# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0001580642-25-004084
**Filing Date:** 2025-7
**Character Count:** 315724
**Document Hash:** 4ccef732433f52b46fe63d5a8557e032
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004084.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001580642-25-004084

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 251108841

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

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

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

## Series and Classes Contracts Data

### North Square Select Small Cap Fund (Series ID: S000067944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000217840 | Class I      | ADVGX           |

### North Square Strategic Income Fund (Series ID: S000067945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000217841 | Class A      | ADVAX           |
| C000217842 | Class I      | ADVNX           |

### North Square Altrinsic International Equity Fund (Series ID: S000069691)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222264 | Class I      | NSIVX           |

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

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

### FORT PITT CAPITAL TOTAL RETURN FUND (Series ID: S000084768)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000249248 | FORT PITT CAPITAL TOTAL RETURN FUND | FPCGX           |

### NORTH SQUARE SMALL CAP VALUE FUND (Series ID: S000091143)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000258541 | Class I        | DRISX           |
| C000258542 | Investor Class | DRSVX           |

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

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| WASHINGTON, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** |
| **MANAGEMENT INVESTMENT COMPANIES** |
| Investment Company Act file number: 811-23373  |
| **Exchange Place Advisors Trust**  |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246  |
| (Address of principal executive offices) (Zip code) |
| The Corporation Trust Company |
| Corporation Trust Center |
| 1209 Orange Street |
| Wilmington, DE 19801  |
| (Name and address of agent for service) |

---

With Copies To:

Stacy H. Louizos, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 885-5147

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

Date of fiscal year end: <u>October 31</u> <br>

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Fort Pitt Capital Total Return Fund
(FPCGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i01515a3cb2765d8f185325d5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Fort Pitt Capital Total Return Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.fortpittcapitalfunds.com/. You can also request this information by contacting us at 866-688-8775.

**This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fort Pitt Capital Total Return Fund | $48 | 1.00% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52437757 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee (net of waivers) | $158619 |
| Portfolio Turnover | 19% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7e10f88ad54013f914f2e428.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 1.6% |
| Communications | 4.8% |
| Consumer Discretionary | 8.9% |
| Health Care | 15.8% |
| Industrials | 20.7% |
| Financials | 20.9% |
| Technology | 27.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Parker-Hannifin Corp. | 8.0% |
| Microsoft Corp. | 8.0% |
| Arthur J. Gallagher & Co. | 7.0% |
| Abbott Laboratories | 5.5% |
| Advanced Micro Devices, Inc. | 5.3% |
| Thermo Fisher Scientific, Inc. | 4.9% |
| Alphabet, Inc., Class A | 4.8% |
| Apollo Global Management, Inc. | 4.6% |
| Broadcom, Inc. | 4.4% |
| GXO Logistics, Inc. | 3.9% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-866-688-8775 or on the Fund's website at https://www.fortpittcapitalfunds.

Beginning November 1, 2024, the investment adviser to the Fund is Kovitz Investment Group Partners, LLC ("Kovitz" or the "Adviser"). Prior to November 1, 2024, the Fund was advised by Fort Pitt Capital Group, LLC ("Fort Pitt"). On November 1, 2024, Fort Pitt's assets and liabilities were transferred to Kovitz, which is also a wholly-owned subsidiary of Fort Pitt's parent, Focus Financial Partners Inc. (the "Transaction"). As a result of the Transaction, the investment advisory agreement (the "Fort Pitt Advisory Agreement") between Fort Pitt and the Exchange Place Advisors Trust (the "Trust"), on behalf of the Fund, terminated as of the Closing Date.

At a meeting held on October 28, 2024 (the "October 2024 Meeting"), the Board of Trustees (the "Board") of the Trust, including all of the Trustees who are not "interested persons" of the Trust (as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), unanimously voted to approve, and to recommend that shareholders approve, the investment advisory agreement between Kovitz and the Trust, on behalf of the Fund (the "New Advisory Agreement"), on substantially the same terms as the Fort Pitt Advisory Agreement.

Pending shareholder approval of the New Advisory Agreement, Kovitz acted as the investment adviser to the Fund pursuant to an interim advisory agreement between the Trust and the Adviser pursuant to Rule 15a-4 under the 1940 Act, which was also approved by the Board, including separately by the Independent Trustees at the October 2024 Meeting, and took effect on the Closing Date. At a meeting held on January 22, 2025, the Fund's shareholders approved the New Advisory Agreement, and the Interim Advisory Agreement was terminated. The New Advisory Agreement with Kovitz was effective as of January 22, 2025.

![Image](ia6601c9f032980f969629671.jpg)

#### Fort Pitt Capital Total Return Fund - (FPCGX)

#### Semi-Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-FPCGX

#### North Square Altrinsic International Equity Fund

#### Class I (NSIVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1d1d37a0e5ce5aa1cd7bd2e8.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Altrinsic International Equity Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $51 | 0.98% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i82d134796296f1b3bde90f1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Real Estate | 1.6% |
| Short-Term Investments | 2.0% |
| Communications | 2.4% |
| Energy | 3.1% |
| Materials | 3.5% |
| Technology | 7.9% |
| Consumer Discretionary | 8.3% |
| Health Care | 10.2% |
| Industrials | 10.4% |
| Consumer Staples | 12.9% |
| Financials | 37.0% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $104118000 |
| Number of Portfolio Holdings | 70 |
| Advisory Fee (net of waivers) | $372094 |
| Portfolio Turnover | 15% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Chubb Ltd. | 3.6% |
| Everest Re Group, Ltd. | 3.3% |
| Sanofi | 2.5% |
| Sony Group Corp. | 2.4% |
| Aon PLC - Class A | 2.4% |
| Heineken N.V. | 2.4% |
| GSK PLC | 2.3% |
| Bureau Veritas SA | 2.3% |
| KB Financial Group, Inc. | 2.1% |
| Suzuki Motor Corp. | 2.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i1afee227ea020b38365ab368.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Singapore | 0.5% |
| Sweden | 0.5% |
| Peru | 0.7% |
| Israel | 0.9% |
| Canada | 1.2% |
| Spain | 1.3% |
| Belgium | 1.9% |
| India | 2.0% |
| United States | 2.0% |
| Brazil | 2.2% |
| Cayman Islands | 3.5% |
| Mexico | 4.0% |
| Korea (Republic Of) | 4.9% |
| Bermuda | 4.9% |
| Netherlands | 6.0% |
| Ireland | 7.2% |
| Switzerland | 7.9% |
| Germany | 10.0% |
| United Kingdom | 10.8% |
| France | 12.9% |
| Japan | 14.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Altrinsic International Equity Fund - Class I (NSIVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i1d1d37a0e5ce5aa1cd7bd2e8.jpg)

TSR-SAR 043025-NSIVX

#### North Square McKee Bond Fund

#### Class I (NMKYX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iab0f45699772770d19f9c4b7.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square McKee Bond Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $24 | 0.47% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $181176596 |
| Number of Portfolio Holdings | 426 |
| Advisory Fee (net of waivers) | $44172 |
| Portfolio Turnover | 95% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note/Bond, 4.750% | 2.5% |
| United States Treasury Note/Bond, 3.125% | 2.4% |
| United States Treasury Note/Bond, 4.500% | 2.2% |
| United States Treasury Note, 4.625% | 1.6% |
| Fannie Mae Pool, 5.000% | 1.4% |
| Ginnie Mae II Pool, 2.000% | 1.2% |
| United States Treasury Bond, 4.250% | 1.1% |
| United States Treasury Note, 3.750% | 1.1% |
| Federal National Mortgage Association, 1.630% | 1.1% |
| Federal Farm Credit Banks Funding Corp., 5.090% | 1.1% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i365a15a08407099d44174a6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 0.1% |
| Real Estate | 0.2% |
| Sovereign | 0.4% |
| Supranational | 0.8% |
| Health Care | 0.9% |
| Communications | 1.9% |
| Technology | 2.0% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 2.4% |
| Consumer Discretionary | 2.5% |
| Energy | 2.7% |
| Industrials | 2.8% |
| Asset Backed Securities | 2.8% |
| Utilities | 3.7% |
| Financials | 11.6% |
| U.S. Government & Agencies | 17.6% |
| Mortgage Backed Securities | 44.9% |

---

#### Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square McKee Bond Fund - Class I (NMKYX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](iab0f45699772770d19f9c4b7.jpg)

TSR-SAR 043025-NMKYX

#### North Square McKee Bond Fund

#### Class R6 (NMKBX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i6a5e2b6057964baa747d46fd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square McKee Bond Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $14 | 0.28% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $181176596 |
| Number of Portfolio Holdings | 426 |
| Advisory Fee (net of waivers) | $44172 |
| Portfolio Turnover | 95% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note/Bond, 4.750% | 2.5% |
| United States Treasury Note/Bond, 3.125% | 2.4% |
| United States Treasury Note/Bond, 4.500% | 2.2% |
| United States Treasury Note, 4.625% | 1.6% |
| Fannie Mae Pool, 5.000% | 1.4% |
| Ginnie Mae II Pool, 2.000% | 1.2% |
| United States Treasury Bond, 4.250% | 1.1% |
| United States Treasury Note, 3.750% | 1.1% |
| Federal National Mortgage Association, 1.630% | 1.1% |
| Federal Farm Credit Banks Funding Corp., 5.090% | 1.1% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i7c087f42375ffa11e0f9985b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 0.1% |
| Real Estate | 0.2% |
| Sovereign | 0.4% |
| Supranational | 0.8% |
| Health Care | 0.9% |
| Communications | 1.9% |
| Technology | 2.0% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 2.4% |
| Consumer Discretionary | 2.5% |
| Energy | 2.7% |
| Industrials | 2.8% |
| Asset Backed Securities | 2.8% |
| Utilities | 3.7% |
| Financials | 11.6% |
| U.S. Government & Agencies | 17.6% |
| Mortgage Backed Securities | 44.9% |

---

#### Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square McKee Bond Fund - Class R6 (NMKBX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i6a5e2b6057964baa747d46fd.jpg)

TSR-SAR 043025-NMKBX

#### North Square Select Small Cap Fund

#### Class I (ADVGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i782383a6157a0f4a843859ec.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Select Small Cap Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521. **This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.**

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| North Square Select Small Cap Fund - Class I | $44 | 0.94% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $22324828 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee (net of waivers) | $71223 |
| Portfolio Turnover | 32% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Bel Fuse, Inc., Class B | 5.4% |
| TriMas Corp. | 4.8% |
| Nicolet Bankshares, Inc. | 4.7% |
| JBT Marel Corp. | 4.6% |
| Phinia, Inc. | 4.2% |
| Performance Food Group Co. | 4.1% |
| Eagle Materials, Inc. | 4.0% |
| First Merchants Corp. | 3.5% |
| Legacy Housing Corp. | 3.4% |
| Arcosa, Inc. | 3.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a0bd06078d4f4a0c75ca6c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Short-Term Investments | 1.3% |
| Health Care | 2.9% |
| Real Estate | 3.4% |
| Consumer Staples | 4.1% |
| Materials | 8.8% |
| Technology | 12.9% |
| Financials | 19.0% |
| Consumer Discretionary | 22.8% |
| Industrials | 25.2% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund's prospectus, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings/

Effective February 28, 2025, the Fund changed its name from "North Square Advisory Research Small Cap Value Fund" to "North Square Select Small Cap Fund".

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Select Small Cap Fund - Class I (ADVGX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i782383a6157a0f4a843859ec.jpg)

TSR-SAR 043025-ADVGX

#### North Square Small Cap Value Fund

#### Class I (DRISX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8ba526e927599563743d3804.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Small Cap Value Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521. **This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $50 | 1.05% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $255534144 |
| Number of Portfolio Holdings | 78 |
| Advisory Fee | $1179868 |
| Portfolio Turnover | 42% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hancock Whitney Corp. | 3.0% |
| Pathward Financial Group, Inc. | 2.6% |
| International Bancshares Corp. | 2.5% |
| StoneX Group, Inc. | 2.6% |
| Cousins Properties, Inc. | 2.5% |
| OFG Bancorp | 2.3% |
| Cathay General Bancorp | 2.0% |
| Penguin Solutions, Inc. | 1.9% |
| Veren, Inc. | 1.9% |
| First American Government Obligations Fund, Class X | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7ac8b98a5174ec5f75d6cb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.9% |
| Health Care | 6.0% |
| Consumer Discretionary | 6.6% |
| Utilities | 6.7% |
| Real Estate | 7.4% |
| Energy | 8.5% |
| Materials | 9.0% |
| Industrials | 14.9% |
| Technology | 14.9% |
| Financials | 23.6% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 29, 2025. For more complete information you may review the Fund's prospectus, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings/

On April 29, 2025 in a tax-free reorganization, the Fund acquired all of the assets and liabilities of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the "Predecessor Fund"). In connection with the reorganization, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Small Cap Value Fund. Further, the Predecessor Fund's portfolio managers joined the Sub-Adviser to serve as the Fund's portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The performance information reflects the performance of the Predecessor Fund and, as applicable, its share classes. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://northsquareinvest.com/fund-reports-holdings/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Small Cap Value Fund - Class I (DRISX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i8ba526e927599563743d3804.jpg)

TSR-SAR 043025-DRISX

#### North Square Small Cap Value Fund

#### Investor Class (DRSVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i2f173aa3dd26315ab2da6544.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Small Cap Value Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521. **This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $61 | 1.30% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $255534144 |
| Number of Portfolio Holdings | 78 |
| Advisory Fee | $1179868 |
| Portfolio Turnover | 42% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Hancock Whitney Corp. | 3.0% |
| Pathward Financial Group, Inc. | 2.6% |
| International Bancshares Corp. | 2.5% |
| StoneX Group, Inc. | 2.6% |
| Cousins Properties, Inc. | 2.5% |
| OFG Bancorp | 2.3% |
| Cathay General Bancorp | 2.0% |
| Penguin Solutions, Inc. | 1.9% |
| Veren, Inc. | 1.9% |
| First American Government Obligations Fund, Class X | 1.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9d1199268952182158bdbe80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.5% |
| Short-Term Investments | 1.9% |
| Health Care | 6.0% |
| Consumer Discretionary | 6.6% |
| Utilities | 6.7% |
| Real Estate | 7.4% |
| Energy | 8.5% |
| Materials | 9.0% |
| Industrials | 14.9% |
| Technology | 14.9% |
| Financials | 23.6% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since April 29, 2025. For more complete information you may review the Fund's prospectus, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings/

On April 29, 2025 in a tax-free reorganization, the Fund acquired all of the assets and liabilities of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the "Predecessor Fund"). In connection with the reorganization, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Small Cap Value Fund. Further, the Predecessor Fund's portfolio managers joined the Sub-Adviser to serve as the Fund's portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The performance information reflects the performance of the Predecessor Fund and, as applicable, its share classes. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://northsquareinvest.com/fund-reports-holdings/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Small Cap Value Fund - Investor Class (DRSVX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i2f173aa3dd26315ab2da6544.jpg)

TSR-SAR 043025-DRSVX

#### North Square Strategic Income Fund

#### Class A (ADVAX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i3d3b76ab2d0554ba03d061e6.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Strategic Income Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521. **This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 1.01% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $403311743 |
| Number of Portfolio Holdings | 214 |
| Advisory Fee (net of waivers) | $649820 |
| Portfolio Turnover | 54% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Charles Schwab Corp. (The), 5.375% | 1.5% |
| Freddie Mac Pool, 6.500% | 1.4% |
| MetLife, Inc., 3.850% | 1.2% |
| Ginnie Mae II Pool, 2.500% | 1.2% |
| CyrusOne Data Centers Issuer I LLC, 4.500% | 1.2% |
| Discover Financial Services, 6.125% | 1.2% |
| Fannie Mae Pool, 3.500% | 1.2% |
| Fannie Mae Pool, 4.500% | 1.1% |
| Ginnie Mae II Pool, 3.500% | 1.1% |
| Fifth Third Bancorp, 4.500% | 1.1% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i691932cca5ce33bc343bd486.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 3.4% |
| Purchased Options | 0.3% |
| Fixed Income | 0.6% |
| Non U.S. Treasury | 0.8% |
| Industrials | 0.9% |
| Consumer Staples | 1.3% |
| U.S. Government & Agencies | 1.3% |
| Technology | 1.4% |
| Health Care | 1.4% |
| Consumer Discretionary | 1.7% |
| Energy | 2.4% |
| Communications | 2.6% |
| Materials | 5.7% |
| Short-Term Investments | 6.0% |
| Utilities | 7.9% |
| Asset Backed Securities | 11.2% |
| Financials | 15.8% |
| Mortgage Backed Securities | 35.3% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since February 28, 2024. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings/.

Effective January 1, 2025, the Adviser reduced the contractual adviser fee of the Fund from an annual rate of 0.70% to 0.56% of the Fund's average daily net assets and waive the advisory fees and/or reimburse operating expenses of the Fund to ensure that the total annual fund operating expenses do not exceed 0.93% and 0.68% for the Class A shares and Class I shares, respectively.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Strategic Income Fund - Class A (ADVAX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i3d3b76ab2d0554ba03d061e6.jpg)

TSR-SAR 043025-ADVAX

#### North Square Strategic Income Fund

#### Class I (ADVNX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ibe221475ee3318e5d3017210.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Square Strategic Income Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings/. You can also request this information by contacting us at 1-855-551-5521. **This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $39 | 0.75% |

---

# Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $403311743 |
| Number of Portfolio Holdings | 214 |
| Advisory Fee (net of waivers) | $649820 |
| Portfolio Turnover | 54% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Charles Schwab Corp. (The), 5.375% | 1.5% |
| Freddie Mac Pool, 6.500% | 1.4% |
| MetLife, Inc., 3.850% | 1.2% |
| Ginnie Mae II Pool, 2.500% | 1.2% |
| CyrusOne Data Centers Issuer I LLC, 4.500% | 1.2% |
| Discover Financial Services, 6.125% | 1.2% |
| Fannie Mae Pool, 3.500% | 1.2% |
| Fannie Mae Pool, 4.500% | 1.1% |
| Ginnie Mae II Pool, 3.500% | 1.1% |
| Fifth Third Bancorp, 4.500% | 1.1% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i3f7c4e255859fd8c469f53a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 3.4% |
| Purchased Options | 0.3% |
| Fixed Income | 0.6% |
| Non U.S. Treasury | 0.8% |
| Industrials | 0.9% |
| Consumer Staples | 1.3% |
| U.S. Government & Agencies | 1.3% |
| Technology | 1.4% |
| Health Care | 1.4% |
| Consumer Discretionary | 1.7% |
| Energy | 2.4% |
| Communications | 2.6% |
| Materials | 5.7% |
| Short-Term Investments | 6.0% |
| Utilities | 7.9% |
| Asset Backed Securities | 11.2% |
| Financials | 15.8% |
| Mortgage Backed Securities | 35.3% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since February 28, 2024. For more complete information, you may review the sticker to Fund's prospectus, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings/.

Effective January 1, 2025, the Adviser reduced the contractual adviser fee of the Fund from an annual rate of 0.70% to 0.56% of the Fund's average daily net assets and waive the advisory fees and/or reimburse operating expenses of the Fund to ensure that the total annual fund operating expenses do not exceed 0.93% and 0.68% for the Class A shares and Class I shares, respectively.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### North Square Strategic Income Fund - Class I (ADVNX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ibe221475ee3318e5d3017210.jpg)

TSR-SAR 043025-ADVNX

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

**Item 6. Investments.**

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

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

(a) ![](img_001.jpg)

**FORT PITT CAPITAL GROUP**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

**& OTHER INFORMATION**

**April 30, 2025**

**FORT PITT CAPITAL TOTAL RETURN FUND**

**c/o Ultimus Fund Solutions, LLC**

**225 Pictoria Drive, Suite 450**

**Cincinnati, Ohio 45246**

**www.fortpittcapitalfunds.com**

**Fort Pitt Capital Total Return Fund**

**Schedule of Investments**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.21%** |  |  |
| **Communications — 4.74%** |  |  |
| Alphabet, Inc., Class A | 15667 | $2487920 |
| **Consumer Discretionary — 8.93%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 5453 | 1005642 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 3915 | 468351 |
| Lowe's Companies, Inc. | 7580 | 1694586 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2632 | 712667 |
| Starbucks Corp. | 9987 | 799459 |
|  |  | 4680705 |
| **Financials — 20.90%** |  |  |
| Apollo Global Management, Inc. | 17425 | 2378163 |
| Arthur J. Gallagher & Co. | 11478 | 3680880 |
| Blackstone, Inc., Class A | 10363 | 1364911 |
| Intercontinental Exchange, Inc. | 10013 | 1681884 |
| PNC Financial Services Group, Inc. (The) | 11527 | 1852274 |
|  |  | 10958112 |
| **Health Care — 15.84%** |  |  |
| Abbott Laboratories | 21934 | 2867871 |
| Danaher Corp. | 6288 | 1253387 |
| Merck & Co., Inc. | 18815 | 1603038 |
| Thermo Fisher Scientific, Inc. | 6021 | 2583009 |
|  |  | 8307305 |
| **Industrials — 20.65%** |  |  |
| Deere & Co. | 3224 | 1494517 |
| GXO Logistics, Inc.<sup>(a)</sup> | 56432 | 2045096 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 10865 | 1579771 |
| Parker-Hannifin Corp. | 6914 | 4183385 |
| RTX Corp. | 12076 | 1523146 |
|  |  | 10825915 |
| **Technology — 27.15%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 2589 | 970823 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 28530 | 2777395 |
| Apple, Inc. | 4405 | 936063 |
| Broadcom, Inc. | 11992 | 2308099 |
| Lam Research Corp. | 27998 | 2006617 |
| Microsoft Corp. | 10572 | 4178689 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 4251 | 1064110 |
|  |  | 14241796 |
| **Total Common Stocks (Cost $29,848,044)** |  | 51501753 |
| **MONEY MARKET FUNDS — 1.65%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(b)</sup> | 864152 | 864152 |
| **Total Money Market Funds (Cost $864,152)** |  | 864152 |
| **Total Investments — 99.86% (Cost $30,712,196)** |  | 52365905 |

---

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

**Fort Pitt Capital Total Return Fund**

**Schedule of Investments (continued)**

*April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Other Assets in Excess of Liabilities — 0.14%** | $71852 |
| **NET ASSETS — 100.00%** | $52437757 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 2025.

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

**Fort Pitt Capital Total Return Fund**

**Statement of Assets and Liabilities**

*April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $30,712,196) | $52365905 |
| Receivable for fund shares sold | 1050 |
| Dividends and interest receivable | 57765 |
| Prepaid expenses | 64743 |
| **Total Assets** | 52489463 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 7894 |
| Due to adviser | 17355 |
| Administration and fund accounting fees | 5197 |
| Audit fees | 9327 |
| Transfer agent fees and expenses | 2092 |
| Chief Compliance Officer fee | 7388 |
| Custody fees | 2028 |
| Other accrued expenses | 425 |
| **Total Liabilities** | 51706 |
| **Net Assets** | $52437757 |
| **Components of Net Assets:** |  |
| Paid-in capital | $20826667 |
| Accumulated earnings | 31611090 |
| Total Net Assets | $52437757 |
| Shares outstanding (unlimited number of shares authorized, par value $0.01) | 2295685 |
| Net Asset Value, Redemption Price and Offering Price Per Share | $22.84 |

---

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

**Fort Pitt Capital Total Return Fund**

**Statement of Operations**

*For the six months ended April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income | $360863 |
| **Total investment income** | 360863 |
| **Expenses** |  |
| Advisory fees (Note 4) | 226025 |
| Administration and fund accounting fees (Note 4) | 32982 |
| Transfer agent fees and expenses (Note 4) | 17468 |
| Chief Compliance Officer fees (Note 4) | 11178 |
| Legal fees | 11033 |
| Registration fees | 10886 |
| Audit fees | 9326 |
| Trustee fees and expenses | 8909 |
| Custody fees (Note 4) | 7387 |
| Shareholder reporting | 6966 |
| Insurance expense | 1459 |
| Miscellaneous expense | 21062 |
| Total expenses | 364681 |
| Less: fee waiver from Advisor (Note 4) | (67406) |
| **Net operating expenses** | 297275 |
| **Net investment income** | 63588 |
| **Net Realized Unrealized Gain (Loss) on Investments** |  |
| Net realized gain on investments | 9901610 |
| Net change in unrealized depreciation on investments | (14677649) |
| **Net realized and change in unrealized loss on investments** | (4776039) |
| **Net decrease in net assets resulting from operations** | $(4712451) |

---

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

**Fort Pitt Capital Total Return Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $63588 | $132714 |
| Net realized gain on investments | 9901610 | 10440252 |
| Net change in unrealized appreciation (depreciation) on investments | (14677649) | 9351219 |
| **Net increase (decrease) in net assets resulting from operations** | (4712451) | 19924185 |
| **Distributions to Shareholders** |  |  |
| Net dividends and distributions to shareholders | (10545723) | (9800363) |
| Total distributions | (10545723) | (9800363) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 691916 | 870137 |
| Proceeds from shares issued in reinvestment of dividends | 10456785 | 9735135 |
| Cost of shares redeemed | (7116793) | (14791834) |
| Net increase (decrease) in net assets resulting from capital transactions | 4031908 | (4186562) |
| **Total Increase (Decrease) in Net Assets** | (11226266) | 5937260 |
| **Net Assets** |  |  |
| Beginning of period | 63664023 | 57726763 |
| End of period | $52437757 | $63664023 |
| **Changes in Shares Outstanding** |  |  |
| Shares sold | 27118 | 31859 |
| Shares issued in reinvestment of dividends | 417770 | 396543 |
| Shares redeemed | (284195) | (542680) |
| Net in Fund shares outstanding | 160693 | (114278) |
| Shares outstanding, beginning of period | 2134992 | 2249270 |
| Shares outstanding, end of period | 2295685 | 2134992 |

---

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

**Fort Pitt Capital Total Return Fund**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | $29.82 | $25.66 | $26.81 | $34.53 | $25.06 | $27.35 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.06 | 0.24 | 0.21 | 0.20 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.02) | 8.76 | 0.87 | (5.59) | 9.53 | (0.34) |
| Total from investment operations | (1.99) | 8.82 | 1.11 | (5.38) | 9.73 | (0.06) |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.25) | (0.22) | (0.20) | (0.26) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.94) | (4.41) | (2.04) | (2.14) |  | (1.95) |
| Total distributions | (4.99) | (4.66) | (2.26) | (2.34) | (0.26) | (2.23) |
| Redemption fees |  |  |  |  | — <sup>(a)</sup> | — <sup>(a)</sup> |
| **Net asset value, end of period** | $22.84 | $29.82 | $25.66 | $26.81 | $34.53 | $25.06 |
| **Total Return<sup>(b)</sup>** | (8.13)%<sup>(c)</sup> | 38.26% | 4.07% | (16.87)% | 39.00% | (0.76)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $52438 | $63664 | $57727 | $64601 | $87011 | $69387 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 1.23 %<sup>(d)</sup> | 1.18% | 1.17% | 1.14% | 1.15% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 1.00 %<sup>(d)</sup> | 1.00% | 1.00% | 1.00% | 1.04% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | (0.01)%<sup>(d)</sup> | 0.03% | 0.67% | 0.53% | 0.48% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 0.21 %<sup>(d)</sup> | 0.21% | 0.84% | 0.67% | 0.59% | 1.08% |
| Portfolio turnover rate | 19 %<sup>(c)</sup> | 14% | 19% | 14% | 4% | 8% |

---

(a) Rounds
 to less than $0.005 per share.

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

(c) Not
 annualized.

(d) Annualized.

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

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements**

*April 30, 2025 (Unaudited)*

**NOTE 1 – ORGANIZATION**

The Fort Pitt Capital Total Return Fund (the "Fund") is a diversified series of Exchange Place Advisors Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The amended and restated agreement and declaration of trust, dated June 24, 2024, permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of such series of funds currently authorized by the Board.

On June 28, 2024, the Fund acquired all of the assets, and assumed all liabilities, of the Fort Pitt Capital Total Return Fund, a series of Advisors Series Trust (the "Predecessor Fund"), in a tax-free reorganization (the "Reorganization"). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund and assumed the performance and accounting history of the Predecessor Fund as of the date of the Reorganization. The Predecessor Fund was organized on July 15, 2011 to acquire the assets and liabilities of the Fort Pitt Capital Total Return Fund, a series of Fort Pitt Capital Funds (the "Prior Predecessor Fund"), which commenced operations on December 31, 2001, in exchange for shares of the Predecessor Fund. Accordingly, the Predecessor Fund is the successor to the Prior Predecessor Fund. The Predecessor Fund had an investment objective, strategies and policies substantially similar to the Prior Predecessor Fund.

Effective as of the close of business on June 28, 2024, all the assets, subject to the liabilities of the Predecessor Fund, were transferred to the Fund in exchange for 2,259,945 shares at a net asset value per share ("NAV") of $28.05 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from these tax-free transactions on the close of business June 28, 2024, after the reorganization, was $63,387,998 including net unrealized appreciation of $33,113,278, undistributed net investment income of $72,721, undistributed realized gain of $9,709,709, and investment cost of $30,308,581. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The Fund's performance for periods prior to June 28, 2024, is that of the Predecessor Fund. The Predecessor Fund is the accounting survivor.

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

Beginning on November 1, 2024, following an internal restructuring, Kovitz Investment Group Partners, LLC ("Kovitz" or the "Adviser") began serving as the Fund's investment adviser. Prior to November 1, 2024, Fort Pitt Capital Group, LLC ("Fort Pitt Capital"), served as the Fund's investment adviser. Focus Financial Partners, Inc. ("Focus") is the ultimate parent company of the Adviser. The Fort Pitt Capital Group division of the Adviser is responsible for managing the investment of the Fund's portfolio of securities (See Note 8 in these Notes to Financial Statements). The investment goal of the Fund is to seek to realize a combination of long-term capital appreciation and income that will produce maximum total return. The Fund seeks to achieve its goal by investing primarily in a diversified portfolio of common stocks of domestic (U.S.) companies and fixed income investments.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

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

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

Federal Income Taxes: The 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 Fund.

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 the 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,

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's 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 previous three tax year ends and the interim tax period since then, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is 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.

The Fund may utilize deemed dividends on redemptions accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

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

Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

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

Reclassification of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. There were no reclassifications during the period ended April 30, 2025.

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

REITs: The Fund has made certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in their annual distribution to its shareholders and, accordingly, a portion of the Fund's distributions may also be designated as a return of capital.

**NOTE 3 – SECURITIES VALUATION**

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

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

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.

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

The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

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

Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.

Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

The Board has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has appointed the Adviser as the "Valuation Designee" for all fair value determinations and responsibilities, with respect to the Fund. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Valuation Designee, in accordance with procedures approved by the Board. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Valuation Designee's fair value determinations.

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

The inputs or methodology used for valuing securities is not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's securities as of April 30, 2025:

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Investments</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $51501753 | $— | $— | $51501753 |
| Money Market Funds | 864152 |  |  | 864152 |
| Total | $52365905 | $— | $— | $52365905 |

---

(a) Refer to Schedule of Investments
 for sector classifications.

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

Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.

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

The Adviser provides the Fund with investment management services pursuant to the Advisory Agreement between the Trust and the Adviser with respect to the Fund. The Adviser furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.76%, based upon the average daily net assets of the Fund. For the period ended April 30, 2025, the Fund incurred $226,025 in advisory fees.

The Fund is responsible for its own operating expenses. The Adviser has agreed to contractually reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund's aggregate annual operating expenses (excluding acquired fund fees and expenses, interest, taxes, brokerage commissions, and extraordinary expenses) to 1.00% of average daily net assets. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to a Fund's payment of current ordinary operating expenses. For the period ended April 30, 2025, the Adviser reduced its fees in the amount of $67,406; no amounts were reimbursed to the Adviser. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Date** | **Amount** |
| 10/31/2027 | $35586 <sup>(a)</sup> |
| 4/30/2028 | 67406 |

---

(a) Any such reduction prior to reorganization,
 as described in Note 1 of these Notes to Financial Statements, made by the Adviser in its fees or payment of expenses which are the Fund's
 obligation are no longer subject to reimbursement by the Fund to the Adviser.

Ultimus Fund Solutions, LLC ("Ultimus") served as the Fund's administrator, fund accountant and transfer agent for the period ended April 30, 2025. Ultimus maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the period ended April 30, 2025, are disclosed in the Statement of Operations.

The Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Ultimus. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The Fund expensed $12,387 of sub-transfer agent fees during the period ended April 30, 2025. These fees are included in the transfer agent fees and expenses amount disclosed in the Statement of Operations.

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

**NOTE 5 – PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $11,226,938 and $18,326,968, respectively. There were no purchases and sales of U.S. government securities during the period ended April 30, 2025.

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

The tax character of distributions paid during years ended October 31, 2024, and October 31, 2023, was as follows:

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $610190 | 525014 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 9190173 | 4854929 |
| Total distributions paid | $9800363 | $5379943 |

---

As of October 31, 2024, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $27220998 |
| Gross tax unrealized appreciation | 36396617 |
| Gross tax unrealized depreciation | (54540) |
| Net tax unrealized appreciation<sup>(a)</sup> | $36342077 |
| Undistributed ordinary income | 217258 |
| Undistributed long-term capital gain | 10309929 |
| Total distributable earnings | $10527187 |
| Total accumulated earnings/(losses) | $46869264 |

---

(a) The difference between book-basis
 and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

**NOTE 7 – PRINCIPAL RISKS**

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund's net asset value and total return. The Fund's most recent prospectus provides further descriptions of the Fund's investment objective, principal investment strategies and principal risks.

Sector Emphasis Risk: Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund's portfolio.

Financials Sector Risk: The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted.

Industrials Sector Risk: Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition,

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

companies in the industrials sector can be adversely affected by environmental damages, product liability claims and exchange rates.

Information Technology Sector Risk: Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Health Care Sector Risk: The performance of companies in the health care sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many health care companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of these companies. Many health care companies are subject to extensive litigation based on product liability and similar claims.

Equity Securities Risk: The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. In addition, as noted below, certain sectors of the market may be "out of favor" during a particular time period which can result in volatility in equity price movements. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions.

Large Capitalization Company Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

Small- and Medium-Capitalization Company Risk: Investing in small and medium capitalization companies can be riskier than investing in larger, more established companies

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. Securities of small-cap or medium-cap companies may trade less frequently and in smaller volumes than securities of larger companies.

**NOTE 8 – SHAREHOLDER PROXY VOTE**

Fort Pitt Capital previously served as the investment adviser to the Fund pursuant to an investment advisory agreement (the "Prior Fort Pitt Advisory Agreement") between the Trust, on behalf of the Fund, and Fort Pitt dated July 1, 2024.

On October 3, 2024, Focus Financial Partners Inc. ("Focus"), the parent company of Fort Pitt, announced an internal restructuring of Fort Pitt (the "Transaction") that resulted in the transfer of Fort Pitt's assets and liabilities on November 1, 2024 (the "Closing Date") to Kovitz, another wholly-owned subsidiary of Focus. As a result of the Transaction, the Prior Fort Pitt Advisory Agreement terminated as of the Closing Date.

At a meeting held on October 28, 2024 (the "October Meeting"), the Board of Trustees (the "Board"), including all of the Trustees who are not "interested persons" of the Trust (as defined by the 1940 Act) (the "Independent Trustees"), unanimously voted to approve, and to recommend that shareholders approve, a new advisory agreement between the New Adviser and the Trust, on behalf of the Fund (the "New Advisory Agreement").

In connection with the Transaction, shareholders were asked to approve the New Advisory Agreement, on substantially the same terms as the Prior Fort Pitt Advisory Agreement, which would become effective upon its approval by the Fund's shareholders.

Pending shareholder approval of the New Advisory Agreement, Kovitz acted as the investment adviser to the Fund pursuant to an interim advisory agreement (the "Interim Advisory Agreement") between the Trust and the New Adviser pursuant to Rule 15a-4 under the 1940 Act, which was also approved by the Board at the October Meeting, and took effect on the Closing Date. The Interim Advisory Agreement terminated upon the approval of the New Advisory Agreement by shareholders.

At a Special Shareholder Meeting held on January 22, 2025, Fund shareholders of record as of the close of business on October 29, 2024 voted to approve the following proposal:

**Fort Pitt Capital Total Return Fund**

**Notes to the Financial Statements (continued)**

*April 30, 2025 (Unaudited)*

Proposal 1: Approval of a new investment advisory agreement between the Trust, on behalf of the Fund, and Kovitz Investment Group Partners, LLC.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Voted** | **Percentage of<br> Outstanding Shares** | **Percentage of<br> Total Voted** |
| For | 1073267 | 50.28% | 96.12% |
| Against | 6722 | 0.31% | 0.60% |
| Abstain | 36550 | 3.27% | 1.71% |

---

**NOTE 9 – SUBSEQUENT EVENT**

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

**Additional Information (Unaudited)**

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

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

**Proxy Disclosures for Open-End Management Investment Companies**

At a Special Shareholder Meeting held on January 22, 2025, Fund shareholders of record as of the close of business on October 29, 2024 voted to approve the following proposal:

Proposal 1: Approval of a new investment advisory agreement between the Trust, on behalf of the Fund, and Kovitz Investment Group Partners, LLC.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Voted** | **Percentage of<br> Outstanding Shares** | **Percentage of<br> Total Voted** |
| For | 1073267 | 50.28% | 96.12% |
| Against | 6722 | 0.31% | 0.60% |
| Abstain | 36550 | 3.27% | 1.71% |

---

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

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract Board Consideration of the Approval of the Interim Investment Advisory Agreement and Investment Advisory Agreement for the Fort Pitt Capital Total Return Fund**

Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), requires that each mutual fund's board of trustees, including a majority of those trustees who are not "interested persons" of the fund, as defined in the 1940 Act (the "Independent Trustees"), initially approve, and annually review and consider the continuation of, the fund's investment advisory agreement. At a meeting held on October 28, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Place Advisors Trust (the "Trust"), including each of the Independent Trustees, unanimously voted to approve: (i) the interim investment advisory agreement (the "Interim Advisory Agreement") between Kovitz Investment Group Partners, LLC ("Kovitz" or the "New Adviser") and the Trust, on behalf of the Fort Pitt Capital Total Return Fund (the "Fund") and (ii) the new investment advisory agreement (the "New Advisory Agreement") between the New Adviser and the Trust, on behalf of the Fund. The Interim Advisory Agreement and the New Advisory Agreement are collectively referred to as the "Agreements." The Trustees noted that the Fund's current investment adviser, Fort Pitt Capital Group, LLC's ("Fort Pitt Capital" or the "Current Adviser") parent company, Focus Financial Partners, LLC ("Focus"), is negotiating an internal restructuring of Fort Pitt Capital that will result in the transfer of Fort Pitt Capital's assets and liabilities on November 1, 2024 (the "Closing Date") to Kovitz, another wholly-owned Focus subsidiary (the "Transaction"). The Board noted that approval of the Agreements is necessary due to the anticipated termination of the existing Investment Advisory Agreement between the Trust and Fort Pitt Capital, on behalf of the Fund, in connection with the Transaction.

**Additional Information (Unaudited) (continued)**

In connection with its consideration of the Agreements proposed for approval, the Board requested and reviewed responses from the Current Adviser and the New Adviser (together, the "Advisers") to the Section 15(c) request posed to the Advisers on behalf of the Independent Trustees by Fund 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 and data that had been provided prior to the Meeting, including the Agreements, the Advisers' Forms ADV Part 1A, brochures and brochure supplements, profitability information, comparative information about the Fund's performance for periods ended June 30, 2024, 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 Current Adviser during the course of the year, to evaluate the Agreements, as applicable, with respect to the Fund. The Board reviewed and discussed the Advisers' Section 15(c) response 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 provided at the Meeting concerning the Agreements. Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Advisers. The Board, including separately the Independent Trustees, met in executive sessions at which no representatives of management were present to consider the approval of the Agreements with respect to the Fund. The Board also took into account information reviewed by it at its meeting held on March 21-22, 2024 (the "March 2024 Meeting") that was relevant to its consideration of the Agreements, including certain performance, advisory fee and other expense information and discussions with the Fund's portfolio manager, as well as such additional information it deemed relevant and appropriate in its judgment. The Board noted that the information received and considered by the Board was both written and oral. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved (i) the Interim Advisory Agreement to remain in effect from the date of the closing of the Transaction until the earlier of (a) 150 days from the date of the termination of the Current Advisory Agreement or (b) the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund; and (ii) the New Advisory Agreement for an initial two-year period from the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund.

In determining whether to approve 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 with respect to the Fund was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the 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 independent counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the Agreements is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board's conclusions may be based in part on its consideration of the Fund's advisory arrangements at the March 2024 Meeting and on the Board's ongoing regular review of Fund performance and operations throughout the year.

**Additional Information (Unaudited) (continued)**

**Nature, Extent and Quality of Services**

The Board considered information regarding the nature, extent and quality of services proposed to be provided to the Fund by the New Adviser. The Board considered, among other things, the terms of the Agreements and the range of services proposed to be performed by the New Adviser. The Board noted that the services to be provided include but are not limited to, providing a continuous investment program for the Fund, adhering to the Fund's investment restrictions, complying with the Trust's policies and procedures, and voting proxies on behalf of the Fund. The Board also considered the New Adviser's reputation, organizational structure, resources and overall financial strength, including economic and other support provided by affiliates of the New Adviser, as applicable.

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

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

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the New Adviser, taken as a whole, are appropriate and consistent with the terms of the Agreements. In addition, the Board concluded that the Fund was likely to benefit from services to be provided under the Agreements.

With respect to the Interim Advisory Agreement, the Board also determined that the scope and quality of the services to be provided to the Fund under the Interim Advisory Agreement is at least equivalent to the scope and quality of services provided under the current Investment Advisory Agreement with Fort Pitt Capital.

**Fund Performance**

The Board reviewed the performance of the Fund for periods ended June 30, 2024 presented in the Board meeting materials. The Board considered various data and materials provided to the Board by the Advisers concerning Fund performance, including a comparison of the investment performance of the Fund to its benchmark index, as well as comparative fee information provided by Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the "Broadridge Report"), comparing the investment performance of the Fund to a universe of peer funds.

**Additional Information (Unaudited) (continued)**

The Board received information at the March 2024 Meeting, including the Advisers' discussion of the Fund's performance and took into account factors contributing to the performance of the Fund relative to its benchmark and universe for the relevant period. The Board also took into account factors including general market conditions; the "style" in which the Fund is managed; issuer-specific information; and fund cash flows. The Board considered that the same portfolio manager would continue to be responsible for the day-to-day management of the Fund's portfolio.

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

**Advisory Fees and Expenses**

The Board reviewed and considered the advisory fee rate of the Fund that is being paid to the Current Adviser and the Fund's total net expense ratio. The Board considered that the advisory fee for the Fund would not change under the proposed Agreements with the New Adviser.

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

The Board also took into account that the Current Adviser had contractually agreed to limit the annual expense ratio for the Fund to no more than 1.00%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board also noted that the New Adviser would continue such Expense Cap for the Fund.

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

**Profitability**

The Board received and considered information concerning the Current Adviser's costs of managing the Fund and the New Adviser's estimated profitability with respect to its provision of services to the Fund. Based on its review, the Board determined that the potential profits that the New Adviser may receive from services to be provided to the Fund, if any, were not excessive.

**Economies of Scale**

The Board considered the potential for the New Adviser to experience economies of scale in the provision of advisory services to the Fund as the Fund grow. The Board also considered that the New Adviser may share potential economies of scale from its advisory business in a variety of ways, including through services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. In addition, the Board took into account management's discussion of the Fund's fee structure. The Board also considered that, if the Fund's assets increase over time, the Fund may realize other economies of scale.

**Additional Information (Unaudited) (continued)**

The Board concluded that the New Adviser's proposed arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

**"Fall-Out" Benefits**

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

Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by the New Adviser 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 independent counsel, the Board, including the Independent Trustees acting separately, concluded that the approval of the Agreements with respect to the Fund was in the best interest of the Fund and its shareholders.

***FORT PITT CAPITAL TOTAL RETURN FUND***

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

***INVESTMENT ADVISER***

Kovitz Investment Group, LLC

71 South Wacker Drive, Suite 1860

Chicago, IL 60606

***DISTRIBUTOR***

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

***CUSTODIAN***

U.S. Bank N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

***TRANSFER AGENT***

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

***INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM***

Cohen & Company

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

***LEGAL COUNSEL***

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

This report has been prepared for shareholders and may be

distributed to others only if preceded or accompanied by a current prospectus.

The Fund's Proxy Voting Policies and Procedures are available without charge upon

request by calling 1-866-688-8775. Information regarding how the Fund voted proxies

relating to portfolio securities during the 12-month period ended June 30 is available on the Fund's

website at fortpittcapitalfunds.com; by calling 1-866-688-8775; and on the SEC's website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of

each fiscal year on Part F of Form N-PORT. The Fund's Form N-PORT is available on

Fund's website at fortpittcapitalfunds.com; and on the SEC's website at www.sec.gov.

Information included in the Fund's Form N-PORT is also available, upon request, by calling 1-866-688-8775.

![(LOGO)](img_002.jpg)

---

| |
|:---|
| ***SEMI-ANNUAL FINANCIAL STATEMENTS AND***<br> ***ADDITIONAL INFORMATION*** |
| **NORTH SQUARE SELECT SMALL CAP FUND**<br> **(formerly, North Square Advisory Research Small Cap Value Fund)**<br> **NORTH SQUARE ALTRINSIC INTERNATIONAL EQUITY FUND**<br> **NORTH SQUARE MCKEE BOND FUND**<br> **NORTH SQUARE STRATEGIC INCOME FUND**<br> **NORTH SQUARE SMALL CAP VALUE FUND**<br> **April 30, 2025** |

---

---

| | |
|:---|:---|
| ![(LOGO)](img_003.jpg) | North Square Investments \| www.northsquareinvest.com |

---

**North Square Funds**

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 35 |
| Statements of Operations | 37 |
| Statements of Changes in Net Assets | 38 |
| Financial Highlights | 42 |
| Notes to Financial Statements | 50 |
| Additional Information | 65 |

---

*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 Select Small Cap Fund**

**SCHEDULE OF INVESTMENTS**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **CONSUMER DISCRETIONARY — 22.8%** |  |
|  | **AUTOMOTIVE — 5.8%** |  |
| 8915 | Miller Industries, Inc. | $363821 |
| 23025 | Phinia, Inc. | 924454 |
|  |  | 1288275 |
|  | **HOME CONSTRUCTION — 1.5%** |  |
| 3832 | Skyline Champion Corp.<sup>(a)</sup> | 331468 |
|  | **LEISURE FACILITIES & SERVICES — 7.2%** |  |
| 6840 | Monarch Casino & Resort, Inc. | 534820 |
| 36957 | OneSpaWorld Holdings Ltd. | 617181 |
| 3190 | Vail Resorts, Inc. | 444048 |
|  |  | 1596049 |
|  | **RETAIL - DISCRETIONARY — 1.9%** |  |
| 1940 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 423192 |
|  | **SPECIALTY RETAIL — 3.3%** |  |
| 21185 | Valvoline, Inc.<sup>(a)</sup> | 725798 |
|  | **WHOLESALE - DISCRETIONARY — 3.2%** |  |
| 39017 | Openlane, Inc.<sup>(a)</sup> | 722205 |
|  | **TOTAL CONSUMER DISCRETIONARY** | **5086987** |
|  | **CONSUMER STAPLES — 4.1%** |  |
|  | **WHOLESALE - CONSUMER STAPLES — 4.1%** |  |
| 11322 | Performance Food Group Co.<sup>(a)</sup> | 913233 |
|  | **TOTAL CONSUMER STAPLES** | **913233** |
|  | **FINANCIALS — 19.0%** |  |
|  | **BANKING — 16.9%** |  |
| 22055 | First Merchants Corp. | 786040 |
| 8887 | Nicolet Bankshares, Inc.<sup>(a)</sup> | 1038090 |
| 7788 | SouthState Corp. | 675843 |
| 7330 | Stock Yards Bancorp, Inc. | 533551 |
| 15596 | Webster Financial Corp. | 737691 |
|  |  | 3771215 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.1%** |  |
| 10180 | Jefferies Financial Group, Inc. | 475711 |
|  | **TOTAL FINANCIALS** | **4246926** |
|  | **HEALTH CARE — 2.9%** |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.9%** |  |
| 7445 | HealthEquity, Inc.<sup>(a)</sup> | 638185 |
|  | **TOTAL HEALTH CARE** | **638185** |

---

*See accompanying Notes to Financial Statements.*

**North Square Select Small Cap Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS — 25.2%** |  |
|  | **COMMERCIAL SUPPORT SERVICES — 8.8%** |  |
| 24305 | Distribution Solutions Group, Inc.<sup>(a)</sup> | $632902 |
| 156468 | Emerald Holding, Inc.<sup>(a)</sup> | 614919 |
| 24644 | Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 721822 |
|  |  | 1969643 |
|  | **ELECTRICAL EQUIPMENT — 5.4%** |  |
| 18455 | Bel Fuse, Inc., Class B | 1213785 |
|  | **ENGINEERING & CONSTRUCTION — 3.4%** |  |
| 9440 | Arcosa, Inc. | 755861 |
|  | **MACHINERY — 4.6%** |  |
| 9740 | JBT Marel Corp. | 1025232 |
|  | **TRANSPORTATION EQUIPMENT — 3.0%** |  |
| 20395 | REV Group, Inc. | 666917 |
|  | **TOTAL INDUSTRIALS** | **5631438** |
|  | **MATERIALS — 8.8%** |  |
|  | **CONSTRUCTION MATERIALS — 4.0%** |  |
| 3900 | Eagle Materials, Inc. | 882921 |
|  | **CONTAINERS & PACKAGING — 4.9%** |  |
| 44956 | TriMas Corp.<sup>(a)</sup> | 1081192 |
|  | **TOTAL MATERIALS** | **1964113** |
|  | **REAL ESTATE — 3.4%** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 3.4%** |  |
| 31261 | Legacy Housing Corp.<sup>(a)</sup> | 760424 |
|  | **TOTAL REAL ESTATE** | **760424** |
|  | **TECHNOLOGY — 13.0%** |  |
|  | **SOFTWARE — 8.1%** |  |
| 17705 | Alkami Technology, Inc.<sup>(a)</sup> | 472546 |
| 1990 | Daily Journal Corp.<sup>(a)</sup> | 754171 |
| 25227 | nCino, Inc.<sup>(a)</sup> | 585266 |
|  |  | 1811983 |
|  | **TECHNOLOGY HARDWARE — 3.1%** |  |
| 79535 | Pitney Bowes, Inc. | 690364 |

---

*See accompanying Notes to Financial Statements.*

**North Square Select Small Cap Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY SERVICES — 1.7%** |  |
| 9555 | Cass Information Systems, Inc. | $389271 |
|  | **TOTAL TECHNOLOGY** | **2891618** |
|  | **TOTAL COMMON STOCKS** (Cost $20,719,341) | **22132924** |
|  | **SHORT-TERM INVESTMENTS — 1.3%** |  |
| 289455 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(b)</sup> | 289455 |
|  | **TOTAL SHORT-TERM INVESTMENTS** (Cost $289,455) | **289455** |
|  | **TOTAL INVESTMENTS — 100.44%** (Cost $21,008,796) | $**22422379** |
|  | Liabilities in Excess of Other Assets — (0.44)% | (97551) |
|  | **NET ASSETS — 100.00%** | $**22324828** |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

*See accompanying Notes to Financial Statements.*

**North Square Altrinsic International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.7%** |  |
|  | **Belgium — 1.9%** |  |
| 21204 | KBC Group N.V. | $1956811 |
|  | **Bermuda — 4.9%** |  |
| 17214 | AXIS Capital Holdings Ltd. | 1658052 |
| 9620 | Everest Re Group, Ltd. | 3451945 |
|  |  | 5109997 |
|  | **Brazil — 0.6%** |  |
| 278381 | B3 SA - Brasil Bolsa Balcao | 653900 |
|  | **Canada — 1.2%** |  |
| 10895 | Agnico Eagle Mines Ltd. | 1281034 |
|  | **Cayman Islands — 3.5%** |  |
| 94116 | Alibaba Group Holding Ltd. | 1405143 |
| 76610 | Baidu, Inc., Class A<sup>(a)</sup> | 844772 |
| 771352 | Sands China Ltd.<sup>(a)</sup> | 1381440 |
|  |  | 3631355 |
|  | **France — 12.9%** |  |
| 74005 | Bureau Veritas SA | 2351088 |
| 9598 | Capgemini SE | 1533610 |
| 16125 | Cia Generale de Establissements Michelin SCA | 590110 |
| 19017 | Danone | 1637698 |
| 12048 | Pernod Ricard SA | 1307028 |
| 24217 | Sanofi | 2651333 |
| 37401 | SCOR SE | 1179450 |
| 38490 | TotalEnergies SE | 2194018 |
|  |  | 13444335 |
|  | **Germany — 10.0%** |  |
| 6350 | Adidas AG | 1462290 |
| 12003 | Bayerische Motoren Werke AG | 1018906 |
| 7862 | BioNTech SE - ADR<sup>(a)</sup> | 818827 |
| 35991 | Daimler Truck Holding AG | 1447188 |
| 6133 | Deutsche Boerse AG | 1977035 |
| 35847 | DHL Group | 1532938 |
| 11620 | Henkel AG & Co. KGaA | 903230 |
| 5253 | Siemens AG | 1210563 |
|  |  | 10370977 |
|  | **India — 2.0%** |  |
| 28561 | HDFC Bank Ltd. - ADR | 2076099 |
|  | **Ireland — 7.2%** |  |
| 124221 | Bank of Ireland Group PLC | 1459742 |
| 8672 | CRH PLC | 827482 |
| 12351 | Kerry Group PLC, Class A | 1308580 |

---

*See accompanying Notes to Financial Statements.*

**North Square Altrinsic International Equity Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **Ireland (Continued)** |  |
| 24610 | Medtronic PLC | $2085944 |
| 5884 | Willis Towers Watson PLC | 1811095 |
|  |  | 7492843 |
|  | **Israel — 0.9%** |  |
| 4472 | Check Point Software Technologies Ltd.<sup>(a)</sup> | 981872 |
|  | **Japan — 14.1%** |  |
| 14836 | Daito Trust Construction Co., Ltd. | 1652490 |
| 138096 | Kubota Corp. | 1605403 |
| 60928 | MinebeaMitsumi, Inc. | 893337 |
| 60341 | Murata Manufacturing Co. Ltd. | 860013 |
| 3611 | SMC Corp. | 1169158 |
| 36410 | Sompo Holdings, Inc. | 1193697 |
| 94976 | Sony Group Corp. | 2506784 |
| 84040 | Sumitomo Mitsui Trust Holdings, Inc. | 2079916 |
| 183073 | Suzuki Motor Corp. | 2194806 |
| 70977 | Yamaha Motor Co. Ltd. | 557669 |
|  |  | 14713273 |
|  | **Korea (Republic Of) — 4.9%** |  |
| 29356 | Hana Financial Group, Inc. | 1329652 |
| 35041 | KB Financial Group, Inc. | 2211809 |
| 1556 | Samsung Electronics Co. Ltd. - ADR | 1515138 |
|  |  | 5056599 |
|  | **Mexico — 4.0%** |  |
| 9496 | Fomento Economico Mexicano, SAB de CV - ADR | 1000024 |
| 180860 | Grupo Financiero Banorte SAB de CV | 1550814 |
| 497615 | Wal-Mart de Mexico SAB de CV | 1576576 |
|  |  | 4127414 |
|  | **Netherlands — 6.0%** |  |
| 24378 | Akzo Nobel N.V. | 1540366 |
| 4656 | Euronext N.V. | 778881 |
| 27453 | Heineken N.V. | 2459492 |
| 56487 | Koninklijke Philips N.V. | 1434816 |
|  |  | 6213555 |
|  | **Peru — 0.7%** |  |
| 3524 | Credicorp Ltd. | 712518 |
|  | **Singapore — 0.5%** |  |
| 46297 | Singapore Exchange Ltd. | 509346 |
|  | **Spain — 1.3%** |  |
| 117073 | Bankinter SA | 1364904 |

---

*See accompanying Notes to Financial Statements.*

**North Square Altrinsic International Equity Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **Sweden — 0.5%** |  |
| 25556 | Sandvik AB<sup>(a)</sup> | $527634 |
|  | **Switzerland — 7.9%** |  |
| 13097 | Chubb Ltd. | 3746790 |
| 13666 | Nestle S.A. | 1454679 |
| 2096 | Roche Holding AG | 685414 |
| 12734 | Sandoz Group AG | 552373 |
| 2476 | Zurich Insurance Group AG | 1756282 |
|  |  | 8195538 |
|  | **United Kingdom — 10.8%** |  |
| 20908 | Admiral Group PLC | 909420 |
| 6943 | Aon PLC, Class A | 2463306 |
| 37199 | BP PLC - ADR | 1021485 |
| 43025 | Diageo PLC | 1208266 |
| 119089 | GSK PLC | 2356109 |
| 114674 | Haleon PLC | 577076 |
| 165935 | Informa PLC | 1621151 |
| 16826 | Intertek Group PLC<sup>(a)</sup> | 1033459 |
|  |  | 11190273 |
|  | **TOTAL COMMON STOCKS** (Cost $85,833,919) | **99610277** |
|  | **PREFERRED STOCKS — 1.6%** |  |
|  | **Brazil — 1.6%** |  |
| 258435 | Itau Unibanco Holdings SA | 1620314 |
|  | **TOTAL PREFERRED STOCKS** (Cost $1,341,600) | **1620314** |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
| 2117176 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(b)</sup> | 2117176 |
|  | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,117,176) | **2117176** |
|  | **TOTAL INVESTMENTS — 99.3%** (Cost $89,292,695) | $**103347767** |
|  | OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 770233 |
|  | **NET ASSETS — 100.0%** | $**104118000** |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

ADR – American Depositary Receipt

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 2.8%** |  |
| 400000 | Aligned Data Centers Issuer LLC, 1.94%, 8/15/46<sup>(a)</sup> | $383782 |
| 11163 | Ally Auto Receivables Trust 2022-2 A3, 4.76%, 5/17/27 | 11175 |
| 785000 | Amur Equipment Finance Receivables X LLC, 2.20%, 1/20/28<sup>(a)</sup> | 779149 |
| 13995 | Carmax Auto Owner Trust 2022-4 A3, 5.34%, 8/15/27 | 14043 |
| 34550 | CarMax Auto Owner Trust 2023-1 A3, 4.75%, 10/15/27 | 34566 |
| 600000 | CarMax Auto Owner Trust 2024-4 A3, 4.60%, 10/15/29 | 605268 |
| 250000 | Dell Equipment Finance Trust 2023-A3, 5.93%, 6/22/26<sup>(a)</sup> | 252033 |
| 5000 | Ford Credit Auto Owner Trust 2024-C, 4.07%, 7/15/29 | 4997 |
| 1487 | GM Financial Automobile Leasing Trust 2023-1 A3, 5.16%, 4/20/26 | 1488 |
| 14000 | GM Financial Consumer Automobile Receivables 2024-2 A3, 5.10%, 3/16/29 | 14152 |
| 278000 | Harley-Davidson Motorcycle Trust 2024-A, 5.37%, 3/15/29 | 281750 |
| 520000 | NextGear Floorplan Master Owner Trust 2019-2a A2, 4.42%, 9/15/27<sup>(a)</sup> | 522998 |
| 61494 | NMEF Funding 2022-B, LLC, 6.07%, 6/01/49<sup>(a)</sup> | 61638 |
| 1050000 | Toyota Auto Receivables 2024-C Owner Trust, 4.88%, 1/18/28<sup>(a)</sup> | 1061759 |
| 526244 | Tricon Residential 2022-SFR2 Trust, 3.86%, 4/19/39<sup>(a)</sup> | 518398 |
| 15000 | UBS Commercial Mortgage Trust 2018-C8 A4, 3.98%, 2/15/51 | 14718 |
| 465000 | Verizon Master Trust, 5.67%, 11/20/26 | 476141 |
| 34740 | World Omni Auto Receivables Trust 2023-B A3, 4.66%, 5/15/28 | 34776 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $5,065,499)** | **5072831** |
|  | **CORPORATE BONDS — 30.5%** |  |
|  | **COMMUNICATIONS — 1.9%** |  |
|  | **CABLE & SATELLITE — 0.3%** |  |
| 812000 | Comcast Corp., 3.25%, 11/01/39 | 628928 |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |
| 765000 | Fox Corp., 6.50%, 10/13/33 | 814102 |
| 769000 | Walt Disney Co. (The), 3.50%, 5/13/40 | 623631 |
|  |  | 1437733 |
|  | **INTERNET MEDIA & SERVICES — 0.1%** |  |
| 218000 | Meta Platforms, Inc., 5.60%, 5/15/53 | 216475 |
|  | **TELECOMMUNICATIONS — 0.7%** |  |
| 108000 | AT&T, Inc., 4.35%, 3/01/29 | 107865 |
| 199000 | AT&T, Inc., 5.40%, 2/15/34 | 203281 |
| 1227000 | Verizon Communications, Inc., 2.65%, 11/20/40 | 863551 |
|  |  | 1174697 |
|  | **CONSUMER DISCRETIONARY — 2.5%** |  |
|  | **AUTOMOTIVE — 2.5%** |  |
| 518000 | American Honda Finance Corp., 2.00%, 3/24/28 | 485253 |
| 1346000 | American Honda Finance Corp., 4.80%, 3/05/30 | 1356987 |
| 1430000 | Ford Motor Co., Class B, 3.25%, 2/12/32 | 1169259 |
| 576000 | General Motors Financial Co., Inc., 5.55%, 7/15/29 | 580517 |
| 156000 | General Motors Financial Co., Inc., 5.35%, 1/07/30 | 156469 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
|  | **AUTOMOTIVE (Continued)** |  |
| 265000 | General Motors Financial Co., Inc., 5.63%, 4/04/32 | $263122 |
| 474000 | Toyota Motor Credit Corp, 5.35%, 1/09/36 | 485821 |
|  |  | 4497428 |
|  | **LEISURE FACILITIES & SERVICES — 0.0%<sup>(b)</sup>** |  |
| 71000 | McDonald's Corp., 3.60%, 7/01/30 | 68416 |
|  | **CONSUMER STAPLES — 2.1%** |  |
|  | **BEVERAGES — 0.9%** |  |
| 426000 | Coca-Cola Co (The), 1.65%, 6/01/30 | 376216 |
| 633000 | Keurig Dr Pepper, Inc., 5.20%, 3/15/31 | 648216 |
| 472000 | PepsiCo, Inc., 5.00%, 2/07/35 | 476925 |
|  |  | 1501357 |
|  | **RETAIL - CONSUMER STAPLES — 0.3%** |  |
| 614000 | Walmart, Inc., 4.90%, 4/28/35 | 622191 |
|  | **TOBACCO & CANNABIS — 0.9%** |  |
| 323000 | Altria Group Inc, 5.63%, 2/06/35 | 326966 |
| 968000 | BAT Capital Corp., 5.35%, 8/15/32 | 974048 |
| 292000 | Philip Morris International, Inc., 5.13%, 2/15/30 | 299665 |
|  |  | 1600679 |
|  | **ENERGY — 2.7%** |  |
|  | **OIL & GAS PRODUCERS — 2.7%** |  |
| 261000 | BP Capital Markets America Inc., 4.89%, 9/11/33 | 256540 |
| 712000 | Chevron Corp., 4.82%, 4/15/32 | 719695 |
| 258000 | ConocoPhillips Co., 5.00%, 1/15/35 | 254069 |
| 831000 | ConocoPhillips Co., 5.30%, 5/15/53 | 752449 |
| 285000 | Energy Transfer LP, 6.40%, 12/01/30 | 303218 |
| 76000 | Enterprise Products Operating LLC, 4.80%, 2/01/49 | 64508 |
| 1314000 | Exxon Mobil Corp., 4.33%, 3/19/50 | 1078194 |
| 204000 | ONEOK Inc., 5.70%, 11/01/54 | 181286 |
| 738000 | Phillips 66 Co., 5.25%, 6/15/31 | 752522 |
| 560000 | TotalEnergies Capital SA, 5.49%, 4/05/54 | 529619 |
|  |  | 4892100 |
|  | **FINANCIALS — 11.6%** |  |
|  | **ASSET MANAGEMENT — 0.4%** |  |
| 356000 | Charles Schwab Corp. (The), 5.64%, 5/19/29 (SOFRRATE + 221bps)<sup>(c)</sup> | 369293 |
| 358243 | United Airlines 2023-1 Class A Pass Through Trust, 5.80%, 7/15/36 | 357871 |
|  |  | 727164 |
|  | **BANKING — 7.0%** |  |
| 1000000 | American Express National Bank, 4.05%, 4/10/28 | 998980 |
| 1594000 | Bank of America Corp., 1.66%, 3/11/27 | 1555479 |
| 301000 | Bank of Montreal, 4.64%, 9/10/30 (SOFRRATE + 125bps)<sup>(c)</sup> | 301595 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | **BANKING (Continued)** |  |
| 417000 | Bank of Nova Scotia (The), 5.13%, 2/14/31 (SOFRRATE + 107bps)<sup>(c)</sup> | $423672 |
| 592000 | Canadian Imperial Bank of Commerce, 5.26%, 4/08/29 | 607734 |
| 676000 | Citigroup, Inc., 5.17%, 2/13/30 (SOFRRATE +136.40bps)<sup>(c)</sup> | 686111 |
| 358000 | Citigroup, Inc., 5.45%, 6/11/35 | 359367 |
| 200000 | HSBC Holdings PLC, 4.58%, 6/19/29<sup>(c)</sup> | 199435 |
| 310000 | HSBC Holdings PLC, 5.13%, 3/03/31<sup>(c)</sup> | 312564 |
| 534000 | JPMorgan Chase & Co., 5.00%, 7/22/30<sup>(c)</sup> | 541911 |
| 813000 | JPMorgan Chase & Co., 5.14%, 1/24/31 (SOFRRATE + 90bps)<sup>(c)</sup> | 830532 |
| 500000 | Morgan Stanley Bank NA, 4.10%, 5/08/28 | 500000 |
| 490000 | Morgan Stanley Private Bank NA, 4.10%, 5/08/28 | 490000 |
| 180000 | PNC Financial Services Group Inc. (The), 6.88%, 10/20/34 (SOFRRATE + 2.284bps)<sup>(c)</sup> | 197938 |
| 1016000 | Royal Bank of Canada, 4.65%, 10/18/30 (SOFRINDX + 108bps)<sup>(c)</sup> | 1014503 |
| 353000 | Toronto-Dominion Bank (The), 4.86%, 1/31/28 | 357997 |
| 226000 | Toronto-Dominion Bank (The), 5.52%, 7/17/28 | 234356 |
| 234000 | Toronto-Dominion Bank (The), 4.99%, 4/05/29 | 238819 |
| 369000 | U.S. Bancorp, 5.68%, 1/23/35 (SOFRRATE +186bps)<sup>(c)</sup> | 376123 |
| 462000 | Wells Fargo & Co., 6.30%, 10/23/29 (SOFRRATE + 179bps)<sup>(c)</sup> | 487695 |
| 480000 | Wells Fargo & Co., 5.61%, 4/23/36 | 487593 |
| 1415000 | Wells Fargo Bank NA, 4.25%, 3/11/27 | 1419355 |
|  |  | 12621759 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.4%** |  |
| 1152000 | Bank of New York Mellon Corp. (The), Series J, 5.06%, 7/22/32 | 1169972 |
| 1243000 | Goldman Sachs Bank USA, 4.30%, 3/11/27 | 1247277 |
| 381000 | Goldman Sachs Bank USA, 5.41%, 5/21/27 (SOFRRATE + 75bps)<sup>(c)</sup> | 384631 |
| 1340000 | Goldman Sachs Group, Inc. (The), 1.43%, 3/09/27 | 1304437 |
| 1508000 | Goldman Sachs Group, Inc. (The), 1.99%, 1/27/32<sup>(c)</sup> | 1285775 |
| 916000 | Morgan Stanley, 1.59%, 5/04/27<sup>(c)</sup> | 889549 |
|  |  | 6281641 |
|  | **SPECIALTY FINANCE — 0.8%** |  |
| 422000 | American Express Co., 5.28%, 7/26/35 (SOFRRATE +142bps)<sup>(c)</sup> | 420926 |
| 314000 | Capital One Financial Corp., 1.88%, 11/02/27 | 301205 |
| 359000 | Capital One Financial Corp., 6.21%, 6/08/29 | 374176 |
| 361000 | Capital One Financial Corp., 5.46%, 7/26/30 (SOFRRATE + 156bps)<sup>(c)</sup> | 367003 |
|  |  | 1463310 |
|  | **HEALTH CARE — 0.9%** |  |
|  | **BIOTECH & PHARMA — 0.2%** |  |
| 420000 | Eli Lilly & Co., 5.00%, 2/09/54 | 390437 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.7%** |  |
| 226000 | Cigna Group (The), 5.00%, 5/15/29 | 230556 |
| 229000 | UnitedHealth Group, Inc., 5.30%, 2/15/30 | 237799 |
| 527000 | UnitedHealth Group, Inc., 4.50%, 4/15/33 | 510087 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES (Continued)** |  |
| 198000 | UnitedHealth Group, Inc., 5.38%, 4/15/54 | $183873 |
|  |  | 1162315 |
|  | **INDUSTRIALS — 2.8%** |  |
|  | **AEROSPACE & DEFENSE — 0.5%** |  |
| 324000 | Boeing Co. (The), 5.15%, 5/01/30 | 327218 |
| 446000 | Lockheed Martin Corp., 4.70%, 5/15/46 | 394770 |
| 197000 | Northrop Grumman Corp., 3.25%, 1/15/28 | 191729 |
|  |  | 913717 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |
| 198000 | Waste Management, Inc., 4.95%, 3/15/35 | 197253 |
|  | **DIVERSIFIED INDUSTRIALS — 0.8%** |  |
| 615000 | 3M Co., 5.15%, 3/15/35 | 611524 |
| 1003000 | Honeywell International, Inc., 4.75%, 2/01/32 | 1003857 |
|  |  | 1615381 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |
| 299000 | Johnson Controls International PLC, 5.50%, 4/19/29 | 309623 |
|  | **MACHINERY — 0.3%** |  |
| 478000 | John Deere Capital Corp., 5.10%, 4/11/34 | 484679 |
|  | **TRANSPORTATION & LOGISTICS — 0.9%** |  |
| 487147 | BNSF Railway Co. 2015-1 Pass Through Trust, 3.44%, 6/16/28<sup>(a)</sup> | 470391 |
| 1097000 | Burlington Northern Santa Fe LLC, 4.55%, 9/01/44 | 963210 |
| 4000 | Canadian Pacific Railway Co., 2.05%, 3/05/30 | 3573 |
| 10099 | Union Pacific Railroad Co. 2005 Pass Through Trust, 5.08%, 1/02/29 | 10193 |
| 164001 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.23%, 5/14/26 | 161926 |
|  |  | 1609293 |
|  | **MATERIALS — 0.1%** |  |
|  | **CHEMICALS — 0.1%** |  |
| 92000 | Dow Chemical Co. (The), 5.35%, 3/15/35 | 89473 |
|  | **REAL ESTATE — 0.2%** |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.2%** |  |
| 449000 | American Tower Corp., 3.80%, 8/15/29 | 434288 |
|  | **TECHNOLOGY — 2.0%** |  |
|  | **SEMICONDUCTORS — 0.4%** |  |
| 303000 | Broadcom, Inc., 4.35%, 2/15/30 | 299437 |
| 147000 | Intel Corp., 5.70%, 2/10/53 | 131068 |
| 161000 | Micron Technology, Inc., 6.05%, 11/01/35 | 163315 |
|  |  | 593820 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | **SOFTWARE — 0.7%** |  |
| 347000 | Oracle Corp., 2.30%, 3/25/28 | $328268 |
| 276000 | Oracle Corp., 5.25%, 2/03/32 | 279949 |
| 723000 | Oracle Corp., 3.60%, 4/01/40 | 563964 |
|  |  | 1172181 |
|  | **TECHNOLOGY HARDWARE — 0.5%** |  |
| 632000 | Apple, Inc., 2.95%, 9/11/49 | 422910 |
| 413000 | Cisco Systems, Inc., 4.95%, 2/26/31 | 425108 |
| 256000 | Dell International LLC / EMC Corp., 5.50%, 4/01/35 | 251474 |
|  |  | 1099492 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |
| 700000 | International Business Machines Corp., 4.15%, 5/15/39 | 607733 |
| 250000 | International Business Machines Corp., 1.70%, 10/01/52 | 238111 |
|  |  | 845844 |
|  | **UTILITIES — 3.7%** |  |
|  | **ELECTRIC UTILITIES — 3.7%** |  |
| 494000 | Alabama Power Co., 3.45%, 10/01/49 | 345896 |
| 129000 | Berkshire Hathaway Energy Co., 3.70%, 7/15/30 | 124771 |
| 103000 | Consolidated Edison Company of New York, Inc., 5.70%, 5/15/54 | 101272 |
| 723000 | Dominion Energy, Inc., 5.45%, 3/15/35 | 719870 |
| 1695000 | Duke Energy Carolinas LLC, 5.30%, 2/15/40 | 1671329 |
| 342000 | Entergy Corp., 1.90%, 6/15/28 | 318188 |
| 313000 | Florida Power & Light Co, 5.30%, 6/15/34 | 321218 |
| 472000 | Florida Power & Light Co., 5.30%, 4/01/53 | 450428 |
| 1661000 | MidAmerican Energy Co., 4.25%, 7/15/49 | 1335586 |
| 136000 | NextEra Energy Capital Holdings, Inc., 2.25%, 6/01/30 | 121118 |
| 338000 | Pacific Gas and Electric Co., 4.55%, 7/01/30 | 328053 |
| 862000 | Virginia Electric and Power Co., 5.45%, 4/01/53 | 806567 |
|  |  | 6644296 |
|  | **TOTAL CORPORATE BONDS** (Cost $55,449,069) | **55295970** |
|  | **MORTGAGE-BACKED SECURITIES — 44.9%** |  |
| 10000 | BBCMS Mortgage Trust 2017-C1 A4, Series C1, 3.67%, 2/15/50 | 9798 |
| 86434 | BBCMS Mortgage Trust 2022-C14, 1.73%, 2/18/55 | 83996 |
| 49919 | Ellington Financial Mortgage Trust 2020-01, 2.01%, 5/25/65<sup>(a)</sup> | 49304 |
| 599967 | EQUS 2021-EQAZ Mortgage Trust, 5.34%, 10/15/36 (1MO SOFR + 75.48bps)<sup>(a)(c)</sup> | 597253 |
| 268319 | Fannie Mae Pool, 4.00%, 5/15/27 | 253237 |
| 17483 | Fannie Mae Pool, 5.00%, 11/01/29 | 17713 |
| 53851 | Fannie Mae Pool, 4.50%, 5/01/31 | 54415 |
| 25183 | Fannie Mae Pool, 4.50%, 1/01/32 | 25300 |
| 191377 | Fannie Mae Pool, 3.00%, 5/01/33 | 183710 |
| 49871 | Fannie Mae Pool, 4.50%, 5/01/34 | 50220 |
| 65140 | Fannie Mae Pool, 4.00%, 6/01/34 | 64723 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 3733 | Fannie Mae Pool, 3.50%, 5/01/35 | $3622 |
| 19787 | Fannie Mae Pool, 1.50%, 10/01/36 | 17556 |
| 17444 | Fannie Mae Pool, 2.50%, 4/01/37 | 16187 |
| 89015 | Fannie Mae Pool, 3.50%, 10/13/37 | 82278 |
| 75116 | Fannie Mae Pool, 3.50%, 12/01/37 | 73487 |
| 73254 | Fannie Mae Pool, 4.00%, 6/01/38 | 72949 |
| 6413 | Fannie Mae Pool, 4.00%, 3/01/39 | 6218 |
| 266763 | Fannie Mae Pool, 3.00%, 1/01/40 | 249392 |
| 45740 | Fannie Mae Pool, 4.50%, 7/01/40 | 44881 |
| 2893 | Fannie Mae Pool, 4.00%, 9/01/40 | 2797 |
| 58327 | Fannie Mae Pool, 4.00%, 9/01/40 | 56498 |
| 173750 | Fannie Mae Pool, 2.50%, 10/01/40 | 156580 |
| 249062 | Fannie Mae Pool, 3.00%, 10/01/40 | 231915 |
| 223564 | Fannie Mae Pool, 2.00%, 11/01/40 | 193249 |
| 160414 | Fannie Mae Pool, 2.00%, 1/01/41 | 138410 |
| 4528 | Fannie Mae Pool, 4.00%, 1/01/41 | 4376 |
| 41128 | Fannie Mae Pool, 4.00%, 1/01/41 | 39745 |
| 21917 | Fannie Mae Pool, 4.00%, 1/01/41 | 21180 |
| 340547 | Fannie Mae Pool, 2.50%, 2/01/41 | 301310 |
| 310361 | Fannie Mae Pool, 1.50%, 3/01/41 | 257772 |
| 192598 | Fannie Mae Pool, 2.50%, 3/01/41 | 170406 |
| 7698 | Fannie Mae Pool, 3.00%, 5/01/41 | 7022 |
| 17702 | Fannie Mae Pool, 2.00%, 7/01/41 | 15215 |
| 401504 | Fannie Mae Pool, 2.50%, 9/01/41 | 354409 |
| 451232 | Fannie Mae Pool, 2.50%, 10/01/41 | 399699 |
| 8180 | Fannie Mae Pool, 4.00%, 10/01/41 | 7905 |
| 251963 | Fannie Mae Pool, 2.50%, 11/01/41 | 222340 |
| 966081 | Fannie Mae Pool, 2.00%, 8/01/42 | 828399 |
| 16140 | Fannie Mae Pool, 3.00%, 9/01/42 | 14731 |
| 293357 | Fannie Mae Pool, 3.50%, 9/01/42 | 273468 |
| 162845 | Fannie Mae Pool, 3.50%, 1/01/44 | 151701 |
| 7755 | Fannie Mae Pool, 4.00%, 3/01/45 | 7387 |
| 27269 | Fannie Mae Pool, 3.50%, 12/01/45 | 25197 |
| 78704 | Fannie Mae Pool, 3.00%, 4/01/46 | 70080 |
| 153560 | Fannie Mae Pool, 2.50%, 5/01/46 | 130047 |
| 75664 | Fannie Mae Pool, 3.50%, 6/01/46 | 69843 |
| 2499 | Fannie Mae Pool, 4.00%, 7/01/46 | 2368 |
| 61716 | Fannie Mae Pool, 3.00%, 10/01/46 | 54854 |
| 52032 | Fannie Mae Pool, 4.00%, 10/01/46 | 50167 |
| 64089 | Fannie Mae Pool, 3.00%, 11/01/46 | 58162 |
| 19045 | Fannie Mae Pool, 3.00%, 11/01/46 | 16927 |
| 187645 | Fannie Mae Pool, 5.00%, 11/01/46 | 189315 |
| 149706 | Fannie Mae Pool, 3.00%, 2/01/47 | 132930 |
| 2876 | Fannie Mae Pool, 4.50%, 3/01/47 | 2788 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 879860 | Fannie Mae Pool, 4.50%, 4/01/47 | $875700 |
| 3834 | Fannie Mae Pool, 3.50%, 5/01/47 | 3519 |
| 5673 | Fannie Mae Pool, 3.50%, 5/01/47 | 5247 |
| 249043 | Fannie Mae Pool, 2.50%, 12/01/47 | 213192 |
| 40113 | Fannie Mae Pool, 3.50%, 3/01/48 | 36767 |
| 163835 | Fannie Mae Pool, 2.50%, 4/01/48 | 140090 |
| 91604 | Fannie Mae Pool, 3.00%, 4/01/48 | 81119 |
| 233491 | Fannie Mae Pool, 3.50%, 8/01/48 | 213502 |
| 92239 | Fannie Mae Pool, 3.50%, 11/01/48 | 84498 |
| 6619 | Fannie Mae Pool, 4.50%, 11/01/48 | 6443 |
| 109097 | Fannie Mae Pool, 3.00%, 12/01/48 | 96848 |
| 14290 | Fannie Mae Pool, 3.50%, 2/01/49 | 13069 |
| 18729 | Fannie Mae Pool, 3.50%, 6/01/49 | 17203 |
| 18751 | Fannie Mae Pool, 2.50%, 7/01/49 | 16003 |
| 407542 | Fannie Mae Pool, 3.50%, 9/01/49 | 364403 |
| 79385 | Fannie Mae Pool, 3.00%, 12/01/49 | 69870 |
| 17451 | Fannie Mae Pool, 3.00%, 2/01/50 | 15491 |
| 17719 | Fannie Mae Pool, 3.00%, 2/01/50 | 15607 |
| 241793 | Fannie Mae Pool, 2.50%, 5/01/50 | 197837 |
| 38890 | Fannie Mae Pool, 2.50%, 6/01/50 | 32703 |
| 1142238 | Fannie Mae Pool, 2.50%, 6/01/50 | 963152 |
| 18709 | Fannie Mae Pool, 3.00%, 6/01/50 | 16399 |
| 218208 | Fannie Mae Pool, 5.00%, 6/01/50 | 217374 |
| 121771 | Fannie Mae Pool, 2.50%, 10/01/50 | 102872 |
| 17311 | Fannie Mae Pool, 2.00%, 1/01/51 | 13909 |
| 1360940 | Fannie Mae Pool, 4.50%, 1/01/51 | 1321078 |
| 367616 | Fannie Mae Pool, 2.50%, 2/01/51 | 308392 |
| 324994 | Fannie Mae Pool, 2.50%, 2/01/51 | 274421 |
| 263580 | Fannie Mae Pool, 2.00%, 3/01/51 | 213019 |
| 21301 | Fannie Mae Pool, 2.50%, 3/01/51 | 17798 |
| 25037 | Fannie Mae Pool, 2.00%, 5/01/51 | 20009 |
| 24096 | Fannie Mae Pool, 2.50%, 5/01/51 | 20138 |
| 646621 | Fannie Mae Pool, 2.50%, 6/01/51 | 543288 |
| 352688 | Fannie Mae Pool, 2.50%, 6/01/51 | 296389 |
| 1141584 | Fannie Mae Pool, 2.50%, 7/01/51 | 962802 |
| 673557 | Fannie Mae Pool, 2.50%, 8/01/51 | 567916 |
| 26250 | Fannie Mae Pool, 2.50%, 10/01/51 | 21908 |
| 242049 | Fannie Mae Pool, 2.50%, 10/01/51 | 201971 |
| 27755 | Fannie Mae Pool, 3.00%, 11/01/51 | 24263 |
| 25542 | Fannie Mae Pool, 3.00%, 12/01/51 | 22195 |
| 246910 | Fannie Mae Pool, 2.00%, 1/01/52 | 198810 |
| 244626 | Fannie Mae Pool, 3.00%, 1/01/52 | 212588 |
| 284396 | Fannie Mae Pool, 3.50%, 1/01/52 | 257616 |
| 432469 | Fannie Mae Pool, 2.00%, 2/01/52 | 352588 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 528578 | Fannie Mae Pool, 2.00%, 2/01/52 | $424748 |
| 351399 | Fannie Mae Pool, 3.00%, 2/01/52 | 307763 |
| 314934 | Fannie Mae Pool, 3.50%, 2/01/52 | 283776 |
| 39396 | Fannie Mae Pool, 2.00%, 3/01/52 | 31739 |
| 23377 | Fannie Mae Pool, 5.00%, 9/01/52 | 22942 |
| 414675 | Fannie Mae Pool, 5.00%, 11/01/52 | 408150 |
| 2510725 | Fannie Mae Pool, 5.00%, 12/01/52 | 2469437 |
| 286479 | Fannie Mae Pool, 6.50%, 1/01/53 | 297679 |
| 581445 | Fannie Mae Pool, 4.50%, 4/01/53 | 556150 |
| 546795 | Fannie Mae Pool, 4.00%, 7/01/53 | 512946 |
| 375513 | Fannie Mae Pool, 6.00%, 9/01/53 | 385382 |
| 493935 | Fannie Mae Pool, 5.50%, 3/01/54 | 496168 |
| 27289 | Fannie Mae Pool, 5.50%, 8/01/54 | 27369 |
| 370668 | Fannie Mae Pool, 4.50%, 11/01/54 | 356551 |
| 1405184 | Fannie Mae Pool, 6.00%, 3/01/55 | 1432734 |
| 56436 | Fannie Mae Pool, 4.50%, 4/01/56 | 54463 |
| 145567 | Fannie Mae Pool, 4.00%, 7/01/56 | 136198 |
| 294819 | Fannie Mae Pool, 4.50%, 8/01/56 | 284512 |
| 395574 | Fannie Mae Pool, 5.50%, 9/01/56 | 408568 |
| 7447 | Fannie Mae REMICS, Series 145, 1.25%, 1/25/28 | 7213 |
| 1998 | Fannie Mae REMICS, Series 34, 5.50%, 1/25/32 | 2006 |
| 67762 | Fannie Mae REMICS, 4.00%, 4/25/33 | 67578 |
| 2493 | Fannie Mae REMICS, 5.00%, 8/25/35 | 2540 |
| 228000 | Fannie Mae REMICS, 3.50%, 10/25/37 | 223177 |
| 28573 | Fannie Mae REMICS, 2.00%, 12/25/41 | 26662 |
| 96644 | Fannie Mae REMICS, 3.50%, 2/25/43 | 92052 |
| 272646 | Fannie Mae REMICS, 3.00%, 6/25/43 | 268268 |
| 618 | Fannie Mae REMICS, 3.50%, 8/25/43 | 616 |
| 465116 | Fannie Mae REMICS, Series 9, 5.50%, 6/25/44 | 470755 |
| 88783 | Fannie Mae REMICS, 2.00%, 10/25/44 | 81213 |
| 976072 | Fannie Mae REMICS, Series W1, 6.00%, 10/25/44 | 1019349 |
| 44595 | Fannie Mae REMICS, 3.00%, 4/25/45 | 42576 |
| 65333 | Fannie Mae REMICS, 3.50%, 9/25/48 | 62993 |
| 40146 | Fannie Mae REMICS, Series 75, 5.50%, 1/25/49 | 41079 |
| 5043 | Fannie Mae REMICS, Series 39, 3.00%, 2/25/49 | 4670 |
| 53365 | Fannie Mae REMICS, 3.00%, 7/25/49 | 47652 |
| 156801 | Fannie Mae REMICS, 2.00%, 3/25/50 | 131472 |
| 530944 | Fannie Mae REMICS, Series 48, 2.00%, 7/25/50 | 447088 |
| 9484 | Fannie Mae REMICS, Series 3, 1.00%, 2/25/51 | 7231 |
| 389606 | Fannie Mae REMICS, Series 11, 5.00%, 2/25/51 | 390295 |
| 469991 | Fannie Mae REMICS, 5.00%, 7/25/51 | 473997 |
| 357708 | Fannie Mae REMICS, 5.00%, 1/25/53 | 356272 |
| 130906 | Fannie Mae REMICS, 3.50%, 6/25/53 | 126997 |
| 9954 | Fannie Mae Trust 2003-W8, 4.82%, 5/25/42 (1MO SOFR + 35bps)<sup>(c)</sup> | 9927 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 810000 | Federal Farm Credit Banks Funding Corp., 4.70%, 3/05/29 | $812457 |
| 833000 | Federal Farm Credit Banks Funding Corp., 4.97%, 1/15/30 | 834176 |
| 851000 | Federal Farm Credit Banks Funding Corp., 1.79%, 7/21/31 | 742133 |
| 852000 | Federal Farm Credit Banks Funding Corp., 4.94%, 3/03/33 | 862121 |
| 1906000 | Federal Farm Credit Banks Funding Corp., 5.09%, 3/11/33 | 1908975 |
| 1658000 | Federal Farm Credit Banks Funding Corp., 5.11%, 3/25/33 | 1661473 |
| 500000 | Federal Farm Credit Banks Funding Corp., 4.72%, 4/14/33 | 503773 |
| 309000 | Federal Farm Credit Banks Funding Corp., 5.25%, 3/03/34 | 309838 |
| 850000 | Federal Home Loan Banks, 4.84%, 3/06/30 | 848757 |
| 1750000 | Federal Home Loan Banks, 4.54%, 4/17/30 | 1750972 |
| 805000 | Federal Home Loan Banks, 5.19%, 2/25/32 | 806841 |
| 1760000 | Federal Home Loan Banks, 5.38%, 4/09/35 | 1762906 |
| 2450000 | Federal National Mortgage Association, 1.60%, 8/24/35 | 1833313 |
| 2534000 | Federal National Mortgage Association, 1.63%, 9/14/35 | 1910331 |
| 40263 | Freddie Mac Gold Pool, 4.50%, 5/01/31 | 40674 |
| 11156 | Freddie Mac Gold Pool, 4.50%, 6/01/31 | 11276 |
| 28675 | Freddie Mac Gold Pool, 3.50%, 6/01/33 | 28125 |
| 17772 | Freddie Mac Gold Pool, 4.00%, 1/01/41 | 17196 |
| 33938 | Freddie Mac Gold Pool, 3.00%, 11/01/42 | 31003 |
| 68798 | Freddie Mac Gold Pool, 3.50%, 12/01/42 | 64550 |
| 5399 | Freddie Mac Gold Pool, 3.00%, 11/01/46 | 4789 |
| 211297 | Freddie Mac Gold Pool, 3.00%, 12/01/46 | 188121 |
| 1521187 | Freddie Mac Gold Pool, 3.00%, 12/01/46 | 1350209 |
| 116726 | Freddie Mac Gold Pool, 3.00%, 1/01/47 | 103778 |
| 479865 | Freddie Mac Pool, 2.50%, 3/15/28 | 406221 |
| 247545 | Freddie Mac Pool, 3.50%, 6/15/29 | 225445 |
| 250590 | Freddie Mac Pool, 3.00%, 7/01/38 | 237924 |
| 348402 | Freddie Mac Pool, 3.00%, 9/01/39 | 324901 |
| 690096 | Freddie Mac Pool, 2.00%, 1/01/41 | 595378 |
| 139367 | Freddie Mac Pool, 2.50%, 4/01/42 | 122943 |
| 247557 | Freddie Mac Pool, 3.00%, 5/01/42 | 223707 |
| 734213 | Freddie Mac Pool, 5.50%, 5/01/43 | 744177 |
| 27036 | Freddie Mac Pool, 3.50%, 7/01/47 | 25271 |
| 31404 | Freddie Mac Pool, 3.50%, 1/01/48 | 28794 |
| 3643 | Freddie Mac Pool, 3.50%, 8/01/49 | 3321 |
| 22024 | Freddie Mac Pool, 3.00%, 2/01/50 | 19779 |
| 7267 | Freddie Mac Pool, 2.50%, 5/01/50 | 5926 |
| 122144 | Freddie Mac Pool, 2.00%, 8/01/50 | 98655 |
| 214766 | Freddie Mac Pool, 2.50%, 11/01/50 | 180132 |
| 185937 | Freddie Mac Pool, 2.50%, 12/01/50 | 156798 |
| 290055 | Freddie Mac Pool, 2.00%, 2/01/51 | 232250 |
| 626278 | Freddie Mac Pool, 2.50%, 3/01/51 | 528395 |
| 242357 | Freddie Mac Pool, 2.00%, 5/01/51 | 197281 |
| 749490 | Freddie Mac Pool, 2.50%, 5/01/51 | 622959 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 33147 | Freddie Mac Pool, 2.50%, 5/01/51 | $28026 |
| 24238 | Freddie Mac Pool, 2.50%, 6/01/51 | 20254 |
| 42095 | Freddie Mac Pool, 3.50%, 7/01/51 | 38345 |
| 429162 | Freddie Mac Pool, 2.50%, 9/01/51 | 361575 |
| 912715 | Freddie Mac Pool, 3.50%, 9/01/51 | 839506 |
| 379977 | Freddie Mac Pool, 2.00%, 11/01/51 | 303182 |
| 439532 | Freddie Mac Pool, 3.00%, 12/01/51 | 385108 |
| 205466 | Freddie Mac Pool, 2.50%, 2/01/52 | 171512 |
| 489657 | Freddie Mac Pool, 2.50%, 4/01/52 | 406801 |
| 685949 | Freddie Mac Pool, 3.00%, 8/01/52 | 598701 |
| 1310154 | Freddie Mac Pool, 4.00%, 11/01/52 | 1221047 |
| 480908 | Freddie Mac Pool, 5.00%, 12/01/52 | 480453 |
| 531933 | Freddie Mac Pool, 6.00%, 2/01/53 | 545180 |
| 330673 | Freddie Mac Pool, 6.00%, 5/01/53 | 335929 |
| 258783 | Freddie Mac Pool, 5.50%, 6/01/53 | 258581 |
| 19927 | Freddie Mac Pool, 6.00%, 8/01/53 | 20338 |
| 405202 | Freddie Mac Pool, 5.50%, 9/01/53 | 408608 |
| 20221 | Freddie Mac Pool, 6.50%, 11/01/53 | 21034 |
| 13456 | Freddie Mac Pool, 5.00%, 4/01/54 | 13188 |
| 195263 | Freddie Mac Pool, 5.50%, 11/01/54 | 195746 |
| 145 | Freddie Mac REMICS, 4.50%, 9/15/25 | 145 |
| 29300 | Freddie Mac REMICS, 3.50%, 8/15/27 | 29150 |
| 43427 | Freddie Mac REMICS, 3.00%, 8/15/40 | 43028 |
| 10409 | Freddie Mac REMICS, 2.00%, 12/15/41 | 9852 |
| 18967 | Freddie Mac REMICS, Series 5019, 2.00%, 6/25/42 | 18019 |
| 31046 | Freddie Mac REMICS, 3.00%, 5/15/43 | 30472 |
| 7456 | Freddie Mac REMICS, 3.00%, 11/15/43 | 7378 |
| 99428 | Freddie Mac REMICS, 2.00%, 3/25/44 | 94269 |
| 128528 | Freddie Mac REMICS, 3.00%, 8/15/44 | 125049 |
| 244337 | Freddie Mac REMICS, 2.00%, 5/25/46 | 218718 |
| 244012 | Freddie Mac REMICS, 3.00%, 6/25/48 | 226417 |
| 584661 | Freddie Mac REMICS, Series 4948, 2.50%, 10/25/48 | 534938 |
| 754435 | Freddie Mac REMICS, 1.50%, 2/25/49 | 610607 |
| 105576 | Freddie Mac REMICS, 1.00%, 4/25/49 | 87419 |
| 1429812 | Freddie Mac REMICS, 5.50%, 9/25/49 | 1457432 |
| 47095 | Freddie Mac REMICS, 1.00%, 1/25/50 | 35334 |
| 356131 | Freddie Mac REMICS, 1.00%, 9/25/50 | 278205 |
| 18015 | Freddie Mac REMICS, Series 5056, 0.75%, 12/25/50 | 13668 |
| 40241 | Freddie Mac REMICS, Series 5070, 2.00%, 1/25/51 | 33070 |
| 545701 | Freddie Mac REMICS, 5.50%, 11/25/51 | 552896 |
| 138150 | Freddie Mac REMICS, 3.25%, 4/15/53 | 134976 |
| 27505 | Freddie Mac REMICS, 3.00%, 1/15/55 | 26688 |
| 76538 | Freddie Mac Structured Pass-Through Certificates, 6.04%, 7/25/44 (12MTA + 140bps)<sup>(c)</sup> | 73598 |
| 12157 | Freddie Mac Structured Pass-Through Certificates, 5.84%, 10/25/44 (12MTA + 120bps)<sup>(c)</sup> | 11090 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 277212 | Ginnie Mae I Pool, 3.02%, 9/15/41 | $238680 |
| 250224 | Ginnie Mae I Pool, 3.00%, 8/15/45 | 224497 |
| 26099 | Ginnie Mae II Pool, 3.50%, 4/20/27 | 25908 |
| 9496 | Ginnie Mae II Pool, 3.50%, 7/20/27 | 9405 |
| 422726 | Ginnie Mae II Pool, 3.50%, 12/20/34 | 408914 |
| 1991 | Ginnie Mae II Pool, 5.00%, 6/20/48 | 1980 |
| 44211 | Ginnie Mae II Pool, 5.00%, 7/20/48 | 44083 |
| 374293 | Ginnie Mae II Pool, 3.50%, 1/20/50 | 342654 |
| 226553 | Ginnie Mae II Pool, 2.50%, 12/20/50 | 191088 |
| 1110856 | Ginnie Mae II Pool, 2.00%, 2/20/51 | 885240 |
| 2624972 | Ginnie Mae II Pool, 2.00%, 3/20/51 | 2104168 |
| 793664 | Ginnie Mae II Pool, 2.00%, 4/20/51 | 630500 |
| 438049 | Ginnie Mae II Pool, 2.50%, 9/20/51 | 367456 |
| 753549 | Ginnie Mae II Pool, 3.00%, 3/20/52 | 660839 |
| 998235 | Ginnie Mae II Pool, 3.50%, 3/20/52 | 909624 |
| 388658 | Ginnie Mae II Pool, 4.00%, 7/20/52 | 357112 |
| 322549 | Ginnie Mae II Pool, 5.50%, 9/01/53 | 324385 |
| 475871 | Ginnie Mae II Pool, 6.00%, 9/20/53 | 484874 |
| 400000 | GMF Floorplan Owner Revolving Trust, Series 2025-A, 4.64%, 3/15/30<sup>(a)</sup> | 404149 |
| 1 | Government National Mortgage Association, 5.00%, 12/20/27 | 1 |
| 383070 | Government National Mortgage Association, 5.50%, 11/20/33 | 391136 |
| 3690 | Government National Mortgage Association, Series 20, 5.50%, 8/20/35 | 3816 |
| 908 | Government National Mortgage Association, Series 34, 4.00%, 5/20/39 | 890 |
| 141232 | Government National Mortgage Association, 6.00%, 3/20/42 | 143108 |
| 68031 | Government National Mortgage Association, 2.75%, 6/20/42 | 66159 |
| 4529 | Government National Mortgage Association, 2.25%, 9/16/44 | 4419 |
| 22640 | Government National Mortgage Association, Series 120, 6.00%, 11/20/44 | 23100 |
| 530894 | Government National Mortgage Association, 2.00%, 3/20/45 | 486245 |
| 5841 | Government National Mortgage Association, 2.50%, 10/20/45 | 5746 |
| 146484 | Government National Mortgage Association, 2.50%, 9/20/46 | 141448 |
| 18437 | Government National Mortgage Association, Series 213, 5.00%, 8/20/47 | 18537 |
| 544604 | Government National Mortgage Association, Series 65, 5.50%, 2/20/48 | 549228 |
| 326437 | Government National Mortgage Association, 2.00%, 3/20/50 | 275723 |
| 115898 | Government National Mortgage Association, 1.00%, 8/20/50 | 88861 |
| 138447 | Government National Mortgage Association, 1.25%, 5/20/51 | 108068 |
| 1478036 | Government National Mortgage Association, 1.75%, 9/20/51 | 1282481 |
| 861983 | Government National Mortgage Association, Series 189, 2.50%, 10/20/51 | 714223 |
| 27981 | Government National Mortgage Association, Series 99, 3.50%, 1/20/52 | 27216 |
| 15879 | Government National Mortgage Association, Series 43, 5.00%, 7/20/53 | 16076 |
| 540000 | Government National Mortgage Association, Series 8, 5.00%, 1/20/54 | 537287 |
| 376335 | Government National Mortgage Association 2024-020, 5.50%, 2/20/54 | 383833 |
| 413000 | Morgan Stanley Capital I Trust 2016-UBS12, 3.60%, 12/17/49 | 402622 |
| 337000 | Morgan Stanley Capital I Trust 2016-UBS9, 3.59%, 3/17/49 | 332366 |
| 925000 | PSMC 2020-3 Trust, Series 3, 3.00%, 11/25/50<sup>(a)</sup> | 747880 |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 430000 | RLGH Trust 2021-TROT, 5.24%, 4/15/36 (1MO SOFR + 80bps)<sup>(a)(c)</sup> | $428101 |
| 67193 | Seasoned Credit Risk Transfer Trust, 2.00%, 11/25/60 | 58631 |
| 334000 | UBS Commercial Mortgage Trust, 2.92%, 10/18/52 | 309237 |
| 396382 | UMBS Freddie Mac Pool, 5.00%, 7/01/53 | 394719 |
| 160000 | Wells Fargo Commercial Mortgage Trust 2016-C35, 2.93%, 7/17/48 | 156530 |
| 351000 | Wells Fargo Commercial Mortgage Trust 2017-RB1, 3.64%, 3/15/50 | 338469 |
| 64118 | Wells Fargo Commercial Mortgage Trust 2021-SAVE, 5.69%, 2/15/40 (1MO SOFR + 115bps)<sup>(a)(c)</sup> | 64108 |
|  | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $83,371,519) | **81355786** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 1.2%** |  |
|  | **SUPRANATIONAL — 0.8%** |  |
| 1000000 | International Bank for Reconstruction & Development, 4.70%, 11/8/34 | 999996 |
| 620000 | International Bank for Reconstruction & Development, 2.70%, 12/28/37 | 493057 |
|  |  | 1493053 |
|  | **SOVEREIGN — 0.4%** |  |
| 766000 | Mexico Government International Bond, 7.38%, 5/13/55 | 761312 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES** (Cost $2,244,704) | **2254365** |
|  | **U.S. GOVERNMENT & AGENCIES — 17.6%** |  |
|  | **U.S. TREASURY BONDS — 11.4%** |  |
| 2192000 | United States Treasury Bond, 4.25%, 2/15/54 | 2033080 |
| 1996000 | United States Treasury Note, 3.75%, 12/31/28 | 2003563 |
| 1784000 | United States Treasury Note/Bond, 4.13%, 11/15/27 | 1807032 |
| 1572000 | United States Treasury Note/Bond, 4.13%, 2/29/32 | 1590913 |
| 4565000 | United States Treasury Note/Bond, 4.75%, 2/15/45 | 4597454 |
| 5770000 | United States Treasury Note/Bond, 3.13%, 5/15/48 | 4425883 |
| 4196000 | United States Treasury Note/Bond, 4.50%, 11/15/54 | 4070120 |
|  |  | 20528045 |
|  | **U.S. TREASURY NOTES — 6.2%** |  |
| 2863000 | United States Treasury Note, 4.63%, 2/15/35 | 2970586 |
| 1369000 | United States Treasury Note/Bond, 3.88%, 3/31/27 | 1375471 |
| 1795000 | United States Treasury Note/Bond, 4.25%, 2/15/28 | 1826553 |
| 1855000 | United States Treasury Note/Bond, 3.50%, 9/30/29 | 1841087 |
| 1786000 | United States Treasury Note/Bond, 4.00%, 3/31/30 | 1808464 |
| 1435000 | United States Treasury Note/Bond, 4.13%, 3/31/32 | 1452265 |
|  |  | 11274426 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES** (Cost $31,813,639) | **31802471** |

---

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
| 4301241 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(d)</sup> | $4301241 |
|  | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,301,241) | **4301241** |
|  | **TOTAL INVESTMENTS — 99.40% (Cost $182,245,671)** | $**180082664** |
|  | Other Assets in Excess of Liabilities — 0.60% | 1093932 |
|  | **NET ASSETS — 100.00%** | $181176596 |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $6,340,943 or 3.40% of net assets.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

REMIC - Real Estate Mortgage Investment Conduit

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 4.8%** |  |
|  | **MATERIALS — 4.8%** |  |
|  | **METALS & MINING — 4.8%** |  |
| 25871 | Agnico Eagle Mines Ltd. | $3041912 |
| 108628 | Alamos Gold, Inc., Class A | 3098070 |
| 214985 | Kinross Gold Corp. | 3173179 |
| 906740 | New Gold, Inc.<sup>(a)</sup> | 3608825 |
| 296601 | Orla Mining Ltd.<sup>(a)</sup> | 3262611 |
| 251499 | Wesdome Gold Mines, Ltd.<sup>(a)</sup> | 3088408 |
|  | **TOTAL MATERIALS** | **19273005** |
|  | **TOTAL COMMON STOCKS (Cost $16,401,840)** | **19273005** |
|  | **EXCHANGE-TRADED FUNDS — 0.6%** |  |
| 100000 | North Square RCIM Tax-Advantaged Preferred & Income Securities ETF<sup>(b)</sup> | 2475910 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,504,000)** | **2475910** |
| **Principal<br> Amount ($)** |  |  |
|  | **ASSET BACKED SECURITIES — 11.2%** |  |
| 909026 | Aegis Asset Backed Securities Trust 2005-2, 5.16%, 6/25/35 (1X(TSFR1M + 11.448 bps) + 72 bps)<sup>(c)</sup> | 865772 |
| 152869 | Ameriquest Mortgage Securities, Inc., 2004-R2, 5.09%, 4/25/34 (1X(TSFR1M + 11.448 bps) + 64.5 bps)<sup>(c)</sup> | 151680 |
| 1814670 | BXP Trust 2017-CQHP, 5.22%, 11/15/34 ((TSFR1M + 4.70bps) + 85bps)<sup>(c)(d)</sup> | 1753622 |
| 2304380 | Citigroup Commercial Mortgage Trust 2014-GC23, 4.66%, 7/10/47<sup>(c)(d)</sup> | 2195106 |
| 26130000 | Citigroup Commercial Mortgage Trust 2015-101A, 1.25%, 1/14/43<sup>(d)</sup> | 2096833 |
| 72000000 | Citigroup Commercial Mortgage Trust 2020-555, 0.86%, 12/10/29<sup>(c)(d)</sup> | 2264983 |
| 1817249 | COMM 2010-C1 D Mortgage Trust, 5.79%, 7/10/46<sup>(c)(d)</sup> | 1773140 |
| 3062491 | COMM 2013-CCE11 Mortgage Trust, 4.46%, 8/10/50<sup>(c)(d)</sup> | 2919617 |
| 350000 | COMM 2013-CCRE7 Mortgage Trust, 4.24%, 3/10/46<sup>(c)(d)</sup> | 326544 |
| 3900000 | COMM 2015-CCRE23 Mortgage Trust, 4.45%, 5/10/48<sup>(d)</sup> | 3724188 |
| 5037000 | CyrusOne Data Centers Issuer I LLC, 4.50%, 5/20/29 | 4874093 |
| 542834 | FBR Securitization Trust, 5.15%, 11/26/35 (1X(TSFR1M + 11.448 bps) + 70.5 bps)<sup>(c)</sup> | 534960 |
| 2680000 | HI-FI Music IP Issuer LP, 3.94%, 2/01/62<sup>(d)</sup> | 2602699 |
| 138226 | HSI Asset Securitization Corporation Trust 2006-OPT3, 4.98%, 2/25/36 (1X(TSFR1M + 11.448 bps) + 54 bps)<sup>(c)</sup> | 136258 |
| 854053 | Impac CMB Trust Series 2005-4, 5.09%, 5/25/35 ((TSFR1M + 11.40bps) + 43bps)<sup>(c)</sup> | 804534 |
| 2789433 | JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN, 3.91%, 5/05/30<sup>(d)</sup> | 2627925 |
| 2970000 | JPMorgan Chase Commercial Mortgage Securities Trust 2019-MFP, 6.53%, 7/15/36 ((TSFR1M + 4.70bps) + 216bps)<sup>(c)(d)</sup> | 2836323 |
| 121441 | JPMorgan Mortgage Acquisition Trust 2006-CH1, 4.92%, 7/25/36 (1X(TSFR1M + 11.448 bps) + 48 bps)<sup>(c)</sup> | 121033 |
| 303780 | JPMorgan Mortgage Acquisition Trust 2007-CH3, 4.70%, 3/25/37 (1X(TSFR1M + 11.448 bps) + 26 bps)<sup>(c)</sup> | 299670 |
| 3580000 | Kapitus Asset Securitization IV LLC 2024-1, 5.49%, 9/10/31 | 3577072 |
| 714169 | Long Beach Mortgage Loan Trust 2005-1, 5.72%, 2/25/35<sup>(c)</sup> | 695849 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **ASSET BACKED SECURITIES (Continued)** |  |
| 3402688 | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5, 4.57%, 8/15/45<sup>(c)(d)</sup> | $3338207 |
| 2268335 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17, 3.50%, 8/15/47<sup>(d)</sup> | 2211196 |
| 551676 | Morgan Stanley Capital I Trust 2011-C2, 5.21%, 6/15/44<sup>(c)(d)</sup> | 548752 |
| 1800000 | Morgan Stanley Capital I Trust 2014-150E, 3.91%, 9/09/32<sup>(d)</sup> | 1601404 |
| 277608 | Renaissance Home Equity Loan Trust 2005-3, 5.14%, 11/25/35 | 277246 |
|  | **TOTAL ASSET BACKED SECURITIES** (Cost $45,028,373) | **45158706** |
|  | **CORPORATE BONDS — 36.3%** |  |
|  | **COMMUNICATIONS — 2.6%** |  |
|  | **ENTERTAINMENT CONTENT — 0.8%** |  |
| 750000 | Fox Corp., 3.50%, 4/08/30 | 707580 |
| 2500000 | Paramount Global, 6.25%, 2/28/57<sup>(c)</sup> | 2310550 |
|  |  | 3018130 |
|  | **INTERNET MEDIA & SERVICES — 0.2%** |  |
| 900000 | Netflix, Inc., 4.88%, 6/15/30<sup>(d)</sup> | 919328 |
|  | **TELECOMMUNICATIONS — 1.6%** |  |
| 1100000 | AT&T, Inc., 2.55%, 12/01/33 | 908107 |
| 650000 | Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 765036 |
| 3975000 | Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)<sup>(c)</sup> | 3963143 |
| 1050000 | T-Mobile USA, Inc., 2.55%, 2/15/31 | 932020 |
|  |  | 6568306 |
|  | **CONSUMER DISCRETIONARY — 1.7%** |  |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |
| 650000 | Tapestry, Inc., 5.10%, 3/11/30 | 653007 |
|  | **AUTOMOTIVE — 0.6%** |  |
| 650000 | BorgWarner, Inc., 4.95%, 8/15/29 | 653570 |
| 2371000 | General Motors Financial Co., Inc., 5.75%, Perpetual<sup>(c)</sup> | 2212730 |
|  |  | 2866300 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |
| 650000 | Darden Restaurants, Inc., 6.30%, 10/10/33 | 690698 |
| 700000 | Las Vegas Sands Corp., 5.90%, 6/01/27 | 709248 |
|  |  | 1399946 |
|  | **LEISURE PRODUCTS — 0.2%** |  |
| 700000 | Mattel, Inc., 3.75%, 4/01/29<sup>(d)</sup> | 660054 |
|  | **RETAIL - DISCRETIONARY — 0.4%** |  |
| 750000 | Dick's Sporting Goods, Inc., 3.15%, 1/15/32 | 657297 |
| 700000 | O'Reilly Automotive, Inc., Class B, 3.90%, 6/01/29 | 683360 |
|  |  | 1340657 |
|  | **CONSUMER STAPLES — 1.3%** |  |
|  | **BEVERAGES — 0.2%** |  |
| 675000 | Constellation Brands, Inc., 4.75%, 5/09/32 | 661746 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER STAPLES (Continued)** |  |
|  | **FOOD — 0.2%** |  |
| 600000 | Ingredion, Inc., 6.63%, 4/15/37 | $658436 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |
| 1000000 | Church & Dwight Co, Inc., 2.30%, 12/15/31 | 862633 |
| 1000000 | Clorox Co. (The), 1.80%, 5/15/30 | 875949 |
|  |  | 1738582 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |
| 650000 | Imperial Brands Finance PLC, 5.50%, 2/01/30<sup>(d)</sup> | 668216 |
| 600000 | Reynolds American, Inc., 7.25%, 6/15/37 | 657266 |
|  |  | 1325482 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |
| 1000000 | Sysco Corp., 2.45%, 12/14/31 | 866947 |
|  | **ENERGY — 2.4%** |  |
|  | **OIL & GAS PRODUCERS — 2.4%** |  |
| 550000 | ConocoPhillips Co., 5.00%, 1/15/35 | 541620 |
| 550000 | Coterra Energy, Inc., 5.60%, 3/15/34 | 541904 |
| 500000 | Devon Energy Corp., 7.95%, 4/15/32 | 555905 |
| 550000 | Diamondback Energy, Inc., 6.25%, 3/15/33 | 574654 |
| 2000000 | Enbridge, Inc., 7.20%, 6/27/54 (H15T5Y + 297bps)<sup>(c)</sup> | 1992875 |
| 3000000 | Energy Transfer LP, 6.63%, Perpetual<sup>(c)</sup> | 2891302 |
| 750000 | MPLX LP, 5.00%, 3/01/33 | 725067 |
| 2000000 | South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 3/01/55 (H15T5Y + 366.70bps)<sup>(c)(d)</sup> | 1967952 |
|  |  | 9791279 |
|  | **FINANCIALS — 15.8%** |  |
|  | **ASSET MANAGEMENT — 2.6%** |  |
| 5900000 | Charles Schwab Corp. (The), 5.38%, Perpetual<sup>(c)</sup> | 5895203 |
| 1000000 | UBS Group AG, 7.00%, 12/31/49 (USISSO05 + 307.70bps)<sup>(c)(d)</sup> | 968799 |
| 4000000 | UBS Group AG, 4.38%, Perpetual<sup>(c)</sup> | 3435358 |
|  |  | 10299360 |
|  | **BANKING — 8.9%** |  |
| 500000 | Bank of America Corp., 6.63%, 12/31/49<sup>(c)</sup> | 501480 |
| 1900000 | Citigroup, Inc., 5.95%, 12/31/49<sup>(c)</sup> | 1899364 |
| 2750000 | Citigroup, Inc., 4.15%, Perpetual<sup>(c)</sup> | 2625526 |
| 3000000 | Citizens Financial Group, Inc., 5.65%, Perpetual<sup>(c)</sup> | 2984930 |
| 3226000 | Comerica, Inc., 5.63%, Perpetual<sup>(c)</sup> | 3207002 |
| 1800000 | Commerzbank AG, 4.25%, Perpetual (EUSA5 +438.70bps)<sup>(c)</sup> | 1944579 |
| 4343000 | Fifth Third Bancorp, 4.50%, 12/31/49<sup>(c)</sup> | 4296723 |
| 4385000 | ING Groep NV, 3.88%, Perpetual (H15T5Y + 286.20bps)<sup>(c)</sup> | 3962191 |
| 2700000 | KeyCorp, 5.00%, Perpetual<sup>(c)</sup> | 2616349 |
| 1650000 | Lloyds Banking Group PLC, 8.00%, Perpetual<sup>(c)</sup> | 1695639 |
| 3000000 | NatWest Group PLC, 4.60%, Perpetual<sup>(c)</sup> | 2493737 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **CONSUMER STAPLES (Continued)** |  |
|  | **BANKING (Continued)** |  |
| 2000000 | Svenska Handelsbanken AB, 4.75%, Perpetual<sup>(c)</sup> | $1775223 |
| 2900000 | Truist Financial Corp., 4.95%, Perpetual<sup>(c)</sup> | 2885846 |
| 3000000 | Wells Fargo & Co., 5.88%, 12/31/49<sup>(c)</sup> | 2993657 |
|  |  | 35882246 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.7%** |  |
| 3000000 | CenterPoint Energy, Inc., 6.85%, 2/15/55 (H15T5Y + 294.60bps)<sup>(c)</sup> | 3003079 |
|  | **INSURANCE — 1.2%** |  |
| 5000000 | MetLife, Inc., 3.85%, 3/15/26<sup>(c)</sup> | 4949984 |
|  | **SPECIALTY FINANCE — 2.4%** |  |
| 2000000 | AerCap Ireland Capital DAC, 6.50%, 1/31/56<sup>(c)</sup> | 1947186 |
| 3000000 | Capital One Financial Corp., 3.95%, Perpetual<sup>(c)</sup> | 2856959 |
| 4750000 | Discover Financial Services, 6.13%, 12/31/49<sup>(c)</sup> | 4753271 |
|  |  | 9557416 |
|  | **HEALTH CARE — 1.4%** |  |
|  | **BIOTECH & PHARMA — 0.8%** |  |
| 850000 | Astrazeneca Finance LLC, 2.25%, 5/28/31 | 754069 |
| 900000 | Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30 | 769747 |
| 900000 | Royalty Pharma PLC, 2.15%, 9/02/31 | 758298 |
| 1050000 | Zoetis, Inc., Series 4006, Class IA, 2.00%, 5/15/30 | 932833 |
|  |  | 3214947 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.2%** |  |
| 750000 | Cardinal Health, Inc., 5.45%, 2/15/34 | 758141 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.4%** |  |
| 1100000 | Agilent Technologies, Inc., 2.30%, 3/12/31 | 961409 |
| 800000 | Boston Scientific Corp., 2.65%, 6/01/30 | 735795 |
|  |  | 1697204 |
|  | **INDUSTRIALS — 0.9%** |  |
|  | **AEROSPACE & DEFENSE — 0.1%** |  |
| 700000 | Hexcel Corp., 4.20%, 2/15/27 | 690078 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |
| 850000 | Acuity Brands Lighting, Inc., 2.15%, 12/15/30 | 739193 |
|  | **MACHINERY — 0.2%** |  |
| 775000 | IDEX Corp., 3.00%, 5/01/30 | 710153 |
|  | **TRANSPORTATION & LOGISTICS — 0.4%** |  |
| 700000 | Delta Air Lines, Inc., 4.75%, 10/20/28<sup>(d)</sup> | 695929 |
| 700000 | Kirby Corp., 4.20%, 3/01/28 | 690265 |
|  |  | 1386194 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **MATERIALS — 0.9%** |  |
|  | **CHEMICALS — 0.1%** |  |
| 550000 | CF Industries, Inc., 4.50%, 12/01/26<sup>(d)</sup> | $549295 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |
| 850000 | Carlisle Cos., Inc., Class B, 2.20%, 3/01/32 | 704713 |
|  | **METALS & MINING — 0.4%** |  |
| 700000 | Kinross Gold Corp., 6.25%, 7/15/33 | 736461 |
| 775000 | Rio Tinto Alcan, Inc., 6.13%, 12/15/33 | 832799 |
|  |  | 1569260 |
|  | **STEEL — 0.2%** |  |
| 850000 | Reliance, Inc., 2.15%, 8/15/30 | 747420 |
|  | **TECHNOLOGY — 1.4%** |  |
|  | **SEMICONDUCTORS — 0.2%** |  |
| 850000 | Broadcom, Inc., 3.42%, 4/15/33<sup>(d)</sup> | 758290 |
|  | **SOFTWARE — 0.4%** |  |
| 750000 | Adobe, Inc., 4.95%, 1/17/30 | 773917 |
| 800000 | Cadence Design Systems, Inc., 4.70%, 9/10/34 | 784181 |
|  |  | 1558098 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |
| 850000 | Motorola Solutions, Inc., 2.75%, 5/24/31 | 755487 |
| 850000 | NetApp, Inc., 2.70%, 6/22/30 | 764233 |
|  |  | 1519720 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |
| 900000 | CGI, Inc., 2.30%, 9/14/31 | 773585 |
| 800000 | Gartner, Inc., 4.50%, 7/01/28<sup>(d)</sup> | 789231 |
|  |  | 1562816 |
|  | **UTILITIES — 7.9%** |  |
|  | **ELECTRIC UTILITIES — 7.3%** |  |
| 2000000 | American Electric Power Co., Inc., 6.95%, 12/15/54 (H15T5Y + 267.50bps)<sup>(c)</sup> | 2016860 |
| 2250000 | CMS Energy Corp., 4.75%, 6/01/50 (H15T5Y + 411.60bps)<sup>(c)</sup> | 2111347 |
| 2000000 | CMS Energy Corp., 6.50%, 6/01/55 (H15T5Y + 196.10bps)<sup>(c)</sup> | 1954882 |
| 2500000 | Dominion Energy, Inc., 6.63%, 5/15/55 (H15T5Y + 220.70 bps)<sup>(c)</sup> | 2464223 |
| 2500000 | Duke Energy Corp., 6.45%, 9/01/54 (H15T5Y + 258.80bps)<sup>(c)</sup> | 2511505 |
| 2500000 | Emera, Inc., 6.75%, 6/15/76<sup>(c)</sup> | 2509634 |
| 2000000 | Exelon Corp., 6.50%, 3/15/55 (H15T5Y + 197.50bps)<sup>(c)</sup> | 1989919 |
| 2500000 | NextEra Energy Capital Holdings, Inc., 6.50%, 8/15/55 (H15T5Y + 197.90bps)<sup>(c)</sup> | 2520125 |
| 2000000 | NiSource, Inc., 6.38%, 3/31/55 (H15T5Y + 252.70bps)<sup>(c)</sup> | 1956204 |
| 2000000 | NRG Energy, Inc., 10.25%, 12/31/49 (H15T5Y + 592bps)<sup>(c)(d)</sup> | 2192983 |
| 4000000 | Southern Co. (The), Series 74, 6.38%, 3/15/55<sup>(c)</sup> | 4084836 |
| 3040000 | Vistra Corp., 8.88%, 12/31/49 (H15T5Y + 504.50bps)<sup>(c)(d)</sup> | 3206369 |
|  |  | 29518887 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
|  | **GAS & WATER UTILITIES — 0.6%** |  |
| 2500000 | AltaGas Ltd., 7.20%, 10/15/54 (H15T5Y + 357.30bps)<sup>(c)(d)</sup> | $2447791 |
|  | **TOTAL CORPORATE BONDS (Cost $142,358,543)** | **146292485** |
|  | **MORTGAGE-BACKED SECURITIES — 35.3%** |  |
| 3000000 | BXHPP Trust 2021-FILM, 5.09%, 8/15/36<sup>(c)(d)</sup> | 2872393 |
| 5140011 | Fannie Mae Pool, 3.50%, 10/01/51 | 4639675 |
| 2472432 | Fannie Mae Pool, 2.50%, 5/01/52 | 2061810 |
| 1948977 | Fannie Mae Pool, 3.00%, 7/01/52 | 1690898 |
| 2346605 | Fannie Mae Pool, 5.00%, 7/01/52 | 2302448 |
| 2581772 | Fannie Mae Pool, 5.00%, 6/01/53 | 2534588 |
| 2495981 | Fannie Mae Pool, 5.50%, 10/01/53 | 2499125 |
| 4030600 | Fannie Mae Pool, 6.00%, 10/01/53 | 4089709 |
| 848339 | Fannie Mae Pool, 6.00%, 10/01/53 | 864482 |
| 4789147 | Fannie Mae Pool, 4.50%, 8/01/54 | 4581210 |
| 1102829 | Fannie Mae Pool, 6.00%, 11/01/54 | 1120683 |
| 3536659 | Fannie Mae Pool, 4.00%, 1/01/55 | 3290109 |
| 3646771 | Fannie Mae-Aces, 1.38%, 8/25/28<sup>(c)</sup> | 123002 |
| 1278201 | Fannie Mae-Aces, 0.75%, 9/25/28 | 1212521 |
| 2739861 | Fannie Mae-Aces, 1.25%, 3/26/29<sup>(c)</sup> | 101344 |
| 131781 | Fannie Mae-Aces, 1.00%, 11/25/33 | 130694 |
| 3914532 | Freddie Mac 30 Year Pool, 3.50%, 9/01/52 | 3528318 |
| 12044000 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.18%, 1/25/32<sup>(c)</sup> | 710720 |
| 17464177 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.94%, 1/25/26<sup>(c)</sup> | 50692 |
| 37006186 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.49%, 1/25/27<sup>(c)</sup> | 765277 |
| 30000000 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.47%, 3/25/27<sup>(c)</sup> | 276201 |
| 30893000 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.47%, 8/25/27<sup>(c)</sup> | 311676 |
| 554239 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.68%, 12/25/27 | 528034 |
| 120584367 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.09%, 9/25/28<sup>(c)</sup> | 558004 |
| 7690000 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.83%, 10/27/28<sup>(c)</sup> | 359174 |
| 15695757 | Freddie Mac Multifamily Structured Pass Through Certificates, 2.02%, 4/27/29<sup>(c)</sup> | 862250 |
| 7570000 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.80%, 4/25/30<sup>(c)</sup> | 585871 |
| 7249000 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.85%, 4/25/30<sup>(c)</sup> | 573694 |
| 3332000 | Freddie Mac Multifamily Structured Pass Through Certificates, 1.60%, 8/25/30<sup>(c)</sup> | 245011 |
| 3455000 | Freddie Mac Multifamily Structured Pass Through Certificates, 2.73%, 10/25/30<sup>(c)</sup> | 433329 |
| 15350000 | Freddie Mac Multifamily Structured Pass Through Certificates, Series KG04, 2.63%, 11/25/30 | 1811513 |
| 49208000 | Freddie Mac Multifamily Structured Pass Through Certificates, Series K755, 0.36%, 2/25/31 | 1093416 |
| 57164965 | Freddie Mac Multifamily Structured Pass Through Certificates, Series KG06, 0.53%, 10/25/31 | 1586294 |
| 125870000 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.00%, 5/25/33<sup>(c)</sup> | 595353 |
| 22506663 | Freddie Mac Multifamily Structured Pass Through Certificates, Series Q002, 0.94%, 7/25/33<sup>(c)</sup> | 829762 |
| 1835000 | Freddie Mac Multifamily Structured Pass Through Certificates, 3.18%, 4/25/48<sup>(c)</sup> | 250231 |
| 2750000 | Freddie Mac Multifamily Structured Pass Through Certificates, 2.63%, 1/25/49<sup>(c)</sup> | 325257 |
| 1715000 | Freddie Mac Multifamily Structured Pass Through Certificates, 2.62%, 2/25/49<sup>(c)</sup> | 208245 |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **MORTGAGE-BACKED SECURITIES (Continued)** |  |
| 282070177 | Freddie Mac Multifamily Structured Pass Through Certificates, 0.10%, 11/25/49<sup>(d)</sup> | $259053 |
| 2497275 | Freddie Mac Pool, 2.00%, 2/01/52 | 1987618 |
| 4141216 | Freddie Mac Pool, 4.00%, 5/01/52 | 3858946 |
| 1808716 | Freddie Mac Pool, 4.50%, 2/01/53 | 1728658 |
| 2988830 | Freddie Mac Pool, 5.00%, 6/01/53 | 2932222 |
| 2566045 | Freddie Mac Pool, 5.50%, 6/01/53 | 2578131 |
| 1620976 | Freddie Mac Pool, 5.50%, 6/01/53 | 1621042 |
| 2805410 | Freddie Mac Pool, 5.50%, 8/01/53 | 2816674 |
| 2815504 | Freddie Mac Pool, 6.00%, 11/01/53 | 2868600 |
| 2078896 | Freddie Mac Pool, 6.00%, 12/01/53 | 2130340 |
| 5267398 | Freddie Mac Pool, 6.50%, 12/01/53 | 5456606 |
| 3925930 | Freddie Mac Pool, 5.50%, 9/01/54 | 3924935 |
| 1957475 | Freddie Mac Pool, 5.00%, 11/01/54 | 1919843 |
| 2949673 | Freddie Mac Pool, 5.00%, 11/01/54 | 2886572 |
| 3950014 | Freddie Mac Pool, 5.00%, 12/01/54 | 3871952 |
| 2082806 | Freddie Mac Pool, 6.00%, 12/01/54 | 2118346 |
| 1995811 | Freddie Mac Pool, 5.50%, 3/01/55 | 1998691 |
| 1771910 | Ginnie Mae II Pool, 3.00%, 8/20/52 | 1567846 |
| 2396483 | Ginnie Mae II Pool, 3.00%, 9/20/52 | 2120682 |
| 5683918 | Ginnie Mae II Pool, 2.50%, 2/20/53 | 4880452 |
| 4821200 | Ginnie Mae II Pool, 3.50%, 2/20/53 | 4404014 |
| 3234754 | Ginnie Mae II Pool, 2.50%, 3/20/53 | 2757282 |
| 2198261 | Government National Mortgage Association, 2.00%, 7/20/52 | 1791661 |
| 2064781 | Government National Mortgage Association, 2.50%, 4/20/53 | 1760005 |
| 1287128 | Government National Mortgage Association, 0.77%, 12/16/56<sup>(c)</sup> | 61593 |
| 19690718 | Government National Mortgage Association, 1.27%, 9/16/60<sup>(c)</sup> | 1804615 |
| 36542866 | Government National Mortgage Association, 1.08%, 11/16/60<sup>(c)</sup> | 3188058 |
| 48551698 | Government National Mortgage Association, Series 179, 1.01%, 9/16/62 | 3500228 |
| 11177990 | Government National Mortgage Association, 0.97%, 5/16/63<sup>(c)</sup> | 792228 |
| 7040703 | Government National Mortgage Association, 0.99%, 5/16/63<sup>(c)</sup> | 525857 |
| 43074580 | Government National Mortgage Association, 0.99%, 5/16/63<sup>(c)</sup> | 3222534 |
| 14250693 | Government National Mortgage Association, Series 178, 0.68%, 7/16/66 | 938528 |
| 58466736 | Government National Mortgage Association, Series 53, 0.55%, 10/16/66 | 3275891 |
| 1500000 | Independence Plaza Trust 2018-INDP, 4.16%, 7/12/35<sup>(d)</sup> | 1474365 |
| 2278922 | UMBS Fannie Mae Pool, 5.00%, 3/01/53 | 2244983 |
| 3723457 | UMBS Fannie Mae Pool, 4.50%, 7/01/53 | 3570132 |
| 2853976 | UMBS Freddie Mac Pool, 5.50%, 5/01/54 | 2875869 |
|  | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $141,349,563) | **142318065** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 0.8%** |  |
|  | **NON U.S. TREASURY — 0.8%** |  |
| 65000000 | Mexican Bonos, 5.50%, 3/4/27 | 3161349 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES** (Cost $3,031,116) | **3161349** |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 1.3%** |  |
|  | **U.S. TREASURY BONDS — 0.7%** |  |
| 2885000 | United States Treasury Note/Bond, 4.13%, 11/15/27 | $2922246 |
|  | **U.S. TREASURY NOTES — 0.6%** |  |
| 2235000 | United States Treasury Note/Bond, 4.25%, 1/31/30 | 2287470 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES** (Cost $5,086,152) | **5209716** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Contracts** | **Expiration<br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **PURCHASED CALL OPTIONS — 0.30%** |  |  |  |  |  |  |
|  | E-mini S&P 500 Index | 400 | 6/20/2025 | $| 5800.00 | $111740000 | 1355000 |
|  | **TOTAL PURCHASED CALL OPTIONS** (Cost $1,066,175) | **TOTAL PURCHASED CALL OPTIONS** (Cost $1,066,175) | **TOTAL PURCHASED CALL OPTIONS** (Cost $1,066,175) | **TOTAL PURCHASED CALL OPTIONS** (Cost $1,066,175) | **TOTAL PURCHASED CALL OPTIONS** (Cost $1,066,175) |  | **1355000** |
|  | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** |  |  |
| 24328910 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.24%<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.24%<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.24%<sup>(e)</sup> | First American Treasury Obligations Fund, Class X, 4.24%<sup>(e)</sup> |  | 24328910 |
|  | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,328,910) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,328,910) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,328,910) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,328,910) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,328,910) |  | **24328910** |
|  | **TOTAL INVESTMENTS — 96.60%** (Cost $381,154,672) | **TOTAL INVESTMENTS — 96.60%** (Cost $381,154,672) | **TOTAL INVESTMENTS — 96.60%** (Cost $381,154,672) | **TOTAL INVESTMENTS — 96.60%** (Cost $381,154,672) | **TOTAL INVESTMENTS — 96.60%** (Cost $381,154,672) |  | $389573146 |
|  | Other Assets in Excess of Liabilities — 3.40% | Other Assets in Excess of Liabilities — 3.40% | Other Assets in Excess of Liabilities — 3.40% | Other Assets in Excess of Liabilities — 3.40% | Other Assets in Excess of Liabilities — 3.40% |  | 13738597 |
|  | **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** |  | $**403311743** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated Company. See Note 10.

<sup>(c)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread

<sup>(d)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $53,250,587 or 13.40% of net assets.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

ETF - Exchange-Traded Funds

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF FUTURES CONTRACTS**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long Contracts** | **Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value and** **<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 10 Year US Treasury Note Future | 333 | 06/19/2025 | $37368844 | $462523 |
| 2 Year US Treasury Note Future | 396 | 07/01/2025 | 82426781 | 479892 |
| 3 Year US Treasury Note Future | 22 | 07/01/2025 | 4681703 | 58165 |
| 5 Year US Treasury Note Future | 1052 | 07/01/2025 | 114873470 | 1428028 |
| CME Japanese Yen Currency Future | 207 | 06/17/2025 | 18219881 | 364475 |
| Ultra 10 Year US Treasury Note Future | 194 | 06/19/2025 | 22258469 | 282510 |
|  |  |  |  | **3075593** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Contracts** |  |  | | |
| Bloomberg IG Duration Hedged Credit Future | (50) | 06/18/2025 | $(5216250) | $25 |
| CME E-Mini S&P 500 Index Future | (98) | 06/23/2025 | (27376300) | (331000) |
| CME Mexican Peso Currency Future | (126) | 06/17/2025 | (3194100) | (156627) |
| Ultra US Treasury Bond Future | (19) | 06/19/2025 | (2299594) | (35124) |
| US Treasury Long Bond Future | (364) | 06/19/2025 | (42451500) | 90890 |
|  |  |  |  | **(431836)** |

---

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**SCHEDULE OF CREDIT DEFAULT SWAP AGREEMENTS**

**April 30, 2025 (Unaudited)**

**CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed Deal** **<br> (Pay) Rate** | **Maturity<br> Date** | **Notional Value** | **Fair Value** | **Amortized<br> Upfront<br> Payments<br> Paid/<br> (Received)** | **Unrealized** **<br> Appreciation<br> (Depreciation)** |
| CDX.NA.IG SERIES 44\* | 1.00% | 12/20/2030 | $90000000 | $(1295964) | (1455845) | $159881 |
|  |  |  |  |  |  | $**159881** |

---

\* Buy protection.

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **CONSUMER DISCRETIONARY — 6.6%** |  |
|  | **AUTOMOTIVE — 1.4%** |  |
| 174134 | Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | $1894578 |
| 20897 | Lear Corp. | 1791918 |
|  |  | 3686496 |
|  | **HOME CONSTRUCTION — 3.9%** |  |
| 28749 | American Woodmark Corp.<sup>(a)</sup> | 1696191 |
| 41278 | Hovnanian Enterprises, Inc.<sup>(a)</sup> | 3995711 |
| 97264 | Interface, Inc. | 1828563 |
| 198149 | Masterbrand, Inc.<sup>(a)</sup> | 2407510 |
|  |  | 9927975 |
|  | **WHOLESALE - DISCRETIONARY — 1.3%** |  |
| 128687 | G-III Apparel Group Ltd.<sup>(a)</sup> | 3245486 |
|  | **TOTAL CONSUMER DISCRETIONARY** | **16859957** |
|  | **CONSUMER STAPLES — 0.5%** |  |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |
| 79405 | Quanex Building Products Corp. | 1305418 |
|  | **TOTAL CONSUMER STAPLES** | **1305418** |
|  | **ENERGY — 8.5%** |  |
|  | **OIL & GAS PRODUCERS — 4.9%** |  |
| 143222 | Murphy Oil Corp. | 2940348 |
| 129722 | SM Energy Co. | 2956364 |
| 540294 | VAALCO Energy, Inc. | 1766761 |
| 812259 | Veren, Inc. | 4800451 |
|  |  | 12463924 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 2.3%** |  |
| 217500 | DNOW, Inc.<sup>(a)</sup> | 3451725 |
| 222934 | MRC Global, Inc.<sup>(a)</sup> | 2597181 |
|  |  | 6048906 |
|  | **RENEWABLE ENERGY — 1.3%** |  |
| 37820 | EnerSys | 3275212 |
|  | **TOTAL ENERGY** | **21788042** |
|  | **FINANCIALS — 23.6%** |  |
|  | **ASSET MANAGEMENT — 1.3%** |  |
| 93764 | F&G Annuities & Life, Inc. | 3263925 |
|  | **BANKING — 14.0%** |  |
| 68825 | Ameris Bancorp | 4033145 |
| 120556 | Cathay General Bancorp | 5025980 |
| 146993 | Hancock Whitney Corp. | 7656865 |
| 107175 | International Bancshares Corp. | 6541962 |

---

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | **BANKING (Continued)** |  |
| 149250 | OFG Bancorp | $5872988 |
| 83008 | Pathward Financial Group, Inc. | 6588345 |
|  |  | 35719285 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.6%** |  |
| 73742 | StoneX Group, Inc.<sup>(a)</sup> | 6530960 |
|  | **INSURANCE — 4.3%** |  |
| 245701 | Fidelis Insurance Holdings Ltd. | 4017211 |
| 45098 | Jackson Financial, Inc. | 3513585 |
| 60166 | Kemper Corp. | 3557014 |
|  |  | 11087810 |
|  | **SPECIALTY FINANCE — 1.4%** |  |
| 39033 | Enova International, Inc.<sup>(a)</sup> | 3582839 |
|  | **TOTAL FINANCIALS** | **60184819** |
|  | **HEALTH CARE — 6.0%** |  |
|  | **BIOTECH & PHARMA — 1.5%** |  |
| 187602 | Organon & Co. | 2425694 |
| 277872 | SIGA Technologies, Inc. | 1533853 |
|  |  | 3959547 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.6%** |  |
| 505766 | AdaptHealth Corp.<sup>(a)</sup> | 4304069 |
| 157392 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 2027209 |
| 156404 | Select Medical Holdings Corp. | 2852809 |
|  |  | 9184087 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.9%** |  |
| 60286 | LivaNova PLC<sup>(a)</sup> | 2230582 |
|  | **TOTAL HEALTH CARE** | **15374216** |
|  | **INDUSTRIALS — 14.9%** |  |
|  | **COMMERCIAL SUPPORT SERVICES — 2.9%** |  |
| 56198 | ABM Industries, Inc. | 2739091 |
| 204886 | Healthcare Services Group, Inc.<sup>(a)</sup> | 2911430 |
| 41393 | ManpowerGroup, Inc. | 1782796 |
|  |  | 7433317 |
|  | **ELECTRICAL EQUIPMENT — 1.6%** |  |
| 40935 | Belden, Inc. | 4220808 |
|  | **ENGINEERING & CONSTRUCTION — 0.7%** |  |
| 30848 | Primoris Services Corp. | 1849955 |

---

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD — 2.1%** |  |
| 33160 | Timken Co. (The) | $2130530 |
| 10639 | Valmont Industries, Inc. | 3119568 |
|  |  | 5250098 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.9%** |  |
| 134268 | Resideo Technologies, Inc.<sup>(a)</sup> | 2253017 |
|  | **MACHINERY — 1.6%** |  |
| 116533 | Gates Industrial Corp. PLC<sup>(a)</sup> | 2204804 |
| 54418 | Terex Corp. | 1915514 |
|  |  | 4120318 |
|  | **TRANSPORTATION & LOGISTICS — 3.9%** |  |
| 123538 | Ardmore Shipping Corp. | 1178553 |
| 30525 | Copa Holdings, S.A., Class A | 2800974 |
| 105375 | Covenant Logistics Group, Inc. | 2096962 |
| 110969 | Global Ship Lease, Inc. | 2388053 |
| 36890 | Teekay Tankers Ltd., Class A<sup>(a)</sup> | 1570407 |
|  |  | 10034949 |
|  | **TRANSPORTATION EQUIPMENT — 1.2%** |  |
| 91572 | REV Group, Inc. | 2994404 |
|  | **TOTAL INDUSTRIALS** | **38156866** |
|  | **MATERIALS — 9.0%** |  |
|  | **CHEMICALS — 2.2%** |  |
| 60848 | Minerals Technologies, Inc. | 3139148 |
| 202796 | Orion S.A. | 2441664 |
|  |  | 5580812 |
|  | **CONSTRUCTION MATERIALS — 0.5%** |  |
| 32710 | Apogee Enterprises, Inc. | 1297606 |
|  | **METALS & MINING — 5.0%** |  |
| 100389 | Alamos Gold, Inc., Class A | 2863094 |
| 203178 | Century Aluminum Co.<sup>(a)</sup> | 3334151 |
| 661314 | New Gold, Inc.<sup>(a)</sup> | 2632030 |
| 155963 | Pan American Silver Corp. | 3927148 |
|  |  | 12756423 |
|  | **STEEL — 1.3%** |  |
| 129683 | Worthington Steel, Inc. | 3327666 |
|  | **TOTAL MATERIALS** | **22962507** |
|  | **REAL ESTATE — 7.4%** |  |
|  | **REIT — 7.4%** |  |
| 352134 | Apple Hospitality REIT, Inc. | 4144617 |
| 235352 | Cousins Properties, Inc. | 6481594 |

---

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE (Continued)** |  |
|  | **REIT (Continued)** |  |
| 112621 | NexPoint Residential Trust, Inc. | $4198511 |
| 398271 | Park Hotels & Resorts, Inc. | 3958814 |
|  |  | 18783536 |
|  | **TOTAL REAL ESTATE** | **18783536** |
|  | **TECHNOLOGY — 14.9%** |  |
|  | **CONSUMER SERVICES — 0.8%** |  |
| 99903 | Upbound Group, Inc. | 1988070 |
|  | **SOFTWARE — 4.9%** |  |
| 107083 | Clear Secure, Inc., Class A | 2642808 |
| 26408 | Pegasystems, Inc. | 2431649 |
| 160133 | RingCentral, Inc., Class A<sup>(a)</sup> | 4083392 |
| 188980 | Verint Systems, Inc.<sup>(a)</sup> | 3333607 |
|  |  | 12491456 |
|  | **TECHNOLOGY HARDWARE — 4.8%** |  |
| 84718 | Avnet, Inc. | 3980899 |
| 320227 | Daktronics, Inc.<sup>(a)</sup> | 4063681 |
| 263122 | Knowles Corp.<sup>(a)</sup> | 4141540 |
|  |  | 12186120 |
|  | **TECHNOLOGY SERVICES — 4.4%** |  |
| 32837 | Euronet Worldwide, Inc.<sup>(a)</sup> | 3254146 |
| 213686 | Paysafe Ltd.<sup>(a)</sup> | 3254438 |
| 286274 | Penguin Solutions, Inc.<sup>(a)</sup> | 4886697 |
|  |  | 11395281 |
|  | **TOTAL TECHNOLOGY** | **38060927** |
|  | **UTILITIES — 6.7%** |  |
|  | **ELECTRIC UTILITIES — 4.4%** |  |
| 75004 | Avista Corp. | 3110416 |
| 372432 | Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 3910536 |
| 103658 | Portland General Electric Co. | 4366075 |
|  |  | 11387027 |
|  | **GAS & WATER UTILITIES — 2.3%** |  |
| 58944 | Northwest Natural Holding Co. | 2540486 |
| 100115 | UGI Corp. | 3282771 |
|  |  | 5823257 |
|  | **TOTAL UTILITIES** | **17210284** |
|  | **TOTAL COMMON STOCKS** (Cost $286,275,703) | **250686572** |

---

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.9%** |  |
| 4787872 | First American Government Obligations Fund, Class X, 4.26%<sup>(b)</sup> | $4787872 |
|  | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,787,872) | **4787872** |
|  | **TOTAL INVESTMENTS — 100.00%** (Cost $291,063,575) | $**255474444** |
|  | Other Assets in Excess of Liabilities — 0.00% | 59700 |
|  | **NET ASSETS — 100.00%** | $**255534144** |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

REIT - Real Estate Investment Trust

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Square<br> Select Small<br> Cap Fund** | **North Square<br> Altrinsic<br> International<br> Equity Fund** | **North Square<br> McKee Bond<br> Fund** | **North Square<br> Strategic<br> Income Fund** | **North Square<br> Small Cap<br> Value Fund** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $21008796 | $89292695 | $182245671 | $378650672 | $291063575 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at cost | $— | $— | $— | $2504000 | $— |
| &nbsp;&nbsp;&nbsp;Investments, at value | 22422379 | 103347767 | 180082664 | 387097236 | 255474444 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value |  |  |  | 2475910 |  |
| &nbsp;&nbsp;&nbsp;Cash at Broker for futures contracts |  |  | 1379689 | 3065872 |  |
| &nbsp;&nbsp;&nbsp;Cash at Broker for swap contracts |  |  |  | 2611644 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency |  | 31892 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from swap contracts |  |  |  | 159881 |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 2051 | 658 | 66612 | 7426164 | 66143 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 521313 | 1971233 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2006 | 355719 | 1261695 | 3035265 | 280389 |
| &nbsp;&nbsp;&nbsp;Receivable for net variation margin on futures contracts |  |  |  | 268646 |  |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable |  | 344438 |  | 6514 |  |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser |  |  | 4679 | 62157 |  |
| &nbsp;&nbsp;&nbsp;Receivable for interest sold |  |  | 2984 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 18304 | 26165 | 35238 | 40082 | 45972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 22444740 | 104627952 | 184804794 | 406249371 | 255866948 |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums received from swaps |  |  |  | 1455845 |  |
| &nbsp;&nbsp;&nbsp;Swap interest payable |  |  |  | 105000 |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 100000 | 7640 | 18776 | 72169 | 100945 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 410007 | 3575797 | 1014688 |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser (Note 4) | 8340 | 49428 |  | 175682 | 172606 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  |  |  | 802 | 1925 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 1206 |  |  | 38396 |  |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 3966 | 18069 | 17617 | 34868 | 15633 |
| &nbsp;&nbsp;&nbsp;Due to Trustees |  | 936 | 470 | 1091 |  |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 6400 | 23872 | 15538 | 39087 | 41695 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 119912 | 509952 | 3628198 | 2937628 | 332804 |
| **Net Assets** | $**22324828** | $**104118000** | $**181176596** | $**403311743** | $**255534144** |
| **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $21221556 | $87079948 | $196520102 | $387170686 | $283589328 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficits) | 1103272 | 17038052 | (15343506) | 16141057 | (28055184) |
| **Net Assets** | $**22324828** | $**104118000** | $**181176596** | $**403311743** | $**255534144** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES – Continued**

**As of April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Square**<br> **Select Small**<br> **Cap Fund** | **North Square<br> Altrinsic<br> International<br> Equity Fund** | **North Square**<br> **McKee Bond**<br> **Fund** | **North Square**<br> **Strategic**<br> **Income Fund** | **North Square**<br> **Small Cap**<br> **Value Fund** |
| **Class A:**<sup>(a)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  |  |  | $10570096 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  |  |  | 1086498 |  |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption and offering price per share |  |  |  | $9.73 |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price to public |  |  |  | $10.11 |  |
| **Class I:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $22324828 | $104118000 | $35258314 | $392741647 | $245941169 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1977392 | 8806353 | 4023589 | 40365944 | 15154992 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption and offering price per share | $11.29 | $11.82 | $8.76 | $9.73 | $16.23 |
| **Class R6:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  |  | $145918282 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  |  | 16510974 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption and offering price per share |  |  | $8.84 |  |  |
| **Investor Class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  |  |  |  | $9592975 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  |  |  |  | 594977 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption and offering price per share |  |  |  |  | $16.12 |

---

<sup>(a)</sup> A sales charge of 3.75% will be imposed on investments less than $1,000,000. A contingent deferred sales charge of 1.00% on investments over $1,000,000 will be imposed on certain such redemptions of shares within 12 months of the date of purchase.

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Square<br> Select Small<br> Cap Fund** | **North Square<br> Altrinsic<br> International<br> Equity Fund** | **North Square**<br> **McKee Bond**<br> **Fund** | **North Square**<br> **Strategic**<br> **Income Fund** | **North Square**<br> **Small Cap**<br> **Value Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $127458 | $1691237 | $73671 | $150800 | $3428213 |
| &nbsp;&nbsp;&nbsp;Interest income | 5121 |  | 3579056 | 6881627 |  |
| &nbsp;&nbsp;&nbsp;Foreign dividend taxes withheld |  | (139992) |  | (4331) | (37728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 132579 | 1551245 | 3652727 | 7028096 | 3390485 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adviser fees (Note 4) | 89192 | 456439 | 199381 | 809961 | 1179868 |
| &nbsp;&nbsp;&nbsp;Registration fees | 14250 | 11839 | 28815 | 29143 | 26708 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 11960 | 50545 | 65061 | 99438 | 96294 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3186 | 31271 | 12763 | 9919 | 20098 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 3725 | 3725 | 4222 | 8316 | 32184 |
| &nbsp;&nbsp;&nbsp;Legal fees | 690 | 3308 | 5825 | 8851 | 9034 |
| &nbsp;&nbsp;&nbsp;Audit fees | 1594 | 8262 | 13912 | 23041 | 22257 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2048 | 7479 | 9459 | 14458 | 10263 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 1922 | 3811 | 4437 | 14623 | 6505 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I (Note 7) | 1274 | 34232 | 1084 | 2589 |  |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class C (Note 7) |  |  |  | 91864 |  |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees (Note 4) | 888 | 4263 | 5301 |  | 10194 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 516 | 1639 | 784 | 8232 | 14865 |
| &nbsp;&nbsp;&nbsp;Pricing | 425 | 6788 | 37131 | 3672 | 954 |
| &nbsp;&nbsp;&nbsp;Insurance | 317 | 1580 | 1810 | 14076 | 2457 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class A (Note 7) |  |  |  | 2487 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A (Note 8) |  |  |  | 4315 | 13778 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 4560 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 5792 | 13198 | 18647 | 22335 | 20900 |
| &nbsp;&nbsp;&nbsp;Total expenses | 137779 | 642939 | 408632 | 1167320 | 1466359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees contractually waived by Adviser | (17969) | (84345) | (155209) | (155045) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees contractually waived by Adviser |  |  |  | (5096) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 119810 | 558594 | 253423 | 1007179 | 1466359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 12769 | 992651 | 3399304 | 6020917 | 1924126 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (242333) | 2546591 | (1143518) | 4802090 | 7376907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  |  | (7365087) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  | 11106331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps contracts |  |  |  | (563225) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency |  | (20282) |  | (14452) | (593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (242333) | 2526309 | (1143518) | 7965657 | 7376314 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2683623) | 5734437 | 1846426 | 437410 | (35032739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  | (28090) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options |  |  |  | 1113825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  | 2349730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  |  | 94835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency |  | 32027 |  | (1854) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | (2683623) | 5766464 | 1846426 | 3965856 | (35032739) |
| &nbsp;&nbsp;&nbsp;Net realized and change in unrealized gain on investments and foreign currency | (2925956) | 8292773 | 702908 | 11931513 | (27656425) |
| **Net increase in net assets resulting from operations** | $**(2913187)** | $**9285424** | $**4102212** | $**17952430** | $**(25732299)** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square Select<br> Small Cap Fund** | **North Square Select<br> Small Cap Fund** | **North Square Altrinsic<br> International Equity Fund** | **North Square Altrinsic<br> International Equity Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $12769 | $32341 | $992651 | $2276783 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (242333) | 1922555 | 2526309 | 4652540 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | (2683623) | 5065744 | 5766464 | 11777407 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2913187) | 7020640 | 9285424 | 18706730 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (298512) | (176974) | (6407678) | (1865124) |
| &nbsp;&nbsp;&nbsp;Total distributions | (298512) | (176974) | (6407678) | (1865124) |
| **Capital Transactions - Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 263890 | 3631975 | 2698592 | 6663191 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 298512 | 176974 | 6404695 | 1865124 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (524795) | (2239433) | (31853564) | (9354057) |
| &nbsp;&nbsp;&nbsp;Total Class I | 37607 | 1569516 | (22750277) | (825742) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | 37607 | 1569516 | (22750277) | (825742) |
| **Total Increase (Decrease) in Net Assets** | (3174092) | 8413182 | (19872531) | 16015864 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 25498920 | 17085738 | 123990531 | 107974667 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**22324828** | $**25498920** | $**104118000** | $**123990531** |
| **Share Transactions - Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21342 | 311821 | 240918 | 599622 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 22683 | 15456 | 601945 | 174148 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (46632) | (183853) | (2809838) | (851555) |
| &nbsp;&nbsp;&nbsp;Total Class I | (2607) | 143424 | (1966975) | (77785) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (2607) | 143424 | (1966975) | (77785) |

---

*See accompanying Notes to Financial Statements.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square McKee<br> Bond Fund** | **North Square McKee<br> Bond Fund** | **North Square Strategic<br> Income Fund** | **North Square Strategic<br> Income Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3399304 | $4979848 | $6020917 | $7421620 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (1143518) | (1382432) | 7965657 | 7615343 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1846426 | 8778797 | 3965856 | 12432174 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4102212 | 12376213 | 17952430 | 27469137 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (66370) | (73773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (501409) | (61815) | (5706672) | (6942883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (3008014) | (4982563) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (3509423) | (5044378) | (5773042) | (7016656) |
| **Capital Transactions - Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  | 7267064 | 2596881 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  | 65025 | 72664 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed |  |  | (69286) | (101805) |
| &nbsp;&nbsp;&nbsp;Total Class A |  |  | 7262803 | 2567740 |
| **Capital Transactions - Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 32946028 | 2764829 | 197682290 | 90230819 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 501409 | 61816 | 5494547 | 6815581 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1806882) | (319394) | (36634970) | (45564830) |
| &nbsp;&nbsp;&nbsp;Total Class I | 31640555 | 2507251 | 166541867 | 51481570 |
| **Capital Transactions - Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 23483265 | 65448468 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2685727 | 4333394 |  |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (33468464) | (23359887) |  |  |
| &nbsp;&nbsp;&nbsp;Total Class R6 | (7299472) | 46421975 |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | 24341083 | 48929226 | 173804670 | 54049310 |
| **Total Increase (Decrease) in Net Assets** | 24933872 | 56261061 | 185984058 | 74501791 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 156242724 | 99981663 | 217327685 | 142825894 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**181176596** | $**156242724** | $**403311743** | $**217327685** |

---

*See accompanying Notes to Financial Statements.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **North Square McKee<br> Bond Fund** | **North Square McKee<br> Bond Fund** | **North Square Strategic<br> Income Fund** | **North Square Strategic<br> Income Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Share Transactions - Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 751201 | 289215 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  | 6861 | 7960 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (7343) | (10815) |
| &nbsp;&nbsp;&nbsp;Total Class A |  |  | 750719 | 286360 |
| **Share Transactions - Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3856258 | 315451 | 20765264 | 9889992 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 57434 | 7054 | 578850 | 752420 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (207176) | (37100) | (3857561) | (5096043) |
| &nbsp;&nbsp;&nbsp;Total Class I | 3706516 | 285405 | 17486553 | 5546369 |
| **Share Transactions - Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2661668 | 7469975 |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 305540 | 493049 |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3883666) | (2676162) |  |  |
| &nbsp;&nbsp;&nbsp;Total Class R6 | (916458) | 5286862 |  |  |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | 2790058 | 5572267 | 18237272 | 5832729 |

---

*See accompanying Notes to Financial Statements.* 

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

---

| | | |
|:---|:---|:---|
|  | **North Square Small<br> Cap Value Fund** | **North Square Small<br> Cap Value Fund** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1924126 | $4026060 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 7376314 | 53912521 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (35032739) | (6765412) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (25732299) | 51173169 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;**From earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (56203930) | (26331059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2354671) | (1260166) |
| &nbsp;&nbsp;&nbsp;Total distributions | (58558601) | (27591225) |
| **Capital Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 22296437 | 39745554 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 53703016 | 25583546 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (25891578) | (32534020) |
| &nbsp;&nbsp;&nbsp;Total Class I | 50107875 | 32795080 |
| **Capital Transactions - Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 242069 | 651384 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2324535 | 1242862 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1483453) | (2188675) |
| &nbsp;&nbsp;&nbsp;Total Investor Class | 1083151 | (294429) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | 51191026 | 32500651 |
| **Total Increase (Decrease) in Net Assets** | (33099874) | 56082595 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 288634018 | 232551423 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**255534144** | $**288634018** |
| **Share Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1210585 | 1777625 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 3027227 | 1177337 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1392879) | (1458983) |
| &nbsp;&nbsp;&nbsp;Total Class I | 2844933 | 1495979 |
| **Share Transactions - Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13658 | 29324 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 131776 | 57460 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (82057) | (100130) |
| &nbsp;&nbsp;&nbsp;Total Investor Class | 63377 | (13346) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | 2908310 | 1482633 |

---

*See accompanying Notes to Financial Statements.*

**North Square Select Small Cap Fund**

**FINANCIAL HIGHLIGHTS Class I**

*(For the shares outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $12.88 | $9.30 | $10.31 | $12.21 | $9.33 | $11.63 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.01 | 0.02 | 0.09 | — <sup>(b)</sup> | 0.04 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.44) | 3.66 | (0.45) | (1.02) | 3.95 | (1.11) |
| Total from investment operations | (1.43) | 3.68 | (0.36) | (1.02) | 3.99 | (1.03) |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.10) | (0.01) | (0.03) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.14) |  | (0.64) | (0.85) | (1.01) | (1.20) |
| Total distributions | (0.16) | (0.10) | (0.65) | (0.88) | (1.11) | (1.27) |
| **Net asset value, end of period** | $11.29 | $12.88 | $9.30 | $10.31 | $12.21 | $9.33 |
| **Total Return**<sup>(c)</sup>** | (11.34)%<sup>(d)</sup> | 39.67% | (3.51)% | (9.05)% | 46.09% | (10.63)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $22325 | $25499 | $17086 | $20867 | $10111 | $4378 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.08 %<sup>(e)</sup> | 1.14% | 1.25% | 1.24% | 1.63% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.94 %<sup>(e)</sup> | 0.94% | 0.94% | 0.94% | 0.95% | 0.97 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | (0.04)%<sup>(e)</sup> | (0.06)% | 0.60% | (0.29)% | (0.34)% | (0.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.1 %<sup>(e)</sup> | 0.14% | 0.90% | 0.01% | 0.34% | 0.79% |
| Portfolio turnover rate | 32 %<sup>(d)</sup> | 52% | 45% | 107% | 45% | 49% |

---

<sup>(a)</sup> Based on average shares outstanding for the period.

<sup>(b)</sup> Rounds to less than $0.005 per share.

<sup>(c)</sup> Total returns would have been lower had expenses not been waived by North Square Investments, LLC (the "Adviser"). Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> The annual net expense ratio changed from 1.00% to 0.95% of net assets as of the close of business on February 21, 2020.

*See accompanying Notes to Financial Statements.*

**North Square Altrinsic International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*(For the shares outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> October 31,**<br>**2021<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $11.51 | $9.95 | $8.72 | $10.88 | $10.00 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.10 | 0.21 | 0.19 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.80 | 1.52 | 1.18 | (2.12) | 0.76 |
| Total from investment operations | 0.90 | 1.73 | 1.37 | (1.96) | 0.89 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.17) | (0.14) | (0.09) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.37) |  |  | (0.11) |  |
| Total distributions | (0.59) | (0.17) | (0.14) | (0.20) | (0.01) |
| **Net asset value, end of period** | $11.82 | $11.51 | $9.95 | $8.72 | $10.88 |
| **Total Return**<sup>(c)</sup> | 8.42 %<sup>(d)</sup> | 17.53% | 15.83% | (18.30)% | 8.88 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $104118 | $123991 | $107975 | $60568 | $44733 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.13 %<sup>(e)</sup> | 1.13% | 1.17% | 1.29% | 1.43 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.98 %<sup>(e)</sup> | 0.97% | 0.97% | 0.97% | 0.97 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.59 %<sup>(e)</sup> | 1.73% | 1.70% | 1.37% | 0.92 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.74 %<sup>(e)</sup> | 1.88% | 1.90% | 1.69% | 1.38 %<sup>(e)</sup> |
| Portfolio turnover rate | 15 %<sup>(d)</sup> | 25% | 27% | 23% | 22 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period December 4, 2020 (commencement of operations) to October 31, 2021.

<sup>(b)</sup> Based on average shares outstanding for the period.

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

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*(For the shares outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> October 31,**<br>**2021<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $8.74 | $8.18 | $8.48 | $9.84 | $9.89 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.17 | 0.35 | 0.25 | 0.14 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | 0.57 | (0.26) | (1.34) | (0.02) |
| Total from investment operations | 0.20 | 0.92 | (0.01) | (1.20) | (0.01) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.36) | (0.29) | (0.16) | (0.04) |
| Total distributions | (0.18) | (0.36) | (0.29) | (0.16) | (0.04) |
| **Net asset value, end of period** | $8.76 | $8.74 | $8.18 | $8.48 | $9.84 |
| **Total Return**<sup>(c)</sup>** | 2.33 %<sup>(d)</sup> | 11.37% | (0.19)% | (12.33)% | (0.12)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $35258 | $2773 | $259 | $48 | $10 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 0.51 %<sup>(e)</sup> | 0.58% | 0.58% | 0.77% | 0.64 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.47 %<sup>(e)</sup> | 0.47% | 0.47% | 0.47% | 0.47 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 3.93 %<sup>(e)</sup> | 3.86% | 2.78% | 1.28% | 0.13 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 3.97 %<sup>(e)</sup> | 3.98% | 2.90% | 1.58% | 0.30 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 95 %<sup>(d)</sup> | 171 %<sup>(f)</sup> | 104% | 129% | 321 %<sup>(d)(f)</sup> |

---

<sup>(a)</sup> For the period May 19, 2021 (commencement of operations) to October 31, 2021.

<sup>(b)</sup> Based on average shares outstanding for the period.

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

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Securities purchased in-kind were excluded from the computation of the ratio.

<sup>(g)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares.

*See accompanying Notes to Financial Statements.*

**North Square McKee Bond Fund**

**FINANCIAL HIGHLIGHTS**

**Class R6**

*(For the shares outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> October 31,**<br>**2021<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of period | $8.81 | $8.21 | $8.50 | $9.84 | $10.00 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.18 | 0.36 | 0.29 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | 0.60 | (0.29) | (1.31) | (0.13) |
| Total from investment operations | 0.21 | 0.96 |  | (1.18) | (0.10) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.36) | (0.29) | (0.16) | (0.06) |
| Total distributions | (0.18) | (0.36) | (0.29) | (0.16) | (0.06) |
| **Net asset value, end of period** | $8.84 | $8.81 | $8.21 | $8.50 | $9.84 |
| **Total Return**<sup>(c)</sup>** | 2.46 %<sup>(d)</sup> | 11.83% | (0.07)% | (12.14)% | 0.91 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $145918 | $153470 | $99723 | $107550 | $139281 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 0.49 %<sup>(e)</sup> | 0.56% | 0.56% | 0.58% | 0.73 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.28 %<sup>(e)</sup> | 0.28% | 0.28% | 0.28% | 0.28 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 3.9 %<sup>(e)</sup> | 3.85% | 3.03% | 1.08% | (0.04)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 4.11 %<sup>(e)</sup> | 4.14% | 3.31% | 1.38% | 0.41 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 95 %<sup>(d)</sup> | 171 %<sup>(f)</sup> | 104% | 129% | 321 %<sup>(d)(f)</sup> |

---

<sup>(a)</sup> For the period December 28, 2020 (commencement of operations) to October 31, 2021.

<sup>(b)</sup> Based on average shares outstanding for the period.

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

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Securities purchased in-kind were excluded from the computation of the ratio.

<sup>(g)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares.

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class A**

*(For the shares outstanding during each period)*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Period Ended<br> October 31,<br> 2023<sup>(a)</sup>** |
| **Selected Per Share Data:** | | | |
| Net asset value, beginning of period | $9.36 | $8.21 | $8.85 |
| **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.20 | 0.36 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.35 | 1.13 | (0.64) |
| Total from investment operations | 0.55 | 1.49 | (0.39) |
| **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.34) | (0.17) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.08) |
| Total distributions | (0.18) | (0.34) | (0.25) |
| **Net asset value, end of period** | $9.73 | $9.36 | $8.21 |
| **Total Return**<sup>(c)</sup>** | 5.95 %<sup>(d)</sup> | 18.42% | (4.48)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $10570 | $3143 | $406 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.21 %<sup>(e)</sup> | 1.35% | 1.30 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.01 %<sup>(e)</sup> | 1.15% | 1.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 4.04 %<sup>(e)</sup> | 3.75% | 4.28 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 4.24 %<sup>(e)</sup> | 3.96% | 4.41 %<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 54 %<sup>(d)</sup> | 115% | 152 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period February 28, 2023 (commencement of operations) to October 31, 2023.

<sup>(b)</sup> Based on average shares outstanding for the period.

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

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

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

*See accompanying Notes to Financial Statements.*

**North Square Strategic Income Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*(For the shares outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.36 | $8.22 | $8.60 | $10.09 | $9.99 | $9.53 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.20 | 0.39 | 0.38 | 0.27 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.35 | 1.12 | (0.39) | (1.26) | 0.60 | 0.48 |
| Total from investment operations | 0.55 | 1.51 | (0.01) | (0.99) | 0.84 | 0.71 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.37) | (0.29) | (0.26) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (0.24) | (0.46) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.08) |  |  |  |
| Total distributions | (0.18) | (0.37) | (0.37) | (0.50) | (0.74) | (0.25) |
| **Net asset value, end of period** | $9.73 | $9.36 | $8.22 | $8.60 | $10.09 | $9.99 |
| **Total Return**<sup>(b)</sup>** | 6.11 %<sup>(c)</sup> | 18.64% | (0.27)% | (10.17)% | 8.63% | 7.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $392742 | $214185 | $142420 | $113625 | $79460 | $74287 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 0.87 %<sup>(d)</sup> | 1.02% | 1.05% | 1.14% | 1.28% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 0.75 %<sup>(d)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 4.41 %<sup>(d)</sup> | 4.22% | 4.17% | 2.63% | 2.06% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 4.53 %<sup>(d)</sup> | 4.35% | 4.32% | 2.87% | 2.44% | 2.33% |
| Portfolio turnover rate<sup>(e)</sup> | 54 %<sup>(c)</sup> | 115% | 152% | 163% | 77% | 145% |

---

<sup>(a)</sup> Based on average shares outstanding for the period.

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

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

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

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**FINANCIAL HIGHLIGHTS**

**Class I**

*(For the shares outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $22.48 | $20.48 | $22.76 | $26.29 | $16.94 | $20.66 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.32 | 0.33 | 0.21 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.81) | 4.11 | (0.22) | (0.10) | 9.38 | (3.14) |
| Total from investment operations | (1.68) | 4.43 | 0.11 | 0.11 | 9.56 | (2.93) |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.28) | (0.23) | (0.20) | (0.21) | (0.32) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (4.21) | (2.15) | (2.16) | (3.44) |  | (0.47) |
| Total distributions | (4.57) | (2.43) | (2.39) | (3.64) | (0.21) | (0.79) |
| **Net asset value, end of period** | $16.23 | $22.48 | $20.48 | $22.76 | $26.29 | $16.94 |
| **Total Return**<sup>(b)</sup> | (9.19)%<sup>(c)</sup> | 22.04% | 0.71% | (0.11)% | 56.77% | (14.97)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $245941 | $276763 | $221460 | $236576 | $268989 | $182343 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.05 %<sup>(d)</sup> | 1.04% | 1.04% | 1.03% | 1.03% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.05 %<sup>(d)</sup> | 1.03% | 1.00% | 1.03% | 1.03% | 1.07% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.4 %<sup>(d)</sup> | 1.46% | 1.50% | 0.84% | 0.80% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.4 %<sup>(d)</sup> | 1.46% | 1.50% | 0.84% | 0.80% | 1.16% |
| Portfolio turnover rate<sup>(e)</sup> | 42 %<sup>(c)</sup> | 144% | 116% | 55% | 73% | 61% |

---

<sup>(a)</sup> Based on average shares outstanding for the period.

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

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying Notes to Financial Statements.*

**North Square Small Cap Value Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*(For the shares outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $22.33 | $20.35 | $22.63 | $26.16 | $16.85 | $20.55 |
| **Investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.28 | 0.28 | 0.14 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.81) | 4.07 | (0.23) | (0.10) | 9.30 | (3.15) |
| Total from investment operations | (1.70) | 4.35 | 0.05 | 0.04 | 9.47 | (2.97) |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.22) | (0.17) | (0.13) | (0.16) | (0.26) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (4.21) | (2.15) | (2.16) | (3.44) |  | (0.47) |
| Total distributions | (4.51) | (2.37) | (2.33) | (3.57) | (0.16) | (0.73) |
| **Net asset value, end of period** | $16.12 | $22.33 | $20.35 | $22.63 | $26.16 | $16.85 |
| **Total Return**<sup>(b)</sup> | (9.33)%<sup>(c)</sup> | 21.77% | 0.43% | (0.40)% | 56.45% | (15.17)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $9593 | $11871 | $11092 | $12010 | $13785 | $12443 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.3 %<sup>(d)</sup> | 1.29% | 1.29% | 1.28% | 1.28% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.3 %<sup>(d)</sup> | 1.27% | 1.25% | 1.28% | 1.28% | 1.32% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived | 1.15 %<sup>(d)</sup> | 1.22% | 1.26% | 0.59% | 0.56% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived | 1.15 %<sup>(d)</sup> | 1.22% | 1.26% | 0.59% | 0.56% | 0.90% |
| Portfolio turnover rate<sup>(e)</sup> | 42 %<sup>(c)</sup> | 144% | 116% | 55% | 73% | 61% |

---

<sup>(a)</sup> Based on average shares outstanding for the period.

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

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(c)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

*See accompanying Notes to Financial Statements.*

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS**

**April 30, 2025 (Unaudited)**

**Note 1 – Organization**

The North Square Select Small Cap Fund (formerly, the North Square Advisory Research Small Cap Value Fund) ("Select Small Cap" or "Select Small Cap Fund"), North Square Altrinsic International Equity Fund ("International Equity" or "International Equity Fund"), North Square McKee Bond Fund ("McKee Bond" or "McKee Bond Fund"), North Square Strategic Income Fund ("Strategic Income" or "Strategic Income Fund"), and North Square Small Cap Value Fund ("Small Cap Value" or "Small Cap Value Fund") (each a "Fund" and collectively the "Funds") each organized as a series of the Exchange Place Advisors Trust (formerly, 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 Funds are diversified funds. The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024 permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is a series currently authorized by the Board.

The Select Small Cap Fund's primary investment objective is to seek long-term capital appreciation. Effective as of the close of business on February 21, 2020, the Small Cap Value Fund acquired the assets and assumed the liabilities of the Advisory Research Small Cap Value Fund, a series of Investment Managers Series Trust, which commenced operations on November 16, 2009. Effective January 11, 2022, the North Square Advisory Research All Cap Value Fund changed its name to the North Square Advisory Research Small Cap Value Fund. Effective February 28, 2025, the North Square Advisory Research Small Cap Value Fund changed its name to the North Square Select Small Cap Fund.

The International Equity Fund's primary investment objective is to provide long-term growth of capital. The Fund commenced operations on December 4, 2020.

The McKee Bond Fund's primary investment objective is to maximize total return and generate consistent outperformance of the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. The Fund's Class I shares commenced operations on December 28, 2020, and Class Y shares commenced operations on May 19, 2021. Effective on December 1, 2021, the outstanding Class Y shares of the McKee Bond Fund were renamed as Class I shares, and the previously outstanding Class I shares of the Fund were renamed as Class R6 shares. The ticker symbols of the renamed classes did not change.

The Strategic Income Fund's primary investment objectives are to seek high current income and to seek long-term capital appreciation. Effective as of the close of business on February 21, 2020, the Strategic Income Fund acquired the assets and assumed the liabilities of the Advisory Research Strategic Income Fund, a series of Investment Managers Series Trust, which commenced operations on December 31, 2012. The Strategic Income Fund currently offers Class A Shares and Class I Shares. Class A Shares have a maximum sales charge on purchases of 3.75%, as a percentage of the original purchase price, on investments less than $1,000,000. No sales charge applies on investments of $1,000,000 or more, but a Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on certain redemptions of such shares that were purchased within one year of the redemption date.

The Small Cap Value Fund's primary investment objective is long-term capital appreciation. Concurrently with the Fund's commencement of operations, the Fund acquired all of the assets and liabilities of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the "Predecessor Fund"), in a tax-free reorganization on April 29, 2025. In connection with the Reorganization, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Small Cap Value Fund. Further, the Predecessor Fund's portfolio managers joined CSM Advisors, LLC to serve as the Fund's portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The Predecessor Fund is the accounting survivor. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the North Square Investments, LLC (the "Adviser"), who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services - Investment Companies".

**(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 New York Stock Exchange ("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. Exchange-traded options on securities and indices purchased or sold by the Funds generally will be valued at the mean of the last bid and ask prices. 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 Adviser, as Valuation Designee, for all fair value determinations and responsibilities, with respect to the Fund, pursuant to procedures adopted by the Board.

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 net asset value ("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 Adviser, 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.

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 Adviser during the quarter.

**(b) Purchased/Written Option Contracts**

Certain of the Funds may write or purchase option contracts to adjust risk and return of its overall investment positions. When a Fund writes or purchases an option, an amount equal to the premium received or paid by such Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to or subtracted from the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions. Investing in purchased and written options contracts exposes the Funds to equity price risk. For the period ended April 30, 2025, only the Strategic Income Fund engaged in option contracts. Additional information regarding such activity may be found in Note 11.

**(c) Futures Contracts**

Certain of the Funds may invest in futures contracts to hedge or manage risks associated with the Fund's securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and such Fund's basis in the contract. If a Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, such Fund would continue to be subject to market risk with respect to the value of the contracts. For the period ended April 30, 2025, only the Strategic Income Fund engaged in futures contracts. Additional information regarding such activity may be found in Note 11.

**(d) Credit Default Swaps**

Certain of the Funds may enter into credit default swap transactions for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by a Fund. A Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. The notional value of the credit default swap will be used to segregate liquid investments for selling protection on credit default swaps. If a Fund were a buyer and no credit event occurs, such Fund would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value in upfront payments. When a Fund buys credit default swaps it will segregate an amount at least equal to the amount of any accrued premium payment obligations including amounts for early terminations. The use of swap transactions by a Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap transaction. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap transactions have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

Certain of the Funds may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case such Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce a Fund's return. Additional information regarding such activity may be found in Note 11. For the period ended April 30, 2025, only the Strategic Income Fund entered into credit default swap contracts.

**(e) Deposits with Broker**

When trading derivative instruments, such as forward contracts, futures contracts or swap contracts, a Fund is 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 a Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of a Fund's 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 a Fund's open positions in futures contracts, a 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 April 30, 2025, the Strategic Income Fund had $3,065,872 cash at broker for futures contracts.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

Upon entering into a swap contract a Fund would be required to maintain required collateral with its custodian or swap broker in a segregated account in the name of the swap broker consisting of U.S. Government securities or cash or cash equivalents. At April 30, 2025, the Strategic Income Fund had $2,611,644 cash at broker for swap contracts.

**(f) 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. Realized gains and losses on paydowns of asset-backed securities are reflected in interest income on the Statements of Operations. 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 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.

**(g) 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 period 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. Each 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 previous three tax year ends and the interim tax period since then, 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.

The Funds may utilize deemed dividends on redemptions accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

**(h) Distributions to Shareholders**

The McKee Bond Fund and Strategic Income Fund will make distributions of net investment income monthly. The Select Small Cap Fund, Small Cap Value Fund and Altrinsic International Equity 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.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**(i) Line of Credit**

During period ended April 30, 2025 the Trust, on behalf of the Funds, entered into a short-term credit agreement ("Line of Credit") with U.S. Bank, N.A., expiring on June 11, 2025. The Line of Credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Under the terms of the agreement, The Trust may borrow up to the lesser of $50,000,000 or 15% of each Fund's daily market value (10% for Select Small Cap Fund).

As of April 30, 2025, the Funds had no outstanding borrowings under this Line of Credit.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average**<br> **Daily Loan**<br> **Balance<sup>(a)</sup>** | **Weighted<br> Average<br> Interest Rate** | **Number of<br> Days**<br> **Outstanding<sup>(b)</sup>** | **Interest**<br> **Expense<br> Accrued** | **Maximum<br> Loan<br> Outstanding** |
| International Equity Fund | $120928 | 7.50% | 8 | $4560 | $7430000 |
| Strategic Income Fund | 14829 | 7.50% | 2 | 559 | 2684000 |

---

<sup>(a)</sup> Averages based on the number of days outstanding.

<sup>(b)</sup> Number of Days Outstanding represents the total days during the six months ended April 30, 2025, that a Fund utilized the Line of Credit.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with the Adviser. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund's average daily net assets. Fees paid to the Adviser for the six months ended April 30, 2025, are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

---

| | |
|:---|:---|
|  | **Investment<br> Advisory Fees** |
| Select Small Cap Fund | 0.70% |
| International Equity Fund | 0.80% |
| McKee Bond Fund | 0.24% |
| Strategic Income Fund | 0.70%\* |
| Small Cap Value Fund | 0.85% |

---

\* Effective January 1, 2025, the Strategic Income Fund will pay the Adviser, an advisory fee at an annualized rate of 0.56% of the Strategic Income Fund's average daily net assets. Prior to January 1, 2025, the Strategic Income Fund paid the Adviser an advisory fee at an annualized rate of 0.70% of the Strategic Income Fund's average daily net assets. The Strategic Income Fund's advisory fee is calculated daily and payable monthly, as a percentage of the Strategic Income Fund's average daily net assets.

The Adviser engages Advisory Research, Inc. to manage the Select Small Cap Fund, Altrinsic Global Advisors, LLC to manage the International Equity Fund, CSM Advisors, LLC to manage the McKee Bond Fund and the Small Cap Value Fund, and Red Cedar Investment Management, LLC to manage the Strategic Income Fund (each a "Sub-Adviser" and collectively the "Sub-Advisers"). The Adviser pays the Sub-Advisers from its advisory fees.

The Adviser 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,

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

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 Board. The table below contains the agreement expiration and expense cap by Fund and by Class:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Limit on Annual Operating Expenses\*** | **Total Limit on Annual Operating Expenses\*** | **Total Limit on Annual Operating Expenses\*** | **Total Limit on Annual Operating Expenses\*** |
|  | <br>**Agreement<br> Expires** | **Class A<br> Shares** | **Class I<br> Shares** | **Investor<br> Class** | **Class R6<br> Shares** |
| Select Small Cap Fund | February 28, 2026 |  | 0.94% |  |  |
| International Equity Fund | February 28, 2026 |  | 0.98% |  |  |
| McKee Bond Fund | February 28, 2026 |  | 0.47% |  | 0.28% |
| Strategic Income Fund | February 28, 2026 | 0.93% | 0.68% |  |  |
| Small Cap Value Fund | September 20, 2027 |  | 1.05% | 1.30% |  |

---

\* The total limit on annual operating expenses is calculated based on each Fund's average daily net assets.

The Adviser is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending thirty-six months after the date of the waiver or payment. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds' 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. The Adviser may recapture all or a portion of this amount no later than the dates stated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Select Small<br> Cap Fund** | **International<br> Equity Fund** | **McKee<br> Bond Fund** | **Strategic<br> Income Fund** | **Small Cap<br> Value Fund** |
| October 31, 2025 | $41385 | $105729 | $168979 | $144532 | $— |
| October 31, 2026 | 60005 | 185890 | 292672 | 232602 | 104205 |
| October 31, 2027 | 46346 | 189973 | 337296 | 212414 | 33743 |
| April 30, 2028 | 13557 | 68261 | 23586 | 98548 |  |

---

Ultimus Fund Solutions, LLC (the "Administrator") serves as the Funds' fund accountant, transfer agent and administrator. The Funds' allocated fees incurred for fund accounting, transfer agency and fund administration for the six months ended April 30, 2025 are reported on the Statements of Operations.

Foreside Fund Services, LLC a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Adviser pays the Distributor a fee for its distribution related services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Prior to May 8, 2023, ACA Group provided Chief Compliance Officer services to the Trust. The Funds' allocated fees incurred for compliance services for the six months ended April 30, 2025, are reported on the Statements of Operations.

Each Independent Trustee receives from the Trust an annual retainer of $50,000, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board receives an additional annual retainer of $18,750, and each of the Chairs of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. In addition, effective November 3, 2023, each Independent Trustee receives from the Trust a fee of $2,000 for a meeting of the Board other than a regularly scheduled meeting.

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

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**Note 4 – Federal Income Taxes**

At April 30, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Select Small**<br>**Cap Fund** | **International**<br>**Equity Fund** | **McKee**<br>**Bond Fund** | **Strategic**<br>**Income Fund** | **Small Cap**<br>**Value Fund** |
| Tax cost of investments | $21069321 | $89611354 | $20925991 | $380175405 | $291868332 |
| Gross unrealized appreciation | 2537254 | 18133685 | 1346214 | 11379950 | 9741483 |
| Gross unrealized depreciation | (1184196) | (4397273) | (3644481) | (1982209) | (46135371) |
| Net unrealized appreciation (depreciation) on investments | $1353058 | $13736412 | $(2298267) | $9397741 | $(36393888) |

---

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, wash sales and PFIC mark to market adjustments.

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Select Small<br> Cap Fund** | **International<br> Equity Fund** | **McKee<br> Bond Fund** |
| Undistributed ordinary income | $10213 | $2146180 | $68288 |
| Undistributed Long Term Capital Gains | 268077 | 4019324 |  |
| Accumulated Capital and Other Losses |  |  | (11859890) |
| Unrealized appreciation on investments | 4036681 | 7994802 | (4144693) |
| Total accumulated earnings | $4314971 | $14160306 | $(15936295) |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic<br> Income Fund** | **Small Cap<br> Value Fund** |
| Undistributed ordinary income | $286090 | $13196431 |
| Undistributed Long Term Capital Gains |  | 44400434 |
| Accumulated Capital and Other Losses | (4858711) |  |
| Other Temporary Difference | 659694 |  |
| Unrealized appreciation on investments | 7874596 | (1361149) |
| Total accumulated earnings | $3961669 | $56235716 |

---

The tax character of distributions paid for the fiscal year ended October 31, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Select Small<br> Cap Fund** | **International<br> Equity Fund** | **McKee<br> Bond Fund** |
|  | **2024** | **2024** | **2024** |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $176974 | $1865124 | $5044378 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains |  |  |  |
| Total distributions paid | $176974 | $1865124 | $5044378 |

---

---

| | | |
|:---|:---|:---|
|  | **Strategic<br> Income Fund** | **Small Cap<br> Value Fund** |
|  | **2024** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $7016656 | $3137370 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains |  | 24453855 |
| Total distributions paid | $7016656 | $27591225 |

---

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

As of October 31, 2024, the following Funds have nonexpiring capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| Select Small Cap Fund | $— | $— |
| International Equity Fund |  |  |
| McKee Bond Fund | 5066648 | 6793243 |
| Strategic Income Fund | 4185185 | 673526 |
| Small Cap Value Fund |  |  |

---

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. During the fiscal year ended October 31, 2024, the Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| Select Small Cap Fund | $789170 | $799196 |
| International Equity Fund | 501955 | 117313 |
| McKee Bond Fund | 1124309 |  |
| Strategic Income Fund | 4323901 | 3259041 |
| Small Cap Value Fund |  |  |

---

**Note 5 – Investment Transactions**

For the six months ended April 30, 2025, purchases and sales of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Select Small Cap Fund | $8078932 | $8398823 |
| International Equity Fund | 17293607 | 42971866 |
| McKee Bond Fund | 77485461 | 64030221 |
| Strategic Income Fund | 166726708 | 53476370 |
| Small Cap Value Fund | 116265345 | 122496288 |

---

For the six months ended April 30, 2025, the McKee Bond Fund had purchases and sales of long-term U.S. Government Obligations of $101,288,249 and $92,442,228, respectively, and the Strategic Income Fund had purchases and sales of long-term U.S. Government Obligations of $100,545,386 and $87,367,284, respectively. Long-term purchases and sales of U.S. Government Obligations are excluded from purchases and sales of investments disclosed in the chart above.

**Note 6 – Shareholder Servicing Plan**

The Trust, on behalf of the Funds, has adopted a Shareholder Service Plan (the "Shareholder Service Plan") with respect to each of the Fund's Class A shares, Class I, and Class R6 shares, as applicable. Under the Shareholder Service Plan, the Funds may pay a fee at an annual rate of up to 0.15% of its average daily net assets attributable to Class A shares, Class I shares, and Class R6 shares, as applicable, to shareholder servicing agents. Shareholder servicing agents provide non-distribution administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, responding to routine inquiries from shareholders concerning their investments, assisting shareholders in changing dividend options, account designations and addresses, and other similar services.

For the six months ended April 30, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**Note 7 – 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 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.

For the six months ended April 30, 2025, distribution fees incurred with respect to Class A shares are disclosed on the Statements of Operations.

**Note 8 – 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 9 – 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.

● 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.

Options contracts are valued at the mean of the National Best Bid and Offer ("NBBO") prices as determined by the Options Pricing Reporting Authority (which is the best bid and offer price across all of the option exchanges). If no bid price is readily available, the option shall be valued at the mean of the last quoted ask price and $0.00. If (i) no bid price is readily available, and (ii) no ask price is readily available, the option will be valued at the last valid NBBO mean price and are generally categorized as Level 2.

Futures contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized in Level 1.

Swaps contracts are marked to market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and are generally categorized as Level 2.

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.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

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 April 30, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Select Small Cap Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $22132924 | $— | $— | $22132924 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 289455 |  |  | 289455 |
| Total | $**22422379** | $**—** | $**—** | $**22422379** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $27717764 | $71892513 | $— | $99610277 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks<sup>(a)</sup> | 1620314 |  |  | 1620314 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2117176 |  |  | 2117176 |
| Total | $**31455254** | $**71892513** | $**—** | $**103347767** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **McKee Bond Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities | $— | $5072831 | $— | $5072831 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds<sup>(a)</sup> |  | 55295970 |  | 55295970 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 81355786 |  | 81355786 |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government & Agencies |  | 2254365 |  | 2254365 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agencies |  | 31802471 |  | 31802471 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4301241 |  |  | 4301241 |
| Total | $**4301241** | $**175781423** | $**—** | $**180082664** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $19273005 | $— | $— | $19273005 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 2475910 |  |  | 2475910 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 45158706 |  | 45158706 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds<sup>(a)</sup> |  | 146292485 |  | 146292485 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 142318065 |  | 142318065 |
| &nbsp;&nbsp;&nbsp;Non U.S. Government & Agencies |  | 3161349 |  | 3161349 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agencies |  | 5209716 |  | 5209716 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 1355000 |  |  | 1355000 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 24328910 |  |  | 24328910 |
| Total | $**47432825** | $**342140321** | $**—** | $**389573146** |
| **Futures Contracts**<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $— | $3075593 | $— | $3075593 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (431836) |  | (431836) |
|  | $**—** | $**2643757** | $**—** | $**2643757** |
| **Swap Contracts**<sup>(c)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $— | $159881 | $— | $159881 |
|  | $**—** | $**159881** | $**—** | $**159881** |

---

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $250686572 | $— | $— | $250686572 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4787872 |  |  | 4787872 |
| Total | $**255474444** | $**—** | $**—** | $**255474444** |

---

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

<sup>(b)</sup> The amount shown represents the net unrealized appreciation/depreciation of the futures contracts.

<sup>(c)</sup> The amount shown represents the net unrealized appreciation/depreciation of the swap contracts.

The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**Note 10 – 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 April 30, 2025, 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.

**Strategic Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **Beginning of**<br> **Period** | **Purchases** | **Sales**<br> **Proceeds** | **Net Realized**<br> **Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value End**<br> **of Period** | **Dividend**<br> **Income** | **Capital Gain**<br> **Distributions** |
| North Square RCIM Tax- Advantaged Preferred & Income Securities ETF | $— | $2504000 | $— | $— | $(28090) | $2475910 | $— | $— |
| Total | $**—** | $**2504000** | $**—** | $**—** | $**(28090)** | $**2475910** | $**—** | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares<br> Beginning of<br> Period** | **Purchases** | **Sales** | **Shares End<br> of Period** |
| North Square RCIM Tax-Advantaged Preferred & Income Securities ETF | $— | $100000 | $— | $100000 |
| Total | $**—** | $**100000** | $**—** | $**100000** |

---

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**Note 11 – Derivative and Other Financial Instruments**

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Strategic Income Fund's Statement of Assets and Liabilities as of April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts not offset in the Statement of**<br> **Assets and Liabilities** | **Gross Amounts not offset in the Statement of**<br> **Assets and Liabilities** | **Gross Amounts not offset in the Statement of**<br> **Assets and Liabilities** |
| <br>**Description** |<br>**Gross Amounts**<br> **of Recognized**<br> **Liabilities** | **Gross Amounts**<br> **Offset in<br> the Statement of<br> Assets and<br> Liabilities** | **Net Amounts**<br> **Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<br> **(Pledged)\*\*** | **Net Amount** |
| Variation Margin on Futures Contracts\* | $356743 | $(88097) | $268646 | $— | $— | $268646 |
| Swap Contracts | 159881 |  | $159881 |  |  | 159881 |
| Total | $516624 | $(88097) | $428527 | $— | $— | $428527 |

---

\* Reflects the current day variation margin as reported on the Fund's statement of assets and liabilities.

\*\* Any over-collateralization is not shown. Collateral amounts can be found on the Statements of Assets and Liabilities as Cash held at broker for futures contract and Cash held at broker for swap contracts.

The following table presents the fair value of derivative instruments for the as of April 30, 2025 as presented on the Strategic Income Fund's Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** |
| **Derivatives** | **Asset Derivatives**  | **Liability Derivatives** | **Fair Value** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | Investments, at value |  | $1355000 |
| &nbsp;&nbsp;&nbsp;Futures | Payable for net variation margin on futures contracts |  | 268646 |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps | Unrealized appreciation from swap contracts |  | 159881 |

---

The following table presents the results of the derivative trading and information related to volume for the six months ended April 30, 2025. The below captions of "Net Realized" and "Net Change in Unrealized" correspond to the captions in the Strategic Income Fund's Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Location of Gain (Loss) on Derivatives on Statement of Operations** | **Realized Gain<br> (Loss) on<br> Derivatives** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation) on<br> Derivatives** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | Net realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options | $(7365087) | $1113825 |
| &nbsp;&nbsp;&nbsp;Futures | Net realized gain and change in unrealized appreciation (depreciation) on futures | 11106331 | 2349730 |
| &nbsp;&nbsp;&nbsp;Swaps | Net realized gain and change in unrealized appreciation (depreciation) on swap contracts | (563225) | 94835 |

---

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

The average monthly market value amount is shown as an indicator of volume. The average monthly market value amounts held in the Strategic Income Fund during the six months ended April 30, 2025 were:

---

| | |
|:---|:---|
| **Derivatives** | **Average<br> Ending Monthly<br> Market Value** |
| Purchased Options | $1738594 |
| Long Futures | 174499763 |
| Short Futures | (87078292) |
| Swap Contracts | (2500197) |

---

**Note 12 – Principal Risks**

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

**<u>North Square Select Small Cap Fund and North Square Small Cap Value Fund</u>**

**Equity Risk.** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

**Sector Focus Risk.** The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. For example, industries in the financials segment, such as banks, insurance companies, and broker-dealers, may be sensitive to changes in interest rates and general economic activity and are generally subject to extensive government regulation.

**Small-Cap Company Risk.** The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Many small-capitalization companies may be in the early stages of development. Since equity securities of smaller companies may lack sufficient market liquidity and may not be regularly traded, it may be difficult or impossible to sell securities at an advantageous time or a desirable price.

**<u>North Square Altrinsic International Equity Fund</u>**

**Equity Risk.** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

**Sector Focus Risk.** The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors.

**Foreign Investment Risk.** The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund's foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depository Receipts ("ADRs") and Global Depository Receipts ("GDRs"). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries.

**Currency Risk.** The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. Dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and speculation.

**<u>North Square McKee Bond Fund</u>**

**Fixed Income Securities Risk.** The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.

**Interest Rate Risk.** Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more volatile than shorter-term securities. Falling interest rates also create the potential for a decline in the Fund's income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund's investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Risks associated with rising interest rates are heightened given that interest rates in the U.S. have risen from historically low levels in recent years. Interest rates may continue to increase in the future with unpredictable effects on the financial markets and the Fund's investments.

**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed (including residential and commercial mortgage-backed) and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

**<u>North Square Strategic Income Fund</u>**

**Fixed Income Securities Risk.** The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.

**Interest Rate Risk.** Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. Falling interest rates also create the potential for a decline in the Fund's income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund's investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Risks associated with rising interest rates are heightened given that interest rates in the U.S. have risen from historically low levels in recent years. Interest rates may continue to increase in the future with unpredictable effects on the financial markets and the Fund's investments.

**North Square Funds**

**NOTES TO FINANCIAL STATEMENTS – Continued**

**April 30, 2025 (Unaudited)**

**Preferred Securities Risk.** Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise.

**Sector Focus Risk.** The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. For example, industries in the financials segment, such as banks, insurance companies, and broker-dealers, may be sensitive to changes in interest rates and general economic activity and are generally subject to extensive government regulation.

**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed (including residential and commercial mortgage-backed) and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

**Note 13 – 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. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosures except as noted below.

**North Square Funds**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Refer to the financial statements included herein.

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

Not applicable.

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

***Board Consideration of the Approval of the Investment Advisory Agreement and Sub-Advisory Agreement for the North Square Small Cap Value Fund***

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 March 27-28, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Exchange Place Advisors Trust (the "Trust"), including each of the Independent Trustees, unanimously voted to approve: (i) the investment advisory agreement (the "Advisory Agreement") between North Square Investments, LLC (the "Adviser" or "NSI") and the Trust, on behalf of the North Square Small Cap Value Fund (the "New Fund") and (ii) the investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and CSM Advisors, LLC (the "Sub-Adviser" or "CSM") with respect to the New Fund. The Adviser and the Sub-Adviser are collectively referred to as the "Advisers." The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to as the "Agreements." The Trustees noted that the New Fund has a corresponding fund (the "Existing Fund") that is currently offered as a series of Valued Advisers Trust that is proposed to be reorganized into the New Fund. The Trustees further noted that the reorganization of the Existing Fund into the New Fund would take place upon approval of the Existing Fund's Board of Trustees, and shareholders of the Existing Fund (the "Reorganization"). In addition, the Trustees noted that there are no contemplated changes to the management fee, investment objective, strategies, policies and restrictions of the Existing Fund in connection with the Reorganization and that the Existing Fund's portfolio managers would continue to be responsible for the day-to-day portfolio management activities of the New Fund.

In connection with its consideration of the Agreements, 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 legal counsel and supporting materials relating to those questions and responses, as well as other information and data provided. In this connection, the Board reviewed and discussed various information that had been provided prior to the Meeting, including the Advisory Agreement, the Sub-Advisory Agreement, a memorandum provided by independent legal counsel summarizing the requirements and guidelines relevant to the Board's consideration of the approvals of such Agreements, each Adviser's Form ADV Part 1A, brochures and brochure supplements, as applicable, profitability information, proposed advisory and sub-advisory fees, as applicable, estimated expense ratios, performance of comparable accounts, if any, and other pertinent information. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by the Advisers during the course of the year, to evaluate the Agreements with respect to the New Fund, including information provided in connection with the consideration of advisory and sub-advisory agreements for other Funds in the Trust. The Board reviewed and discussed the Advisers' Section 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 provided at the Meeting and at prior meetings in connection with advisory and sub-advisory agreements for other Funds in the Trust. Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Advisers. The Independent Trustees were also advised by independent legal counsel and met in executive sessions at which no representatives of management were present to consider the Agreements with respect to the New Fund. The Board also noted that the evaluation process with respect to the Advisers is an ongoing one. The Board, as noted above, also took into account information reviewed periodically throughout the year and in prior years that was relevant to its consideration of the Agreements, including information and discussions with the Advisers with respect to other funds in the Trust, as well as such additional information it deemed relevant and appropriate in its judgement. The Board noted that it had been recently provided with information relating to its deliberations in connection with the renewal of advisory and sub-advisory agreements with respect to certain funds of the Trust at the Board's September 24-25, 2024 Meeting and December 3-4, 2024 Meeting. The Board noted that the information received and considered by the Board in connection with the Meeting was both written and oral. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the Agreements for the New Fund for an initial two-year period.

**North Square Funds**

**ADDITIONAL INFORMATION (Unaudited) – Continued**

In determining whether to approve 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 with respect to the New Fund 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 independent legal counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the Agreements with respect to the New Fund is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry.

**Nature, Extent and Quality of Services**

The Board considered information regarding the nature, extent and quality of services to be provided to the New Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services to be provided by the Advisers. The Board noted the non-investment advisory services to be provided by NSI, including the oversight and coordination of the New Fund's 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 condition (including economic and other support provided by affiliates of NSI).

In addition, the Board considered the Advisers' professional personnel who will provide services to the New Fund, including each Adviser's ability and experience in attracting and retaining qualified personnel to service the New Fund. The Board also considered the compliance programs and compliance records and regulatory history of the Advisers. The Board noted the Advisers' anticipated support of the New Fund's compliance control structure, including the resources that will be devoted by the Advisers in support of the New Fund's obligations pursuant to Rule 38a-1 under the 1940 Act and the anticipated efforts of the Advisers to address matters such as cybersecurity risks and business continuity planning. The Board also noted that the Trust's Chief Compliance Officer ("CCO") evaluated the regulatory compliance systems of the Advisers and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also noted that it met separately, in executive session, with the CCO.

With respect to NSI, the Board considered the New Fund's proposed operation in a "manager-of-managers" structure and reviewed the responsibilities that NSI 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 New Fund, and supervising the Sub-Adviser with respect to the services that the Sub-Adviser will provide under the Sub-Advisory Agreement. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and significant risks assumed by NSI and not delegated to or assumed by the Sub-Adviser in connection with the services to be provided to the New Fund, including entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also considered the process used by NSI, 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. In addition, the Board considered its familiarity with NSI's personnel obtained from the Board's oversight of other Funds in the Trust advised by NSI, as well as the affiliation between NSI and the Sub-Adviser and any potential conflicts of interest. The Board also took into account NSI's discussion of the organizational structure of the Sub-Adviser and the services to be provided to the New Fund.

With respect to the Sub-Adviser, which will provide day-to-day portfolio management services for the New Fund, subject to oversight by NSI, the Board considered, among other things, the quality of the Sub-Adviser's investment personnel, its investment philosophies and processes, its investment research capabilities and resources, its financial condition, its performance record, its experience, its trade execution capabilities and its approach to managing risk. The Board noted that the Existing Fund's portfolio managers would continue to be responsible for the day-to-day portfolio management activities of the New Fund. The Board also considered the experience of the New Fund's portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-Adviser's approach for compensating the portfolio managers. Moreover, the Board considered that NSI has the oversight responsibility for conflicts of interest relating to the New Fund. In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board also took into account its management of other mutual fund products and separate accounts. The Board concluded that the approval of the Sub-Advisory Agreement was in the best interests of the New Fund and its shareholders and, based on the information provided to it, does not involve a conflict of interest from which the Adviser, the Sub-Adviser, or any officer or Trustee of the New Fund or any officer or board member of the Adviser derives an inappropriate advantage.

**North Square Funds**

**ADDITIONAL INFORMATION (Unaudited) – Continued**

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by NSI and the Sub-Adviser, taken as a whole, should be satisfactory and reliable.

**Fund Performance**

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

The Board received information at the Meeting, including management's discussion of the Existing Fund's performance and took into account factors contributing to, the performance of the Existing Fund relative to its benchmark and universe for the relevant period. The Board also took into account factors including general market conditions; the "style" in which the Existing Fund is managed; issuer-specific information; and fund cash flows.

Based on these considerations, the Board determined that it was reasonable to conclude that the Advisers have the ability to manage the New Fund successfully from a performance standpoint.

**Advisory and Sub-Advisory Fees and Expenses**

The Board reviewed and considered the advisory fee rate of the New Fund to be paid to NSI under the Advisory Agreement and the New Fund's total net expense ratio. The Board considered that the New Fund will pay an advisory fee to NSI and that, in turn, NSI will pay a portion of its fee to the Sub-Adviser.

The Board also took into account the amount of the advisory fee to be retained by NSI, if any, and the services to be provided with respect to the New Fund by NSI and the Sub-Adviser, respectively. In addition, the Board received and considered information about the portion of the fee to be paid to the 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 NSI and not delegated to or assumed by the Sub-Adviser, and about NSI's on-going oversight services. The Board also considered that the sub-advisory fee rate proposed to be paid to the Sub-Adviser had been negotiated by NSI on an arm's length basis and would be paid by NSI out if its advisory fee and not by the New Fund. The Board considered NSI's explanation that the proposed sub-advisory fee rate is priced at a competitive level. The Board considered and evaluated the fact that the Sub-Adviser was affiliated with NSI.

The Board reviewed comparative fee information contained in the Broadridge Report, comparing the New Fund's proposed advisory fee rate relative to a group of its peer funds and anticipated Morningstar category. While the Board recognized that comparisons between the New Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the New Fund's proposed advisory fee rate. The Board took into account NSI's discussion of the New Fund's anticipated fees and expenses, including the investment strategy of the New Fund. The Board also took into account that the proposed advisory fee for the New Fund was the same as for the Existing Fund. The Board also noted that the proposed advisory fee was in the range of the peer group contained in the Broadridge Report.

The Board also took into account that the Adviser had contractually agreed to limit the annual expense ratio for the New Fund to no more than 1.25%, excluding certain operating expenses and class-level expenses until September 30, 2027.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation to be paid to NSI under the Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement were not unreasonable.

**Profitability**

The Board received and considered information concerning NSI's costs of sponsoring the New Fund and the anticipated profitability to NSI and its respective affiliates from providing services to the New Fund. The Board noted that the levels of profitability may be affected by numerous factors. In addition, the Board received information relating to the operations and anticipated profitability to the Sub-Adviser from providing services to the New Fund. The Board considered representations from NSI and the Sub-Adviser that the Sub-Adviser's fees were negotiated at arm's length and that the sub-advisory fees would be paid by NSI out of its advisory fee and not by the New Fund. Accordingly, the Board concluded that the anticipated profitability of the Sub-Adviser was a less relevant factor with respect to the Board's consideration of the Sub-Advisory Agreement.

**North Square Funds**

**ADDITIONAL INFORMATION (Unaudited) – Continued**

Based on its review, the Board determined that the anticipated profits from NSI's relationship with the New Fund, if any, were not excessive.

**Economies of Scale**

The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to the New Fund as the Fund grows. The Board also considered that NSI 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. In addition, the Board took into account management's discussion of the New Fund's fee structure. The Board also considered the effect of the New Fund's potential growth in size on its performance and fees and that, if the Fund's assets increase over time, the Fund may realize other economies of scale. The Independent Trustees recognized that, because the New Fund's sub-advisory fees are paid by NSI out of its advisory fee, and not by the Fund, an analysis of economies of scale was more appropriate in the context of the Board's consideration of the Advisory Agreement.

The Board concluded that NSI's arrangements with respect to the New Fund constituted a reasonable approach to sharing potential economies of scale with the New Fund and its shareholders.

**"Fall-Out" Benefits**

The Board received and considered information regarding potential "fall-out" or ancillary benefits that NSI and its affiliates may receive as a result of their relationships with the New Fund. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the New Fund and benefits potentially derived from an increase in NSI's business as a result of their relationships with the New Fund. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and its affiliates may receive because of its relationships with the New Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the New Fund 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 to be 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 independent legal counsel, the Board, including the Independent Trustees acting separately, concluded that the approval of the Agreements with respect to the New Fund was in the best interest of the New Fund and its shareholders.

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

Not applicable.

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

Not applicable.

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

Included under Item 7

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

Included under Item 7

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report

(a)(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](exchange_ex99cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](exchange_ex99-906cert.htm)

**SIGNATURES**

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

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

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Date <u>7/7/2025</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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Ian Martin |
|  | Ian Martin, President and Principal Executive Officer |

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Date <u>7/7/2025</u> <br>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |

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Date <u>7/7/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONs</u>

I, Ian Martin, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| 07/7/2025 | /s/ Ian Martin |
| Date | Ian Martin<br> President and Principal Executive Officer |

---

<u>CERTIFICATIONs</u>

I, Zachary P. Richmond, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| 07/7/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION** 

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

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

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

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Date: <u>07/7/2025</u> Date: <u>07/7/2025</u>

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