Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the fiscal year ended May 31, 2025, originally filed with the Securities and Exchange Commission on August 8, 2025 (Accession Number 0001580642-25-004973). The purpose of this amendment is to remove “Unaudited” from page 120 of the Annual Financial Statements and Additional Information in the Notes Financial Statements that was inadvertently included in the original filing. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

North Square Small Cap Value Fund

Class I (DRISX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Small Cap Value Fund (the “Fund”) for the period of November 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$59^{Footnote Reference*}	1.05%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

The period from November 1, 2024 to May 31, 2025 was marked by rising market uncertainty amid softening economic data, persistent inflation in services, and the introduction of U.S. and European tariffs on Chinese goods. These macro pressures contributed to broader market weakness, especially in cyclicals and exporters. Despite this backdrop, our portfolio benefited from selective exposure and active risk management. The Fund adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), which includes all performance prior to April 25, 2025.

Key Contributors to Relative Performance:

• Financials: Outperformance in regional banks (Pathward Financial) and consumer finance (Enova) helped offset weakness in traditional banking.

• Utilities: Our overweight and strong stock selection in gas utilities (UGI, NW Natural) provided resilience during the market drawdown.

• Industrials: Positive contributions from REV Group and Healthcare Services Group were offset by building product names (MasterBrand, Apogee).

• Unassigned Stocks: Opportunistic positions in names like H&E Equipment Services and Veren added meaningful upside.

Areas of Underperformance:

• Energy : Overweights in E&P names like SM Energy and Murphy Oil underperformed as oil prices fell and investor sentiment turned cautious.

• Consumer Discretionary : Weakness in homebuilders (Hovnanian) and auto-related holdings pressured performance amid soft housing data and higher input costs.

• Health Care : Losses were concentrated in health care supplies (AdaptHealth) and pharmaceuticals (Organon), reflecting both fundamental challenges and sentiment headwinds.

• Information Technology : Negative alpha from software positions (RingCentral, Clear Secure) weighed on results.

We remain confident in our current positioning. The portfolio is well-balanced, emphasizing valuation discipline, earnings quality, and improving sentiment trends. We continue to actively adjust exposures as macro uncertainty evolves, while staying true to the Fund's bottom-up process.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Chart showing performance over last 10 years or since inception

	North Square Small Cap Value Fund - Class I	Russell 2000^® Value Index	Russell 3000^® Index
May-2015	$100,000	$100,000	$100,000
May-2016	$98,317	$97,250	$100,223
May-2017	$116,835	$117,676	$117,954
May-2018	$128,056	$136,917	$135,719
May-2019	$112,505	$121,423	$139,107
May-2020	$97,129	$103,585	$155,054
May-2021	$166,483	$185,815	$223,141
May-2022	$160,618	$171,569	$214,920
May-2023	$157,053	$151,847	$219,293
May-2024	$205,881	$184,885	$279,781
May-2025	$185,534	$182,785	$316,483

Average Annual Total Returns

	7 Months	5 Years	10 Years
North Square Small Cap Value Fund - Class I	-6.84%	13.82%	6.38%
Russell 2000^® Value Index	-7.26%	12.03%	6.22%
Russell 3000^® Index	4.05%	15.34%	12.21%

The Fund adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), a former series of Valued Advisers Trust, which was reorganized after the close of business on April 25, 2025 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Institutional Class shares of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. Performance of Investor Class shares will differ from that of Class I shares due to, among other things, differences in fees and expenses.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/north-square-small-cap-value-fund/ for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	4.0%
Short-Term Investments	1.7%
Health Care	5.6%
Consumer Discretionary	6.2%
Utilities	6.3%
Real Estate	6.8%
Materials	8.1%
Energy	8.1%
Technology	15.2%
Industrials	15.5%
Financials	22.5%

Fund Statistics

Net Assets$194,516,865
Number of Portfolio Holdings77
Advisory Fee $1,367,040
Portfolio Turnover46%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Hancock Whitney Corp.	2.9%
International Bancshares Corp.	2.5%
Cousins Properties, Inc.	2.4%
Pathward Financial Group, Inc.	2.4%
StoneX Group, Inc.	2.3%
OFG Bancorp	2.2%
Whitecap Resources, Inc.	2.0%
Cathay General Bancorp	1.9%
Penguin Solutions, Inc.	1.8%
First American Government Obligations Fund, Class X	1.7%

Material Fund Changes

This is a summary of certain changes to the Fund since April 25, 2025. For more complete information you may review the Fund’s prospectus dated April 7, 2025, as supplemented April 25, 2025, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings-2/.

On April 25, 2025 in a tax-free reorganization, the Fund acquired all of the assets, subject to the liabilities, of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”). The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. Further, the Predecessor Fund’s portfolio managers joined the Sub-Adviser to serve as the Fund’s portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations.

The Fund changed its fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the following website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-DRISX

North Square Small Cap Value Fund

Investor Class (DRSVX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$73^{Footnote Reference*}	1.30%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

Key Contributors to Relative Performance:

• Financials: Outperformance in regional banks (Pathward Financial) and consumer finance (Enova) helped offset weakness in traditional banking.

• Utilities: Our overweight and strong stock selection in gas utilities (UGI, NW Natural) provided resilience during the market drawdown.

• Industrials: Positive contributions from REV Group and Healthcare Services Group were offset by building product names (MasterBrand, Apogee).

• Unassigned Stocks: Opportunistic positions in names like H&E Equipment Services and Veren added meaningful upside.

Areas of Underperformance:

• Energy : Overweights in E&P names like SM Energy and Murphy Oil underperformed as oil prices fell and investor sentiment turned cautious.

• Consumer Discretionary : Weakness in homebuilders (Hovnanian) and auto-related holdings pressured performance amid soft housing data and higher input costs.

• Health Care : Losses were concentrated in health care supplies (AdaptHealth) and pharmaceuticals (Organon), reflecting both fundamental challenges and sentiment headwinds.

• Information Technology : Negative alpha from software positions (RingCentral, Clear Secure) weighed on results.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Small Cap Value Fund - Investor Class	Russell 2000^® Value Index	Russell 3000^® Index
May-2015	$10,000	$10,000	$10,000
May-2016	$9,803	$9,725	$10,022
May-2017	$11,625	$11,768	$11,795
May-2018	$12,709	$13,692	$13,572
May-2019	$11,135	$12,142	$13,911
May-2020	$9,588	$10,359	$15,505
May-2021	$16,393	$18,581	$22,314
May-2022	$15,783	$17,157	$21,492
May-2023	$15,390	$15,185	$21,929
May-2024	$20,119	$18,488	$27,978
May-2025	$18,092	$18,279	$31,648

Average Annual Total Returns

	7 Months	5 Years	10 Years
North Square Small Cap Value Fund - Investor Class	-6.97%	13.54%	6.11%
Russell 2000^® Value Index	-7.26%	12.03%	6.22%
Russell 3000^® Index	4.05%	15.34%	12.21%

The Fund adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), a former series of Valued Advisers Trust, which was reorganized after the close of business on April 25, 2025 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Investor Class shares of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. Performance of Investor Class shares will differ from that of Class I shares due to, among other things, differences in fees and expenses.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	4.0%
Short-Term Investments	1.7%
Health Care	5.6%
Consumer Discretionary	6.2%
Utilities	6.3%
Real Estate	6.8%
Materials	8.1%
Energy	8.1%
Technology	15.2%
Industrials	15.5%
Financials	22.5%

Fund Statistics

Net Assets$194,516,865
Number of Portfolio Holdings77
Advisory Fee $1,367,040
Portfolio Turnover46%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Hancock Whitney Corp.	2.9%
International Bancshares Corp.	2.5%
Cousins Properties, Inc.	2.4%
Pathward Financial Group, Inc.	2.4%
StoneX Group, Inc.	2.3%
OFG Bancorp	2.2%
Whitecap Resources, Inc.	2.0%
Cathay General Bancorp	1.9%
Penguin Solutions, Inc.	1.8%
First American Government Obligations Fund, Class X	1.7%

Material Fund Changes

The Fund changed its fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the following website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-DRSVX

North Square Altrinsic International Equity Fund

Class I (NSIVX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Altrinsic International Equity Fund (the "Fund") for the period of November 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60^{Footnote Reference*}	0.98%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

“U.S. exceptionalism” carried into 2025, elevating US valuations versus international peers. Early in Q1, however, tariff uncertainties, the release of DeepSeek’s AI model, and mixed economic data were catalysts for a market transition; leadership broadened away from a small subset of large-cap growth stocks and deep cyclicals.

Negative attribution:

• Industrials: Kubota and MinebeaMitsumi reported lackluster earnings due to cyclical weakness in end markets, but both can leverage strong product portfolios and innovation to drive share gains as demand recovers.

• Consumer Staples: Spirits companies continue to face volume growth headwinds amidst pressured consumer sentiment; however, we see growth dynamics improving and supportive valuations. Barry Callebaut suffered from raw material inflation and poor execution, and shares were divested once share improvement became reliant on improved commodity prices.

• Communications: Baidu shares underperformed after disappointing results. We lost confidence in management’s ability to transition its core business to the AI era and sold our shares.

Positive attribution:

• Financials: Broad-based outperformance was led by Bankinter and Euronext, driven by increased European economic optimism.

• Health Care: Outperformance was due to our underweight positioning and strong performance by Sandoz, a leading biosimilar manufacturer well-positioned to benefit from growing demand for lower-cost therapies.

• Materials: Agnico Eagle benefited from a strong gold price and efficient operational performance.

Recent geopolitical developments have intensified market volatility. As value investors, we are drawn to the fear and uncertainty increasingly embedded in stock prices. By focusing on businesses with idiosyncratic drivers, rather than those dependent on macroeconomic tailwinds, we position the portfolio to navigate uncertainty and capture emerging value opportunities.

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

	North Square Altrinsic International Equity Fund - Class I	MSCI EAFE Index
Dec-2020	$1,000,000	$1,000,000
May-2021	$1,114,214	$1,125,801
May-2022	$1,014,401	$1,008,948
May-2023	$1,032,803	$1,039,832
May-2024	$1,194,608	$1,232,475
May-2025	$1,363,440	$1,396,754

Average Annual Total Returns

	7 Months	Since Inception (December 4, 2020)
North Square Altrinsic International Equity Fund - Class I	12.55%	7.15%
MSCI EAFE Index	13.57%	7.73%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/altrinsic-international-equity-fund/ for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.9%
Real Estate	1.6%
Communications	1.6%
Short-Term Investments	2.9%
Materials	3.1%
Energy	3.1%
Technology	8.0%
Consumer Discretionary	8.8%
Health Care	10.0%
Industrials	11.7%
Consumer Staples	12.8%
Financials	35.5%

Fund Statistics

Net Assets	$107,811,561
Number of Portfolio Holdings	67
Advisory Fee (net of waivers)	$427,133
Portfolio Turnover	18%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Chubb Ltd.	3.6%
Everest Re Group, Ltd.	3.1%
KB Financial Group, Inc.	2.4%
Aon PLC - Class A	2.4%
Sony Group Corp.	2.4%
Bureau Veritas SA	2.3%
Heineken N.V.	2.3%
GSK PLC	2.2%
Sanofi	2.2%
Suzuki Motor Corp.	2.2%

Country Weighting (% of net assets)

Value	Value
Sweden	0.5%
Hong Kong	0.7%
Peru	0.7%
Canada	0.9%
Israel	1.0%
Spain	1.0%
Brazil	1.6%
Belgium	1.9%
India	2.0%
Cayman Islands	2.8%
United States	3.8%
Mexico	3.9%
Bermuda	4.8%
Netherlands	5.3%
Korea (Republic Of)	5.3%
Ireland	7.2%
Switzerland	8.0%
Germany	10.3%
United Kingdom	11.3%
France	12.5%
Japan	14.5%

Material Fund Changes

The Fund changed its fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-NSIVX

North Square Core Plus Bond Fund

Class I (STTIX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Core Plus Bond Fund (the “Fund”) for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$94	0.91%

How did the Fund perform during the reporting period?

With the Tariff process far from over and Treasury credit concerns weighing on longer maturity bonds, we expect to witness above-average levels of market volatility for at least the next two calendar quarters. Though increasingly better-behaved, inflation remains a primary concern while trade policy negotiations continue. We do not expect further reductions in the Fed Funds rate until the fourth quarter of this year, with additional monetary policy easing likely in the first Federal Reserve meetings of 2026. Military action, which has grown to include Israel and Iran, also holds the power to disrupt financial market performance.

Bloomberg U.S. Aggregate Bond Index outperformance within the Core (investment-grade) allocation was largely attributable to security selection. Corporate and agency debenture holdings generated alpha as high market volatility and yield spreads created attractive trading opportunities. Security selection within an overweight to agency mortgage securities should continue to benefit performance as corporate credit risk is nearly fully priced at current levels.

Within the Plus allocation, preferred securities contributed notably to outperformance. The Fund held low-dollar-priced, low-coupon securities with attractive yield-to-call across corporate hybrids, AT1s, and institutional preferreds. Below investment grade CMBS and RMBS also contributed positively to performance, driven by targeted security selection. The strategy emphasized unique opportunities in stressed loans poised to benefit from restructuring. High yield corporates also benefitted the portfolio, specifically through security selection within Basics, Consumer Goods and Retail Sectors.

The Fund’s long volatility exposure continued to mitigate downside risk and provide additional return during periods of uncertainty. This proved especially beneficial post liberation day as volatility has been elevated on tariff headlines.

As we look ahead, we remain confident in the Fund’s positioning and focused on identifying opportunities in a dynamic market environment.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Core Plus Bond Fund - Class I	Bloomberg U.S. Aggregate Bond Index	HFRX Absolute Return Index
May-2015	$10,000	$10,000	$10,000
May-2016	$9,946	$10,299	$10,039
May-2017	$10,694	$10,462	$10,205
May-2018	$10,617	$10,423	$10,505
May-2019	$10,203	$11,090	$10,459
May-2020	$10,753	$12,134	$10,533
May-2021	$11,826	$12,085	$11,320
May-2022	$11,189	$11,091	$11,345
May-2023	$10,567	$10,854	$11,379
May-2024	$10,601	$10,995	$12,012
May-2025	$11,436	$11,596	$12,618

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Core Plus Bond Fund - Class I	7.88%	1.24%	1.35%
Bloomberg U.S. Aggregate Bond Index	5.46%	-0.90%	1.49%
HFRX Absolute Return Index	5.05%	3.68%	2.35%

The performance results shown above in the line chart and the average annual total returns table for periods prior to September 27, 2024, represent the performance of the Trilogy Alternative Return Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences paid by the Predecessor Fund and those paid by the Fund.

Effective September 27, 2024, the Fund made changes to its principal investment strategies. Accordingly, the performance shown for periods prior to September 27, 2024, is based on the Fund's prior principal investment strategies and may not be representative of the Fund's performance under its current principal investment strategies. In connection with changes to the Fund’s investment objectives and principal investment strategies, the Fund’s primary benchmark index changed from the HFRX Absolute Return Index to the Bloomberg U.S. Aggregate Bond Index.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/core-plus-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	1.5%
Real Estate	0.2%
Supranational	0.4%
Purchased Options	0.5%
Short-Term Investments	0.8%
Health Care	1.1%
Technology	1.4%
Consumer Staples	2.4%
Industrials	2.7%
Consumer Discretionary	2.9%
Materials	3.3%
Communications	4.2%
Energy	5.1%
Utilities	5.3%
U.S. Government & Agencies	11.9%
Asset Backed Securities	13.4%
Financials	14.9%
Mortgage Backed Securities	28.0%

Fund Statistics

Net Assets$23,373,464
Number of Portfolio Holdings256
Advisory Fee (net of waivers)$0
Portfolio Turnover224%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Federal National Mortgage Association	1.7%
United States Treasury Note/Bond	1.6%
United States Treasury Note/Bond	1.6%
United States Treasury Note/Bond	1.5%
United States Treasury Note/Bond	1.4%
United States Treasury Note/Bond	1.3%
Ginnie Mae II Pool	1.3%
United States Treasury Note/Bond	1.2%
Fannie Mae Pool	1.1%
United States Treasury Note/Bond	1.0%

Material Fund Changes

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information you may review the Fund’s prospectus dated September 27, 2024, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings-2/

Effective September 27, 2024, the Fund changed its name from the North Square Trilogy Alternative Return Fund to the North Square Core Plus Bond Fund. The Fund also changed: (i) its investment objective to seek high current income and long-term capital appreciation; (ii) its principal investment strategies and principal risks to reflect the Fund's principal investments in fixed income investments; and (iii) its sub-advisers to CSM Advisors, LLC and Red Cedar Investment Management, LLC. In addition, effective September 27, 2024, the Fund converted Class A and Class C shares into Class I shares.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Core Plus Bond Fund - Class I (STTIX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-STTIX

North Square Dynamic Small Cap Fund

Class A (ORSAX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Dynamic Small Cap Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$124	1.24%

How did the Fund perform during the reporting period?

We attribute the main drivers of returns into three categories of insights:

Catalyst-related exposures were positive for the measurement period and was the best performing theme. Catalyst insights seek to gather sentiment and actions by a variety of market participants and position the portfolio accordingly.

Quality exposures were modestly positive contributors during the period. Quality characteristics like attractive cash-flow features, balance sheet strength and profitable growth did well early on during this period. However, much of these gains were erased in the last several months, as appetite for what we consider to be lower quality and higher risk type companies increased.

Relative Value-related exposures underperformed during the period. Uncertainty in guidance from companies due to policy outlook, made it difficult for investors to assess the value of future cash-flow and sales, likely resulting in investors avoiding some of the value trades.

Additionally, the modest deviation the Fund has in industry weights versus the index, was a meaningful detractor from performance during this period. The last 6 months were especially challenging, as industry rotations driven by anticipated policy and trade policies were impactful.

The Fund aimed to be diversified across its three main investment themes but is currently tilted towards Catalyst and Quality exposures, with less Value exposure. The near-term expectations are that the relatively larger performance swings observed so far in 2025 will continue as investors digest and position themselves around expected policy changes. Our tilt towards Catalyst should help the portfolio navigate some of these sentiment shifts, while Quality exposures typically favor companies with stronger fundamentals less exposed to market volatility.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	North Square Dynamic Small Cap Fund - Class A	Russell 2000^® Index	Russell 3000^® Index
May-2023	$9,423	$10,000	$10,000
May-2023	$9,331	$9,906	$10,042
May-2024	$12,305	$11,899	$12,811
May-2025	$12,288	$12,040	$14,492

Average Annual Total Returns

	1 Year	Since Inception (May 1, 2023)
North Square Dynamic Small Cap Fund - Class A
Without Load	-0.14%	13.60%
With Load*	-5.90%	10.40%
Russell 2000^® Index	1.19%	9.33%
Russell 3000^® Index	13.12%	19.50%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/dynamic-small-cap/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Short-Term Investments	0.5%
Exchange-Traded Funds	0.6%
Communications	0.8%
Utilities	3.0%
Materials	4.0%
Real Estate	6.4%
Energy	6.5%
Consumer Staples	6.8%
Health Care	13.0%
Technology	13.3%
Consumer Discretionary	13.8%
Financials	13.8%
Industrials	17.4%

Fund Statistics

Net Assets$486,384,942
Number of Portfolio Holdings243
Advisory Fee (net of waivers)$2,871,917
Portfolio Turnover168%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Itron, Inc.	1.7%
Mueller Industries, Inc.	1.6%
Carpenter Technology Corp.	1.6%
Adtalem Global Education, Inc.	1.4%
Primoris Services Corp.	1.3%
Sprouts Farmers Market, Inc.	1.3%
Axos Financial, Inc.	1.2%
NEXTracker, Inc., Class A	1.2%
Portland General Electric Co.	1.2%
SkyWest, Inc.	1.2%

Material Fund Changes

No material changes occured since June 1, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Dynamic Small Cap Fund - Class A (ORSAX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORSAX

North Square Dynamic Small Cap Fund

Class I (ORSIX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$99	0.99%

How did the Fund perform during the reporting period?

We attribute the main drivers of returns into three categories of insights:

How has the Fund performed over the last 10 years?

Total Return Based on $1,000,000 Investment

	North Square Dynamic Small Cap Fund - Class I	Russell 2000^® Index	Russell 3000^® Index
May-2015	$999,987	$1,000,000	$1,000,000
May-2016	$927,240	$940,273	$1,002,233
May-2017	$1,124,630	$1,131,726	$1,179,539
May-2018	$1,415,166	$1,366,724	$1,357,195
May-2019	$1,296,042	$1,243,104	$1,391,074
May-2020	$1,290,320	$1,200,356	$1,550,539
May-2021	$2,094,937	$1,975,361	$2,231,406
May-2022	$1,876,861	$1,641,226	$2,149,203
May-2023	$1,891,075	$1,564,427	$2,192,933
May-2024	$2,498,822	$1,879,112	$2,797,809
May-2025	$2,502,393	$1,901,386	$3,164,835

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Dynamic Small Cap Fund - Class I	0.14%	14.16%	9.60%
Russell 2000^® Index	1.19%	9.64%	6.64%
Russell 3000^® Index	13.12%	15.34%	12.21%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/dynamic-small-cap/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Short-Term Investments	0.5%
Exchange-Traded Funds	0.6%
Communications	0.8%
Utilities	3.0%
Materials	4.0%
Real Estate	6.4%
Energy	6.5%
Consumer Staples	6.8%
Health Care	13.0%
Technology	13.3%
Consumer Discretionary	13.8%
Financials	13.8%
Industrials	17.4%

Fund Statistics

Net Assets$486,384,942
Number of Portfolio Holdings243
Advisory Fee (net of waivers)$2,871,917
Portfolio Turnover168%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Itron, Inc.	1.7%
Mueller Industries, Inc.	1.6%
Carpenter Technology Corp.	1.6%
Adtalem Global Education, Inc.	1.4%
Primoris Services Corp.	1.3%
Sprouts Farmers Market, Inc.	1.3%
Axos Financial, Inc.	1.2%
NEXTracker, Inc., Class A	1.2%
Portland General Electric Co.	1.2%
SkyWest, Inc.	1.2%

Material Fund Changes

No material changes occured since June 1, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Dynamic Small Cap Fund - Class I (ORSIX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORSIX

North Square Kennedy MicroCap Fund

Class I (NKMCX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Kennedy MicroCap Fund (the "Fund") for the period of June 10, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$158	1.47%

How did the Fund perform during the reporting period?

The Fund has delivered impressive performance, exceeding the Russell Microcap^® Index benchmark by more than 1,000 bps in the Fund's first year. This remarkable achievement highlights the strength of the Fund's investment strategy and the dedication of the team.

Among the standout sectors, Health Care led the way, with Biotechnology generating 300 bps of relative outperformance and Pharmaceuticals contributing more than 150 bps of relative outperformance. Verona Pharma, in particular, was a significant outperformer, with shares in the strategy rising over 500 percent and adding more than 150 bps to the Fund's overall performance.

Financials also performed exceptionally well, driven by strong results in Financial Services. Two consumer finance companies, H&E Equipment Services, Inc. and Oportun Financial Corp., were the primary drivers of this success, along with solid performance from regional banks.

Additionally, several other sectors within the Fund outperformed their respective benchmarks; however, the Fund did experience a minor relative loss in Communications compared to the benchmark. This was primarily due to underperformance from two holdings, Advantage Solutions, Inc. and Thryv Holdings, Inc. Despite this, the Fund continues to hold both positions and believe in their potential to deliver improved financial performance in the future.

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	North Square Kennedy MicroCap Fund - Class I	Russell 3000^® Index	Russell Microcap^® Index
Jun-2024	$100,000	$100,000	$100,001
May-2025	$120,906	$111,696	$105,546

Average Annual Total Returns

	Since Inception (June 10, 2024)
North Square Kennedy MicroCap Fund - Class I	20.91%
Russell 3000^® Index	11.70%
Russell Microcap^® Index	5.56%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/kennedy-microcap-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Exchange-Traded Funds	0.5%
Communications	2.5%
Consumer Discretionary	3.3%
Real Estate	3.6%
Materials	4.3%
Consumer Staples	5.1%
Short-Term Investments	5.1%
Energy	6.2%
Technology	11.9%
Industrials	12.5%
Health Care	18.8%
Financials	26.4%

Fund Statistics

Net Assets$21,779,995
Number of Portfolio Holdings132
Advisory Fee $66,181
Portfolio Turnover67%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	5.1%
Southern States Bancshares, Inc.	2.7%
CryoLife, Inc.	2.3%
TriMas Corp.	2.2%
Northeast Bank	2.2%
Chefs' Warehouse, Inc. (The)	1.9%
Third Coast Bancshares, Inc.	1.8%
Capital Bancorp, Inc.	1.8%
Universal Technical Institute, Inc.	1.7%
Red Violet, Inc.	1.7%

Material Fund Changes

No material changes occurred since June 10, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Kennedy MicroCap Fund - Class I (NKMCX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-NKMCX

North Square McKee Bond Fund

Class I (NMKYX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square McKee Bond Fund (the "Fund") for the period of November 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$28^{Footnote Reference*}	0.47%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

The North Square McKee Bond Fund for the seven-month period ending May 31, 2025, underperformed the Bloomberg US Aggregate Bond Index's return. Consistent with our investment philosophy and long-term results, excess returns mainly came from active security selection, though yield curve positioning and sector allocation detracted from performance.

Leading contributors to performance included security selection in the corporate sector, adding 5 bps. Incremental value was also gained from managing the agency sector, contributing an additional 7 bps. Mortgage selection produced 4 bps of return.

The 9% overweight in the mortgage sector cost the portfolio 4 bps, while the overweight in agency debentures was a 3 bps drag. The combined performance impact from duration and yield curve management totaled -11 bps. The April 2nd tariff announcement drove market volatility significantly higher, penalizing the performance of all spread sectors versus equal maturity Treasuries. Investment-grade corporate yield spreads continued to recover from the tariff-induced under performance versus Treasuries, leaving agency debenture and mortgage securities as our only active overweight as of May 31st.

The inflation rate has yet to show any material impact from changes in trade/tariff policy, though we expect to see increasing upward pressure in the coming months. Given the pace of negotiations and questions surrounding the consumer’s share of price hikes, inflation should remain above the Fed’s target into next year.

How has the Fund performed since inception?

Total Return Based on $50,000 Investment

	North Square McKee Bond Fund - Class I	Bloomberg U.S. Aggregate Bond Index
May-2021	$50,000	$50,000
May-2021	$50,152	$50,331
May-2022	$46,639	$46,193
May-2023	$46,018	$45,203
May-2024	$46,960	$45,793
May-2025	$49,475	$48,293

Average Annual Total Returns

	7 Months	Since Inception (May 19, 2021)
North Square McKee Bond Fund- Class I	1.67%	-0.44%
Bloomberg U.S. Aggregate Bond Index	1.84%	-0.86%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/mckee-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.5%
Real Estate	0.2%
Sovereign	0.4%
Supranational	0.6%
Short-Term Investments	0.7%
Health Care	0.8%
Consumer Staples	1.6%
Technology	1.8%
Communications	1.8%
Consumer Discretionary	2.6%
Energy	2.7%
Asset Backed Securities	2.8%
Industrials	3.2%
Utilities	3.7%
Financials	12.5%
U.S. Government & Agencies	19.4%
Mortgage Backed Securities	44.7%

Fund Statistics

Net Assets$179,579,237
Number of Portfolio Holdings418
Advisory Fee (net of waivers)$15,393
Portfolio Turnover107%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note/Bond, 3.875%	2.5%
United States Treasury Note/Bond, 4.750%	2.5%
United States Treasury Note/Bond, 3.125%	2.4%
United States Treasury Note/Bond, 4.500%	2.2%
United States Treasury Note/Bond, 3.750%	2.0%
United States Treasury Note/Bond, 4.000%	1.8%
United States Treasury Note/Bond, 4.250%	1.6%
Fannie Mae Pool, 5.000%	1.3%
Ginnie Mae II Pool, 2.000%	1.2%
United States Treasury Note, 3.750%	1.1%

Material Fund Changes

The Fund changed its fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square McKee Bond Fund - Class I (NMKYX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-NMKYX

North Square McKee Bond Fund

Class R6 (NMKBX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$16^{Footnote Reference*}	0.28%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $5,000,000 Investment

	North Square McKee Bond Fund - Class R6	Bloomberg U.S. Aggregate Bond Index
Dec-2020	$5,000,000	$5,000,000
May-2021	$4,969,573	$4,894,087
May-2022	$4,630,563	$4,491,687
May-2023	$4,579,187	$4,395,448
May-2024	$4,688,691	$4,452,823
May-2025	$4,943,857	$4,695,913

Average Annual Total Returns

	7 Months	Since Inception (December 28, 2020)
North Square McKee Bond Fund - Class R6	1.66%	-0.26%
Bloomberg U.S. Aggregate Bond Index	1.84%	-1.41%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/mckee-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.5%
Real Estate	0.2%
Sovereign	0.4%
Supranational	0.6%
Short-Term Investments	0.7%
Health Care	0.8%
Consumer Staples	1.6%
Technology	1.8%
Communications	1.8%
Consumer Discretionary	2.6%
Energy	2.7%
Asset Backed Securities	2.8%
Industrials	3.2%
Utilities	3.7%
Financials	12.5%
U.S. Government & Agencies	19.4%
Mortgage Backed Securities	44.7%

Fund Statistics

Net Assets$179,579,237
Number of Portfolio Holdings418
Advisory Fee (net of waivers)$15,393
Portfolio Turnover107%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note/Bond, 3.875%	2.5%
United States Treasury Note/Bond, 4.750%	2.5%
United States Treasury Note/Bond, 3.125%	2.4%
United States Treasury Note/Bond, 4.500%	2.2%
United States Treasury Note/Bond, 3.750%	2.0%
United States Treasury Note/Bond, 4.000%	1.8%
United States Treasury Note/Bond, 4.250%	1.6%
Fannie Mae Pool, 5.000%	1.3%
Ginnie Mae II Pool, 2.000%	1.2%
United States Treasury Note, 3.750%	1.1%

Material Fund Changes

The Fund changed its fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square McKee Bond Fund - Class R6 (NMKBX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-NMKBX

North Square Multi Strategy Fund

Class A (ORILX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Multi Strategy Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$104	1.00%

How did the Fund perform during the reporting period?

The Fund combines investments in growth and income strategies to construct a thoughtfully diversified, actively managed strategic allocation portfolio.

Despite an eventful year, the U.S. equity market maintained its multi-year momentum with the S&P 500 Index returning 13.5% for the fiscal year. Most notable was an abrupt, yet brief disruption, caused by the U.S. proposing significant tariffs against leading trading partners in early April. The potential challenge to existing norms in trade spurred a shift in asset flows away from the U.S.. After years of underperforming, the MSCI EAFE Index (+13.33%) finished roughly in line with the S&P 500 Index. As a diversified portfolio, the Fund was able to weather the market disturbance, though a sharp rebound in the most damaged segments of the market erased much of the reward for our risk awareness. While the equity markets have seemingly forgotten any obstacles to stable economic growth, the Treasury market has remained skeptical as long-dated yields have risen in the final weeks of the fiscal year. In turn, the Fund's to the more rate sensitive small cap segment detracted while thematic elements and growth equities appeared more favorable.

The lack of market breadth has encouraged patience in our core-value allocation across equities. Given the uncertain economic environment, equity markets remain sensitive to further drawdowns that could sharply impact the stocks that have seen the strongest gains. Furthermore, traditional sources of yield have become a more compelling long run investment and have a greater potential to fulfill their risk mitigating role within the broader portfolio. On the other hand, if the economy avoids further setbacks our equity allocation should benefit from a more broad-based recovery, particularly our selection of small cap equity holdings.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Multi Strategy Fund - Class A	Russell 3000^® Index
May-2015	$9,426	$10,000
May-2016	$9,157	$10,022
May-2017	$10,565	$11,795
May-2018	$12,483	$13,572
May-2019	$11,873	$13,911
May-2020	$12,657	$15,505
May-2021	$17,621	$22,314
May-2022	$16,749	$21,492
May-2023	$16,654	$21,929
May-2024	$20,150	$27,978
May-2025	$21,658	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Multi Strategy Fund - Class A
Without Load	7.49%	11.34%	8.68%
With Load	1.33%	10.03%	8.03%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to May 10, 2019, represent the performance of the Oak Ridge Multi Strategy Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

Effective July 18, 2017, the Predecessor Fund made certain changes to its principal investment strategies. Accordingly, the Predecessor Fund's performance for the periods prior to July 18, 2017, is based on the Predecessor Fund's prior principal investment strategies and may not be representative of the Predecessor Fund's performance with its amended investment strategies, which are substantially identical to that of the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/multi-strategy/.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Short-Term Investments	0.9%
Fixed Income	12.9%
Equity	86.2%

Fund Statistics

Net Assets$37,417,528
Number of Portfolio Holdings12
Advisory Fee (net of waivers)$84,766
Portfolio Turnover26%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
North Square Altrinsic International Equity Fund, Class I	17.2%
North Square Dynamic Small Cap Fund, Class I	13.9%
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	13.4%
North Square McKee Bond Fund, Class I	12.9%
Vanguard^® Dividend Appreciation ETF	11.1%
Vanguard^® Growth ETF	7.8%
Vanguard^® Value ETF	5.7%
North Square Select Small Cap Fund, Class I	5.5%
Invesco^® S&P 500^® GARP ETF	5.2%
iShares MSCI EAFE ETF	3.8%

Material Fund Changes

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information you may review the Fund's current prospectus, dated September 27, 2024, as supplemented on December 20, 2024, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings-2/.

Effective December 20, 2024, pursuant to a novation of the Sub-Advisory Agreement between North Square Investments, LLC and NSI Retail Advisors, LLC (“NSI Retail”) with respect to the Fund, CSM Advisors, LLC (“CSM”), an affiliate of NSI Retail, became the investment sub-adviser to the Fund and is responsible for its day-to-day portfolio management. The novation of the Sub-Advisory Agreement occurred in connection with an internal restructuring of NSI Retail and did not result in any changes to: (i) the level of sub-advisory services provided to the Fund; (ii) the manner in which the Fund is managed or operated; (iii) the personnel who are responsible for providing sub-advisory services to the Fund, including the portfolio managers; or (iv) the terms of the Sub-Advisory Agreement, including the compensation paid to the Fund's sub-adviser

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Multi Strategy Fund - Class A (ORILX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORILX

North Square Multi Strategy Fund

Class I (PORYX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$78	0.75%

How did the Fund perform during the reporting period?

The Fund combines investments in growth and income strategies to construct a thoughtfully diversified, actively managed strategic allocation portfolio.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Multi Strategy Fund - Class I	Russell 3000^® Index
May-2015	$1,000,000	$1,000,000
May-2016	$972,008	$1,002,233
May-2017	$1,121,622	$1,179,539
May-2018	$1,328,668	$1,357,195
May-2019	$1,272,123	$1,391,074
May-2020	$1,364,069	$1,550,539
May-2021	$1,908,004	$2,231,406
May-2022	$1,818,354	$2,149,203
May-2023	$1,811,397	$2,192,933
May-2024	$2,197,922	$2,797,809
May-2025	$2,368,218	$3,164,835

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Multi Strategy Fund - Class I	7.75%	11.67%	9.00%
Russell 3000^® Index	13.12%	15.34%	12.21%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/multi-strategy/.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Short-Term Investments	0.9%
Fixed Income	12.9%
Equity	86.2%

Fund Statistics

Net Assets$37,417,528
Number of Portfolio Holdings12
Advisory Fee (net of waivers)$84,766
Portfolio Turnover26%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
North Square Altrinsic International Equity Fund, Class I	17.2%
North Square Dynamic Small Cap Fund, Class I	13.9%
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	13.4%
North Square McKee Bond Fund, Class I	12.9%
Vanguard^® Dividend Appreciation ETF	11.1%
Vanguard^® Growth ETF	7.8%
Vanguard^® Value ETF	5.7%
North Square Select Small Cap Fund, Class I	5.5%
Invesco^® S&P 500^® GARP ETF	5.2%
iShares MSCI EAFE ETF	3.8%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Multi Strategy Fund - Class I (PORYX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-PORYX

North Square Preferred and Income Securities Fund

Class I (ORDNX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Preferred and Income Securities Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$102	0.97%

How did the Fund perform during the reporting period?

The last twelve months was marked by the continuation of the recovery of the banking sector and the preferred securities they issue, from the distressed levels reached after Credit Suisse, Silicon Valley Bank, First Republic and Signature Bank failed in the Spring of 2023. This recovery received a temporary set-back on April 2nd, 2025 when the US Administration announced sweeping changes to its trade and taxation policies but this pull back was short lived and prices at the time of writing have largely recovered to “pre-liberation day” levels.

Over the past four quarters, the Fund outperformed its performance benchmark, ICE BofA Fixed Rate Preferred Securities Index, in three of the four periods, with consistent value added from allocation and security selection decisions. Positive performance drivers included an underweight to $25 par retail preferred securities, a 6.1% unhedged long euro-denominated Additional Tier 1 (AT1) securities, and successfully avoiding all California Wildfire exposed electric utility corporate hybrids which was a strong contributor to performance in Q1 2025. Further outperformance was derived from strong security selection within institutional preferred securities and corporate hybrids along with favorable duration and curve positioning throughout 2024. Lastly, low dollar priced, low coupon, high yield to call securities across corporate hybrids, AT1s, and institutional preferred securities resulted in positive security selection metrics throughout the entire year. Detractors from performance included an underweight to duration which persisted until the first quarter of 2025 and was detrimental to performance in the third quarter of 2024.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Preferred and Income Securities Fund - Class I	Bloomberg U.S. Aggregate Bond Index	ICE BofAML Fixed Rate Preferred Securities Index
May-2015	$1,000,000	$1,000,000	$1,000,000
May-2016	$970,754	$1,029,949	$1,081,613
May-2017	$1,128,545	$1,046,205	$1,146,295
May-2018	$1,307,865	$1,042,286	$1,167,815
May-2019	$1,398,643	$1,108,998	$1,244,480
May-2020	$1,529,340	$1,213,415	$1,298,281
May-2021	$2,096,259	$1,208,503	$1,427,203
May-2022	$2,065,260	$1,109,138	$1,300,465
May-2023	$2,090,986	$1,085,373	$1,282,471
May-2024	$2,540,785	$1,099,541	$1,413,217
May-2025	$2,762,932	$1,159,567	$1,451,689

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Preferred and Income Securities Fund - Class I	8.74%	12.56%	10.70%
Bloomberg U.S. Aggregate Bond Index	5.46%	-0.90%	1.49%
ICE BofAML Fixed Rate Preferred Securities Index	2.72%	2.26%	3.80%

The Fund adopted the historical performance of the Oak Ridge Dividend Growth Fund (the “Predecessor Fund”), which was reorganized into the Fund on May 10, 2019. Fund performance results above for the period prior to that date represent the performance of the Predecessor Fund. Effective January 11, 2022, the Fund made changes to its investment objective and principal investment strategies. Accordingly, the performance prior to January 11, 2022, is based on the Fund's prior investment objective and principal investment strategies and may not be representative of the Fund's performance under its current principal investment strategies.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855- 551-5521 or visit https://northsquareinvest.com/strategies/preferred-and-income-securities-fund/for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	-1.0%
Exchange-Traded Funds	0.8%
Consumer Discretionary	2.3%
Short-Term Investments	3.9%
Communications	4.8%
Energy	10.0%
Utilities	31.9%
Financials	44.5%

Fund Statistics

Net Assets$321,042,266
Number of Portfolio Holdings59
Advisory Fee (net of waivers)$1,827,328
Portfolio Turnover92%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Charles Schwab Corp. (The), 5.375%, Perpetual	4.0%
First American Treasury Government Obligations Fund, 4.230%,	3.9%
Wells Fargo & Co., 5.875%, Perpetual	3.4%
Capital One Financial Corp, 6.125%, Perpetual	3.4%
Vistra Corp., 8.875%, Perpetual	3.3%
Truist Financial Corp., 4.950%, Perpetual	3.1%
NextEra Energy Capital Holdings, Inc., 6.500%, 06/15/54	2.9%
American Electric Power Co., Inc., 6.950%, 12/15/54	2.8%
Duke Energy Corp., 6.450%, 09/1/54	2.7%
CMS Energy Corp., 4.750%, 06/1/50	2.6%

Material Fund Changes

No material changes occurred since June 1, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Preferred and Income Securities Fund - Class I (ORDNX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORDNX

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF

(QTPI) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the "Fund") for the period of December 18, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-514-7733.

What were the Fund’s costs for the period since inception?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	$61	0.60%

How did the Fund perform during the reporting period?

The last twelve months was marked by the continuation of the recovery of the banking sector and the preferred securities they issue, from the distressed levels reached after Credit Suisse, Silicon Valley Bank, First Republic and Signature Bank failed in March of 2023. This recovery received a temporary set back on April 2, 2025, when the U.S. Administration announced sweeping changes to its trade and taxation policies but this pull back was short lived and prices at the time of writing have largely recovered to “pre-liberation day” levels.

Since inception, the Fund outperformed by outyielding it’s performance benchmark, ICE BofA Core Plus Fixed Rate Securities Index, taking less interest rate risk and having positive security selection. The Fund's avoidance of the large California electric utilities (which are possibly on the hook for the January 2025 wildfires) being the most notable example of this positive security selection. Given the short track record since inception and the strong relative performance there are no notable detractors to performance for the period. The Fund has a current yield of 6.97% which is 22 bps higher than its benchmark with 100% of the Fund’s holdings qualifying as dividend income.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF - NAV	ICE BofA Core Plus Fixed Rate Preferred Securities Index	Bloomberg U.S. Aggregate Bond Index
Dec-2024	$10,000	$10,000	$10,000
May-2025	$10,231	$9,716	$10,231

Average Annual Total Returns

	Since Inception (December 18, 2024)
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF - NAV	2.31%
ICE BofA Core Plus Fixed Rate Preferred Securities Index	-2.84%
Bloomberg U.S. Aggregate Bond Index	2.31%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tax-adv-preferred-etf/ for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.8%
Communications	1.5%
Consumer Discretionary	2.4%
Energy	5.4%
Utilities	7.0%
Financials	82.9%

Fund Statistics

Net Assets$12,004,048
Number of Portfolio Holdings43
Advisory Fee $29,438
Portfolio Turnover10%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Wells Fargo & Co., 7.625%, Perpetual	3.1%
Huntington Bancshares Inc.	3.1%
Goldman Sachs Group, Inc. (The), 7.500%, Perpetual	3.1%
Citigroup, Inc., 7.625%, Perpetual	3.0%
JPMorgan Chase & Co., 6.875%, Perpetual	3.0%
Morgan Stanley, 7.721%, Perpetual	3.0%
Bank of America Corp., 6.300%, Perpetual	2.9%
BP Capital Markets PLC, 6.450%, Perpetual	2.9%
PNC Financial Services Group, Inc. (The), 6.250%, Perpetual	2.9%
Capital One Financial Corp, 6.125%, Perpetual	2.9%

Material Fund Changes

No material changes occurred since December 18, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-QTPI

North Square Select Small Cap Fund

(formerly, North Square Advisory Research Small Cap Value Fund)

Class I (ADVGX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Select Small Cap Fund (the “Fund”) for the period of November 1, 2024, to July 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$53^{Footnote Reference*}	0.94%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

The North Square Select Small Cap Fund's outperformance versus its benchmark indices was primarily due to individual stock selection. The Fund’s management focuses on fundamental research and company specific execution with a goal of generating excess returns for the Fund’s shareholders.

Equity markets were choppy over the trailing one-year period as smaller companies based in the United States navigated the changing economic policies of a newly elected administration. This backdrop provided opportunity for the Fund to establish meaningful positions in companies at discounts to our estimates of intrinsic value, both providing positive returns in the period as well as setting the Fund up for an enhanced return profile going forward.

As mentioned above, stock selection drove the Fund’s outperformance, particularly in the industrial and healthcare sectors, where changing policy dynamics allowed for inefficiencies in the equity markets of which the Fund was able to take advantage at the company-specific level.

On the negative side, the Fund’s lack of exposure to the traditionally defensive sectors of communication services and regulated utilities was a relative drag on the portfolio. In periods of volatility, these sectors tend to draw investor capital. Our long-term approach has kept the Fund out of these sectors recently, as we see higher potential returns elsewhere in the market at the company specific level.

Going forward, we believe small U.S. businesses with solid balance sheets, profitability, and plans for growth continue to be an attractive part of the market to generate returns. The Fund’s team continues to work with individual companies on execution and to take advantage of attractive prices for the Fund’s investors.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Select Small Cap Fund - Class I	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
May-2015	$1,000,000	$1,000,000	$1,000,000	$1,000,000
May-2016	$954,743	$940,273	$972,496	$1,002,233
May-2017	$1,110,324	$1,131,726	$1,176,756	$1,179,539
May-2018	$1,253,039	$1,366,724	$1,369,170	$1,357,195
May-2019	$1,363,629	$1,243,104	$1,214,234	$1,391,074
May-2020	$1,271,297	$1,200,356	$1,035,851	$1,550,539
May-2021	$1,831,560	$1,975,361	$1,858,146	$2,231,406
May-2022	$1,826,978	$1,641,226	$1,715,694	$2,149,203
May-2023	$1,680,828	$1,564,427	$1,518,472	$2,192,933
May-2024	$2,226,202	$1,879,112	$1,848,846	$2,797,809
May-2025	$2,264,815	$1,901,386	$1,827,851	$3,164,835

Average Annual Total Returns

	7 Months	5 Years	10 Years
North Square Select Small Cap Fund - Class I	-4.98%	12.24%	8.52%
Russell 2000^® Index	-5.17%	9.64%	6.64%
Russell 2000^® Value Index	-7.26%	12.03%	6.22%
Russell 3000^® Index	4.05%	15.34%	12.21%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/select-small-cap-fund/for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Short-Term Investments	0.4%
Health Care	3.2%
Real Estate	3.6%
Consumer Staples	4.3%
Materials	8.3%
Technology	13.7%
Financials	18.7%
Consumer Discretionary	22.0%
Industrials	25.8%

Fund Statistics

Net Assets$23,716,377
Number of Portfolio Holdings33
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))$80,094
Portfolio Turnover33%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Bel Fuse, Inc., Class B	5.8%
TriMas Corp.	5.0%
JBT Marel Corp.	4.7%
Nicolet Bankshares, Inc.	4.6%
Performance Food Group Co.	4.3%
Openlane, Inc.	3.8%
Legacy Housing Corp.	3.6%
Daily Journal Corp.	3.5%
First Merchants Corp.	3.5%
Pitney Bowes, Inc.	3.5%

Material Fund Changes

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information you may review the Fund’s supplement dated February 27, 2025, and the Fund’s prospectus dated February 28, 2025, which are available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings-2/.

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

The Fund changed it's fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

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

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ADVGX

North Square Spectrum Alpha Fund

Class A (ORIGX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Spectrum Alpha Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$132	1.30%

How did the Fund perform during the reporting period?

The North Square Spectrum Alpha Fund is an allocation strategy designed to bring together experienced active managers that can provide distinctive insights within the smaller capitalization equity marketplace. The strategy combines differentiated funds across style and smaller capitalizations seeking to improve alpha generating potential in an allocation with a similar risk profile to the Russell 2000^® Index.

The stalled rate cut cycle from the Federal Reserve and a litany of policy activity from the new administration undermined confidence in the more economically sensitive small cap segment of the market. Should the fundamental economic backdrop continue to show signs of resilience, however, we believe the U.S. small cap equity market has greater upside potential than the broad U.S. equity market. The collection of small cap managers allowed the portfolio to outperform the Russell 2000^® Index for the year. The newest holding, the North Square Kennedy MicroCap Fund, Class I, returned 19.95% since initial purchase in July of 2024 and despite the smaller weighting in the strategy was a large contributor to the success of the Fund for the year through its ability to source idiosyncratic opportunities in this volatile market environment.

Furthermore, the North Square Select Small Cap Fund, Class I, outperformed both its primary benchmark, the Russell 2000^® Value TR Index and the broader Russell 2000^® TR Index.We currently view small cap growth as higher risk within the small cap universe and maintain a reduced exposure to the segment. Though the investment climate may continue to be difficult, the current selection of managers inspires confidence in our ability to navigate its impact on the small cap universe.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Spectrum Alpha Fund - Class A	Russell 2000^® Index	Russell 3000^® Index
May-2015	$9,424	$10,000	$10,000
May-2016	$8,293	$9,403	$10,022
May-2017	$8,859	$11,317	$11,795
May-2018	$10,971	$13,667	$13,572
May-2019	$10,757	$12,431	$13,911
May-2020	$10,885	$12,004	$15,505
May-2021	$15,611	$19,754	$22,314
May-2022	$12,642	$16,412	$21,492
May-2023	$12,357	$15,644	$21,929
May-2024	$15,846	$18,791	$27,978
May-2025	$16,140	$19,014	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Spectrum Alpha Fund - Class A
Without Load	1.86%	8.20%	5.53%
With Load	-4.00%	6.92%	4.90%
Russell 2000^® Index	1.19%	9.64%	6.64%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to May 10, 2019, represent the performance of the Oak Ridge Small Cap Growth Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving

forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

Effective January 11, 2022, the Fund made certain changes to its principal investment strategies. Accordingly, the Fund's performance for the periods prior to January 11, 2022, is based on the prior principal investment strategies and may not be representative of the Fund's performance under its current principal investment strategies.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/spectrum-alpha-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Short-Term Investments	0.4%
Exchange-Traded Funds	2.0%
Mutual Funds	97.8%

Fund Statistics

Net Assets$68,734,171
Number of Portfolio Holdings5
Advisory Fee (net of waivers)$406,941
Portfolio Turnover19%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	56.2%
North Square Select Small Cap Fund, Class I	27.6%
North Square Kennedy MicroCap Fund, Class I	14.0%
iShares^® Russell 2000 ETF	2.0%
First American Treasury Government Obligations Fund, Class X	0.4%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Spectrum Alpha Fund - Class A (ORIGX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORIGX

North Square Spectrum Alpha Fund

Class I (ORIYX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$106	1.05%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Spectrum Alpha Fund - Class I	Russell 2000^® Index	Russell 3000^® Index
May-2015	$1,000,000	$1,000,000	$1,000,000
May-2016	$882,642	$940,273	$1,002,233
May-2017	$946,420	$1,131,726	$1,179,539
May-2018	$1,175,319	$1,366,724	$1,357,195
May-2019	$1,155,725	$1,243,104	$1,391,074
May-2020	$1,172,159	$1,200,356	$1,550,539
May-2021	$1,685,960	$1,975,361	$2,231,406
May-2022	$1,367,495	$1,641,226	$2,149,203
May-2023	$1,339,074	$1,564,427	$2,192,933
May-2024	$1,724,407	$1,879,112	$2,797,809
May-2025	$1,759,279	$1,901,386	$3,164,835

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Spectrum Alpha Fund - Class I	2.02%	8.46%	5.81%
Russell 2000^® Index	1.19%	9.64%	6.64%
Russell 3000^® Index	13.12%	15.34%	12.21%

forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/spectrum-alpha-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Short-Term Investments	0.4%
Exchange-Traded Funds	2.0%
Mutual Funds	97.8%

Fund Statistics

Net Assets$68,734,171
Number of Portfolio Holdings5
Advisory Fee (net of waivers)$406,941
Portfolio Turnover19%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	56.2%
North Square Select Small Cap Fund, Class I	27.6%
North Square Kennedy MicroCap Fund, Class I	14.0%
iShares^® Russell 2000 ETF	2.0%
First American Treasury Government Obligations Fund, Class X	0.4%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Spectrum Alpha Fund - Class I (ORIYX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ORIYX

North Square Strategic Income Fund

Class A (ADVAX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Strategic Income Fund (the "Fund") for the period of November 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$59^{Footnote Reference*}	0.99%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

During the period November 1, 2024 - May 31, 2025, uncertainty in financial markets remained elevated as investors grappled with fears of a recession, despite resilient economic data. Throughout this period, Red Cedar Investment Management (RCIM) maintained a cautious but opportunistic approach, capitalizing on market volatility driven by ongoing interest rate fluctuations and heightened geopolitical tensions. By remaining skeptical of overly pessimistic economic forecasts, RCIM has been able to take advantage of opportunities in the market.

Fiscal year 2025 saw periods of elevated volatility, most notably in August 2024 and April 2025 when VIX spiked to levels typically observed only during crisis periods. The Fund’s long volatility exposure helped to mitigate downside risk by generating 270 bps of alpha during the period. Preferred Securities contributed 174 bps of alpha to outperformance. AT1’s benefitted from increased certainty after the French election and issuance in the space was met with high demand at tighter spreads. Corporate Hybrids benefitted from Moody’s decision to increase equity credit for hybrid securities from 25% to 50% earlier in the year and Institutional Preferreds also posted strong results as those securities continued to be called on their first call dates.

Security selection in securitized products enhanced returns, particularly through agency Commercial Mortgage-Backed Securities (CMBS) interest-only tranches. These securities, backed by 2020-2021 vintage loans originated at historically low rates, garnered strong demand for their extended duration and reliable income streams. In addition, select below investment grade non-agency CMBS positions also outperformed following positive loan restructuring developments.

Equity holdings emerged as another top performer. Specifically, gold miners benefitted from the global economic reordering taking place and growing unease with fiat currencies.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	North Square Strategic Income Fund - Class A	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg U.S. Aggregate Bond Index
Feb-2023	$9,630	$10,000	$10,000
May-2023	$9,460	$10,216	$10,204
May-2024	$10,335	$10,488	$10,337
May-2025	$11,496	$11,165	$10,901

Average Annual Total Returns

	7 Months	Since Inception (February 28, 2023)
North Square Strategic Income Fund - Class A (without load)	5.54%	8.18%
North Square Strategic Income Fund - Class A (with load)	1.63%	6.39%
Bloomberg Intermediate U.S. Government/Credit Bond Index	3.03%	5.01%
Bloomberg U.S. Aggregate Bond Index	1.84%	3.91%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/strategic-income-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	5.8%
Exchange-Traded Funds	0.5%
Non U.S. Treasury	0.7%
Purchased Options	0.8%
Industrials	0.8%
Consumer Staples	1.1%
U.S. Government & Agencies	1.1%
Technology	1.2%
Health Care	1.2%
Consumer Discretionary	1.9%
Communications	2.4%
Energy	2.7%
Materials	6.4%
Utilities	7.6%
Asset Backed Securities	13.0%
Financials	16.3%
Mortgage Backed Securities	36.5%

Fund Statistics

Net Assets$458,902,248
Number of Portfolio Holdings227
Advisory Fee (net of waivers)$752,295
Portfolio Turnover53%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fannie Mae Pool, 4.000%	1.7%
Charles Schwab Corp. (The), 5.375%	1.3%
Freddie Mac Pool, 2.000%	1.3%
Freddie Mac Pool, 6.500%	1.1%
Bank of America Corp., 5.875%	1.1%
MetLife, Inc., 3.850%	1.1%
CyrusOne Data Centers Issuer I LLC, 4.500%	1.1%
HSBC Holdings PLC, 7.050%	1.0%
Capital One Financial Corp., 6.125%	1.0%
Ginnie Mae II Pool, 2.500%	1.0%

Material Fund Changes

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information on the change in the Adviser's advisory fees and expense limitation agreement, you may review the Fund’s prospectus, dated February 28, 2025, as supplemented on May 20, 2025, which is available upon request at 1-855-551-5521 or on the Fund's website at https://northsquareinvest.com/fund-reports-holdings-2/.

Effective January 1, 2025, the Adviser reduced the contractual adviser fee of the Fund from an annual rate of 0.70% to 0.56% of the Fund's average daily net assets. Additionally, the Adviser has contractually agreed to waive the advisory fees and/or reimburse operating expenses of the Fund to ensure that the total annual fund operating expenses do not exceed 0.93% and 0.68% for the Class A shares and Class I shares, respectively. Prior to January 1, 2025, the Fund’s contractual expense limitations were 1.15% and 0.90% for the Class A shares and Class I shares, respectively.

The Fund changed it's fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Strategic Income Fund - Class A (ADVAX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ADVAX

North Square Strategic Income Fund

Class I (ADVNX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$44^{Footnote Reference*}	0.74%

Footnote	Description
Footnote^*	The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher.

How did the Fund perform during the reporting period?

Equity holdings emerged as another top performer. Specifically, gold miners benefitted from the global economic reordering taking place and growing unease with fiat currencies.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Strategic Income Fund - Class I	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg U.S. Aggregate Bond Index
May-2015	$1,000,000	$1,000,000	$1,000,000
May-2016	$1,021,280	$1,022,445	$1,029,949
May-2017	$1,067,990	$1,036,748	$1,046,205
May-2018	$1,066,649	$1,029,564	$1,042,286
May-2019	$1,123,775	$1,088,551	$1,108,998
May-2020	$1,225,719	$1,171,280	$1,213,415
May-2021	$1,351,887	$1,179,806	$1,208,503
May-2022	$1,289,887	$1,107,111	$1,109,138
May-2023	$1,258,398	$1,101,243	$1,085,373
May-2024	$1,378,394	$1,130,597	$1,099,541
May-2025	$1,538,362	$1,203,573	$1,159,567

Average Annual Total Returns

	7 Months	5 Years	10 Years
North Square Strategic Income Fund - Class I	5.74%	4.65%	4.40%
Bloomberg Intermediate U.S. Government/Credit Bond Index	3.03%	0.55%	1.87%
Bloomberg U.S. Aggregate Bond Index	1.84%	-0.90%	1.49%

The performance results shown above in the line chart and the average annual total returns table for periods prior to February 21, 2020 represent the performance of the Advisory Research Strategic Income Fund (the "Predecessor Fund") which converted into the Fund and is attributable to Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/strategic-income-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	5.8%
Exchange-Traded Funds	0.5%
Non U.S. Treasury	0.7%
Purchased Options	0.8%
Industrials	0.8%
Consumer Staples	1.1%
U.S. Government & Agencies	1.1%
Technology	1.2%
Health Care	1.2%
Consumer Discretionary	1.9%
Communications	2.4%
Energy	2.7%
Materials	6.4%
Utilities	7.6%
Asset Backed Securities	13.0%
Financials	16.3%
Mortgage Backed Securities	36.5%

Fund Statistics

Net Assets$458,902,248
Number of Portfolio Holdings227
Advisory Fee (net of waivers)$752,295
Portfolio Turnover53%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fannie Mae Pool, 4.000%	1.7%
Charles Schwab Corp. (The), 5.375%	1.3%
Freddie Mac Pool, 2.000%	1.3%
Freddie Mac Pool, 6.500%	1.1%
Bank of America Corp., 5.875%	1.1%
MetLife, Inc., 3.850%	1.1%
CyrusOne Data Centers Issuer I LLC, 4.500%	1.1%
HSBC Holdings PLC, 7.050%	1.0%
Capital One Financial Corp., 6.125%	1.0%
Ginnie Mae II Pool, 2.500%	1.0%

Material Fund Changes

The Fund changed it's fiscal year end to May 31.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Strategic Income Fund - Class I (ADVNX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ADVNX

North Square Tactical Defensive Fund

Class A (ETFRX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Tactical Defensive Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$193	1.95%

How did the Fund perform during the reporting period?

The Fund seeks to balance capital preservation and return by utilizing technical models that respond to both long- and short-term market trends. The longer-term Cyclical Trend model governs approximately half of the portfolio (core allocation), while the shorter-term Dynamic Trend model governs the remaining half (satellite allocation).

The Fund performed in line with expectations during the first two months of the fiscal year. However, heightened volatility in late summer and early fall of 2024 triggered several signals from the Cyclical Trend model, resulting in multiple reallocations that proved untimely, commonly referred to as “whipsaw” trades. This detracted from performance.

Unfortunately, renewed trade war concerns sparked a sharp and rapid decline in equity markets, prompting our models to shift the portfolio into a fully defensive allocation. While this move was appropriate given the technical signals at the time, the markets rebounded swiftly. As a result, the Fund remained underinvested during the recovery, which significantly impacted performance in the final months of the fiscal year.

We remain committed to the Fund's disciplined, model-driven approach and believe that over time, it can offer meaningful risk-adjusted returns across market cycles. Thank you for your continued confidence and investment in the North Square Tactical Defensive Fund.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Tactical Defensive Fund - Class A	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2015	$9,426	$10,000	$10,000
May-2016	$8,973	$9,926	$10,022
May-2017	$10,188	$11,064	$11,795
May-2018	$10,980	$11,893	$13,572
May-2019	$11,195	$12,192	$13,911
May-2020	$10,317	$12,932	$15,505
May-2021	$13,301	$16,235	$22,314
May-2022	$13,343	$15,030	$21,492
May-2023	$12,819	$14,798	$21,929
May-2024	$14,648	$16,735	$27,978
May-2025	$14,389	$18,495	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class A
Without Load	-1.77%	6.88%	4.32%
With Load	-7.39%	5.62%	3.71%
Morningstar Moderate Target Risk Index	10.52%	7.42%	6.34%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021 represent the performance of the Stadion Tactical Defensive Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Morningstar Moderate Target Risk Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Short-Term Investments	47.7%
Exchange-Traded Funds	52.3%

Fund Statistics

Net Assets$50,605,005
Number of Portfolio Holdings3
Advisory Fee (net of waivers)$645,278
Portfolio Turnover225%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	47.7%
Invesco QQQ Trust, Series 1	26.6%
SPDR^® S&P 500^® ETF Trust	25.7%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class A (ETFRX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFRX

North Square Tactical Defensive Fund

Class C (ETFZX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$266	2.70%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Tactical Defensive Fund - Class C	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2015	$10,000	$10,000	$10,000
May-2016	$9,444	$9,926	$10,022
May-2017	$10,642	$11,064	$11,795
May-2018	$11,384	$11,893	$13,572
May-2019	$11,522	$12,192	$13,911
May-2020	$10,538	$12,932	$15,505
May-2021	$13,487	$16,235	$22,314
May-2022	$13,423	$15,030	$21,492
May-2023	$12,794	$14,798	$21,929
May-2024	$14,513	$16,735	$27,978
May-2025	$14,145	$18,495	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class C
Without Load	-2.54%	6.06%	3.53%
With Load	-3.51%	6.06%	3.53%
Morningstar Moderate Target Risk Index	10.52%	7.42%	6.34%
Russell 3000^® Index	13.12%	15.34%	12.21%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Short-Term Investments	47.7%
Exchange-Traded Funds	52.3%

Fund Statistics

Net Assets$50,605,005
Number of Portfolio Holdings3
Advisory Fee (net of waivers)$645,278
Portfolio Turnover225%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	47.7%
Invesco QQQ Trust, Series 1	26.6%
SPDR^® S&P 500^® ETF Trust	25.7%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class C (ETFZX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFZX

North Square Tactical Defensive Fund

Class I (ETFWX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$169	1.70%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Tactical Defensive Fund - Class I	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2015	$1,000,000	$1,000,000	$1,000,000
May-2016	$954,160	$992,648	$1,002,233
May-2017	$1,085,856	$1,106,378	$1,179,539
May-2018	$1,173,031	$1,189,289	$1,357,195
May-2019	$1,198,230	$1,219,209	$1,391,074
May-2020	$1,107,060	$1,293,192	$1,550,539
May-2021	$1,429,844	$1,623,523	$2,231,406
May-2022	$1,436,823	$1,502,987	$2,149,203
May-2023	$1,383,607	$1,479,826	$2,192,933
May-2024	$1,585,129	$1,673,529	$2,797,809
May-2025	$1,560,387	$1,849,512	$3,164,835

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class I	-1.56%	7.11%	4.55%
Morningstar Moderate Target Risk Index	10.52%	7.42%	6.34%
Russell 3000^® Index	13.12%	15.34%	12.21%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Short-Term Investments	47.7%
Exchange-Traded Funds	52.3%

Fund Statistics

Net Assets$50,605,005
Number of Portfolio Holdings3
Advisory Fee (net of waivers)$645,278
Portfolio Turnover225%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	47.7%
Invesco QQQ Trust, Series 1	26.6%
SPDR^® S&P 500^® ETF Trust	25.7%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class I (ETFWX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFWX

North Square Tactical Growth Fund

Class A (ETFAX)

Annual Shareholder Report - May 31, 2025

Fund Overview

This annual shareholder report contains important information about North Square Tactical Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://northsquareinvest.com/fund-reports-holdings-2/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$162	1.55%

How did the Fund perform during the reporting period?

The Fund uses a proprietary model to quantitatively rank Exchange-Traded Funds (ETFs) on a risk-adjusted basis, constructing a diversified portfolio that reflects model strength. Our goal is to achieve equity returns with lower volatility than equity indices over a full market cycle.

The Fund had a 69.5% allocation of the Fund’s total assets in equities at the beginning of the fiscal year, with the remaining 30.5% in a money market fund. The volatility we saw in April 2024 started to ebb in the early summer, while market strength appeared to be broadening to other sectors besides technology. We put cash to work by purchasing small capitalization U.S. equities and U.S. treasury ETFs. We ended the calendar year 2024 with 87.3% of the Fund’s total assets allocated to equities, 4.9% to fixed income, and 7.8% to cash.

The first quarter of 2025 brought geopolitical worries about tariffs and trade wars and caused a lot of market volatility. The volatility and negative price movements caused our holdings to weaken in our model and we de-risked the portfolio in March and April. We trimmed and sold complete positions across the board in domestic equities and cut our international equity position in half.

At the fiscal year-end, the Fund held four asset classes. Domestic equity was at 62.3%, International equity at 8%, fixed income at 9.4%, precious metals at 3.8%, and cash at 16.5% of the Fund’s total assets.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Tactical Growth Fund - Class A	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2015	$9,421	$10,000	$10,000
May-2016	$8,932	$9,750	$10,022
May-2017	$10,047	$11,203	$11,795
May-2018	$11,232	$12,351	$13,572
May-2019	$10,870	$12,472	$13,911
May-2020	$11,580	$13,029	$15,505
May-2021	$14,855	$17,558	$22,314
May-2022	$13,977	$16,252	$21,492
May-2023	$14,123	$16,048	$21,929
May-2024	$16,523	$18,799	$27,978
May-2025	$18,102	$21,047	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class A
Without Load	9.56%	9.35%	6.75%
With Load	3.28%	8.06%	6.11%
Morningstar Moderately Aggressive Target Risk Index	11.96%	10.07%	7.73%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021 represent the performance of the Stadion Tactical Growth Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Morningstar Moderately Aggressive Target Risk Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Short-Term Investments	16.5%
Exchange-Traded Funds	83.6%

Fund Statistics

Net Assets$531,865,371
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$5,519,512
Portfolio Turnover47%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	16.5%
Vanguard Growth ETF	15.1%
Invesco QQQ Trust, Series 1	14.9%
SPDR^® S&P 500^® ETF Trust	14.4%
Vanguard Value ETF	11.4%
iShares^® 3-7 Year Treasury Bond ETF	9.4%
iShares^® MSCI Eurozone ETF	8.0%
Financial Select Sector SPDR^® Fund	6.6%
VanEck Gold Miners ETF	3.8%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class A (ETFAX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFAX

North Square Tactical Growth Fund

Class C (ETFCX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$240	2.30%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	North Square Tactical Growth Fund - Class C	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2015	$10,000	$10,000	$10,000
May-2016	$9,407	$9,750	$10,022
May-2017	$10,502	$11,203	$11,795
May-2018	$11,656	$12,351	$13,572
May-2019	$11,199	$12,472	$13,911
May-2020	$11,841	$13,029	$15,505
May-2021	$15,064	$17,558	$22,314
May-2022	$14,067	$16,252	$21,492
May-2023	$14,110	$16,048	$21,929
May-2024	$16,382	$18,799	$27,978
May-2025	$17,817	$21,047	$31,648

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class C
Without Load	8.76%	8.51%	5.95%
With Load	7.76%	8.51%	5.95%
Morningstar Moderately Aggressive Target Risk Index	11.96%	10.07%	7.73%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021 represent the performance of the Stadion Tactical Growth Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Short-Term Investments	16.5%
Exchange-Traded Funds	83.6%

Fund Statistics

Net Assets$531,865,371
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$5,519,512
Portfolio Turnover47%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	16.5%
Vanguard Growth ETF	15.1%
Invesco QQQ Trust, Series 1	14.9%
SPDR^® S&P 500^® ETF Trust	14.4%
Vanguard Value ETF	11.4%
iShares^® 3-7 Year Treasury Bond ETF	9.4%
iShares^® MSCI Eurozone ETF	8.0%
Financial Select Sector SPDR^® Fund	6.6%
VanEck Gold Miners ETF	3.8%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class C (ETFCX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFCX

North Square Tactical Growth Fund

Class I (ETFOX)

Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$136	1.30%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

	North Square Tactical Growth Fund - Class I	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2015	$1,000,000	$1,000,000	$1,000,000
May-2016	$950,559	$974,991	$1,002,233
May-2017	$1,072,116	$1,120,338	$1,179,539
May-2018	$1,201,692	$1,235,083	$1,357,195
May-2019	$1,165,374	$1,247,246	$1,391,074
May-2020	$1,245,574	$1,302,937	$1,550,539
May-2021	$1,600,896	$1,755,825	$2,231,406
May-2022	$1,509,071	$1,625,221	$2,149,203
May-2023	$1,529,105	$1,604,802	$2,192,933
May-2024	$1,792,883	$1,879,925	$2,797,809
May-2025	$1,970,623	$2,104,690	$3,164,835

Average Annual Total Returns

	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class I	9.91%	9.61%	7.02%
Morningstar Moderately Aggressive Target Risk Index	11.96%	10.07%	7.73%
Russell 3000^® Index	13.12%	15.34%	12.21%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021 represent the performance of the Stadion Tactical Growth Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Short-Term Investments	16.5%
Exchange-Traded Funds	83.6%

Fund Statistics

Net Assets$531,865,371
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$5,519,512
Portfolio Turnover47%

Top Holdings (% of net assets)

Holding Name	% of Net Assets
First American Treasury Government Obligations Fund, Class X	16.5%
Vanguard Growth ETF	15.1%
Invesco QQQ Trust, Series 1	14.9%
SPDR^® S&P 500^® ETF Trust	14.4%
Vanguard Value ETF	11.4%
iShares^® 3-7 Year Treasury Bond ETF	9.4%
iShares^® MSCI Eurozone ETF	8.0%
Financial Select Sector SPDR^® Fund	6.6%
VanEck Gold Miners ETF	3.8%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-reports-holdings-2/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class I (ETFOX)

Annual Shareholder Report - May 31, 2025

TSR-AR 053125-ETFOX

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

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

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.

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are David B. Boon and Donald J. Herrema.

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.

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

North Square Spectrum Alpha Fund (“Spectrum Alpha” or “Spectrum Alpha Fund”), North Square Dynamic Small Cap Fund (“Dynamic Small Cap” or “Dynamic Small Cap Fund”), North Square Multi Strategy Fund (“Multi Strategy” or “Multi Strategy Fund”), North Square Preferred and Income Securities Fund (“Preferred and Income Securities” or “Preferred and Income Securities Fund”), North Square Tactical Growth Fund (“Tactical Growth” or “Tactical Growth Fund”), North Square Tactical Defensive Fund (“Tactical Defensive” or “Tactical Defensive Fund”), North Square Core Plus Bond Fund (formerly known as North Square Trilogy Alternative Return Fund (“Core Plus Bond” or “Core Plus Bond Fund”)), North Square Kennedy MicroCap Fund (“Kennedy MicroCap” or “Kennedy MicroCap Fund”) North Square Select Small Cap Fund (formerly, the North Square Advisory Research Small Cap Value Fund) (“Select Small Cap” or “Select Small Cap Fund”)), North Square Altrinsic International Equity Fund (“International Equity” or “International Equity Fund”), North Square McKee Bond Fund (“McKee Bond” or “McKee Bond Fund”), North Square Strategic Income Fund (“Strategic Income” or “Strategic Income Fund”), and North Square Small Cap Value Fund (“Small Cap Value” or “Small Cap Value Fund”) (each a “Fund” and collectively the “Funds”) each organized as a series of the Exchange Place Advisors Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are diversified funds. The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is a series currently authorized by the Board.

The Spectrum Alpha Fund’s primary investment objective is to provide capital appreciation.

The Dynamic Small Cap Fund’s primary investment objective is long-term capital appreciation.

The Multi Strategy Fund’s primary investment objective is to provide capital appreciation.

The Preferred and Income Securities Fund’s primary investment objective is to seek total return through current income and capital appreciation.

The Tactical Growth Fund’s primary investment objective is to seek long-term capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Growth Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of Stadion Tactical Growth Fund.

The Tactical Defensive Fund’s primary investment objective is to seek capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Defensive Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of Stadion Tactical Defensive Fund.

The Core Plus Bond Fund’s primary investment objective is to seek high current income and long-term capital appreciation. Effective September 27, 2024, the Fund changed its name from the North Square Trilogy Alternative Return Fund and made certain changes to its investment objective and principal investment strategies, including the modification of the strategies to invest, under normal market conditions, at least 65% of its net assets in investment grade debt securities. The Fund may also invest in non-investment grade debt securities, and may employ a derivatives overlay strategy to, among other things, adjust the risk profile of the Fund’s portfolio. In addition, effective September 27, 2024, the Fund converted Class A and Class C shares into Class I shares. The Fund has adopted the historical performance of the Stadion Trilogy Alternative Return Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of the Stadion Trilogy Alternative Return Fund.

The Kennedy MicroCap Fund’s primary investment objective is to provide capital appreciation. The Fund commenced operations on June 10, 2024.

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

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

The McKee Bond Fund’s primary investment objective is to maximize total return and generate consistent outperformance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. The Fund’s R6 shares commenced operations on December 28, 2020, and Class I shares commenced operations on May 19, 2021.

The Strategic Income Fund’s primary investment objectives are to seek high current income and to seek long-term capital appreciation. Effective as of the close of business on February 21, 2020, the Strategic Income Fund acquired the assets and assumed the liabilities of the Advisory Research Strategic Income Fund, a series of Investment Managers Series Trust.

The Small Cap Value Fund’s primary investment objective is long-term capital appreciation. Concurrently with the Fund’s commencement of operations, the Fund acquired all of the assets and liabilities of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”), in a tax-free reorganization on April 25, 2025. In connection with the Reorganization, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Small Cap Value Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Small Cap Value Fund. Further, the Predecessor Fund’s portfolio managers joined CSM Advisors, LLC (“CSM”) to serve as the Fund’s portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The Predecessor Fund is the accounting survivor. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations.

At the quarterly meeting of the Board on December 3-4, 2024, the Board approved a change in the fiscal year end for the Strategic Income Fund, Select Small Cap Fund, International Equity Fund, and the McKee Bond Fund from October 31 to May 31.

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

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

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies”.

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over-the-counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the Nasdaq Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value (“NAV”) of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Exchange-traded options on securities and indices purchased

or sold by the Funds generally will be valued at the mean of the last bid and ask prices. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the North Square Investments, LLC (the “Adviser” or “NSI”), as Valuation Designee, for all fair value determinations and responsibilities, with respect to the Fund, pursuant to procedures approved by the Board.

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

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

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

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

Certain of the Funds may write or purchase option contracts to adjust risk and return of its overall investment positions. When a Fund writes or purchases an option, an amount equal to the premium received or paid by such Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to or subtracted from the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions. Investing in purchased and written options contracts exposes the Funds to equity price risk. For the fiscal year and period ended May 31, 2025, only the Strategic Income Fund and Core Plus Bond Fund engaged in option contracts. Additional information regarding such activity may be found in Note 11.

Certain of the Funds may invest in futures contracts to hedge or manage risks associated with the Fund’s securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and such Fund’s basis in the contract. If a Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, such Fund would continue to be subject to market risk with respect to the value of the contracts. For the period ended May 31, 2025, the Preferred and Income Securities Fund, Core Plus Bond Fund and Strategic Income Fund engaged in futures contracts. Additional information regarding such activity may be found in Note 11.

Certain of the Funds may enter into credit default swap transactions for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by a Fund. A Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or

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

Certain of the Funds may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case such Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce a Fund’s return. Additional information regarding such activity may be found in Note 11. For the fiscal year and period ended May 31, 2025, only the Strategic Income Fund entered into credit default swap contracts.

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

Upon entering into a futures contract (with the exception of futures contracts traded on the London Metal Exchange (“LME”)), and to maintain a Fund’s open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. At May 31, 2025, the Core Plus Bond Fund, Strategic Income Fund and Preferred and Income Securities Fund had cash at broker for futures contracts of $138,527, $3,403,268 and $229,287, respectively.

Upon entering into a swap contract a Fund would be required to maintain required collateral with its custodian or swap broker in a segregated account in the name of the swap broker consisting of U.S. Government securities or cash or cash equivalents. At May 31 2025, the Strategic Income Fund had $3,421,875 cash at broker for swap contracts.

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

Operations. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made. Expenses such as distribution and service fees pursuant to Rule 12b-1, transfer agent fees and expenses with respect to the Funds, that are specific to individual share classes, are accrued directly to the respective share class.

Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the period in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

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

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

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

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

During the fiscal year and period ended May 31, 2025, the Trust, on behalf of the Funds, entered into a short-term credit agreement (“Line of Credit”) with U.S. Bank, N.A., expiring on June 11, 2025. The Line of Credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Under the terms of the agreement, The Trust may borrow up to the lesser of $50,000,000 or 15% of each Fund’s daily market value (10% for Select Small Cap Fund).

As of May 31, 2025, the Funds had no outstanding borrowings under this Line of Credit.

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with the Adviser. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund’s average daily net assets. Fees paid to the Adviser for the fiscal year and period ended May 31, 2025, are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

The Adviser has appointed one or more Sub-Advisers to perform management services with respect to the Funds. Below are the Sub-Advisers engaged by Adviser as of May 31, 2025. The Adviser pays the Sub-Advisers from its advisory fees.

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

The Adviser is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending thirty-six months after the date of the waiver or payment. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. For the year ended May 31, 2025, the Spectrum Alpha Fund and the Preferred and Income Securities Fund recouped $251,771 and $25,492, respectively.

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

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Funds’ fund accountant, transfer agent and administrator. The Funds’ allocated fees incurred for fund accounting, transfer agency and fund administration for the fiscal year and period ended May 31, 2025 are reported on the Statements of Operations.

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

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. The Funds’ allocated fees incurred for compliance services for the fiscal year and period ended May 31, 2025, are reported on the Statements of Operations.

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

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

At May 31, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. Reclassifications are caused primarily by the utilization of earnings and profits distributed to shareholders on redemption of shares and net operating losses. For the fiscal year ended May 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in capital, accumulated net investment income/loss and accumulated net realized gain/ loss as follows:

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.

As of May 31, 2025, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

The unrealized appreciation/depreciation in the table above includes unrealized foreign currency gains (losses) of $1,005, $31, $28,572, and $(1,537) for the Preferred and Income Securities Fund, Core Plus Bond Fund, Altrinsic International Equity Fund, and Strategic Income Fund, respectively. The Strategic Income Fund also included $(175,851) of unrealized on non-1256 contracts.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the year ended May 31, 2025, seven months ended May 31, 2025 and years ended May 31, 2024, October 31, 2024 and October 31, 2023, if applicable, was as follows:

As of May 31, 2025, the following Funds have non-expiring capital loss carryforwards:

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. During the fiscal year and period ended ended May 31, 2025, the Funds utilized capital loss carryforwards as follows:

As of May 31, 2025, the Funds had the following qualified late-year ordinary losses and post-October losses which are deferred until fiscal year 2025 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. Capital losses incurred after October 31 within that taxable year are deemed to arise on the first day of the Fund’s next taxable year.

For the fiscal year and period ended May 31, 2025, purchases and sales of investments (excluding in-kind transactions, U.S government obligations, and short-term investments) were as follows:

For the fiscal year ended May 31, 2025, purchases and sales of long-term U.S. government obligations were as follows:

In-Kind Seeding – The Kennedy MicroCap Fund was seeded through the exchange of shares for the securities held by various separately managed accounts (“SMAs”) on June 10, 2024. The transactions were structured as tax-free exchanges of shares. The Kennedy MicroCap Fund carried forward the historical cost basis of investments and cumulative unrealized gains and losses as reported by the SMAs prior to the transactions to align ongoing financial reporting. Investment companies carry substantially all their assets at fair value for periodic and ongoing reporting. The primary use of historical cost basis is to determine both realized and unrealized gains and losses.

The above securities were contributed at fair value of $1,008,006 and unrealized appreciation of $140,166, in exchange for 104,110 shares at a NAV of $10.00.

For the fiscal period ended May 31, 2025, the Small Cap Value Fund had redemptions in-kind of $4,747,668 and realized gain of $504,980.

The Trust, on behalf of the Funds, has adopted a Shareholder Service Plan (the “Shareholder Service Plan”) with respect to each of the Fund’s Class A shares, Class C, Class I, Class R6 and Investor Class shares, as applicable. Under the Shareholder Service Plan, the Funds may pay a fee at an annual rate of up to 0.15% of its average daily net assets attributable to Class A shares, Class C shares, Class I shares, Class R6 and Investor Class, as applicable, to shareholder servicing agents. Shareholder servicing agents provide non-distribution

administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, responding to routine inquiries from shareholders concerning their investments, assisting shareholders in changing dividend options, account designations and addresses, and other similar services.

For the fiscal year and period ended ended May 31, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.

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

For the fiscal year and period ended May 31, 2025, distribution fees incurred with respect to Class A and Class C shares are disclosed on the Statements of Operations.

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

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

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of May 31, 2025, in valuing the Funds’ assets carried at fair value:

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

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of May 31, 2025, and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

At May 31, 2025, the Preferred and Income Securities Fund and the Core Plus Bond Fund held derivative and other financial instruments which are not subject to a master netting arrangement.

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of May 31, 2025:

The following table presents the fair value of derivative instruments for the Preferred and Income Securities Fund and the Core Plus Bond Fund as of May 31, 2025, as presented on the Fund’s Statement of Assets and Liabilities:

The following table presents the results of the derivative trading and information related to volume for the year ended May 31, 2025, for the Preferred and Income Securities Fund and the Core Plus Bond Fund. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.

The average monthly market value amount is shown as an indicator of volume. The average monthly market value amounts held in the Strategic Income Fund during the fiscal year and period ended May 31, 2025, were:

Certain of the Funds may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end and closed-end mutual funds and money market mutual funds. Such Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of May 31, 2025, the Spectrum Alpha Fund had 99.8% of the value of its net assets invested in open-end mutual funds. As of May 31, 2025, the Multi Strategy Fund had 47.0% and

52.1% of the value of its net assets invested in ETFs and open-end mutual funds, respectively. As of May 31, 2025, the Tactical Growth Fund had 83.6% of the value of its net assets invested in ETFs. As of May 31, 2025, the Tactical Defensive Fund had 52.3% of the value of its net assets invested in ETFs. The financial statements of these ETFs and money market mutual funds can be found at www.sec.gov and should be read in conjunction with the Funds’ financial statements.

If a Fund has significant investments in the securities of issuers within a particular sector or industry, any development affecting that sector or industry will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector or industry. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector or industry, and therefore the value of the Fund’s portfolio will be adversely affected. As of May 31, 2025, the Preferred and Income Securities Fund had 44.5% and 31.9% of the value of its net assets invested in securities within the Financials

and Utilities sectors, respectively. As of May 31, 2025 the Kennedy MicroCap Fund had 26.4% of the value of its net assets invested in securities within the Financials Sector. As of May 31, 2025, the Select Small Cap Fund had 25.8% of the value of its net assets invested in securities within the Industrials sector.

Risk is inherent in all investing, including an investment in the Funds. Below are summaries of some, but not all, of the principal risks of investing in a Fund, each of which could adversely affect a Fund’s NAV, market price, yield, and total return. Certain Funds, which invest in other mutual funds, exchange-traded funds, or closed-end funds, will be exposed to these risks both directly and indirectly, through their investment in underlying funds. Further information about investment risks is available in each Fund’s prospectus and Statement of Additional Information.

Equity Risk. (International Equity Fund, Strategic Income Fund, Select Small Cap Fund, Spectrum Alpha Fund, Multi-Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, Dynamic Small Cap Fund, Small Cap Value Fund, and Kennedy Microcap Fund). The value of the equity securities held by a Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by a Fund participate, or factors relating to specific companies in which a Fund invests.

Preferred Securities Risk. (Preferred and Income Securities Fund, Core Plus Bond Fund, Strategic Income Fund, Select Small Cap Fund, Small Cap Value Fund, and Kennedy Microcap Fund). Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise.

Fixed Income Securities Risk. (Strategic Income Fund, McKee Bond Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, Core Plus Bond Fund, and Small Cap Value Fund). The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Typically, a rise in interest rates will cause a decline in the value of a fixed income security owned by a Fund. Generally, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for a Fund.

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

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

Small Cap Company Risk. (Strategic Income Fund, Select Small Cap Fund, Dynamic Small Cap Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, Small Cap Value Fund, and Kennedy Microcap Fund). The securities of small capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than

securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

Foreign Investment Risk. (All Funds). The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of a Fund’s foreign investments.

Currency Risk. (Strategic Income Fund, Select Small Cap Fund, International Equity Fund, Multi Strategy Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, Core Plus Bond Fund, and Kennedy Microcap Fund). The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. Dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and speculation.

Micro-Cap, Small, and Mid-Sized Company Risk. (Spectrum Alpha Fund) Investments in micro-cap, small, and mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of micro-cap, small, and mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of micro-cap, small, and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.

Growth-Oriented Investment Strategies Risk. (Multi Strategy Fund, Tactical Growth Fund, and Kennedy Microcap Fund) Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall.

Value-Oriented Investment Strategies Risk. (Select Small Cap Fund, International Equity Fund, Dynamic Small Cap Fund, Multi Strategy Fund, Small Cap Value Fund, and Kennedy Microcap Fund) Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets.

Investment Companies Risk. (Strategic Income Fund, Spectrum Alpha Fund, Dynamic Small Cap Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, and Kennedy Microcap Fund). A Fund may invest in investment companies, such as ETFs and mutual funds (including other funds managed or sub-advised by the Adviser or its affiliates (“North Square-Related Funds”)). Any such investment generally will reflect the risks of owning the underlying securities the investment company holds. It may also be more expensive for a Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expense based on a Fund’s pro rata share of other investment company’s operating expenses, including the management fees of unaffiliated funds in addition to those paid by a Fund. A Fund may pay brokerage commissions in connection with the purchase and sale of shares of investment companies. In addition, a Fund may invest in underlying funds that invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. A Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which a Fund invests, including, but not limited to, derivatives, currencies and leverage risk.

In addition to the risks associated with the underlying assets held by an ETF, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; or underlying managed index and (5) a passively managed ETF may hold troubled securities. A Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Certain money market mutual funds are not required to preserve the value of a Fund’s investment at $1.00 per share.

Effective as of the close of business April 25, 2025, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”) pursuant to a Board-approved plan of reorganization dated April 25, 2025 (the “Reorganization”).

The acquisition was accomplished by a tax-free exchange for 15,751,064 shares at a net asset value per share (“NAV”) of $16.20 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from these tax-free transactions on the close of business April 25, 2025, after the reorganization, was $255,167,626 including net unrealized depreciation of $(35,795,608), undistributed net investment income of $5,008,575, undistributed realized gain of $2,172,252 and investment cost of $291,070,774.

For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Small Cap Value Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The Small Cap Value Fund’s performance for periods prior to April 25, 2025, is that of the Predecessor Fund. The Small Cap Value Fund is the accounting survivor. After the Reorganization the Small Cap Value Fund changed its fiscal year end from October 31 to May 31.

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosures except as noted below.

Announced on July 22, 2025, the Adviser has signed a binding agreement to be acquired by Azimut Group, one of Europe’s largest independent asset managers, via its U.S. subsidiary Azimut U.S. Holdings Inc. The transaction is expected to close in early 2026, subject to regulatory approvals and customary closing conditions.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts (as applicable), and credit default swap agreements (as applicable) of North Square Funds comprising the funds listed below (the “Funds”), each a series of Exchange Place Advisors Trust, as of May 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, 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 each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits 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 audits provide a reasonable basis for our opinion.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended May 31, 2025 was as follows:

For the fiscal year ended May 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

For the fiscal year ended May 31, 2025, ordinary income dividends paid by the Funds qualify as qualified business income. The percentage of dividends declared from ordinary income designated as qualified business income was as follows:

For the fiscal year ended May 31, 2025, the Funds designate a portion of distributions as 20.00% rate gain distributions for the purposed of the dividends paid deduction. The dollar amount by fund was as follows:

The International Equity Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries.

The Fund’s foreign source income per share was $0.2966 and the foreign tax expense per share was $0.0215.

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

This report and the financial statements contained herein are provided for the general information of the shareholders of the North Square RCIM Tax-Advantaged Preferred and Income Securities ETF. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”) is organized as a series of Exchange Place Advisors Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The is a diversified fund. The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, permits the Board of Trustees (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The investment objective of the Fund is to seek high current income and long-term capital appreciation with an emphasis on tax-advantaged qualified dividend income (“QDI”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”. 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 (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over-the-counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the Nasdaq Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value (“NAV”) of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Exchange-traded options on securities and indices purchased or sold by the Fund generally will be valued at the mean of the last bid and ask prices. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the North Square Investments, LLC (the “Adviser” or “NSI”), as Valuation Designee, for all fair value determinations and responsibilities, with respect to the Fund, pursuant to procedures approved by the Board. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board’s ability to effectively oversee the Valuation Designee’s fair value determination. The actions of the Adviser’s Valuation Committee and the Valuation Designee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed.

Futures contracts that the Fund invests in are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

In certain circumstances, the Fund employs fair value pricing to ensure greater accuracy in determining daily NAVs and to prevent dilution by frequent traders or market timers who seek to exploit temporary market anomalies. The use of fair valuation in pricing a security involves the consideration of a number of subjective factors and therefore, is susceptible to the unavoidable risk that the valuation may be higher or lower than the price at which the security might actually trade if a reliable market price were readily available. The Board received a report on all securities that were fair valued by the Adviser during the quarter.

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

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. This evaluation requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the current tax year, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund will make distributions of all or substantially all of its net investment income, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the “Agreement”) with North Square Investments, LLC (the “Adviser” or “NSI”). Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Adviser based on the Fund’s average daily net assets at an annual rate of 0.60% of the Fund’s average daily net assets. Fees paid to the Adviser for the period ended May 31, 2025 are reported on the Statement of Operations.

The Adviser engages Red Cedar Investment Management, LLC (“Red Cedar” or the “Sub-Adviser”) to manage the Fund. The Adviser pays the Sub-Advisers from its advisory fees.

The Fund’s management fee is a “unitary” fee that includes all of the expenses and liabilities of the Fund, except for any brokerage fees and commissions, taxes, borrowing costs (such as dividend expenses on securities sold short and interest), acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto.

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Fund’s fund accountant, transfer agent and administrator. The Adviser pays the Administrator in accordance with the agreements for such services.

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

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Adviser, which are approved annually by the Board.

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

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

At May 31, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. Reclassifications are caused primarily by the utilization of earnings and profits distributed to shareholders on redemption of shares, net operating losses, return of capital, and taxable overdistributions. For the year ended May 31, 2025, there were no permanent differences in book and tax accounting have been reclassified to paid in capital, accumulated net investment income/ loss and accumulated net realized gain/loss.

As of May 31, 2025, the components of accumulated earnings (deficit) on a tax basis for the Fund were as follows:

The tax character of distributions paid for the fiscal year ended May 31, 2025, were as follows:

As of May 31, 2025, the Fund had short term capital loss carryforwards of $31,616. 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.

For the period ended May 31, 2025, purchases and sales of investment securities, other than short-term investments, were $11,011,484 and $944,359, respectively.

For the period ended May 31, 3025 there were no purchases and sales for in-kind transactions.

There were no purchases or sales of long-term U.S. government obligations during the period ended May 31, 3025.

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units”. Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge”, and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets. For the period ended May 31, 2025, the Fund received $1,800 and $0 in Fixed Fees and Variable Charges, respectively. The Transaction Fees for the Fund are listed in the table below:

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

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

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

The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

Preferred Securities Risk. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible preferred stock tends to be more volatile than non-convertible preferred stock, because its value is related to the price of the issuer’s common stock as well as the dividends payable on the preferred stock. The value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in issuer’s financial condition or prospects and may be less liquid than common stocks. Preferred stock prices tend to move more slowly upwards than common stock prices.

ETF Risks. The Fund is an actively-managed ETF and as a result is subject to special risks. Unlike conventional ETFs, the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index. As an ETF, the Fund’s shares are not individually redeemable and can only be redeemed in large blocks known as “Creation Units”. Also, trading in the Fund’s shares is subject to the Exchange rules, which may result in such trading being halted or postponed from time to time as a result of those rules. Finally, the market price of the Fund’s shares will fluctuate in response to changes in NAV and supply and demand for the shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. Accordingly, there may be times when the market price and the NAV vary significantly and the Fund’s shares may trade at a discount or premium to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. Generally, these ETF risks may be more pronounced in times of market stress.

Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund’s portfolio will be adversely affected. As of May 31, 2025, the Fund had 82.9% of the value of its net assets invested in stocks within the Financials sector.

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

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. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosures.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”), a series of Exchange Place Advisors Trust, as of May 31, 2025 , the related statement of operations, the statements of changes in net assets, and financial highlights for the period December 18, 2024 (commencement of operations) to May 31, 2025, and the relative 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 May 31, 2025, the results of its operations, the changes in their net assets and the financial highlights for the period December 18, 2024 (commencement of operations) to May 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

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 May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 to Funds within the investment company complex since 2023.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended May 31, 2025 was 23.61%.

For the fiscal period ended May 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 23.61%.

For the fiscal year ended May 31, 2025, the Fund didn’t designate any long-term capital gain distributions.

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory and sub-advisory agreements. At a meeting held on December 3-4, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Exchange Place Advisors Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve: (i) the investment advisory agreement (the “Advisory Agreement”) between North Square Investments, LLC (the “Adviser” or “NSI”) and the Trust, on behalf of the North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “New Fund”) and (ii) the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Red Cedar Investment Management, LLC (the “Sub-Adviser” or “Red Cedar”) with respect to the New Fund. The Adviser and the Sub-Adviser are collectively referred to as the “Advisers.” The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”

In connection with its consideration of the Agreements, the Board requested and reviewed responses from the Advisers to the Section 15(c) requests posed to the Advisers on behalf of the Independent Trustees by independent legal counsel and supporting materials relating to those questions and responses, as well as other information and data provided. In this connection, the Board reviewed and discussed various information that had been provided prior to the Meeting, including the Advisory Agreement, the Sub-Advisory Agreement, a memorandum provided by independent legal counsel summarizing the requirements and guidelines relevant to the Board’s consideration of the approvals of such Agreements, each Adviser’s Form ADV Part 1A, brochures and brochure supplements, as applicable, profitability information, proposed advisory and sub-advisory fees, as applicable, estimated expense ratios, performance of comparable accounts, if any, and other pertinent information. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by the Advisers during the course of the year, to evaluate the Agreements with respect to the New Fund, including information provided in connection with the consideration of advisory and sub-advisory agreements for other Funds in the Trust. The Board reviewed and discussed the Advisers’ Section 15(c) responses and discussed various questions and information with representatives of the Advisers at the Meeting. The Board also considered the materials and presentations by Trust officers and representatives of the Advisers provided at the Meeting and at prior meetings in connection with advisory and sub-advisory agreements for other Funds in the Trust. Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Advisers. The Independent Trustees were also advised by independent legal counsel and met in executive sessions at which no representatives of management were present to consider the Agreements with respect to the New Fund. The Board also noted that the evaluation process with respect to the Advisers is an ongoing one. The Board, as noted above, also took into account information reviewed periodically throughout the year and in prior years that was relevant to its consideration of the Agreements, including information and discussions with the Advisers with respect to other funds in the Trust, as well as such additional information it deemed relevant and appropriate in its judgement. The Board noted that the information received and considered by the Board in connection with the Meeting was both written and oral. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the Agreements for the New Fund for an initial two-year period.

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

The Board considered information regarding the nature, extent and quality of services to be provided to the New Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services to be provided by the Advisers. The Board noted the non-investment advisory services to be provided by NSI, including the oversight and coordination of the New Fund’s service providers and the provision of related administrative and other services. The Board also considered each Adviser’s reputation, organizational structure, resources and overall financial condition (including economic and other support provided by affiliates of NSI).

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

With respect to NSI, the Board considered the New Fund’s proposed operation in a “manager-of-managers” structure and reviewed the responsibilities that NSI has under this structure, including, but not limited to, monitoring and evaluating the performance of the Sub-Adviser, monitoring the Sub-Adviser for adherence to the stated investment objectives, strategies, policies and restrictions of the New Fund, and supervising the Sub-Adviser with respect to the services that the Sub-Adviser will provide under the Sub-Advisory Agreement. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and significant risks assumed by NSI and not delegated to or assumed by the Sub-Adviser in connection with the services to be provided to the New Fund, including entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also considered the process used by NSI, consistent with this structure, to identify and recommend sub-advisers, and its ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Advisory Agreement. In addition, the Board considered its familiarity with NSI’s personnel obtained from the Board’s oversight of other Funds in the Trust advised by NSI.

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

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

The Board considered the Advisers’ prior performance record, including the Sub-Adviser’s management of institutional portfolio accounts that invest in preferred securities. The Board noted that, with respect to the New Fund, neither Adviser currently manages a comparable exchange-traded fund (“EFF”) or other account with a performance track record for comparison. The Board considered the Sub-Adviser’s presentation and the experience of its personnel and determined that they provided sufficient basis to permit the Board in its business judgment to conclude that the Advisers could reasonably be expected to obtain an acceptable level of investment returns for shareholders.

The Board reviewed and considered the proposed unitary fee rate of the New Fund to be paid to NSI under the Advisory Agreement whereby NSI would be responsible for all of the expenses and liabilities of the New Fund, except for any brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), acquired fund fees and expenses, expenses incurred

in connection with any merger or reorganization, and such extraordinary or non-recurring expenses as may arise, including litigation to which the New Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto. The Board considered that the New Fund will pay a unitary fee to NSI and that, in turn, NSI will pay a portion of its fee to the Sub-Adviser.

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

The Board reviewed comparative fee information provided by Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the “Broadridge Report”), comparing the New Fund’s proposed unitary fee rate relative to a group of its peer funds and anticipated Morningstar category. While the Board recognized that comparisons between the New Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the New Fund’s proposed unitary fee rate. The Board took into account NSI’s discussion of the New Fund’s anticipated fees and expenses, including the investment strategy of the New Fund. The Board also noted that the proposed unitary fee was in the range of the peer group contained in the Broadridge Report.

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

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

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

The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to the New Fund as the Fund grows. The Board also considered that NSI may share potential economies of scale from its advisory business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. In addition, the Board took into account management’s discussion of the New Fund’s unitary fee structure. The Board also considered the effect of the New Fund’s potential growth in size on its performance and fees and that, if the Fund’s assets increase over time, the Fund may realize other economies of scale. The Independent Trustees recognized that, because the New Fund’s sub-advisory fees are paid by NSI out of its unitary fee, and not by the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Advisory Agreement.

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

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

their relationships with the New Fund. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and its affiliates may receive because of its relationships with the New Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the New Fund and other investment advisory clients, as well as other benefits from increases in assets under management.

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

At the Meeting, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees acting separately, concluded that the approval of the Agreements with respect to the New Fund was in the best interest of the New Fund and its shareholders.

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

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

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

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

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

(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.

(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.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

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.

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.

Registrant’s telephone number, including area code:	(513) 587-3400

May 31, 2025	$245,060
May 31, 2024	$109,000
October 31, 2024	$68,800
October 31, 2023	$74,000

May 31, 2025	$750
May 31, 2024	$0
October 31, 2024	$0
October 31, 2023	$0

May 31, 2025	$55,200
May 31, 2024	$22,750
October 31, 2024	$17,200
October 31, 2023	$17,400

Table of Contents

Schedules of Investments	1
Statements of Assets and Liabilities	70
Statements of Operations	75
Statements of Changes in Net Assets	82
Financial Highlights	92
Report of Independent Registered Public Accounting Firm	141
Supplemental Information	143
Additional Information	145

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 2.0%
	6,400	iShares^® Russell 2000 ETF	$	1,312,448
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,419,531)		1,312,448

		MUTUAL FUNDS — 97.8%
	2,766,050	North Square Dynamic Small Cap Fund, Class I^(a)(b)		38,614,058
	818,981	North Square Kennedy MicroCap Fund, Class I^(a)		9,614,832
	1,570,020	North Square Select Small Cap Fund, Class I^(a)(c)		18,997,246
		TOTAL MUTUAL FUNDS (Cost $61,734,721)		67,226,136

		SHORT-TERM INVESTMENTS — 0.4%
	304,760	First American Treasury Government Obligations Fund, Class X, 4.23%^(d)		304,760
		TOTAL SHORT-TERM INVESTMENTS (Cost $304,760)		304,760
		TOTAL INVESTMENTS — 100.2% (Cost $63,459,012)	$	68,843,344
		Liabilities in Excess of Other Assets — (0.2)%		(109,173	)
		NET ASSETS — 100.0%	$	68,734,171

Shares			Fair Value
		COMMON STOCKS — 98.8%
		COMMUNICATIONS — 0.8%
		ADVERTISING & MARKETING — 0.1%
	21,790	QuinStreet, Inc.^(a)	$	332,734

		INTERNET MEDIA & SERVICES — 0.1%
	37,550	MediaAlpha, Inc.^(a)		383,010

		TELECOMMUNICATIONS — 0.6%
	60,580	DigitalBridge Group, Inc.		670,015
	11,830	IDT Corp., Class B^(a)		728,609
	46,091	Telephone and Data Systems, Inc.		1,583,687
				2,982,311
		TOTAL COMMUNICATIONS		3,698,055

		CONSUMER DISCRETIONARY — 13.8%
		AUTOMOTIVE — 1.7%
	202,034	Dana, Inc.		3,359,825
	39,490	Dorman Products, Inc.^(a)		5,106,452
				8,466,277
		CONSUMER SERVICES — 4.8%
	51,980	Adtalem Global Education, Inc.^(a)		6,862,919
	145,620	Coursera, Inc.^(a)		1,288,737
	470	Graham Holdings Co.		448,573
	26,300	Grand Canyon Education, Inc.^(a)		5,203,323
	46,100	Laureate Education, Inc.^(a)		1,037,250
	24,240	Stride, Inc.^(a)		3,669,694
	75,844	Udemy, Inc.^(a)		555,178
	120,190	Universal Technical Institute, Inc.^(a)		4,270,351
				23,336,025
		E-COMMERCE DISCRETIONARY — 1.5%
	59,790	Chewy, Inc., Class A^(a)		2,705,497
	63,430	RealReal, Inc. (The)^(a)		358,380
	188,240	Revolve Group, Inc.^(a)		3,877,744
	101,270	Stitch Fix, Inc., Class A^(a)		447,613
				7,389,234
		HOME CONSTRUCTION — 2.0%
	47,140	Century Communities, Inc.		2,445,152
	28,236	Forestar Group, Inc.^(a)		540,719
	14,075	Griffon Corp.		967,656
	41,850	M/I Homes, Inc.^(a)		4,461,629
	15,050	Taylor Morrison Home Corp.^(a)		847,014
	12,260	TRI Pointe Homes, Inc.^(a)		361,425
				9,623,595

Shares			Fair Value
		COMMON STOCKS (Continued)
		CONSUMER DISCRETIONARY (Continued)
		LEISURE FACILITIES & SERVICES — 1.4%
	169,330	Life Time Group Holdings, Inc.^(a)	$	4,842,838
	144,683	Rush Street Interactive, Inc.^(a)		1,836,027
				6,678,865
		LEISURE PRODUCTS — 0.3%
	40,760	Fox Factory Holding Corp.^(a)		1,045,494
	63,590	Peloton Interactive, Inc., Class A^(a)		451,489
				1,496,983
		RETAIL - DISCRETIONARY — 2.0%
	61,660	Abercrombie & Fitch Co., Class A^(a)		4,839,693
	121,330	Aspen Aerogels, Inc.^(a)		698,861
	21,060	Buckle, Inc.		897,367
	44,382	Rush Enterprises, Inc., Class A		2,203,566
	53,690	Victoria’s Secret & Co.^(a)		1,138,765
				9,778,252
		WHOLESALE - DISCRETIONARY — 0.1%
	15,530	G-III Apparel Group Ltd.^(a)		451,147
		TOTAL CONSUMER DISCRETIONARY		67,220,378

		CONSUMER STAPLES — 6.8%
		BEVERAGES — 1.4%
	48,210	Coca-Cola Consolidated, Inc.		5,527,276
	27,560	National Beverage Corp.		1,246,539
				6,773,815
		FOOD — 2.4%
	88,690	BellRing Brands, Inc.^(a)		5,583,035
	3,430	Cal-Maine Foods, Inc.		329,040
	8,258	Lancaster Colony Corp.		1,382,389
	130,150	Vital Farms, Inc.^(a)		4,143,976
				11,438,440
		HOUSEHOLD PRODUCTS — 0.3%
	333,693	Honest Co., Inc. (The)^(a)		1,678,476

		RETAIL - CONSUMER STAPLES — 1.3%
	1,821	PriceSmart, Inc.		196,632
	35,320	Sprouts Farmers Market, Inc.^(a)		6,105,415
				6,302,047
		TOBACCO & CANNABIS — 0.3%
	20,040	Turning Point Brands, Inc.		1,489,373

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 0.6%
	14,915	iShares^® Russell 2000 ETF	$	3,058,619
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,834,139)		3,058,619

		RIGHTS — 0.0%^(b)
		HEALTH CARE — 0.0%^(b)
	29,400	Novartis A.G. CVR		—
		Total Cost ($–)		—

		SHORT-TERM INVESTMENTS — 0.5%
	2,210,704	First American Treasury Government Obligations Fund, Class X, 4.23%^(c)		2,210,704
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,210,704)		2,210,704
		TOTAL INVESTMENTS — 99.9% (Cost $475,492,722)	$	485,923,393
		Other Assets in Excess of Liabilities — 0.1%		461,549
		NET ASSETS — 100.0%	$	486,384,942

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 47.0%
	19,100	Invesco^® S&P 500^® GARP ETF	$	1,937,122
	16,000	iShares MSCI EAFE ETF		1,420,960
	200,000	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF^(a)		5,002,100
	21,100	Vanguard^® Dividend Appreciation ETF		4,176,323
	7,100	Vanguard^® Growth ETF		2,933,294
	12,485	Vanguard^® Value ETF		2,139,804
		TOTAL EXCHANGE-TRADED FUNDS (Cost $15,277,742)		17,609,603

		MUTUAL FUNDS — 52.1%
	525,210	North Square Altrinsic International Equity Fund, Class I^(a)		6,444,326
	373,082	North Square Dynamic Small Cap Fund, Class I^(a)		5,208,223
	81,898	North Square Kennedy MicroCap Fund, Class I^(a)		961,483
	551,318	North Square McKee Bond Fund, Class I^(a)		4,818,522
	169,314	North Square Select Small Cap Fund, Class I^(a)		2,048,704
		TOTAL MUTUAL FUNDS (Cost $17,302,289)		19,481,258

		SHORT-TERM INVESTMENTS — 0.9%
	341,788	First American Treasury Government Obligations Fund, Class X, 4.23%^(b)		341,788
		TOTAL SHORT-TERM INVESTMENTS (Cost $341,788)		341,788
		TOTAL INVESTMENTS — 100.0% (Cost $32,921,819)	$	37,432,649
		Liabilities in Excess of Other Assets — 0.0%^(c)		(15,121	)
		NET ASSETS — 100.0%	$	37,417,528

Investment Company Act file number:	811-23373

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 0.8%
	100,000	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF^(a)	$	2,501,050
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,505,000)		2,501,050

Principal
Amount ($)
		CORPORATE BONDS — 93.5%
		COMMUNICATIONS — 4.8%
		ENTERTAINMENT CONTENT — 1.1%
	3,800,000	Paramount Global, 6.25%, 2/28/57^(b)		3,586,812

		TELECOMMUNICATIONS — 3.7%
	8,000,000	Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)^(b)		8,015,650
	5,000,000	Vodafone Group PLC, 5.13%, 6/04/81 (H15T5Y + 307.30bps)^(b)(c)		3,708,597
				11,724,247
		CONSUMER DISCRETIONARY — 2.3%
		AUTOMOTIVE — 2.3%
	3,000,000	General Motors Financial Co., Inc., 6.50%, Perpetual^(b)		2,933,205
	4,757,000	General Motors Financial Co., Inc., 5.75%, Perpetual^(b)		4,591,608
				7,524,813
		ENERGY — 10.0%
		OIL & GAS PRODUCERS — 10.0%
	5,000,000	BP Capital Markets PLC, 6.13%, Perpetual (H15T5Y + 167.40bps)^(b)		4,906,383
	5,500,000	Enbridge, Inc., 7.20%, 6/27/54 (H15T5Y + 297bps)^(b)		5,539,063
	2,000,000	Enbridge, Inc., 5.50%, 7/15/77 (TSFR3M + 367.961bps)^(b)		1,953,370
	2,500,000	Energy Transfer LP, 7.13%, Perpetual (5Y CMT Rate + 530.60bps)^(b)		2,516,995
	8,315,000	Energy Transfer LP, 6.63%, Perpetual (US0003M + 415.50bps)^(b)		8,220,559
	6,250,000	South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 3/01/55 (H15T5Y + 366.70bps)^(b)(c)		6,238,478
	2,892,000	TransCanada Trust, 5.30%, 3/15/77 (SOFRRATE + 320.80bps)^(b)		2,820,216
				32,195,064
		FINANCIALS — 44.5%
		ASSET MANAGEMENT — 6.9%
	13,000,000	Charles Schwab Corp. (The), 5.38%, Perpetual		13,000,000
	2,000,000	UBS Group AG, 7.13%, Perpetual (USISSO05 + 317.90bps)^(b)(c)		1,967,455
	8,000,000	UBS Group AG, 4.38%, Perpetual^(b)		7,031,779
				21,999,234
		BANKING — 31.2%
	2,000,000	Banco Bilbao Vizcaya Argentaria SA, 6.13%, Perpetual (USSW5 + 387bps)^(b)		1,929,308
	2,000,000	Banco Bilbao Vizcaya Argentaria SA, 6.00%, Perpetual		2,301,584
	1,000,000	Banco de Sabadell SA, 5.00%, Perpetual (EUSA5 + 517.10bps)^(b)		1,131,346
	1,000,000	Banco Santander SA, 3.63%, Perpetual (EUAMDB05 + 376bps)^(b)		1,033,779
	6,000,000	Banco Santander SA, 8.00%, Perpetual (H15T5Y + 391.10bps)^(b)		6,282,978
	5,000,000	Bank of America Corp., 6.63%, Perpetual^(b)		5,091,740
	5,000,000	CaixaBank SA, 3.63%, Perpetual (EUSA5 + 385.70bps)^(b)		5,280,014

						Value and
						Unrealized
		Expiration	Notional			Appreciation
Short Contracts	Contracts	Date	Amount			(Depreciation)
CME Euro Foreign Exchange Currency Futures	(63)	06/17/2025	$	(8,953,875	)	$	(281,769	)
						$	(281,769	)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 83.6%
	688,900	Financial Select Sector SPDR^® Fund	$	35,106,344
	153,075	Invesco QQQ Trust, Series 1		79,462,763
	421,400	iShares^® 3-7 Year Treasury Bond ETF		49,805,266
	720,600	iShares^® MSCI Eurozone ETF		42,508,194
	129,440	SPDR^® S&P 500^® ETF Trust		76,290,642
	398,700	VanEck Gold Miners ETF		20,194,155
	194,287	Vanguard Growth ETF		80,267,731
	354,498	Vanguard Value ETF		60,757,412
		TOTAL EXCHANGE-TRADED FUNDS (Cost $242,355,456)		444,392,507

		SHORT-TERM INVESTMENTS — 16.5%
	88,018,109	First American Treasury Government Obligations Fund, Class X, 4.23%^(a)		88,018,109
		TOTAL SHORT-TERM INVESTMENTS (Cost $88,018,109)		88,018,109
		TOTAL INVESTMENTS — 100.1% (Cost $330,373,565)	$	532,410,616
		Liabilities in Excess of Other Assets — (0.1)%		(545,245	)
		NET ASSETS — 100.0%	$	531,865,371

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 52.3%
	25,900	Invesco QQQ Trust, Series 1^(a)	$	13,444,949
	22,100	SPDR^® S&P 500^® ETF Trust^(a)		13,025,519
				26,470,468
		TOTAL EXCHANGE-TRADED FUNDS (Cost $24,370,759)		26,470,468

		SHORT-TERM INVESTMENTS — 47.7%
	24,145,012	First American Treasury Government Obligations Fund, Class X, 4.23%^(b)(c)		24,145,012
		TOTAL SHORT-TERM INVESTMENTS (Cost $24,145,012)		24,145,012
		TOTAL INVESTMENTS — 100.0% (Cost $48,515,771)	$	50,615,480
		Liabilities in Excess of Other Assets — 0.0%^(d)		(10,475	)
		NET ASSETS — 100.0%	$	50,605,005

Shares			Fair Value
		PREFERRED STOCKS — 0.5%
		FINANCIALS — 0.5%
	4,750	Synchrony Financial, Series B, 8.25%	$	118,560

		TOTAL PREFERRED STOCKS (Cost $122,122)		118,560

Principal
Amount ($)
		ASSET BACKED SECURITIES — 13.4%
	55,877	Ameriquest Mortgage Securities, Inc. 2005-R3 M4, 5.37%, 5/25/35 ((TSFR1M + 11.4bps) + 93bps)^(b)		55,795
	122,766	Bear Stearns Asset Backed Securities I Trust 2004-HE7, 5.34%, 8/25/34 ((TSFR1M + 11.40bps) + 90bps)^(b)		121,242
	175,000	BMW Vehicle Lease Trust, 2024-2 A3, 4.18%, 2/25/27		174,435
	103,302	BXP Trust 2017-CQHP, 5.23%, 11/15/34 ((TSFR1M + 4.70bps) + 85bps)^(a)(b)		101,791
	100,000	CFCRE Commercial Mortgage Trust 2011-C2 E, 5.08%, 12/15/47^(a)(b)		93,030
	129,971	Citigroup Commercial Mortgage Trust 2014-GC23, 4.74%, 7/10/47^(a)(b)		123,643
	3,500,000	Citigroup Commercial Mortgage Trust 2020-555, 0.86%, 12/10/29^(a)(b)		107,442
	156,442	COMM 2010-C1 Mortgage Trust, 5.99%, 7/10/46^(a)(b)		154,000
	118,798	COMM 2013-CCE11 Mortgage Trust, 4.61%, 8/10/50^(a)(b)		112,980
	100,000	COMM 2013-CCRE7 Mortgage Trust, 4.38%, 3/10/46^(a)(b)		93,299
	120,263	COMM 2015-CCRE23 Mortgage Trust, 4.45%, 5/10/48^(a)		115,405
	118,765	Dell Equipment Finance Trust 2023-3, 5.93%, 6/22/26^(a)		119,440
	100,000	HomeBanc Mortgage Trust 2005-3 M4, 5.44%, 7/25/35		100,405
	60,000	Honda Auto Receivables 2024-3 Owner Trust, 4.57%, 10/21/27		60,247
	25,000	Hyundai Auto Receivables Trust 2024-C, 4.41%, 5/15/29		25,031
	121,614	Impac CMB Trust 2005-4 1M1, 5.08%, 5/25/35 ((TSFR1M + 11.40bps) + 43bps)^(b)		115,267
	173,314	JPMorgan Chase Commercial Mortgage Securities 2012-WLDN A, 3.91%, 5/05/30^(a)(b)		161,182
	138,692	JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6, 5.13%, 5/15/45^(b)		136,845
	132,815	JPMorgan Chase Commercial Mortgage Securities, 2019 MFP D, 6.04%, 7/15/36 ((TSFR1M + 4.70bps) + 166bps)^(a)(b)		131,258
	95,000	Mercedes-Benz Auto Lease Trust 2024-A, 5.32%, 2/16/27		96,050
	200,030	Morgan Stanley Bank of America Merrill Lynch Trust, 2012-C5 E, 4.80%, 8/15/45^(a)(b)		196,242
	124,270	Morgan Stanley Bank of America Merrill Lynch Trust, 2014-C17 E, 3.50%, 8/15/47^(a)		121,141
	100,000	Morgan Stanley Capital I Trust 2014-150E, 3.91%, 9/09/32^(a)		89,075
	199,435	Morgan Stanley Capital I Trust, 2011-C2 D, 5.39%, 6/15/44^(a)(b)		197,989
	188,000	Nissan Auto Lease Trust 2025-A A3, 4.75%, 3/15/28		189,533
	94,227	Structured Adjustable Rate Mortgage Loan Trust, 2004-4 B1, 5.98%, 4/25/34		90,372
	45,000	Verizon Master Trust, 2024-3 A1A, 5.34%, 4/22/30		45,867
		TOTAL ASSET BACKED SECURITIES (Cost $3,111,589)		3,129,006

	SHORT-TERM INVESTMENTS — 0.8%
198,592	First American Treasury Government Obligations Fund, Class X, 4.23%^(c)		198,592
	TOTAL SHORT-TERM INVESTMENTS (Cost $198,592)		198,592
	TOTAL INVESTMENTS— 98.5% (Cost $23,355,870)	$	23,030,717
	Other Assets in Excess of Liabilities— 1.5%		342,747
	NET ASSETS — 100.0%	$	23,373,464

Shares			Fair Value
		COMMON STOCKS — 94.6%
		COMMUNICATIONS — 2.5%
		ADVERTISING & MARKETING — 0.6%
	40,407	Advantage Solutions, Inc.^(a)	$	48,084
	5,716	Magnite, Inc.^(a)		93,514
				141,598
		ENTERTAINMENT CONTENT — 0.4%
	11,251	Inspired Entertainment, Inc.^(a)		87,983

		INTERNET MEDIA & SERVICES — 0.8%
	15,244	OptimizeRx Corp.^(a)		185,062

		PUBLISHING & BROADCASTING — 0.7%
	10,832	Thryv Holdings, Inc.^(a)		144,065
		TOTAL COMMUNICATIONS		558,708

		CONSUMER DISCRETIONARY — 3.3%
		AUTOMOTIVE — 0.5%
	4,127	Gentherm, Inc.^(a)		112,935

		CONSUMER SERVICES — 2.8%
	18,580	Legacy Education, Inc.^(a)		167,963
	2,505	Matthews International Corp., Class A		53,733
	10,636	Universal Technical Institute, Inc.^(a)		377,897
				599,593
		TOTAL CONSUMER DISCRETIONARY		712,528

		CONSUMER STAPLES — 5.1%
		FOOD — 2.4%
	5,065	LifeVantage Corp.		66,098
	11,946	Nature’s Sunshine Products, Inc.^(a)		184,685
	45,140	SunOpta, Inc.^(a)		281,674
				532,457
		HOUSEHOLD PRODUCTS — 0.5%
	4,117	Edgewell Personal Care Co.		113,711

		RETAIL - CONSUMER STAPLES — 0.3%
	2,941	SpartanNash Co.		57,232

		WHOLESALE - CONSUMER STAPLES — 1.9%
	6,413	Chefs’ Warehouse, Inc. (The)^(a)		409,021
		TOTAL CONSUMER STAPLES		1,112,421

Shares			Fair Value
		COMMON STOCKS — 99.6%
		CONSUMER DISCRETIONARY — 22.0%
		AUTOMOTIVE — 4.7%
	8,915	Miller Industries, Inc.	$	404,117
	16,320	Phinia, Inc.		708,288
				1,112,405
		HOME CONSTRUCTION — 1.0%
	3,832	Skyline Champion Corp.^(a)		250,613

		LEISURE FACILITIES & SERVICES — 7.5%
	6,840	Monarch Casino & Resort, Inc.		572,782
	36,957	OneSpaWorld Holdings Ltd.		697,009
	3,190	Vail Resorts, Inc.		510,942
				1,780,733
		RETAIL - DISCRETIONARY — 1.9%
	1,940	Asbury Automotive Group, Inc.^(a)		442,145

		SPECIALTY RETAIL — 3.1%
	21,185	Valvoline, Inc.^(a)		732,789

		WHOLESALE - DISCRETIONARY — 3.8%
	39,017	Openlane, Inc.^(a)		894,660
		TOTAL CONSUMER DISCRETIONARY		5,213,345

		CONSUMER STAPLES — 4.3%
		WHOLESALE - CONSUMER STAPLES — 4.3%
	11,322	Performance Food Group Co.^(a)		1,013,998
		TOTAL CONSUMER STAPLES		1,013,998

		FINANCIALS — 18.7%
		BANKING — 16.6%
	22,055	First Merchants Corp.		831,473
	8,887	Nicolet Bankshares, Inc.^(a)		1,089,902
	7,788	SouthState Corp.		683,786
	7,330	Stock Yards Bancorp, Inc.		539,195
	15,596	Webster Financial Corp.		802,882
				3,947,238
		INSTITUTIONAL FINANCIAL SERVICES — 2.1%
	10,180	Jefferies Financial Group, Inc.		494,748
		TOTAL FINANCIALS		4,441,986

		HEALTH CARE — 3.2%
		HEALTH CARE FACILITIES & SERVICES — 3.2%
	7,445	HealthEquity, Inc.^(a)		749,041
		TOTAL HEALTH CARE		749,041

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 0.7%
	1,259,792	First American Treasury Government Obligations Fund, Class X, 4.23%^(c)	$	1,259,792
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,259,792)		1,259,792
		TOTAL INVESTMENTS— 99.5% (Cost $182,746,544)	$	178,629,936
		Other Assets in Excess of Liabilities— 0.5%		949,301
		NET ASSETS — 100.0%	$	179,579,237

Shares			Fair Value
		COMMON STOCKS — 4.7%
		MATERIALS — 4.7%
		METALS & MINING — 4.7%
	30,246	Agnico Eagle Mines Ltd.	$	3,568,726
	130,729	Alamos Gold, Inc., Class A		3,384,574
	232,066	Kinross Gold Corp.		3,422,973
	906,740	New Gold, Inc.^(a)		4,034,993
	343,161	Orla Mining Ltd.^(a)		3,627,212
	267,029	Wesdome Gold Mines, Ltd.^(a)		3,567,507
				21,605,985
		TOTAL MATERIALS		21,605,985
		TOTAL COMMON STOCKS (Cost $18,363,025)		21,605,985

		EXCHANGE-TRADED FUNDS — 0.5%
	100,000	North Square RCIM Tax-Advantaged Preferred & Income Securities ETF^(b)		2,501,050
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,504,000)		2,501,050

Principal
Amount ($)
		ASSET BACKED SECURITIES — 13.0%
	863,734	Aegis Asset Backed Securities Trust 2005-2, 5.16%, 6/25/35 (1X(TSFR1M + 11.448 bps) + 72 bps)^(c)		826,383
	111,631	Ameriquest Mortgage Securities, Inc., 2004-R2, 5.08%, 4/25/34 (1X(TSFR1M + 11.448 BP) + 64.5 bps)^(c)		111,147
	2,503,349	BXP Trust 2017-CQHP, 5.23%, 11/15/34 ((TSFR1M + 4.70bps) + 85bps)^(c)(d)		2,466,733
	2,301,553	Citigroup Commercial Mortgage Trust 2014-GC23, 4.74%, 7/10/47^(c)(d)		2,189,496
	26,130,000	Citigroup Commercial Mortgage Trust 2015-101A, 1.25%, 1/14/43^(c)(d)		2,061,717
	72,000,000	Citigroup Commercial Mortgage Trust 2020-555, 0.86%, 12/10/29^(c)(d)		2,210,242
	3,794,550	COMM 2010-C1 Mortgage Trust, 5.99%, 7/10/46^(c)(d)		3,735,320
	3,049,137	COMM 2013-CCE11 Mortgage Trust, 4.61%, 8/10/50^(c)(d)		2,899,820
	350,000	COMM 2013-CCRE7 Mortgage Trust, 4.38%, 3/10/46^(c)(d)		326,547
	4,088,928	COMM 2015-CCRE23 Mortgage Trust, 4.45%, 5/10/48^(c)(d)		3,923,775
	5,037,000	CyrusOne Data Centers Issuer I LLC, 4.50%, 5/20/29		4,880,057
	538,627	FBR Securitization Trust, 5.14%, 11/26/35 (1X(TSFR1M + 11.448 bps) + 70.5 bps)^(c)		534,096
	2,680,000	HI-FI Music IP Issuer LP, 3.94%, 2/01/62^(d)		2,603,970
	3,957,000	HomeBanc Mortgage Trust 2005-3 M4, 5.44%, 7/25/35^(c)		3,973,023
	136,824	HSI Asset Securitization Corporation Trust 2006-OPT3, 4.98%, 2/25/36 (1X(TSFR1M + 11.448 bps) + 54 bps)^(c)		135,066
	849,278	Impac CMB Trust Series 2005-4, 5.08%, 5/25/35 ((TSFR1M + 11.40bps) + 43bps)^(c)		804,959
	4,660,217	JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN, 3.91%, 5/05/30^(d)		4,334,002
	2,970,000	JPMorgan Chase Commercial Mortgage Securities Trust 2019-MFP, 6.54%, 7/15/36 ((TSFR1M + 4.70bps) + 216bps)^(c)(d)		2,825,090
	95,350	JPMorgan Mortgage Acquisition Trust 2006-CH1, 4.92%, 7/25/36 (1X(TSFR1M + 11.448 bps) + 48 bps)^(c)		95,187
	298,681	JPMorgan Mortgage Acquisition Trust 2007-CH3, 4.70%, 3/25/37 (1X(TSFR1M + 11.448 bps) + 26 bps)^(c)		295,406
	3,580,000	Kapitus Asset Securitization IV LLC 2024-1, 5.49%, 9/10/31		3,573,348

		Expiration	Exercise		Notional
Contracts	Description	Date	Price		Value		Fair Value
	PURCHASED CALL OPTIONS — 0.8%
625	E-mini S&P 500 Index	9/22/2025	$	6,150.00	$	184,875,000	$	3,796,875
	TOTAL PURCHASED CALL OPTIONS (Cost $3,579,688)							3,796,875

	TOTAL INVESTMENTS— 94.2% (Cost $423,825,411)						$	432,176,577
	Other Assets in Excess of Liabilities— 5.8%							26,725,671
	NET ASSETS — 100.0%						$	458,902,248

								Amortized
								Upfront
								Payments			Unrealized
	Fixed Deal	Maturity						Paid/			Appreciation
Description	(Pay) Rate	Date	Notional Value		Fair Value			(Received)			(Depreciation)
CDX.NA.IG SERIES 44*	1.00%	6/20/2030	$	100,000,000		(2,000,556	)		(1,590,269	)	$	(410,287	)
											$	(410,287	)

Shares			Fair Value
		COMMON STOCKS — 94.3%
		CONSUMER DISCRETIONARY — 6.2%
		AUTOMOTIVE — 1.4%
	123,956	Goodyear Tire & Rubber Co. (The)^(a)	$	1,414,338
	14,875	Lear Corp.		1,344,998
				2,759,336
		HOME CONSTRUCTION — 3.4%
	20,465	American Woodmark Corp.^(a)		1,153,612
	29,384	Hovnanian Enterprises, Inc.^(a)		2,652,788
	69,238	Interface, Inc.		1,390,991
	141,052	Masterbrand, Inc.^(a)		1,438,730
				6,636,121
		WHOLESALE - DISCRETIONARY — 1.4%
	91,606	G-III Apparel Group Ltd.^(a)		2,661,154
		TOTAL CONSUMER DISCRETIONARY		12,056,611

		ENERGY — 8.1%
		OIL & GAS PRODUCERS — 4.8%
	101,954	Murphy Oil Corp.		2,133,897
	92,344	SM Energy Co.		2,162,696
	384,610	VAALCO Energy, Inc.		1,219,214
	607,120	Whitecap Resources, Inc.		3,782,358
				9,298,165
		OIL & GAS SERVICES & EQUIPMENT — 2.2%
	154,829	DNOW, Inc.^(a)		2,232,634
	158,697	MRC Global, Inc.^(a)		1,969,430
				4,202,064
		RENEWABLE ENERGY — 1.1%
	26,923	EnerSys		2,251,570
		TOTAL ENERGY		15,751,799

		FINANCIALS — 22.5%
		ASSET MANAGEMENT — 1.1%
	66,747	F&G Annuities & Life, Inc.		2,133,234

		BANKING — 13.5%
	48,993	Ameris Bancorp		3,011,600
	85,819	Cathay General Bancorp		3,677,773
	104,638	Hancock Whitney Corp.		5,720,559
	76,293	International Bancshares Corp.		4,778,231
	106,244	OFG Bancorp		4,370,878
	59,090	Pathward Financial Group, Inc.		4,611,975
				26,171,016
		INSTITUTIONAL FINANCIAL SERVICES — 2.3%
	52,494	StoneX Group, Inc.^(a)		4,443,880

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.7%
	3,396,512	First American Government Obligations Fund, Class X, 4.23%^(b)	$	3,396,512
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,396,512)		3,396,512
		TOTAL INVESTMENTS — 96.0% (Cost $208,345,767)	$	186,692,587
		Other Assets in Excess of Liabilities — 4.0%		7,824,278
		NET ASSETS — 100.0%	$	194,516,865

							North Square
	North Square		North Square		North Square		Preferred
	Spectrum		Dynamic Small		Multi Strategy		and Income
	Alpha Fund		Cap Fund		Fund		Securities Fund
Assets
Investments, at cost	$	1,724,291	$	475,492,722	$	10,609,530	$	304,141,076
Investments in affiliated issuers, at cost		61,734,721		—		22,312,289		2,505,000
Investments, at value	$	1,617,208	$	485,923,393	$	12,949,291	$	312,716,426
Investments in affiliated issuers, at value		67,226,136		—		24,483,358		2,501,050
Receivable for fund shares sold		3,734		779,093		1,186		840,190
Cash		—		7,132		—		—
Cash at broker for futures contracts		—		—		—		229,287
Receivable for net variation margin on futures contracts		—		—		—		13,388
Tax reclaims receivable		—		—		—		15,293
Dividends and interest receivable		1,819		182,194		24,361		4,904,842
Prepaid expenses		20,351		125,446		18,705		145,040
Total Assets		68,869,248		487,017,258		37,476,901		321,365,516

Liabilities
Payable for fund shares redeemed		15,210		182,856		431		31,146
Due to Adviser (Note 3)		20,280		288,114		9,771		178,981
Distribution fees (Note 7)		8,991		9,475		6,363		—
Shareholder servicing fees (Note 6)		45,215		—		20,127		—
Fund administration fees		25,610		53,748		12,155		41,371
Due to Trustees		1,790		10,596		1,032		8,245
Other accrued expenses		17,981		87,527		9,494		63,507
Total Liabilities		135,077		632,316		59,373		323,250

Net Assets	$	68,734,171	$	486,384,942	$	37,417,528	$	321,042,266

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	64,316,297	$	485,639,336	$	28,949,777	$	307,576,924
Accumulated earnings (deficits)		4,417,874		745,606		8,467,751		13,465,342
Net Assets	$	68,734,171	$	486,384,942	$	37,417,528	$	321,042,266

Class A:^(a)
Net assets applicable to shares outstanding	$	42,525,879	$	44,945,720	$	29,293,349
Shares of beneficial interest issued and outstanding		5,538,578		3,228,939		1,638,970
Net asset value, redemption and offering price per share		7.68		13.92		17.87
Maximum offering price to public	$	8.15	$	14.77	$	18.96

Class I:
Net assets applicable to shares outstanding	$	26,208,292	$	441,439,222	$	8,124,179	$	321,042,266
Shares of beneficial interest issued and outstanding		2,597,353		31,627,064		415,914		15,117,428
Net asset value, redemption and offering price per share	$	10.09	$	13.96	$	19.53	$	21.24

			North Square
	North Square		Altrinsic		North Square			North Square		North Square
	Select Small		International		McKee Bond			Strategic		Small Cap
	Cap Fund		Equity Fund		Fund			Income Fund		Value Fund
Assets
Investments, at cost	$	20,723,610	$	90,397,936	$	182,746,544		$	421,321,411	$	208,345,767
Investments in affiliated issuers, at cost		—		—		—			2,504,000		—
Investments, at value	$	23,711,686	$	106,825,996	$	178,629,936		$	429,675,527	$	186,692,587
Investments in affiliated issuers, at value		—		—		—			2,501,050		—
Cash at Broker for futures contracts		—		—		—			3,403,268		—
Cash at Broker for swap contracts		—		—		—			3,421,875		—
Foreign currency		—		15,026		—			—		—
Receivable for fund shares sold		30		180		2,009			1,793,052		51,123
Receivable for investments sold		—		164,268		1,018,753			—		7,670,052
Cash and cash equivalents		—		—		—			21,120,147		—
Dividends and interest receivable		10,907		510,258		1,160,691			4,128,387		372,372
Receivable for net variation margin on futures contracts		—		—		—			272,958		—
Tax reclaims receivable		—		386,074		—			8,612		—
Receivable from Adviser		—		—		28,778			—		—
Receivable for interest sold		—		—		6,917			—		—
Prepaid expenses		14,864		23,727		32,395			49,204		43,318
Total Assets		23,737,487		107,925,529		180,879,479			466,374,080		194,829,452

Liabilities
Unrealized depreciation from swap contracts		—		—		—			410,287		—
Premiums received from swaps		—		—		—			1,590,269		—
Swap interest payable		—		—		—			202,778		—
Payable for fund shares redeemed		—		—		42,355			145,479		23,355
Payable for investments purchased		—		—		1,176,806			4,800,000		—
Due to Adviser (Note 3)		8,913		55,039		—			116,363		187,171
Distribution fees (Note 7)		—		—		—			1,243		2,056
Shareholder servicing fees (Note 6)		1,407		3,971		—			61,562		—
Fund administration fees		3,918		13,278		23,986			51,532		45,913
Due to Trustees		611		2,778		4,823			9,131		6,630
Other accrued expenses		6,261		38,902		52,272			83,188		47,462
Total Liabilities		21,110		113,968		1,300,242			7,471,832		312,587

Net Assets	$	23,716,377	$	107,811,561	$	179,579,237		$	458,902,248	$	194,516,865

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	21,016,359	$	87,009,253	$	196,880,614		$	445,550,909	$	216,970,763
Accumulated earnings (deficits)		2,700,018		20,802,308		(17,301,377	)		13,351,339		(22,453,898	)
Net Assets	$	23,716,377	$	107,811,561	$	179,579,237		$	458,902,248	$	194,516,865

	North Square Select						North Square Altrinsic
	Small Cap Fund						International Equity Fund
	For the
	Seven Months			For the			For the			For the
	Ended			Year Ended			Seven Months			Year Ended
	May 31,			October 31,			Ended			October 31,
	2025^(a)			2024			May 31, 2025^(a)			2024
Investment Income
Dividend income	$	162,152		$	231,783		$	2,556,551		$	3,557,655
Non-cash income		—			—			137,392			—
Interest income		—			20,910			—			251,842
Foreign dividend taxes withheld		—			—			(280,992	)		(358,926	)
Total investment income		162,152			252,693			2,412,951			3,450,571

Expenses
Adviser fees (Note 3)		103,226			164,016			528,322			967,589
Registration fees		16,568			30,853			14,942			42,817
Fund administration fees		13,135			18,906			53,706			87,661
Custody fees		2,676			9,680			35,206			48,752
Fund accounting fees		4,376			7,499			4,374			7,501
Legal fees		698			5,293			2,918			25,832
Audit fees		1,945			4,590			10,559			24,479
Trustees’ fees and expenses		2,275			3,599			9,321			18,660
Shareholder reporting fees		4,785			2,578			4,533			9,675
Shareholder servicing fees - Class A (Note 6)		—			20			—			72,567
Shareholder servicing fees - Class I (Note 6)		1,475			2,343			39,623			161
Chief compliance officer fees (Note 3)		1,265			1,570			5,939			8,218
Transfer agent fees and expenses		763			958			2,318			2,208
Pricing		496			917			8,009			13,808
Insurance		371			812			1,850			4,866
Interest expense		—			—			4,560			615
Other expenses		7,775			13,064			20,881			28,352
Total expenses		161,829			266,698			747,061			1,363,761
Fees contractually waived by Adviser		(23,132	)		(46,346	)		(101,189	)		(189,973	)
Net operating expenses		138,697			220,352			645,872			1,173,788
Net investment income		23,455			32,341			1,767,079			2,276,783

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments		(230,765	)		1,922,555			3,322,990			4,676,248
Foreign currency		—			—			(20,769	)		(23,708	)
Net realized gain (loss)		(230,765	)		1,922,555			3,302,221			4,652,540
Net change in unrealized appreciation (depreciation) on:
Investments		(1,109,130	)		5,065,744			8,107,425			11,773,770
Foreign currency		—			—			35,745			3,637
Net change in unrealized appreciation		(1,109,130	)		5,065,744			8,143,170			11,777,407
Net realized and change in unrealized gain on investments and foreign currency		(1,339,895	)		6,988,299			11,445,391			16,429,947
Net increase in net assets resulting from operations	$	(1,316,440	)	$	7,020,640		$	13,212,470		$	18,706,730

	North Square						North Square
	McKee Bond Fund						Strategic Income Fund
	For the
	Seven Months			For the			For the			For the
	Ended			Year Ended			Seven Months			Year Ended
	May 31,			October 31,			Ended			October 31,
	2025^(a)			2024			May 31, 2025^(a)			2024
Investment Income
Dividend income	$	92,626		$	106,456		$	395,470		$	784,153
Dividend income from affiliated regulated investment companies		—			—			56,260			—
Interest income		4,427,755			5,214,632			8,876,948			8,183,643
Foreign dividend taxes withheld		—			—			(7,190	)		(4,851	)
Total investment income		4,520,381			5,321,088			9,321,488			8,962,945

Expenses
Adviser fees (Note 3)		235,909			288,633			1,011,179			1,194,659
Registration fees		33,216			78,230			33,783			70,238
Fund administration fees		84,112			84,671			135,565			121,275
Custody fees		20,346			21,340			10,514			24,945
Fund accounting fees		4,959			8,500			9,370			16,499
Legal fees		8,769			24,083			13,674			36,376
Audit fees		23,814			23,694			42,789			32,576
Trustees’ fees and expenses		13,812			18,652			22,497			25,391
Shareholder reporting fees		6,808			8,897			25,419			20,680
Shareholder servicing fees - Class A (Note 6)		—			—			3,344			2,961
Shareholder servicing fees - Class I (Note 6)		1,379			142			116,664			118,086
Chief compliance officer fees (Note 3)		8,373			7,713			13,367			11,199
Transfer agent fees and expenses		1,122			1,147			10,005			1,674
Pricing		47,734			77,101			19,013			24,871
Insurance		2,120			4,009			2,913			7,202
Distribution fees - Class A (Note 7)		—			—			5,572			4,935
Interest expense		—			1,892			559			484
Other expenses		29,671			29,832			34,690			39,688
Total expenses		522,144			678,536			1,510,917			1,753,739
Fees contractually waived by Adviser		(220,516	)		(337,296	)		(258,884	)		(212,414	)
Net operating expenses		301,628			341,240			1,252,033			1,541,325
Net investment income		4,218,753			4,979,848			8,069,455			7,421,620

	North Square Small
	Cap Value Fund
	For the
	Seven Months			For the
	Ended			Year Ended
	May 31,			October 31,
	2025^(a)			2024
Investment Income
Dividend income	$	3,781,313		$	6,978,789
Foreign dividend taxes withheld		(45,016	)		(70,135	)
Total investment income		3,736,297			6,908,654

Expenses
Adviser fees (Note 3)		1,367,040			2,364,782
Registration fees		32,746			49,751
Fund administration fees		112,885			181,675
Custody fees		21,679			30,795
Fund accounting fees		35,932			68,228
Legal fees		11,246			25,602
Audit fees		33,142			18,749
Trustees’ fees and expenses		13,496			11,621
Shareholder reporting fees		8,502			41,064
Chief compliance officer fees (Note 3)		11,330			16,793
Transfer agent fees and expenses		18,319			26,055
Pricing		1,120			—
Insurance		2,709			5,590
Distribution fees - Investor Class (Note 7)		15,834			30,676
Other expenses		24,532			44,956
Total expenses		1,710,512			2,916,337
Fees contractually waived by Adviser		—			(33,743	)
Net operating expenses		1,710,512			2,882,594
Net investment income		2,025,785			4,026,060

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments		(132,355	)		53,912,577
In-Kind Sale		504,980			—
Foreign currency		(593	)		(56	)
Net realized gain (loss)		372,032			53,912,521
Net change in unrealized appreciation (depreciation) on:
Investments		(21,096,788	)		(6,765,412	)
Net change in unrealized appreciation		(21,096,788	)		(6,765,412	)
Net realized and change in unrealized gain on investments and foreign currency		(20,724,756	)		47,147,109
Net increase in net assets resulting from operations	$	(18,698,971	)	$	51,173,169

							North Square Dynamic
	North Square Spectrum Alpha Fund						Small Cap Fund						North Square Multi Strategy Fund
	For the			For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			May 31,			May 31,			May 31,			May 31,			May 31,
	2025			2024			2025			2024			2025			2024
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	793,207		$	(660,029	)	$	261,487		$	174,509		$	597,875		$	331,454
Net realized gain (loss) on investments		4,485,448			(2,841,220	)		7,962,789			17,803,088			3,892,875			544,193
Net change in unrealized appreciation on investments		(3,151,090	)		23,365,620			(17,860,686	)		25,883,930			(1,566,832	)		6,867,212
Net increase (decrease) in net assets resulting from operations		2,127,565			19,864,371			(9,636,410	)		43,861,527			2,923,918			7,742,859

Distributions to Shareholders
Class A		—			—			(2,527,626	)		(43,484	)		(625,150	)		(371,931	)
Class I		—			—			(18,375,432	)		(213,029	)		(160,917	)		(126,915	)
Total distributions		—			—			(20,903,058	)		(256,513	)		(786,067	)		(498,846	)

Capital Transactions - Class A
Proceeds from shares sold		1,475,821			1,576,816			7,692,189			38,833,380			282,505			575,113
Reinvestment of distributions		—			—			2,522,486			43,473			604,281			357,964
Amount paid for shares redeemed		(8,624,247	)		(9,453,686	)		(7,821,381	)		(5,156,994	)		(5,368,800	)		(4,964,468	)
Total Class A		(7,148,426	)		(7,876,870	)		2,393,294			33,719,859			(4,482,014	)		(4,031,391	)

Capital Transactions - Class I
Proceeds from shares sold		673,587			3,630,776			343,434,650			114,015,380			1,800,160			2,470,536
Reinvestment of distributions		—			—			18,030,719			212,781			154,836			123,201
Amount paid for shares redeemed		(8,518,563	)		(7,340,364	)		(95,825,740	)		(21,384,160	)		(2,681,590	)		(4,171,290	)
Total Class I		(7,844,976	)		(3,709,588	)		265,639,629			92,844,001			(726,594	)		(1,577,553	)
Net increase (decrease) in net assets resulting from capital transactions		(14,993,402	)		(11,586,458	)		268,032,923			126,563,860			(5,208,608	)		(5,608,944	)
Total Increase (Decrease) in Net Assets		(12,865,837	)		8,277,913			237,493,455			170,168,874			(3,070,757	)		1,635,069

Net Assets
Beginning of year		81,600,008			73,322,095			248,891,487			78,722,613			40,488,285			38,853,216
End of year	$	68,734,171		$	81,600,008		$	486,384,942		$	248,891,487		$	37,417,528		$	40,488,285