# EDGAR Filing Document

**Accession Number:** 0001589390
**File Stem:** 0001580642-25-003614
**Filing Date:** 2025-6
**Character Count:** 100718
**Document Hash:** 700c32529f05eaef34ec277b7e2a0093
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003614.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003614

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Square Evanston Multi-Alpha Fund
- **CENTRAL INDEX KEY:** 0001589390

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22904
- **FILM NUMBER:** 251035097

**BUSINESS ADDRESS:**
- **STREET 1:** 1560 SHERMAN AVENUE
- **STREET 2:** SUITE 960
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201
- **BUSINESS PHONE:** 847-328-4961

**MAIL ADDRESS:**
- **STREET 1:** 1560 SHERMAN AVENUE
- **STREET 2:** SUITE 960
- **CITY:** EVANSTON
- **STATE:** IL
- **ZIP:** 60201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Evanston Alternative Opportunities Fund
- **DATE OF NAME CHANGE:** 20131016

**united states**

**securities and exchange commission**

**washington, d.c. 20549**

**form n-csr**

**certified shareholder report of registered<br> management investment companies**

Investment Company Act file number: <u>811-22904</u>

North Square Evanston Multi-Alpha Fund

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Stacy H. Louizos, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 885-5147

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

Date of fiscal year end: <u>March 31</u>

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

**Item 1. Reports to Stockholders.** 

(a) **North Square Evanston Multi-Alpha Fund**

Financial Statements

As of and for the year ended March 31, 2025

**North Square Evanston Multi-Alpha Fund**

**Contents**

---

| | |
|:---|:---|
| Management's Discussion of Fund Performance (Unaudited) | 1 |
| Statement of Assets and Liabilities | 3 |
| Schedule of Investments | 4 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Statement of Cash Flows | 8 |
| Financial Highlights | 9 |
| Notes to Financial Statements | 11 |
| Report of Independent Registered Public Accounting Firm | 18 |
| Supplemental Information (Unaudited) | 19 |

---

**North Square Evanston Multi-Alpha Fund**

**Management's Discussion of Fund Performance** **(Unaudited)**

*This report provides certain performance data for North Square Evanston Multi-Alpha Fund (the "Fund") for the fiscal year ended March 31, 2025.*

**The Fund's Investment Approach**

The Fund's investment objective is to seek attractive long-term risk adjusted returns. The Fund is a "fund of funds" formed to invest substantially all of its assets in investment vehicles often referred to as hedge funds ("Portfolio Funds") that are managed by independent investment managers ("Portfolio Fund Managers"). The Fund generally allocates its assets to Portfolio Funds whose Portfolio Fund Managers invest in one or more of the following strategy areas: Long/Short Equity, Event Driven, Relative Value and Global Asset Allocation.

**Performance Review**

*General Fund and Market Commentary*

Broad market indices gained during the reporting period (S&P 500<sup>®</sup> Index +8.3%, MSCI World Index +7.0%, and U.S. Aggregate Bond ETF +5.0%), aided by generally healthy corporate earnings, a resilient economy, falling inflation, and easing financial conditions. Markets grew more volatile, and equity indices gave up some gains toward the end of the reporting period, as rising concerns over tariffs as well as signs of a weakening consumer stoked fears of recession. The Fund's Class I Shares returned +9.17% net and the Fund's Class A Shares returned +8.35% net for the reporting period, outperforming the aforementioned market gauges and outperforming the HFRI Fund of Funds Composite Index (the "HFRI Index"), which returned +4.31% for the reporting period. All four of the Fund's strategy allocations contributed positively to performance, led by long/short equity and global asset allocation.

*Long/Short Equity*

The Fund's allocation to long/short equity captured some of the market upside and enhanced those gains through good fundamental stock-picking during the reporting period. While individual results varied, on average, these Portfolio Funds benefited from higher levels of dispersion, more substantial short rebates, and accurately identifying winners and losers tied to prominent market drivers, such as the rapid pace of AI adoption.

*Global Asset Allocation*

As a group, the Fund's global macro Portfolio Fund Managers executed well during the reporting period and produced gains across several asset classes, most notably interest rates and equities. Within interest rates, nimble trading was rewarded with notable attribution from bets that yield curves would steepen. Within equities, a correctly bullish stance overall was amplified by lucrative thematic bets, such as defense as well as AI and related power and infrastructure stocks.

*Event Driven*

The Fund's event driven allocation was the third largest contributor to the Fund's performance for the reporting period. Credit-oriented Portfolio Funds earned healthy yields and took advantage of select stressed and distressed situations. In equities, Portfolio Funds added value through stock selection and by capturing or advocating for idiosyncratic events that were favorably received by the market.

*Relative Value*

The Fund's relative value allocation was the smallest contributor to the Fund's performance for the reporting period. Returns were driven by Portfolio Funds that pursue convertible bond arbitrage and emerging market debt strategies. Meanwhile, Portfolio Funds that focus on credit and capital structure arbitrage as well as equity market-neutral trading were minor detractors.

**North Square Evanston Multi-Alpha Fund**

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (U** **naudited) – Continued**

**Fund Performance**

For the 12-month fiscal period ended March 31, 2025, the Fund's Class I Shares returned +9.17%. The HFRI Index returned +4.31%.

![](img_001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** | **Inception\*** |
| Fund NAV - Class I Shares | 9.17% | 8.56% | 4.70% |  |
| Fund NAV - Class A Shares | 8.35% | 7.75% | N/A | 5.34% |
| HFRI Index | 4.31% | 7.10% | 3.48% | 4.61% |

---

*\** *Annualized: Inception of Class A Shares is March 1, 2016*

*HFRI Index inception for this chart is March 1, 2016*

The graph compares a hypothetical $25,000 investment in the Fund's Class I Shares with a similar investment in the HFRI Index. The table compares an investment in the Fund's Class I Shares and Class A Shares against the HFRI Index. The HFRI Index is an index composed of funds of hedge funds that voluntarily report their performance to Hedge Fund Research. All figures for the Fund are based on its net asset value on the last business day of the first and each subsequent fiscal year, include the reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase or sale of Fund shares. The Fund's past performance does not predict future performance.

**North Square Evanston Multi-Alpha Fund**

**Statement of Assets and Liabilities**

**March 31, 2025**

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments in Portfolio Funds and Short-Term Investments, at fair value (cost $57,205,186) | $77116858 |
| &nbsp;&nbsp;&nbsp;Cash | 2315902 |
| &nbsp;&nbsp;&nbsp;Receivable for investments in Portfolio Funds sold | 2170541 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 113802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 81717103 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions received in advance | 1349000 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1603922 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 50487 |
| &nbsp;&nbsp;&nbsp;Payable for audit and tax fees | 52500 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 50492 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 77278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3183679 |
| **Net Assets** | $**78533424** |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 89361978 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (10828554) |
| **Net Assets** | $**78533424** |
| **Net Asset Value Per Share** |  |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $76150462 |
| &nbsp;&nbsp;&nbsp;Unlimited shares authorized issued and outstanding | 8803592 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $8.65 |
| **Class A**<sup>(a)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $2382962 |
| &nbsp;&nbsp;&nbsp;Unlimited shares authorized issued and outstanding | 302683 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $7.87 |

---

<sup>(a)</sup> May be subject to a sales charge of up to 3.00%.

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

**North Square Evanston Multi-Alpha Fund**

**Schedule of Investments**

**March 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Portfolio Funds\*** | **First<br> Acquisition Date** | **Shares** | **Cost** | **Fair Value** | **Percentage of<br> Net Assets** | **Liquidity<sup>(1)</sup>** |
| ***Event Driven*<sup>(a)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hein Park Offshore Investors Ltd. | 1/1/2022 | $3188 | $3187500 | $3150990 | 4.01% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Redwood Opportunity Offshore Fund, Ltd. | 7/1/2020 | 1764 | 2000100 | 2811663 | 3.58% | Quarterly |
| &nbsp;&nbsp;&nbsp;Silver Point Capital Offshore Fund, Ltd. | 1/1/2016 | 304 | 4163074 | 6584083 | 8.39% | Annually<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Event Driven** |  |  | **9350674** | **12546736** | **15.98%** |  |
| ***Global Asset Allocation*<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Castle Hook Offshore Fund Ltd. | 1/1/2017 | 1021 | 1507676 | 3604379 | 4.59% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Rokos Global Macro Fund Limited | 11/1/2015 | 24271 | 3429377 | 7099363 | 9.04% | Monthly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;TIG Zebedee Core Fund Limited | 1/1/2024 | 27087 | 4299551 | 4798799 | 6.11% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Global Asset Allocation** |  |  | **9236604** | **15502541** | **19.74%** |  |
| ***Long-Short*<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;59 North Offshore Partners, Ltd. | 5/1/2024 | 2016 | 3000000 | 3343739 | 4.26% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Hill City Capital Offshore Fund Ltd. | 7/1/2023 | 2905 | 3000000 | 3236702 | 4.12% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Matrix Capital Management Fund (Offshore) Ltd. | 7/1/2014 | 503 | 540905 | 737646 | 0.94% | Quarterly<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Oxbow Fund (Offshore) Limited | 9/1/2015 | 1513 | 2515346 | 4219591 | 5.37% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Soroban Long Only Equity Cayman Fund Ltd | 4/1/2024 | 2433 | 2433120 | 2718670 | 3.46% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Whale Rock Flagship Fund Ltd. | 7/1/2014 | 25 | 129875 | 189756 | 0.24% | N/A\*\*\*\* |
| &nbsp;&nbsp;&nbsp;XN Exponent Offshore Fund, LP | 7/1/2024 |  | 3000000 | 2951848 | 3.76% | Quarterly<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Long-Short** |  |  | **14619246** | **17397952** | **22.15%** |  |
| ***Relative Value*<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cassiopeia Fund Ltd.\*\* | 7/1/2014 | 8 | 8478 | 9969 | 0.01% | N/A\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Dark Forest Global Equity Offshore Fund Ltd | 4/1/2021 | 3072 | 3069243 | 3286369 | 4.18% | Quarterly |
| &nbsp;&nbsp;&nbsp;Foreword Capital Offshore Fund, LP | 7/1/2024 |  | 2031504 | 2071828 | 2.64% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Iguazu Investors (Cayman), SPC | 7/1/2014 | 560 | 1278071 | 2347547 | 2.99% | Quarterly |
| &nbsp;&nbsp;&nbsp;Steelhead Pathfinder Fund Ltd. | 1/1/2020 | 2016 | 2304322 | 3028477 | 3.86% | Monthly |
| &nbsp;&nbsp;&nbsp;Tribune Investment Group Offshore Fund Ltd. | 7/1/2024 | 3000 | 3000000 | 3037677 | 3.87% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Relative Value** |  |  | **11691618** | **13781867** | **17.55%** |  |
| ***Multi-Discipline*<sup>(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;140 Summer Partners Offshore Ltd. | 2/1/2022 | 3015 | 3625000 | 4535881 | 5.78% | Quarterly |
| &nbsp;&nbsp;&nbsp;Anchorage Capital Partners Offshore, Ltd. | 7/1/2014 | 106 | 102013 | 150851 | 0.19% | N/A\*\*\*\* |
| &nbsp;&nbsp;&nbsp;Crake Global Feeder Fund ICAV\*\*\* | 10/1/2019 | 26268 | 3000000 | 6085855 | 7.75% | Monthly |
| &nbsp;&nbsp;&nbsp;Sachem Head Offshore Ltd. | 7/1/2014 | 884 | 2273949 | 3809093 | 4.85% | Quarterly<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-Discipline** |  |  | **9000962** | **14581680** | **18.57%** |  |
| **Total Investments in Portfolio Funds** |  |  | $**53899104** | $**73810776** | **93.99%** |  |

---

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

**North Square Evanston Multi-Alpha Fund**

**Schedule of Investments – Continued**

**March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Short-Term Investments** | **Shares** | **Cost** | **Fair Value** | **Percentage of<br> Net Assets** | **Liquidity<sup>(1)</sup>** |
| **Short-Term Investments** |  |  |  |  |  |
| ***Money Market Funds*<sup>(f)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Fund, Treasury Trust Fund, Institutional Shares 4.18% | 7426 | $7426 | $7426 | 0.01% |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Institutional Class 4.21% | 3298656 | 3298656 | 3298656 | 4.20% |  |
| **Total Short-Term Investments** |  | **3306082** | **3306082** | **4.21%** |  |
| **Total Investments in Portfolio Funds and Short-Term Investments** |  | $**57205186** | $**77116858** | **98.20%** |  |
| **Remaining assets less liabilities** |  |  | **1416566** | **1.80%** |  |
| **Net assets** |  |  | $**78533424** | **100.00%** |  |

---

---

| | |
|:---|:---|
| **Investments by Strategy (as a percentage of Net Assets)** | **Investments by Strategy (as a percentage of Net Assets)** |
| Event Driven | 15.98% |
| Global Asset Allocation | 19.74% |
| Long-Short | 22.15% |
| Relative Value | 17.55% |
| Multi-Discipline | 18.57% |
| Short-term investments | 4.21% |
| Other Assets in excess of Liabilities | 1.80% |
| &nbsp;&nbsp;&nbsp;**Total** | **100.00%** |

---

---

| | |
|:---|:---|
| \* | Investments in Portfolio Funds are non-income producing. All Portfolio Funds are domiciled in the Cayman Islands, unless otherwise noted. |
| <sup>(1)</sup> | Available frequency of redemptions after initial lock-up period, if any. Different tranches may have different liquidity terms and may be subject to investor level gates. Redemption notice periods range from 30 to 90 days. If applicable, the lock up period is 12-24 months. |
| <sup>(2)</sup> | Subject to 25% investor level quarterly gate. |
| <sup>(3)</sup> | Fund is liquidating and voluntary withdrawal and redemptions are suspended effective September 30, 2024. |
| <sup>(4)</sup> | Subject to 12.5% investor level quarterly gate. |
| \*\* | This Portfolio Fund is domiciled in Bermuda. |
| \*\*\* | This Portfolio Fund is domiciled in Ireland. |
| \*\*\*\* | This Portfolio Fund is not redeemable; rather the Fund receives distributions through the liquidation of the underlying assets of this Portfolio Fund. |

| <sup>(b)</sup> | Global asset allocation strategies seek to exploit opportunities in various global markets. Portfolio Funds employing these strategies have a broad mandate to invest in those markets and instruments which they believe provide the best opportunity. Portfolio Funds employing a global asset allocation strategy may take positions in currencies, sovereign bonds, global equities and equity indices, or commodities. |
| <sup>(c)</sup> | Long-short strategies seek to profit by taking positions in equities and generally involve fundamental analysis in the investment decision process. Portfolio Fund Managers in these strategies tend to be "stock pickers" and typically manage market exposure by shifting allocations between long and short investments depending on market conditions and outlook. Long-short strategies may comprise investments in one or multiple countries, including emerging markets and one or multiple sectors. |
| <sup>(d)</sup> | Relative value strategies seek to profit by exploiting pricing inefficiencies between related instruments while remaining long-term neutral to directional price movements in any one market. Relative value strategies consist of an exposure to some second order aspect of the market. |
| <sup>(e)</sup> | Multi-discipline managers employ a combination of any of the above mentioned strategies. |
| <sup>(f)</sup> | Rate disclosed is the seven day effective yield as of March 31, 2025. |

---

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

**North Square Evanston Multi-Alpha Fund**

**Statement of Operations**

**For the year ended March 31, 2025**

---

| | |
|:---|:---|
| **Investment Income** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $76537 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 778384 |
| &nbsp;&nbsp;&nbsp;Legal fees | 190474 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 84315 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 67719 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 73883 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 70919 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 61182 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 40782 |
| &nbsp;&nbsp;&nbsp;Insurance | 38508 |
| &nbsp;&nbsp;&nbsp;Registration | 50351 |
| &nbsp;&nbsp;&nbsp;Printing fees | 43191 |
| &nbsp;&nbsp;&nbsp;Line of credit | 14915 |
| &nbsp;&nbsp;&nbsp;Custody fees | 17746 |
| &nbsp;&nbsp;&nbsp;Distribution and service fee - Class A | 12449 |
| &nbsp;&nbsp;&nbsp;Other expenses | 58021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1602839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: expense waived by the Adviser (Note 6) | (408075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1194764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment loss** | (1118227) |
| **Realized and Change in Unrealized Gain/(Loss) from Investments in Portfolio Funds** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments in Portfolio Funds | 3196760 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments in Portfolio Funds | 4490079 |
| &nbsp;&nbsp;&nbsp;Net realized and change in unrealized gain from investments in Portfolio Funds | 7686839 |
| **Net increase in net assets resulting from operations** | $**6568612** |

---

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

**North Square Evanston Multi-Alpha Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>March 31, <br>2025** | **For the <br>year ended <br>March 31, <br>2024** |
| **Increase/(Decrease) In Net Assets Resulting From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(1118227) | $(1440794) |
| &nbsp;&nbsp;&nbsp;Net realized gain in Portfolio Funds | 3196760 | 5981524 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) in Portfolio Funds | 4490079 | 8454636 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 6568612 | 12995366 |
| **Distributions To Shareholders from Earnings** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (13433783) | (2212430) |
| &nbsp;&nbsp;&nbsp;Class A | (282259) | (29078) |
| &nbsp;&nbsp;&nbsp;Total distributions | (13716042) | (2241508) |
| **Shareholders' Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9923058 | 5901000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 13039841 | 2212430 |
| &nbsp;&nbsp;&nbsp;Payments for redemption of shares | (18578220) | (48562551) |
| &nbsp;&nbsp;&nbsp;Total - Class I | 4384679 | (40449121) |
| **Shareholders' Transactions - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 896250 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 282259 | 29078 |
| &nbsp;&nbsp;&nbsp;Payments for redemption of shares |  | (578782) |
| &nbsp;&nbsp;&nbsp;Total - Class A | 1178509 | (549704) |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease) in net assets resulting from capital share transactions** | 5563188 | (40998825) |
| **Total decrease in net assets** | (1584242) | (30244967) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $80117666 | 110362633 |
| &nbsp;&nbsp;&nbsp;**End of period** | $**78533424** | $**80117666** |
| **Share Transactions - Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 1033401 | 670079 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1505095 | 245441 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1886905) | (5278580) |
| &nbsp;&nbsp;&nbsp;Total - Class I | 651591 | (4363060) |
| **Share Transactions - Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 112579 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 35729 | 3476 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (69667) |
| &nbsp;&nbsp;&nbsp;Total - Class A | 148308 | (66191) |
| &nbsp;&nbsp;&nbsp;**Net increase/(decrease) in share transactions** | 799899 | (4429251) |

---

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

**North Square Evanston Multi-Alpha Fund**

**Statement of Cash Flows**

**For the fiscal year ended March 31, 2025**

---

| | |
|:---|:---|
| **Operating activities** | |
| Net increase in net assets resulting from operations | $6568612 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments in Portfolio Funds | (18575547) |
| &nbsp;&nbsp;&nbsp;Withdrawals from Portfolio Funds, net of receivables | 46223607 |
| &nbsp;&nbsp;&nbsp;Investments in short-term investments | (47736237) |
| &nbsp;&nbsp;&nbsp;Withdrawals from short-term investments | 46924619 |
| &nbsp;&nbsp;&nbsp;Net realized gain on sale of investments in Portfolio Funds | (3196760) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments in Portfolio Funds | (4490079) |
| &nbsp;&nbsp;&nbsp;Decrease in prepaid expenses | (110018) |
| &nbsp;&nbsp;&nbsp;Decrease in payable to Adviser | (157782) |
| &nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued liabilities | 10342 |
| **Net cash provided by operating activities** | 25460757 |
| **Financing activities** |  |
| Proceeds from shares sold | 10819308 |
| Payment from redemption of shares | (35059632) |
| Increase in subscriptions received in advance | 748000 |
| Cash distributions paid | (393942) |
| **Net cash used in financing activities** | (23886266) |
| **Net change in cash** | 1574491 |
| **Cash, beginning of year** | 741411 |
| **Cash, end of year** | $2315902 |
| **Supplemental disclosure of cash flow information:** |  |
| Non-cash distributions reinvested | $13322100 |

---

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

**North Square Evanston Multi-Alpha Fund**

**Financial Highlights**

**Class I**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | $9.66 | $8.68 | $9.13 | $10.13 | $9.07 |
| **Net income (loss) from investment operations\*:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.14) | (0.12) | (0.13) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | 1.03 | 1.29 | (0.32) | (0.06) | 2.91 |
| Net change in net assets resulting from operations | 0.89 | 1.17 | (0.45) | (0.21) | 2.76 |
| **Distributions paid from:** |  |  |  |  |  |
| Net investment income | (1.90) | (0.19) |  | (0.79) | (1.70) |
| **Net asset value, end of year** | $8.65 | $9.66 | $8.68 | $9.13 | $10.13 |
| **Total return** | 9.17% | 13.71% | (5.00%) | (2.31%) | 30.86% |
| **Net assets, end of year (in 000s)** | $76150 | $78736 | $108574 | $101420 | $55100 |
| **Ratios To Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver and reimbursement\*\* | 2.07% | 1.70% | 1.77% | 1.83% | 2.45% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver and reimbursement\*\* | 1.54% | 1.53% | 1.51% | 1.50% | 1.53% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets\*\* | (1.44%) | (1.36%) | (1.48%) | (1.50%) | (1.53%) |
| Portfolio turnover rate | 24.17% | 7.32% | 6.60% | 17.16% | 33.12% |

---

\* Per share data of net income (loss) from investment operations is computed using the total of monthly income and expense divided by average beginning of month shares.

\*\* The ratios of expenses and net investment loss to average net assets do not include the impact of expenses and incentive fees or allocations related to the Portfolio Funds.

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

**North Square Evanston Multi-Alpha Fund**

**Financial Highlights**

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | $8.95 | $8.11 | $8.60 | $9.66 | $8.77 |
| **Net income (loss) from investment operations\*:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.19) | (0.17) | (0.18) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | 0.94 | 1.20 | (0.31) | (0.06) | 2.81 |
| Net change in net assets resulting from operations | 0.75 | 1.03 | (0.49) | (0.27) | 2.59 |
| **Distributions paid from:** |  |  |  |  |  |
| Net investment income | (1.83) | (0.19) |  | (0.79) | (1.70) |
| **Net asset value, end of year** | $7.87 | $8.95 | $8.11 | $8.60 | $9.66 |
| **Total return\*\*** | 8.35% | 12.86% | (5.71%) | (3.04%) | 29.88% |
| **Net assets, end of year (in 000s)** | $2383 | $1381 | $1789 | $2103 | $651 |
| **Ratios To Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver and reimbursement\*\*\* | 2.87% | 2.94% | 2.89% | 3.07% | 5.85% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver and reimbursement\*\*\* | 2.31% | 2.26% | 2.25% | 2.24% | 2.29% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets\*\*\* | (2.25%) | (2.09%) | (2.23%) | (2.24%) | (2.29%) |
| Portfolio turnover rate | 24.17% | 7.32% | 6.60% | 17.16% | 33.12% |

---

\* Per share data of net income (loss) from investment operations is computed using the total of monthly income and expense divided by average beginning of month shares.

\*\* Sales loads applicable to Class A shares are not reflected in the total return.

\*\*\* The ratios of expenses and net investment loss to average net assets do not include the impact of expenses and incentive fees or allocations related to the Portfolio Funds.

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

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements**

**March 31, 2025**

**Note 1 – Organization**

North Square Evanston Multi-Alpha Fund (formerly, Evanston Alternative Opportunities Fund) (the "Fund") was formed on October 16, 2013, as a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is a closed-end, non-diversified, management investment company and commenced operations on July 1, 2014. The Fund is a "fund of funds" and emphasizes efficient allocation of investor capital, selecting investment vehicles (collectively, the "Portfolio Funds") managed by independent investment managers (the "Portfolio Fund Managers"). The Fund's investment objective is to seek attractive long-term risk adjusted returns. North Square Investments, LLC serves as the Fund's investment adviser (the "Adviser"). Evanston Capital Management, LLC serves as the Fund's investment sub-adviser (the "Sub-Adviser"). Prior to May 6, 2024, Evanston Capital Management, LLC ("ECM") was the Fund's investment adviser. Effective as of May 6, 2024, North Square Investments, LLC ("North Square") became the Fund's investment adviser and retained ECM to become the Fund's sub-adviser and continue managing the Fund's portfolio.

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

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("US 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.

**(a) Basis of Accounting**

The financial statements are prepared in accordance with US GAAP. The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 – Financial Services – Investment Companies.

**(b) Income Recognition and Expenses**

All investment transactions are recorded on the trade date. Realized gains and losses on investments in Portfolio Funds are determined using the average cost method. Interest income and expenses are recognized on an accrual basis. Income, expenses, gains and losses are allocated pro rata to each of the share classes in the Fund based on each class's beginning net asset value ("NAV"), except those expenses that are specifically attributable to a share class are allocated solely to such class.

**(c) Use of Estimates**

The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

**(d) Federal Income Taxes**

The Fund is classified as a corporation for federal income tax purposes and qualifies to be taxed as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund generally invests its assets in foreign corporations that are classified as passive foreign investment companies ("PFICs"). The Fund has elected to have a tax year end of October 31. The Fund intends to distribute to its shareholders all of its distributable net investment income and net realized gains on investments in Portfolio Funds. In addition, the Fund intends to make distributions as required to avoid excise taxes. Accordingly, no provision for U.S. federal income or excise tax has been recorded in these financial statements.

FASB ASC Topic 740 – *Income Taxes*, provides guidance on how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion based on the largest benefit that is more than 50 percent likely to be realized. The Fund has not taken

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

any tax positions that do not meet the more-likely-than-not threshold. Therefore, no additional tax expense, including any interest or penalties, was recorded for the fiscal year ended March 31, 2025. To the extent the Fund is required to record interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statement of Operations.

Certain tax years remain subject to examination by the Internal Revenue Service and taxes associated with State and foreign jurisdictions remain subject to examination based on varying statutes of limitations.

**(e) Dividend Reinvestment Plan**

Pursuant to the Fund's Dividend Reinvestment Plan ("DRP"), each Shareholder will automatically be a participant under the DRP and all income distributions, whether dividend distributions and/or capital gains distributions, will automatically be reinvested in the Fund. Shareholders who affirmatively choose not to participate in the DRP will receive any income distributions, whether dividend distributions and/or capital gains distributions, in cash.

**(f) Net Asset Value Determination**

The NAV of the Fund is determined as of the close of business on the last day of each month pursuant to the Adviser's valuation policies and procedures with respect to the Fund, which have been approved by the Board.

**(g) Investments in Portfolio Funds**

The Fund values investments in Portfolio Funds at fair value in good faith, generally at the Fund's pro rata interest in the net assets of these entities. Investments held by these Portfolio Funds are valued at prices that approximate fair value. The fair value of certain of the investments held by these Portfolio Funds, which may include private placements and other securities for which values are not readily available, are determined in good faith by the Portfolio Fund Managers of the respective Portfolio Funds. The estimated fair values may differ significantly from the values that would have been used had a ready market existed for these investments, and these differences could be material. Net asset valuations are provided monthly by these Portfolio Funds. Gain (loss) on investments in Portfolio Funds is net of all fees and allocations payable to the Portfolio Fund Managers of the Portfolio Funds.

**(h) Capital Subscriptions Received in Advance**

Capital subscriptions received in advance represent cash receipts from shareholders received on or prior to March 31, 2025 for which shares were issued on April 1, 2025.

**(i) Line of Credit**

The Fund entered into a credit agreement (the "Facility") with an unaffiliated lender, Bank of America, N.A. ("Lender"), expiring on October 14, 2025. Subject to certain events of default and other financial conditions set forth in the Facility, the Fund is permitted to draw on the Facility in an amount equal to the lesser of (i) the maximum commitment amount and (ii) the borrowing base. Funds drawn under the Facility are generally used to finance short-term timing differences between (a) the repurchases requested from the Fund's shareholders and redemptions requested by the Fund from its Portfolio Funds and (b) investments in the Fund's Portfolio Funds while waiting for subscription proceeds from the Fund's shareholders or redemption proceeds from Portfolio Funds.

Under the Facility, the fee on unused amounts is equal to 0.40% per annum and the interest rate for funds drawn is equal to either the Secured Overnight Financing Rate ("SOFR") or one month term SOFR, as selected by the Fund, plus 1.60% per annum, in each case. There was no outstanding balance under the Facility as of March 31, 2025.

---

| | |
|:---|:---|
| Total bank line of credit as of March 31, 2025 | $3000000.0 |
| Average borrowings during period | 486675.0 |
| Number of days outstanding\* | 40.0 |
| Average interest rate during period | 6.532% |
| Highest balance drawn during period | $1445000.0 |
| Highest balance interest rate | 6.946% |
| Interest expense incurred | 14915.0 |
| Interest rate at March 31, 2025 | 0.0% |

---

\* Number of days outstanding represents the total days during the fiscal year ended March 31, 2025 the Fund utilized the Line of Credit.

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

**Note 3 – Income Taxes**

As of March 31, 2025, gross unrealized appreciation and depreciation of the Fund's investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $75593906 |
| Gross unrealized appreciation | 3218828 |
| Gross unrealized depreciation | (1695876) |
| Net unrealized appreciation/(depreciation) on investments | $1522952 |

---

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 and differences between book and tax cost basis methodolgies.

The tax basis of distributable earnings as of October 31, 2024, the Fund's last tax year, shown below represents distribution requirements met by the Fund subsequent to the fiscal tax year end in order to satisfy income tax regulations and losses the Fund may be able to offset against income and gains realized in future years.

---

| | |
|:---|:---|
| Undistributed ordinary income | $11993029 |
| Accumulated Capital and Other Losses | (7977170) |
| Unrealized Appreciation/ (Depreciation) on investments | (999050) |
| Total accumulated earnings | $3016809 |

---

Permanent book-to-tax basis differences resulted in the reclassification of amounts stated below as of October 31, 2024, the Fund's tax year end, between accumulated net investment loss, accumulated net realized loss from investments in Portfolio Funds and paid in capital reported on the Fund's Statement of Assets and Liabilities as of March 31, 2025. Such permanent reclassifications are attributable to the Fund's net operating loss and characterization of distributions. Net assets and NAV per Share were not affected by these reclassifications. There were no permanent differences for the fiscal year ended March 31, 2025.

*Dividends and Distributions to Shareholders* — Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from US GAAP. If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.

*Distribution of Income and Gains* — The Fund declares and distributes dividends from net investment income and net realized gains, if any, on an annual basis. The tax character of distributions paid for the fiscal years ended October 31, 2024 and October 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31,<br> 2024** | **October 31,<br> 2023** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $2241508 | $— |
| Total distributions paid | $2241508 | $— |

---

The Fund made an additional distribution in December 2024 for $13,716,042.

To the extent that the Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward.

As of October 31, 2024, the Fund had short-term and long-term capital loss carryforwards of $1,267,486 and $6,709,684 respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

**Note 4 – Investments by the Fund**

Portfolio Fund Managers, who operate Portfolio Funds in which the Fund invests, receive fees for their services. The fees include management and incentive fees or allocations based upon the net asset value of the Fund's investment. These fees are deducted directly from the Portfolio Fund's assets in accordance with the governing documents of the Portfolio Fund. During the fiscal year ended March 31, 2025, the fees for these services range from 0.45% to 2.0% per annum for management fees and 9% to 26.7% for incentive fees or allocations. In certain cases, the incentive fees or allocations may be subject to a hurdle rate.

Based on the information the Adviser typically receives from the Fund's Portfolio Funds, the Fund is unable to determine on a look-through basis if any investments, on an aggregate basis, held by the Portfolio Funds represent greater than 5% of the Fund's net assets.

The Fund has no unfunded capital commitments to Portfolio Funds as of March 31, 2025.

**Note 5 – Share Capital**

The Fund offered Class I Shares of beneficial interests to investors at an initial price of $10.00 per Share. As of June 1, 2015, the Fund offers two separate classes of Shares designated as Class A ("Class A Shares") and Class I ("Class I Shares" and together with the Class A Shares, the "Shares"). Class A Shares and Class I Shares are subject to different fees and expenses. All Shares issued prior to June 1, 2015 have been designated as Class I Shares in terms of rights accorded and expenses borne. Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Distributor") serves as the distributor of the Shares, on a best efforts basis, subject to various conditions. Shares of the Fund may be purchased from the Fund or through advisers, brokers, and dealers that have entered into selling agreements with the Distributor. Shares are offered and may be purchased on a monthly basis.

The Shares are sold at the current NAV per Share as of the date on which the purchase is accepted and may be subject to an applicable sales load. Each investor will be required to represent that they are acquiring Shares directly or indirectly for the account of an eligible investor, which is limited to accredited investors as defined in Regulation D under the Securities Act of 1933, as amended. The minimum initial investment in the Fund by any eligible investor is $25,000, and the minimum additional investment in the Fund is $10,000. The Fund may accept investments for a lesser amount under certain circumstances, as determined by the Adviser. Certain selling brokers or dealers and financial advisers may impose higher minimum investment levels, or other requirements. Class A Share investments may be subject to a sales charge of up to 3.00%. Such sales load will be subtracted from the investment amount and will not form part of an investor's investment in the Fund. The sales load may be waived for institutional investors, employees of the Adviser, the Distributor or a financial intermediary and their affiliates and members of their immediate families, and such other persons at the discretion of the Adviser.

Because the Fund is a closed-end fund, shareholders do not have the right to require the Fund to repurchase any or all of their Shares. At the discretion of the Board, the Fund intends to provide a limited degree of liquidity to shareholders by conducting repurchase offers generally quarterly. In determining whether the Fund should repurchase Shares from shareholders pursuant to written tenders, the Board will consider a variety of factors. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV per Share as determined as of approximately March 31, June 30, September 30, and December 31, of each year, as applicable. The expiration date of the repurchase offer (the "Expiration Date") will be a date set by the Board occurring no sooner than twenty (20) business days after the commencement date of the repurchase offer and at least ten (10) business days from the date that notice of an increase or decrease in the percentage of the securities being sought or consideration offered is first published, sent, or given to shareholders. The Expiration Date may be extended by the Board in its sole discretion. The Fund generally will not accept any repurchase request received by it or its designated agent after the Expiration Date. Each repurchase offer ordinarily will be limited to the repurchase of approximately 5-25% of the Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, shareholders will have their Shares repurchased on a pro rata basis, and tendering shareholders will not have all of their tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer.

If the interval between the date of purchase of Shares and the date in which Shares are repurchased is less than one year then such repurchase will be subject to a 3.00% early withdrawal fee payable to the Fund. There were no withdrawal fees charged to shareholders during the period. In determining whether the repurchase of Shares is subject to an early withdrawal fee, the Fund will repurchase those Shares held longest first.

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

In connection with the Class A Shares of the Fund, the Fund pays the Distributor or a designee a distribution and service fee equal to 0.75% per annum of the aggregate value of the Fund's Class A Shares outstanding, determined as of the last calendar day of each month (prior to any repurchases of Class A Shares and prior to the Management Fee being calculated) ("Distribution and Service Fee"). The Distribution and Service Fee is payable quarterly.

During the fiscal year ended March 31, 2025, the Board authorized and the Fund completed four quarterly repurchase offers. In these offers, the Fund offered to repurchase up to 5% of the net asset value of the Fund's Shares as of the repurchase pricing dates.

The results of those repurchase offers were as follows:

---

| | | |
|:---|:---|:---|
|  | **Repurchase<br> Offer #1** | **Repurchase<br> Offer #2** |
| Commencement date | March 21, 2024 | June 27, 2024 |
| Repurchase request deadline | April 27, 2024 | July 26, 2024 |
| Repurchase pricing date | June 30, 2024 | September 30, 2024 |
| Value of shares repurchased | $12222742 | $5331037 |
| Shares repurchased | 1240610 | 527914 |

---

---

| | | |
|:---|:---|:---|
|  | **Repurchase<br> Offer #3** | **Repurchase<br> Offer #4** |
| Commencement date | September 27, 2024 | December 20, 2024 |
| Repurchase request deadline | October 25, 2024 | January 24, 2025 |
| Repurchase pricing date | December 31, 2024 | March 31, 2025 |
| Value of shares repurchased | $287324 | $737117 |
| Shares repurchased | 33164 | 85470 |

---

**Note 6 – Investment Advisory and Other Agreements**

The Fund has entered into an Investment Advisory Agreement (the "Agreement") with the Adviser. Under the terms of the Agreement, the Fund pays the Adviser a quarterly fee (the "Management Fee"). The Management Fee is computed at an annual rate of 1.00% of the aggregate value of the Fund's outstanding Shares determined as of the last calendar day of each month and payable quarterly (before any repurchases of Shares and prior to the Management Fee being calculated).

Pursuant to an Expense Limitation Novation and Amendment among the Fund, the Adviser and ECM, effective as of May 6, 2024, the Fund and the Adviser agreed to an expense limitation agreement (the "Expense Limitation Agreement") on terms identical to those of a prior expense limitation agreement between ECM and the Fund (the "ECM Expense Limitation Agreement"), such that effective as of May 6, 2024, the Adviser (and not ECM) became responsible for all duties and obligations of ECM under the ECM Expense Limitation Agreement. Up to and including December 31, 2025, the Adviser has contractually agreed pursuant to the Expense Limitation Agreement to limit the total annualized operating expenses of the Fund (excluding any borrowing and investment-related costs and fees, taxes, extraordinary expenses and the fees and expenses of underlying Portfolio Funds) to 1.50% with respect to the Class I Shares and 2.25% with respect to the Class A Shares (due to the Distribution and Service Fee). Thereafter, the Expense Limitation Agreement shall automatically renew for one-year terms and may be terminated by the Adviser or the Fund upon thirty (30) days' prior written notice to the other party. In addition, the Adviser is permitted to recover fees and expenses it has waived or borne pursuant to the Expense Limitation Agreement from the applicable class or classes of Shares (whether through reduction of its Management Fee or otherwise) in later periods to the extent that the Fund's expenses with respect to the applicable class of Shares fall below the annual rate of 1.50% with respect to Class I Shares or 2.25% with respect to Class A Shares. The Fund, however, is not obligated to pay any such amount more than three years after the date on which the Adviser deferred a fee or reimbursed an expense. Moreover, pursuant to certain prior expense limitation agreements (each, a "Prior Expense Limitation Agreement"), the Adviser is permitted to recover fees and expenses it has waived or borne pursuant to such Prior Expense Limitation Agreement from the applicable class or classes of shares (whether through reduction of its fees or otherwise) to the extent that the Fund's expenses with respect to the applicable class of shares fall below the annual rate set forth in such Prior Expense Limitation Agreement pursuant to which such fees and expenses were waived or borne; provided, however, that the Fund is not obligated to pay any such reimbursed fees or expenses more than three years after the date on which the fee or expense was borne by the Adviser. Any such recovery by the Adviser will not cause the Fund to exceed the annual

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

limitation rate set forth above. Subject to the terms and conditions of the Expense Limitation Agreement, the Sub-Adviser will continue to be entitled to recover fees and expenses it has waived or borne pursuant to the Expense Limitation Agreement for the applicable class or classes of Shares while it acted in its prior capacity as the investment adviser of the Fund.

The Adviser engages the Sub-Adviser to continue managing the Fund's investment portfolio. The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including the allocation of investments in the various Portfolio Funds, subject to oversight by the Adviser and policies adopted by the Board. The Adviser pays the Sub-Adviser one-half (½) of the net Management Fee received by the Adviser from the Fund.

As of March 31, 2025, no amounts were recaptured. The amount subject to potential future recapture by the Adviser is $888,849. Such potential future recaptures will expire as follows:

---

| | |
|:---|:---|
| **Subject to expiration in the year ended:** | **Amount** |
| March 31, 2026 | $294925 |
| March 31, 2027 | 185849 |
| March 31, 2028 | 408075 |
|  | $888849 |

---

Ultimus Fund Solutions, LLC (the "Administrator") serves as the Fund's fund accountant, transfer agent and administrator. Prior to May 6, 2024, BNY Mellon Investment Servicing (US) Inc. provided administrative, transfer agent and fund accounting services to the Fund. The Fund's fees incurred for fund accounting, transfer agency and fund administration for the fiscal year ended March 31, 2025, are reported on the Statement of Operations.

The Distributor receives compensation from the Fund and may receive a portion of the distribution service fees with respect to the Fund's Class A Shares.

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. The Fund's fees incurred for compliance services for the fiscal year ended March 31, 2025, are reported on the Statement of Operations.

Effective May 6, 2024, the Independent Trustees are each paid an annual retainer of $20,000 by the Fund, and Trustees are reimbursed by the Fund for their travel expenses related to Board meetings. Prior to May 6, 2024, the Independent Trustees were paid an annual retainer of $30,000 by the Fund. The Trustees do not receive any pension or retirement benefits from the Fund. The Fund does not pay any compensation to the Interested Trustee or the Fund's officers.

Certain officers of the Trust are also employees of the Administrator or NLCS and such persons are not paid by the Fund for serving in such capacities. As of March 31, 2025, related parties of the Sub-Adviser held Shares in the Fund that comprise 0.7% of total net assets.

The Fund has entered into a Global Custody Agreement with The Bank of New York Mellon (the "Custodian") as custodian for the Fund's securities and other assets registered in the name of the Custodian (or its nominees). In order to secure the Fund's obligations under the Facility, the Fund has pledged and granted a security interest to the Lender (i) in the custodial account maintained with the Custodian in which investments in Portfolio Funds are to be credited, (ii) in the Fund's securities entitlements with respect to all investments credited to such custodial account and (iii) in other assets of the Fund.

**Note 7 – Securities Transactions**

Aggregate purchases and proceeds from sales of Portfolio Funds for the fiscal year ended March 31, 2025, amounted to $18,575,547 and $25,321,197, respectively.

**Note 8 – Fair Value Measurement**

In accordance with Accounting Standards Update ("ASU") 2015-07, *Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)*, investments in Portfolio Funds valued at NAV are not required to be included in the fair value hierarchy. As such, investments in Portfolio Funds with a fair value of $73,810,776 are excluded from the fair value hierarchy as of March 31, 2025.

**North Square Evanston Multi-Alpha Fund**

**Notes to Financial Statements – Continued**

**March 31, 2025**

As of March 31, 2025, the Fund held $3,306,082 in short-term investments in two money market funds which are categorized as Level 1. In accordance with FASB ASC Topic 820, Fair Value Measurement, Level 1 refers to identical securities traded in an active market. Such securities are traded on national exchanges and are valued at the closing sales price or, if there are no sales, at the latest bid quotations.

**Note 9 – Risk Factors**

Below is a discussion of some, but not all of the 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.

*Fund of Funds Investment Risk.* The Fund's fund-of-funds investment approach is subject to various investment-related types of risks, including market risk, strategy risk, and manager risk. Market risk includes unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of riskier assets, and contraction of available credit or other financing sources.

*Illiquidity and Non-Transferability of Shares.* The Fund is a closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. The Fund does not currently intend to list Shares for trading on any national securities exchange. There is no secondary trading market for Shares, and it is not expected that a secondary market will develop. Shares therefore are not readily marketable. Because the Fund is a closed-end investment company, Shares in the Fund may not be tendered for repurchase on a daily basis, and they may not be exchanged for shares of any other fund.

*Risks of Portfolio Funds.* By virtue of its investments in the Portfolio Funds, the Fund has exposure to the underlying risks of those funds including the following risks which are described in the Prospectus: *Event - Driven Strategies Risk, Long/Short Equities Strategy Risk, Relative Value Strategies Risk, and Global Asset Allocation Strategies Risk.*

*Additional Factors.* For the fiscal year ended March 31, 2025, the Fund had no direct commitments to purchase or sell securities, financial instruments, or commodities relating to derivative financial instruments. The Fund may have indirect commitments that arise through positions held by Portfolio Funds in which the Fund invests. However, as a shareholder in these Portfolio Funds, the Fund's risk is limited to the current value of its investment, which is reflected in the Statement of Assets and Liabilities and the Schedule of Investments.

The Adviser has no knowledge of any financial institution, brokerage firm, or other trading counterparty with which the Fund had a concentration of direct credit risk relating to any direct trading activity for the fiscal year ended March 31, 2025.

The Fund and the Portfolio Funds may be involved in certain legal actions in the ordinary course of their businesses. The Adviser is not currently aware of any such actions that will have a material adverse effect on the net assets or results of the operation of the Fund. In addition, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these agreements, if any, is unknown. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**Note 10 – Subsequent Events**

The Fund announced that the Board had approved a tender offer to purchase up to 15% of the net asset value of the Fund's Class A Shares and Class I Shares to be calculated at a price equal to the Fund's Class A Shares and Class I Shares net asset value as of January 31, 2025. The Fund commenced its tender offer on March 26, 2025 and the expiration of the tender offer was on April 25, 2025. The Fund is offering to repurchase shares as of the June 30, 2025 valuation date in an amount up to $11,792,496.

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 has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's financial statements.

**North Square Evanston Multi-Alpha Fund**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of<br>North Square Evanston Multi-Alpha Fund

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of North Square Evanston Multi-Alpha Fund (the "Fund") as of March 31, 2025, the related statements of operations, cash flows, changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations, its cash flows, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial statements and financial highlights for the years ended March 31, 2024, and prior, were audited by other auditors whose report dated May 24, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

<u>Basis for Opinion</u>

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, or the investment manager or administrator of the portfolio funds. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more North Square Investments, LLC investment companies since 2023.

![](img_002.jpg)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio<br>May 30, 2025

**North Square Evanston Multi-Alpha Fund**

**Supplemental Information (Unaudited)**

**Trustees' and Officers' Biographical Data**

The identity of the Trustees and officers of the Fund and brief biographical information regarding each Trustee and officer during the past five years is set forth below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** |
| **Name, Address<sup>a</sup>,<br> Year of Birth** | **Position(s)<br> with the Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupations During<br> the Past Five Years or Longer** | **Number of<br> Portfolios in <br> Fund Complex<br> Overseen by<br> Trustee<sup>c</sup>** | **Other Directorship/<br> Trusteeship Positions<br> held by Trustee During<br> the Past 5 Years** |
| David B. Boon <br>(1960) | Chairperson of the Board and Trustee | 05/2024 to present | Chief Financial Officer and Managing Director, Eagle Capital Management, LLC (since 2018); Chief Financial Officer and Partner, Cedar Capital, LLC (2013 – 2018). | 15 | Trustee of Exchange Place Advisors Trust (since 2018) (Chairperson of the Board since 2024). |
| Donald J. Herrema<br> (1952) | Trustee | 05/2024 to present | Vice Chair and Chief Investment Officer, Independent Life Insurance Company (since 2018); Financial Services Executive, Advisor and Founder of BlackSterling Partners, LLC (private investments and advisory firm) (since 2004). | 15 | Chairperson and Director Emeritus, TD Funds USA (2009 – 2019); Director, Abel Noser Holdings, LLC (since 2016); Member, USC Marshall Business School Board (since 2010); Director, FEG Investment Advisors (since 2017); Director, Independent Life Insurance Company (since 2018); Director, Independent Insurance Group (since 2023); and Trustee of Exchange Place Advisors Trust (since 2018) (Chairman of the Board from 2018 – 2024). |
| Catherine A. Zaharis<br> (1960) | Trustee | 05/2024 to present | Professor of Practice (since 2019), Director, Professional/ Employer Development, Finance Department (2015 – 2019), Adjunct Lecturer (2010 – 2019), and Business Director, MBA Finance Career Academy (2008 – 2015), University of Iowa, Tippie College of Business; Chair (2013 – 2016), Director (1999 – 2016), and Investment Committee Member (1999 – 2013) and Chair (2003 – 2013), University of Iowa Foundation. | 15 | Trustee of Exchange Place Advisors Trust (since 2018). |

---

**North Square Evanston Multi-Alpha Fund**

**Supplemental Information (Unaudited) – Continued**

**Trustees' and Officers' Biographical Data (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OFFICERS\*** | **OFFICERS\*** | **OFFICERS\*** | **OFFICERS\*** | **OFFICERS\*** | **OFFICERS\*** |
| **Name, Address<sup>a</sup>,<br> Year of Birth** | **Position(s)<br> with the Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupations During<br> the Past Five Years or Longer** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee<sup>c</sup>** | **Other Directorship/<br> Trusteeship Positions<br> held by Trustee During<br> the Past 5 Years** |
| **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** |
| Ian Martin <br>(1968) | President | 05/2024 to present | Executive Vice President, Chief Administrative Officer of Ultimus Fund Solutions, LLC (2019 – present); Executive Vice President (1992 – 2019), U.S. Bank Global Fund Services. | N/A | N/A |
| Zachary P. Richmond<br> (1980) | Treasurer | 05/2024 to present | Senior Vice President Financial Administration of Ultimus Fund Solutions, LLC (2024 – present) (Vice President from 2015 – 2024). | N/A | N/A |
| Karen Jacoppo-Wood<br> (1966) | Secretary | 05/2024 to present | Senior Vice President and Associate General Counsel of Ultimus Fund Solutions, LLC (2022 – present); Managing Director and Managing Counsel of State Street Bank and Trust Company (2019 – 2022) (Vice President and Managing Counsel from 2014 – 2019). | N/A | N/A |
| Martin R. Dean<br> (1963) | Chief Compliance Officer | 05/2024 to present | President of Northern Lights Compliance Services, LLC (January 2023 – present); Senior Vice President, Head of Fund Compliance (2020 – January 2023) of Ultimus Fund Solutions, LLC (Vice President and Director of Fund Compliance from 2016 – 2020). | N/A | N/A |

---

a. The
 business address of each Trustee and officer is North Square Evanston Multi-Alpha Fund, c/o
 Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

b. Trustees
 and officers serve until their successors are duly elected and qualified. Trustees may be
 removed in accordance with the Declaration of Trust, with or without cause, by, if at a meeting,
 a vote of a majority of the Shareholders or, if by written consent, a vote of Shareholders
 holding at least two-thirds (2/3) of the total number of votes eligible to be cast by all
 Shareholders.

c. The
 term "Fund Complex" applies to the Fund and the North Square Spectrum Alpha Fund,
 North Square Dynamic Small Cap Fund, North Square Multi-Strategy Fund, North Square Preferred
 and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive
 Fund, North Square Core Plus Bond Fund, North Square Select Small Cap Fund, North Square
 Altrinsic International Equity Fund, North Square McKee Bond Fund, North Square Strategic
 Income Fund, North Square Kennedy MicroCap Fund, North Square Small Cap Value Fund and North
 Square RCIM Tax-Advantaged Preferred and Income Securities ETF (each a series of Exchange
 Place Advisors Trust, a separate registered investment company, that are also advised by
 the Adviser).

\* Additional information about the Trustees and Officers is available in the Fund's Statement of Additional Information, which can be obtained upon request and without charge by writing to the Fund c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, or by calling the Fund at 1-833-821-7800.

**North Square Evanston Multi-Alpha Fund**

**Supplemental Information (Unaudited) – Continued**

**Additional Information**

**Proxy Voting**

A description of the Fund's proxy voting policies and procedures and the Fund's portfolio securities voting record during the prior twelve month period ending June 30 of each year is available without charge, upon request, by calling the Fund at 1-833-821-7800, on or through the Fund's website at https://www.northsquareinvest.com, and on the SEC web site at http://www.sec.gov.

**Filing of Quarterly Schedule of Portfolio Holdings ("Form N-PORT")**

In addition to the Schedule of Investments provided in each semi-annual and annual report, the Fund files a complete schedule of its portfolio holdings with the SEC on Form N-PORT as of the end of each fiscal quarter. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov.

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**North Square Evanston Multi-Alpha Fund**

*Adviser*

North Square Investments, LLC <br>200 West Madison Street, Suite 2610<br>Chicago, Illinois 60606

*Sub-Adviser*

Evanston Capital Management, LLC <br>1560 Sherman Avenue, Suite 960<br>Evanston, Illinois 60201

*Independent Registered Public Accounting Firm*

Cohen & Company, Ltd.<br>1350 Euclid Avenue, Suite 800<br>Cleveland, Ohio 44115

*Custodian*

Bank of New York Mellon <br>240 Greenwich Street <br>New York, New York 10286

*Fund Administrator, Transfer Agent and Fund Accountant*

Ultimus Fund Solutions, LLC <br>225 Pictoria Drive, Suite 450<br>Cincinnati, Ohio 45246

*Distributor*

Foreside Fund Services, LLC <br>Three Canal Plaza, Suite 100<br>Portland, Maine 04101<br>www.acaglobal.com

Evanston-AR-25

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that
applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller,
or persons performing similar

(b) Not applicable.

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

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

(e) Not applicable.

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

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

---

| | |
|:---|:---|
| (a)(1) | The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. |
| (a)(2) | David B. Boon is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR. |
| (a)(3) | Not applicable. |

---

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

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

---

| | | |
|:---|:---|:---|
| North Square Evanston Multi-Alpha Fund | FY 2025 | $40000 |
|  | FY 2024 | $45200 |

---

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

---

| | | |
|:---|:---|:---|
| North Square Evanston Multi-Alpha Fund | FY 2025 | $12500 |
|  | FY 2024 | $2500 |

---

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

---

| | | |
|:---|:---|:---|
| North Square Evanston Multi-Alpha Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| North Square Evanston Multi-Alpha Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) All non-audit fees billed by the registrant's accountant for services rendered to the registrant for the fiscal years ended March
31, 2025 and March 31, 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**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) Not applicable.

(b) Not applicable.

**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.** 

---

| | |
|:---|:---|
| (a)(1) | **Portfolio Manager and Business Experience.** |

---

As of the date of the filing of this Report on Form N-CSR, Adam B. Blitz, CFA, and Kristen VanGelder, CFA are primarily responsible for the day-to-day management of the Registrant's portfolio (the "Portfolio Managers").

***Adam B. Blitz, CFA.*** Mr. Blitz is the Chief Executive Officer/ Chief Investment Officer/ a Founding Partner and a member of the General Investment Committee of Evanston Capital. He joined Evanston Capital at inception in 2002. He has over twenty years of institutional investment management experience with an emphasis in quantitative analysis/ trading and risk management.

***Kristen VanGelder, CFA.*** Ms. VanGelder is a Partner - Deputy Chief Investment Officer and a member of the General Investment Committee of Evanston Capital. She joined the firm in August 2003 and is primarily responsible for investment research/ including the sourcing/ evaluation/ and due diligence of prospective investments as well as the ongoing monitoring of existing investments. Her responsibilities also include portfolio construction and risk management.

---

| | |
|:---|:---|
| (a)(2) | **Other Accounts Managed by the Portfolio Managers.** |

---

The charts below shows the number of other accounts managed by the Portfolio Manager as of March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment<br> Companies (1)** | **Registered Investment<br> Companies (1)** | **Other Pooled<br> Investment Vehicles** | **Other Pooled<br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** |
| Adam B. Blitz | 0 | $— | 9 | $4025 | 0 | $— |
| Kristen VanGelder | 0 | $— | 8 | $3948 | 0 | $— |

---

(1) This chart does not include information with respect to the
Registrant.

Performance-Based Fee Accounts Information Table

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment<br> Companies (1)** | **Registered Investment<br> Companies (1)** | **Other Pooled<br> Investment Vehicles** | **Other Pooled<br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** | **Number of<br> Accounts** | **Total Assets of<br> Accounts Managed <br> ($ million)** |
| Adam B. Blitz | 0 | $— | 8 | $3855 | 0 | $— |
| Kristen VanGelder | 0 | $— | 7 | $3779 | 0 | $— |

---

(1) This chart does not include information with respect to the
Registrant.

---

| | |
|:---|:---|
| (a)(3) | **Compensation of the Management Team**. |

---

Portfolio managers at Evanston Capital are compensated through a number of different methods. Firstly, a base salary is paid to all of the portfolio managers. Secondly an objective-related bonus is paid annually and reflects the level of achievement the portfolio manager has made regarding the investment activities of Evanston Capital in respect of its accounts for that period with the overall bonus pool which is based upon the profitability of Evanston Capital as a whole. There are no other special compensation schemes for the portfolio managers.

---

| | |
|:---|:---|
| (a)(4) | **Disclosure of Securities Ownership.** |

---

---

| | |
|:---|:---|
| **Team Member** | **Dollar ($) Range of Fund Shares Beneficially Owned as of March 31, 2025** |
| Adam B. Blitz | $100001 - $500000 |
| Kristen VanGelder | $50001 - $100000 |

---

**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.** 

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant's board of trustees are contained in the statement of additional information of the Fund with respect to the Fund for which this Form N-CSR is being filed.

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of ethics is filed herewith.](northsquare_ex99codeeth.htm)

(a)(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](northsquare_ex99-cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](northsquare_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) North Square Evanston Multi-Alpha Fund

---

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

---

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

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

---

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

---

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

---

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

---

Date <u>6/9/2025</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 North Square
Evanston Multi-Alpha Fund (the "Registrant");

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

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

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

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

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

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

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

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

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

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

---

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

---

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of the North Square
Evanston Multi-Alpha Fund (the "Registrant");

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

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

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

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

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

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

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

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

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

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

---

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

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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 North Square Evanston Multi-Alpha Fund (the "Registrant"), each certify to the best of his/her knowledge that:

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

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

---

| | |
|:---|:---|
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |
| North Square Evanston Multi-Alpha Fund | North Square Evanston Multi-Alpha Fund |
| /s/ Ian Martin | /s/ Zachary P. Richmond |
| Ian Martin | Zachary P. Richmond |

---

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

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

## Ex-99.Code

**EX-99.CODE ETH**

**NORTH SQUARE INVESTMENTS TRUST**

**Code of Ethics for Principal Officers**

**June 26, 2024**

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

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

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

This Code serves to promote:

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

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

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

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

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

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

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

No Principal Officer shall:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**7.** **Acknowledgement** 

The Principal Officers shall:

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

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

Adopted: June 26, 2024

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT

OF

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

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

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

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

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

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**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE

WITH <br> THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

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

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

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

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