.7%** |  |
|  | Discover Financial Services |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% (3 Month LIBOR USD + 3.076%), 04/30/2028<sup>1</sup> | **1577500** |
|  | **Diversified Financial Services – 4.3%** |  |
|  | Corebridge Financial, Inc. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.875% (5 Year CMT Rate + 3.846%), 12/15/2052<sup>1,3</sup> | **1841190** |
|  | **Insurance – 6.9%** |  |
|  | The Allstate Corp. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% (3 Month LIBOR USD + 2.938%), 08/15/2053<sup>1</sup> | 1845500 |
|  | The Progressive Corp. |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% (3 Month LIBOR USD + 2.539%), 09/15/2023<sup>1</sup> | 1131000 |
|  |  | **2976500** |
|  | **TOTAL FINANCIALS** | **34485385** |
|  | **INDUSTRIALS – 5.0%** |  |
|  | **Industrial Conglomerates – 5.0%** |  |
|  | General Electric Co. |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.623% (3 Month LIBOR USD + 3.330%), 06/15/2171<sup>1</sup> | **2142250** |
|  | **TOTAL INDUSTRIALS** | **2142250** |
|  | **UTILITIES – 2.7%** |  |
|  | **Multi-Utilities – 2.7%** |  |
|  | Dominion Energy Inc. |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.350% (5 Year CMT Rate + 3.195%), 04/15/2167<sup>1</sup> | **1179500** |
|  | **TOTAL UTILITIES** | **1179500** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,245,414) | **41865435** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Preferred and Income Securities Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENT – 0.6%** |  |
| 269465 | First American Treasury Obligations Fund – Class X, 3.74%<sup>4</sup> | $**269465** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $269,465) | **269465** |
|  | **TOTAL INVESTMENTS – 99.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,960,840) | **42589442** |
|  | Other Assets in Excess of Liabilities – 0.7% | 315298 |
|  | **TOTAL NET ASSETS – 100.0%** | $**42904740** |

---

CMT – Constant Maturity Rate

LIBOR – London Inter-bank Offered Rate

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

<sup>1</sup> Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of November 30, 2022.

<sup>2</sup> Foreign security denominated in U.S. Dollars.

<sup>3</sup> Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund's liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At November 30, 2022, the value of these securities total $3,877,078 which represents 9.04% of total net assets.

<sup>4</sup> The rate is the annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Preferred and Income Securities Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1.1% |
| **Total Preferred Stocks** | 1.1<br>**%** |
| Corporate Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 80.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.7% |
| **Total Corporate Bonds** | 97.6<br>**%** |
| Short-Term Investment | 0.6% |
| **Total Investments** | 99.3<br>**%** |
| Other Assets in Excess of Liabilities | 0.7% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Growth Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE TRADED FUNDS (ETFs) – 66.0%** |  |
| 168575 | Invesco QQQ Trust, Series<sup>1</sup> | $49453162 |
| 135700 | iShares<sup>®</sup> Russell 2000 ETF | 25426109 |
| 294100 | SPDR<sup>®</sup> S&P Biotech ETF | 24592642 |
| 379600 | SPDR<sup>®</sup> S&P Regional Banking ETF | 24491792 |
| 129440 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 52770099 |
| 281887 | Vanguard<sup>®</sup> Growth ETF | 65690946 |
| 571498 | Vanguard<sup>®</sup> Value ETF | 83575868 |
|  | **TOTAL ETFs** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $232,763,419) | **326000618** |
|  | **SHORT-TERM INVESTMENT – 33.8%** |  |
| 166769802 | First American Treasury Obligations Fund – Class X, 3.74%<sup>1</sup> | **166769802** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $166,769,802) | **166769802** |
|  | **TOTAL INVESTMENTS – 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $399,533,221) | **492770420** |
|  | Other Assets in Excess of Liabilities – 0.2% | 1135945 |
|  | **TOTAL NET ASSETS – 100.0%** | $**493906365** |

---

<sup>1</sup> The rate is annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Growth Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| ETFs | 66.0% |
| Short-Term Investment | 33.8% |
| **Total Investments** | 99.8<br>**%** |
| Other Assets in Excess of Liabilities | 0.2% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Defensive Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE TRADED FUNDS (ETFs) – 51.4%** |  |
| 52600 | SPDR<sup>®</sup> Dow Jones Industrial Average ETF Trust | $18207490 |
| 43100 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 17571008 |
|  | **TOTAL ETFs** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,586,142) | **35778498** |
|  | **SHORT-TERM INVESTMENT – 48.5%** |  |
| 33731531 | First American Treasury Obligations Fund – Class X, 3.74%<sup>1</sup> | **33731531** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $33,731,531) | **33731531** |
|  | **TOTAL INVESTMENTS – 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,317,673) | **69510029** |
|  | Other Assets in Excess of Liabilities – 0.1% | 77468 |
|  | **TOTAL NET ASSETS – 100.0%** | $**69587497** |

---

<sup>1</sup> The rate is annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Defensive Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| ETFs | 51.4% |
| Short-Term Investment | 48.5% |
| **Total Investments** | 99.9<br>**%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### SCHEDULE OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS – 36.5%** |  |
|  | **CONSUMER DISCRETIONARY – 3.3%** |  |
|  | **Hotels, Restaurants & Leisure – 2.2%** |  |
| 2403 | McDonald's Corp. | $**655514** |
|  | **Specialty Retail – 1.1%** |  |
| 1025 | The Home Depot, Inc. | 332090 |
|  | **TOTAL CONSUMER DISCRETIONARY** | **987604** |
|  | **CONSUMER STAPLES – 5.3%** |  |
|  | **Food & Staples Retailing – 3.1%** |  |
| 4523 | Sysco Corp. | 391285 |
| 3413 | Walmart Inc. | 520209 |
|  |  | **911494** |
|  | **Food Products – 1.1%** |  |
| 3744 | General Mills, Inc. | **319363** |
|  | **Household Products – 1.1%** |  |
| 2298 | Procter & Gamble | **342770** |
|  | **TOTAL CONSUMER STAPLES** | **1573627** |
|  | **FINANCIALS – 3.8%** |  |
|  | **Banks – 1.7%** |  |
| 10791 | Truist Financial Corp. | **505127** |
|  | **Insurance – 2.1%** |  |
| 8647 | Aflac, Inc. | **621978** |
|  | **TOTAL FINANCIALS** | **1127105** |
|  | **HEALTH CARE – 9.2%** |  |
|  | **Health Care Equipment & Supplies – 1.0%** |  |
| 2581 | Abbott Laboratories | **277664** |
|  | **Pharmaceuticals – 8.2%** |  |
| 2607 | Eli Lilly and Co. | 967405 |
| 2097 | Johnson & Johnson | 373266 |
| 5288 | Merck & Co., Inc. | 582315 |
| 10369 | Pfizer Inc. | 519798 |
|  |  | **2442784** |
|  | **TOTAL HEALTH CARE** | **2720448** |
|  | **INDUSTRIALS – 6.0%** |  |
|  | **Aerospace & Defense – 1.5%** |  |
| 1910 | L3Harris Technologies, Inc. | **433723** |
|  | **Commercial Services & Supplies – 2.3%** |  |
| 4119 | Waste Management, Inc. | **690839** |
|  | **Machinery – 0.7%** |  |
| 933 | Illinois Tool Works Inc. | **212229** |
|  | **Trading Companies & Distributors – 1.5%** |  |
| 756 | W.W. Grainger, Inc. | **455913** |
|  | **TOTAL INDUSTRIALS** | **1792704** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INFORMATION TECHNOLOGY – 5.6%** |  |
|  | **Software – 2.5%** |  |
| 2902 | Microsoft Corp. | $**740416** |
|  | **Technology Hardware, Storage & Peripherals – 3.1%** |  |
| 6216 | Apple Inc. | **920155** |
|  | **TOTAL INFORMATION TECHNOLOGY** | **1660571** |
|  | **UTILITIES – 3.3%** |  |
|  | **Electric Utilities – 2.8%** |  |
| 3195 | Eversource Energy | 264738 |
| 8526 | The Southern Co. | 576699 |
|  |  | **841437** |
|  | **Multi-Utilities – 0.5%** |  |
| 2211 | Dominion Energy, Inc. | **135114** |
|  | **TOTAL UTILITIES** | **976551** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,977,072) | **10838610** |
|  | **EXCHANGE TRADED FUNDS (ETFs) – 53.6%** |  |
| 17650 | iShares<sup>®</sup> Broad USD High Yield Corporate Bond ETF | 625693 |
| 22520 | iShares<sup>®</sup> Core Dividend Growth ETF | 1178472 |
| 26400 | iShares<sup>®</sup> MBS ETF | 2481336 |
| 14782 | Schwab<sup>®</sup> US Dividend Equity ETF | 1166743 |
| 134800 | SPDR<sup>®</sup> Portfolio Intermediate Term Corporate Bond ETF | 4328428 |
| 54200 | SPDR<sup>®</sup> Portfolio Long-Term Corporate Bond ETF | 1254730 |
| 83500 | SPDR<sup>®</sup> Portfolio Short-Term Corporate Bond ETF | 2459075 |
| 45500 | VanEck Fallen Angel High Yield Bond ETF | 1250340 |
| 7434 | Vanguard<sup>®</sup> Dividend Appreciation ETF | 1179404 |
|  | **TOTAL ETFs** |  |
|  | (Cost $15,960,783) | **15924221** |

---

---

| | | | |
|:---|:---|:---|:---|
| |  | Notional | |
| Contracts |  | Amount |  |
|  | **PURCHASED OPTIONS – 14.8%** |  |  |
|  | **CALL OPTIONS – 7.7%** |  |  |
|  | S&P 500<sup>®</sup> Index |  |  |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,000.00 | $4080110 | 126400 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,050.00 | 4080110 | 48550 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,900.00 | 4080110 | 189400 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,100.00 | 4080110 | 75700 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,150.00 | 4080110 | 60900 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,600.00 | 4080110 | 225 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $4,200.00 | 4080110 | 234950 |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $3,700.00 | 6120165 | 1050900 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $4,000.00 | 4080110 | 499600 |
|  |  |  | **2286625** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### SCHEDULE OF INVESTMENTS – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| |  | Notional | |
| Contracts |  | Amount | Value |
|  | **PURCHASED OPTIONS (Continued)** |  |  |
|  | **PUT OPTIONS – 7.1%** |  |  |
|  | S&P 500<sup>®</sup> Index |  |  |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,650.00 | 4080110 | $2725 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,750.00 | 4080110 | 8650 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,550.00 | 4080110 | 575 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,700.00 | 4080110 | 225 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $3,800.00 | 4080110 | 16350 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,225.00 | 2040055 | 78300 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,025.00 | 4080110 | 47500 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2022, Exercise Price $4,000.00 | 8160220 | 79400 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $4,025.00 | 4080110 | 209150 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $4,000.00 | 4080110 | 200950 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $3,975.00 | 8160220 | 385700 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $3,500.00 | 4080110 | 83750 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $4,175.00 | 4080110 | 265500 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $3,525.00 | 2040055 | 77650 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $3,825.00 | 2040055 | 113175 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $3,450.00 | 2040055 | 70450 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $3,300.00 | 2040055 | 57450 |
|  | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |  |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: June 2023, Exercise Price $395.00 | 2038400 | 96425 |
| 100 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: December 2023, Exercise Price $405.00 | 4076800 | 311250 |
|  |  |  | **2105175** |
|  | **TOTAL PURCHASED OPTIONS** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,789,669) |  | **4391800** |
| Number |  |  |  |
| of Shares |  |  |  |
|  | **SHORT-TERM INVESTMENT – 1.4%** |  |  |
| 429566 | First American Treasury Obligations Fund – Class X, 3.74%<sup>1</sup> |  | **429566** |
|  | **TOTAL SHORT-TERM INVESTMENT** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $429,566) |  | **429566** |
|  | **TOTAL INVESTMENTS – 106.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,157,090) |  | **31584197** |
|  | Liabilities in Excess of Other Assets – (6.3)% |  | (1866570) |
|  | **TOTAL NET ASSETS – 100.0%** |  | $**29717627** |

---

<sup>1</sup> The rate is annualized seven-day yield at period end.

*Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS<sup>®</sup>), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.*

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### SCHEDULE OF OPTIONS WRITTEN

#### As of November 30, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| |  | Notional | |
| Contracts |  | Amount | Value |
|  | **CALL OPTIONS** |  |  |
|  | S&P 500<sup>®</sup> Index |  |  |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,850.00 | $3850000 | $248600 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,900.00 | 3900000 | 183700 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,750.00 | 3750000 | 335800 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,950.00 | 3950000 | 174400 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $4,000.00 | 4000000 | 147450 |
|  |  |  | **1089950** |
|  | **PUT OPTIONS** |  |  |
|  | S&P 500<sup>®</sup> Index |  |  |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,550.00 | 7100000 | 3550 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,575.00 | 3575000 | 1975 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,750.00 | 1875000 | 2550 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,850.00 | 3850000 | 11700 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,900.00 | 3900000 | 875 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,750.00 | 3750000 | 1250 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $3,950.00 | 3950000 | 34900 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $4,000.00 | 4000000 | 53850 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: June 2023, Exercise Price: $3,125.00 | 3125000 | 41300 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: June 2023, Exercise Price: $3,525.00 | 7050000 | 175500 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: June 2023, Exercise Price: $3,550.00 | 3550000 | 91900 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: June 2023, Exercise Price: $3,575.00 | 3575000 | 96250 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: June 2023, Exercise Price: $3,700.00 | 3700000 | 120750 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2023, Exercise Price: $2,925.00 | 1462500 | 33775 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2023, Exercise Price: $3,050.00 | 1525000 | 40425 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2023, Exercise Price: $3,125.00 | 1562500 | 44900 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2023, Exercise Price: $3,400.00 | 1700000 | 65875 |
|  |  |  | **821325** |
|  | **TOTAL WRITTEN OPTIONS** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Premium Received $3,019,273) |  | $**1911275** |

---

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### SUMMARY OF INVESTMENTS

#### As of November 30, 2022 (Unaudited)

------

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Sector | Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 3.3% |
| **Total Common Stocks** | 36.5<br>**%** |
| ETFs | 53.6% |
| Purchased Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Call Options | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Put Options | 7.1% |
| **Total Purchased Options** | 14.8<br>**%** |
| Short-Term Investment | 1.4% |
| **Total Investments** | 106.3<br>**%** |
| Liabilities in Excess of Other Assets | (6.3)% |
| **Total Net Assets** | 100.0<br>**%** |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF ASSETS AND LIABILITIES

#### As of November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **North Square** | |
|  | | **North Square** | **Advisory** | |
|  | **North Square** | **Dynamic** | **Research** | **North Square** |
|  | **Spectrum** | **Small Cap** | **Small Cap** | **Multi Strategy** |
|  | **Alpha Fund** | **Fund** | **Growth Fund** | **Fund** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $2355144 | $68987612 | $9991123 | $20959114 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at cost | 97672998 |  |  | 25549757 |
| &nbsp;&nbsp;&nbsp; Investments, at value | $2375951 | $73541979 | $11119755 | $19664438 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at value | 85221573 |  |  | 27163351 |
| &nbsp;&nbsp;&nbsp; Cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 7780 | 72084 | 377 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7457 | 937499 |  | 10346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold |  |  | 145121 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 36003 | 40875 | 13667 | 35838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 87648764 | 74592437 | 11278920 | 46879169 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 30777 |  |  | 61414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased |  |  | 163430 |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor (Note 4) | 47178 | 31428 | 2716 | 186190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A (Note 7) | 21007 |  |  | 14512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 14044 | 9505 | 2361 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 7) | 11833 |  |  | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7475 | 3328 | 1140 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 7258 | 5594 | 641 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Trustees | 6970 | 6595 | 1943 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1846 | 5065 | 5002 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 1781 | 1091 | 201 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees |  | 17178 | 1077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing fees |  | 11400 | 3047 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 150169 | 91184 | 181558 | 281633 |
| **Net Assets** | $**87498595** | $**74501253** | $**11097362** | $**46597536** |
| **Components of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.01 per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;with an unlimited number of shares authorized) | $55578422 | $83057671 | $10002332 | $30990651 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit) | 31920173 | (8556418) | 1095030 | 15606885 |
| **Net Assets** | $**87498595** | $**74501253** | $**11097362** | $**46597536** |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF ASSETS AND LIABILITIES – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **North Square** | |
|  | | **North Square** | **Advisory** | |
|  | **North Square** | **Dynamic** | **Research** | **North Square** |
|  | **Spectrum** | **Small Cap** | **Small Cap** | **Multi Strategy** |
|  | **Alpha Fund** | **Fund** | **Growth Fund** | **Fund** |
| **Maximum Offering Price per Share:** | | | | |
| &nbsp;&nbsp;&nbsp; Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $51624425 | $— | $— | $36432758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding | 4736697 |  |  | 1727114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and offering price per share | 10.90 |  |  | 21.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(5.75% of offering price)\* | 0.66 |  |  | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $11.56 | $— | $— | $22.38 |
| &nbsp;&nbsp;&nbsp; Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $35874170 | $74501253 | $11097362 | $10164778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding | 2811616 | 6533348 | 901407 | 454823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and offering price per share | $12.76 | $11.40 | $12.31 | $22.35 |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF ASSETS AND LIABILITIES – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square** | | | **North Square** |
|  | **Preferred** | **North Square** | **North Square** | **Trilogy** |
|  | **and Income** | **Tactical** | **Tactical** | **Alternative** |
|  | **Securities Fund** | **Growth Fund** | **Defensive Fund** | **Return Fund** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $42960840 | $399533221 | $68317673 | $25049091 |
| &nbsp;&nbsp;&nbsp; Investments, at value | $42589442 | $492770420 | $69510029 | $31584197 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 585896 | 510151 | 186927 | 159655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 1640098 | 1310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Advisor (Note 3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for securities sold short |  |  |  | 6238 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 14801 | 98715 | 48193 | 42130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 43190139 | 495019384 | 69746459 | 31792220 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to Custodian |  |  |  | 123849 |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 253243 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 372120 | 40318 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker interest and fees payable |  |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options contracts, at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(proceeds $3,019,273) |  |  |  | 1911275 |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor (Note 3) | 21517 | 361586 | 70322 | 17512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4989 | 3764 | 820 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing fees | 2215 | 27528 | 4234 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Trustees | 2100 | 40441 | 5699 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 574 | 65041 | 7603 | 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 286 | 19574 | 593 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 8) |  | 165774 | 20871 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  | 26108 | 3008 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 7) |  | 4863 | 2914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees |  |  |  | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 475 | 26220 | 2580 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 285399 | 1113019 | 158962 | 2074593 |
| **Net Assets** | $**42904740** | $**493906365** | $**69587497** | $**29717627** |
| **Components of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.01 per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;with an unlimited number of shares authorized) | $40507344 | $369234710 | $80312642 | $26748624 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit) | 2397396 | $124671655 | (10725145) | 2969003 |
| **Net Assets** | $**42904740** | $**493906365** | $**69587497** | $**29717627** |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF ASSETS AND LIABILITIES – Continued

#### As of November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square** | | | **North Square** |
|  | **Preferred** | **North Square** | **North Square** | **Trilogy** |
|  | **and Income** | **Tactical** | **Tactical** | **Alternative** |
|  | **Securities Fund** | **Growth Fund** | **Defensive Fund** | **Return Fund** |
| **Maximum Offering Price per Share:** | | | | |
| &nbsp;&nbsp;&nbsp; Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $— | $92239718 | $22812081 | $1716899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding |  | 6839631 | 1420400 | 162280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and offering price per share |  | 13.49 | 16.06 | 10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(5.75% of offering price)\* |  | 0.82 | 0.98 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $— | $14.31 | $17.04 | $11.23 |
| &nbsp;&nbsp;&nbsp; Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $— | $78833514 | $6791148 | $2961715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding |  | 6281188 | 469223 | 290069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and offering price per share | $— | $12.55 | $14.47 | $10.21 |
| &nbsp;&nbsp;&nbsp; Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $42904740 | $322833133 | $39984268 | $25039013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding | 2123651 | 23411789 | 2423870 | 2352228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and offering price per share | $20.20 | $13.79 | $16.50 | $10.64 |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF OPERATIONS

#### For the Period Ended November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **North Square** | |
|  | | **North Square** | **Advisory** | |
|  | **North Square** | **Dynamic** | **Research** | **North Square** |
|  | **Spectrum** | **Small Cap** | **Small Cap** | **Multi Strategy** |
|  | **Alpha Fund** | **Fund** | **Growth Fund** | **Fund** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes and/or |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issuance fees of $0, $1,731, $0, and $0, respectively) | $1000 | $436075 | $8022 | $157394 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliated |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;regulated investment companies |  |  |  | 206835 |
| &nbsp;&nbsp;&nbsp; Interest (net of foreign withholding taxes and/or |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issuance fees of $0, $0, $0, and $0, respectively) | 18606 | 4907 | 701 | 18468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19606 | 440982 | 8723 | 382697 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 88377 | 326660 | 42680 | 113827 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Class A (Note 8) | 65269 |  |  | 44562 |
| &nbsp;&nbsp;&nbsp; Legal fees | 37519 | 22183 | 4019 | 19029 |
| &nbsp;&nbsp;&nbsp; Fund administration fees | 33556 | 34193 | 5449 | 18395 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class A (Note 7) | 23790 | 24835 | 4683 | 11678 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class I (Note 7) | 25523 |  |  | 3458 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 23177 | 19608 | 3456 | 11515 |
| &nbsp;&nbsp;&nbsp; Registration fees | 18052 | 10799 | 11783 | 15923 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 10144 | 7959 | 402 | 5145 |
| &nbsp;&nbsp;&nbsp; Auditing fees | 7102 | 6213 |  | 3629 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees (Note 4) | 3331 | 3149 | 459 | 1653 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 3286 | 3387 | 594 | 1740 |
| &nbsp;&nbsp;&nbsp; Custody fees | 3134 | 9467 | 7985 | 2609 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 2259 | 1885 | 318 | 1159 |
| &nbsp;&nbsp;&nbsp; Other expenses | 6246 | 2080 | 762 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 350765 | 472418 | 82590 | 256978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated fund fees waived (Note 4) |  |  |  | (67514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less advisory fees waived & expenses reimbursed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Class A | 110790 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Class I | 67692 | (113091) | (25277) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 529247 | 359327 | 57313 | 189464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment income** | (509641) | 81655 | (48590) | 193233 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (9000082) | (2514356) | (164479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (2142564) |  |  | 147637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2142564) | (9000082) | (2514356) | (16842) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 20808 | 10761603 | 2244479 | 300717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 3321053 |  |  | (506522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation | 3341861 | 10761603 | 2244479 | (205805) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1199297 | 1761521 | (269877) | (222647) |
| **Net increase (decrease) in net assets from operations** | $**689656** | $**1843176** | $**(318467)** | $**(29414)** |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF OPERATIONS – Continued

#### For the Period Ended November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square** | | | **North Square** |
|  | **Preferred** | **North Square** | **North Square** | **Trilogy** |
|  | **and Income** | **Tactical** | **Tactical** | **Alternative** |
|  | **Securities Fund** | **Growth Fund** | **Defensive Fund** | **Return Fund** |
| **Investment Income:** | | | | |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes and/or |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issuance fees of $0, $0, $0, and $0, respectively) | $6101 | $2007267 | $35820 | $419896 |
| &nbsp;&nbsp;&nbsp; Interest (net of foreign withholding taxes and/or |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;issuance fees of $0, $0, $0, and $0, respectively) | 1006499 | 2469328 | 631650 | 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1012600 | 4476595 | 667470 | 424210 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 136610 | 2664326 | 443497 | 213619 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class A (Note 7) |  | 36637 | 9353 | 661 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class C (Note 7) |  | 31572 | 3482 | 1694 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class I (Note 7) | 18344 | 101438 | 24523 | 15616 |
| &nbsp;&nbsp;&nbsp; Registration fees | 13202 | 25024 | 17903 | 20563 |
| &nbsp;&nbsp;&nbsp; Fund administration fees | 9529 | 200665 | 27286 | 15594 |
| &nbsp;&nbsp;&nbsp; Legal fees | 9114 | 200758 | 28758 | 16037 |
| &nbsp;&nbsp;&nbsp; Custody fees | 6511 | 6940 | 1725 | 2052 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 6061 | 128470 | 17274 | 9842 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 2861 | 55527 | 8042 | 4423 |
| &nbsp;&nbsp;&nbsp; Auditing fees | 2005 | 39868 | 5832 | 3274 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees (Note 4) | 1071 | 18916 | 2813 | 1581 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 984 | 21062 | 2902 | 1639 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 624 | 12589 | 1832 | 1180 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Class A (Note 8) |  | 113204 | 28904 | 2362 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Class C (Note 8) |  | 400096 | 34822 | 16938 |
| &nbsp;&nbsp;&nbsp; Interest expense |  |  |  | 528 |
| &nbsp;&nbsp;&nbsp; Other expenses | 1031 | 38414 | 6153 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 207947 | 4095506 | 665101 | 330929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated fund fees waived (Note 4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less advisory fees waived & expenses reimbursed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (71544) |  | (3865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (62175) |  | (7463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Class I | (31265) | (225666) | (2053) | (63957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 176682 | 3736121 | 663048 | 255644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment income** | 835918 | 740474 | 4422 | 168566 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3070938) | (1889156) | (1169770) | 1559168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (138954) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options |  |  |  | (161046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options |  |  |  | 1226687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3209892) | (1889156) | (1169770) | 2624809 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1735495 | (3425659) | 1192356 | (9000685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options |  |  |  | 1923170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options |  |  |  | 2777113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation | 1735495 | (3425659) | 1192356 | (4300402) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1474397) | (5314815) | 22586 | (1675593) |
| **Net increase (decrease) in net assets from operations** | $**(638479)** | $**(4574341)** | $**27008** | $**(1507027)** |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square** | **North Square** | **North Square** | **North Square** |
|  | **Spectrum Alpha Fund** | **Spectrum Alpha Fund** | **Dynamic Small Cap Fund** | **Dynamic Small Cap Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022** | (Unaudited) | **May 31, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $(509641) | $(1582984) | $81655 | $27618 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and foreign currency translations | (2142564) | 47887713 | (9000082) | (3095661) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency translations | 3341861 | (69437287) | 10761603 | (8772335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | 689656 | (23132558) | 1843176 | (11840378) |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (10900819) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (6492617) |  | (6613665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | (17393436) |  | (6613665) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1047350 | 1901148 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1541543 | 3231148 | 2880898 | 84613534 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 10558384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 6367682 |  | 6613666 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (6123104) | (18787708) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (5283915) | (15529593) | (9206127) | (14158858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital transactions** | (8818126) | (12258939) | (6325229) | 77068342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (8128470) | (52784933) | (4482053) | 58614299 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 95627065 | 148411998 | 78983306 | 20369007 |
| &nbsp;&nbsp;&nbsp; **End of Period** | $**87498595** | $**95627065** | $**74501253** | $**78983306** |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 101848 | 139253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 128098 | 206097 | 258848 | 6563426 |
| &nbsp;&nbsp;&nbsp; Shares reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 762168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 393562 |  | 508517 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (590043) | (1357846) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (435400) | (956296) | (849080) | (1063069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;capital share transactions** | (795497) | (813062) | (590232) | 6008874 |

---

*See accompanying Notes to Financial Statements.*

------

#### STATEMENTS OF CHANGES IN NET ASSETS – Continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Advisory Research** | **North Square Advisory Research** | **North Square** | **North Square** |
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Multi Strategy Fund** | **Multi Strategy Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022** | (Unaudited) | **May 31, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $(48590) | $(79862) | $193233 | $4654285 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and foreign currency translations | (2514356) | 3662768 | (16842) | 5372296 |
| &nbsp;&nbsp;&nbsp; Capital gain distributions from |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;regulated investment companies |  |  |  | 5325315 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency translations | 2244479 | (7458194) | (205805) | (17715179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | (318467) | (3875288) | (29414) | (2363283) |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | (2660146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (2964205) |  | (639389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | (2964205) |  | (3299535) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 351114 | 1320863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 73597 | 19020697 | 514527 | 1887360 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 2511713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 2964206 |  | 599065 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (1650688) | (6663587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1326749) | (14939435) | (486672) | (1826257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital transactions** | (1253152) | 7045468 | (1271719) | (2170843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | (1571619) | 205975 | (1301133) | (7833661) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 12668981 | 12463006 | 47898669 | 55732330 |
| &nbsp;&nbsp;&nbsp; **End of Period** | $**11097362** | $**12668981** | $**46597536** | $**47898669** |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 17692 | 55109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5811 | 1111540 | 23893 | 77106 |
| &nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 105099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 166850 |  | 23713 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (79915) | (285863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (104146) | (874742) | (22949) | (73567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;capital share transactions** | (98335) | 403648 | (61279) | (98403) |

---

*See accompanying Notes to Financial Statements.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Preferred and** | **North Square Preferred and** | **North Square Tactical** | **North Square Tactical** |
|  | **Income Securities Fund** | **Income Securities Fund** | **Growth Fund** | **Growth Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022** | (Unaudited) | **May 31, 2022\*** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $835918 | $354013 | $740474 | $(948118) |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and foreign currency translations | (3209892) | 6667671 | (1889156) | 37101813 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency translations | 1735495 | (8416687) | (3425659) | (68776256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | (638479) | (1395003) | (4574341) | (32622561) |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | (4656629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | (4934549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (821562) | (1467649) |  | (18313294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (821562) | (1467649) |  | (27904472) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 6479201 | 19301112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 1849800 | 4869429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 18833273 | 18407241 | 24845371 | 52032697 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 4483664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | 4752313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 821562 | 1467551 |  | 16496351 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (6362389) | (17620626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (6818969) | (20051854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1083316) | (7405206) | (43875404) | (76807346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital transactions** | 18571519 | 12469586 | (23882390) | (12544260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 17111478 | 9606934 | (28456731) | (73071293) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 25793262 | 16186328 | 522363096 | 595434389 |
| &nbsp;&nbsp;&nbsp; **End of Period** | $**42904740** | $**25793262** | $**493906365** | $**522363096** |

---

\* Effective June 11, 2021, the Stadion Tactical Growth Fund Class A, C, and I converted to the North Square Tactical Growth Fund Class A, C, and I, respectively. See Note 3.

*See accompanying Notes to Financial Statements.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Preferred and** | **North Square Preferred and** | **North Square Tactical** | **North Square Tactical** |
|  | **Income Securities Fund** | **Income Securities Fund** | **Growth Fund** | **Growth Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022** | (Unaudited) | **May 31, 2022\*** |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 491567 | 1291538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 150404 | 344419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 905191 | 785761 | 1845508 | 3413555 |
| &nbsp;&nbsp;&nbsp; Shares reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 299943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | 339204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 40792 | 63102 |  | 1081813 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (485808) | (1172728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (556271) | (1428204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (53035) | (312207) | (3275601) | (5077334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;capital share transactions** | 892948 | 536656 | (1830201) | (907794) |

---

\* Effective June 11, 2021, the Stadion Tactical Growth Fund Class A, C, and I converted to the North Square Tactical Growth Fund Class A, C, and I, respectively. See Note 3.

*See accompanying Notes to Financial Statements.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Tactical** | **North Square Tactical** | **North Square Trilogy** | **North Square Trilogy** |
|  | **Defensive Fund** | **Defensive Fund** | **Alternative Return Fund** | **Alternative Return Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022\*** | (Unaudited) | **May 31, 2022\*\*** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4422 | $(467783) | $168566 | $140864 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;and foreign currency translations | (1169770) | 12794769 | 2624809 | (4089628) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency translations | 1192356 | (11817085) | (4300402) | 1529182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | 27008 | 509901 | (1507027) | (2419582) |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | (4131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (98583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  | (102714) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 746299 | 5801710 | 187550 | 563694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 125373 | 415782 | 100000 | 94647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1782293 | 6484387 | 509271 | 7040756 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | 98507 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1340730) | (4027394) | (613528) | (902730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (571595) | (4913215) | (724758) | (894810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4192211) | (9511742) | (9985933) | (8778076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital transactions** | (3450571) | (5750472) | (10527398) | (2774949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | (3423563) | (5240571) | (12034425) | (5297245) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 73011060 | 78251631 | 41752052 | 47049297 |
| &nbsp;&nbsp;&nbsp; **End of Period** | $**69587497** | $**73011060** | $**29717627** | $**41752052** |

---

\* Effective June 11, 2021, the Stadion Tactical Defensive Fund Class A, C, and I converted to the North Square Tactical Defensive Fund Class A, C, and I, respectively. See Note 3.

\*\* Effective June 11, 2021, the Stadion Trilogy Alternative Return Fund Class A, C, and I converted to the North Square Trilogy Alternative Return Fund Class A, C, and I, respectively. See Note 3.

*See accompanying Notes to Financial Statements.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Tactical** | **North Square Tactical** | **North Square Trilogy** | **North Square Trilogy** |
|  | **Defensive Fund** | **Defensive Fund** | **Alternative Return Fund** | **Alternative Return Fund** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | | **Ended** | |
|  | **November 30,** | | **November 30,** | |
|  | **2022** | **Year Ended** | **2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022\*** | (Unaudited) | **May 31, 2022\*\*** |
| Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 47224 | 356113 | 17612 | 48173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8672 | 27992 | 9691 | 8645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 109560 | 386496 | 47500 | 609527 |
| &nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | 8365 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (84459) | (244497) | (57703) | (78047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (39858) | (330222) | (70778) | (78447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (257981) | (560120) | (935307) | (754599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;capital share transactions** | (216842) | (364238) | (988985) | (236122) |

---

\* Effective June 11, 2021, the Stadion Tactical Defensive Fund Class A, C, and I converted to the North Square Tactical Defensive Fund Class A, C, and I, respectively. See Note 3.

\*\* Effective June 11, 2021, the Stadion Trilogy Alternative Return Fund Class A, C, and I converted to the North Square Trilogy Alternative Return Fund Class A, C, and I, respectively. See Note 3.

*See accompanying Notes to Financial Statements.*

------

#### North Square Spectrum Alpha Fund

#### FINANCIAL HIGHLIGHTS

#### Class A

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $10.78 | $15.36 | $12.07 | $13.89 | $16.85 | $34.16 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup> | (0.07) | (0.19)<sup>2</sup> | (0.17) | (0.15) | (0.16)<sup>2</sup> | (0.23)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | (2.26) | 5.34 | 0.44 | (0.34) | 5.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.12 | (2.45) | 5.17 | 0.29 | (0.50) | 5.46 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (2.13) | (1.88) | (2.11) | (2.46) | (22.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.13) | (1.88) | (2.11) | (2.46) | (22.77) |
| **Net asset value, end of period** | $10.90 | $10.78 | $15.36 | $12.07 | $13.89 | $16.85 |
| **Total return**<sup>3</sup> | 1.11% | (19.05)% | 43.47% | 1.16% | (1.96)% | 23.85% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $51624 | $56319 | $87291 | $73973 | $109749 | $162714 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup> | 0.88% | 1.34% | 1.75% | 2.06% | 1.46% | 1.40% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup> | 1.30% | 1.36%<sup>6</sup> | 1.39% | 1.39% | 1.38% | 1.38%<sup>5</sup> |
| Ratio of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup> | (0.83)% | (1.29)% | (1.54)% | (1.78)% | (1.08)% | (0.97)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup> | (1.25)% | (1.31)% | (1.18)% | (1.11)% | (1.00)% | (0.95)% |
| Portfolio turnover rate | 0% | 104% | 33% | 38% | 31% | 39% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>3</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not include payment of a sales load of 5.75% of offering price, which is reduced on sales of $50,000 or more. Returns shown do not include payment of a Contingent Deferred Sales Charge ("CDSC") of 1% on certain redemptions made within 12 months of the date of purchase. If the sales load and CDSC were included, total returns would be lower. These returns include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> Effective October 5, 2017, the Advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.39% of average daily net assets of the Fund. Prior to October 5, 2017, the annual fund operating expense limitation was 1.40%.

<sup>6</sup> Effective January 11, 2022, the expense cap decreased from 1.39% to 1.30%.

*See accompanying Notes to Financial Statements.*

------

#### North Square Spectrum Alpha Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $12.60 | $17.59 | $13.58 | $15.35 | $18.29 | $35.25 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup> | (0.06) | (0.17)<sup>2</sup> | (0.15) | (0.13) | (0.13)<sup>2</sup> | (0.19)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | (2.69) | 6.04 | 0.47 | (0.35) | 6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.16 | (2.86) | 5.89 | 0.34 | (0.48) | 5.81 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (2.13) | (1.88) | (2.11) | (2.46) | (22.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.13) | (1.88) | (2.11) | (2.46) | (22.77) |
| **Net asset value, end of period** | $12.76 | $12.60 | $17.59 | $13.58 | $15.35 | $18.29 |
| **Total return**<sup>3</sup> | 1.24% | (18.90)% | 43.92% | 1.41% | (1.67)% | 24.19% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $35874 | $39308 | $61121 | $40165 | $64501 | $172935 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup> | 0.68% | 1.12% | 1.51%<sup>6</sup> | 1.78% | 1.22% | 1.05% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup> | 1.05% | 1.11%<sup>7</sup> | 1.08% | 1.14% | 1.14% | 1.06%<sup>5</sup> |
| Ratio of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup> | (0.63)% | (1.07)% | (1.31)%<sup>6</sup> | (1.50)% | (0.84)% | (0.63)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup> | (1.00)% | (1.06)% | (0.87)% | (0.86)% | (0.75)% | (0.64)% |
| Portfolio turnover rate | 0% | 104% | 33% | 38% | 31% | 39% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>5</sup> Effective October 5, 2017, the Advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred or in connection with any merger reorganization, or extraordinary expenses such as litigation) do not exceed 1.39% of average daily net assets of the Fund. Prior to October 5, 2017, the annual fund operating expense limitation was 1.40%.

<sup>6</sup> Ratios exclude the 12b-1 refund.

<sup>7</sup> Effective January 11, 2022, the expense cap decreased from 1.14% to 1.05%.

*See accompanying Notes to Financial Statements.*

------

#### North Square Dynamic Small Cap Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $11.09 | $18.27 | $11.46 | $11.54 | $15.14 | $12.07 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.01 | 0.01 | (0.04) | 0.02 | (0.01) | —<br><sup>2</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | (1.00) | 7.14 | (0.07) | (1.31) | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | (0.99) | 7.10 | (0.05) | (1.32) | 3.11 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (6.19) | (0.28) |  | (2.28) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (6.19) | (0.29) | (0.03) | (2.28) | (0.04) |
| **Net asset value, end of period** | $11.40 | $11.09 | $18.27 | $11.46 | $11.54 | $15.14 |
| **Total return**<sup>3</sup> | 2.85% | (10.43)% | 62.34% | (0.44)% | (8.42)% | 25.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $74501 | $78983 | $20369 | $15500 | $20389 | $28279 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.30% | 1.36% | 1.67% | 2.23% | 2.02% | 1.89% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.99%<sup>4</sup> | 1.00%<sup>4</sup> | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | (0.09)% | (0.30)% | (0.82)% | (0.91)% | (0.91)% | (0.71)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.22%<sup>4</sup> | 0.06% | (0.30)% | 0.17% | (0.04)% | 0.03% |
| Portfolio turnover rate | 82% | 177% | 179% | 170% | 133% | 170% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.005 per share.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Effective July 1, 2021, the expense cap decreased from 1.15% to 0.99%.

*See accompanying Notes to Financial Statements.*

------

#### North Square Advisory Research Small Cap Growth Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.<br>* 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of perio**d | $12.67 | $20.91 | $16.24 | $13.94 | $13.16 | $11.03 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | (0.05) | (0.10) | (0.06) | 0.03 | (0.00)<sup>2</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | (1.54) | 5.82 | 3.00 | 0.88 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.36) | (1.64) | 5.76 | 3.03 | 0.88 | 2.13 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.03) | (0.01) |  | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (6.60) | (1.06) | (0.72) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (6.60) | (1.09) | (0.73) | (0.10) | (0.00) |
| **Net asset value, end of perio**d | $12.31 | $12.67 | $20.91 | $16.24 | $13.94 | $13.16 |
| **Total return**<sup>3</sup> | (2.85)% | (16.88)% | 35.93% | 22.05% | 6.80% | 19.31% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $11097 | $12669 | $12463 | $12191 | $13823 | $14285 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.35% | 1.37% | 1.45% | 1.88% | 2.04% | 1.99% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.94% | 0.95%<sup>4</sup> | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | (1.21)% | (1.00)% | (0.79)% | (0.74)% | (1.10)% | (0.96)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | (0.80)% | (0.58)% | (0.29)% | 0.19% | (0.01)% | 0.08% |
| Portfolio turnover rate | 91% | 230% | 9% | 18% | 18% | 74% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.005 per share.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Effective January 11, 2022, the expense cap decreased from 0.95% to 0.94%.

*See accompanying Notes to Financial Statements.*

------

#### North Square Multi Strategy Fund

#### FINANCIAL HIGHLIGHTS

#### Class A

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $21.10 | $23.57 | $16.93 | $16.92 | $26.95 | $22.81 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,4</sup> | 0.08 | 1.98 | (0.09) | (0.05) | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | (2.97) | 6.73 | 1.25 | (1.60) | 4.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.01) | (0.99) | 6.64 | 1.20 | (1.66) | 4.14 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (1.19) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (1.48) |  |  | (8.37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.48) |  | (1.19) | (8.37) |  |
| **Net asset value, end of perio**d | $21.09 | $21.10 | $23.57 | $16.93 | $16.92 | $26.95 |
| **Total return**<sup>2</sup> | (0.04)% | (4.94)% | 39.20% | 6.63% | (4.88)% | 18.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $36433 | $37762 | $45140 | $35278 | $33287 | $41570 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived/recovered<sup>3</sup> | 0.89%<sup>5</sup> | 0.79%<sup>5</sup> | 0.92%<sup>5</sup> | 1.34%<sup>5</sup> | 0.82%<sup>5</sup> | 0.93%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived/recovered<sup>3</sup> | 0.89%<sup>5</sup> | 0.79%<sup>5</sup> | 1.13%<sup>5</sup> | 1.20%<sup>5</sup> | 1.00%<sup>5</sup> | 1.13%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived/recovered<sup>3,4</sup> | 0.79%<sup>1</sup> | 8.41% | (0.23)% | (0.40)% | (0.09)% | (0.43)% |
| &nbsp;&nbsp;&nbsp; After fees waived/recovered<sup>3,4</sup> | 0.79% | 8.41% | (0.44)% | (0.26)% | (0.27)% | (0.63)% |
| Portfolio turnover rate | 2% | 65% | 15% | 7% | 17% | 117% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not include payment of a sales load of 5.75% of offering price, which is reduced on sales of $50,000 or more. Returns shown do not include payment of a Contingent Deferred Sales Charge ("CDSC") of 1% on certain redemptions made within 12 months of the date of purchase. If the sales load and CDSC were included, total returns would be lower. These returns include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>4</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>5</sup> The Advisor does not receive management fees for Fund assets invested in other series of the Trust advised by the Advisor (affiliated investments).

*See accompanying Notes to Financial Statements.*

------

#### North Square Multi Strategy Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $22.33 | $24.83 | $17.73 | $17.59 | $27.53 | $23.24 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,4</sup> | 0.11 | 2.22 | 0.06 | (0.01) | 0.02 | (0.10) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | (3.24) | 7.04 | 1.36 | (1.59) | 4.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.02 | (1.02) | 7.10 | 1.35 | (1.57) | 4.29 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (1.21) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (1.48) |  |  | (8.37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.48) |  | (1.21) | (8.37) |  |
| **Net asset value, end of period** | $22.35 | $22.33 | $24.83 | $17.73 | $17.59 | $27.53 |
| **Total return**<sup>2</sup> | 0.08% | (4.79)% | 40.07% | 7.17% | (4.23)% | 18.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10165 | $10136 | $10592 | $5851 | $12919 | $12434 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived/recovered<sup>3</sup> | 0.64%<sup>5</sup> | 0.54%<sup>5</sup> | 0.67%<sup>5,6</sup> | 0.92%<sup>5</sup> | 0.44%<sup>5</sup> | 0.72%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived/recovered<sup>3</sup> | 0.64%<sup>5</sup> | 0.54%<sup>5</sup> | 0.43%<sup>5</sup> | 0.90%<sup>5</sup> | 0.62%<sup>5</sup> | 0.88%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived/recovered<sup>3,4</sup> | 1.04% | 8.92% | 0.05%<sup>6</sup> | (0.10)% | 0.29% | (0.22)% |
| &nbsp;&nbsp;&nbsp; After fees waived/recovered<sup>3,4</sup> | 1.04% | 8.92% | 0.29% | (0.08)% | 0.10% | (0.38)% |
| Portfolio turnover rate | 2% | 65% | 15% | 7% | 17% | 117% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>4</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

<sup>5</sup> The Advisor does not receive management fees for Fund assets invested in other series of the Trust advised by the Advisor (affiliated investments).

<sup>6</sup> Ratios exclude the 12b-1 refund.

*See accompanying Notes to Financial Statements.*

------

#### North Square Preferred and Income Securities Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $20.96 | $23.32 | $17.47 | $16.25 | $15.65 | $13.69 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.47 | 0.41 | 0.21 | 0.24 | 0.24 | 0.24 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.80) | (0.55) | 6.18 | 1.28 | 0.82 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.33) | (0.14) | 6.39 | 1.52 | 1.06 | 2.17 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.38) | (0.18) | (0.25) | (0.24) | (0.20) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (1.84) | (0.36) | (0.05) | (0.22) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.43) | (2.22) | (0.54) | (0.30) | (0.46) | (0.21) |
| **Net asset value, end of period** | $20.20 | $20.96 | $23.32 | $17.47 | $16.25 | $15.65 |
| **Total return**<sup>2</sup> | (1.52)% | (1.49)% | 37.06% | 9.35% | 6.94% | 15.89% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $42905 | $25793 | $16186 | $11146 | $12014 | $10036 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.14% | 1.27% | 1.44%<sup>3</sup> | 1.89% | 2.38% | 2.93% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.97% | 0.99%<sup>4</sup> | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 4.42% | 1.50% | 0.59%<sup>3</sup> | 0.47% | 0.18% | (0.33)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 4.59% | 1.78% | 1.03% | 1.36% | 1.56% | 1.60% |
| Portfolio turnover rate | 111% | 179% | 28% | 18% | 15% | 30% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Ratios exclude the 12b-1 refund.

<sup>4</sup> Effective January 11, 2022, the expense cap decreased from 1.00% to 0.97%.

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Growth Fund

#### FINANCIAL HIGHLIGHTS

#### Class A

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $13.59 | $15.15 | $11.81 | $11.62 | $12.33 | $11.03 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.02 | (0.03) | (0.09) | 0.05 | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.12) | (0.80) | 3.43 | 0.72 | (0.40) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.10) | (0.83) | 3.34 | 0.77 | (0.41) | 1.30 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.06) |  | (0.00)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (0.73) |  | (0.52) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.73) |  | (0.58) | (0.30) |  |
| **Net asset value, end of period** | $13.49 | $13.59 | $15.15 | $11.81 | $11.62 | $12.33 |
| **Total return**<sup>3</sup> | (0.73)% | (5.93)% | 28.28% | 6.53% | (3.22)% | 11.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $92240 | $92843 | $97180 | $81511 | $85250 | $109707 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 1.71% | 1.61% | 1.55% | 1.56% | 1.57% | 1.61% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | 0.10% | (0.27)% | (0.70)% | 0.39% | (0.07)% | (0.15)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 0.26% | (0.21)% | (0.70)% | 0.40% | (0.05)% | (0.09)% |
| Portfolio turnover rate | 56% | 67% | 79% | 128% | 120% | 82% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Amount represents less than $0.005 per share.

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Tactical Growth Fund Class A converted to the North Square Tactical Growth Fund Class A. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Growth Fund

#### FINANCIAL HIGHLIGHTS

#### Class C

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $12.69 | $14.30 | $11.24 | $11.14 | $11.92 | $10.74 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | (0.03) | (0.13) | (0.19) | (0.04)<sup>4</sup> | (0.10)<sup>4</sup> | (0.10) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.11) | (0.75) | 3.25 | 0.69 | (0.38) | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.14) | (0.88) | 3.06 | 0.65 | (0.48) | 1.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (0.73) |  | (0.52) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.73) |  | (0.55) | (0.30) |  |
| **Net asset value, end of period** | $12.55 | $12.69 | $14.30 | $11.24 | $11.14 | $11.92 |
| **Total return**<sup>3</sup> | (1.11)% | (6.61)% | 27.22% | 5.73% | (3.92)% | 10.99% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $78834 | $84867 | $106291 | $95291 | $104812 | $99286 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 2.46% | 2.37% | 2.31% | 2.33% | 2.32% | 2.35% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
| Ratio of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | (0.65)% | (1.02)% | (1.46)% | (0.36)% | (0.85)% | (0.88)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | (0.49)% | (0.95)% | (1.45)% | (0.33)% | (0.83)% | (0.83)% |
| Portfolio turnover rate | 56% | 67% | 79% | 128% | 120% | 82% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Tactical Growth Fund Class C converted to the North Square Tactical Growth Fund Class C. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Growth Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>7</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $13.87 | $15.42 | $12.00 | $11.77 | $12.46 | $11.12 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.03 | 0.01 | (0.06) | 0.08 | 0.02<br><sup>5</sup>  | 0.02<br><sup>5</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.11) | (0.83) | 3.48 | 0.74 | (0.41) | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.08) | (0.82) | 3.42 | 0.82 | (0.39) | 1.34 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.00)<sup>4</sup> | (0.07) |  | (0.00)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; From net realized gain |  | (0.73) |  | (0.52) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.73) |  | (0.59) | (0.30) |  |
| **Net asset value, end of perio**d | $13.79 | $13.87 | $15.42 | $12.00 | $11.77 | $12.46 |
| **Total return**3 | (0.61)% | (5.71)% | 28.53% | 6.88% | (3.02)% | 12.09% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $322833 | $344653 | $391964 | $314646 | $337265 | $238052 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup> | 1.44% | 1.38% | 1.33% | 1.34% | 1.33% | 1.36% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | 0.37% | (0.03)% | (0.48)% | 0.62% | 0.13% | 0.07% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 0.51% | 0.05% | (0.45)% | 0.66% | 0.16% | 0.13% |
| Portfolio turnover rate | 56% | 67% | 79% | 128% | 120% | 82% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Amount represents less than $0.005 per share.

<sup>5</sup> The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.

<sup>6</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>7</sup> Effective June 11, 2021 the Stadion Tactical Growth Fund Class I converted to the North Square Tactical Growth Fund Class I. See Note 1

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Defensive Fund

#### FINANCIAL HIGHLIGHTS

#### Class A

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>5</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $16.05 | $16.00 | $12.41 | $13.52 | $13.26 | $12.58 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> |  | (0.11) | (0.10) | 0.07 | 0.03 | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.16 | 3.69 | (1.12) | 0.23 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 | 0.05 | 3.59 | (1.05) | 0.26 | 0.98 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.06) |  | (0.02) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  |  | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.06) |  | (0.30) |
| **Net asset value, end of period** | $16.06 | $16.05 | $16.00 | $12.41 | $13.52 | $13.26 |
| **Total return**<sup>3</sup> | 0.08% | 0.30% | 28.93% | (7.85)% | 1.96% | 7.77% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $22812 | $23392 | $21542 | $18526 | $24231 | $47888 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup> | 1.92% | 1.86% | 1.87% | 1.85% | 1.84% | 1.85% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup> | 1.92% | 1.86% | 1.87% | 1.85% | 1.84% | 1.85% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | (0.03)% | (0.65)% | (0.71)% | 0.47% | 0.26% | (0.23)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | (0.03)% | (0.65)% | (0.71)% | 0.47% | 0.26% | (0.23)% |
| Portfolio turnover rate | 292% | 289% | 350% | 522% | 396% | 335% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total return is a measure of the change in value of an investment in the Fund over the years covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>5</sup> Effective June 11, 2021 the Stadion Tactical Defensive Fund Class A converted to the North Square Tactical Defensive Fund Class A. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Defensive Fund

#### FINANCIAL HIGHLIGHTS

#### Class C

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $14.52 | $14.59 | $11.40 | $12.51 | $12.36 | $11.81 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | (0.06) | (0.21) | (0.19) | (0.03)<sup>4</sup> | (0.08)<sup>4</sup> | (0.12) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.14 | 3.38 | (1.03) | 0.23 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.05) | (0.07) | 3.19 | (1.06) | 0.15 | 0.83 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.05) |  | (0.28) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.05) |  | (0.28) |
| **Net asset value, end of period** | $14.47 | $14.52 | $14.59 | $11.40 | $12.51 | $12.36 |
| **Total return**<sup>3</sup> | (0.31)% | (0.49)% | 27.98% | (8.54)% | 1.21% | 6.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6791 | $7265 | $11711 | $13586 | $19151 | $23178 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 2.69% | 2.62% | 2.62% | 2.61% | 2.59% | 2.59% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 2.69% | 2.62% | 2.62% | 2.61% | 2.59% | 2.59% |
| Ratio of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | (0.81)% | (1.37)% | (1.42)% | (0.24)% | (0.64)% | (0.97)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | (0.81)% | (1.37)% | (1.42)% | (0.24)% | (0.64)% | (0.97)% |
| Portfolio turnover rate | 292% | 289% | 350% | 522% | 396% | 335% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Tactical Defensive Fund Class C converted to the North Square Tactical Defensive Fund Class C. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Tactical Defensive Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $16.47 | $16.39 | $12.69 | $13.79 | $13.50 | $12.78 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.01 | (0.07) | (0.07) | 0.09 | 0.03 | (0.00)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.02 | 0.15 | 3.77 | (1.13) | 0.26 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.03 | 0.08 | 3.70 | (1.04) | 0.29 | 1.03 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.06) |  | (0.03) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  |  | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.06) |  | (0.31) |
| **Net asset value, end of period** | $16.50 | $16.47 | $16.39 | $12.69 | $13.79 | $13.50 |
| **Total return**3 | 0.19% | 0.46% | 29.16% | (7.61)% | 2.15% | 8.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $39984 | $42354 | $44999 | $46311 | $54684 | $28953 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 1.71% | 1.66% | 1.68% | 1.66% | 1.64% | 1.62% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 1.70% | 1.66% | 1.68% | 1.66% | 1.64% | 1.62% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | 0.17% | (0.44)% | (0.50)% | 0.65% | 0.21% | (0.01)% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 0.18% | (0.44)% | (0.50)% | 0.65% | 0.21% | (0.01)% |
| Portfolio turnover rate | 292% | 289% | 350% | 522% | 396% | 335% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Amount represents less than $0.005 per share.

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Tactical Defensive Fund Class I converted to the North Square Tactical Defensive Fund Class I. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### FINANCIAL HIGHLIGHTS

#### Class A

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $10.99 | $11.67 | $10.72 | $10.37 | $10.94 | $11.17 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.04 | 0.02 | 0.06 | 0.13 | 0.17 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.45) | (0.68) | 0.98 | 0.39 | (0.62) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.41) | (0.66) | 1.04 | 0.52 | (0.45) | (0.11) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.02) | (0.08) | (0.17) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.02) | (0.09) | (0.17) | (0.12) | (0.12) |
| **Net asset value, end of period** | $10.58 | $10.99 | $11.67 | $10.72 | $10.37 | $10.94 |
| **Total return**<sup>3</sup> | (3.73)% | (5.69)% | 9.74% | 5.04% | (4.13)% | (1.02)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1717 | $2224 | $2708 | $2659 | $4733 | $23289 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 2.04% | 1.87% | 1.97% | 1.89% | 1.94% | 1.84% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 1.63% | 1.63% | 1.63% | 1.63% | 1.63% | 1.72%<sup>4</sup> |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | 0.43% | (0.06)% | 0.22% | 0.95% | 1.27% | 0.90% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 0.84% | (0.18)% | 0.56% | 1.21% | 1.58% | 1.02% |
| Portfolio turnover rate | 4% | 16% | 11% | 21% | 5% | 55% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under the Rule 12b-1 Plan).

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Trilogy Alternative Return Fund Class A converted to the North Square Trilogy Alternative Return Fund Class A. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### FINANCIAL HIGHLIGHTS

#### Class C

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>7</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $10.65 | $11.38 | $10.47 | $10.14 | $10.73 | $10.95 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> |  | (0.06) | (0.02) | 0.04 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.44) | (0.67) | 0.96 | 0.40 | (0.59) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.44) | (0.73) | 0.94 | 0.44 | (0.52) | (0.19) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.03) | (0.11) | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.00)<sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.03) | (0.11) | (0.07) | (0.03) |
| **Net asset value, end of period** | $10.21 | $10.65 | $11.38 | $10.47 | $10.14 | $10.73 |
| **Total return**<sup>4</sup> | (4.09)% | (6.41)% | 8.97% | 4.34% | (4.84)% | (1.75)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2962 | $3739 | $4789 | $5384 | $7460 | $11660 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup> | 2.82% | 2.65% | 2.73% | 2.68% | 2.63% | 2.56%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup> | 2.38% | 2.38% | 2.38% | 2.38% | 2.38% | 2.47% |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | (0.35)% | (0.84)% | (0.52)% | 0.13% | 0.43% | 0.17% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 0.09% | (0.57)% | (0.17)% | 0.43% | 0.68% | 0.26% |
| Portfolio turnover rate | 4% | 16% | 11% | 21% | 5% | 55% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Amount represents less than $0.005 per share.

<sup>4</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>5</sup> Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under the Rule 12b-1 Plan).

<sup>6</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>7</sup> Effective June 11, 2021 the Stadion Trilogy Alternative Return Fund Class C converted to the North Square Trilogy Alternative Return Fund Class C. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Trilogy Alternative Return Fund

#### FINANCIAL HIGHLIGHTS

#### Class I

------

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the** | | | | | |
|  | **Six Months Ended** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | **November 30, 2022** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** | **For the Year Ended May 31,** |
|  | (Unaudited) | **2022**<sup>6</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $11.05 | $11.71 | $10.76 | $10.40 | $10.97 | $11.20 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.06 | 0.05 | 0.09 | 0.15 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.47) | (0.68) | 0.98 | 0.41 | (0.60) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.41) | (0.63) | 1.07 | 0.56 | (0.42) | (0.08) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (0.03) | (0.11) | (0.20) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.03) | (0.12) | (0.20) | (0.15) | (0.15) |
| **Net asset value, end of period** | $10.64 | $11.05 | $11.71 | $10.76 | $10.40 | $10.97 |
| **Total return**<sup>3</sup> | (3.63)% | (5.45)% | 9.98% | 5.39% | (3.90)% | (0.72)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $25039 | $35788 | $39552 | $42622 | $52330 | $67545 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>5</sup> | 1.82% | 1.68% | 1.79% | 1.72% | 1.65% | 1.57%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>5</sup> | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% | 1.47% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>2</sup> | 0.66% | 0.13% | 0.43% | 1.09% | 1.39% | 1.15% |
| &nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>2</sup> | 1.10% | 0.43% | 0.84% | 1.43% | 1.66% | 1.25% |
| Portfolio turnover rate | 4% | 16% | 11% | 21% | 5% | 55% |

---

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.

<sup>3</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under the Rule 12b-1 Plan).

<sup>5</sup> Does not include expenses of investment companies in which the Fund invests.

<sup>6</sup> Effective June 11, 2021 the Stadion Trilogy Alternative Return Fund Class I converted to the North Square Trilogy Alternative Return Fund Class I. See Note 1.

*See accompanying Notes to Financial Statements.*

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS

#### November 30, 2022 (Unaudited)

------

#### Note 1 – Organization
North Square Spectrum Alpha Fund (formerly, North Square Oak Ridge Small Cap Growth Fund) ("Spectrum Alpha" or "Spectrum Alpha Fund"), North Square Dynamic Small Cap Fund ("Dynamic Small Cap" or "Dynamic Small Cap Fund"), North Square Advisory Research Small Cap Growth Fund (formerly, North Square Oak Ridge All Cap Growth Fund) ("Small Cap Growth" or "Small Cap Growth Fund"), North Square Multi Strategy Fund ("Multi Strategy" or "Multi Strategy Fund"), North Square Preferred and Income Securities Fund (formerly, North Square Oak Ridge Dividend Growth Fund) ("Preferred and Income Securities" or "Preferred and Income Securities Fund"), North Square Tactical Growth Fund ("Tactical Growth" or "Tactical Growth Fund"), North Square Tactical Defensive Fund ("Tactical Defensive" or "Tactical Defensive Fund") and North Square Trilogy Alternative Return Fund ("Trilogy Alternative Return" or "Trilogy Alternative Return Fund") are organized as a series of North Square Investments 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 Spectrum Alpha Fund, Dynamic Small Cap Fund, Small Cap Growth Fund, Multi Strategy Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund are diversified Funds.

The Spectrum Alpha Fund's primary investment objective is to provide capital appreciation. Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to become a "fund of funds" that invests primarily in affiliated mutual funds. Prior to January 11, 2022, the Fund invested primarily in equity securities of small capitalization companies. Effective January 11, 2022, the Fund's sub-adviser also changed. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Dynamic Small Cap Fund's primary investment objective is long-term capital appreciation. The Fund has adopted the historical performance of the Oak Ridge Dynamic Small Cap Fund (the "Predecessor Fund") as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Small Cap Growth Fund's primary investment objective is long-term growth of capital. Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to invest, under normal circumstances, primarily in equity securities of small capitalization companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one year period. Effective January 11, 2022, the Fund's sub-adviser also changed. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Multi Strategy Fund's primary investment objective is to provide capital appreciation. The Fund has adopted the historical performance of the Oak Ridge Multi Strategy Fund (the "Predecessor Fund") as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Preferred and Income Securities Fund's primary investment objective is to seek total return through current income and capital appreciation. Effective January 11, 2022, the Fund made certain changes to its investment objective and principal investment strategies, including the modification of the strategies to invest in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one year period. Effective January 11, 2022, the Fund's sub-adviser also changed. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Tactical Growth Fund's primary investment objective is to seek long-term capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Growth Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Tactical Defensive Fund's primary investment objective is to seek capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Defensive Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. Please see the Fund's Prospectus for additional information on Predecessor Funds.

The Trilogy Alternative Return Fund's primary investment objective is total return, with an emphasis on lower risk and volatility than the U.S. equity markets.The Fund has adopted the historical performance of the Stadion Trilogy Alternative Return Fund (the "Predecessor Fund"), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 ("Reorganization"), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. Please see the Fund's Prospectus for additional information on Predecessor Funds.

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

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Each conversion was accomplished by the following tax free reorganizations in which each shareholder of the Predecessor Funds received the same aggregated net asset value of their respective Successor Fund as noted below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Net Unrealized** |
|  | **Total** | **Net** | **Net Asset** | **Appreciation** |
|  | **Shares** | **Assets** | **Value/Share** | (Depreciation) |
| **Stadion Tactical Growth Fund** |  |  |  | $173770153 |
| Class A | 6410929 | $98495889 | $15.36 |  |
| Class C | 7384538 | $107093155 | $14.50 |  |
| Class I | 25418887 | $397484447 | $15.64 |  |
| **Stadion Tactical Defensive Fund** |  |  |  | $12576951 |
| Class A | 1345411 | $21823219 | $16.22 |  |
| Class C | 794041 | $11739144 | $14.78 |  |
| Class I | 2749540 | $45670322 | $16.61 |  |
| **Stadion Trilogy Alternative Return Fund** |  |  |  | $9527252 |
| Class A | 229959 | $2694917 | $11.72 |  |
| Class C | 420246 | $4797827 | $11.42 |  |
| Class I | 3377631 | $39717420 | $11.76 |  |

---

The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

Each 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".

#### Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

(a) Valuation of Investments

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund's advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed.

Fair value pricing may be applied to foreign securities held by the Funds upon the occurrence of an event after the close of trading on non-U.S. markets but before the close of trading on the NYSE when each Fund's NAV is determined. If the event may result in a material adjustment to the price of the Fund's foreign securities once non-U.S. markets open on the following business day (such as, for example, a significant surge or decline in the U.S. market), the Fund may value such foreign securities at fair value, taking into account the effect of such event, in order to calculate the Fund's NAV. Other types of portfolio securities that the Fund may fair value include, but are not limited to: (1) investments that are illiquid or traded infrequently, including "restricted" securities and private placements for which there is no public market; (2) investments for which, in the judgment of the advisor, the market price is stale; (3) securities of an issuer that has entered into a restructuring; (4) securities for which trading has been halted or suspended; and (5) fixed income securities for which there is not a current market value quotation.

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

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The pricing service will use a statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board receives a report on all securities that were fair valued by the Advisor during the quarter.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds are in compliance with Rule 2a-5, which had a compliance date of September 8, 2022.

Prior to the effectiveness of Rule 2a-5 on September 8, 2022, the Board of Trustees ("Board") approved the delegation of valuation and pricing responsibility to the Administrator. The Board had also delegated to the Valuation Committee the responsibility for determining a security's fair value under the circumstances that require a fair value determination. At each regular meeting of the Board there was presented to the Board, for its review, reports of each action taken by the Valuation Committee during the preceding quarter to value a security for which market quotations were not readily available, which reports may consist of, among other possible documentation, copies of minutes of meetings at which, or written consents by which, values were determined by the Valuation Committee. The Valuation Committee served through September 7, 2022. Effective September 8, 2022, the Board approved North Square Investments Trust Valuation Designees (the "Adviser Valuation Committee"), as the Funds' valuation designee under Rule 2a-5.

(b) Deposits with Broker

When trading derivative instruments, such as forward or futures contracts, the Funds are only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose the Funds to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of the Funds' returns. Volatility is a statistical measure of the dispersion of returns of an investment, where higher volatility generally indicates greater risk.

Upon entering into a futures contract (with the exception of futures contracts traded on the London Metal Exchange ("LME")), and to maintain the Funds' open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

At November 30, 2022, the North Square Trilogy Alternative Return Fund had $111,711 cash and cash equivalents on deposit with Interactive Brokers, LLC for option contracts which are presented on the Fund's Statement of Assets and Liabilities.

(c) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made. Expenses such as distribution and service fees pursuant to Rule 12b-1, transfer agent fees and expenses with respect to the Funds, that are specific to individual share classes, are accrued directly to the respective share class.

(d) Federal Income Taxes

Each Fund intends 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 net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open years ended May 31, 2018-2020 the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(e) Distributions to Shareholders

The Preferred and Income Securities Fund will make distributions of net investment income monthly. The Spectrum Alpha Fund, Dynamic Small Cap Fund, Small Cap Growth Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund will make distributions of net investment income, if any, at least annually. Each Fund makes distributions of its net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

(f) Line of Credit

U.S. Bank, N.A. has made available to the Funds an unsecured line of credit pursuant to a Loan Agreement for the Funds. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Funds may borrow up to the lesser of $50,000,000 or certain percentage amounts based on the net assets of the Funds, or 33.33% of unencumbered assets.

The interest rate paid by the Funds on outstanding borrowings is equal to the Prime Rate. As of November 30, 2022, the Prime Rate was 7.00%. During the period ended November 30, 2022, the Funds did not have any draws on the line of credit. None of the other Funds had borrowing under the credit facility during the period ended November 30, 2022. As of November 30, 2022 none of the Funds have any borrowings outstanding under the line of credit.

#### Note 3 – Reorganization Information
Effective upon the close of business on October 9, 2020, the outstanding Class C and Class K shares of the Small Cap Growth Fund and the Class C shares of the Multi Strategy Fund were converted into Class I shares of their respective funds, as applicable (the "Class Conversion") pursuant to the Supplement to the Prospectus dated August 10, 2020. The Class Conversion was completed based on the share classes' relative net asset values on the date of conversion, without the imposition of any sales charge or any other charge as detailed below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Net** | **NAV** | **Share** |
| **Small Cap Growth Fund** | **Outstanding** | **Assets** | **per Share** | **Conversion Ratio** |
| Class C | 3147304 | $9634212 | $3.0611 | 0.1852 |
| Class K | 105492 | $1719425 | $16.2991 | 0.9862 |
| Class I (before conversion) | 2729370 | $45107746 | $16.5268 |  |
| Class I (after conversion) | 3416353 | $56461383 | $16.5268 |  |

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Net** | **NAV** | **Share** |
| **Multi Strategy Fund** | **Outstanding** | **Assets** | **per Share** | **Conversion Ratio** |
| Class C | 218468 | $3433793 | $15.7176 | 0.7701 |
| Class I (before conversion) | 319524 | $6521801 | $20.4110 |  |
| Class I (after conversion) | 487756 | $9955594 | $20.4110 |  |

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#### <br>

#### Note 4 – Investment Advisory and Other Agreements
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with North Square Investments, LLC (the "Advisor" or "NSI"). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund's average daily net assets. Fees paid to the Advisor for the period ended November 30, 2022 are reported on the Statements of Operations. The annual and tiered rates are listed by Fund in the below table:

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| | |
|:---|:---|
|  | **Investment** |
|  | **<u>Advisory Fees</u>** |
| Spectrum Alpha Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>2</sup> |
| Dynamic Small Cap Fund | 0.90% |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>2</sup> |
| Multi Strategy Fund | 0.00%–0.50%<sup>1</sup> |
| Preferred and Income Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>2</sup> |
| Tactical Growth Fund<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp; First $150 million | 1.25% |
| &nbsp;&nbsp;&nbsp; $150 million up to $500 million | 1.00% |
| &nbsp;&nbsp;&nbsp; Thereafter | 0.85% |
| Tactical Defensive Fund<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp; First $150 million | 1.25% |
| &nbsp;&nbsp;&nbsp; $150 million up to $500 million | 1.00% |
| &nbsp;&nbsp;&nbsp; Thereafter | 0.85% |
| Trilogy Alternative Return Fund<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp; First $150 million | 1.25% |
| &nbsp;&nbsp;&nbsp; $150 million up to $500 million | 1.00% |
| &nbsp;&nbsp;&nbsp; Thereafter | 0.85% |

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<sup>1</sup> The annual advisory fee is calculated as follows: (i) 0.00% for Fund assets invested in other series of the Trust advised by the Advisor ("affiliated investments") and (ii) 0.50% for Fund assets invested in non-affiliated investments. For the period ended November 30, 2022, the amount of advisory fees waived due to affiliated investments is reported under "Affiliated fund fee waived" on the Statements of Operations.

<sup>2</sup> Prior to January 11, 2022, the investment advisory fees for the Spectrum Alpha Fund, Small Cap Growth Fund, and Preferred and Income Securities Fund were 0.85% for the first $1 billion and 0.80% thereafter, 0.70%, and 0.75%, respectively.

<sup>3</sup> For the period June 1, 2021 through June 10, 2021, Stadion Money Management, LLC (the Predecessor Advisor) received $187,378, $29,622, and $17,737 in advisory fees for the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund, respectively. For the period June 11, 2021 through May 31, 2022 the Advisor received $5,869,863, $930,407, and $540,549 in advisory fees for the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund, respectively.

The Advisor engages NSI Retail Advisors, LLC ("NSI Retail") to manage the Spectrum Alpha Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund as sub-advisor, Algert Global LLC ("Algert Global") to manage the Dynamic Small Cap Fund as sub-advisor, Advisory Research, Inc. ("ARI") to manage the Small Cap Growth Fund, and Red Cedar Investment Management, LLC ("Red Cedar") to manage the Preferred and Income Securities Fund.

The Advisor has contractually agreed to waive its fee and, if necessary, to absorb other operating expenses to ensure that total annual operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) are limited. The agreements are effective until the dates listed below and may be terminated before those dates only by the Trust's Board of Trustees. The table below contains the agreement expiration and expense cap by Fund and by Class:

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Total Limit on Annual Operating Expenses** | **Total Limit on Annual Operating Expenses** | **Total Limit on Annual Operating Expenses** |
|  |  | **Class A** | **Class C** | **Class I** |
|  | **Agreement Expires** | **Shares†** | **Shares†** | **Shares†** |
| Spectrum Alpha Fund<sup>•</sup> | September 30, 2023 | 1.30% |  | 1.05% |
| Dynamic Small Cap Fund | September 30, 2029 |  |  | 0.99% |
| Small Cap Growth Fund<sup>•</sup> | September 30, 2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%\* |  | 0.94% |
| Multi Strategy Fund | September 30, 2029 | 1.20% |  | 1.17% |
| Preferred and Income Securities Fund<sup>•</sup> | September 30, 2029 |  |  | 0.97% |
| Tactical Growth Fund | January 19, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%° | 1.30%° | &nbsp;&nbsp;&nbsp;&nbsp;1.30%° |
| Tactical Defensive Fund | January 19, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%° | 1.70%° | &nbsp;&nbsp;&nbsp;&nbsp;1.70%° |
| Trilogy Alternative Return Fund | January 19, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%° | 1.38%° | &nbsp;&nbsp;&nbsp;&nbsp;1.38%° |

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| | |
|:---|:---|
| † | The total limit on annual operating expenses is calculated based on each Fund's average daily net assets. |
| \* | This class is currently not available for purchase. |
| ° | Exclusive of payments under a Rule 12b-1 Distribution Plan. |
| •  | Prior to January 11, 2022, the Spectrum Alpha Fund had expense caps of 1.39% and 1.14% for Class A and I shares, respectively, the Small Cap Growth Fund had expense caps of 1.20% and 0.95% for Class A and I shares, respectively, and the Preferred and Income Securities Fund had an expense cap of 1.00% for Class I. |

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Each Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending thirty-six months after the date of the waiver or payment. The Multi Strategy Fund includes a maximum reimbursement of 0.20% per fiscal year. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. For the period ended November 30, 2022, the Spectrum Alpha Fund recouped $110,790 and $67,693 in Class A and Class I, respectively.

The Advisor may recapture all or a portion of this amount no later than the dates stated below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Spectrum Alpha Fund** | **Spectrum Alpha Fund** | **Spectrum Alpha Fund** |
|  | | **Class A** | **Class I** | **Total** |
| May 31, 2023 |  | $429880 | $201778 | $631658 |
| May 31, 2024 |  | $312918 | $166395 | $479313 |
| May 31, 2025 |  | $128144 | $93376 | $221520 |
| May 31, 2026 |  | $— | $— | $— |
|  |  | $870942 | $461549 | $1332491 |
|  |  |  |  | **Preferred** |
|  |  | **Dynamic** |  | **and Income** |
|  |  | **Small** | **Small Cap** | **Securities** |
|  |  | **Cap Fund** | **Growth Fund** | **Fund** |
| May 31, 2023 |  | $132660 | $63625 | $67851 |
| May 31, 2024 |  | $98584 | $68724 | $60057 |
| May 31, 2025 |  | $162453 | $57980 | $56692 |
| May 31, 2026 |  | $113091 | $25277 | $31265 |
|  |  | $506788 | $215606 | $215865 |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Growth Fund** | **Tactical Growth Fund** |
|  | **Class A** | **Class C** | **Class I** | **Total** |
| May 31, 2025 | $64123 | $70169 | $300815 | $435107 |
| May 31, 2026 | $71544 | $62175 | $225667 | $359386 |
|  | $135667 | $132344 | $526482 | $794493 |
|  | **Trilogy Alternative Return Fund** | **Trilogy Alternative Return Fund** | **Trilogy Alternative Return Fund** | **Trilogy Alternative Return Fund** |
|  | **Class A** | **Class C** | **Class I** | **Total** |
| May 31, 2025 | $5635 | $10923 | $108017 | $124575 |
| May 31, 2026 | $3895 | $7513 | $64412 | $75820 |
|  | $9530 | $18436 | $172429 | $200395 |

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#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

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U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services ("GFS") serves as the Funds' fund accountant, transfer agent and administrator. U.S. Bank N.A., serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, transfer agency, fund administration and custody services for the year ended May 31, 2022 are reported on the Statements of Operations.

Prior to June 11, 2021, ALPS Fund Services, Inc. provided administrative, fund accounting and other services to the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund under the Administration, Bookkeeping and Pricing Services Agreement. For the period June 1, 2021 through June 10, 2021, ALPS Fund Services, Inc. received $10,392, $1,422, and $1,121 for providing these services for the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund, respectively. Prior to June 11, 2021, ALPS was transfer, dividend paying and shareholder servicing agent for the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund under Transfer Agency and Service Agreement. For the period June 1, 2021 through June 10, 2021, ALPS received the following amounts for providing these services:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tactical** | **Tactical** | **Tactical** | **Tactical** | **Trilogy Alternative** | **Trilogy Alternative** |
|  | **Growth Fund** | **Growth Fund** | **Defensive Fund** | **Defensive Fund** | **Return Fund** | **Return Fund** |
| Transfer Agent Fees, Common |  | 4,938 |  | 1,587 |  | 1,262 |
| Transfer Agent Fees, Class A |  | 536 |  | 223 |  | 14 |
| Transfer Agent Fees, Class C |  | 970 |  | 113 |  | 32 |
| Transfer Agent Fees, Class I |  | 5,942 |  | 1,396 |  | 1,154 |

---

Compass Distributors, LLC serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services. Prior to June 11, 2021 ALPS Distributors, Inc. acted as the distributor of the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund.

ACA Group provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year ended May 31, 2022, are reported on the Statements of Operations. Prior to June 11, 2021 the Chief Compliance Officer to the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund was an employee of the Predecessor Advisor. For the period June 1, 2021 through June 10, 2021, the chief compliance officer fee was $2,720, $373, and $222 for the Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund, respectively.

#### Note 5 – Federal Income Taxes
At May 31, 2022, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Dynamic** | |
|  | **Spectrum** | **Small** | **Small Cap** |
|  | **Alpha Fund** | **Cap Fund** | **Growth Fund** |
| Cost of investments | $111714303 | $85541737 | $14399655 |
| Gross unrealized appreciation | $— | $4074200 | $786693 |
| Gross unrealized depreciation | (15879159) | (10649776) | (2512469) |
| Net unrealized appreciation on investments | $(15879159) | $(6575576) | $(1725776) |
|  |  | **Preferred** |  |
|  | **Multi Strategy** | **and Income** | **Tactical** |
|  | **Fund** | **Securities Fund** | **Growth Fund** |
| Cost of investments | $47710899 | $27771910 | $425944841 |
| Gross unrealized appreciation | $3303672 | $181577 | $99466918 |
| Gross unrealized depreciation | (2895851) | (2289291) | (2804060) |
| Net unrealized appreciation on investments | $407821 | $(2107714) | $96662858 |
|  | **Tactical** | **Trilogy Alternative** |  |
|  | **Defensive Fund** | **Return Fund** |  |
| Cost of investments | $73092219 | $35341301 |  |
| Gross unrealized appreciation | $— | $12591679 |  |
| Gross unrealized depreciation |  | (3642096) |  |
| Net unrealized appreciation on investments | $— | $8949583 |  |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended May 31, 2022, permanent differences in book and tax accounting have been reclassified to paid in capital, accumulated net investment income/loss and accumulated net realized gain/loss as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase (Decrease)** | **Increase (Decrease)** |
|  | | **Total** |
|  | | **Distributable** |
|  | **Paid In Capital** | **Earnings** |
| Spectrum Alpha Fund | $4673778 | $(4673778) |
| Dynamic Small Cap Fund | $— | $— |
| Advisory Research Small Cap Growth Fund | $1590964 | $(1590964) |
| Multi Strategy Fund | $1120179 | $(1120179) |
| Preferred and Income Securities Fund | $1043563 | $(1043563) |
| Tactical Growth Fund | $88509 | $(88509) |
| Tactical Defensive Fund | $(503199) | $503199 |
| Trilogy Alternative Return Fund | $— | $— |

---

As of May 31, 2022, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Spectrum** | **Dynamic** | **Advisory Research** | **Multi Strategy** |
|  | **Alpha Fund** | **Small Cap Fund** | **Small Cap Fund** | **Fund** |
| Undistributed ordinary income | $— | $— | $— | $4507952 |
| Undistributed long-term gains | 37229963 |  | 1422527 | 9580048 |
| Accumulated earnings | $37229963 | $— | $1422527 | $14088000 |
| Accumulated capital and other losses | $(530058) | $(4260067) | $(46953) | $— |
| Net unrealized appreciation on investments | (15879159) | (6575576) | (1725776) | 407821 |
| Total accumulated earnings | $20820746 | $(10835643) | $(350202) | $14495821 |
|  | **Preferred** |  |  | **Trilogy** |
|  | **and Income** | **Tactical** | **Tactical** | **Alternative** |
|  | **Securities Fund** | **Growth Fund** | **Defensive Fund** | **Return Fund** |
| Undistributed ordinary income | $— | $— | $— | $38150 |
| Undistributed long-term gains | 4921108 | 34076038 |  |  |
| Accumulated earnings | $4921108 | $34076038 | $— | $38150 |
| Accumulated capital and other losses | $— | $(948369) | $(9745860) | $(4469247) |
| Net unrealized appreciation on investments | (2107714) | 96662858 |  | 8949583 |
| Total accumulated earnings | $2813394 | $129790527 | $(9745860) | $4518486 |

---

The tax character of distributions paid during the period ended November 30, 2022 and fiscal year ended May 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Dynamic** | **Dynamic** | | |
|  | **Spectrum Alpha Fund** | **Spectrum Alpha Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **November 30,** | **May 31,** | **November 30,** | **May 31,** | **November 30,** | **May 31,** |
| Distributions paid from: | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $— | $2234423 | $— | $5391208 | $— | $10604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains |  | 15159013 |  | 1222457 |  | 2953601 |
| Total distributions paid | $— | $17393436 | $— | $6613665 | $— | $2964205 |
|  |  |  | **Preferred and Income** | **Preferred and Income** |  |  |
|  | **Multi Strategy Fund** | **Multi Strategy Fund** | **Securities Fund** | **Securities Fund** | **Tactical Defensive Fund** | **Tactical Defensive Fund** |
|  | **November 30,** | **May 31,** | **November 30,** | **May 31,** | **November 30,** | **May 31,** |
| Distributions paid from: | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $— | $— | $821562 | $219870 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains |  | 3299535 |  | 1247779 |  |  |
| Total distributions paid | $— | $3299535 | $821562 | $1467649 | $— | $— |

---

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Trilogy Alternative** | **Trilogy Alternative** |
|  | **Tactical Growth Fund** | **Tactical Growth Fund** | **Return Fund** | **Return Fund** |
|  | **November 30,** | **May 31,** | **November 30,** | **May 31,** |
| Distributions paid from: | **2022** | **2022** | **2022** | **2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $— | $19279397 | $— | $102714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains |  | 8625075 |  |  |
| Total distributions paid | $— | $27904472 | $— | $102714 |

---

As of May 31, 2022, the Tactical Defensive Fund and Trilogy Alternative Return Fund have $(9,284,980) and $(4,469,247) non-expiring short-term capital loss carryforwards, respectively.

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforwards. Future capital loss carryover utilization in any given year may be subject ot Internal Revenue Code limitations.

As of May 31, 2022, the Funds had the following qualified late-year ordinary losses and post-October losses which are deferred until fiscal year 2023 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. Capital losses incurred after October 31 within that taxable year are deemed to arise on the first day of the Fund's next taxable year.

---

| | | |
|:---|:---|:---|
|  | **Late Year Losses** | **Post October Losses** |
| Spectrum Alpha Fund | $(530058) | $— |
| Dynamic Small Cap Fund | $— | $(4260067) |
| Advisory Research Small Cap Growth Fund | $(46953) | $— |
| Multi Strategy Fund | $— | $— |
| Preferred and Income Securities Fund | $— | $— |
| Tactical Growth Fund | $(948369) | $— |
| Tactical Defensive Fund | $(460880) | $— |
| Trilogy Alternative Return Fund | $— | $— |

---

#### <br>

#### Note 6 – Investment Transactions
For the period ended November 30, 2022, purchases and sales of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Spectrum Alpha Fund | $203242 | $11125000 |
| Dynamic Small Cap Fund | $59064187 | $66160696 |
| Advisory Research Small Cap Growth Fund | $10996244 | $12351242 |
| Multi Strategy Fund | $1093985 | $3623244 |
| Preferred and Income Securities Fund | $53400444 | $37142387 |
| Tactical Growth Fund | $160141659 | $185835764 |
| Tactical Defensive Fund | $88261806 | $52505894 |
| Trilogy Alternative Return Fund | $1501487 | $12071408 |

---

#### <br>

#### Note 7 – Shareholder Servicing Plan
The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of each Fund's average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the period ended November 30, 2022, shareholder servicing fees incurred are disclosed on the Statements of Operations.

#### Note 8 – Distribution Plan
The Trust, on behalf of each Fund, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Class A and Class C shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund's average daily net assets attributable to Class A shares and 1.00% of average daily net assets attributable to Class C shares.

For the period ended November 30, 2022, distribution fees incurred with respect to Class A and Class C shares are disclosed on the Statements of Operations.

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

For the period June 1, 2021 through June 11, 2021, Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund incurred distribution fees in the following amounts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tactical** | **Tactical** | **Tactical** | **Tactical** | **Trilogy Alternative** | **Trilogy Alternative** |
|  | **Growth Fund** | **Growth Fund** | **Defensive Fund** | **Defensive Fund** | **Return Fund** | **Return Fund** |
| Distribution Fees – Class A |  | 7,373 |  | 1,634 |  | 203 |
| Distribution Fees – Class I |  | 24,119 |  | 2,640 |  | 1,083 |

---

In May of 2021, the Funds' distributor, Compass Distributors, LLC, returned unused 12b-1 fees from closed share classes. The Preferred and Income Securities Fund (formerly, Dividend Growth Fund) Class A shares closed in May of 2020, the Spectrum Alpha Fund (formerly, Small Cap Growth Fund) Class C shares closed in October of 2020, and the Multi Strategy Fund Class C shares closed in October of 2020. All shareholders of these closed classes were converted into the Class I shares of each respective Fund. The amounts in the table below were returned to the respective Funds during the fiscal year ended May 31, 2021.

---

| | |
|:---|:---|
|  | **Fees Returned** |
| Preferred and Income Securities Fund (formerly, Dividend Growth Fund) | $1007 |
| Spectrum Alpha Fund (formerly, Small Cap Growth Fund) | 79654 |
| Multi Strategy Fund | 20501 |

---

The return of 12b-1 fees by the Distributor is non-recurring and is included in the ratios appearing in the financial highlights of this report. Had the Funds not received the returned 12b-1 fees, the ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Ratio of Net** | **Ratio of Net** |
|  | **Ratio of** | **Ratio of** | **Investment** | **Investment** |
|  | **Expenses to Average** | **Expenses to average** | **Income/(Loss) to** | **Income/(Loss) to** |
|  | **Net Assets Before** | **Net Assets After** | **Average Net Assets** | **Average Net Assets** |
|  | **Fees Waived and** | **Fees Waived and** | **Before Fees Waived and** | **After Fees Waived and** |
|  | **Expenses Absorbed** | **Expenses Absorbed** | **Expenses Absorbed** | **Expenses Absorbed** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2021** | **May 31, 2021** | **May 31, 2021** | **May 31, 2021** |
| Preferred and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Fund (formerly, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Growth Fund) Class I | 1.44% | 1.01% | 0.59% | 1.02% |
| Spectrum Alpha Fund (formerly, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund) Class I | 1.51% | 1.23% | (1.31)% | (1.02)% |
| Multi Strategy Fund Class I | 0.66% | 0.66% | 0.05% | 0.05% |

---

Except for the Fund classes listed below, total return would have been the same for the year ended May 31, 2021, if the Funds had not received the returned 12b-1 fee amounts reported above. Had the Funds not received the 12b-1 fee amounts the total return would have been:

---

| | |
|:---|:---|
|  | **Year Ended May 31, 2021** |
| Spectrum Alpha Fund (formerly, Small Cap Growth Fund) Class I | 43.73% |
| Multi Strategy Fund Class I | 39.80% |

---

#### <br>

#### Note 9 – Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

#### Note 10 – Fair Value Measurements and Disclosure
*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad Levels as described below:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

• Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for
 the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 – 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

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 inputs used, as of November 30, 2022, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Spectrum Alpha Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;ETF | $224048 | $— | $— | $224048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 85221573 |  |  | 85221573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 2151902 |  |  | 2151902 |
| Total Investments | $87597523 | $— | $— | $87597523 |
| **Dynamic Small Cap Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $68875510 | $— | $— | $68875510 |
| &nbsp;&nbsp;&nbsp;&nbsp;REITs | 4311902 |  |  | 4311902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 354567 |  |  | 354567 |
| Total Investments | $73541979 | $— | $— | $73541979 |
| **Advisory Research Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $11020625 | $— | $— | $11020625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 99130 |  |  | 99130 |
| Total Investments | $11119755 | $— | $— | $11119755 |
| **Multi Strategy Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs | $17788696 | $— | $— | $17788696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 27163351 |  |  | 27163351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1875742 |  |  | 1875742 |
| Total | $46827789 | $— | $— | $46827789 |
| **Preferred and Income Securities Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | $454542 | $— | $— | $454542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds<sup>1</sup> |  | 41865435 |  | 41865435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 269465 |  |  | 269465 |
| Total Investments | $724007 | $41865435 | $— | $42589442 |

---

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs | $326000618 | $— | $— | $326000618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 166769802 |  |  | 166769802 |
| Total | $492770420 | $— | $— | $492770420 |
| **Tactical Defensive Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs | $35778498 | $— | $— | $35778498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 33731531 |  |  | 33731531 |
| Total Investments | $69510029 | $— | $— | $69510029 |
| **Trilogy Alternative Return Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $10838610 | $— | $— | $10838610 |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs | 15924221 |  |  | 15924221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  | 4391800 |  | 4391800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 429566 |  |  | 429566 |
| Total Investments | $27192397 | $4391800 | $— | $31584197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $1911275 | $— | $1911275 |

---

<sup>1</sup> For a detailed break-out of these securities by major sector and industry classification, please refer to the Schedule of Investments.

\* The Fund did not hold any Level 2 securities at period end.

\*\* The Fund did not hold any Level 3 securities at period end.

#### <br>

#### Note 11 – Investments in Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of November 30, 2022 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

#### Spectrum Alpha Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Change in** | | | |
|  | **Value,** | | | **Net** | **Unrealized** | **Value,** | | **Capital** |
|  | **Beginning** | | **Sales** | **Realized** | **Appreciation** | **End** | **Dividend** | **Gain** |
|  | **of Period** | **Purchases** | **Proceeds** | **Gain (Loss)** | (Depreciation) | **of Period** | **Income** | **Distributions** |
| North Square Advisory |  |  |  |  |  |  |  |  |
| Research Small Cap |  |  |  |  |  |  |  |  |
| Growth Fund – Class I\* | $10600059 | $— | $(1075000) | $(372776) | $113650 | $9265933 | $— | $— |
| North Square Advisory |  |  |  |  |  |  |  |  |
| Research Small Cap |  |  |  |  |  |  |  |  |
| Value Fund – Class I\* | 17370495 |  | (1075000) | (139425) | 120274 | 16276344 |  |  |
| North Square Dynamic |  |  |  |  |  |  |  |  |
| Small Cap Fund – Class I | 67197530 |  | (8975000) | (1630364) | 3087130 | 59679296 |  |  |
|  | $95168084 | $— | $(11125000) | $(2142565) | $3321053 | $85221573 | $— | $— |

---

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares,** | | | **Shares,** |
|  | **Beginning** | | | **End** |
|  | **of Period** | **Purchases** | **Sales** | **of Period** |
| North Square Advisory |  |  |  |  |
| Research Small Cap |  |  |  |  |
| Growth Fund – Class I\* | 836475 |  | (83845) | 752630 |
| North Square Advisory |  |  |  |  |
| Research Small Cap |  |  |  |  |
| Value Fund – Class I\* | 1630496 |  | (104136) | 1526360 |
| North Square Dynamic |  |  |  |  |
| Small Cap Fund – Class I | 6060602 |  | (827045) | 5233557 |

---

\* Effective January 11th, 2022, the North Square Oak Ridge Small Cap Growth Fund, North Square Oak Ridge All Cap Growth Fund, North Square Oak Ridge Dividend Growth Fund, and North Square Advisory Research All Cap Value Fund changed names to the North Square Spectrum Alpha Fund, North Square Advisory Research Small Cap Growth Fund, North Square Preferred and Income Securities Fund, and North Square Advisory Research Small Cap Value Fund, respectively.

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of November 30, 2022 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

#### Multi Strategy Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Change in** | | | |
|  | **Value,** | | | **Net** | **Unrealized** | **Value,** | | **Capital** |
|  | **Beginning** | | **Sales** | **Realized** | **Appreciation** | **End** | **Dividend** | **Gain** |
|  | **of Period** | **Purchases** | **Proceeds** | **Gain (Loss)** | (Depreciation) | **of Period** | **Income** | **Distributions** |
| North Square Advisory |  |  |  |  |  |  |  |  |
| Research Small Cap |  |  |  |  |  |  |  |  |
| Growth Fund – Class I\* | $2046023 | $— | $(250000) | $24117 | $(80684) | $1739455 | $— | $— |
| North Square Advisory |  |  |  |  |  |  |  |  |
| Research Small Cap |  |  |  |  |  |  |  |  |
| Value Fund – Class I\* | 2559638 |  |  |  | 2402 | 2562040 |  |  |
| North Square Altrinsic |  |  |  |  |  |  |  |  |
| International Equity |  |  |  |  |  |  |  |  |
| Fund – Class I | 3775913 |  |  |  | (55708) | 3720205 |  |  |
| North Square Dynamic |  |  |  |  |  |  |  |  |
| Small Cap Fund – Class I | 8739379 |  |  |  | 248760 | 8988139 |  |  |
| North Square McKee |  |  |  |  |  |  |  |  |
| Bond Fund – Class R6\*\* | 1389777 | 235632 | (145000) | (12554) | (35031) | 1432824 | 15632 |  |
| North Square Preferred |  |  |  |  |  |  |  |  |
| and Income Securities |  |  |  |  |  |  |  |  |
| Fund – Class I\* | 9021722 | 176586 | (950000) | 240061 | (551633) | 7936736 | 176586 |  |
| North Square Strategic |  |  |  |  |  |  |  |  |
| Income Fund – Class I | 1076918 | 14617 | (275000) | 2046 | (34628) | 783952 | 14617 |  |
|  | $28609370 | $426835 | $(1620000) | $253670 | $(506522) | $27163351 | $206835 | $— |

---

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares,** | | | **Shares,** |
|  | **Beginning** | | | **End** |
|  | **of Period** | **Purchases** | **Sales** | **of Period** |
| North Square Advisory |  |  |  |  |
| Research Small Cap |  |  |  |  |
| Growth Fund – Class I\* | 161456 |  | (20168) | 141288 |
| North Square Advisory |  |  |  |  |
| Research Small Cap |  |  |  |  |
| Value Fund – Class I\* | 240263 |  |  | 240263 |
| North Square Altrinsic |  |  |  |  |
| International Equity |  |  |  |  |
| Fund – Class I | 379744 |  |  | 379744 |
| North Square Dynamic |  |  |  |  |
| Small Cap Fund – Class I | 788212 |  |  | 788212 |
| North Square McKee |  |  |  |  |
| Bond Fund – Class R6\*\* | 152154 | 27736 | (15809) | 164081 |
| North Square Preferred |  |  |  |  |
| and Income Securities |  |  |  |  |
| Fund – Class I\* | 430479 | 8765 | (46400) | 392844 |
| North Square Strategic |  |  |  |  |
| Income Fund – Class I | 117681 | 1652 | (30218) | 89115 |
|  |  |  |  | 2195547 |

---

\* Effective January 11th, 2022, the North Square Oak Ridge Small Cap Growth Fund, North Square Oak Ridge All Cap Growth Fund, North Square Oak Ridge Dividend Growth Fund, and North Square Advisory Research All Cap Value Fund changed names to the North Square Spectrum Alpha Fund, North Square Advisory Research Small Cap Growth Fund, North Square Preferred and Income Securities Fund, and North Square Advisory Research Small Cap Value Fund, respectively.

\*\* Effective December 1, 2021, North Square McKee Bond Fund Class I and Class Y were reclassified to Class R6 and Class I, respectively.

#### <br>

#### Note 12 – Derivative and Other Financial Instruments
At November 30, 2022, the North Square Trilogy Alternative Return Fund held derivative and other financial instruments which are not subject to a master netting arrangement.

The following table presents the fair value of derivative instruments for the North Square Trilogy Alternative Return Fund as of November 30, 2022 as presented on the Fund's Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
| **Derivatives Not Accounted for** | **Statement of Assets** | | |
| **as Hedging Instruments** | **and Liabilities Location** | **Assets** | **Liabilities** |
| **North Square Trilogy Alternative Return Fund** |  | | |
| Option Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts (Purchased Options) | Investments, at value | $4391800 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts (Written Options) | Written options contracts, at value |  | 1911275 |
| Total Option Contracts |  | $4391800 | $1911275 |

---

The following table presents the results of the derivative trading and information related to volume for the period ended November 30, 2022 for the North Square Trilogy Alternative Return Fund. The below captions of "Net Realized" and "Net Change in Unrealized" correspond to the captions in the Fund's Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Gain (Loss) from Trading** | **Gain (Loss) from Trading** |
|  | | **Net Change** |
| **Fund and Type of Derivative Instrument** | **Net Realized** | **in Unrealized** |
| **North Square Trilogy Alternative Return Fund** | | |
| Option Contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts (Purchased Options) | $1226687 | $2777113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts (Written Options) | (161046) | 1923170 |
| Total Option Contracts | $1065641 | $4700283 |

---

------

#### North Square Funds

#### NOTES TO FINANCIAL STATEMENTS – Continued

#### November 30, 2022 (Unaudited)

------

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts held in the Trilogy Alternative Return Fund during the period ended November 30, 2022 were:

---

| | | |
|:---|:---|:---|
|  | **Average Notional** | **Average Notional** |
|  | **Long** | **Short** |
| Options contracts | $3555752 | $(1686444) |

---

Please refer to the Fund's prospectus for a full listing of risks associated with these investments.

#### Note 13 – Underlying Investment in Other Investment Companies
As of November 30, 2022, the Tactical Growth Fund and Tactical Defensive Fund currently invest 33.8% and 48.5%, respectively, of its net assets in First American Treasury Obligations Fund – Class X. The Tactical Growth investment and Tactical Defensive investment in First American Treasury Obligations Fund – Class X represent approximately 1.59% and 0.32%, respectively, of First American Treasury Obligations Fund – Class X net assets, which was approximately $10,497,347,097 at November 30, 2022. If the Advisor determines that it is in the best interest of the Funds and their shareholders, it may redeem its investment.

The performance of the Funds may be directly affected by the performance of the First American Treasury Obligations Fund – Class X. The investment strategy of First American Treasury Obligations Fund – Class X: invest exclusively in short-term U.S. Treasury obligations, including repurchase agreements secured by U.S. Treasury obligations. The net expense ratio per the November 15, 2022 Prospectus of the First American Treasury Obligations Fund – Class X was 0.14%. The financial statements of the First American Treasury Obligations Fund – Class X can be found at the First American website www.firstamericanfunds.com or the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Fund's financial statements.

#### Note 14 – Accounting Regulations

#### Rule 18f-4
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a Fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds have been required to comply with Rule 18f-4 since August 19, 2022.

#### Rule 12d1-4
The SEC adopted new Rule 12d1-4, which will allow registered investment companies (including business development companies ("BDCs"), unit investment trusts ("UITs"), closed-end funds, exchange-traded funds ("ETFs"), and exchange-traded managed funds ("ETMFs") (an "acquiring" fund), to invest in other investment companies (an "acquired fund"), including private funds under a specific exception, beyond the limits of Section 12(d)(1), subject to the conditions of the rule. Rule 12d1-4 became effective January 19, 2022.

#### London Interbank Offered Rate ("LIBOR")
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

#### Topic 820
In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures related to equity securities subject to contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management is evaluating the implications of this guidance to future financial statements.

#### Note 15 – Events Subsequent to the Fiscal Period End
The Funds have 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 has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

------

#### North Square Funds

#### SUPPLEMENTAL INFORMATION (Unaudited)

------

#### Trustees and Officers Information
Additional information about the Trustees is included in each Fund's Statement of Additional Information which is available, without charge, upon request by calling (855) 551-5521 or on the Funds' website at www.northsquareinvest.com. The Trustees and officers of each Fund and their principal occupations during the past five years are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other Directorship/** |
|  **Name, Address<sup>a</sup>,** |  |  |  | **Complex** | **Trusteeship** |
|  **Year of Birth and** |  | **Term of Office** |  | **Overseen** | **Positions held by** |
|  **Position(s) with** | **Position with** | **and Length of** | **Principal Occupations During** | **by** | **Trustee During** |
|  **the Trust** | **the Trust** | **Time Served<sup>b</sup>** | **the Past Five Years or Longer** | **Trustee<sup>c</sup>** | **the Past 5 Years** |
|  **Independent Trustees** |  |  |  |  |  |
|  David B. Boon | Trustee | 08/2018 to present | Chief Financial Officer and Managing | &nbsp;&nbsp;&nbsp; 12 |  |
| (1960) |  |  | Director, Eagle Capital Management, LLC |  |  |
|  |  |  | (since 2018); Chief Financial Officer and |  |  |
|  |  |  | Partner, Cedar Capital, LLC (2013 – 2018). |  |  |
|  Donald J. Herrema | Chairman of the | 08/2018 to present | Vice Chair and Chief Investment Officer, | &nbsp;&nbsp;&nbsp; 12 | Chairman and Director |
| (1952) | Board and Trustee |  | Independent Life Insurance Company |  | Emeritus, TD Funds |
|  |  |  | (since 2018); Financial Services Executive, |  | USA (2009 – 2019) |
|  |  |  | Advisor and Founder of BlackSterling |  | Director, Abel Noser |
|  |  |  | Partners, LLC (private investments and |  | Holdings, LLC (since |
|  |  |  | advisory firm) (since 2004). |  | 2016); Member, USC |
|  |  |  |  |  | Marshall Business School |
|  |  |  |  |  | Board (since 2010); |
|  |  |  |  |  | Chairman and Trustee |
|  |  |  |  |  | Emeritus (since 2014), |
|  |  |  |  |  | Director, FEG Investment |
|  |  |  |  |  | Advisors (since 2017); |
|  |  |  |  |  | Director, Independent |
|  |  |  |  |  | Life Insurance Company |
|  |  |  |  |  | (since 2018). |
|  Catherine A. Zaharis | Trustee | 08/2018 to present | Professor of Practice (since 2019), Director, | &nbsp;&nbsp;&nbsp; 12 |  |
| (1960) |  |  | Professional/Employer Development, |  |  |
|  |  |  | Finance Department (2015 – 2019), and |  |  |
|  |  |  | Adjunct Lecturer (2010 – 2019), University |  |  |
|  |  |  | of Iowa, Tippie College of Business. |  |  |
|  **Interested Trustees<sup>d</sup>** |  |  |  |  |  |
|  Mark D. Goodwin | Trustee and | 08/2018 to present | Chief Executive Officer, North Square | &nbsp;&nbsp;&nbsp; 12 |  |
| (1964) | President |  | Investments LLC (since July 2018); President |  |  |
|  |  |  | and Chief Operating Officer (2015 – July 2018) |  |  |
|  |  |  | Oak Ridge Investments, LLC. |  |  |

---

------

#### North Square Funds

#### SUPPLEMENTAL INFORMATION (Unaudited) – Continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other Directorship/** |
|  **Name, Address<sup>a</sup>,** |  |  |  | **Complex** | **Trusteeship** |
|  **Year of Birth and** |  | **Term of Office** |  | **Overseen** | **Positions held by** |
|  **Position(s) with** | **Position with** | **and Length of** | **Principal Occupations During** | **by** | **Trustee During** |
|  **the Trust** | **the Trust** | **Time Served<sup>b</sup>** | **the Past Five Years or Longer** | **Trustee<sup>c</sup>** | **the Past 5 Years** |
|  **Officers of the Trust:** |  |  |  |  |  |
|  Alan E. Molotsky | Treasurer | 08/2018 to present | Chief Financial Officer, Chief Compliance Officer | &nbsp;&nbsp;&nbsp; N/A | N/A |
| (1956) | and |  | (July 2018 – March 2021), General Counsel and |  |  |
|  | Secretary |  | Senior Managing Director, North Square |  |  |
|  |  |  | Investments, LLC (since July 2018); Chief |  |  |
|  |  |  | Financial Officer, Chief Compliance Officer, |  |  |
|  |  |  | General Counsel and Executive Vice President, |  |  |
|  |  |  | Oak Ridge Investments LLC (2004 – July 2018). |  |  |
|  David J. Gaspar | Vice | 08/2018 to present | Chief Operations and Information Officer and | &nbsp;&nbsp;&nbsp; N/A | N/A |
| (1954) | President |  | Senior Managing Director, North Square |  |  |
|  |  |  | Investments, LLC (since July 2018); Chief |  |  |
|  |  |  | Operations Officer, Chief Information Officer, |  |  |
|  |  |  | Chief Information Security Officer and Executive |  |  |
|  |  |  | Vice President, Oak Ridge Investments, LLC |  |  |
|  |  |  | (2000 – July 2018). |  |  |
|  Douglas N. Tyre | Chief | 09/2018 to present | Senior Principal Consultant, ACA Group | &nbsp;&nbsp;&nbsp; N/A | N/A |
| (1980) | Compliance |  | (since May 2022); Compliance Director, |  |  |
|  | Officer |  | Foreside Group, (April 2022 – May 2022); |  |  |
|  |  |  | Compliance Director, Cipperman Compliance |  |  |
|  |  |  | Services, LLC (July 2019 – April 2022); |  |  |
|  |  |  | Assistant Compliance Director, Cipperman |  |  |
|  |  |  | Compliance Services, LLC (January 2018 – |  |  |
|  |  |  | July 2019); Manager, Cipperman Compliance |  |  |
|  |  |  | Services, LLC (April 2014 – January 2018). |  |  |

---

a. The business address of each Trustee and officer is c/o North Square Investments, LLC, 200 West Madison Street, Suite 2610, Chicago, Illinois 60606.

b. Trustees and officers serve until their successors are duly elected and qualified.

c. The term "Fund Complex" applies to the nine portfolios that currently comprise the Trust, which consists of the five Funds, the North Square Advisory Research Small Cap Value Fund, and the North
 Square Strategic Income Fund, the North Square Altrinsic International Equity Fund, and the North Square McKee Bond Fund.

d. Mr. Goodwin is considered to be an "interested person" of the Trust as that term is defined in the 1940 Act by virtue of his positions with the Adviser.

------

#### North Square Funds

#### SUPPLEMENTAL INFORMATION (Unaudited) – Continued

------

#### Board Consideration of the Continuation of the Investment Advisory Agreement and Sub-Advisory Agreements and Related Agreements
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 and sub-advisory agreements. At a meeting held on June 22-23, 2022 (the "Meeting"), the Board of Trustees (the "Board") of North Square Investments Trust (the "Trust"), including each of the Independent Trustees, unanimously voted to approve the continuation of: (i) the investment advisory agreement (the "Advisory Agreement") between North Square Investments, LLC (the "Adviser") and the Trust, on behalf of the North Square Spectrum Alpha Fund, the North Square Advisory Research Small Cap Growth Fund, the North Square Preferred and Income Securities Fund, the North Square Multi Strategy Fund, and the North Square Dynamic Small Cap Fund (each, a "Fund" and collectively, the "Funds"); and (ii) the investment sub-advisory agreement between the Adviser and Algert Global, LLC ("Algert", the "Sub-Adviser") with respect to the North Square Dynamic Small Cap Fund. The Adviser and the Sub-Adviser are collectively referred to as the "Advisers." The investment sub-advisory agreement with the Sub-Adviser is referred to as the "Sub-Advisory Agreement," and the Advisory Agreement and the Sub-Advisory Agreement are collectively referred to as the "Agreements."

In connection with its consideration of the Agreements proposed for continuation, the Board requested and reviewed responses from the Advisers to the Section 15(c) requests posed to the Advisers on behalf of the Independent Trustees by Independent Trustee 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 the Advisory Agreement, the Sub-Advisory Agreement, memoranda provided by both Fund Counsel and Independent Trustee Counsel summarizing the requirements and guidelines relevant to the Board's consideration of the approvals of such Agreements, to each Advisers' Forms ADV Part 1A, brochures and brochure supplements, profitability information, comparative information about the Funds' performance for periods ended March 31 2022, 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 Agreements, as applicable, with respect to each Fund. The Board discussed the Advisers' 15(c) responses and discussed various questions and information with representatives of the Advisers at the Meeting. The Board also considered the materials and presentations by Trust officers and representatives of the Advisers and Sub-Adviser provided at the Meeting concerning the Agreements. The Board, as noted above, also took into account information reviewed periodically throughout the year that was relevant to its consideration of the Agreements, including performance, advisory fee and other expense information and discussions with the Funds' portfolio managers, as well as such additional information it deemed relevant and appropriate in its judgement. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the continuation or approval, as applicable, of the Agreements for the Funds for an additional one-year period.

In determining whether to approve the continuation or approval, as applicable, of the Agreements, 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 Agreements was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreements. As noted, the Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the Agreements and, throughout the evaluation process, the Board was assisted by Fund Counsel and Independent Trustee Counsel who, as noted above, each provided a legal memorandum to the Board detailing the duties and responsibilities of the Board in connection with the various actions and approvals required in connection with the renewal of the Agreements. A more detailed summary of the important, but not necessarily all, factors the Board considered with respect to its renewal of the Agreements is provided below.

#### Nature, Extent and Quality of Services
The Board considered information regarding the nature, extent and quality of services being provided to the Funds by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services being provided by the Advisers. The Board noted the non-investment advisory services being provided by the Adviser, including the supervision and coordination of the Funds' service providers and the provision of related administrative and other services. The Board also considered each Adviser's reputation, organizational structure, resources and overall financial strength (including economic and other support provided by affiliates of the Adviser), its willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the Funds.

------

#### North Square Funds

#### SUPPLEMENTAL INFORMATION (Unaudited) – Continued

------

With respect to the Adviser, the Board considered the Funds' ongoing and proposed operation in a "manager-of-managers" structure and reviewed the responsibilities that the Adviser has under this structure, including, but not limited to, monitoring and evaluating the performance of the Sub-Adviser, monitoring the Sub-Adviser for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds, and supervising the Sub-Adviser with respect to the services that the Sub-Adviser currently provide under the Sub-Advisory Agreement. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the Sub-Adviser. The Board also considered the process used by the Adviser, consistent with this structure, to identify and recommend sub-advisers, and its ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Advisory Agreement. The Board also considered the financial support provided by affiliates of the Adviser that enabled the Adviser to expand the NSI Funds Complex, including through the adoption of the Stadion Funds.

With respect to the Sub-Adviser, which provide day-to-day portfolio advisory services for the Funds, subject to oversight by the Adviser, the Board considered, among other things, the quality of each Sub-Adviser's investment personnel, its investment philosophies and processes, its investment research capabilities and resources, its performance record, its experience, its trade execution capabilities and its approach to managing risk. The Board also considered the experience of each Fund's portfolio managers the number of accounts managed by the portfolio managers, and each Sub-Adviser's approach for compensating the portfolio managers. Moreover, the Board considered that the Adviser has the oversight responsibility for conflicts of interest relating to the Funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services being provided or to be provided by the Adviser and the Sub-Adviser, taken as a whole, remain appropriate and consistent with the terms of the Advisory Agreement and the Sub-Advisory Agreement, as applicable. In addition, the Board concluded that each Fund was likely to continue to benefit from services being provided or to be provided under each of the Agreements.

#### Fund Performance
The Board reviewed the performance of each Fund for the different time periods presented in the materials. The Board considered various data and materials provided to the Board by the Advisers concerning Fund performance, as well as comparative fee information provided by the Administrator based on data produced by Morningstar Inc., an independent provider of investment company data ("Morningstar"), comparing the investment performance of each Fund to its respective benchmark index, and to a universe of peer funds.

The Board received information at the Meeting, and throughout the year, concerning, and discussed factors contributing to, the performance of the Funds relative to their respective benchmarks and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of a Fund during these periods, including with respect to investment decisions and market and other factors that affected the Fund's investment performance.

Based on these considerations, the Board concluded that it was satisfied that the Adviser and the Sub-Adviser continue to have the capability of providing satisfactory investment performance for the Funds, as applicable.

#### Advisory Fees and Expenses
The Board reviewed and considered the advisory fee rate of each Fund that is being paid to the Adviser under the Advisory Agreement and each Fund's total net expense ratio. The Board also reviewed and considered the sub-advisory fee rates being paid by the Adviser to each Sub-Adviser for sub-advisory services.

The Board reviewed information from Morningstar comparing each Fund's advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between a Fund and its peer funds may be imprecise, the comparative information provided by Morningstar was helpful to the Board in evaluating the reasonableness of each Fund's fees and total expense ratio.

The Board also received and considered information about the portion of the advisory fee that is being retained by the Adviser after payment of the fee to each Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities that are retained and risks that are assumed by Adviser and not

------

#### North Square Funds

#### SUPPLEMENTAL INFORMATION (Unaudited) – Continued

------

delegated to or assumed by the Sub-Adviser, and about the Adviser's on-going oversight services. The Board also considered that the sub-advisory fees being paid to each Sub-Adviser had been negotiated by the Adviser on an arm's length basis. In the case of the Multi-Strategy Fund, McKee Bond Fund and Spectrum Alpha Fund, the Board noted that CS McKee and NSI Retail Advisors were affiliated Sub-Advisers.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by the Adviser and the Sub-Adviser to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients, such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Adviser under the Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement were reasonable.

#### Profitability
The Board received and considered information concerning the Adviser's costs of sponsoring the Funds and the profitability to the Adviser from providing services to the Funds. The Board noted that the levels of profitability may be affected by numerous factors. The Board also received information relating to the operations and profitability to each Sub-Adviser from providing services to the Funds. The Board considered representations from the Adviser and each Sub-Adviser that the Sub-Adviser's fees were negotiated at arm's length on a Fund-by-Fund basis and that the sub-advisory fees are paid by the Adviser and not the Funds. Accordingly, the Board concluded that the profitability of each Sub-Adviser is a less relevant factor with respect to the Board's consideration of the Sub-Advisory Agreement. In addition, the Board took note that each of the Funds remains in a relatively early stage of development, and accordingly, NSI continues to have limited or no profitability from the Funds at this time.

Based on its review, the Board did not deem the profits reported by the Advisers from services being provided to the Funds to be at a level that would prevent it from approving the Agreements.

#### Economies of Scale
The Board considered the potential for the Adviser to experience economies of scale in the provision of advisory services to each Fund as the Funds grew. The Board considered that the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through fee waiver and expense reimbursement arrangements, 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. The Board observed that each of the Funds remains in a relatively early stage of development.

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

#### "Fall-Out" Benefits
The Board received and considered information regarding potential "fall-out" or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in the Adviser's business as a result of their relationships with the Fund. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and their affiliates may receive because of their relationships with the Funds, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the Funds and other investment advisory clients, as well as other benefits from increases in assets under management.

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 Advisers and their affiliates are unreasonable.

#### Conclusion
At the 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 both Fund Counsel and Independent Trustee Counsel, the Board, including the Independent Trustees, concluded that the approval of the renewal and continuation of the Agreements was in the best interest of each Fund and its shareholders.

------

#### North Square Funds

#### EXPENSE EXAMPLES

#### For the Six Months Ended November 30, 2022 (Unaudited)

------

#### Expense Examples
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (Class A only); and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (Class A and C only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period from June 1, 2022 to November 30, 2022.

#### Actual Expenses
The information in the row titled "Actual Performance" of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The information in the row titled "Hypothetical (5% annual return before expenses)" of the table below provides hypothetical account values and hypothetical expenses based on each Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the information in the row titled "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Spectrum Alpha Fund** | **Spectrum Alpha Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class A | Actual Performance | $1000.00 | $1011.10 | $6.55 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1018.55 | $6.58 |
| Class I | Actual Performance | $1000.00 | $1012.40 | $5.30 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1019.80 | $5.32 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.30%, and 1.05% for Class A and Class I, respectively, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Dynamic Small Cap Fund** | **Dynamic Small Cap Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class I | Actual Performance | $1000.00 | $1028.50 | $5.03 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1020.10 | $5.01 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.99%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

------

#### North Square Funds

#### EXPENSE EXAMPLES – Continued

#### For the Six Months Ended November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class I | Actual Performance | $1000.00 | $971.50 | $4.65 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1020.36 | $4.76 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.94%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Multi Strategy Fund** | **Multi Strategy Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class A | Actual Performance | $1000.00 | $999.60 | $4.44 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1020.63 | $4.49 |
| Class I | Actual Performance | $1000.00 | $1000.80 | $3.21 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1021.86 | $3.24 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 0.89% and 0.64% for Class A and Class I, respectively, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Preferred and Income Securities Fund** | **Preferred and Income Securities Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class I | Actual Performance | $1000.00 | $984.80 | $4.83 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1020.21 | $4.91 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 0.97%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Tactical Defensive Fund** | **Tactical Defensive Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class A | Actual Performance | $1000.00 | $1000.80 | $9.63 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1015.44 | $9.70 |
| Class C | Actual Performance | $1000.00 | $996.90 | $13.46 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1011.59 | $13.56 |
| Class I | Actual Performance | $1000.00 | $1001.90 | $8.53 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1016.55 | $8.59 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.92%, 2.69% and 1.70% for Class A, Class C and Class I, respectively, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

------

#### North Square Funds

#### EXPENSE EXAMPLES – Continued

#### For the Six Months Ended November 30, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Tactical Growth Fund** | **Tactical Growth Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class A | Actual Performance | $1000.00 | $992.70 | $7.74 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1017.30 | $7.84 |
| Class C | Actual Performance | $1000.00 | $988.90 | $11.47 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1013.54 | $11.61 |
| Class I | Actual Performance | $1000.00 | $993.90 | $6.50 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1018.55 | $6.58 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.55%, 2.30% and 1.30% for Class A, Class C and Class I, respectively, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **Expense Paid** |
|  |  | **Account** | **Account** | **During** |
|  |  | **Value** | **Value** | **Period\*** |
| **Trilogy Alternative Return Fund** | **Trilogy Alternative Return Fund** | **5/31/22** | **11/30/22** | **5/31/22-11/30/22** |
| Class A | Actual Performance | $1000.00 | $962.70 | $8.04 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1016.88 | $8.26 |
| Class C | Actual Performance | $1000.00 | $959.10 | $11.70 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1013.12 | $12.03 |
| Class I | Actual Performance | $1000.00 | $963.70 | $6.79 |
|  | Hypothetical (5% annual return before expenses) | $1000.00 | $1018.15 | $7.98 |

---

\* Expenses are equal to the Fund's annualized expense ratios of 1.63%, 2.38% and 1.38% for Class A, Class C and Class I, respectively, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.

------

(This Page Intentionally Left Blank.)

------

#### North Square Funds

*Advisor*

North Square Investments, LLC

200 West Madison Street, Suite 2610

Chicago, Illinois 60606

---

| | |
|:---|:---|
| *Sub-Advisor* | *Sub-Advisor* |
| Algert Global LLC | NSI Retail Advisors, LLC |
| 101 California Street, Suite 4225 | One Gateway Center, 8th Floor |
| San Francisco, California 94111 | Pittsburgh, Pennsylvania 15222 |
| *Sub-Advisor* | *Sub-Advisor* |
| Red Cedar Investment Management, LLC | Advisory Research Inc. |
| 333 Bridge Street NW, Suite 601 | 180 North Stetson Avenue, Suite 5500 |
| Grand Rapids, Michigan 49504 | Chicago, Illinois 60601 |

---

*Independent Registered Public Accounting Firm*

Tait, Weller & Baker LLP

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102

*Custodian*

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 300

Milwaukee, Wisconsin 53212

*Fund Administrator, Transfer Agent and Fund Accountant*

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

*Distributor*

Compass Distributors LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.foreside.com

------

#### FUND INFORMATION

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** |  | **Ticker** | **CUSIP** |
| North Square Spectrum Alpha Fund | Class A | ORIGX | 66263L304 |
| North Square Spectrum Alpha Fund | Class I | ORIYX | 66263L858 |
| North Square Dynamic Small Cap Fund | Class I | ORSIX | 66263L825 |
| North Square Advisory Research Small Cap Growth Fund | Class I | ODGIX | 66263L601 |
| North Square Multi Strategy Fund | Class A | ORILX | 66263L700 |
| North Square Multi Strategy Fund | Class I | PORYX | 66263L833 |
| North Square Preferred and Income Securities Fund | Class I | ORDNX | 66263L882 |
| North Square Tactical Growth Fund | Class A | ETFAX | 66263L734 |
| North Square Tactical Growth Fund | Class C | ETFCX | 66263L742 |
| North Square Tactical Growth Fund | Class I | ETFOX | 66263L726 |
| North Square Tactical Defensive Fund | Class A | ETFRX | 66263L718 |
| North Square Tactical Defensive Fund | Class C | ETFZX | 66263L692 |
| North Square Tactical Defensive Fund | Class I | ETFWX | 66263L684 |
| North Square Trilogy Alternative Return Fund | Class A | STTGX | 66263L650 |
| North Square Trilogy Alternative Return Fund | Class C | STTCX | 66263L668 |
| North Square Trilogy Alternative Return Fund | Class I | STTIX | 66263L676 |

---

#### Privacy Principles of the North Square Funds for Shareholders
The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

------

This report is sent to shareholders of the North Square Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

#### Proxy Voting Policies and Procedures
A description of the Funds' proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Funds at (855) 551-5521 or on the U.S. Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

#### Proxy Voting Record
Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling (855) 551-5521 or by accessing the Funds' Form N-PX on the SEC's website at <u>www.sec.gov</u>.

#### Portfolio Holdings Disclosure
The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Funds' Forms N-Q or Part F of Form N-PORT are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) 732-0330. The Funds' Forms N-Q or Part F of Form N-PORT may also be obtained by calling toll-free (855) 551-5521 or by visiting the Funds' website at www.northsquareinvest.com/fund-reports-holdings.

#### Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (855) 551-5521.

North Square Funds

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201

1-855-551-5521

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of
 this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](nsf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the Registrant's independent public accountant.* There was no change in the Registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](nsf-ex99cert906.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.

#### North Square Investments Trust

---

| | |
|:---|:---|
| By: | <u>/s/Mark D. Goodwin</u> |
|  | Mark D. Goodwin, |
|  | President |
| Date: | <u>February 6, 2023</u><br>|

---

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: | <u>/s/Mark D. Goodwin</u> |
|  | Mark D. Goodwin, |
|  | President |
| Date: | <u>February 6, 2023</u>  |
| By: | <u>/s/Alan E. Molotsky</u> |
|  | Alan E. Molotsky, |
|  | Treasurer |
| Date: | <u>February 6, 2023</u>  |

---

## Ex-99.Cert

#### CERTIFICATIONS

I, Mark D. Goodwin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of North Square Investments Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) 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

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) 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.

---

| | |
|:---|:---|
| Date: <u>February 6, 2023</u>  | <u>/s/Mark D. Goodwin</u><br> Mark D. Goodwin<br> President |

---

------

I, Alan E. Molotsky, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of North Square Investments Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) 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

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) 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.

---

| | |
|:---|:---|
| Date: <u>February 6, 2023</u>  | <u>/s/Alan E. Molotsky</u><br> Alan E. Molotsky<br> Treasurer |

---

## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the North Square Investments Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the North Square Investments Trust for the period ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the North Square Investments Trust for the stated period.

---

| | |
|:---|:---|
| <u>/s/Mark D. Goodwin</u><br> Mark D. Goodwin<br> President,<br> North Square Investments Trust<br>| <u>/s/Alan E. Molotsky</u><br> Alan E. Molotsky<br> Treasurer,<br> North Square Investments Trust |
| Dated: <u>February 6, 2023</u>  |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by North Square Investments Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

<br>