united
states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified
shareholder report of registered
management investment companies
| Investment Company Act file number: | 811-23373 |
Exchange Place Advisors Trust
(Exact name of registrant as specified in charter)
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801
(Name and address of agent for service)
With Copies To:
Stacy H. Louizos, Esq.
Blank Rome LLP
1271 Avenue of the Americas
New York, NY 10020
(212) 885-5147
| Registrant’s telephone number, including area code: | (513) 587-3400 |
| Date of fiscal year end: | May 31 | |
| Date of reporting period: | November 30, 2025 |
Item 1. Reports to Stockholders.
| (a) |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable – disclosed with annual report
Item 3. Audit Committee Financial Expert.
Not applicable – disclosed with annual report
Item 5. Audit Committee of Listed Registrants.
Not applicable – disclosed with annual report
Item 6. Investments.
The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| SEMI-ANNUAL FINANCIAL STATEMENTS |
| AND ADDITIONAL INFORMATION |
| NORTH SQUARE SPECTRUM ALPHA FUND |
| NORTH SQUARE DYNAMIC SMALL CAP FUND |
| NORTH SQUARE MULTI STRATEGY FUND |
| NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND |
| NORTH SQUARE TACTICAL GROWTH FUND |
| NORTH SQUARE TACTICAL DEFENSIVE FUND |
| NORTH SQUARE CORE PLUS BOND FUND |
| NORTH SQUARE KENNEDY MICROCAP FUND |
| NORTH SQUARE SELECT SMALL CAP FUND |
| NORTH SQUARE ALTRINSIC INTERNATIONAL EQUITY FUND |
| NORTH SQUARE MCKEE BOND FUND |
| NORTH SQUARE STRATEGIC INCOME FUND |
| NORTH SQUARE SMALL CAP VALUE FUND |
| November 30, 2025 |
 |
North Square Investments | www.northsquareinvest.com |
North Square Funds
| Table of Contents |
| Schedules of Investments | 1 | |
| Statements of Assets and Liabilities | 64 | |
| Statements of Operations | 69 | |
| Statements of Changes in Net Assets | 73 | |
| Financial Highlights | 82 | |
| Notes to Financial Statements | 105 | |
| Additional Information | 131 |
This report and the financial statements contained herein are provided for the general information of the shareholders of the North Square Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
www.northsquareinvest.com
North Square Spectrum Alpha Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 1.4% | ||||||||
| 4,000 | iShares® Russell 2000 ETF | $ | 995,000 | |||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $886,625) | 995,000 | |||||||
| MUTUAL FUNDS — 98.3% | ||||||||
| 2,351,339 | North Square Dynamic Small Cap Fund, Class I(a)(b) | 38,561,955 | ||||||
| 981,464 | North Square Kennedy MicroCap Fund, Class I(a) | 13,612,909 | ||||||
| 1,461,074 | North Square Select Small Cap Fund, Class I(a)(c) | 19,841,384 | ||||||
| TOTAL MUTUAL FUNDS (Cost $57,152,370) | 72,016,248 | |||||||
| SHORT-TERM INVESTMENTS — 0.5% | ||||||||
| 357,594 | First American Treasury Obligations Fund, Class X, 3.91%(d) | 357,594 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $357,594) | 357,594 | |||||||
| TOTAL INVESTMENTS — 100.2% (Cost $58,396,589) | $ | 73,368,842 | ||||||
| Liabilities in Excess of Other Assets — (0.2)% | (131,346 | ) | ||||||
| NET ASSETS — 100.00% | $ | 73,237,496 | ||||||
| (a) | Affiliated Company. See Note 10. |
| (b) | Represents an investment greater than 25% of the Fund’s net assets. Performance of the Fund may be adversely impacted by concentrated investments in securities. As of November 30, 2025, the percentage of net assets invested in North Square Dynamic Small Cap Fund, Class I was 52.7% of the Fund. |
| (c) | Represents an investment greater than 25% of the Fund’s net assets. Performance of the Fund may be adversely impacted by concentrated investments in securities. As of November 30, 2025, the percentage of net assets invested in North Square Select Small Cap Fund, Class I was 27.1 % of the Fund. |
| (d) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ETF - Exchange-Traded Funds
See accompanying Notes to Financial Statements.
1
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.8% | ||||||||
| COMMUNICATIONS — 1.1% | ||||||||
| ADVERTISING & MARKETING — 0.5% | ||||||||
| 68,842 | Magnite, Inc.(a) | $ | 1,011,289 | |||||
| 142,818 | QuinStreet, Inc.(a) | 1,993,739 | ||||||
| 3,005,028 | ||||||||
| ENTERTAINMENT CONTENT — 0.2% | ||||||||
| 76,733 | AMC Networks, Inc., Class A(a) | 684,458 | ||||||
| 159,679 | CuriosityStream, Inc. | 768,056 | ||||||
| 1,452,514 | ||||||||
| INTERNET MEDIA & SERVICES — 0.1% | ||||||||
| 160,286 | Nextdoor Holdings, Inc.(a) | 280,501 | ||||||
| TELECOMMUNICATIONS — 0.3% | ||||||||
| 35,620 | IDT Corp., Class B | 1,772,808 | ||||||
| TOTAL COMMUNICATIONS | 6,510,851 | |||||||
| CONSUMER DISCRETIONARY — 10.1% | ||||||||
| APPAREL & TEXTILE PRODUCTS — 0.4% | ||||||||
| 57,270 | Levi Strauss & Co., Class A | 1,261,658 | ||||||
| 26,544 | Rocky Brands, Inc. | 806,141 | ||||||
| 2,067,799 | ||||||||
| AUTOMOTIVE — 1.9% | ||||||||
| 31,929 | Dorman Products, Inc.(a) | 4,223,249 | ||||||
| 325,759 | Garrett Motion, Inc. | 5,384,796 | ||||||
| 89,190 | Microvast Holdings, Inc.(a) | 313,949 | ||||||
| 3,000 | Modine Manufacturing Co.(a) | 486,390 | ||||||
| 44,550 | Motorcar Parts of America, Inc.(a) | 587,169 | ||||||
| 21,678 | Standard Motor Products, Inc. | 813,792 | ||||||
| 11,809,345 | ||||||||
| CONSUMER SERVICES — 2.9% | ||||||||
| 34,290 | Adtalem Global Education, Inc.(a) | 3,173,883 | ||||||
| 399,212 | Coursera, Inc.(a) | 3,173,735 | ||||||
| 34,330 | Grand Canyon Education, Inc.(a) | 5,415,214 | ||||||
| 114,070 | Laureate Education, Inc.(a) | 3,524,763 | ||||||
| 31,526 | Stride, Inc.(a) | 2,002,847 | ||||||
| 79,810 | Udemy, Inc.(a) | 405,435 | ||||||
| 17,695,877 | ||||||||
| E-COMMERCE DISCRETIONARY — 1.0% | ||||||||
| 253,450 | Revolve Group, Inc.(a) | 6,125,887 | ||||||
| HOME CONSTRUCTION — 2.1% | ||||||||
| 53,348 | Interface, Inc. | 1,488,943 | ||||||
| 33,000 | M/I Homes, Inc.(a) | 4,540,470 | ||||||
| 95,680 | Taylor Morrison Home Corp.(a) | 5,998,179 | ||||||
See accompanying Notes to Financial Statements.
2
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| CONSUMER DISCRETIONARY (continued) | ||||||||
| HOME CONSTRUCTION (continued) | ||||||||
| 29,950 | Tri Pointe Homes, Inc.(a) | $ | 1,021,894 | |||||
| 13,049,486 | ||||||||
| LEISURE FACILITIES & SERVICES — 1.1% | ||||||||
| 115,590 | Lindblad Expeditions Holdings, Inc.(a) | 1,390,548 | ||||||
| 472,620 | Super Group (SGHC) Ltd. | 5,118,474 | ||||||
| 6,509,022 | ||||||||
| LEISURE PRODUCTS — 0.2% | ||||||||
| 213,620 | Peloton Interactive, Inc., Class A(a) | 1,450,480 | ||||||
| RETAIL - DISCRETIONARY — 0.5% | ||||||||
| 5,200 | Sonic Automotive, Inc., Class A | 327,756 | ||||||
| 35,160 | Urban Outfitters, Inc.(a) | 2,604,301 | ||||||
| 2,932,057 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 61,639,953 | |||||||
| CONSUMER STAPLES — 3.0% | ||||||||
| BEVERAGES — 1.1% | ||||||||
| 11,600 | Coca-Cola Consolidated, Inc. | 1,890,220 | ||||||
| 94,742 | Vita Coco Co., Inc. (The)(a) | 5,060,170 | ||||||
| 6,950,390 | ||||||||
| FOOD — 1.2% | ||||||||
| 355,941 | Dole PLC | 5,154,026 | ||||||
| 4,673 | Marzetti Co. (The) | 780,110 | ||||||
| 41,953 | Nature’s Sunshine Products, Inc.(a) | 863,393 | ||||||
| 197,137 | SunOpta, Inc.(a) | 741,235 | ||||||
| 7,538,764 | ||||||||
| TOBACCO & CANNABIS — 0.5% | ||||||||
| 32,230 | Turning Point Brands, Inc. | 3,228,157 | ||||||
| WHOLESALE - CONSUMER STAPLES — 0.2% | ||||||||
| 13,610 | Chefs’ Warehouse, Inc. (The)(a) | 834,565 | ||||||
| TOTAL CONSUMER STAPLES | 18,551,876 | |||||||
| ENERGY — 6.9% | ||||||||
| OIL & GAS PRODUCERS — 2.4% | ||||||||
| 143,336 | Berry Corp. (bry) | 485,909 | ||||||
| 78,680 | California Resources Corp. | 3,759,330 | ||||||
| 408,911 | Clean Energy Fuels Corp.(a) | 891,426 | ||||||
| 138,753 | PBF Energy, Inc., Class A | 4,784,204 | ||||||
| 238,400 | SM Energy Co. | 4,541,520 | ||||||
| 20,648 | Summit Midstream Corp.(a) | 517,026 | ||||||
| 14,979,415 | ||||||||
See accompanying Notes to Financial Statements.
3
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| ENERGY (continued) | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 2.4% | ||||||||
| 66,414 | Bristow Group, Inc.(a) | $ | 2,491,189 | |||||
| 134,292 | Flotek Industries, Inc.(a) | 1,919,033 | ||||||
| 12,211 | Forum Energy Technologies, Inc.(a) | 383,425 | ||||||
| 96,282 | Matrix Service Co.(a) | 1,125,536 | ||||||
| 70,956 | NPK International, Inc.(a) | 873,468 | ||||||
| 178,730 | Oceaneering International, Inc.(a) | 4,361,012 | ||||||
| 126,443 | Oil States International, Inc.(a) | 796,591 | ||||||
| 625,460 | Transocean Ltd.(a) | 2,758,279 | ||||||
| 14,708,533 | ||||||||
| RENEWABLE ENERGY — 2.1% | ||||||||
| 119,140 | American Superconductor Corp.(a) | 3,704,063 | ||||||
| 52,030 | EnerSys | 7,446,013 | ||||||
| 157,109 | Green Plains, Inc.(a) | 1,622,936 | ||||||
| 12,773,012 | ||||||||
| TOTAL ENERGY | 42,460,960 | |||||||
| FINANCIALS — 11.6% | ||||||||
| ASSET MANAGEMENT — 0.7% | ||||||||
| 12,210 | Acadian Asset Management, Inc. | 547,496 | ||||||
| 30,694 | FrontView REIT, Inc. | 469,004 | ||||||
| 18,162 | Oppenheimer Holdings, Inc., Class A | 1,235,561 | ||||||
| 10,486 | Virtus Investment Partners, Inc. | 1,673,461 | ||||||
| 3,925,522 | ||||||||
| BANKING — 6.0% | ||||||||
| 78,593 | Axos Financial, Inc.(a) | 6,458,773 | ||||||
| 74,290 | Bank OZK | 3,418,826 | ||||||
| 6,988 | Bankwell Financial Group, Inc. | 320,749 | ||||||
| 42,720 | California BanCorp(a) | 829,195 | ||||||
| 32,345 | Customers Bancorp, Inc.(a) | 2,228,571 | ||||||
| 11,220 | Hanmi Financial Corp. | 309,896 | ||||||
| 43,281 | Kearny Financial Corp. | 297,341 | ||||||
| 64,121 | Live Oak Bancshares, Inc. | 2,046,742 | ||||||
| 4,760 | Metropolitan Bank Holding Corp. | 355,144 | ||||||
| 52,420 | Midland States Bancorp, Inc. | 852,349 | ||||||
| 77,120 | OFG Bancorp | 3,063,978 | ||||||
| 24,819 | Orrstown Financial Services, Inc. | 887,527 | ||||||
| 35,872 | Peapack Gladstone Financial Corp. | 968,544 | ||||||
| 46,003 | Shore Bancshares, Inc. | 803,672 | ||||||
| 23,908 | Southern Missouri Bancorp, Inc. | 1,345,781 | ||||||
| 115,600 | Synovus Financial Corp. | 5,571,920 | ||||||
| 70,660 | Texas Capital Bancshares, Inc.(a) | 6,371,412 | ||||||
| 16,747 | Univest Financial Corp. | 532,555 | ||||||
| 36,662,975 | ||||||||
See accompanying Notes to Financial Statements.
4
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| FINANCIALS (continued) | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.9% | ||||||||
| 610,850 | BGC Group, Inc., Class A | $ | 5,314,395 | |||||
| 152,460 | Marex Group PLC | 5,304,083 | ||||||
| 34,610 | Virtu Financial, Inc., Class A | 1,237,654 | ||||||
| 11,856,132 | ||||||||
| INSURANCE — 2.5% | ||||||||
| 67,660 | Jackson Financial, Inc. | 6,631,357 | ||||||
| 55,140 | Kemper Corp. | 2,245,301 | ||||||
| 14,816 | Mercury General Corp. | 1,379,666 | ||||||
| 102,970 | NMI Holdings, Inc., Class A(a) | 3,928,305 | ||||||
| 4,770 | Selective Insurance Group, Inc. | 374,731 | ||||||
| 45,511 | Tiptree, Inc. | 854,697 | ||||||
| 15,414,057 | ||||||||
| SPECIALTY FINANCE — 0.5% | ||||||||
| 33,940 | Applied Digital Corp.(a) | 919,774 | ||||||
| 27,800 | LendingClub Corp.(a) | 503,180 | ||||||
| 154,700 | Rithm Capital Corp. | 1,777,503 | ||||||
| 3,200,457 | ||||||||
| TOTAL FINANCIALS | 71,059,143 | |||||||
| HEALTH CARE — 19.1% | ||||||||
| BIOTECH & PHARMA — 12.4% | ||||||||
| 180,002 | Acadia Pharmaceuticals, Inc.(a) | 4,507,250 | ||||||
| 33,243 | Axsome Therapeutics, Inc.(a) | 5,036,314 | ||||||
| 84,360 | BridgeBio Pharma, Inc.(a) | 6,074,764 | ||||||
| 2,570 | Cidara Therapeutics, Inc.(a) | 565,092 | ||||||
| 91,271 | Cogent Biosciences, Inc.(a) | 3,670,920 | ||||||
| 23,680 | Collegium Pharmaceutical, Inc.(a) | 1,105,382 | ||||||
| 51,275 | Day One Biopharmaceuticals, Inc.(a) | 486,600 | ||||||
| 67,398 | Entrada Therapeutics, Inc.(a) | 692,177 | ||||||
| 125,747 | Fortrea Holdings, Inc.(a) | 1,598,244 | ||||||
| 1,045,595 | Geron Corp.(a) | 1,233,802 | ||||||
| 175,462 | Gossamer Bio, Inc.(a) | 586,043 | ||||||
| 54,840 | Guardant Health, Inc.(a) | 5,945,753 | ||||||
| 115,220 | Harmony Biosciences Holdings, Inc.(a) | 4,066,114 | ||||||
| 160,357 | Keros Therapeutics, Inc.(a) | 2,803,040 | ||||||
| 55,630 | Mirum Pharmaceuticals, Inc.(a) | 4,063,771 | ||||||
| 238,771 | Niagen Bioscience, Inc.(a) | 1,616,480 | ||||||
| 29,597 | Praxis Precision Medicines, Inc.(a) | 5,814,627 | ||||||
| 225,425 | Prothena Corp. PLC(a) | 2,423,319 | ||||||
| 50,050 | Rhythm Pharmaceuticals, Inc.(a) | 5,459,955 | ||||||
| 286,050 | Syndax Pharmaceuticals, Inc.(a) | 5,669,511 | ||||||
| 128,440 | TG Therapeutics, Inc.(a) | 4,271,914 | ||||||
| 31,720 | Travere Therapeutics, Inc.(a) | 1,123,205 | ||||||
See accompanying Notes to Financial Statements.
5
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| HEALTH CARE (continued) | ||||||||
| BIOTECH & PHARMA (continued) | ||||||||
| 45,785 | Ultragenyx Pharmaceutical, Inc.(a) | $ | 1,591,029 | |||||
| 20,840 | UroGen Pharma Ltd.(a) | 600,400 | ||||||
| 48,540 | Viridian Therapeutics, Inc.(a) | 1,551,338 | ||||||
| 137,629 | Zymeworks, Inc.(a) | 3,676,071 | ||||||
| 76,233,115 | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 1.9% | ||||||||
| 284,949 | Aveanna Healthcare Holdings, Inc.(a) | 2,661,424 | ||||||
| 13,190 | BrightSpring Health Services, Inc.(a) | 476,951 | ||||||
| 111,189 | Pennant Group, Inc. (The)(a) | 3,079,935 | ||||||
| 184,290 | Progyny, Inc.(a) | 4,859,727 | ||||||
| 53,959 | Select Medical Holdings Corp. | 835,825 | ||||||
| 11,913,862 | ||||||||
| MEDICAL EQUIPMENT & DEVICES — 4.8% | ||||||||
| 31,782 | 10X Genomics, Inc., Class A(a) | 597,819 | ||||||
| 281,720 | Adaptive Biotechnologies Corp.(a) | 5,538,615 | ||||||
| 73,713 | AtriCure, Inc.(a) | 2,662,514 | ||||||
| 236,682 | Cerus Corp.(a) | 416,560 | ||||||
| 38,030 | Glaukos Corp.(a) | 4,042,209 | ||||||
| 24,486 | iRadimed Corp. | 2,282,585 | ||||||
| 30,459 | LeMaitre Vascular, Inc. | 2,526,574 | ||||||
| 69,422 | NeuroPace, Inc.(a) | 1,135,744 | ||||||
| 238,810 | NovoCure Ltd.(a) | 3,059,156 | ||||||
| 167,680 | SI-BONE, Inc.(a) | 3,263,053 | ||||||
| 87,520 | Tactile Systems Technology, Inc.(a) | 2,250,139 | ||||||
| 116,976 | Varex Imaging Corp.(a) | 1,353,412 | ||||||
| 29,128,380 | ||||||||
| TOTAL HEALTH CARE | 117,275,357 | |||||||
| INDUSTRIALS — 22.0% | ||||||||
| AEROSPACE & DEFENSE — 0.7% | ||||||||
| 104,340 | Leonardo DRS, Inc. | 3,565,298 | ||||||
| 78,660 | Ondas Holdings, Inc.(a) | 621,414 | ||||||
| 4,186,712 | ||||||||
| COMMERCIAL SUPPORT SERVICES — 2.4% | ||||||||
| 48,160 | Brink’s Co. (The) | 5,409,813 | ||||||
| 27,190 | CorVel Corp.(a) | 1,989,764 | ||||||
| 5,024 | CRA International, Inc. | 885,932 | ||||||
| 9,119 | Huron Consulting Group, Inc.(a) | 1,501,079 | ||||||
| 215,392 | Legalzoom.com, Inc.(a) | 2,009,607 | ||||||
| 26,101 | Willdan Group, Inc.(a) | 2,633,591 | ||||||
| 14,429,786 | ||||||||
See accompanying Notes to Financial Statements.
6
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| INDUSTRIALS (continued) | ||||||||
| ELECTRICAL EQUIPMENT — 5.7% | ||||||||
| 132,170 | Atmus Filtration Technologies, Inc. | $ | 6,689,124 | |||||
| 45,350 | Bloom Energy Corp., Class A(a) | 4,954,034 | ||||||
| 28,960 | Napco Security Technologies, Inc. | 1,169,984 | ||||||
| 114,310 | NEXTracker, Inc., Class A(a) | 10,473,082 | ||||||
| 90,269 | nLight, Inc.(a) | 3,180,177 | ||||||
| 3,088 | SPX Technologies, Inc.(a) | 664,043 | ||||||
| 29,194 | Watts Water Technologies, Inc., Class A | 8,054,041 | ||||||
| 35,184,485 | ||||||||
| ENGINEERING & CONSTRUCTION — 6.9% | ||||||||
| 91,159 | Centuri Holdings, Inc.(a) | 2,050,166 | ||||||
| 3,020 | Dycom Industries, Inc.(a) | 1,091,821 | ||||||
| 7,080 | Everus Construction Group, Inc.(a) | 651,077 | ||||||
| 96,100 | Frontdoor, Inc.(a) | 5,182,673 | ||||||
| 12,430 | Granite Construction, Inc. | 1,336,598 | ||||||
| 89,472 | Great Lakes Dredge & Dock Corp.(a) | 1,142,557 | ||||||
| 7,250 | IES Holdings, Inc.(a) | 3,034,633 | ||||||
| 189,095 | Montrose Environmental Group, Inc.(a) | 4,850,287 | ||||||
| 28,439 | MYR Group, Inc.(a) | 6,379,436 | ||||||
| 50,278 | Orion Group Holdings, Inc.(a) | 502,780 | ||||||
| 77,830 | Primoris Services Corp. | 9,850,165 | ||||||
| 2,340 | Sterling Infrastructure, Inc.(a) | 805,685 | ||||||
| 80,702 | Tutor Perini Corp.(a) | 5,532,122 | ||||||
| 42,410,000 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD — 1.5% | ||||||||
| 85,690 | Mueller Industries, Inc. | 9,414,760 | ||||||
| MACHINERY — 0.5% | ||||||||
| 39,395 | Douglas Dynamics, Inc. | 1,272,853 | ||||||
| 12,580 | Federal Signal Corp. | 1,434,120 | ||||||
| 4,740 | Power Solutions International, Inc.(a) | 256,339 | ||||||
| 2,963,312 | ||||||||
| MARINE TRANSPORTATION — 1.3% | ||||||||
| 72,989 | Matson, Inc. | 7,954,341 | ||||||
| TRANSPORTATION & LOGISTICS — 1.3% | ||||||||
| 14,275 | Covenant Logistics Group, Inc., Class A | 284,643 | ||||||
| 73,661 | Dorian LPG Ltd. | 1,825,320 | ||||||
| 33,050 | Kirby Corp.(a) | 3,751,836 | ||||||
| 173,920 | Sun Country Airlines Holdings, Inc.(a) | 2,382,704 | ||||||
| 8,244,503 | ||||||||
See accompanying Notes to Financial Statements.
7
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| INDUSTRIALS (continued) | ||||||||
| TRANSPORTATION EQUIPMENT — 1.7% | ||||||||
| 82,660 | Blue Bird Corp.(a) | $ | 4,316,505 | |||||
| 110,270 | REV Group, Inc. | 5,874,083 | ||||||
| 10,190,588 | ||||||||
| TOTAL INDUSTRIALS | 134,978,487 | |||||||
| MATERIALS — 4.7% | ||||||||
| CHEMICALS — 2.2% | ||||||||
| 62,890 | Axalta Coating Systems Ltd.(a) | 1,894,876 | ||||||
| 53,498 | Balchem Corp. | 8,356,922 | ||||||
| 48,950 | Perimeter Solutions, Inc.(a) | 1,364,726 | ||||||
| 8,420 | WD-40 Co. | 1,648,636 | ||||||
| 13,265,160 | ||||||||
| CONSTRUCTION MATERIALS — 0.4% | ||||||||
| 17,540 | United States Lime & Minerals, Inc. | 2,132,338 | ||||||
| CONTAINERS & PACKAGING — 0.4% | ||||||||
| 36,280 | O-I Glass, Inc.(a) | 489,055 | ||||||
| 63,590 | TriMas Corp. | 2,166,511 | ||||||
| 2,655,566 | ||||||||
| FORESTRY, PAPER & WOOD PRODUCTS — 0.6% | ||||||||
| 148,086 | Magnera Corp.(a) | 2,096,898 | ||||||
| 146,411 | Mativ Holdings, Inc. | 1,828,673 | ||||||
| 3,925,571 | ||||||||
| METALS & MINING — 1.1% | ||||||||
| 214,833 | Constellium SE, Class A(a) | 3,611,343 | ||||||
| 68,692 | Hecla Mining Co. | 1,155,399 | ||||||
| 25,470 | Warrior Met Coal, Inc. | 1,994,046 | ||||||
| 6,760,788 | ||||||||
| TOTAL MATERIALS | 28,739,423 | |||||||
| REAL ESTATE — 4.1% | ||||||||
| REAL ESTATE SERVICES — 0.5% | ||||||||
| 166,733 | Anywhere Real Estate, Inc.(a) | 2,375,945 | ||||||
| 28,330 | Cushman & Wakefield Ltd.(a) | 474,528 | ||||||
| 30,411 | RE/MAX Holdings, Inc., Class A(a) | 249,978 | ||||||
| 3,100,451 | ||||||||
| REIT — 3.6% | ||||||||
| 164,649 | Alexander & Baldwin, Inc. | 2,573,464 | ||||||
| 88,351 | American Assets Trust, Inc. | 1,722,844 | ||||||
| 149,270 | American Healthcare REIT, Inc. | 7,579,931 | ||||||
| 1,159,788 | Hudson Pacific Properties, Inc.(a) | 2,296,380 | ||||||
| 128,947 | Industrial Logistics Properties Trust | 714,366 | ||||||
See accompanying Notes to Financial Statements.
8
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| REAL ESTATE (continued) | ||||||||
| REIT (continued) | ||||||||
| 195,460 | Sabra Health Care REIT, Inc. | $ | 3,813,425 | |||||
| 162,572 | Safehold, Inc. | 2,254,874 | ||||||
| 53,140 | Urban Edge Properties | 1,021,351 | ||||||
| 21,976,635 | ||||||||
| TOTAL REAL ESTATE | 25,077,086 | |||||||
| TECHNOLOGY — 13.8% | ||||||||
| SEMICONDUCTORS — 2.6% | ||||||||
| 61,151 | Ambarella, Inc.(a) | 4,536,181 | ||||||
| 205,790 | Arteris, Inc.(a) | 2,951,028 | ||||||
| 272,800 | MaxLinear, Inc.(a) | 4,247,496 | ||||||
| 182,000 | Ouster, Inc.(a) | 4,178,720 | ||||||
| 3,980 | Rambus, Inc.(a) | 380,369 | ||||||
| 16,293,794 | ||||||||
| SOFTWARE — 6.1% | ||||||||
| 14,929 | ACI Worldwide, Inc.(a) | 699,573 | ||||||
| 53,101 | Alarm.com Holdings, Inc.(a) | 2,759,128 | ||||||
| 24,690 | Alignment Healthcare, Inc.(a) | 474,295 | ||||||
| 48,198 | Amplitude, Inc., Class A(a) | 495,475 | ||||||
| 99,650 | Appian Corp., Class A(a) | 4,025,860 | ||||||
| 88,912 | Bandwidth, Inc., Class A(a) | 1,266,107 | ||||||
| 108,084 | BioAge Labs, Inc.(a) | 1,025,717 | ||||||
| 176,400 | Cerence, Inc.(a) | 1,954,512 | ||||||
| 549,429 | Fastly, Inc.(a) | 6,406,342 | ||||||
| 487,200 | Freshworks, Inc., Class A(a) | 5,914,608 | ||||||
| 38,880 | GigaCloud Technology, Inc., Class A(a) | 1,442,448 | ||||||
| 58,770 | Hinge Health, Inc.(a) | 2,874,441 | ||||||
| 22,553 | IonQ, Inc.(a) | 1,111,863 | ||||||
| 1,742 | Mitek Systems, Inc.(a) | 15,434 | ||||||
| 521,341 | Planet Labs PBC(a) | 6,203,958 | ||||||
| 63,347 | PubMatic, Inc., Class A(a) | 570,757 | ||||||
| 37,240,518 | ||||||||
| TECHNOLOGY HARDWARE — 2.5% | ||||||||
| 24,910 | Applied Optoelectronics, Inc.(a) | 667,090 | ||||||
| 25,920 | Arlo Technologies, Inc.(a) | 375,840 | ||||||
| 56,120 | Credo Technology Group Holding Ltd.(a) | 9,966,912 | ||||||
| 140,246 | Cricut, Inc., Class A | 664,766 | ||||||
| 101,389 | Extreme Networks, Inc.(a) | 1,774,307 | ||||||
| 50,300 | Rigetti Computing, Inc.(a) | 1,286,171 | ||||||
| 96,519 | Xperi, Inc.(a) | 558,845 | ||||||
| 15,293,931 | ||||||||
| TECHNOLOGY SERVICES — 2.6% | ||||||||
| 1,617,830 | Bit Digital, Inc.(a) | 3,850,436 | ||||||
See accompanying Notes to Financial Statements.
9
North Square Dynamic Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| TECHNOLOGY (continued) | ||||||||
| TECHNOLOGY SERVICES (continued) | ||||||||
| 53,760 | Cipher Mining, Inc.(a) | $ | 1,094,016 | |||||
| 23,440 | Cleanspark, Inc.(a) | 353,944 | ||||||
| 159,100 | ExlService Holdings, Inc.(a) | 6,321,043 | ||||||
| 71,921 | MARA Holdings, Inc.(a) | 849,387 | ||||||
| 97,490 | PagSeguro Digital Ltd., Class A | 1,021,695 | ||||||
| 59,380 | Riot Platforms, Inc.(a) | 957,800 | ||||||
| 118,785 | Telos Corp.(a) | 686,577 | ||||||
| 42,810 | TeraWulf, Inc.(a) | 663,983 | ||||||
| 15,798,881 | ||||||||
| TOTAL TECHNOLOGY | 84,627,124 | |||||||
| UTILITIES — 2.4% | ||||||||
| ELECTRIC & GAS MARKETING & TRADING — 0.1% | ||||||||
| 23,785 | Genie Energy Ltd., Class B | 344,407 | ||||||
| ELECTRIC UTILITIES — 2.3% | ||||||||
| 89,080 | Avista Corp. | 3,686,130 | ||||||
| 12,360 | Oklo, Inc.(a) | 1,129,457 | ||||||
| 181,250 | Portland General Electric Co. | 9,211,125 | ||||||
| 14,026,712 | ||||||||
| TOTAL UTILITIES | 14,371,119 | |||||||
| TOTAL COMMON STOCKS (Cost $533,160,440) | 605,291,379 | |||||||
| EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
| 9,215 | iShares® Russell 2000 ETF | 2,292,231 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $2,172,229) | 2,292,231 | |||||||
| RIGHTS — 0.0%(b) | ||||||||
| HEALTH CARE — 0.0%(b) | ||||||||
| 29,400 | Novartis A.G. CVR | — | ||||||
| Total Cost ($–) | — | |||||||
| SHORT-TERM INVESTMENTS — 0.8% | ||||||||
| 4,856,882 |
First American Treasury Obligations Fund, Class X, 3.91%(c) |
4,856,882 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,856,882) | 4,856,882 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $540,189,551) | $ | 612,440,492 | ||||||
| Other Assets in Excess of Liabilities — 0.0%(b) | 211,645 | |||||||
| NET ASSETS — 100.00% | $ | 612,652,137 | ||||||
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ETF - Exchange-Traded Funds
See accompanying Notes to Financial Statements.
10
North Square Multi Strategy Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 51.9% | ||||||||
| 17,800 | Invesco® S&P 500® GARP ETF | $ | 2,006,416 | |||||
| 14,900 | iShares MSCI EAFE ETF | 1,418,331 | ||||||
| 7,300 | iShares MSCI Emerging Markets ETF | 396,536 | ||||||
| 6,800 | iShares Russell Mid-Cap Growth ETF | 943,840 | ||||||
| 198,202 | North Square RCIM Tax-Advantaged Preferred and Income Securities ETF(a) | 5,070,760 | ||||||
| 21,100 | Vanguard® Dividend Appreciation ETF | 4,698,337 | ||||||
| 7,100 | Vanguard® Growth ETF | 3,484,964 | ||||||
| 12,485 | Vanguard® Value ETF | 2,378,143 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $16,382,341) | 20,397,327 | |||||||
| MUTUAL FUNDS — 47.1% | ||||||||
| 448,162 | North Square Altrinsic International Equity Fund, Class I(a) | 5,924,703 | ||||||
| 329,441 | North Square Dynamic Small Cap Fund, Class I(a) | 5,402,829 | ||||||
| 81,898 | North Square Kennedy MicroCap Fund, Class I(a) | 1,135,926 | ||||||
| 346,227 | North Square McKee Bond, Class I(a) | 3,112,577 | ||||||
| 132,441 | North Square Select Small Cap Fund, Class I(a) | 1,798,552 | ||||||
| 114,104 | North Square Strategic Income Fund, Class I(a) | 1,142,184 | ||||||
| TOTAL MUTUAL FUNDS (Cost $14,701,121) | 18,516,771 | |||||||
| SHORT-TERM INVESTMENTS — 1.1% | ||||||||
| 425,180 | First American Treasury Obligations Fund, Class X, 3.91%(b) | 425,180 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $425,180) | 425,180 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $31,508,642) | $ | 39,339,278 | ||||||
| Liabilities in Excess of Other Assets — (0.1)% | (23,470 | ) | ||||||
| NET ASSETS — 100.00% | $ | 39,315,808 | ||||||
| (a) | Affiliated Company. See Note 10. |
| (b) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ETF - Exchange-Traded Funds
MSCI - Morgan Stanley Capital International
See accompanying Notes to Financial Statements.
11
North Square Preferred and Income Securities Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 1.3% | ||||||||
| 184,692 | North Square RCIM Tax-Advantaged Preferred and Income Securities ETF(a) | $ | 4,725,123 | |||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $4,672,141) | 4,725,123 | |||||||
| Principal Amount ($) |
||||||||
| CORPORATE BONDS — 91.2% | ||||||||
| COMMUNICATIONS — 8.9% | ||||||||
| ENTERTAINMENT CONTENT — 1.0% | ||||||||
| 3,800,000 | Paramount Global, 6.25%, 2/28/57(b) | 3,702,720 | ||||||
| TELECOMMUNICATIONS — 7.9% | ||||||||
| 4,800,000 | Bell Canada, 7.00%, 9/15/55 (H15T5Y + 236bps)(b) | 5,053,877 | ||||||
| 11,000,000 | Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)(b) | 11,649,375 | ||||||
| 8,000,000 | TELUS Corp., 7.00%, 10/15/55(b) | 8,356,760 | ||||||
| 5,000,000 | Vodafone Group PLC, 5.13%, 6/04/81 (H15T5Y + 307bps)(b) | 3,971,750 | ||||||
| 29,031,762 | ||||||||
| ENERGY — 13.5% | ||||||||
| OIL & GAS PRODUCERS — 13.5% | ||||||||
| 5,000,000 | BP Capital Markets PLC, 6.13%, 6/18/55 (H15T5Y + 167bps)(b)(d) | 5,160,180 | ||||||
| 5,500,000 | Enbridge, Inc., 7.20%, 6/27/54 (H15T5Y + 297bps)(b) | 5,899,438 | ||||||
| 2,000,000 | Enbridge, Inc., 5.50%, 7/15/77 (TSFR3M + 368bps)(b) | 2,000,307 | ||||||
| 1,000,000 | Enbridge, Inc., 5.75%, 7/15/80(b) | 1,014,111 | ||||||
| 11,815,000 | Energy Transfer LP, 6.63%, 2/15/72 (US0003M + 416bps)(b)(d) | 11,849,748 | ||||||
| 3,000,000 | Phillips 66 Co., 5.88%, 3/15/56 (H15T5Y + 228bps)(b) | 2,956,605 | ||||||
| 9,000,000 | Phillips 66 Co., 6.20%, 3/15/56 (H15T5Y + 217bps)(b) | 9,018,117 | ||||||
| 8,225,000 | South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 3/01/55(b) | 8,752,535 | ||||||
| 2,892,000 | Transcanada Trust, 5.30%, 3/15/77 (US0003M + 321bps)(b) | 2,885,410 | ||||||
| 49,536,451 | ||||||||
| FINANCIALS — 33.0% | ||||||||
| ASSET MANAGEMENT — 3.1% | ||||||||
| 3,800,000 | UBS Group AG, 7.13%, 12/31/49 (USISSO05 + 318bps)(b)(c)(d) | 3,898,108 | ||||||
| 8,000,000 | UBS Group AG, 4.38%, 8/10/71(b)(d) | 7,269,580 | ||||||
| 11,167,688 | ||||||||
| BANKING — 28.6% | ||||||||
| 2,000,000 | Banco Bilbao Vizcaya Argentaria SA, 6.13%, 2/16/49 (USSW5 + 387bps)(b)(d) | 2,018,114 | ||||||
| 6,000,000 | Banco Santander SA, 8.00%, 12/31/49 (H15T5Y + 391bps)(b)(d) | 6,666,138 | ||||||
| 7,500,000 | Bank of America Corp., 6.63%, 12/31/49(b)(d) | 7,785,818 | ||||||
| 5,000,000 | CaixaBank SA, 3.63%, 3/14/71 (EUSA5 + 386bps)(b)(c)(d) | 5,602,547 | ||||||
| 10,000,000 | Citigroup, Inc., 6.95%, 2/15/80 (H15T5Y + 273bps)(b)(d) | 10,247,200 | ||||||
| 2,000,000 | Citigroup, Inc., 3.88%, 5/18/72(b)(d) | 1,993,640 | ||||||
| 11,405,000 | Citizens Financial Group, Inc., 4.00%, 10/06/71(b)(d) | 11,252,601 | ||||||
| 4,800,000 | HSBC Holdings PLC, 7.05%, 12/31/49(b)(d) | 4,983,648 | ||||||
| 6,000,000 | Huntington Bancshares, Inc., 6.35%, 10/15/80 (H15T5Y + 265bps)(b)(d) | 5,924,176 | ||||||
See accompanying Notes to Financial Statements.
12
North Square Preferred and Income Securities Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| FINANCIALS (continued) | ||||||||
| BANKING (continued) | ||||||||
| 3,500,000 | ING Groep NV, 4.25%, 10/16/69 (H15T5Y + 286bps)(b)(d) | $ | 3,100,174 | |||||
| 7,500,000 | JPMorgan Chase & Co., 3.65%, 12/31/69(b)(d) | 7,436,627 | ||||||
| 12,000,000 | Nordea Bank Abp, 6.75%, 11/10/88 (H15T5Y + 272bps)(b)(c)(d) | 12,280,632 | ||||||
| 10,000,000 | Royal Bank of Canada, 6.50%, 11/24/85 | 9,967,302 | ||||||
| 4,800,000 | Svenska Handelsbanken AB, 4.75%, 3/01/71(b)(d) | 4,560,443 | ||||||
| 8,900,000 | Truist Financial Corp., 5.10%, 3/01/61(b)(d) | 8,937,567 | ||||||
| 2,500,000 | Wells Fargo & Co., 3.90%, 3/15/69 (H15T5Y + 345bps)(b)(d) | 2,490,338 | ||||||
| 105,246,965 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.3% | ||||||||
| 4,839,000 | Bank of New York Mellon Corp., Series F, 4.63%, 12/20/49 | 4,811,206 | ||||||
| HEALTH CARE — 1.4% | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 1.4% | ||||||||
| 5,000,000 | CVS Health Corp., 7.00%, 3/10/55 (H15T5Y + 289bps)(b) | 5,262,300 | ||||||
| MATERIALS — 1.7% | ||||||||
| CHEMICALS — 1.7% | ||||||||
| 7,900,000 | FMC Corp., 8.45%, 11/01/55(b) | 6,157,244 | ||||||
| UTILITIES — 32.7% | ||||||||
| ELECTRIC UTILITIES — 30.4% | ||||||||
| 7,000,000 | Algonquin Power & Utilities Corp., 4.75%, 1/18/82(b) | 6,903,320 | ||||||
| 9,500,000 | American Electric Power Co., Inc., 6.05%, 3/15/56 (H15T5Y + 194bps)(b) | 9,512,127 | ||||||
| 7,650,000 | CenterPoint Energy, Inc., 6.85%, 2/15/55 (H15T5Y + 295bps)(b) | 8,211,717 | ||||||
| 8,751,000 | CMS Energy Corp., 4.75%, 6/01/50 (H15T5Y + 412bps)(b) | 8,567,065 | ||||||
| 9,000,000 | Dominion Energy, Inc., 6.20%, 2/15/56 (H15T10Y + 2bps)(b) | 9,096,402 | ||||||
| 8,500,000 | Duke Energy Corp., 6.45%, 9/01/54 (H15T5Y + 259bps)(b) | 8,932,964 | ||||||
| 8,000,000 | Emera, Inc., 6.75%, 6/15/76(b) | 8,065,456 | ||||||
| 2,000,000 | EUSHI Finance, Inc., 7.63%, 12/15/54 | 2,117,038 | ||||||
| 1,000,000 | EUSHI Finance, Inc., 6.25%, 4/01/56 (H15T5Y + 251bps)(b) | 1,001,783 | ||||||
| 10,000,000 | Exelon Corp., 6.50%, 3/15/55 (H15T5Y + 198bps)(b) | 10,464,886 | ||||||
| 9,200,000 | NextEra Energy Capital Holdings, Inc., 6.50%, 8/15/55 (H15T5Y + 198bps)(b) | 9,741,291 | ||||||
| 10,792,000 | NiSource, Inc., 6.38%, 3/31/55 (H15T5Y + 253bps)(b) | 11,191,131 | ||||||
| 6,648,000 | NRG Energy, Inc., 10.25%, 12/31/49 (H15T5Y + 592bps)(b)(c)(d) | 7,259,304 | ||||||
| 9,762,000 | Vistra Corp., 8.88%, 12/31/49 (H15T5Y + 505bps)(b)(d) | 10,911,612 | ||||||
| 111,976,096 | ||||||||
| GAS & WATER UTILITIES — 2.3% | ||||||||
| 8,000,000 | AltaGas Ltd., 7.20%, 10/15/54 (H15T5Y + 357bps)(b)(c) | 8,282,352 | ||||||
| TOTAL CORPORATE BONDS (Cost $325,991,981) | 335,174,784 | |||||||
See accompanying Notes to Financial Statements.
13
North Square Preferred and Income Securities Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 5.9% | ||||||||
| 21,611,330 | First American Treasury Obligations Fund, Class X, 3.91%(e) | $ | 21,611,330 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $21,611,330) | 21,611,330 | |||||||
| TOTAL INVESTMENTS — 98.4% (Cost $352,275,452) | $ | 361,511,237 | ||||||
| Other Assets in Excess of Liabilities — 1.6% | 5,852,537 | |||||||
| NET ASSETS — 100.00% | $ | 367,363,774 | ||||||
| (a) | Affiliated Company. See Note 10. |
| (b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
| (c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $37,322,942 or 10.2% of net assets. |
| (d) | Security is perpetual in nature and has no stated maturity date. |
| (e) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ETF - Exchange-Traded Fund
See accompanying Notes to Financial Statements.
14
North Square Preferred and Income Securities Fund
SCHEDULE OF FUTURES CONTRACTS
November 30, 2025 (Unaudited)
| Short Contracts | Contracts | Expiration Date |
Notional Amount |
Value and Unrealized Appreciation (Depreciation) |
||||||||||
| Euro Foreign Exchange Currency Futures | (39) | 12/16/2025 | $ | (5,660,606 | ) | $ | 89,250 | |||||||
| $ | 89,250 | |||||||||||||
See accompanying Notes to Financial Statements.
15
North Square Tactical Growth Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 76.9% | ||||||||
| 153,075 | Invesco QQQ Trust, Series 1 | $ | 94,791,694 | |||||
| 189,900 | iShares® 3-7 Year Treasury Bond ETF | 22,837,374 | ||||||
| 357,500 | iShares® MSCI Canada ETF | 18,840,250 | ||||||
| 720,600 | iShares® MSCI Eurozone ETF | 45,152,796 | ||||||
| 129,440 | SPDR® S&P 500® ETF Trust | 88,458,001 | ||||||
| 147,300 | VanEck Gold Miners ETF | 12,259,779 | ||||||
| 194,287 | Vanguard Growth ETF | 95,363,831 | ||||||
| 354,498 | Vanguard Value ETF | 67,524,779 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $196,522,462) | 445,228,504 | |||||||
| SHORT-TERM INVESTMENTS — 23.2% | ||||||||
| 134,039,663 | First American Treasury Obligations Fund, Class X, 3.91%(a) | 134,039,663 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $134,039,663) | 134,039,663 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $330,562,125) | $ | 579,268,167 | ||||||
| Liabilities in Excess of Other Assets — (0.1)% | (332,398 | ) | ||||||
| NET ASSETS — 100.00% | $ | 578,935,769 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ETF - Exchange-Traded Funds
MSCI - Morgan Stanley Capital International
SPDR - Standard and Poor’s Depository Receipt
See accompanying Notes to Financial Statements.
16
North Square Tactical Defensive Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 45.5% | ||||||||
| 166,800 | SPDR® Portfolio Developed World ex-US ETF | $ | 7,315,848 | |||||
| 54,400 | SPDR® Portfolio Emerging Markets ETF | 2,558,432 | ||||||
| 29,500 | SPDR® Portfolio S&P 600® Small Cap ETF | 1,389,745 | ||||||
| 167,000 | State Street® SPDR® Portfolio S&P 500® ETF | 13,425,130 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $22,280,560) | 24,689,155 | |||||||
| SHORT-TERM INVESTMENTS — 54.5% | ||||||||
| 29,571,209 | First American Treasury Obligations Fund, Class X, 3.91%(a)(b) | 29,571,209 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $29,571,209) | 29,571,209 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $51,851,769) | $ | 54,260,364 | ||||||
| Other Assets in Excess of Liabilities — 0.0%(c) | 9,024 | |||||||
| NET ASSETS — 100.00% | $ | 54,269,388 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
| (b) | Represent an investment greater than 25% of the Fund’s net assets. Performance of the Fund may be adversely impacted by concentrated investments in securities. As of November 30, 2025, the percentage of net assets invested in First American Treasury Obligations Fund, Class X was 54.5% of the Fund. The financial statements and portfolio holdings for these securities can be found at www.sec.gov. |
| (c) | Percentage rounds to less than 0.1%. |
ETF - Exchange-Traded Funds
SPDR - Standard and Poor’s Depository Receipt
See accompanying Notes to Financial Statements.
17
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| PREFERRED STOCKS — 0.5% | ||||||||
| FINANCIALS — 0.5% | ||||||||
| SPECIALTY FINANCE — 0.5% | ||||||||
| 4,750 | Synchrony Financial, Series B, 8.25% | $ | 124,022 | |||||
| TOTAL FINANCIALS (Cost $122,123) | 124,022 | |||||||
| TOTAL PREFERRED STOCKS (Cost $122,123) | 124,022 | |||||||
| Principal Amount ($) |
||||||||
| ASSET BACKED SECURITIES — 12.6% | ||||||||
| 102,908 | Alternative Loan Trust 2003-22CB 1A1, 5.75%, 12/25/33 | 105,200 | ||||||
| 80,000 | Applebee’s Funding LLC / IHOP Funding LLC 2025-1A A2, 6.72%, 6/07/55(a) | 80,706 | ||||||
| 119,157 | Bear Stearns Asset Backed Securities I Trust 2004-HE7 M1, 4.97%, 8/25/34 (TSFR1M + 101bps)(b) | 118,107 | ||||||
| 175,000 | BMW Vehicle Lease Trust 2024-2 A3, 4.18%, 2/25/27 | 175,430 | ||||||
| 103,302 | BXP Trust 2017-CQHP A, 4.86%, 11/15/34 (TSFR1M + 90bps)(a)(b) | 99,278 | ||||||
| 100,000 | CFCRE Commercial Mortgage Trust 2011-C2 E, 5.25%, 12/15/47(a)(b) | 94,986 | ||||||
| 3,500,000 | Citigroup Commercial Mortgage Trust 2020-555 X, 0.74%, 12/10/29(a)(b) | 96,516 | ||||||
| 101,462 | Citigroup Mortgage Loan Trust, Inc. 2007-WFH3 M1, 4.46%, 6/25/37 (TSFR1M + 50bps)(b) | 101,402 | ||||||
| 143,661 | COMM 2010-C1 Mortgage Trust, 5.77%, 7/10/46(a)(b) | 142,427 | ||||||
| 100,000 | COMM 2013-CCRE7 Mortgage Trust, 4.24%, 3/10/46(a)(b) | 93,183 | ||||||
| 14,233 | COMM 2015-CCRE23 Mortgage Trust, 4.21%, 5/10/48(b) | 13,842 | ||||||
| 100,000 | DBGS 2018-5BP Mortgage Trust, 4.85%, 6/15/33(a)(b) | 99,275 | ||||||
| 57,868 | Dell Equipment Finance Trust 2023-3 A3, 5.93%, 6/22/26(a) | 58,211 | ||||||
| 115,317 | HomeBanc Mortgage Trust 2005-3 M4, 5.00%, 7/25/35(b) | 116,235 | ||||||
| 60,000 | Honda Auto Receivables 2024-3 A3 Owner Trust, 4.57%, 10/21/27 | 60,393 | ||||||
| 25,000 | Hyundai Auto Receivables Trust 2024-C A3, 4.41%, 5/15/29 | 25,187 | ||||||
| 77,138 | IMM 2005-1 1A1, 4.59%, 4/25/35(b) | 75,443 | ||||||
| 112,012 | Impac CMB Trust Series 2005-4 IMI, 4.71%, 5/25/35 (TSFR1M + 54bps)(b) | 108,814 | ||||||
| 87,183 | JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 D, 4.96%, 5/15/45(b) | 86,774 | ||||||
| 85,920 | JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A, 3.91%, 5/05/30(a) | 85,330 | ||||||
| 173,461 | Morgan Stanley Bank of America Merrill Lynch Trust, 2012-C5, 4.64%, 8/15/45(a)(b) | 170,308 | ||||||
| 119,609 | Morgan Stanley Bank of America Merrill Lynch Trust, 2014-C17, 3.50%, 8/15/47(a) | 116,601 | ||||||
| 100,000 | Morgan Stanley Capital I Trust 2014-150E A, 3.91%, 9/09/32(a) | 90,747 | ||||||
| 165,655 | Morgan Stanley Capital I Trust, 2011-C2, 5.21%, 6/15/44(a)(b) | 164,503 | ||||||
| 188,000 | Nissan Auto Lease Trust 2025-A A3, 4.75%, 3/15/28 | 190,207 | ||||||
| 75,000 | SEB Funding LLC 2024-1A A2, 7.39%, 4/30/54(a) | 76,804 | ||||||
| 86,766 | Structured Adjustable Rate Mortgage Loan Trust 2004-4 B1, 5.90%, 4/25/34(b) | 84,089 | ||||||
| 45,000 | Verizon Master Trust 2024-3 A1A, 5.34%, 4/22/30 | 45,885 | ||||||
| 37,000 | Verizon Master Trust 2025-7 A1A, 3.96%, 8/20/31 | 37,155 | ||||||
| 76,171 | Wells Fargo Commercial Mortgage Trust 2015-C29, 4.21%, 6/01/48(b) | 74,074 | ||||||
| TOTAL ASSET BACKED SECURITIES (Cost $2,848,911) | 2,887,112 | |||||||
See accompanying Notes to Financial Statements.
18
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS — 38.5% | ||||||||
| COMMUNICATIONS — 3.6% | ||||||||
| CABLE & SATELLITE — 0.5% | ||||||||
| 75,000 | Clear Channel Outdoor Holdings, Inc., 4.25%, 2/01/31(a) | $ | 69,159 | |||||
| 66,000 | Comcast Corp., 3.25%, 11/01/39 | 52,457 | ||||||
| 121,616 | ||||||||
| ENTERTAINMENT CONTENT — 1.4% | ||||||||
| 51,000 | Fox Corp., 6.50%, 10/13/33 | 56,528 | ||||||
| 150,000 | Paramount Global, 6.25%, 2/28/57(b) | 146,160 | ||||||
| 50,000 | TEGNA, Inc., 4.63%, 3/15/28 | 49,584 | ||||||
| 69,000 | Walt Disney Co. (The), 3.50%, 5/13/40 | 58,394 | ||||||
| 310,666 | ||||||||
| INTERNET MEDIA & SERVICES — 0.5% | ||||||||
| 22,000 | Alphabet, Inc., 4.70%, 11/15/35 | 22,364 | ||||||
| 38,000 | Meta Platforms, Inc., 4.20%, 11/15/30 | 38,273 | ||||||
| 20,000 | Meta Platforms, Inc., 5.60%, 5/15/53 | 19,937 | ||||||
| 30,000 | Ziff Davis, Inc., 4.63%, 10/15/30(a) | 28,484 | ||||||
| 109,058 | ||||||||
| PUBLISHING & BROADCASTING — 0.2% | ||||||||
| 50,000 | Nexstar Media Group, Inc., 4.75%, 11/01/28(a) | 49,623 | ||||||
| TELECOMMUNICATIONS — 1.0% | ||||||||
| 150,000 | Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)(b) | 158,855 | ||||||
| 95,000 | Verizon Communications, Inc., 2.65%, 11/20/40 | 69,041 | ||||||
| 227,896 | ||||||||
| CONSUMER DISCRETIONARY — 2.3% | ||||||||
| APPAREL & TEXTILE PRODUCTS — 0.1% | ||||||||
| 30,000 | Crocs, Inc., 4.25%, 3/15/29(a) | 29,017 | ||||||
| AUTOMOTIVE — 1.6% | ||||||||
| 34,000 | American Honda Finance Corp., 2.00%, 3/24/28 | 32,503 | ||||||
| 60,000 | Ford Motor Co., Class B, 3.25%, 2/12/32 | 52,729 | ||||||
| 76,000 | General Motors Financial Co., Inc., 5.35%, 1/07/30 | 78,466 | ||||||
| 75,000 | General Motors Financial Co., Inc., 5.75%, 3/30/66(b)(c) | 74,315 | ||||||
| 92,000 | Honda Motor Co. Ltd., 4.69%, 7/08/30 | 93,234 | ||||||
| 15,000 | Toyota Motor Credit Corp., 5.35%, 1/09/36 | 15,844 | ||||||
| 347,091 | ||||||||
| CONSUMER SERVICES — 0.1% | ||||||||
| 25,000 | Rent-A-Center, Inc., 6.38%, 2/15/29(a) | 24,441 | ||||||
| LEISURE FACILITIES & SERVICES — 0.1% | ||||||||
| 18,000 | McDonald’s Corp., 4.40%, 2/12/31 | 18,171 | ||||||
See accompanying Notes to Financial Statements.
19
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| CONSUMER DISCRETIONARY (continued) | ||||||||
| RETAIL - DISCRETIONARY — 0.4% | ||||||||
| 30,000 | Gap, Inc. (The), 3.88%, 10/01/31(a) | $ | 27,975 | |||||
| 46,000 | Lowe’s Companies, Inc., 4.50%, 10/15/32 | 45,861 | ||||||
| 30,000 | Patrick Industries, Inc., 4.75%, 5/01/29(a) | 29,858 | ||||||
| 103,694 | ||||||||
| CONSUMER STAPLES — 1.9% | ||||||||
| BEVERAGES — 0.3% | ||||||||
| 37,000 | Coca-Cola Co. (The), 3.45%, 3/25/30 | 36,370 | ||||||
| 34,000 | Keurig Dr Pepper, Inc., 5.20%, 3/15/31 | 34,881 | ||||||
| 71,251 | ||||||||
| FOOD — 0.2% | ||||||||
| 54,000 | HLF Financing Sarl LLC, 12.25%, 4/15/29(a) | 58,452 | ||||||
| HOUSEHOLD PRODUCTS — 0.7% | ||||||||
| 70,000 | Central Garden & Pet Co., 4.13%, 10/15/30 | 67,172 | ||||||
| 82,000 | Procter & Gamble Co. (The), 4.10%, 11/03/32 | 82,105 | ||||||
| 149,277 | ||||||||
| TOBACCO & CANNABIS — 0.5% | ||||||||
| 29,000 | Philip Morris International, Inc., 5.13%, 2/15/30 | 30,064 | ||||||
| 37,000 | Philip Morris International, Inc., 4.25%, 10/29/32 | 36,511 | ||||||
| 50,000 | Turning Point Brands, Inc., 7.63%, 3/15/32(a) | 53,390 | ||||||
| 119,965 | ||||||||
| WHOLESALE - CONSUMER STAPLES — 0.2% | ||||||||
| 40,000 | US Foods Holding Corp., 6.88%, 9/15/28(a) | 41,422 | ||||||
| ENERGY — 4.5% | ||||||||
| OIL & GAS PRODUCERS — 4.1% | ||||||||
| 13,000 | BP Capital Markets America, Inc., 4.89%, 9/11/33 | 13,318 | ||||||
| 84,000 | California Resources Corp., 8.25%, 6/15/29(a) | 87,951 | ||||||
| 56,000 | Chevron USA, Inc., 4.82%, 4/15/32 | 57,816 | ||||||
| 60,000 | ConocoPhillips Co., 5.30%, 5/15/53 | 57,260 | ||||||
| 27,000 | Energy Transfer LP, 3.75%, 5/15/30 | 26,351 | ||||||
| 125,000 | Energy Transfer LP, 6.63%, 2/15/72 (US0003M + 416bps)(b)(c) | 125,368 | ||||||
| 77,000 | Exxon Mobil Corp., 4.33%, 3/19/50 | 66,037 | ||||||
| 40,000 | Murphy Oil Corp., 4.75%, 9/15/29 | 39,723 | ||||||
| 31,000 | ONEOK, Inc., 4.95%, 10/15/32 | 31,229 | ||||||
| 20,000 | ONEOK, Inc., 5.70%, 11/01/54 | 18,877 | ||||||
| 60,000 | Phillips 66 Co., 5.25%, 6/15/31 | 62,649 | ||||||
| 150,000 | South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 3/01/55(b) | 159,621 | ||||||
| 55,000 | TotalEnergies Capital SA, 5.49%, 4/05/54 | 54,331 | ||||||
| 75,000 | Vital Energy, Inc., 7.75%, 7/31/29(a) | 74,032 | ||||||
| 68,000 | Vital Energy, Inc., 7.88%, 4/15/32(a) | 65,951 | ||||||
| 940,514 | ||||||||
See accompanying Notes to Financial Statements.
20
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| ENERGY (continued) | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 0.4% | ||||||||
| 40,000 | Helix Energy Solutions Group, Inc., 9.75%, 3/01/29(a) | $ | 42,027 | |||||
| 40,000 | Noble Finance II LLC, 8.00%, 4/15/30(a) | 41,585 | ||||||
| 83,612 | ||||||||
| FINANCIALS — 11.2% | ||||||||
| ASSET MANAGEMENT — 0.9% | ||||||||
| 15,000 | Charles Schwab Corp. (The), 4.34%, 11/14/31(b) | 15,042 | ||||||
| 200,000 | UBS Group AG, 7.13%, 12/31/49 (USISSO05 + 318bps)(a)(b)(c) | 205,164 | ||||||
| 220,206 | ||||||||
| BANKING — 7.7% | ||||||||
| 200,000 | Banco Bilbao Vizcaya Argentaria SA, 6.13%, 2/16/49 (USSW5 + 387bps)(b)(c) | 201,811 | ||||||
| 200,000 | Banco Santander SA, 8.00%, 12/31/49 (H15T5Y + 391bps)(b)(c) | 222,205 | ||||||
| 39,000 | Bank of Nova Scotia (The), 5.13%, 2/14/31 (SOFRRATE + 107bps)(b) | 40,242 | ||||||
| 200,000 | CaixaBank SA, 3.63%, 3/14/71 (EUSA5 + 386bps)(a)(b)(c) | 224,102 | ||||||
| 60,000 | Canadian Imperial Bank of Commerce, 5.26%, 4/08/29 | 62,270 | ||||||
| 43,000 | Citigroup, Inc., 4.95%, 5/07/31(b) | 44,081 | ||||||
| 150,000 | Citigroup, Inc., 6.95%, 2/15/80 (H15T5Y + 273bps)(b)(c) | 153,708 | ||||||
| 200,000 | HSBC Holdings PLC, 7.05%, 12/31/49(b)(c) | 207,652 | ||||||
| 200,000 | ING Groep NV, 4.25%, 10/16/69 (H15T5Y + 286bps)(b)(c) | 177,153 | ||||||
| 50,000 | JPMorgan Chase & Co., 5.00%, 7/22/30 | 51,462 | ||||||
| 69,000 | JPMorgan Chase & Co., 5.14%, 1/24/31 (SOFRRATE + 90bps)(b) | 71,599 | ||||||
| 22,000 | PNC Financial Services Group, Inc. (The), 6.88%, 10/20/34 (SOFRRATE + 2bps)(b) | 25,023 | ||||||
| 73,000 | Royal Bank of Canada, 4.65%, 10/18/30 (SOFRINDX + 108bps)(b) | 74,118 | ||||||
| 20,000 | Toronto-Dominion Bank (The), 4.86%, 1/31/28 | 20,355 | ||||||
| 15,000 | Truist Financial Corp., 5.12%, 1/26/34(b) | 15,324 | ||||||
| 48,000 | US Bancorp, 5.05%, 2/12/31 (SOFRRATE + 106bps)(b) | 49,467 | ||||||
| 42,000 | Wells Fargo & Co., 5.24%, 1/24/31 (SOFRRATE + 111bps)(b) | 43,656 | ||||||
| 68,000 | Wells Fargo Bank NA, 4.25%, 3/11/27 | 68,446 | ||||||
| 1,752,674 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.6% | ||||||||
| 84,000 | Bank of New York Mellon Corp. (The), 5.06%, 7/22/32(b) | 87,332 | ||||||
| 125,000 | CenterPoint Energy, Inc., 6.85%, 2/15/55 (H15T5Y + 295bps)(b) | 134,178 | ||||||
| 64,000 | Goldman Sachs Bank USA, 4.30%, 3/11/27 | 64,446 | ||||||
| 70,000 | Goldman Sachs Group Inc. (The), 4.37%, 10/21/31(b) | 70,098 | ||||||
| 13,000 | Morgan Stanley, 5.23%, 1/15/31(b) | 13,450 | ||||||
| 369,504 | ||||||||
| SPECIALTY FINANCE — 1.0% | ||||||||
| 40,000 | American Express Co., 5.28%, 7/26/35 (SOFRRATE + 142bps)(b) | 41,530 | ||||||
| 38,000 | Capital One Financial Corp., 6.31%, 6/08/29(b) | 39,913 | ||||||
| 23,000 | Capital One Financial Corp., 4.49%, 9/11/31(b) | 22,991 | ||||||
| 30,000 | FirstCash Holdings, Inc., 4.63%, 9/01/28(a) | 29,728 | ||||||
| 30,000 | FTAI Aviation Ltd., 7.00%, 5/01/31(a) | 31,495 | ||||||
| 72,000 | Springleaf Finance Corp., 5.38%, 11/15/29 | 71,947 | ||||||
| 237,604 | ||||||||
See accompanying Notes to Financial Statements.
21
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| HEALTH CARE — 2.4% | ||||||||
| BIOTECH & PHARMA — 0.6% | ||||||||
| 28,000 | Eli Lilly & Co., 5.00%, 2/09/54 | $ | 26,777 | |||||
| 37,000 | Pfizer, Inc., 4.88%, 11/15/35 | 37,457 | ||||||
| 70,000 | Prestige Consumer Healthcare, Inc., 3.75%, 4/01/31(a) | 65,290 | ||||||
| 129,524 | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 1.8% | ||||||||
| 20,000 | Cigna Group (The), 2.38%, 3/15/31 | 18,150 | ||||||
| 64,000 | Cigna Group (The), 5.25%, 1/15/36 | 65,650 | ||||||
| 175,000 | CVS Health Corp., 6.75%, 12/10/54 (H15T5Y + 252bps)(b) | 181,492 | ||||||
| 30,000 | HealthEquity Inc., 4.50%, 10/01/29(a) | 29,517 | ||||||
| 50,000 | Pediatrix Medical Group, Inc., 5.38%, 2/15/30(a) | 50,182 | ||||||
| 28,000 | UnitedHealth Group, Inc., 2.30%, 5/15/31 | 25,338 | ||||||
| 35,000 | UnitedHealth Group, Inc., 5.15%, 7/15/34 | 36,208 | ||||||
| 10,000 | UnitedHealth Group, Inc., 5.38%, 4/15/54 | 9,667 | ||||||
| 416,204 | ||||||||
| INDUSTRIALS — 2.0% | ||||||||
| AEROSPACE & DEFENSE — 0.5% | ||||||||
| 40,000 | Axon Enterprise, Inc., 6.13%, 3/15/30(a) | 41,331 | ||||||
| 30,000 | Boeing Co. (The), 5.15%, 5/01/30 | 30,930 | ||||||
| 38,000 | Lockheed Martin Corp, 4.70%, 5/15/46 | 35,009 | ||||||
| 29,000 | Lockheed Martin Corp., 5.00%, 8/15/35 | 29,798 | ||||||
| 137,068 | ||||||||
| DIVERSIFIED INDUSTRIALS — 0.3% | ||||||||
| 77,000 | Honeywell International, Inc., 4.75%, 2/01/32 | 78,996 | ||||||
| ELECTRICAL EQUIPMENT — 0.2% | ||||||||
| 35,000 | Johnson Controls International PLC, 5.50%, 4/19/29 | 36,548 | ||||||
| INDUSTRIAL INTERMEDIATE PROD — 0.3% | ||||||||
| 60,000 | Enpro, Inc., 6.13%, 6/01/33(a) | 62,130 | ||||||
| MACHINERY — 0.3% | ||||||||
| 36,000 | Caterpillar, Inc., 5.20%, 5/15/35 | 37,704 | ||||||
| 27,000 | John Deere Capital Corp., 5.10%, 4/11/34 | 28,155 | ||||||
| 65,859 | ||||||||
| TRANSPORTATION & LOGISTICS — 0.4% | ||||||||
| 80,000 | Burlington Northern Santa Fe LLC, 4.55%, 9/01/44 | 72,704 | ||||||
| 21,979 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.88%, 2/20/34 | 19,336 | ||||||
| 92,040 | ||||||||
| MATERIALS — 2.0% | ||||||||
| CHEMICALS — 0.5% | ||||||||
| 150,000 | FMC Corp., 8.45%, 11/01/55(b) | 116,909 | ||||||
See accompanying Notes to Financial Statements.
22
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| MATERIALS (continued) | ||||||||
| METALS & MINING — 1.5% | ||||||||
| 50,000 | Alliance Resource Operating Partners LP, 8.63%, 6/15/29(a) | $ | 52,922 | |||||
| 79,000 | Eldorado Gold Corp., 6.25%, 9/01/29(a) | 79,460 | ||||||
| 80,000 | Hudbay Minerals, Inc., 6.13%, 4/01/29(a) | 81,102 | ||||||
| 80,000 | New Gold, Inc., 6.88%, 4/01/32(a) | 85,159 | ||||||
| 50,000 | SunCoke Energy, Inc., 4.88%, 6/30/29(a) | 45,790 | ||||||
| 344,433 | ||||||||
| REAL ESTATE — 0.5% | ||||||||
| REAL ESTATE OWNERS & DEVELOPERS — 0.2% | ||||||||
| 30,000 | Howard Hughes Corp. (The), 4.38%, 4.38%, 2/01/31(a) | 28,688 | ||||||
| REIT — 0.3% | ||||||||
| 50,000 | American Tower Corp, 3.80%, 8/15/29 | 49,269 | ||||||
| 30,000 | RLJ Lodging Trust LP, 4.00%, 4.00%, 9/15/29(a) | 28,377 | ||||||
| 77,646 | ||||||||
| TECHNOLOGY — 1.7% | ||||||||
| SEMICONDUCTORS — 0.6% | ||||||||
| 35,000 | Broadcom, Inc., 4.35%, 2/15/30 | 35,311 | ||||||
| 71,000 | Broadcom, Inc., 4.90%, 7/15/32 | 73,075 | ||||||
| 25,000 | Synaptics, Inc., 4.00%, 6/15/29(a) | 24,044 | ||||||
| 132,430 | ||||||||
| SOFTWARE — 0.9% | ||||||||
| 30,000 | Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(a) | 30,178 | ||||||
| 34,000 | Oracle Corp., 4.80%, 8/03/28 | 34,339 | ||||||
| 70,000 | Oracle Corp., 4.45%, 9/26/30 | 69,004 | ||||||
| 46,000 | Oracle Corp., 5.88%, 9/26/45 | 43,401 | ||||||
| 30,000 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 2/01/29(a) | 28,432 | ||||||
| 205,354 | ||||||||
| TECHNOLOGY HARDWARE — 0.2% | ||||||||
| 49,000 | Apple, Inc., 2.95%, 9/11/49 | 33,813 | ||||||
| 30,000 | Cisco Systems, Inc., 4.95%, 2/26/31 | 31,217 | ||||||
| 65,030 | ||||||||
| UTILITIES — 6.4% | ||||||||
| ELECTRIC UTILITIES — 5.8% | ||||||||
| 40,000 | Alabama Power Co., 3.45%, 10/01/49 | 29,316 | ||||||
| 15,000 | Berkshire Hathaway Energy Co., 3.70%, 7/15/30 | 14,768 | ||||||
| 33,000 | Dominion Energy, Inc., 5.45%, 3/15/35 | 34,144 | ||||||
| 200,000 | Dominion Energy, Inc., 6.20%, 2/15/56 (H15T10Y + 2bps)(b) | 202,142 | ||||||
| 88,000 | Duke Energy Carolinas LLC, 5.30%, 2/15/40 | 90,333 | ||||||
| 41,000 | Duke Energy Corp., 4.95%, 9/15/35 | 40,996 | ||||||
See accompanying Notes to Financial Statements.
23
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| UTILITIES (continued) | ||||||||
| ELECTRIC UTILITIES (continued) | ||||||||
| 150,000 | Emera, Inc., 6.75%, 6/15/76(b) | $ | 151,227 | |||||
| 20,000 | Entergy Corp., 1.90%, 6/15/28 | 18,983 | ||||||
| 27,000 | Florida Power & Light Co., 5.30%, 6/15/34 | 28,417 | ||||||
| 35,000 | Florida Power & Light Co., 5.30%, 4/01/53 | 34,412 | ||||||
| 109,000 | MidAmerican Energy Co., 4.25%, 7/15/49 | 91,163 | ||||||
| 15,000 | NextEra Energy Capital Holdings, Inc., 2.25%, 6/01/30 | 13,802 | ||||||
| 100,000 | NextEra Energy Capital Holdings, Inc., 6.50%, 8/15/55 (H15T5Y + 198bps)(b) | 105,884 | ||||||
| 100,000 | NiSource, Inc., 6.38%, 3/31/55 (H15T5Y + 253bps)(b) | 103,698 | ||||||
| 75,000 | NRG Energy, Inc., 10.25%, 12/31/49 (H15T5Y + 592bps)(a)(b)(c) | 81,896 | ||||||
| 21,000 | Pacific Gas and Electric Co., 4.55%, 7/01/30 | 20,937 | ||||||
| 65,000 | Virginia Electric and Power Co., 5.45%, 4/01/53 | 63,224 | ||||||
| 200,000 | Vistra Corp., 8.88%, 12/31/49 (H15T5Y + 505bps)(b)(c) | 223,553 | ||||||
| 1,348,895 | ||||||||
| GAS & WATER UTILITIES — 0.6% | ||||||||
| 125,000 | AltaGas Ltd., 7.20%, 10/15/54 (H15T5Y + 357bps)(a)(b) | 129,412 | ||||||
| TOTAL CORPORATE BONDS (Cost $8,713,432) | 8,852,920 | |||||||
| MORTGAGE-BACKED SECURITIES — 23.4% | ||||||||
| 269,869 | Fannie Mae Pool, 3.50%, 10/13/37 | 254,163 | ||||||
| 175,191 | Fannie Mae Pool, 5.00%, 11/01/46 | 180,310 | ||||||
| 72,434 | Fannie Mae Pool, 3.00%, 9/01/50 | 65,022 | ||||||
| 59,735 | Fannie Mae Pool, 2.50%, 5/01/51 | 51,772 | ||||||
| 47,083 | Fannie Mae Pool, 3.00%, 5/01/51 | 42,169 | ||||||
| 244,697 | Fannie Mae Pool, 2.50%, 10/01/51 | 209,742 | ||||||
| 40,381 | Fannie Mae Pool, 4.00%, 1/01/52 | 39,009 | ||||||
| 222,865 | Fannie Mae Pool, 5.50%, 11/01/52 | 227,434 | ||||||
| 27,514 | Fannie Mae Pool, 6.50%, 1/01/53 | 28,838 | ||||||
| 223,491 | Fannie Mae Pool, 4.50%, 4/01/53 | 219,719 | ||||||
| 39,940 | Fannie Mae Pool, 6.00%, 9/01/53 | 41,647 | ||||||
| 129,034 | Fannie Mae Pool, 5.50%, 9/01/56 | 133,446 | ||||||
| 113,776 | Fannie Mae REMICS, 5.00%, 2/25/51 | 113,740 | ||||||
| 155,000 | Federal Farm Credit Banks Funding Corp, 4.70%, 3/24/32 | 154,832 | ||||||
| 199,000 | Federal Farm Credit Banks Funding Corp., 4.70%, 3/05/29 | 199,375 | ||||||
| 101,000 | Federal Farm Credit Banks Funding Corp., 4.59%, 8/25/31 | 100,922 | ||||||
| 122,000 | Federal Farm Credit Banks Funding Corp., 5.11%, 7/15/32 | 122,840 | ||||||
| 72,000 | Federal Farm Credit Banks Funding Corp., 4.97%, 9/02/32 | 72,027 | ||||||
| 79,000 | Federal Farm Credit Banks Funding Corp., 4.94%, 3/03/33 | 80,103 | ||||||
| 100,000 | Federal Farm Credit Banks Funding Corp., 5.09%, 3/11/33 | 100,018 | ||||||
| 85,000 | Federal Farm Credit Banks Funding Corp., 5.27%, 6/23/33 | 85,235 | ||||||
| 80,000 | Federal Farm Credit Banks Funding Corp., 4.94%, 9/08/33 | 80,322 | ||||||
| 187,000 | Federal Farm Credit Banks Funding Corp., 1.73%, 9/10/35 | 148,651 | ||||||
See accompanying Notes to Financial Statements.
24
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 75,000 | Federal Home Loan Banks, 5.19%, 2/25/32 | $ | 75,068 | |||||
| 25,000 | Federal Home Loan Banks, 5.25%, 6/25/32 | 25,129 | ||||||
| 75,000 | Federal Home Loan Banks, 4.85%, 9/24/32 | 74,978 | ||||||
| 130,000 | Federal Home Loan Banks, 5.35%, 6/12/34 | 130,563 | ||||||
| 155,000 | Federal Home Loan Banks, 5.38%, 4/09/35 | 155,523 | ||||||
| 2,154,734 | Freddie Mac Multifamily Structured Pass-Through Certificates K-093, 0.94%, 5/01/29(b) | 58,700 | ||||||
| 650,000 | Freddie Mac Multifamily Structured Pass-Through Certificates K-G04, 2.63%, 11/25/30(b) | 70,491 | ||||||
| 76,496 | Freddie Mac Pool, 2.50%, 2/01/52 | 65,812 | ||||||
| 73,137 | Freddie Mac Pool, 3.50%, 4/01/52 | 68,164 | ||||||
| 235,835 | Freddie Mac Pool, 3.00%, 5/01/52 | 211,792 | ||||||
| 33,000 | Freddie Mac Pool, 5.50%, 11/01/55 | 33,531 | ||||||
| 102,557 | Freddie Mac REMICS, 3.00%, 5/15/43 | 101,017 | ||||||
| 41,726 | Freddie Mac REMICS, 5.50%, 11/25/51 | 42,324 | ||||||
| 184,391 | Ginnie Mae II Pool, 2.50%, 8/20/50 | 157,818 | ||||||
| 120,159 | Ginnie Mae II Pool, 2.50%, 12/20/50 | 103,400 | ||||||
| 210,114 | Ginnie Mae II Pool, 2.00%, 3/20/51 | 172,383 | ||||||
| 324,518 | Ginnie Mae II Pool, 3.00%, 10/20/51 | 293,253 | ||||||
| 77,323 | Ginnie Mae II Pool, 3.00%, 3/20/52 | 69,739 | ||||||
| 194,867 | Ginnie Mae II Pool, 5.00%, 11/20/52 | 195,920 | ||||||
| 21,675 | Ginnie Mae II Pool, 2.50%, 2/20/53 | 18,886 | ||||||
| 75,209 | Ginnie Mae II Pool, 5.50%, 9/01/53(b) | 76,521 | ||||||
| 199,842 | Government National Mortgage Association 2022-189 PT, 2.50%, 10/20/51 | 169,660 | ||||||
| 64,077 | Government National Mortgage Association 2024-65 NB, 5.50%, 2/20/48 | 64,085 | ||||||
| 60,000 | Government National Mortgage Association 2024-8 JL, 5.00%, 1/20/54 | 60,302 | ||||||
| 124,058 | UMBS Freddie Mac Pool, 5.00%, 7/01/53 | 125,898 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,343,367) | 5,372,293 | |||||||
| U.S. GOVERNMENT & AGENCIES — 21.8% | ||||||||
| GOVERNMENT SPONSORED — 0.7% | ||||||||
| 174,000 | Resolution Funding Corp. Principal “Strips”, 0.00%, 1/15/30 | 149,176 | ||||||
| U.S. TREASURY BONDS — 7.4% | ||||||||
| 188,000 | United States Treasury Bond, 2.75%, 11/15/42 | 147,470 | ||||||
| 221,000 | United States Treasury Bond, 4.75%, 11/15/43 | 225,623 | ||||||
| 250,000 | United States Treasury Bond, 2.00%, 8/15/51 | 148,130 | ||||||
| 161,000 | United States Treasury Bond, 4.00%, 11/15/52 | 143,774 | ||||||
| 290,000 | United States Treasury Note/Bond, 3.75%, 12/31/28 | 292,141 | ||||||
| 294,000 | United States Treasury Note/Bond, 4.63%, 11/15/45 | 293,816 | ||||||
| 375,000 | United States Treasury Note/Bond, 3.13%, 5/15/48 | 292,471 | ||||||
| 148,000 | United States Treasury Note/Bond, 4.63%, 11/15/55 | 146,959 | ||||||
| 1,690,384 | ||||||||
See accompanying Notes to Financial Statements.
25
North Square Core Plus Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| U.S. GOVERNMENT & AGENCIES (continued) | ||||||||
| U.S. TREASURY NOTES — 13.7% | ||||||||
| 287,000 | United States Treasury Note, 4.13%, 7/31/31 | $ | 293,614 | |||||
| 136,000 | United States Treasury Note, 4.25%, 8/15/35 | 138,667 | ||||||
| 293,000 | United States Treasury Note/Bond, 3.50%, 10/31/27 | 292,943 | ||||||
| 180,000 | United States Treasury Note/Bond, 3.88%, 7/15/28 | 181,737 | ||||||
| 71,000 | United States Treasury Note/Bond, 4.13%, 7/31/28 | 72,150 | ||||||
| 293,000 | United States Treasury Note/Bond, 3.50%, 11/15/28 | 293,080 | ||||||
| 146,000 | United States Treasury Note/Bond, 3.63%, 8/31/30 | 146,171 | ||||||
| 343,000 | United States Treasury Note/Bond, 3.63%, 10/31/30 | 343,348 | ||||||
| 149,000 | United States Treasury Note/Bond, 3.50%, 11/30/30 | 148,319 | ||||||
| 146,000 | United States Treasury Note/Bond, 3.88%, 9/30/32 | 146,821 | ||||||
| 368,000 | United States Treasury Note/Bond, 3.75%, 10/31/32 | 367,195 | ||||||
| 346,000 | United States Treasury Note/Bond, 4.00%, 11/15/35 | 345,486 | ||||||
| 142,000 | United States Treasury Note/Bond, 4.38%, 2/15/38 | 145,262 | ||||||
| 251,000 | United States Treasury Note/Bond, 4.75%, 8/15/55 | 254,216 | ||||||
| 3,169,009 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,978,773) | 5,008,569 | |||||||
| Contracts | Description | Expiration Date |
Exercise Price |
Notional Value |
|||||||||||||||
| PURCHASED CALL OPTIONS — 0.30% | |||||||||||||||||||
| 22 | E-mini S&P 500® | 3/23/2026 | $ | 7,350.00 | $ | 15,220,150 | $ | 59,675 | |||||||||||
| TOTAL PURCHASED CALL OPTIONS (Cost $91,317) | 59,675 | ||||||||||||||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS — 3.40% | ||||||||
| 773,421 | First American Treasury Obligations Fund, Class X, 3.91%(d) | 773,421 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $773,421) | 773,421 | |||||||
| TOTAL INVESTMENTS — 100.5% (Cost $22,871,344) | $ | 23,078,012 | ||||||
| Liabilities in Excess of Other Assets — (0.5)% | (104,881 | ) | ||||||
| NET ASSETS — 100.00% | $ | 22,973,131 | ||||||
| (a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $3,626,641 or 15.8% of net assets. |
| (b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
| (c) | Security is perpetual in nature and has no stated maturity date. |
| (d) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
| REMIC | Real Estate Mortgage Investment Conduit |
See accompanying Notes to Financial Statements.
26
North Square Core Plus Bond Fund
SCHEDULE OF FUTURE CONTRACTS
November 30, 2025 (Unaudited)
| Short Contracts | Contracts | Expiration Date |
Notional Amount |
Value and Unrealized Appreciation (Depreciation) |
||||||||||
| Bloomberg US Corporate High Yield Very | (42) | 12/17/2025 | $ | (4,651,920 | ) | $ | (14,490 | ) | ||||||
| Liquid Future E-mini S&P 500® Index Future | (4) | 12/22/2025 | (1,371,900 | ) | 4,063 | |||||||||
| Euro Foreign Exchange Currency Future | (2) | 12/16/2025 | (290,288 | ) | 4,587 | |||||||||
| $ | (5,840 | ) | ||||||||||||
| Long Contracts | ||||||||||||||
| 10-Year US Treasury Note Future | 10 | 03/23/2026 | $ | 1,133,438 | $ | (625 | ) | |||||||
| 2-Year US Treasury Note Future | 13 | 04/01/2026 | 2,715,171 | (306 | ) | |||||||||
| 3-Year US Treasury Note Future | 1 | 04/01/2026 | 213,633 | 47 | ||||||||||
| 5-Year US Treasury Note Future | 17 | 04/01/2026 | 1,866,016 | 1,594 | ||||||||||
| Ultra 10-Year US Treasury Note Future | 1 | 03/23/2026 | 116,203 | — | ||||||||||
| Ultra US Treasury Bond Future | 4 | 03/23/2026 | 483,750 | 1,250 | ||||||||||
| US Treasury Bond Future | 6 | 03/23/2026 | 704,625 | 2,062 | ||||||||||
| $ | 4,022 | |||||||||||||
See accompanying Notes to Financial Statements.
27
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 95.5% | ||||||||
| COMMUNICATIONS — 2.3% | ||||||||
| ADVERTISING & MARKETING — 0.3% | ||||||||
| 5,420 | Magnite, Inc.(a) | $ | 79,620 | |||||
| ENTERTAINMENT CONTENT — 0.3% | ||||||||
| 9,319 | Inspired Entertainment, Inc.(a) | 76,602 | ||||||
| INTERNET MEDIA & SERVICES — 1.5% | ||||||||
| 55,519 | DHI Group, Inc.(a) | 104,376 | ||||||
| 16,957 | OptimizeRx Corp.(a) | 258,933 | ||||||
| 363,309 | ||||||||
| PUBLISHING & BROADCASTING — 0.2% | ||||||||
| 10,375 | Thryv Holdings, Inc.(a) | 58,411 | ||||||
| TOTAL COMMUNICATIONS | 577,942 | |||||||
| CONSUMER DISCRETIONARY — 2.8% | ||||||||
| APPAREL & TEXTILE PRODUCTS — 0.3% | ||||||||
| 4,027 | Lakeland Industries, Inc. | 61,130 | ||||||
| AUTOMOTIVE — 0.4% | ||||||||
| 2,893 | Gentherm, Inc.(a) | 103,193 | ||||||
| CONSUMER SERVICES — 2.1% | ||||||||
| 27,375 | Legacy Education, Inc.(a) | 287,164 | ||||||
| 3,317 | Matthews International Corp., Class A | 81,399 | ||||||
| 4,112 | Universal Technical Institute, Inc.(a) | 94,659 | ||||||
| 3,310 | Upbound Group, Inc. | 59,315 | ||||||
| 522,537 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 686,860 | |||||||
| CONSUMER STAPLES — 3.2% | ||||||||
| FOOD — 2.1% | ||||||||
| 240 | Lifevantage Corp. | 1,649 | ||||||
| 19,320 | Nature’s Sunshine Products, Inc.(a) | 397,606 | ||||||
| 36,012 | SunOpta, Inc.(a) | 135,405 | ||||||
| 534,660 | ||||||||
| WHOLESALE - CONSUMER STAPLES — 1.1% | ||||||||
| 4,417 | Chefs’ Warehouse, Inc. (The)(a) | 270,850 | ||||||
| TOTAL CONSUMER STAPLES | 805,510 | |||||||
| ENERGY — 5.6% | ||||||||
| OIL & GAS PRODUCERS — 0.8% | ||||||||
| 7,304 | Riley Exploration Permian, Inc. | 200,057 | ||||||
See accompanying Notes to Financial Statements.
28
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| ENERGY (continued) | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 4.6% | ||||||||
| 24,540 | DNOW, Inc.(a) | $ | 342,577 | |||||
| 19,517 | Helix Energy Solutions Group, Inc.(a) | 129,983 | ||||||
| 20,738 | Oil States International, Inc.(a) | 130,649 | ||||||
| 7,080 | Solaris Energy Infrastructure, Inc., Class A | 339,061 | ||||||
| 5,725 | Thermon Group Holdings, Inc.(a) | 200,948 | ||||||
| 1,143,218 | ||||||||
| RENEWABLE ENERGY — 0.2% | ||||||||
| 2,020 | American Superconductor Corp.(a) | 62,802 | ||||||
| TOTAL ENERGY | 1,406,077 | |||||||
| FINANCIALS — 22.0% | ||||||||
| ASSET MANAGEMENT — 1.2% | ||||||||
| 11,501 | Trinity Capital, Inc. | 170,330 | ||||||
| 5,448 | Voyager Technologies, Inc.(a) | 122,471 | ||||||
| 292,801 | ||||||||
| BANKING — 15.8% | ||||||||
| 2,839 | Amerant Bancorp, Inc. | 53,402 | ||||||
| 13,017 | California BanCorp(a) | 252,660 | ||||||
| 11,326 | Capital Bancorp, Inc. | 314,863 | ||||||
| 11,220 | Carter Bankshares, Inc.(a) | 206,111 | ||||||
| 1,949 | Coastal Financial Corp.(a) | 217,021 | ||||||
| 10,376 | ConnectOne Bancorp, Inc. | 262,202 | ||||||
| 1,047 | First Financial Corp. | 61,113 | ||||||
| 2,979 | Horizon Bancorp, Inc. | 51,060 | ||||||
| 11,529 | Investar Holding Corp. | 285,919 | ||||||
| 5,391 | Northeast Bank | 479,152 | ||||||
| 17,417 | Old Second Bancorp, Inc. | 328,310 | ||||||
| 5,676 | Origin Bancorp, Inc. | 206,550 | ||||||
| 8,274 | QCR Holdings, Inc. | 675,407 | ||||||
| 12,217 | Third Coast Bancshares, Inc.(a) | 465,590 | ||||||
| 6,781 | VersaBank | 82,050 | ||||||
| 3,941,410 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 0.3% | ||||||||
| 4,836 | Perella Weinberg Partners | 88,305 | ||||||
| INSURANCE — 3.0% | ||||||||
| 20,434 | Abacus Life, Inc.(a) | 135,477 | ||||||
| 22,242 | Crawford & Co., Class A | 248,666 | ||||||
| 13,251 | James River Group Holdings, Inc. | 78,048 | ||||||
| 15,070 | Tiptree, Inc. | 283,015 | ||||||
| 745,206 | ||||||||
See accompanying Notes to Financial Statements.
29
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| FINANCIALS (continued) | ||||||||
| SPECIALTY FINANCE — 1.7% | ||||||||
| 6,175 | Applied Digital Corp.(a) | $ | 167,343 | |||||
| 7,969 | LendingClub Corp.(a) | 144,239 | ||||||
| 4,012 | Mid Penn Bancorp, Inc. | 117,110 | ||||||
| 428,692 | ||||||||
| TOTAL FINANCIALS | 5,496,414 | |||||||
| HEALTH CARE — 22.1% | ||||||||
| BIOTECH & PHARMA — 10.9% | ||||||||
| 27,822 | Abeona Therapeutics, Inc.(a) | 141,057 | ||||||
| 10,963 | Aldeyra Therapeutics, Inc.(a) | 60,077 | ||||||
| 16,416 | Annexon, Inc.(a) | 73,872 | ||||||
| 3,830 | Apogee Therapeutics, Inc.(a) | 275,645 | ||||||
| 10,338 | Arvinas, Inc.(a) | 130,104 | ||||||
| 6,249 | Avadel Pharmaceuticals PLC(a) | 134,291 | ||||||
| 9,140 | Cogent Biosciences, Inc.(a) | 367,611 | ||||||
| 17,243 | CorMedix, Inc.(a) | 169,154 | ||||||
| 12,685 | Day One Biopharmaceuticals, Inc.(a) | 120,381 | ||||||
| 2,049 | enGene Holdings, Inc.(a) | 16,535 | ||||||
| 23,743 | Exagen, Inc.(a) | 187,570 | ||||||
| 13,042 | Immunome, Inc.(a) | 240,234 | ||||||
| 4,039 | NewAmsterdam Pharma Co. N.V.(a) | 166,811 | ||||||
| 30,805 | Puma Biotechnology, Inc.(a) | 155,565 | ||||||
| 14,704 | Rezolute, Inc.(a) | 142,923 | ||||||
| 5,091 | Tectonic Therapeutic, Inc.(a) | 109,151 | ||||||
| 8,552 | WAVE Life Sciences Ltd.(a) | 66,363 | ||||||
| 23,494 | Xeris Biopharma Holdings, Inc.(a) | 168,687 | ||||||
| 2,726,031 | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 2.7% | ||||||||
| 31,814 | AdaptHealth Corp.(a) | 307,323 | ||||||
| 23,208 | Personalis, Inc.(a) | 249,022 | ||||||
| 1,734 | US Physical Therapy, Inc. | 128,056 | ||||||
| 684,401 | ||||||||
| MEDICAL EQUIPMENT & DEVICES — 8.5% | ||||||||
| 15,744 | Adaptive Biotechnologies Corp.(a) | 309,527 | ||||||
| 16,134 | Artivion, Inc.(a) | 752,812 | ||||||
| 8,705 | AtriCure, Inc.(a) | 314,425 | ||||||
| 17,805 | Bioventus, Inc.(a) | 135,140 | ||||||
| 8,142 | Delcath Systems, Inc.(a) | 78,977 | ||||||
| 2,726 | Integer Holdings Corp.(a) | 196,763 | ||||||
| 33,409 | Neogen Corp.(a) | 199,786 | ||||||
See accompanying Notes to Financial Statements.
30
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| HEALTH CARE (continued) | ||||||||
| MEDICAL EQUIPMENT & DEVICES (continued) | ||||||||
| 6,608 | OrthoPediatrics Corp.(a) | $ | 122,182 | |||||
| 2,109,612 | ||||||||
| TOTAL HEALTH CARE | 5,520,044 | |||||||
| INDUSTRIALS — 13.0% | ||||||||
| COMMERCIAL SUPPORT SERVICES — 4.3% | ||||||||
| 5,833 | Barrett Business Services, Inc. | 204,680 | ||||||
| 545 | CRA International, Inc. | 96,105 | ||||||
| 13,724 | Healthcare Services Group, Inc.(a) | 257,737 | ||||||
| 18,039 | Kelly Services, Inc., Class A | 155,857 | ||||||
| 22,545 | Quest Resource Holding Corp.(a) | 42,385 | ||||||
| 25,618 | Resources Connection, Inc. | 123,863 | ||||||
| 3,324 | V2X, Inc.(a) | 182,321 | ||||||
| 1,062,948 | ||||||||
| ELECTRICAL EQUIPMENT — 1.0% | ||||||||
| 11,236 | LSI Industries, Inc. | 205,506 | ||||||
| 7,419 | Stoneridge, Inc.(a) | 42,363 | ||||||
| 247,869 | ||||||||
| ENGINEERING & CONSTRUCTION — 1.1% | ||||||||
| 17,402 | Orion Group Holdings, Inc.(a) | 174,020 | ||||||
| 552 | VSE Corp. | 99,465 | ||||||
| 273,485 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD — 1.9% | ||||||||
| 950 | AZZ, Inc. | 100,149 | ||||||
| 21,831 | Hillman Solutions Corp. | 191,021 | ||||||
| 4,018 | Insteel Industries, Inc. | 122,871 | ||||||
| 3,796 | Mayville Engineering Co., Inc.(a) | 64,494 | ||||||
| 478,535 | ||||||||
| MACHINERY — 1.9% | ||||||||
| 4,778 | Helios Technologies, Inc. | 257,964 | ||||||
| 8,831 | Ichor Holdings Ltd.(a) | 148,361 | ||||||
| 7,539 | Titan International, Inc.(a) | 60,990 | ||||||
| 467,315 | ||||||||
| TRANSPORTATION & LOGISTICS — 0.6% | ||||||||
| 5,812 | Werner Enterprises, Inc. | 148,555 | ||||||
| TRANSPORTATION EQUIPMENT — 2.2% | ||||||||
| 14,282 | Aebi Schmidt Holding AG | 170,098 | ||||||
| 7,329 | REV Group, Inc. | 390,416 | ||||||
| 560,514 | ||||||||
| TOTAL INDUSTRIALS | 3,239,221 | |||||||
See accompanying Notes to Financial Statements.
31
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| MATERIALS — 6.0% | ||||||||
| CHEMICALS — 3.5% | ||||||||
| 10,732 | CPS Technologies Corp.(a) | $ | 36,918 | |||||
| 14,403 | LSB Industries, Inc.(a) | 128,619 | ||||||
| 3,027 | Materion Corp. | 369,869 | ||||||
| 2,121 | Minerals Technologies, Inc. | 124,397 | ||||||
| 10,973 | Park Aerospace Corp. | 212,766 | ||||||
| 872,569 | ||||||||
| CONTAINERS & PACKAGING — 2.1% | ||||||||
| 15,803 | TriMas Corp. | 538,408 | ||||||
| METALS & MINING — 0.4% | ||||||||
| 6,642 | USA Rare Earth, Inc.(a) | 89,335 | ||||||
| TOTAL MATERIALS | 1,500,312 | |||||||
| REAL ESTATE — 3.9% | ||||||||
| REIT — 3.9% | ||||||||
| 34,337 | Chatham Lodging Trust | 232,805 | ||||||
| 12,974 | Community Healthcare Trust, Inc. | 202,135 | ||||||
| 9,673 | CTO Realty Growth, Inc. | 174,888 | ||||||
| 8,659 | Easterly Government Properties, Inc. | 188,766 | ||||||
| 8,074 | Plymouth Industrial REIT, Inc. | 177,143 | ||||||
| 975,737 | ||||||||
| TOTAL REAL ESTATE | 975,737 | |||||||
| TECHNOLOGY — 14.6% | ||||||||
| SEMICONDUCTORS — 3.4% | ||||||||
| 3,669 | ACM Research, Inc., Class A(a) | 122,581 | ||||||
| 9,510 | Aehr Test Systmes(a) | 218,445 | ||||||
| 1,879 | Axcelis Technologies, Inc.(a) | 155,525 | ||||||
| 8,955 | MagnaChip Semiconductor Corp.(a) | 23,641 | ||||||
| 7,863 | Penguin Solutions, Inc.(a) | 159,068 | ||||||
| 1,881 | Silicon Motion Technology Corp. - ADR | 167,334 | ||||||
| 846,594 | ||||||||
| SOFTWARE — 5.9% | ||||||||
| 14,914 | Adeia, Inc. | 184,486 | ||||||
| 17,837 | Asure Software, Inc.(a) | 142,696 | ||||||
| 11,370 | AudioEye, Inc.(a) | 140,533 | ||||||
| 8,025 | Computer Programs & Systems, Inc.(a) | 176,229 | ||||||
| 19,213 | DoubleVerify Holdings, Inc.(a) | 202,505 | ||||||
| 29,426 | Evolent Health, Inc., Class A(a) | 123,589 | ||||||
| 31,293 | Health Catalyst, Inc.(a) | 93,566 | ||||||
| 7,765 | Red Violet, Inc.(a) | 420,786 | ||||||
| 1,484,390 | ||||||||
See accompanying Notes to Financial Statements.
32
North Square Kennedy MicroCap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| TECHNOLOGY (continued) | ||||||||
| TECHNOLOGY HARDWARE — 4.4% | ||||||||
| 12,559 | Aviat Networks, Inc.(a) | $ | 277,680 | |||||
| 15,168 | CommScope Holding Co., Inc.(a) | 299,416 | ||||||
| 6,348 | Kornit Digital Ltd.(a) | 84,619 | ||||||
| 67,718 | Powerfleet, Inc.(a) | 336,558 | ||||||
| 24,171 | Ribbon Communications, Inc.(a) | 69,129 | ||||||
| 1,132 | Vishay Precision Group, Inc.(a) | 38,647 | ||||||
| 1,106,049 | ||||||||
| TECHNOLOGY SERVICES — 0.9% | ||||||||
| 2,886 | ICF International, Inc. | 225,223 | ||||||
| TOTAL TECHNOLOGY | 3,662,256 | |||||||
| TOTAL COMMON STOCKS (Cost $20,330,618) | 23,870,373 | |||||||
| SHORT-TERM INVESTMENTS — 3.1% | ||||||||
| 780,802 | First American Treasury Obligations Fund, Class X, 3.91%(b) | 780,802 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $780,802) | 780,802 | |||||||
| TOTAL INVESTMENTS — 98.6% (Cost $21,111,420) | $ | 24,651,175 | ||||||
| Other Assets in Excess of Liabilities — 1.4% | 352,210 | |||||||
| NET ASSETS — 100.00% | $ | 25,003,385 | ||||||
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ADR - American Depositary Receipt.
See accompanying Notes to Financial Statements.
33
North Square Select Small Cap Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.1% | ||||||||
| CONSUMER DISCRETIONARY — 19.6% | ||||||||
| AUTOMOTIVE — 5.0% | ||||||||
| 92,926 | Holley, Inc.(a) | $ | 395,865 | |||||
| 15,399 | Phinia, Inc. | 832,932 | ||||||
| 1,228,797 | ||||||||
| LEISURE FACILITIES & SERVICES — 3.3% | ||||||||
| 15,968 | OneSpaWorld Holdings Ltd. | 326,066 | ||||||
| 3,570 | Vail Resorts, Inc. | 500,550 | ||||||
| 826,616 | ||||||||
| RETAIL - DISCRETIONARY — 6.8% | ||||||||
| 1,828 | Asbury Automotive Group, Inc.(a) | 425,138 | ||||||
| 43,606 | Driven Brands Holdings, Inc.(a) | 637,084 | ||||||
| 19,992 | Valvoline, Inc.(a) | 625,949 | ||||||
| 1,688,171 | ||||||||
| WHOLESALE - DISCRETIONARY — 4.5% | ||||||||
| 44,050 | Openlane, Inc.(a) | 1,120,632 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 4,864,216 | |||||||
| CONSUMER STAPLES — 7.3% | ||||||||
| FOOD — 1.6% | ||||||||
| 4,700 | Cal-Maine Foods, Inc. | 391,604 | ||||||
| WHOLESALE - CONSUMER STAPLES — 5.7% | ||||||||
| 33,737 | Grocery Outlet Holding Corp.(a) | 375,493 | ||||||
| 10,686 | Performance Food Group Co.(a) | 1,037,290 | ||||||
| 1,412,783 | ||||||||
| TOTAL CONSUMER STAPLES | 1,804,387 | |||||||
| FINANCIALS — 16.7% | ||||||||
| BANKING — 14.5% | ||||||||
| 17,814 | First Merchants Corp. | 656,268 | ||||||
| 8,388 | Nicolet Bankshares, Inc. | 1,056,720 | ||||||
| 7,351 | Southstate Bank Corp. | 657,988 | ||||||
| 6,916 | Stock Yards Bancorp, Inc. | 457,632 | ||||||
| 12,834 | Webster Financial Corp. | 764,906 | ||||||
| 3,593,514 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 2.2% | ||||||||
| 9,608 | Jefferies Financial Group, Inc. | 553,037 | ||||||
| TOTAL FINANCIALS | 4,146,551 | |||||||
| HEALTH CARE — 2.5% | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 2.5% | ||||||||
| 5,835 | HealthEquity, Inc.(a) | 613,725 | ||||||
| TOTAL HEALTH CARE | 613,725 | |||||||
See accompanying Notes to Financial Statements.
34
North Square Select Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| INDUSTRIALS — 20.8% | ||||||||
| COMMERCIAL SUPPORT SERVICES — 6.8% | ||||||||
| 147,661 | Emerald Holding, Inc. | $ | 540,439 | |||||
| 33,066 | Pursuit Attractions and Hospitality, Inc.(a) | 1,135,156 | ||||||
| 1,675,595 | ||||||||
| ELECTRICAL EQUIPMENT — 3.7% | ||||||||
| 5,864 | Bel Fuse, Inc., Class B | 903,232 | ||||||
| ENGINEERING & CONSTRUCTION — 3.8% | ||||||||
| 8,909 | Arcosa, Inc. | 949,165 | ||||||
| MACHINERY — 3.7% | ||||||||
| 6,514 | JBT Marel Corp. | 915,412 | ||||||
| TRANSPORTATION EQUIPMENT — 2.8% | ||||||||
| 13,139 | REV Group, Inc. | 699,915 | ||||||
| TOTAL INDUSTRIALS | 5,143,319 | |||||||
| MATERIALS — 12.1% | ||||||||
| CONSTRUCTION MATERIALS — 3.3% | ||||||||
| 3,681 | Eagle Materials, Inc. | 823,513 | ||||||
| CONTAINERS & PACKAGING — 8.8% | ||||||||
| 56,038 | Myers Industries, Inc. | 1,012,047 | ||||||
| 33,760 | TriMas Corp. | 1,150,203 | ||||||
| 2,162,250 | ||||||||
| TOTAL MATERIALS | 2,985,763 | |||||||
| REAL ESTATE — 2.9% | ||||||||
| REAL ESTATE OWNERS & DEVELOPERS — 2.9% | ||||||||
| 36,264 | Legacy Housing Corp.(a) | 722,741 | ||||||
| TOTAL REAL ESTATE | 722,741 | |||||||
| TECHNOLOGY — 15.2% | ||||||||
| SOFTWARE — 13.5% | ||||||||
| 76,489 | ACV Auctions, Inc.(a) | 600,439 | ||||||
| 36,031 | Alkami Technology, Inc.(a) | 768,181 | ||||||
| 3,165 | Daily Journal Corp.(a) | 1,450,804 | ||||||
| 21,153 | nCino, Inc.(a) | 522,479 | ||||||
| 3,341,903 | ||||||||
| TECHNOLOGY SERVICES — 1.7% | ||||||||
| 30,594 | Flywire Corp.(a) | 428,010 | ||||||
| TOTAL TECHNOLOGY | 3,769,913 | |||||||
| TOTAL COMMON STOCKS (Cost $20,479,190) | 24,050,615 | |||||||
See accompanying Notes to Financial Statements.
35
North Square Select Small Cap Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 2.8% | ||||||||
| 686,190 | First American Treasury Obligations Fund, Class X, 3.91%(b) | $ | 686,190 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $686,190) | 686,190 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $21,165,380) | $ | 24,736,805 | ||||||
| Other Assets in Excess of Liabilities — 0.1% | 26,053 | |||||||
| NET ASSETS — 100.00% | $ | 24,762,858 | ||||||
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
See accompanying Notes to Financial Statements.
36
North Square Altrinsic International Equity Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 95.1% | ||||||||
| Belgium — 1.1% | ||||||||
| 7,541 | KBC Groupe N.V.(a) | $ | 928,110 | |||||
| Bermuda — 4.1% | ||||||||
| 12,514 | Axis Capital Holdings Ltd. | 1,279,431 | ||||||
| 7,001 | Everest Re Group, Ltd. | 2,200,345 | ||||||
| 3,479,776 | ||||||||
| Canada — 1.1% | ||||||||
| 5,234 | Agnico Eagle Mines Ltd. | 912,967 | ||||||
| China — 1.8% | ||||||||
| 76,664 | Alibaba Group Holding Ltd. | 1,508,328 | ||||||
| France — 11.5% | ||||||||
| 54,129 | Bureau Veritas SA | 1,731,423 | ||||||
| 7,021 | Capgemini SE | 1,099,825 | ||||||
| 19,042 | Cia Generale de Establissements Michelin SCA | 623,142 | ||||||
| 11,594 | Danone SA | 1,036,202 | ||||||
| 8,752 | Pernod Ricard SA | 788,778 | ||||||
| 17,568 | Sanofi | 1,751,799 | ||||||
| 27,093 | SCOR SE | 873,080 | ||||||
| 27,945 | TotalEnergies SE | 1,838,004 | ||||||
| 9,742,253 | ||||||||
| Germany — 10.4% | ||||||||
| 8,484 | Adidas AG | 1,579,868 | ||||||
| 8,830 | Bayerische Motoren Werke AG | 902,341 | ||||||
| 21,014 | Daimler Truck Holding AG | 889,326 | ||||||
| 8,911 | Deutsche Boerse AG | 2,381,385 | ||||||
| 25,995 | Deutsche Post AG | 1,352,593 | ||||||
| 3,814 | Siemens AG | 1,011,263 | ||||||
| 14,793 | Siemens Healthineers AG | 735,602 | ||||||
| 8,852,378 | ||||||||
| Hong Kong — 1.2% | ||||||||
| 90,380 | Techtronic Industries Co. Ltd. | 1,062,955 | ||||||
| India — 1.4% | ||||||||
| 32,998 | HDFC Bank Ltd. - ADR | 1,214,986 | ||||||
| Indonesia — 0.8% | ||||||||
| 2,332,043 | PT Bank Mandiri (Persero) Tbk | 677,288 | ||||||
| Ireland — 7.5% | ||||||||
| 90,188 | Bank of Ireland Group PLC | 1,670,073 | ||||||
| 6,305 | CRH PLC | 756,348 | ||||||
| 4,510 | ICON PLC(a) | 834,350 | ||||||
See accompanying Notes to Financial Statements.
37
North Square Altrinsic International Equity Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| Ireland (continued) | ||||||||
| 12,940 | Kerry Group PLC, Class A | $ | 1,200,969 | |||||
| 17,883 | Medtronic PLC | 1,883,617 | ||||||
| 6,345,357 | ||||||||
| Israel — 1.2% | ||||||||
| 5,649 | Check Point Software Technologies Ltd.(a) | 1,055,064 | ||||||
| Italy — 0.8% | ||||||||
| 28,681 | FinecoBank SpA | 705,341 | ||||||
| Japan — 13.6% | ||||||||
| 53,889 | Daito Trust Construction Co., Ltd. | 1,030,766 | ||||||
| 59,271 | Japan Exchange Group, Inc. | 677,204 | ||||||
| 100,240 | Kubota Corp. | 1,446,623 | ||||||
| 53,460 | Murata Manufacturing Co. Ltd., F | 1,100,402 | ||||||
| 3,391 | SMC Corp. | 1,192,611 | ||||||
| 68,913 | Sony Group Corp. | 2,021,934 | ||||||
| 70,130 | Sumitomo Mitsui Trust Holdings, Inc. | 2,037,166 | ||||||
| 134,181 | Suzuki Motor Corp. | 2,098,141 | ||||||
| 11,604,847 | ||||||||
| Korea (Republic Of) — 4.7% | ||||||||
| 16,624 | Hana Financial Group, Inc. | 1,060,543 | ||||||
| 21,524 | KB Financial Group, Inc. | 1,841,032 | ||||||
| 647 | Samsung Electronics Co. Ltd. - ADR | 1,122,419 | ||||||
| 4,023,994 | ||||||||
| Mexico — 3.7% | ||||||||
| 6,892 | Fomento Economico Mexicano SAB de CV - ADR | 661,218 | ||||||
| 133,713 | Grupo Financiero Banorte SAB de CV | 1,287,124 | ||||||
| 361,579 | Wal-Mart de Mexico SAB de CV | 1,211,362 | ||||||
| 3,159,704 | ||||||||
| Netherlands — 5.7% | ||||||||
| 17,689 | Akzo Nobel N.V. | 1,149,679 | ||||||
| 4,384 | Euronext N.V. | 671,640 | ||||||
| 19,935 | Heineken N.V. | 1,625,761 | ||||||
| 51,209 | Koninklijke Philips N.V. | 1,444,281 | ||||||
| 4,891,361 | ||||||||
| Norway — 1.2% | ||||||||
| 37,439 | DNB Bank ASA | 1,001,018 | ||||||
| South Africa — 0.6% | ||||||||
| 31,660 | Standard Bank Group Ltd. | 489,476 | ||||||
| Spain — 1.0% | ||||||||
| 54,507 | Bankinter SA | 859,092 | ||||||
See accompanying Notes to Financial Statements.
38
North Square Altrinsic International Equity Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| Sweden — 1.4% | ||||||||
| 62,585 | Hexagon AB | $ | 733,751 | |||||
| 14,096 | Sandvik AB(a) | 426,222 | ||||||
| 1,159,973 | ||||||||
| Switzerland — 6.2% | ||||||||
| 9,515 | Chubb Ltd. | 2,818,152 | ||||||
| 7,465 | Nestle SA | 742,417 | ||||||
| 6,423 | Sandoz Group AG | 454,301 | ||||||
| 1,811 | Zurich Insurance Group Ltd. | 1,302,020 | ||||||
| 5,316,890 | ||||||||
| United Kingdom — 14.1% | ||||||||
| 18,349 | Admiral Group PLC | 769,815 | ||||||
| 5,089 | Aon PLC, Class A | 1,801,098 | ||||||
| 27,039 | BP PLC - ADR | 976,108 | ||||||
| 40,578 | Diageo PLC | 932,700 | ||||||
| 86,421 | GSK PLC | 2,056,500 | ||||||
| 179,575 | Haleon PLC | 883,139 | ||||||
| 121,471 | Informa PLC | 1,544,657 | ||||||
| 12,354 | Intertek Group PLC | 755,929 | ||||||
| 53,337 | Smith & Nephew PLC | 886,269 | ||||||
| 4,302 | Willis Towers Watson PLC | 1,380,942 | ||||||
| 11,987,157 | ||||||||
| TOTAL COMMON STOCKS (Cost $64,591,518) | 80,978,315 | |||||||
| PREFERRED STOCKS — 0.8% | ||||||||
| Brazil — 0.8% | ||||||||
| 89,914 | Itau Unibanco Holdings SA | 701,014 | ||||||
| TOTAL PREFERRED STOCKS (Cost $478,907) | 701,014 | |||||||
| SHORT-TERM INVESTMENTS — 3.4% | ||||||||
| 2,861,389 | First American Treasury Obligations Fund, Class X, 3.91%(b) | 2,861,389 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,861,389) | 2,861,389 | |||||||
| TOTAL INVESTMENTS — 99.3% (Cost $67,931,814) | 84,540,718 | |||||||
| Other Assets in Excess of Liabilities — 0.7% | 574,753 | |||||||
| NET ASSETS — 100.0% | $ | 85,115,471 | ||||||
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
ADR – American Depositary Receipt.
See accompanying Notes to Financial Statements.
39
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| ASSET BACKED SECURITIES — 2.8% | ||||||||
| 400,000 | Aligned Data Centers Issuer LLC 2021-1A A2, 1.94%, 8/15/46(a) | $ | 391,652 | |||||
| 3,119 | Ally Auto Receivables Trust 2022-2 A3, 4.76%, 5/17/27 | 3,121 | ||||||
| 10,000 | BBCMS Mortgage Trust 2017-C1 A4, 3.67%, 2/15/50 | 9,885 | ||||||
| 55,128 | BBCMS Mortgage Trust 2022-C14 A1, 1.73%, 2/18/55 | 54,327 | ||||||
| 5,959 | Carmax Auto Owner Trust 2022-4 A3, 5.34%, 8/15/27 | 5,977 | ||||||
| 600,000 | CarMax Auto Owner Trust 2024-4 A3, 4.60%, 10/15/29 | 605,421 | ||||||
| 120,559 | Dell Equipment Finance Trust 2023-3 A3, 5.93%, 6/22/26(a) | 121,273 | ||||||
| 476,902 | EQUS 2021-EQAZ A Mortgage Trust, 4.98%, 10/15/36 (1MO SOFR + 102bps)(a)(b) | 476,538 | ||||||
| 5,000 | Ford Credit Auto Owner Trust 2024-C A3, 4.07%, 7/15/29 | 5,014 | ||||||
| 400,000 | GMF Floorplan Owner Revolving Trust 2025-2A A, 4.64%, 3/15/30(a) | 406,356 | ||||||
| 250,485 | Harley-Davidson Motorcycle Trust 2024-A A3, 5.37%, 3/15/29 | 253,292 | ||||||
| 520,000 | NextGear Floorplan Master Owner Trust 2024-2A A2, 4.42%, 9/15/27(a) | 524,025 | ||||||
| 2,357 | North Mill Equipment Funding 2022-B A2, 6.07%, 6/01/49(a) | 2,358 | ||||||
| 1,050,000 | Toyota Auto Receivables 2024-C A3 Owner Trust, 4.88%, 1/18/28(a) | 1,060,081 | ||||||
| 525,527 | Tricon Residential 2022-SFR2 A Trust, 3.86%, 4/19/39(a) | 522,337 | ||||||
| 15,000 | UBS Commercial Mortgage Trust 2018-C8 A4, 3.98%, 2/15/51 | 14,810 | ||||||
| 465,000 | Verizon Master Trust 2023-7 A1A, 5.67%, 11/20/26 | 473,961 | ||||||
| 464,000 | Verizon Master Trust 2025-7 A1A, 3.96%, 8/20/31 | 465,944 | ||||||
| TOTAL ASSET BACKED SECURITIES (Cost $5,366,544) | 5,396,372 | |||||||
| CORPORATE BONDS — 24.0% | ||||||||
| COMMUNICATIONS — 2.0% | ||||||||
| CABLE & SATELLITE — 0.3% | ||||||||
| 812,000 | Comcast Corp., 3.25%, 11/01/39 | 645,385 | ||||||
| ENTERTAINMENT CONTENT — 0.7% | ||||||||
| 649,000 | Fox Corp., 6.50%, 10/13/33 | 719,351 | ||||||
| 769,000 | Walt Disney Co. (The), 3.50%, 5/13/40 | 650,801 | ||||||
| 1,370,152 | ||||||||
| INTERNET MEDIA & SERVICES — 0.5% | ||||||||
| 283,000 | Alphabet, Inc., 4.70%, 11/15/35 | 287,679 | ||||||
| 476,000 | Meta Platforms, Inc., 4.20%, 11/15/30 | 479,414 | ||||||
| 218,000 | Meta Platforms, Inc., 5.60%, 5/15/53 | 217,312 | ||||||
| 984,405 | ||||||||
| TELECOMMUNICATIONS — 0.5% | ||||||||
| 1,227,000 | Verizon Communications, Inc., 2.65%, 11/20/40 | 891,719 | ||||||
| CONSUMER DISCRETIONARY — 2.0% | ||||||||
| AUTOMOTIVE — 1.6% | ||||||||
| 377,000 | American Honda Finance Corp., 2.00%, 3/24/28 | 360,399 | ||||||
| 725,000 | Ford Motor Co., Class B, 3.25%, 2/12/32 | 637,136 | ||||||
| 854,000 | General Motors Financial Co., Inc., 5.35%, 1/07/30 | 881,710 | ||||||
| 1,070,000 | Honda Motor Co. Ltd., 4.69%, 7/08/30 | 1,084,356 | ||||||
See accompanying Notes to Financial Statements.
40
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| CONSUMER DISCRETIONARY (continued) | ||||||||
| AUTOMOTIVE (continued) | ||||||||
| 91,000 | Toyota Motor Credit Corp., 5.35%, 1/09/36 | $ | 96,121 | |||||
| 3,059,722 | ||||||||
| LEISURE FACILITIES & SERVICES — 0.1% | ||||||||
| 192,000 | McDonald’s Corp., 4.40%, 2/12/31 | 193,825 | ||||||
| RETAIL - DISCRETIONARY — 0.3% | ||||||||
| 571,000 | Lowe’s Companies, Inc., 4.50%, 10/15/32 | 569,270 | ||||||
| CONSUMER STAPLES — 1.4% | ||||||||
| BEVERAGES — 0.4% | ||||||||
| 426,000 | Coca-Cola Co. (The), 3.45%, 3/25/30 | 418,749 | ||||||
| 441,000 | Keurig Dr Pepper, Inc., 5.20%, 3/15/31 | 452,427 | ||||||
| 871,176 | ||||||||
| HOUSEHOLD PRODUCTS — 0.5% | ||||||||
| 1,000,000 | Procter & Gamble Co. (The), 4.10%, 11/03/32 | 1,001,282 | ||||||
| TOBACCO & CANNABIS — 0.5% | ||||||||
| 292,000 | Philip Morris International, Inc., 5.13%, 2/15/30 | 302,710 | ||||||
| 557,000 | Philip Morris International, Inc., 4.25%, 10/29/32 | 549,644 | ||||||
| 852,354 | ||||||||
| ENERGY — 2.6% | ||||||||
| OIL & GAS PRODUCERS — 2.6% | ||||||||
| 158,000 | BP Capital Markets America, Inc., 4.89%, 9/11/33 | 161,866 | ||||||
| 712,000 | Chevron Corp., 4.82%, 4/15/32 | 735,086 | ||||||
| 831,000 | ConocoPhillips Co., 5.30%, 5/15/53 | 793,051 | ||||||
| 323,000 | Energy Transfer L.P., 3.75%, 5/15/30 | 315,236 | ||||||
| 1,125,000 | Exxon Mobil Corp., 4.33%, 3/19/50 | 964,822 | ||||||
| 381,000 | ONEOK, Inc., 4.95%, 10/15/32 | 383,819 | ||||||
| 204,000 | ONEOK, Inc., 5.70%, 11/01/54 | 192,545 | ||||||
| 738,000 | Phillips 66 Co., 5.25%, 6/15/31 | 770,584 | ||||||
| 560,000 | TotalEnergies Capital SA, 5.49%, 4/05/54 | 553,189 | ||||||
| 4,870,198 | ||||||||
| FINANCIALS — 6.4% | ||||||||
| ASSET MANAGEMENT — 0.1% | ||||||||
| 179,000 | Charles Schwab Corp. (The), 4.34%, 11/14/31(b) | 179,504 | ||||||
| BANKING — 4.4% | ||||||||
| 355,000 | American Express National Bank, 4.05%, 4/10/28 | 357,742 | ||||||
| 417,000 | Bank of Nova Scotia (The), 5.13%, 2/14/31 (SOFRRATE + 107bps)(b) | 430,277 | ||||||
| 592,000 | Canadian Imperial Bank of Commerce, 5.26%, 4/08/29 | 614,399 | ||||||
| 676,000 | Citigroup, Inc., 4.95%, 5/07/31(b) | 692,998 | ||||||
| 510,000 | HSBC Holdings PLC, 5.29%, 11/19/30(b) | 527,685 | ||||||
See accompanying Notes to Financial Statements.
41
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| FINANCIALS (continued) | ||||||||
| BANKING (continued) | ||||||||
| 534,000 | JPMorgan Chase & Co., 5.00%, 7/22/30 | $ | 549,612 | |||||
| 813,000 | JPMorgan Chase & Co., 5.14%, 1/24/31 (SOFRRATE + 90bps)(b) | 843,629 | ||||||
| 690,000 | Morgan Stanley Private Bank NA, 4.73%, 7/18/31 (SOFRRATE + 108bps)(b) | 702,040 | ||||||
| 180,000 | PNC Financial Services Group, Inc. (The), 6.88%, 10/20/34 (SOFRRATE + 2bps)(b) | 204,733 | ||||||
| 925,000 | Royal Bank of Canada, 4.65%, 10/18/30 (SOFRINDX + 108bps)(b) | 939,170 | ||||||
| 240,000 | Toronto-Dominion Bank (The), 4.86%, 1/31/28 | 244,255 | ||||||
| 185,000 | Truist Financial Corp., 5.12%, 1/26/34(b) | 189,001 | ||||||
| 547,000 | US Bancorp, 5.05%, 2/12/31 (SOFRRATE + 106bps)(b) | 563,716 | ||||||
| 462,000 | Wells Fargo & Co., 5.24%, 1/24/31 (SOFRRATE + 111bps)(b) | 480,212 | ||||||
| 1,000,000 | Wells Fargo Bank NA, 4.25%, 3/11/27 | 1,006,562 | ||||||
| 8,346,031 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.3% | ||||||||
| 993,000 | Bank of New York Mellon Corp. (The), 5.06%, 7/22/32(b) | 1,032,390 | ||||||
| 500,000 | Goldman Sachs Bank USA, 4.30%, 3/11/27 | 503,484 | ||||||
| 815,000 | Goldman Sachs Group Inc. (The), 4.37%, 10/21/31(b) | 816,139 | ||||||
| 174,000 | Morgan Stanley, 5.23%, 1/15/31(b) | 180,020 | ||||||
| 2,532,033 | ||||||||
| SPECIALTY FINANCE — 0.6% | ||||||||
| 422,000 | American Express Co., 5.28%, 7/26/35 (SOFRRATE + 142bps)(b) | 438,140 | ||||||
| 485,000 | Capital One Financial Corp, 6.31%, 6/08/29(b) | 509,418 | ||||||
| 244,000 | Capital One Financial Corp., 4.49%, 9/11/31(b) | 243,900 | ||||||
| 1,191,458 | ||||||||
| HEALTH CARE — 1.4% | ||||||||
| BIOTECH & PHARMA — 0.5% | ||||||||
| 420,000 | Eli Lilly & Co., 5.00%, 2/09/54 | 401,661 | ||||||
| 465,000 | Pfizer, Inc., 4.88%, 11/15/35 | 470,741 | ||||||
| 872,402 | ||||||||
| HEALTH CARE FACILITIES & SERVICES — 0.9% | ||||||||
| 226,000 | Cigna Group (The), 2.38%, 3/15/31 | 205,095 | ||||||
| 776,000 | Cigna Group (The), 5.25%, 1/15/36 | 796,008 | ||||||
| 263,000 | UnitedHealth Group, Inc., 2.30%, 5/15/31 | 237,994 | ||||||
| 393,000 | UnitedHealth Group, Inc., 5.15%, 7/15/34 | 406,563 | ||||||
| 122,000 | UnitedHealth Group, Inc., 5.38%, 4/15/54 | 117,939 | ||||||
| 1,763,599 | ||||||||
| INDUSTRIALS — 2.6% | ||||||||
| AEROSPACE & DEFENSE — 0.6% | ||||||||
| 324,000 | Boeing Co. (The), 5.15%, 5/01/30 | 334,046 | ||||||
| 351,000 | Lockheed Martin Corp., 5.00%, 8/15/35 | 360,654 | ||||||
| 446,000 | Lockheed Martin Corp., 4.70%, 5/15/46 | 410,901 | ||||||
| 1,105,601 | ||||||||
See accompanying Notes to Financial Statements.
42
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| INDUSTRIALS (continued) | ||||||||
| DIVERSIFIED INDUSTRIALS — 0.5% | ||||||||
| 888,000 | Honeywell International, Inc., 4.75%, 2/01/32 | $ | 911,013 | |||||
| ELECTRICAL EQUIPMENT — 0.2% | ||||||||
| 299,000 | Johnson Controls International PLC, 5.50%, 4/19/29 | 312,221 | ||||||
| MACHINERY — 0.4% | ||||||||
| 381,000 | Caterpillar, Inc., 5.20%, 5/15/35 | 399,038 | ||||||
| 333,000 | Deere & Co., 5.10%, 4/11/34 | 347,245 | ||||||
| 746,283 | ||||||||
| TRANSPORTATION & LOGISTICS — 0.9% | ||||||||
| 472,892 | BNSF Railway Co. 2015-1 Pass Through Trust, 3.44%, 6/16/28(a) | 464,411 | ||||||
| 1,097,000 | Burlington Northern Santa Fe LLC, 4.55%, 9/01/44 | 996,953 | ||||||
| 268,145 | FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.88%, 2/20/34 | 235,899 | ||||||
| 10,099 | Union Pacific Railroad Co. 2005 Pass Through Trust, 5.08%, 1/02/29 | 10,252 | ||||||
| 155,401 | Union Pacific Railroad Co. 2014-1 Pass Through Trust, 3.23%, 5/14/26 | 154,845 | ||||||
| 1,862,360 | ||||||||
| REAL ESTATE — 0.2% | ||||||||
| REIT — 0.2% | ||||||||
| 449,000 | American Tower Corp., 3.80%, 8/15/29 | 442,438 | ||||||
| TECHNOLOGY — 2.3% | ||||||||
| SEMICONDUCTORS — 0.7% | ||||||||
| 303,000 | Broadcom, Inc., 4.35%, 2/15/30 | 305,693 | ||||||
| 861,000 | Broadcom, Inc., 4.90%, 7/15/32 | 886,167 | ||||||
| 1,191,860 | ||||||||
| SOFTWARE — 0.9% | ||||||||
| 334,000 | Oracle Corp., 4.80%, 8/03/28 | 337,328 | ||||||
| 883,000 | Oracle Corp., 4.45%, 9/26/30 | 870,431 | ||||||
| 576,000 | Oracle Corp., 5.88%, 9/26/45 | 543,456 | ||||||
| 1,751,215 | ||||||||
| TECHNOLOGY HARDWARE — 0.4% | ||||||||
| 632,000 | Apple, Inc., 2.95%, 9/11/49 | 436,118 | ||||||
| 413,000 | Cisco Systems, Inc., 4.95%, 2/26/31 | 429,759 | ||||||
| 865,877 | ||||||||
| TECHNOLOGY SERVICES — 0.3% | ||||||||
| 600,000 | International Business Machines Corp., 4.15%, 5/15/39 | 543,375 | ||||||
| UTILITIES — 3.1% | ||||||||
| ELECTRIC UTILITIES — 3.1% | ||||||||
| 494,000 | Alabama Power Co., 3.45%, 10/01/49 | 362,047 | ||||||
| 129,000 | Berkshire Hathaway Energy Co., 3.70%, 7/15/30 | 127,009 | ||||||
| 339,000 | Dominion Energy, Inc., 5.45%, 3/15/35 | 350,753 | ||||||
See accompanying Notes to Financial Statements.
43
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| UTILITIES (continued) | ||||||||
| ELECTRIC UTILITIES (continued) | ||||||||
| 1,081,000 | Duke Energy Carolinas LLC, 5.30%, 2/15/40 | $ | 1,109,659 | |||||
| 503,000 | Duke Energy Corp., 4.95%, 9/15/35 | 502,956 | ||||||
| 342,000 | Entergy Corp., 1.90%, 6/15/28 | 324,609 | ||||||
| 313,000 | Florida Power & Light Co., 5.30%, 6/15/34 | 329,424 | ||||||
| 472,000 | Florida Power & Light Co., 5.30%, 4/01/53 | 464,064 | ||||||
| 1,334,000 | MidAmerican Energy Co., 4.25%, 7/15/49 | 1,115,699 | ||||||
| 136,000 | NextEra Energy Capital Holdings, Inc., 2.25%, 6/01/30 | 125,140 | ||||||
| 193,000 | Pacific Gas and Electric Co., 4.55%, 7/01/30 | 192,422 | ||||||
| 862,000 | Virginia Electric and Power Co., 5.45%, 4/01/53 | 838,444 | ||||||
| 5,842,226 | ||||||||
| TOTAL CORPORATE BONDS (Cost $45,051,610) | 45,768,984 | |||||||
| MORTGAGE-BACKED SECURITIES — 36.3% | ||||||||
| 1,277 | Ellington Financial Mortgage Trust 2020-01 A1, 2.01%, 5/25/65(a)(b) | 1,274 | ||||||
| 255,472 | Fannie Mae Pool, 4.00%, 5/15/27 | 247,272 | ||||||
| 14,262 | Fannie Mae Pool, 5.00%, 11/01/29 | 14,470 | ||||||
| 18,112 | Fannie Mae Pool, 1.50%, 10/01/36 | 16,448 | ||||||
| 15,991 | Fannie Mae Pool, 2.50%, 4/01/37 | 15,039 | ||||||
| 84,965 | Fannie Mae Pool, 3.50%, 10/13/37 | 80,020 | ||||||
| 68,303 | Fannie Mae Pool, 3.50%, 12/01/37 | 67,020 | ||||||
| 242,354 | Fannie Mae Pool, 3.00%, 1/01/40 | 228,414 | ||||||
| 227,574 | Fannie Mae Pool, 3.00%, 10/01/40 | 213,889 | ||||||
| 211,744 | Fannie Mae Pool, 2.00%, 11/01/40 | 187,236 | ||||||
| 148,529 | Fannie Mae Pool, 2.00%, 1/01/41 | 130,573 | ||||||
| 180,101 | Fannie Mae Pool, 2.50%, 3/01/41 | 163,041 | ||||||
| 375,788 | Fannie Mae Pool, 2.50%, 9/01/41 | 340,706 | ||||||
| 423,319 | Fannie Mae Pool, 2.50%, 10/01/41 | 383,801 | ||||||
| 232,425 | Fannie Mae Pool, 2.50%, 11/01/41 | 210,436 | ||||||
| 905,367 | Fannie Mae Pool, 2.00%, 8/01/42 | 797,968 | ||||||
| 268,716 | Fannie Mae Pool, 3.50%, 9/01/42 | 258,760 | ||||||
| 74,462 | Fannie Mae Pool, 3.00%, 4/01/46 | 68,144 | ||||||
| 71,098 | Fannie Mae Pool, 3.50%, 6/01/46 | 67,416 | ||||||
| 17,958 | Fannie Mae Pool, 3.00%, 11/01/46 | 16,415 | ||||||
| 175,191 | Fannie Mae Pool, 5.00%, 11/01/46 | 180,310 | ||||||
| 796,123 | Fannie Mae Pool, 4.50%, 4/01/47 | 796,539 | ||||||
| 5,268 | Fannie Mae Pool, 3.50%, 5/01/47 | 5,018 | ||||||
| 238,440 | Fannie Mae Pool, 2.50%, 12/01/47 | 209,366 | ||||||
| 84,870 | Fannie Mae Pool, 3.00%, 4/01/48 | 77,582 | ||||||
| 318,850 | Fannie Mae Pool, 4.50%, 1/01/49 | 316,356 | ||||||
| 17,763 | Fannie Mae Pool, 2.50%, 7/01/49 | 15,594 | ||||||
| 69,779 | Fannie Mae Pool, 3.00%, 12/01/49 | 63,072 | ||||||
| 229,763 | Fannie Mae Pool, 2.50%, 5/01/50 | 193,371 | ||||||
See accompanying Notes to Financial Statements.
44
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 1,074,306 | Fannie Mae Pool, 2.50%, 6/01/50 | $ | 933,840 | |||||
| 197,829 | Fannie Mae Pool, 5.00%, 6/01/50 | 201,076 | ||||||
| 114,736 | Fannie Mae Pool, 2.50%, 10/01/50 | 99,743 | ||||||
| 16,606 | Fannie Mae Pool, 2.00%, 1/01/51 | 13,799 | ||||||
| 309,199 | Fannie Mae Pool, 2.50%, 2/01/51 | 269,631 | ||||||
| 344,569 | Fannie Mae Pool, 2.50%, 2/01/51 | 296,311 | ||||||
| 255,368 | Fannie Mae Pool, 2.00%, 3/01/51 | 212,838 | ||||||
| 20,371 | Fannie Mae Pool, 2.50%, 3/01/51 | 17,472 | ||||||
| 24,112 | Fannie Mae Pool, 2.00%, 5/01/51 | 19,779 | ||||||
| 22,820 | Fannie Mae Pool, 2.50%, 5/01/51 | 19,778 | ||||||
| 331,355 | Fannie Mae Pool, 2.50%, 6/01/51 | 287,723 | ||||||
| 618,203 | Fannie Mae Pool, 2.50%, 6/01/51 | 536,805 | ||||||
| 1,079,077 | Fannie Mae Pool, 2.50%, 7/01/51 | 936,190 | ||||||
| 629,800 | Fannie Mae Pool, 2.50%, 8/01/51 | 543,122 | ||||||
| 23,894 | Fannie Mae Pool, 2.50%, 10/01/51 | 20,466 | ||||||
| 230,303 | Fannie Mae Pool, 2.50%, 10/01/51 | 197,404 | ||||||
| 229,550 | Fannie Mae Pool, 2.00%, 1/01/52 | 190,110 | ||||||
| 230,351 | Fannie Mae Pool, 3.00%, 1/01/52 | 206,825 | ||||||
| 268,751 | Fannie Mae Pool, 3.50%, 1/01/52 | 250,094 | ||||||
| 554,246 | Fannie Mae Pool, 4.00%, 1/01/52 | 535,415 | ||||||
| 502,295 | Fannie Mae Pool, 2.00%, 2/01/52 | 416,992 | ||||||
| 37,389 | Fannie Mae Pool, 2.00%, 3/01/52 | 31,139 | ||||||
| 21,841 | Fannie Mae Pool, 5.00%, 9/01/52 | 21,966 | ||||||
| 389,019 | Fannie Mae Pool, 5.00%, 11/01/52 | 390,299 | ||||||
| 232,074 | Fannie Mae Pool, 6.50%, 1/01/53 | 243,244 | ||||||
| 717,523 | Fannie Mae Pool, 4.50%, 4/01/53 | 705,415 | ||||||
| 342,124 | Fannie Mae Pool, 6.00%, 9/01/53 | 356,751 | ||||||
| 516,518 | Fannie Mae Pool, 5.50%, 3/01/54 | 528,526 | ||||||
| 25,890 | Fannie Mae Pool, 5.50%, 8/01/54 | 26,468 | ||||||
| 1,252,173 | Fannie Mae Pool, 6.00%, 3/01/55 | 1,296,855 | ||||||
| 53,671 | Fannie Mae Pool, 4.50%, 4/01/56 | 53,365 | ||||||
| 137,889 | Fannie Mae Pool, 4.00%, 7/01/56 | 130,471 | ||||||
| 279,911 | Fannie Mae Pool, 4.50%, 8/01/56 | 276,932 | ||||||
| 446,009 | Fannie Mae Pool, 5.50%, 9/01/56 | 461,261 | ||||||
| 885,223 | Fannie Mae REMIC Trust 2005-W1 1A1, 6.00%, 10/25/44 | 929,684 | ||||||
| 4,795 | Fannie Mae REMICS, 1.25%, 1/25/28 | 4,687 | ||||||
| 1,452 | Fannie Mae REMICS, 5.50%, 1/25/32 | 1,458 | ||||||
| 59,684 | Fannie Mae REMICS, 4.00%, 4/25/33 | 59,671 | ||||||
| 12,927 | Fannie Mae REMICS, 5.00%, 8/25/35 | 13,247 | ||||||
| 300,000 | Fannie Mae REMICS, 3.50%, 10/25/37 | 294,624 | ||||||
| 26,849 | Fannie Mae REMICS, 2.00%, 12/25/41 | 25,282 | ||||||
| 90,368 | Fannie Mae REMICS, 3.50%, 2/25/43 | 87,160 | ||||||
| 209,626 | Fannie Mae REMICS, 3.00%, 6/25/43 | 207,222 | ||||||
| 362,274 | Fannie Mae REMICS, 5.50%, 6/25/44 | 366,518 | ||||||
See accompanying Notes to Financial Statements.
45
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 83,080 | Fannie Mae REMICS, 2.00%, 10/25/44 | $ | 76,684 | |||||
| 41,439 | Fannie Mae REMICS, 3.00%, 4/25/45 | 40,052 | ||||||
| 59,937 | Fannie Mae REMICS, 3.50%, 9/25/48 | 58,359 | ||||||
| 35,432 | Fannie Mae REMICS, 5.50%, 1/25/49 | 35,892 | ||||||
| 13,726 | Fannie Mae REMICS, 3.00%, 2/25/49 | 12,918 | ||||||
| 51,083 | Fannie Mae REMICS, 3.00%, 7/25/49 | 47,107 | ||||||
| 146,628 | Fannie Mae REMICS, 2.00%, 3/25/50 | 126,006 | ||||||
| 495,701 | Fannie Mae REMICS, 2.00%, 7/25/50 | 425,467 | ||||||
| 8,941 | Fannie Mae REMICS, 1.00%, 2/25/51 | 7,022 | ||||||
| 265,478 | Fannie Mae REMICS, 5.00%, 2/25/51 | 265,393 | ||||||
| 406,197 | Fannie Mae REMICS, 5.00%, 7/25/51 | 407,669 | ||||||
| 312,142 | Fannie Mae REMICS, 5.00%, 1/25/53 | 315,860 | ||||||
| 120,894 | Fannie Mae REMICS, 3.50%, 6/25/53 | 117,754 | ||||||
| 8,803 | Fannie Mae Trust 2003-W8 3F2, 4.54%, 5/25/42 (SOFR NYF 30D + 46bps)(b) | 8,778 | ||||||
| 725,000 | Federal Farm Credit Banks Funding Corp., 4.70%, 3/05/29 | 726,368 | ||||||
| 1,240,000 | Federal Farm Credit Banks Funding Corp., 4.59%, 8/25/31 | 1,239,043 | ||||||
| 1,339,000 | Federal Farm Credit Banks Funding Corp., 4.70%, 3/24/32 | 1,337,545 | ||||||
| 2,832,000 | Federal Farm Credit Banks Funding Corp., 5.11%, 7/15/32 | 2,851,490 | ||||||
| 905,000 | Federal Farm Credit Banks Funding Corp., 4.97%, 9/02/32 | 905,347 | ||||||
| 852,000 | Federal Farm Credit Banks Funding Corp., 4.94%, 3/03/33 | 863,900 | ||||||
| 1,906,000 | Federal Farm Credit Banks Funding Corp., 5.09%, 3/11/33 | 1,906,348 | ||||||
| 1,658,000 | Federal Farm Credit Banks Funding Corp., 5.11%, 3/25/33 | 1,657,656 | ||||||
| 1,376,000 | Federal Farm Credit Banks Funding Corp., 5.27%, 6/23/33 | 1,379,812 | ||||||
| 1,170,000 | Federal Farm Credit Banks Funding Corp., 4.94%, 9/08/33 | 1,174,704 | ||||||
| 309,000 | Federal Farm Credit Banks Funding Corp., 5.25%, 3/03/34 | 309,451 | ||||||
| 2,362,000 | Federal Farm Credit Banks Funding Corp., 1.73%, 9/10/35 | 1,877,611 | ||||||
| 805,000 | Federal Home Loan Banks, 5.19%, 2/25/32 | 805,728 | ||||||
| 920,000 | Federal Home Loan Banks, 4.85%, 9/24/32 | 919,726 | ||||||
| 1,815,000 | Federal Home Loan Banks, 5.35%, 6/12/34 | 1,822,862 | ||||||
| 1,760,000 | Federal Home Loan Banks, 5.38%, 4/09/35 | 1,765,936 | ||||||
| 30,683 | Freddie Mac Gold Pool, 3.00%, 11/01/42 | 28,538 | ||||||
| — | Freddie Mac Gold Pool, 3.50%, 12/01/42(c) | — | ||||||
| 5,116 | Freddie Mac Gold Pool, 3.00%, 11/01/46 | 4,680 | ||||||
| 198,634 | Freddie Mac Gold Pool, 3.00%, 12/01/46 | 181,786 | ||||||
| 110,383 | Freddie Mac Gold Pool, 3.00%, 1/01/47 | 100,615 | ||||||
| 456,165 | Freddie Mac Pool, 2.50%, 3/15/28 | 394,731 | ||||||
| 232,114 | Freddie Mac Pool, 3.50%, 6/15/29 | 216,618 | ||||||
| 231,146 | Freddie Mac Pool, 3.00%, 7/01/38 | 221,195 | ||||||
| 7,044 | Freddie Mac Pool, 2.50%, 5/01/50 | 5,928 | ||||||
| 115,204 | Freddie Mac Pool, 2.00%, 8/01/50 | 96,009 | ||||||
| 207,086 | Freddie Mac Pool, 2.50%, 11/01/50 | 177,765 | ||||||
| 177,938 | Freddie Mac Pool, 2.50%, 12/01/50 | 154,544 | ||||||
| 277,580 | Freddie Mac Pool, 2.00%, 2/01/51 | 227,754 | ||||||
| 597,115 | Freddie Mac Pool, 2.50%, 3/01/51 | 518,501 | ||||||
See accompanying Notes to Financial Statements.
46
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 31,399 | Freddie Mac Pool, 2.50%, 5/01/51 | $ | 27,252 | |||||
| 22,643 | Freddie Mac Pool, 2.50%, 6/01/51 | 19,421 | ||||||
| 399,032 | Freddie Mac Pool, 2.50%, 9/01/51 | 347,408 | ||||||
| 365,913 | Freddie Mac Pool, 2.00%, 11/01/51 | 299,976 | ||||||
| 412,332 | Freddie Mac Pool, 3.00%, 12/01/51 | 369,709 | ||||||
| 195,829 | Freddie Mac Pool, 2.50%, 2/01/52 | 168,478 | ||||||
| 650,837 | Freddie Mac Pool, 3.00%, 8/01/52 | 586,460 | ||||||
| 441,005 | Freddie Mac Pool, 5.00%, 12/01/52 | 449,920 | ||||||
| 484,862 | Freddie Mac Pool, 6.00%, 2/01/53 | 504,929 | ||||||
| 237,218 | Freddie Mac Pool, 5.50%, 6/01/53 | 241,845 | ||||||
| 17,506 | Freddie Mac Pool, 6.00%, 8/01/53 | 18,087 | ||||||
| 371,707 | Freddie Mac Pool, 5.50%, 9/01/53 | 382,317 | ||||||
| 17,766 | Freddie Mac Pool, 6.50%, 11/01/53 | 18,644 | ||||||
| 12,734 | Freddie Mac Pool, 5.00%, 4/01/54 | 12,803 | ||||||
| 191,682 | Freddie Mac Pool, 5.50%, 11/01/54 | 196,680 | ||||||
| 406,000 | Freddie Mac Pool, 5.50%, 11/01/55 | 412,534 | ||||||
| 12,261 | Freddie Mac REMICS, 3.50%, 8/15/27 | 12,230 | ||||||
| 15,493 | Freddie Mac REMICS, 3.00%, 8/15/40 | 15,437 | ||||||
| 8,926 | Freddie Mac REMICS, 2.00%, 12/15/41 | 8,510 | ||||||
| 44,105 | Freddie Mac REMICS, 2.00%, 6/25/42 | 42,193 | ||||||
| 23,075 | Freddie Mac REMICS, 3.00%, 5/15/43 | 22,729 | ||||||
| 3,168 | Freddie Mac REMICS, 3.00%, 11/15/43 | 3,149 | ||||||
| 86,821 | Freddie Mac REMICS, 2.00%, 3/25/44 | 82,947 | ||||||
| 113,022 | Freddie Mac REMICS, 3.00%, 8/15/44 | 110,236 | ||||||
| 227,968 | Freddie Mac REMICS, 2.00%, 5/25/46 | 207,056 | ||||||
| 226,929 | Freddie Mac REMICS, 3.00%, 6/25/48 | 212,060 | ||||||
| 541,802 | Freddie Mac REMICS, 2.50%, 10/25/48 | 503,701 | ||||||
| 698,393 | Freddie Mac REMICS, 1.50%, 2/25/49 | 579,380 | ||||||
| 99,775 | Freddie Mac REMICS, 1.00%, 4/25/49 | 86,025 | ||||||
| 1,133,739 | Freddie Mac REMICS, 5.50%, 9/25/49 | 1,149,356 | ||||||
| 44,646 | Freddie Mac REMICS, 1.00%, 1/25/50 | 34,944 | ||||||
| 333,909 | Freddie Mac REMICS, 1.00%, 9/25/50 | 264,734 | ||||||
| 17,049 | Freddie Mac REMICS, 0.75%, 12/25/50 | 13,452 | ||||||
| 38,852 | Freddie Mac REMICS, 2.00%, 1/25/51 | 32,357 | ||||||
| 454,081 | Freddie Mac REMICS, 5.50%, 11/25/51 | 460,581 | ||||||
| 123,578 | Freddie Mac REMICS, 3.25%, 4/15/53 | 121,171 | ||||||
| 23,431 | Freddie Mac REMICS, 3.00%, 1/15/55 | 22,831 | ||||||
| 71,394 | Freddie Mac Structured Pass-Through Certificates, 5.51%, 7/25/44 (12MTA + 140bps)(b) | 69,433 | ||||||
| 11,121 | Freddie Mac Structured Pass-Through Certificates, 5.31%, 10/25/44 (12MTA + 120bps)(b) | 10,251 | ||||||
| 230,558 | Ginnie Mae I Pool, 3.00%, 8/15/45 | 210,299 | ||||||
| 13,297 | Ginnie Mae II Pool, 3.50%, 4/20/27 | 13,220 | ||||||
| 5,484 | Ginnie Mae II Pool, 3.50%, 7/20/27 | 5,449 | ||||||
| 366,674 | Ginnie Mae II Pool, 3.50%, 12/20/34 | 357,911 | ||||||
| 1,844 | Ginnie Mae II Pool, 5.00%, 6/20/48 | 1,871 | ||||||
See accompanying Notes to Financial Statements.
47
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 40,406 | Ginnie Mae II Pool, 5.00%, 7/20/48 | $ | 41,208 | |||||
| 350,308 | Ginnie Mae II Pool, 3.50%, 1/20/50 | 324,354 | ||||||
| 216,287 | Ginnie Mae II Pool, 2.50%, 12/20/50 | 186,120 | ||||||
| 1,064,497 | Ginnie Mae II Pool, 2.00%, 2/20/51 | 867,987 | ||||||
| 2,477,557 | Ginnie Mae II Pool, 2.00%, 3/20/51 | 2,032,661 | ||||||
| 756,442 | Ginnie Mae II Pool, 2.00%, 4/20/51 | 616,797 | ||||||
| 1,323,655 | Ginnie Mae II Pool, 2.50%, 6/20/51 | 1,127,984 | ||||||
| 415,948 | Ginnie Mae II Pool, 2.50%, 9/20/51 | 357,683 | ||||||
| 695,911 | Ginnie Mae II Pool, 3.00%, 3/20/52 | 627,651 | ||||||
| 936,628 | Ginnie Mae II Pool, 3.50%, 3/20/52 | 869,794 | ||||||
| 367,536 | Ginnie Mae II Pool, 4.00%, 7/20/52 | 344,521 | ||||||
| 272,060 | Ginnie Mae II Pool, 2.50%, 2/20/53 | 237,055 | ||||||
| 317,564 | Ginnie Mae II Pool, 3.50%, 6/20/53 | 293,902 | ||||||
| 297,827 | Ginnie Mae II Pool, 5.50%, 9/01/53(b) | 303,022 | ||||||
| 434,815 | Ginnie Mae II Pool, 6.00%, 9/20/53 | 448,056 | ||||||
| 793,464 | Ginnie Mae II Pool, 3.00%, 12/20/53 | 703,372 | ||||||
| 863 | Government National Mortgage Association 2009-34 BH, 4.00%, 5/20/39 | 854 | ||||||
| — | Government National Mortgage Association 2012-149 PT, 5.00%, 12/20/27(c) | — | ||||||
| 58,747 | Government National Mortgage Association 2014-6 JA, 2.75%, 6/20/42 | 57,523 | ||||||
| 487,640 | Government National Mortgage Association 2015-151 UB, 2.00%, 3/20/45 | 452,383 | ||||||
| 3,559 | Government National Mortgage Association 2016-150 JG, 2.50%, 10/20/45 | 3,522 | ||||||
| 4,059 | Government National Mortgage Association 2017-24 A, 2.25%, 9/16/44 | 3,975 | ||||||
| 130,476 | Government National Mortgage Association 2018-76 EB, 2.50%, 9/20/46 | 126,440 | ||||||
| 293,486 | Government National Mortgage Association 2020-45 ME, 2.00%, 3/20/50 | 251,713 | ||||||
| 1,373,816 | Government National Mortgage Association 2021-154 CE, 1.75%, 9/20/51 | 1,209,818 | ||||||
| 108,837 | Government National Mortgage Association 2021-77 LA, 1.00%, 8/20/50 | 85,247 | ||||||
| 129,907 | Government National Mortgage Association 2021-83 KB, 1.25%, 5/20/51 | 103,715 | ||||||
| 815,356 | Government National Mortgage Association 2022-189 PT, 2.50%, 10/20/51 | 692,214 | ||||||
| 12,802 | Government National Mortgage Association 2022-213 GP, 5.00%, 8/20/47 | 12,875 | ||||||
| 472,499 | Government National Mortgage Association 2022-218 EV, 5.50%, 11/20/33 | 486,956 | ||||||
| 24,748 | Government National Mortgage Association 2022-99 GQ, 3.50%, 1/20/52 | 24,404 | ||||||
| 17,246 | Government National Mortgage Association 2023-120 AK, 6.00%, 11/20/44 | 17,437 | ||||||
| 84,649 | Government National Mortgage Association 2023-150 HE, 6.00%, 3/20/42 | 85,172 | ||||||
| 246,263 | Government National Mortgage Association 2024-20 PC, 5.50%, 2/20/54 | 251,938 | ||||||
| 3,527 | Government National Mortgage Association 2024-20 VG, 5.50%, 8/20/35 | 3,590 | ||||||
| 12,626 | Government National Mortgage Association 2024-43 HP, 5.00%, 7/20/53 | 12,787 | ||||||
| 334,164 | Government National Mortgage Association 2024-65 NB, 5.50%, 2/20/48 | 334,202 | ||||||
| 540,000 | Government National Mortgage Association 2024-8 JL, 5.00%, 1/20/54 | 542,713 | ||||||
| 413,000 | Morgan Stanley Capital I Trust 2016-UBS12, 3.60%, 12/17/49 | 408,107 | ||||||
| 145,262 | Morgan Stanley Capital I Trust 2016-UBS9, 3.59%, 3/17/49 | 144,946 | ||||||
| 925,000 | PSMC 2020-3 Trust, 3.00%, 11/25/50(a)(b) | 784,437 | ||||||
| 62,835 | Seasoned Credit Risk Transfer Trust 2012-2 MA, 2.00%, 11/25/60 | 55,421 | ||||||
| 334,000 | UBS Commercial Mortgage Trust, 2.92%, 10/18/52 | 317,585 | ||||||
| 365,772 | UMBS Freddie Mac Pool, 5.00%, 7/01/53 | 371,196 | ||||||
See accompanying Notes to Financial Statements.
48
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 160,000 | Wells Fargo Commercial Mortgage Trust 2016-C35, 2.93%, 7/17/48 | $ | 158,401 | |||||
| 351,000 | Wells Fargo Commercial Mortgage Trust 2017-RB1, 3.64%, 3/15/50 | 343,011 | ||||||
| 56,718 | Wells Fargo Commercial Mortgage Trust 2021-SAVE, 5.32%, 2/15/40 (1MO SOFR + 1bps)(a)(b) | 56,834 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $70,021,377) | 69,391,919 | |||||||
| U.S. GOVERNMENT & AGENCIES — 34.1% | ||||||||
| GOVERNMENT SPONSORED — 1.0% | ||||||||
| 2,150,000 | Resolution Funding Corp. Principal “Strips”, 0.00%, 1/15/30 | 1,843,263 | ||||||
| U.S. TREASURY BONDS — 11.3% | ||||||||
| 2,397,000 | United States Treasury Bond, 2.75%, 11/15/42 | 1,880,240 | ||||||
| 2,832,000 | United States Treasury Bond, 4.75%, 11/15/43 | 2,891,240 | ||||||
| 3,196,000 | United States Treasury Bond, 2.00%, 8/15/51 | 1,893,692 | ||||||
| 2,053,000 | United States Treasury Bond, 4.00%, 11/15/52 | 1,833,345 | ||||||
| 3,703,000 | United States Treasury Note/Bond, 3.75%, 12/31/28 | 3,730,339 | ||||||
| 3,799,000 | United States Treasury Note/Bond, 4.63%, 11/15/45 | 3,796,626 | ||||||
| 4,886,000 | United States Treasury Note/Bond, 3.13%, 5/15/48 | 3,810,698 | ||||||
| 1,919,000 | United States Treasury Note/Bond, 4.63%, 11/15/55 | 1,905,507 | ||||||
| 21,741,687 | ||||||||
| U.S. TREASURY NOTES — 21.8% | ||||||||
| 3,661,000 | United States Treasury Note, 4.13%, 7/31/31 | 3,745,375 | ||||||
| 1,728,000 | United States Treasury Note, 4.25%, 8/15/35 | 1,761,885 | ||||||
| 3,774,000 | United States Treasury Note/Bond, 3.50%, 10/31/27 | 3,773,263 | ||||||
| 2,311,000 | United States Treasury Note/Bond, 3.88%, 7/15/28 | 2,333,297 | ||||||
| 3,781,000 | United States Treasury Note/Bond, 3.50%, 11/15/28 | 3,782,034 | ||||||
| 1,857,000 | United States Treasury Note/Bond, 3.63%, 8/31/30 | 1,859,176 | ||||||
| 4,273,000 | United States Treasury Note/Bond, 3.63%, 10/31/30 | 4,277,340 | ||||||
| 1,908,000 | United States Treasury Note/Bond, 3.50%, 11/30/30 | 1,899,280 | ||||||
| 3,771,000 | United States Treasury Note/Bond, 3.88%, 9/30/32 | 3,792,212 | ||||||
| 4,743,000 | United States Treasury Note/Bond, 3.75%, 10/31/32 | 4,732,625 | ||||||
| 4,461,000 | United States Treasury Note/Bond, 4.00%, 11/15/35 | 4,454,378 | ||||||
| 1,834,000 | United States Treasury Note/Bond, 4.38%, 2/15/38 | 1,876,125 | ||||||
| 3,255,000 | United States Treasury Note/Bond, 4.75%, 8/15/55 | 3,296,705 | ||||||
| 41,583,695 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $64,788,708) | 65,168,645 | |||||||
See accompanying Notes to Financial Statements.
49
North Square McKee Bond Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 6.1% | ||||||||
| 11,585,932 | First American Treasury Obligations Fund, Class X, 3.91%(d) | $ | 11,585,932 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,585,932) | 11,585,932 | |||||||
| TOTAL INVESTMENTS — 103.3% (Cost $196,814,171) | $ | 197,311,852 | ||||||
| Liabilities in Excess of Other Assets — (3.3)% | (6,316,554 | ) | ||||||
| NET ASSETS — 100.00% | $ | 190,995,298 | ||||||
| (a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $4,811,576 or 2.6% of net assets. |
| (b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
| (c) | Rounds to less than 0.05. |
| (d) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
REMIC Real Estate Mortgage Investment Conduit
See accompanying Notes to Financial Statements.
50
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 5.4% | ||||||||
| MATERIALS — 5.4% | ||||||||
| METALS & MINING — 5.4% | ||||||||
| 34,754 | Agnico Eagle Mines Ltd. | $ | 6,062,140 | |||||
| 184,573 | Alamos Gold, Inc., Class A | 6,921,487 | ||||||
| 241,515 | Kinross Gold Corp. | 6,788,987 | ||||||
| 849,233 | New Gold, Inc.(a) | 7,091,096 | ||||||
| 51,813 | Newmont Goldcorp Corp. | 4,700,993 | ||||||
| 212,526 | Orla Mining Ltd.(a) | 2,996,617 | ||||||
| 378,985 | Wesdome Gold Mines, Ltd.(a) | 5,980,383 | ||||||
| 40,541,703 | ||||||||
| TOTAL MATERIALS | 40,541,703 | |||||||
| TOTAL COMMON STOCKS (Cost $25,878,448) | 40,541,703 | |||||||
| EXCHANGE-TRADED FUNDS — 0.9% | ||||||||
| 271,501 | North Square RCIM Tax-Advantaged Preferred & Income Securities ETF(b) | 6,946,027 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $6,880,667) | 6,946,027 | |||||||
| Principal Amount ($) |
||||||||
| ASSET BACKED SECURITIES — 13.2% | ||||||||
| 711,823 | Aegis Asset Backed Securities Trust 2005-2, 4.79%, 6/25/35 (TSFR1M + 83bps)(c) | 687,290 | ||||||
| 24,749 | Ameriquest Mortgage Securities, Inc. 2004-R2, 4.71%, 4/25/34 (TSFR1M + 76bps)(c) | 24,956 | ||||||
| 5,720,000 | Applebee’s Funding LLC / IHOP Funding LLC 2025-1A A2, 6.72%, 6/07/55(d) | 5,770,502 | ||||||
| 3,880,708 | BXP Trust 2017-CQHP, 4.86%, 11/15/34 (TSFR1M + 90bps)(c)(d) | 3,729,539 | ||||||
| 26,130,000 | Citigroup Commercial Mortgage Trust 2015-101A, 1.10%, 1/14/43(c)(d) | 2,008,626 | ||||||
| 72,000,000 | Citigroup Commercial Mortgage Trust 2020-555 X, 0.74%, 12/10/29(c)(d) | 1,985,479 | ||||||
| 6,461,560 | COMM 2010-C1 Mortgage Trust, 5.77%, 7/10/46(c)(d) | 6,406,025 | ||||||
| 350,000 | COMM 2013-CCRE7 Mortgage Trust, 4.24%, 3/10/46(c)(d) | 326,141 | ||||||
| 483,918 | COMM 2015-CCRE23 Mortgage Trust, 4.21%, 5/10/48(c) | 470,624 | ||||||
| 1,886,000 | Credit Suisse Mortgage Trust 2021-Gate C, 6.78%, 12/15/36(c)(d)(e) | 1,848,381 | ||||||
| 5,037,000 | CyrusOne Data Centers Issuer I LLC, 4.50%, 5/20/29(d) | 4,943,992 | ||||||
| 6,975,000 | DataBank Issuer II LLC 2025-1A A2, 5.18%, 9/27/55(d) | 6,914,764 | ||||||
| 484,634 | FBR Securitization Trust 2005-5 M2, 4.77%, 11/26/35 (TSFR1M + 82bps)(c) | 482,164 | ||||||
| 3,000,000 | GS Mortgage Securities Trust 2015-GC32, 4.34%, 7/10/48(c)(d) | 2,919,721 | ||||||
| 3,570,000 | HI-FI Music IP Issuer LP 2022-1A A2, 3.94%, 2/01/62(d) | 3,534,176 | ||||||
| 4,485,352 | HomeBanc Mortgage Trust 2005-3 M4, 5.00%, 7/25/35(c) | 4,521,096 | ||||||
| 99,379 | HSI Asset Securitization Corporation Trust 2006-OPT3, 4.61%, 2/25/36 (TSFR1M + 65bps)(c) | 98,572 | ||||||
| 486,670 | IMM 2005-1 1A1, 4.59%, 4/25/35(c) | 475,973 | ||||||
| 782,225 | Impac CMB Trust Series 2005-4, 4.71%, 5/25/35 (TSFR1M + 54bps)(c) | 759,889 | ||||||
| 4,158,506 | JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN, 3.91%, 5/05/30(d) | 4,129,958 | ||||||
| 28,037 | JPMorgan Mortgage Acquisition Trust 2006-CH1, 4.55%, 7/25/36 (TSFR1M + 59bps)(c) | 28,047 | ||||||
| 238,263 | JPMorgan Mortgage Acquisition Trust 2007-CH3, 4.33%, 3/25/37 (TSFR1M + 37bps)(c) | 237,010 | ||||||
| 3,580,000 | Kapitus Asset Securitization, LLC 2024-1A, 5.49%, 9/10/31(d) | 3,602,307 | ||||||
| 590,181 | Long Beach Mortgage Loan Trust 2005-1, 5.34%, 2/25/35 (TSFR1M + 139bps)(c) | 585,844 | ||||||
| 5,000,000 | Lyra Music Assets Delaware LP 2025-1A A2, 5.60%, 9/20/65(d) | 5,065,760 | ||||||
See accompanying Notes to Financial Statements.
51
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| ASSET BACKED SECURITIES (Continued) | ||||||||
| 2,896,631 | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 E, 4.64%, 8/15/45(c)(d) | $ | 2,843,971 | |||||
| 2,072,014 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 C, 4.04%, 2/15/46(c) | 1,971,194 | ||||||
| 2,169,408 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 E, 3.50%, 8/15/47(d) | 2,114,845 | ||||||
| 5,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.06%, 10/01/48(d) | 4,813,112 | ||||||
| 2,500,000 | Morgan Stanley Capital I Trust 2011-C2, 5.21%, 6/15/44(c)(d) | 2,433,125 | ||||||
| 445,450 | Morgan Stanley Capital I Trust 2011-C2, 5.21%, 6/15/44(c)(d) | 442,350 | ||||||
| 2,800,000 | Morgan Stanley Capital I Trust 2014-150E, 3.91%, 9/09/32(d) | 2,540,922 | ||||||
| 3,500,000 | Olympic Tower 2017-OT Mortgage Trust, 3.57%, 5/01/39(d) | 3,349,426 | ||||||
| 209,861 | Renaissance Home Equity Loan Trust 2005-3, 5.14%, 11/25/35 | 209,972 | ||||||
| 251,000,000 | RIDE 2025-SHRE, 0.28%, 2/14/47(c)(d) | 2,515,497 | ||||||
| 1,473,458 | Wells Fargo Commercial Mortgage Trust 2014-LC18, 4.19%, 12/15/47(c) | 1,448,423 | ||||||
| 1,751,924 | Wells Fargo Commercial Mortgage Trust 2015-C29, 4.21%, 6/01/48(c) | 1,703,693 | ||||||
| 4,448,000 | Wells Fargo Commercial Mortgage Trust 2017-SMP, 4.95%, 12/15/34(c)(d) | 4,160,886 | ||||||
| 6,250,000 | Zayo Issuer LLC 2025-3A A2, 5.57%, 10/20/55(d) | 6,308,244 | ||||||
| TOTAL ASSET BACKED SECURITIES (Cost $97,564,519) | 98,412,496 | |||||||
| CORPORATE BONDS — 28.2% | ||||||||
| COMMUNICATIONS — 2.8% | ||||||||
| ENTERTAINMENT CONTENT — 0.4% | ||||||||
| 3,100,000 | Paramount Global, 6.25%, 2/28/57(c) | 3,020,640 | ||||||
| TELECOMMUNICATIONS — 2.4% | ||||||||
| 4,000,000 | Bell Canada, 7.00%, 9/15/55 (H15T5Y + 236bps)(c) | 4,211,564 | ||||||
| 5,775,000 | Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)(c) | 6,115,922 | ||||||
| 5,700,000 | TELUS Corp., 6.63%, 10/15/55(c) | 5,844,066 | ||||||
| 2,000,000 | TELUS Corp., 7.00%, 10/15/55(c) | 2,089,190 | ||||||
| 18,260,742 | ||||||||
| CONSUMER DISCRETIONARY — 0.6% | ||||||||
| AUTOMOTIVE — 0.6% | ||||||||
| 4,416,000 | General Motors Financial Co., Inc., 5.75%, 3/30/66(c)(f) | 4,375,672 | ||||||
| ENERGY — 3.7% | ||||||||
| OIL & GAS PRODUCERS — 3.7% | ||||||||
| 2,050,000 | Enbridge, Inc., 7.20%, 6/27/54 (H15T5Y + 297bps)(c) | 2,198,881 | ||||||
| 4,000,000 | Enbridge, Inc., 5.75%, 7/15/80(c) | 4,056,444 | ||||||
| 6,500,000 | Energy Transfer LP, 6.63%, 2/15/72 (US0003M + 416bps)(c)(f) | 6,519,117 | ||||||
| 2,000,000 | Phillips 66 Co., 5.88%, 3/15/56 (H15T5Y + 228bps)(c) | 1,971,070 | ||||||
| 6,000,000 | Phillips 66 Co., 6.20%, 3/15/56 (H15T5Y + 217bps)(c) | 6,012,078 | ||||||
| 5,000,000 | South Bow Canadian Infrastructure Holdings Ltd., 7.50%, 3/01/55(c) | 5,320,690 | ||||||
| 1,500,000 | Transcanada Trust, 5.50%, 9/15/79(c) | 1,489,470 | ||||||
| 27,567,750 | ||||||||
See accompanying Notes to Financial Statements.
52
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS (continued) | ||||||||
| FINANCIALS — 10.2% | ||||||||
| ASSET MANAGEMENT — 1.2% | ||||||||
| 5,805,000 | Charles Schwab Corp. (The), 4.00%, 12/31/49 (H15T10Y + 308bps)(c)(f) | $ | 5,415,339 | |||||
| 4,000,000 | UBS Group AG, 4.38%, 8/10/71(c)(f) | 3,634,790 | ||||||
| 9,050,129 | ||||||||
| BANKING — 8.6% | ||||||||
| 5,000,000 | Bank of America Corp., 5.88%, 3/15/49(c)(f) | 5,050,120 | ||||||
| 6,000,000 | Citigroup, Inc., 6.95%, 2/15/80 (H15T5Y + 273bps)(c)(f) | 6,148,320 | ||||||
| 6,000,000 | Citizens Financial Group, Inc., 4.00%, 10/06/71(c)(f) | 5,919,825 | ||||||
| 4,800,000 | HSBC Holdings PLC, 7.05%, 12/31/49 (H15T5Y + 299bps)(c)(f) | 4,983,648 | ||||||
| 6,000,000 | Huntington Bancshares, Inc., 6.35%, 10/15/80 (H15T5Y + 265bps)(c)(f) | 5,924,176 | ||||||
| 7,000,000 | JPMorgan Chase & Co., 3.65%, 12/31/69(c)(f) | 6,940,852 | ||||||
| 6,800,000 | Nordea Bank Abp, 6.75%, 11/10/88 (H15T5Y + 272bps)(c)(d)(f) | 6,959,025 | ||||||
| 5,000,000 | Royal Bank of Canada, 6.50%, 11/24/85 | 4,983,651 | ||||||
| 6,600,000 | Svenska Handelsbanken AB, 4.75%, 3/01/71(c)(f) | 6,270,610 | ||||||
| 7,000,000 | Truist Financial Corp., 5.10%, 3/01/61(c)(f) | 7,029,547 | ||||||
| 4,000,000 | Wells Fargo & Co., 3.90%, 3/15/69 (H15T5Y + 345bps)(c)(f) | 3,984,541 | ||||||
| 64,194,315 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 0.4% | ||||||||
| 3,000,000 | CenterPoint Energy, Inc., 6.85%, 2/15/55 (H15T5Y + 295bps)(c) | 3,220,281 | ||||||
| MATERIALS — 0.5% | ||||||||
| CHEMICALS — 0.5% | ||||||||
| 5,250,000 | FMC Corp., 8.45%, 11/01/55(c) | 4,091,838 | ||||||
| UTILITIES — 10.4% | ||||||||
| ELECTRIC UTILITIES — 9.4% | ||||||||
| 5,467,000 | Algonquin Power & Utilities Corp., 4.75%, 1/18/82(c) | 5,391,493 | ||||||
| 4,782,000 | American Electric Power Co., Inc., 6.95%, 12/15/54 (H15T5Y + 268bps)(c) | 5,186,992 | ||||||
| 3,500,000 | American Electric Power Co., Inc., 6.05%, 3/15/56 (H15T5Y + 194bps)(c) | 3,504,468 | ||||||
| 4,721,000 | CMS Energy Corp., 4.75%, 6/01/50 (H15T5Y + 412bps)(c) | 4,621,771 | ||||||
| 6,000,000 | Dominion Energy, Inc., 6.20%, 2/15/56 (H15T10Y + 2bps)(c) | 6,064,268 | ||||||
| 4,500,000 | Duke Energy Corp., 6.45%, 9/01/54 (H15T5Y + 259bps)(c) | 4,729,217 | ||||||
| 5,436,000 | Emera, Inc., 6.75%, 6/15/76(c) | 5,480,477 | ||||||
| 9,700,000 | Exelon Corp., 6.50%, 3/15/55 (H15T5Y + 198bps)(c) | 10,150,939 | ||||||
| 5,500,000 | NextEra Energy Capital Holdings, Inc., 6.50%, 8/15/55 (H15T5Y + 198bps)(c) | 5,823,598 | ||||||
| 2,000,000 | NiSource, Inc., 6.38%, 3/31/55 (H15T5Y + 253bps)(c) | 2,073,968 | ||||||
| 4,000,000 | NRG Energy, Inc., 10.25%, 12/31/49 (H15T5Y + 592bps)(c)(d)(f) | 4,367,812 | ||||||
| 6,400,000 | Southern Co. (The), 6.38%, 3/15/55(c) | 6,780,614 | ||||||
| 5,040,000 | Vistra Corp., 8.88%, 12/31/49 (H15T5Y + 505bps)(c)(d)(f) | 5,633,531 | ||||||
| 69,809,148 | ||||||||
See accompanying Notes to Financial Statements.
53
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| GAS & WATER UTILITIES — 1.0% | ||||||||
| 4,550,000 | AltaGas Ltd., 7.20%, 10/15/54 (H15T5Y + 357bps)(c)(d) | $ | 4,710,588 | |||||
| 3,000,000 | NiSource, Inc., 5.75%, 7/15/56(c) | 3,036,163 | ||||||
| 7,746,751 | ||||||||
| TOTAL CORPORATE BONDS (Cost $208,205,796) | 211,337,266 | |||||||
| MORTGAGE-BACKED SECURITIES — 42.3% | ||||||||
| 3,500,000 | BXHPP Trust 2021-FILM, 4.72%, 8/15/36 (1MO SOFR + 1bps)(c)(d)(e) | 3,373,130 | ||||||
| 4,893,053 | Fannie Mae Pool, 3.50%, 10/01/51 | 4,537,847 | ||||||
| 8,544,314 | Fannie Mae Pool, 2.50%, 12/01/51 | 7,306,700 | ||||||
| 3,278,615 | Fannie Mae Pool, 3.00%, 12/01/51 | 2,919,399 | ||||||
| 5,543,656 | Fannie Mae Pool, 3.50%, 4/01/52 | 5,168,379 | ||||||
| 2,348,091 | Fannie Mae Pool, 2.50%, 5/01/52 | 2,020,134 | ||||||
| 8,645,568 | Fannie Mae Pool, 2.50%, 6/01/52 | 7,404,051 | ||||||
| 1,821,000 | Fannie Mae Pool, 3.00%, 7/01/52 | 1,621,767 | ||||||
| 2,201,778 | Fannie Mae Pool, 5.00%, 7/01/52 | 2,209,135 | ||||||
| 4,176,298 | Fannie Mae Pool, 4.50%, 11/01/52 | 4,109,282 | ||||||
| 5,788,117 | Fannie Mae Pool, 4.50%, 6/01/53 | 5,695,830 | ||||||
| 2,561,138 | Fannie Mae Pool, 5.00%, 6/01/53 | 2,573,792 | ||||||
| 6,809,153 | Fannie Mae Pool, 5.50%, 6/01/53 | 6,982,252 | ||||||
| 7,181,440 | Fannie Mae Pool, 5.50%, 10/01/53 | 7,317,314 | ||||||
| 784,548 | Fannie Mae Pool, 6.00%, 10/01/53 | 809,512 | ||||||
| 3,000,431 | Fannie Mae Pool, 6.00%, 10/01/53 | 3,077,641 | ||||||
| 7,516,313 | Fannie Mae Pool, 6.00%, 1/01/54 | 7,709,826 | ||||||
| 8,178,314 | Fannie Mae Pool, 5.50%, 5/01/54 | 8,327,957 | ||||||
| 4,440,306 | Fannie Mae Pool, 4.50%, 8/01/54 | 4,392,129 | ||||||
| 933,217 | Fannie Mae Pool, 6.00%, 11/01/54 | 961,771 | ||||||
| 8,222,093 | Fannie Mae Pool, 4.00%, 1/01/55 | 7,837,777 | ||||||
| 4,620,887 | Fannie Mae Pool, 5.00%, 6/01/55 | 4,641,038 | ||||||
| 6,943,112 | Fannie Mae Pool, 5.00%, 6/01/55 | 6,938,767 | ||||||
| 3,512,395 | Fannie Mae-Aces, 1.38%, 8/25/28(c) | 105,456 | ||||||
| 878,848 | Fannie Mae-Aces, 0.75%, 9/25/28 | 845,767 | ||||||
| 2,642,707 | Fannie Mae-Aces, 1.24%, 3/26/29(c) | 81,544 | ||||||
| 39,751,665 | Fannie Mae-Aces, 0.53%, 8/01/35(c) | 1,739,259 | ||||||
| 2,602,536 | FHLMC Multifamily Structured Pass-Through Certificates, 1.01%, 1/25/26(c) | 643 | ||||||
| 36,785,310 | FHLMC Multifamily Structured Pass-Through Certificates, 1.48%, 1/25/27(c) | 458,040 | ||||||
| 30,000,000 | FHLMC Multifamily Structured Pass-Through Certificates, 0.47%, 3/25/27(c) | 194,745 | ||||||
| 30,893,000 | FHLMC Multifamily Structured Pass-Through Certificates, 0.47%, 8/25/27(c) | 241,070 | ||||||
| 469,456 | FHLMC Multifamily Structured Pass-Through Certificates, 1.68%, 12/25/27 | 453,209 | ||||||
| 15,695,757 | FHLMC Multifamily Structured Pass-Through Certificates, 2.02%, 4/27/29(c) | 720,308 | ||||||
| 7,570,000 | FHLMC Multifamily Structured Pass-Through Certificates, 1.80%, 4/25/30(c) | 525,147 | ||||||
| 7,249,000 | FHLMC Multifamily Structured Pass-Through Certificates, 1.84%, 4/25/30(c) | 522,259 | ||||||
| 3,332,000 | FHLMC Multifamily Structured Pass-Through Certificates, 1.60%, 8/25/30(c) | 221,825 | ||||||
| 21,666,516 | FHLMC Multifamily Structured Pass-Through Certificates, 0.92%, 7/25/33(c) | 726,357 | ||||||
| 1,835,000 | FHLMC Multifamily Structured Pass-Through Certificates, 3.18%, 4/25/48(c) | 230,884 | ||||||
See accompanying Notes to Financial Statements.
54
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 2,750,000 | FHLMC Multifamily Structured Pass-Through Certificates, 2.63%, 1/25/49(c) | $ | 301,516 | |||||
| 1,715,000 | FHLMC Multifamily Structured Pass-Through Certificates, 2.62%, 2/25/49(c) | 193,043 | ||||||
| 3,729,329 | Freddie Mac 30-Year Pool, 3.50%, 9/01/52 | 3,457,218 | ||||||
| 138,912,551 | Freddie Mac Multifamily Structured Pass-Through Certificates, 1.17%, 7/25/26(c) | 636,206 | ||||||
| 315,244,893 | Freddie Mac Multifamily Structured Pass-Through Certificates, 0.36%, 12/25/27(c) | 2,177,018 | ||||||
| 120,312,223 | Freddie Mac Multifamily Structured Pass-Through Certificates, 0.09%, 9/25/28(c) | 441,474 | ||||||
| 3,455,000 | Freddie Mac Multifamily Structured Pass-Through Certificates, 2.73%, 10/25/30(c) | 395,203 | ||||||
| 15,350,000 | Freddie Mac Multifamily Structured Pass-Through Certificates, 2.63%, 11/25/30(c) | 1,664,663 | ||||||
| 49,208,000 | Freddie Mac Multifamily Structured Pass-Through Certificates, 0.36%, 2/25/31(c) | 1,010,009 | ||||||
| 63,609,547 | Freddie Mac Multifamily Structured Pass-Through Certificates, 0.53%, 10/25/31(c) | 1,623,678 | ||||||
| 12,044,000 | Freddie Mac Multifamily Structured Pass-Through Certificates, 1.18%, 1/25/32(c) | 631,762 | ||||||
| 7,132,606 | Freddie Mac Pool, 2.00%, 2/01/52 | 5,839,809 | ||||||
| 4,100,736 | Freddie Mac Pool, 2.00%, 3/01/52 | 3,352,526 | ||||||
| 3,940,509 | Freddie Mac Pool, 4.00%, 5/01/52 | 3,777,564 | ||||||
| 7,291,995 | Freddie Mac Pool, 4.00%, 6/01/52 | 6,791,851 | ||||||
| 10,225,612 | Freddie Mac Pool, 3.50%, 9/01/52 | 9,529,515 | ||||||
| 7,549,928 | Freddie Mac Pool, 4.00%, 9/01/52 | 7,238,415 | ||||||
| 1,708,565 | Freddie Mac Pool, 4.50%, 2/01/53 | 1,678,761 | ||||||
| 2,758,684 | Freddie Mac Pool, 5.00%, 6/01/53 | 2,771,296 | ||||||
| 2,378,073 | Freddie Mac Pool, 5.50%, 6/01/53 | 2,436,944 | ||||||
| 1,548,950 | Freddie Mac Pool, 5.50%, 6/01/53 | 1,578,258 | ||||||
| 2,514,411 | Freddie Mac Pool, 5.50%, 8/01/53 | 2,564,581 | ||||||
| 2,609,548 | Freddie Mac Pool, 6.00%, 11/01/53 | 2,711,213 | ||||||
| 4,965,516 | Freddie Mac Pool, 5.50%, 12/01/53 | 5,062,928 | ||||||
| 1,849,600 | Freddie Mac Pool, 6.00%, 12/01/53 | 1,907,449 | ||||||
| 4,097,014 | Freddie Mac Pool, 6.50%, 12/01/53 | 4,276,385 | ||||||
| 3,539,330 | Freddie Mac Pool, 5.50%, 9/01/54 | 3,594,427 | ||||||
| 6,802,988 | Freddie Mac Pool, 5.50%, 9/01/54 | 6,927,615 | ||||||
| 8,646,656 | Freddie Mac Pool, 5.00%, 11/01/54 | 8,665,753 | ||||||
| 7,129,059 | Freddie Mac Pool, 5.00%, 11/01/54 | 7,164,038 | ||||||
| 3,768,551 | Freddie Mac Pool, 5.00%, 12/01/54 | 3,798,297 | ||||||
| 1,754,688 | Freddie Mac Pool, 6.00%, 12/01/54 | 1,803,132 | ||||||
| 1,943,403 | Freddie Mac Pool, 5.50%, 3/01/55 | 1,982,628 | ||||||
| 4,874,377 | Freddie Mac Pool, 6.00%, 7/01/55 | 4,994,227 | ||||||
| 9,819,727 | Freddie Mac Pool, 4.50%, 9/01/55 | 9,685,319 | ||||||
| 7,690,000 | Freddie Mac Structured Pass-Through Certificates, 1.83%, 10/27/28(c) | 292,130 | ||||||
| 125,870,000 | Freddie Mac Structured Pass-Through Certificates, 0.00%, 5/25/33(c) | 564,703 | ||||||
| 267,348,419 | Freddie Mac Structured Pass-Through Certificates, 0.10%, 11/25/49(d) | 114,425 | ||||||
| 7,147,977 | Ginnie Mae II Pool, 2.50%, 12/01/51 | 6,210,532 | ||||||
| 1,633,335 | Ginnie Mae II Pool, 3.00%, 8/20/52 | 1,478,177 | ||||||
| 2,179,197 | Ginnie Mae II Pool, 3.00%, 9/20/52 | 1,974,874 | ||||||
| 5,231,917 | Ginnie Mae II Pool, 2.50%, 2/20/53 | 4,558,755 | ||||||
| 4,527,055 | Ginnie Mae II Pool, 3.50%, 2/20/53 | 4,188,551 | ||||||
| 2,984,554 | Ginnie Mae II Pool, 2.50%, 3/20/53 | 2,604,239 | ||||||
See accompanying Notes to Financial Statements.
55
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| 4,472,176 | Ginnie Mae II Pool, 3.00%, 3/20/54 | $ | 4,058,512 | |||||
| 1,985,630 | Government National Mortgage Association, 2.00%, 7/20/52 | 1,657,247 | ||||||
| 1,911,401 | Government National Mortgage Association, 2.50%, 4/20/53 | 1,664,782 | ||||||
| 1,210,595 | Government National Mortgage Association, 0.74%, 12/16/56(c) | 55,795 | ||||||
| 53,259,342 | Government National Mortgage Association, 0.88%, 8/16/60(c) | 3,373,942 | ||||||
| 19,422,612 | Government National Mortgage Association, 1.27%, 9/16/60(c) | 1,736,869 | ||||||
| 36,157,825 | Government National Mortgage Association, 1.08%, 11/16/60(c) | 3,186,636 | ||||||
| 33,771,702 | Government National Mortgage Association, 1.05%, 1/01/61(c) | 2,703,236 | ||||||
| 70,818,216 | Government National Mortgage Association, 0.81%, 11/16/61(c) | 4,123,143 | ||||||
| 40,297,611 | Government National Mortgage Association, 1.00%, 1/16/62(c) | 2,929,805 | ||||||
| 47,987,289 | Government National Mortgage Association, 1.01%, 9/16/62(c) | 3,443,242 | ||||||
| 32,300,222 | Government National Mortgage Association, 1.02%, 10/16/62(c) | 2,354,896 | ||||||
| 10,948,638 | Government National Mortgage Association, 0.97%, 5/16/63(c) | 768,996 | ||||||
| 48,760,309 | Government National Mortgage Association, 0.99%, 5/16/63(c) | 3,718,881 | ||||||
| 42,525,663 | Government National Mortgage Association, 0.99%, 5/16/63(c) | 3,159,755 | ||||||
| 50,040,078 | Government National Mortgage Association, 0.88%, 9/16/63(c) | 3,142,147 | ||||||
| 14,079,348 | Government National Mortgage Association, 0.68%, 7/16/66(c) | 891,739 | ||||||
| 56,560,144 | Government National Mortgage Association, 0.54%, 10/16/66(c) | 3,088,591 | ||||||
| 29,388,056 | Government National Mortgage Association, 0.71%, 2/16/67(c) | 1,694,007 | ||||||
| 20,425,150 | Government National Mortgage Association, 0.60%, 5/16/67(c) | 1,205,882 | ||||||
| 2,027,871 | UMBS Fannie Mae Pool, 5.00%, 3/01/53 | 2,042,334 | ||||||
| 3,565,127 | UMBS Fannie Mae Pool, 4.50%, 7/01/53 | 3,516,442 | ||||||
| 2,622,916 | UMBS Freddie Mac Pool, 5.50%, 5/01/54 | 2,687,786 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $310,733,298) | 316,857,716 | |||||||
| NON U.S. GOVERNMENT & AGENCIES — 0.9% | ||||||||
| NON U.S. TREASURY — 0.9% | ||||||||
| 125,000,000 | Mexican Bonos, 5.50%, 3/4/27 | 6,676,398 | ||||||
| TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $6,191,594) | 6,676,398 | |||||||
| U.S. GOVERNMENT & AGENCIES — 2.6% | ||||||||
| U.S. TREASURY NOTES — 2.6% | ||||||||
| 19,000,000 | United States Treasury Note, 4.25%, 8/15/35 | 19,372,578 | ||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,275,710) | 19,372,578 | |||||||
See accompanying Notes to Financial Statements.
56
North Square Strategic Income Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Contracts | Description | Expiration Date |
Exercise Price |
Notional Value |
Fair Value | |||||||||||||
| PURCHASED CALL OPTIONS — 0.50% | ||||||||||||||||||
| 1,375 | E-mini S&P 500® Index | 3/23/2026 | $ | 7,350.00 | $ | 951,259,375 | $ | 3,729,687 | ||||||||||
| TOTAL PURCHASED CALL OPTIONS (Cost $5,789,110) | 3,729,687 | |||||||||||||||||
| TOTAL INVESTMENTS — 94.0% (Cost $680,519,142) | $ | 703,873,871 | ||||||||||||||||
| Other Assets in Excess of Liabilities — 6.0% | 45,285,130 | |||||||||||||||||
| NET ASSETS — 100.00% | $ | 749,159,001 | ||||||||||||||||
| (a) | Non-income producing security. |
| (b) | Affiliated Company. See Note 10. |
| (c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
| (d) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $109,866,260 or 14.7% of net assets. |
| (e) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Rate shown is the fixed rate. |
| (f) | Security is perpetual in nature and has no stated maturity date. |
ETF - Exchange-Traded Funds
See accompanying Notes to Financial Statements.
57
North Square Strategic Income Fund
SCHEDULE OF FUTURES CONTRACTS
November 30, 2025 (Unaudited)
| Short Contracts | Contracts | Expiration Date |
Notional Amount |
Value and Unrealized Appreciation (Depreciation) |
||||||||||
| Bloomberg US Corporate Investment Grade | (150) | 12/17/2025 | $ | (16,372,500 | ) | $ | 15,428 | |||||||
| Duration Future | ||||||||||||||
| E-mini S&P 500® Index Future | (220) | 12/22/2025 | (75,454,500 | ) | (316,091 | ) | ||||||||
| Mexican Peso Currency Future | (126) | 12/16/2025 | (3,437,910 | ) | (91,791 | ) | ||||||||
| Ultra US Treasury Bond Future | (86) | 03/23/2026 | (10,400,625 | ) | (30,349 | ) | ||||||||
| US Treasury Bond Future | (359) | 03/23/2026 | (42,160,063 | ) | (115,593 | ) | ||||||||
| $ | (538,396 | ) | ||||||||||||
| Long Contracts | ||||||||||||||
| 10-Year US Treasury Note Future | 619 | 03/23/2026 | $ | 70,159,782 | $ | (38,719 | ) | |||||||
| 2-Year US Treasury Note Future | 315 | 04/01/2026 | 65,790,703 | (7,379 | ) | |||||||||
| Ultra 10-Year US Treasury Note Future | 268 | 03/23/2026 | 31,142,438 | 75,369 | ||||||||||
| $ | 29,271 | |||||||||||||
See accompanying Notes to Financial Statements.
58
North Square Strategic Income Fund
SCHEDULE OF CREDIT DEFAULT SWAP CONTRACTS
November 30, 2025 (Unaudited)
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
| Description | Fixed
Deal (Pay) Rate |
Maturity Date |
Notional Value | Fair Value | Amortized Upfront Payments Paid/ (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| CDX.NA.IG SERIES 45 | 1.00% | 12/20/2030 | $ | 375,000,000 | (8,428,740 | ) | (8,153,929 | ) | $ | (274,811 | ) | ||||||||||
| $ | (274,811 | ) | |||||||||||||||||||
| * | Buy Protection |
See accompanying Notes to Financial Statements.
59
North Square Small Cap Value Fund
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.6% | ||||||||
| CONSUMER DISCRETIONARY — 4.7% | ||||||||
| AUTOMOTIVE — 1.9% | ||||||||
| 166,899 | Goodyear Tire & Rubber Co. (The)(a) | $ | 1,445,345 | |||||
| 17,724 | Lear Corp. | 1,902,849 | ||||||
| 3,348,194 | ||||||||
| CONSUMER SERVICES — 0.8% | ||||||||
| 83,522 | Upbound Group, Inc. | 1,496,714 | ||||||
| HOME CONSTRUCTION — 1.0% | ||||||||
| 65,623 | Interface, Inc. | 1,831,538 | ||||||
| LEISURE FACILITIES & SERVICES — 0.5% | ||||||||
| 77,314 | Super Group (SGHC) Ltd. | 837,310 | ||||||
| RETAIL - DISCRETIONARY — 0.5% | ||||||||
| 18,210 | Advance Auto Parts, Inc. | 944,735 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 8,458,491 | |||||||
| ENERGY — 11.6% | ||||||||
| OIL & GAS PRODUCERS — 7.4% | ||||||||
| 14,985 | Gulfport Energy Corp.(a) | 3,334,013 | ||||||
| 107,423 | Murphy Oil Corp. | 3,445,056 | ||||||
| 96,376 | SM Energy Co. | 1,835,963 | ||||||
| 559,876 | Whitecap Resources, Inc. | 4,674,964 | ||||||
| 13,289,996 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT — 2.2% | ||||||||
| 289,465 | DNOW, Inc.(a) | 4,040,932 | ||||||
| RENEWABLE ENERGY — 2.0% | ||||||||
| 25,517 | EnerSys | 3,651,738 | ||||||
| TOTAL ENERGY | 20,982,666 | |||||||
| FINANCIALS — 19.7% | ||||||||
| ASSET MANAGEMENT — 1.2% | ||||||||
| 63,261 | F&G Annuities & Life, Inc. | 2,043,963 | ||||||
| BANKING — 11.6% | ||||||||
| 46,434 | Ameris Bancorp | 3,517,840 | ||||||
| 79,141 | Cathay General Bancorp | 3,833,590 | ||||||
| 72,217 | Hancock Whitney Corp. | 4,375,628 | ||||||
| 52,505 | International Bancshares Corp. | 3,490,533 | ||||||
| 97,977 | OFG Bancorp | 3,892,626 | ||||||
| 25,447 | Pathward Financial Group, Inc. | 1,829,639 | ||||||
| 20,939,856 | ||||||||
See accompanying Notes to Financial Statements.
60
North Square Small Cap Value Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| FINANCIALS (continued) | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.4% | ||||||||
| 28,300 | StoneX Group, Inc.(a) | $ | 2,564,263 | |||||
| INSURANCE — 4.3% | ||||||||
| 165,771 | Fidelis Insurance Holdings Ltd. | 3,156,280 | ||||||
| 30,426 | Jackson Financial, Inc. | 2,982,052 | ||||||
| 40,592 | Kemper Corp. | 1,652,906 | ||||||
| 7,791,238 | ||||||||
| SPECIALTY FINANCE — 1.2% | ||||||||
| 16,643 | Enova International, Inc.(a) | 2,181,731 | ||||||
| TOTAL FINANCIALS | 35,521,051 | |||||||
| HEALTH CARE — 7.3% | ||||||||
| BIOTECH & PHARMA — 0.9% | ||||||||
| 274,514 | SIGA Technologies, Inc.(a) | 1,663,555 | ||||||
| HEALTH CARE FACILITIES & SERVICES — 4.9% | ||||||||
| 341,229 | AdaptHealth Corp.(a) | 3,296,272 | ||||||
| 144,354 | Pediatrax Medical Group, Inc.(a) | 3,477,488 | ||||||
| 126,185 | Select Medical Holdings Corp. | 1,954,606 | ||||||
| 8,728,366 | ||||||||
| MEDICAL EQUIPMENT & DEVICES — 1.5% | ||||||||
| 43,223 | Livanova PLC(a) | 2,758,059 | ||||||
| TOTAL HEALTH CARE | 13,149,980 | |||||||
| INDUSTRIALS — 19.3% | ||||||||
| COMMERCIAL SUPPORT SERVICES — 2.3% | ||||||||
| 37,914 | ABM Industries, Inc. | 1,630,302 | ||||||
| 138,232 | Healthcare Services Group, Inc.(a) | 2,595,997 | ||||||
| 4,226,299 | ||||||||
| ELECTRICAL EQUIPMENT — 1.7% | ||||||||
| 27,132 | Belden, Inc. | 3,076,769 | ||||||
| ENGINEERING & CONSTRUCTION — 1.2% | ||||||||
| 16,827 | Primoris Services Corp. | 2,129,625 | ||||||
| INDUSTRIAL INTERMEDIATE PROD — 3.4% | ||||||||
| 36,869 | Gibraltar Industries, Inc.(a) | 1,841,975 | ||||||
| 22,372 | Timken Co. (The) | 1,820,857 | ||||||
| 6,114 | Valmont Industries, Inc. | 2,524,899 | ||||||
| 6,187,731 | ||||||||
| INDUSTRIAL SUPPORT SERVICES — 1.0% | ||||||||
| 53,939 | Resideo Technologies, Inc.(a) | 1,779,447 | ||||||
See accompanying Notes to Financial Statements.
61
North Square Small Cap Value Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| INDUSTRIALS (continued) | ||||||||
| MACHINERY — 3.1% | ||||||||
| 9,858 | Alamo Group, Inc. | $ | 1,580,927 | |||||
| 78,623 | Gates Industrial Corp. PLC(a) | 1,789,460 | ||||||
| 48,639 | Terex Corp. | 2,247,608 | ||||||
| 5,617,995 | ||||||||
| TRANSPORTATION & LOGISTICS — 5.4% | ||||||||
| 104,911 | Ardmore Shipping Corp. | 1,283,062 | ||||||
| 20,593 | Copa Holdings SA, Class A | 2,508,228 | ||||||
| 71,095 | Covenant Logistics Group, Inc., Class A | 1,417,634 | ||||||
| 74,866 | Global Ship Lease, Inc., Class A | 2,628,545 | ||||||
| 31,178 | Teekay Tankers Ltd., Class A | 1,798,035 | ||||||
| 9,635,504 | ||||||||
| TRANSPORTATION EQUIPMENT — 1.2% | ||||||||
| 38,985 | REV Group, Inc. | 2,076,731 | ||||||
| TOTAL INDUSTRIALS | 34,730,101 | |||||||
| MATERIALS — 9.2% | ||||||||
| CHEMICALS — 1.7% | ||||||||
| 41,053 | Minerals Technologies, Inc. | 2,407,759 | ||||||
| 128,002 | Orion Engineered Carbons SA | 650,250 | ||||||
| 3,058,009 | ||||||||
| CONSTRUCTION MATERIALS — 0.5% | ||||||||
| 22,069 | Apogee Enterprises, Inc. | 803,532 | ||||||
| METALS & MINING — 5.4% | ||||||||
| 97,751 | Century Aluminum Co.(a) | 2,929,597 | ||||||
| 31,168 | Gold.com, Inc. | 894,833 | ||||||
| 246,653 | New Gold, Inc.(a) | 2,059,553 | ||||||
| 83,195 | Pan American Silver Corp. | 3,799,516 | ||||||
| 9,683,499 | ||||||||
| STEEL — 1.6% | ||||||||
| 87,495 | Worthington Steel, Inc. | 2,952,956 | ||||||
| TOTAL MATERIALS | 16,497,996 | |||||||
| REAL ESTATE — 7.3% | ||||||||
| REIT — 7.3% | ||||||||
| 237,579 | Apple Hospitality REIT, Inc. | 2,824,814 | ||||||
| 98,835 | CoreCivic, Inc.(a) | 1,783,972 | ||||||
| 125,881 | Cousins Properties, Inc. | 3,245,212 | ||||||
| 77,114 | NexPoint Residential Trust, Inc. | 2,452,996 | ||||||
| 268,706 | Park Hotels & Resorts, Inc. | 2,907,399 | ||||||
| 13,214,393 | ||||||||
| TOTAL REAL ESTATE | 13,214,393 | |||||||
See accompanying Notes to Financial Statements.
62
North Square Small Cap Value Fund
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| COMMON STOCKS (continued) | ||||||||
| TECHNOLOGY — 13.3% | ||||||||
| SEMICONDUCTORS — 1.0% | ||||||||
| 87,695 | Penguin Solutions, Inc.(a) | $ | 1,774,070 | |||||
| SOFTWARE — 3.4% | ||||||||
| 34,389 | Clear Secure, Inc., Class A | 1,220,810 | ||||||
| 35,011 | Pegasystems, Inc. | 1,917,552 | ||||||
| 106,141 | RingCentral, Inc., Class A(a) | 2,997,422 | ||||||
| 6,135,784 | ||||||||
| TECHNOLOGY HARDWARE — 6.8% | ||||||||
| 56,155 | Avnet, Inc. | 2,667,924 | ||||||
| 155,721 | Daktronics, Inc.(a) | 2,947,799 | ||||||
| 169,698 | Knowles Corp.(a) | 3,814,811 | ||||||
| 105,900 | NetScout Systems, Inc.(a) | 2,846,592 | ||||||
| 12,277,126 | ||||||||
| TECHNOLOGY SERVICES — 2.1% | ||||||||
| 22,154 | Euronet Worldwide, Inc.(a) | 1,641,390 | ||||||
| 15,160 | Science Applications International Corp. | 1,306,943 | ||||||
| 67,470 | TaskUs, Inc., Class A(a) | 773,881 | ||||||
| 3,722,214 | ||||||||
| TOTAL TECHNOLOGY | 23,909,194 | |||||||
| UTILITIES — 5.2% | ||||||||
| ELECTRIC UTILITIES — 2.7% | ||||||||
| 49,238 | Avista Corp. | 2,037,468 | ||||||
| 244,488 | Hawaiian Electric Industries, Inc.(a) | 2,875,179 | ||||||
| 4,912,647 | ||||||||
| GAS & WATER UTILITIES — 2.5% | ||||||||
| 38,696 | Northwest Natural Holding Co. | 1,914,291 | ||||||
| 65,721 | UGI Corp. | 2,599,266 | ||||||
| 4,513,557 | ||||||||
| TOTAL UTILITIES | 9,426,204 | |||||||
| TOTAL COMMON STOCKS (Cost $167,450,421) | 175,890,076 | |||||||
| 4,067,648 | SHORT-TERM INVESTMENTS — 2.3% | |||||||
| First American Government Obligations Fund, Class X, 3.91%(b) | 4,067,648 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,067,648) | 4,067,648 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $171,518,069) | $ | 179,957,724 | ||||||
| Other Assets in Excess of Liabilities — 0.1% | 157,295 | |||||||
| NET ASSETS — 100.00% | $ | 180,115,019 | ||||||
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of November 30, 2025. |
See accompanying Notes to Financial Statements.
63
STATEMENTS OF ASSETS AND LIABILITIES
As of November 30, 2025 (Unaudited)
| North
Square Spectrum Alpha Fund |
North
Square Dynamic Small Cap Fund |
North
Square Multi Strategy Fund |
North Square Preferred and Income Securities Fund |
|||||||||||||
| Assets | ||||||||||||||||
| Investments, at cost | $ | 1,244,219 | $ | 540,189,551 | $ | 11,842,562 | $ | 347,603,311 | ||||||||
| Investments in affiliated issuers, at cost | 57,152,370 | — | 19,666,080 | 4,672,141 | ||||||||||||
| Investments, at value | $ | 1,352,594 | $ | 612,440,492 | $ | 15,751,747 | $ | 356,786,114 | ||||||||
| Investments in affiliated issuers, at value | 72,016,248 | — | 23,587,531 | 4,725,123 | ||||||||||||
| Receivable for fund shares sold | 42,124 | 199,226 | 504 | 567,304 | ||||||||||||
| Cash | — | 3,269 | — | — | ||||||||||||
| Cash at broker for futures contracts | — | — | — | 179,905 | ||||||||||||
| Dividends and interest receivable | 1,283 | 242,972 | 17,114 | 4,957,350 | ||||||||||||
| Receivable from Adviser | — | — | 10,102 | — | ||||||||||||
| Prepaid expenses | 34,790 | 239,863 | 31,556 | 481,295 | ||||||||||||
| Total Assets | 73,447,039 | 613,125,822 | 39,398,554 | 367,697,091 | ||||||||||||
| Liabilities | ||||||||||||||||
| Payable for fund shares redeemed | 126,636 | 49,578 | 52,520 | 104,566 | ||||||||||||
| Payable for net variation margin on futures contracts | — | — | — | 2,681 | ||||||||||||
| Due to Adviser (Note 3) | 12,533 | 334,054 | — | 191,315 | ||||||||||||
| Distribution fees (Note 7) | 9,101 | 11,515 | 6,249 | — | ||||||||||||
| Shareholder servicing fees (Note 6) | 41,819 | — | 18,129 | — | ||||||||||||
| Fund administration fees | 12,240 | 33,745 | 4,539 | 21,459 | ||||||||||||
| Due to Trustees | 1,513 | 10,204 | 807 | 6,682 | ||||||||||||
| Other accrued expenses | 5,701 | 34,589 | 502 | 6,614 | ||||||||||||
| Total Liabilities | 209,543 | 473,685 | 82,746 | 333,317 | ||||||||||||
| Net Assets | $ | 73,237,496 | $ | 612,652,137 | $ | 39,315,808 | $ | 367,363,774 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 58,360,898 | $ | 525,687,473 | $ | 27,101,876 | $ | 346,099,522 | ||||||||
| Accumulated earnings (deficits) | 14,876,598 | 86,964,664 | 12,213,932 | 21,264,252 | ||||||||||||
| Net Assets | $ | 73,237,496 | $ | 612,652,137 | $ | 39,315,808 | $ | 367,363,774 | ||||||||
| Class A:(a) | ||||||||||||||||
| Net assets applicable to shares outstanding | $ | 45,261,042 | $ | 58,505,040 | $ | 30,675,320 | ||||||||||
| Shares of beneficial interest issued and outstanding | 5,104,331 | 3,581,726 | 1,557,802 | |||||||||||||
| Net asset value, redemption and offering price per share | $ | 8.87 | $ | 16.33 | $ | 19.69 | ||||||||||
| Maximum offering price to public | $ | 9.41 | $ | 17.33 | $ | 20.89 | ||||||||||
| Class I: | ||||||||||||||||
| Net assets applicable to shares outstanding | $ | 27,976,454 | $ | 554,147,097 | $ | 8,640,488 | $ | 367,363,774 | ||||||||
| Shares of beneficial interest issued and outstanding | 2,397,952 | 33,791,176 | 401,032 | 16,891,737 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 11.67 | $ | 16.40 | $ | 21.55 | $ | 21.75 | ||||||||
| (a) | No sales charge applies on investments of $500,000 or more, but a Contingent Deferred Sales Charge (“CDSC”) of 1% will be imposed on certain redemptions of such shares within 12 months of the date of purchase. |
See accompanying Notes to Financial Statements.
64
STATEMENTS OF ASSETS AND LIABILITIES – Continued
As of November 30, 2025 (Unaudited)
| North Square Tactical Growth Fund |
North Square Tactical Defensive Fund |
North Square Core Plus Bond Fund |
North Square Kennedy MicroCap Fund |
|||||||||||||
| Assets | ||||||||||||||||
| Investments, at cost | $ | 330,562,125 | $ | 51,851,769 | $ | 22,871,344 | $ | 21,111,420 | ||||||||
| Investments, at value | $ | 579,268,167 | $ | 54,260,364 | $ | 23,078,012 | $ | 24,651,175 | ||||||||
| Cash at Broker for futures contracts | — | — | 147,397 | — | ||||||||||||
| Receivable for fund shares sold | 39,841 | 754 | 8 | 449,518 | ||||||||||||
| Receivable for investments sold | — | — | — | 1,582 | ||||||||||||
| Receivable from Adviser | — | — | 4,952 | — | ||||||||||||
| Receivable for interest sold | — | — | — | — | ||||||||||||
| Dividends and interest receivable | 315,230 | 35,972 | 198,740 | 16,567 | ||||||||||||
| Prepaid expenses | 33,821 | 40,358 | 14,033 | 12,909 | ||||||||||||
| Total Assets | 579,657,059 | 54,337,448 | 23,443,142 | 25,131,751 | ||||||||||||
| Liabilities | ||||||||||||||||
| Payable for fund shares redeemed | 132,141 | 297 | 3,372 | 79,162 | ||||||||||||
| Payable for investments purchased | — | — | 440,045 | — | ||||||||||||
| Payable for net variation margin on futures contracts | — | — | 14,576 | — | ||||||||||||
| Due to Adviser (Note 3) | 463,976 | 56,027 | — | 18,758 | ||||||||||||
| Distribution fees (Note 7) | 67,263 | 6,121 | — | — | ||||||||||||
| Shareholder servicing fees (Note 6) | — | — | 9,554 | 29,431 | ||||||||||||
| Fund administration fees | 40,660 | 4,556 | 148 | 561 | ||||||||||||
| Due to Trustees | 11,038 | 1,059 | 491 | 388 | ||||||||||||
| Other accrued expenses | 6,212 | — | 1,825 | 66 | ||||||||||||
| Total Liabilities | 721,290 | 68,060 | 470,011 | 128,366 | ||||||||||||
| Net Assets | $ | 578,935,769 | $ | 54,269,388 | $ | 22,973,131 | $ | 25,003,385 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 305,939,376 | $ | 54,256,329 | $ | 22,902,221 | $ | 18,408,212 | ||||||||
| Accumulated earnings (deficits) | 272,996,393 | 13,059 | 70,910 | 6,595,173 | ||||||||||||
| Net Assets | $ | 578,935,769 | $ | 54,269,388 | $ | 22,973,131 | $ | 25,003,385 | ||||||||
See accompanying Notes to Financial Statements.
65
STATEMENTS OF ASSETS AND LIABILITIES – Continued
As of November 30, 2025 (Unaudited)
| North Square Tactical Growth Fund |
North Square Tactical Defensive Fund |
North Square Core Plus Bond Fund |
North Square Kennedy MicroCap Fund |
|||||||||||||
| Class A:(a) | ||||||||||||||||
| Net assets applicable to shares outstanding | $ | 109,388,277 | $ | 19,040,513 | ||||||||||||
| Shares of beneficial interest issued and outstanding | 6,135,038 | 994,730 | ||||||||||||||
| Net asset value, redemption and offering price per share | $ | 17.83 | $ | 19.14 | ||||||||||||
| Maximum offering price to public | $ | 18.92 | $ | 20.31 | ||||||||||||
| Class C: | ||||||||||||||||
| Net assets applicable to shares outstanding | $ | 55,088,271 | $ | 2,626,824 | ||||||||||||
| Shares of beneficial interest issued and outstanding | 3,352,301 | 154,658 | ||||||||||||||
| Net asset value, redemption and offering price per share | $ | 16.43 | $ | 16.98 | ||||||||||||
| Class I: | ||||||||||||||||
| Net assets applicable to shares outstanding | $ | 414,459,221 | $ | 32,602,051 | $ | 22,973,131 | $ | 25,003,385 | ||||||||
| Shares of beneficial interest issued and outstanding | 22,649,226 | 1,648,845 | 2,452,934 | 1,802,634 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 18.30 | $ | 19.77 | $ | 9.37 | $ | 13.87 | ||||||||
| (a) | No sales charge applies on investments of $500,000 or more, but a Contingent Deferred Sales Charge (“CDSC”) of 1% will be imposed on certain redemptions of such shares within 12 months of the date of purchase. |
See accompanying Notes to Financial Statements.
66
STATEMENTS OF ASSETS AND LIABILITIES – Continued
As of November 30, 2025 (Unaudited)
| North
Square Select Small Cap Fund |
North Square Altrinsic International Equity Fund |
North
Square McKee Bond Fund |
North
Square Strategic Income Fund |
North
Square Small Cap Value Fund |
||||||||||||||||
| Assets | ||||||||||||||||||||
| Investments, at cost | $ | 21,165,380 | $ | 67,931,814 | $ | 196,814,171 | $ | 673,638,475 | $ | 171,518,069 | ||||||||||
| Investments in affiliated issuers, at cost | — | — | — | 6,880,667 | — | |||||||||||||||
| Investments, at value | $ | 24,736,805 | $ | 84,540,718 | $ | 197,311,852 | $ | 696,927,844 | $ | 179,957,724 | ||||||||||
| Investments in affiliated issuers, at value | — | — | — | 6,946,027 | — | |||||||||||||||
| Cash at Broker for futures contracts | — | — | — | 753,674 | — | |||||||||||||||
| Cash at Broker for swap contracts | — | — | — | 12,339,388 | — | |||||||||||||||
| Foreign currency | — | 24,457 | — | — | — | |||||||||||||||
| Receivable for fund shares sold | 410 | 188 | 7,371 | 183,631 | 115,676 | |||||||||||||||
| Cash and cash equivalents | — | — | — | 35,524,703 | — | |||||||||||||||
| Dividends and interest receivable | 10,355 | 203,554 | 1,303,402 | 6,225,685 | 221,987 | |||||||||||||||
| Receivable for net variation margin on futures contracts | — | 203,554 | — | — | — | |||||||||||||||
| Tax reclaims receivable | — | 404,032 | — | 13,349 | — | |||||||||||||||
| Prepaid expenses | 29,054 | 33,693 | 26,475 | 197,727 | 76,463 | |||||||||||||||
| Total Assets | 24,776,624 | 85,206,642 | 198,649,100 | 759,112,028 | 180,371,850 | |||||||||||||||
| Liabilities | ||||||||||||||||||||
| Bank overdraft | — | 39,117 | — | — | — | |||||||||||||||
| Unrealized depreciation from swap contracts | — | — | — | 274,811 | — | |||||||||||||||
| Premiums received from swaps | — | — | — | 8,153,929 | — | |||||||||||||||
| Swap interest payable | — | — | — | 729,167 | — | |||||||||||||||
| Payable for fund shares redeemed | — | — | 24,599 | 102,502 | 10,793 | |||||||||||||||
| Payable for investments purchased | — | — | 7,595,640 | — | 44,780 | |||||||||||||||
| Payable for net variation margin on futures contracts | — | — | — | 394,453 | — | |||||||||||||||
| Due to Adviser (Note 3) | 10,660 | 40,719 | 15,346 | 249,840 | 122,290 | |||||||||||||||
| Distribution fees (Note 7) | — | — | — | 1,100 | 1,912 | |||||||||||||||
| Fund administration fees | 789 | 6,810 | 11,812 | 20,668 | 39,076 | |||||||||||||||
| Due to Trustees | 536 | 2,239 | 3,817 | 9,216 | 2,898 | |||||||||||||||
| Other accrued expenses | 1,781 | 2,286 | 2,588 | 17,341 | 35,082 | |||||||||||||||
| Total Liabilities | 13,766 | 91,171 | 7,653,802 | 9,953,027 | 256,831 | |||||||||||||||
| Net Assets | $ | 24,762,858 | $ | 85,115,471 | $ | 190,995,298 | $ | 749,159,001 | $ | 180,115,019 | ||||||||||
| Net Assets consist of: | ||||||||||||||||||||
| Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 19,237,682 | $ | 56,913,929 | $ | 203,175,784 | $ | 715,108,033 | $ | 179,960,399 | ||||||||||
| Accumulated earnings (deficits) | 5,525,176 | 28,201,542 | (12,180,486 | ) | 34,050,968 | 154,620 | ||||||||||||||
| Net Assets | $ | 24,762,858 | $ | 85,115,471 | $ | 190,995,298 | $ | 749,159,001 | $ | 180,115,019 | ||||||||||
See accompanying Notes to Financial Statements.
67
STATEMENTS OF ASSETS AND LIABILITIES – Continued
As of November 30, 2025 (Unaudited)
| North
Square Select Small Cap Fund |
North Square Altrinsic International Equity Fund |
North
Square McKee Bond Fund |
North
Square Strategic Income Fund |
North
Square Small Cap Value Fund |
||||||||||||||||
| Class A:(a) | ||||||||||||||||||||
| Net assets applicable to shares outstanding | $ | 5,677,281 | ||||||||||||||||||
| Shares of beneficial interest issued and outstanding | 566,997 | |||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 10.01 | ||||||||||||||||||
| Maximum offering price to public | $ | 10.62 | ||||||||||||||||||
| Class I: | ||||||||||||||||||||
| Net assets applicable to shares outstanding | $ | 24,762,858 | $ | 85,115,471 | $ | 37,334,071 | $ | 743,481,720 | $ | 170,705,335 | ||||||||||
| Shares of beneficial interest issued and outstanding | 1,823,797 | 6,438,360 | 4,192,053 | 74,287,840 | 9,031,812 | |||||||||||||||
| Net asset value, redemption and offering price per share | $ | 13.58 | $ | 13.22 | $ | 8.91 | $ | 10.01 | $ | 18.90 | ||||||||||
| Class R6: | ||||||||||||||||||||
| Net assets applicable to shares outstanding | $ | 153,661,227 | ||||||||||||||||||
| Shares of beneficial interest issued and outstanding | 17,084,639 | |||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 8.99 | ||||||||||||||||||
| Investor Class: | ||||||||||||||||||||
| Net assets applicable to shares outstanding | $ | 9,409,684 | ||||||||||||||||||
| Shares of beneficial interest issued and outstanding | 501,851 | |||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 18.75 | ||||||||||||||||||
| (a) | A sales charge of 3.75% will be imposed on investments less than $1,000,000. A contingent deferred sales charge of 1.00% on investments over $1,000,000 will be imposed on certain such redemptions of shares within 12 months of the date of purchase. |
See accompanying Notes to Financial Statements.
68
STATEMENTS OF OPERATIONS
For the Six Months Ended November 30, 2025 (Unaudited)
| North
Square Spectrum Alpha Fund |
North
Square Dynamic Small Cap Fund |
North
Square Multi Strategy Fund |
North Square Preferred and Income Securities Fund |
|||||||||||||
| Investment Income | ||||||||||||||||
| Dividend income | $ | 15,535 | $ | 2,615,425 | $ | 113,648 | $ | 359,609 | ||||||||
| Dividend income from affiliated regulated investment companies | — | — | 206,802 | 76,714 | ||||||||||||
| Interest income | — | — | — | 9,408,620 | ||||||||||||
| Foreign dividend taxes withheld | — | (22,356 | ) | — | — | |||||||||||
| Total investment income | 15,535 | 2,593,069 | 320,450 | 9,844,943 | ||||||||||||
| Expenses | ||||||||||||||||
| Adviser fees (Note 3) | 73,587 | 2,480,526 | 97,475 | 1,270,426 | ||||||||||||
| Registration fees | 26,611 | 31,531 | 23,422 | 37,553 | ||||||||||||
| Fund administration fees | 30,477 | 206,094 | 16,940 | 123,786 | ||||||||||||
| Custody fees | 5,164 | 18,712 | 4,718 | 10,679 | ||||||||||||
| Fund accounting fees | 3,761 | 3,761 | 3,761 | 8,683 | ||||||||||||
| Legal fees | 2,880 | 20,735 | 1,442 | 11,605 | ||||||||||||
| Audit fees | 3,523 | 28,957 | 1,666 | 14,793 | ||||||||||||
| Trustees’ fees and expenses | 3,418 | 25,736 | 1,740 | 15,052 | ||||||||||||
| Shareholder reporting fees | 5,948 | 24,035 | 2,157 | 12,766 | ||||||||||||
| Shareholder servicing fees - Class A (Note 6) | 27,294 | 37,964 | 12,387 | — | ||||||||||||
| Shareholder servicing fees - Class I (Note 6) | 19,020 | 130,194 | 4,271 | 76,310 | ||||||||||||
| Chief compliance officer fees (Note 3) | 2,402 | 17,274 | 1,239 | 10,281 | ||||||||||||
| Transfer agent fees and expenses | 50,328 | 24,885 | 18,905 | 1,095 | ||||||||||||
| Pricing | 12 | 2,765 | 70 | 3,110 | ||||||||||||
| Insurance | 988 | 4,559 | 513 | 3,025 | ||||||||||||
| Distribution fees - Class A (Note 7) | 56,861 | 63,272 | 38,059 | — | ||||||||||||
| Interest expense | 133 | 2,478 | 69 | 9,054 | ||||||||||||
| Other expenses | 9,253 | 24,726 | 6,655 | 17,032 | ||||||||||||
| Total expenses | 321,660 | 3,148,204 | 235,489 | 1,625,250 | ||||||||||||
| Fees contractually recouped (waived) by Adviser | — | (351,479 | ) | (71,758 | ) | 14,916 | ||||||||||
| Net operating expenses | 321,660 | 2,796,725 | 163,731 | 1,640,166 | ||||||||||||
| Net investment income | (306,125 | ) | (203,656 | ) | 156,719 | 8,204,777 | ||||||||||
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 9,280 | 24,602,444 | 19,422 | 6,786,201 | ||||||||||||
| Affiliated issuers | 1,167,648 | — | 250,234 | — | ||||||||||||
| Futures contracts | — | — | — | (824,469 | ) | |||||||||||
| Foreign currency | — | — | — | 455,706 | ||||||||||||
| Net realized gain (loss) | 1,176,928 | 24,602,444 | 269,656 | 6,417,438 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 215,458 | 61,820,270 | 1,569,424 | 607,453 | ||||||||||||
| Affiliated issuers | 9,372,463 | — | 1,750,382 | 56,932 | ||||||||||||
| Futures contracts | — | — | — | 371,019 | ||||||||||||
| Foreign currency | — | — | — | (1,142 | ) | |||||||||||
| Net change in unrealized appreciation | 9,587,921 | 61,820,270 | 3,319,806 | 1,034,262 | ||||||||||||
| Net realized and change in unrealized gain on investments and foreign currency | 10,764,849 | 86,422,714 | 3,589,462 | 7,451,700 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 10,458,724 | $ | 86,219,058 | $ | 3,746,181 | $ | 15,656,477 | ||||||||
See accompanying Notes to Financial Statements.
69
STATEMENTS OF OPERATIONS – Continued
For the Six Months Ended November 30, 2025 (Unaudited)
| North Square Tactical Growth Fund |
North Square Tactical Defensive Fund |
North Square Core Plus Bond Fund |
North Square Kennedy MicroCap Fund |
|||||||||||||
| Investment Income | ||||||||||||||||
| Dividend income | $ | 4,120,622 | $ | 368,069 | $ | 13,360 | $ | 143,516 | ||||||||
| Interest income | — | — | 558,549 | — | ||||||||||||
| Foreign dividend taxes withheld | — | — | — | (170 | ) | |||||||||||
| Total investment income | 4,120,622 | 368,069 | 571,909 | 143,346 | ||||||||||||
| Expenses | ||||||||||||||||
| Adviser fees (Note 3) | 2,958,264 | 333,605 | 43,978 | 150,161 | ||||||||||||
| Registration fees | 36,941 | 32,116 | 18,458 | 21,666 | ||||||||||||
| Fund administration fees | 208,921 | 22,535 | 11,010 | 11,939 | ||||||||||||
| Custody fees | 8,297 | 4,110 | 12,822 | 4,173 | ||||||||||||
| Fund accounting fees | 3,761 | 3,761 | 8,689 | 3,761 | ||||||||||||
| Legal fees | 20,873 | 1,960 | 844 | 1,779 | ||||||||||||
| Audit fees | 25,444 | 2,319 | 965 | 2,051 | ||||||||||||
| Trustees’ fees and expenses | 25,100 | 2,355 | 1,035 | 1,332 | ||||||||||||
| Shareholder reporting fees | 25,086 | 2,800 | 986 | 506 | ||||||||||||
| Shareholder servicing fees - Class A (Note 6) | 41,466 | 10,172 | — | — | ||||||||||||
| Shareholder servicing fees - Class C (Note 6) | 22,333 | 2,029 | — | — | ||||||||||||
| Shareholder servicing fees - Class I (Note 6) | 175,901 | 21,648 | 16,291 | 15,419 | ||||||||||||
| Chief compliance officer fees (Note 3) | 17,536 | 1,676 | 733 | 831 | ||||||||||||
| Transfer agent fees and expenses | 45,357 | 14,060 | 1,699 | 518 | ||||||||||||
| Pricing | 89 | 38 | 23,239 | 1,497 | ||||||||||||
| Insurance | 6,675 | 681 | 221 | — | ||||||||||||
| Distribution fees - Class A (Note 7) | 133,614 | 23,186 | — | — | ||||||||||||
| Distribution fees - Class C (Note 7) | 275,228 | 13,526 | — | — | ||||||||||||
| Interest expense | 995 | 95 | 52 | 565 | ||||||||||||
| Other expenses | 28,756 | 8,598 | 6,733 | 5,588 | ||||||||||||
| Total expenses | 4,060,637 | 501,270 | 147,755 | 221,786 | ||||||||||||
| Fees contractually waived by Adviser | (4,513 | ) | (10,895 | ) | (80,571 | ) | (37,103 | ) | ||||||||
| Net operating expenses | 4,056,124 | 490,375 | 67,184 | 184,683 | ||||||||||||
| Net investment income | 64,498 | (122,306 | ) | 504,725 | (41,337 | ) | ||||||||||
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 18,838,405 | 5,624,907 | 44,808 | 2,211,131 | ||||||||||||
| Purchased options | — | — | 299,702 | — | ||||||||||||
| Futures contracts | — | — | (344,379 | ) | — | |||||||||||
| Foreign currency | — | — | 85 | (3 | ) | |||||||||||
| Net realized gain (loss) | 18,838,405 | 5,624,907 | 216 | 2,211,128 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 46,668,991 | 308,886 | 570,151 | 2,066,215 | ||||||||||||
| Purchased options | — | — | (38,330 | ) | — | |||||||||||
| Futures contracts | — | — | 31,042 | — | ||||||||||||
| Foreign currency | — | — | (35 | ) | — | |||||||||||
| Net change in unrealized appreciation | 46,668,991 | 308,886 | 562,828 | 2,066,215 | ||||||||||||
| Net realized and change in unrealized gain on investments and foreign currency | 65,507,396 | 5,933,793 | 563,044 | 4,277,343 | ||||||||||||
| Net increase in net assets resulting from operations | $ | 65,571,894 | $ | 5,811,487 | $ | 1,067,769 | $ | 4,236,006 | ||||||||
See accompanying Notes to Financial Statements.
70
STATEMENTS OF OPERATIONS – Continued
For the Six Months Ended November 30, 2025 (Unaudited)
| North
Square Select Small Cap Fund |
North Square Altrinsic International Equity Fund |
North
Square McKee Bond Fund |
North
Square Strategic Income Fund |
North
Square Small Cap Value Fund |
||||||||||||||||
| Investment Income | ||||||||||||||||||||
| Dividend income | $ | 139,579 | $ | 1,235,488 | $ | 67,954 | $ | 598,242 | $ | 1,787,926 | ||||||||||
| Dividend income from affiliated regulated investment companies | — | — | — | 115,189 | — | |||||||||||||||
| Interest income | — | — | 3,943,562 | 13,466,785 | — | |||||||||||||||
| Foreign dividend taxes withheld | — | (107,502 | ) | — | (5,694 | ) | (51,950 | ) | ||||||||||||
| Total investment income | 139,579 | 1,127,986 | 4,011,516 | 14,174,522 | 1,735,976 | |||||||||||||||
| Expenses | ||||||||||||||||||||
| Adviser fees (Note 3) | 90,693 | 414,781 | 219,791 | 1,657,820 | 754,804 | |||||||||||||||
| Registration fees | 14,039 | 17,520 | 25,230 | 37,236 | 34,213 | |||||||||||||||
| Fund administration fees | 11,896 | 42,891 | 69,322 | 195,398 | 82,947 | |||||||||||||||
| Custody fees | 3,388 | 29,200 | 12,102 | 11,958 | 18,763 | |||||||||||||||
| Fund accounting fees | 3,761 | 3,761 | 4,262 | 8,674 | 3,368 | |||||||||||||||
| Legal fees | 1,290 | 3,938 | 6,653 | 20,674 | 10,372 | |||||||||||||||
| Audit fees | 1,258 | 5,163 | 7,869 | 28,840 | 5,566 | |||||||||||||||
| Trustees’ fees and expenses | 1,220 | 4,972 | 8,144 | 24,986 | 10,905 | |||||||||||||||
| Shareholder reporting fees | 335 | 1,657 | 1,581 | 11,730 | 17,514 | |||||||||||||||
| Shareholder servicing fees - Class A (Note 6) | — | — | — | 3,655 | — | |||||||||||||||
| Shareholder servicing fees - Class I (Note 6) | 1,523 | 33,585 | 3,123 | 259,039 | — | |||||||||||||||
| Chief compliance officer fees (Note 3) | 856 | 3,498 | 5,701 | 16,336 | 7,307 | |||||||||||||||
| Transfer agent fees and expenses | 650 | 1,780 | 893 | 16,922 | 25,882 | |||||||||||||||
| Pricing | 418 | 7,254 | 41,905 | 19,483 | 791 | |||||||||||||||
| Insurance | 320 | 1,597 | 1,829 | 2,515 | 1,496 | |||||||||||||||
| Distribution fees - Class A (Note 7) | — | — | — | 6,092 | 12,091 | |||||||||||||||
| Interest expense | 51 | 1,447 | 320 | 979 | 332 | |||||||||||||||
| Other expenses | 6,030 | 9,615 | 15,116 | 26,018 | 14,197 | |||||||||||||||
| Total expenses | 137,728 | 582,659 | 423,841 | 2,348,355 | 1,000,548 | |||||||||||||||
| Fees contractually waived by Adviser | (15,816 | ) | (78,093 | ) | (133,370 | ) | (337,437 | ) | — | |||||||||||
| Net operating expenses | 121,912 | 504,566 | 290,471 | 2,010,918 | 1,000,548 | |||||||||||||||
| Net investment income | 17,667 | 623,420 | 3,721,045 | 12,163,604 | 735,428 | |||||||||||||||
See accompanying Notes to Financial Statements.
71
STATEMENTS OF OPERATIONS – Continued
For the Six Months Ended November 30, 2025 (Unaudited)
| North
Square Select Small Cap Fund |
North Square Altrinsic International Equity Fund |
North
Square McKee Bond Fund |
North
Square Strategic Income Fund |
North
Square Small Cap Value Fund |
||||||||||||||||
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | $ | 2,224,142 | $ | 6,568,428 | $ | 692,893 | $ | 6,619,914 | $ | (8,219,699 | ) | |||||||||
| Purchased options | — | — | — | 13,658,398 | — | |||||||||||||||
| Futures contracts | — | — | — | (14,231,811 | ) | — | ||||||||||||||
| Swaps contracts | — | — | — | (685,373 | ) | — | ||||||||||||||
| Foreign currency | — | 33,547 | — | (8,482 | ) | (46 | ) | |||||||||||||
| Net realized gain (loss) | 2,224,142 | 6,601,975 | 692,893 | 5,352,646 | (8,219,745 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 583,349 | 180,844 | 4,614,289 | 17,211,864 | 30,092,835 | |||||||||||||||
| Affiliated issuers | 68,310 | |||||||||||||||||||
| Purchased options | — | — | — | (2,276,611 | ) | — | ||||||||||||||
| Futures contracts | — | — | — | 456,099 | — | |||||||||||||||
| Swaps contracts | — | — | — | 135,476 | — | |||||||||||||||
| Foreign currency | — | (7,005 | ) | — | (1,782 | ) | — | |||||||||||||
| Net change in unrealized appreciation | 583,349 | 173,839 | 4,614,289 | 15,593,356 | 30,092,835 | |||||||||||||||
| Net realized and change in unrealized gain on investments and foreign currency | 2,807,491 | 6,775,814 | 5,307,182 | 20,946,002 | 21,873,090 | |||||||||||||||
| Net increase in net assets resulting from operations | $ | 2,825,158 | $ | 7,399,234 | $ | 9,028,227 | $ | 33,109,606 | $ | 22,608,518 | ||||||||||
See accompanying Notes to Financial Statements.
72
STATEMENTS OF CHANGES IN NET ASSETS
|
North Square Spectrum Alpha Fund |
North Square |
North
Square Multi Strategy Fund |
||||||||||||||||||||||
| For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
|||||||||||||||||||
| Increase (Decrease) in Net Assets due to: | ||||||||||||||||||||||||
| Operations | ||||||||||||||||||||||||
| Net investment income (loss) | $ | (306,125 | ) | $ | 793,207 | $ | (203,656 | ) | $ | 261,487 | $ | 156,719 | $ | 597,875 | ||||||||||
| Net realized gain (loss) on investments | 1,176,928 | 4,485,448 | 24,602,444 | 7,962,789 | 269,656 | 3,892,875 | ||||||||||||||||||
| Net change in unrealized appreciation on investments | 9,587,921 | (3,151,090 | ) | 61,820,270 | (17,860,686 | ) | 3,319,806 | (1,566,832 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 10,458,724 | 2,127,565 | 86,219,058 | (9,636,410 | ) | 3,746,181 | 2,923,918 | |||||||||||||||||
| Distributions to Shareholders | ||||||||||||||||||||||||
| Class A | — | — | — | (2,527,626 | ) | — | (625,150 | ) | ||||||||||||||||
| Class I | — | — | — | (18,375,432 | ) | — | (160,917 | ) | ||||||||||||||||
| Total distributions | — | — | — | (20,903,058 | ) | — | (786,067 | ) | ||||||||||||||||
| Capital Transactions - Class A | ||||||||||||||||||||||||
| Proceeds from shares sold | 629,963 | 1,475,821 | 7,663,137 | 7,692,189 | 100,041 | 282,505 | ||||||||||||||||||
| Reinvestment of distributions | — | — | — | 2,522,486 | — | 604,281 | ||||||||||||||||||
| Amount paid for shares redeemed | (4,334,226 | ) | (8,624,247 | ) | (2,041,307 | ) | (7,821,381 | ) | (1,636,536 | ) | (5,368,800 | ) | ||||||||||||
| Total Class A | (3,704,263 | ) | (7,148,426 | ) | 5,621,830 | 2,393,294 | (1,536,495 | ) | (4,482,014 | ) | ||||||||||||||
| Capital Transactions - Class I | ||||||||||||||||||||||||
| Proceeds from shares sold | 696,953 | 673,587 | 92,950,824 | 343,434,650 | 481,224 | 1,800,160 | ||||||||||||||||||
| Reinvestment of distributions | — | — | — | 18,030,719 | — | 154,836 | ||||||||||||||||||
| Amount paid for shares redeemed | (2,948,089 | ) | (8,518,563 | ) | (58,524,517 | ) | (95,825,740 | ) | (792,630 | ) | (2,681,590 | ) | ||||||||||||
| Total Class I | (2,251,136 | ) | (7,844,976 | ) | 34,426,307 | 265,639,629 | (311,406 | ) | (726,594 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | (5,955,399 | ) | (14,993,402 | ) | 40,048,137 | 268,032,923 | (1,847,901 | ) | (5,208,608 | ) | ||||||||||||||
| Total Increase (Decrease) in Net Assets | 4,503,325 | (12,865,837 | ) | 126,267,195 | 237,493,455 | 1,898,280 | (3,070,757 | ) | ||||||||||||||||
| Net Assets | ||||||||||||||||||||||||
| Beginning of period | $ | 68,734,171 | $ | 81,600,008 | $ | 486,384,942 | $ | 248,891,487 | $ | 37,417,528 | $ | 40,488,285 | ||||||||||||
| End of period | $ | 73,237,496 | $ | 68,734,171 | $ | 612,652,137 | $ | 486,384,942 | $ | 39,315,808 | $ | 37,417,528 | ||||||||||||
See accompanying Notes to Financial Statements.
73
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North
Square Spectrum Alpha Fund |
North Square Dynamic Small Cap Fund |
North
Square Multi Strategy Fund |
||||||||||||||||||||||
| For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
|||||||||||||||||||
| Share Transactions - Class A | ||||||||||||||||||||||||
| Shares sold | 74,294 | 188,976 | 486,159 | 511,000 | 5,414 | 15,976 | ||||||||||||||||||
| Shares issued in reinvestment of distributions | — | — | — | 166,391 | — | 34,121 | ||||||||||||||||||
| Shares redeemed | (508,541 | ) | (1,083,541 | ) | (133,372 | ) | (520,572 | ) | (86,582 | ) | (303,009 | ) | ||||||||||||
| Total Class A | (434,247 | ) | (894,565 | ) | 352,787 | 156,819 | (81,168 | ) | (252,912 | ) | ||||||||||||||
| Share Transactions - Class I | ||||||||||||||||||||||||
| Shares sold | 62,415 | 65,556 | 6,036,545 | 23,205,525 | 23,253 | 91,996 | ||||||||||||||||||
| Shares issued in reinvestment of distributions | — | — | — | 1,187,794 | — | 8,010 | ||||||||||||||||||
| Shares redeemed | (261,816 | ) | (812,072 | ) | (3,872,433 | ) | (6,620,131 | ) | (38,135 | ) | (139,903 | ) | ||||||||||||
| Total Class I | (199,401 | ) | (746,516 | ) | 2,164,112 | 17,773,188 | (14,882 | ) | (39,897 | ) | ||||||||||||||
| Net increase (decrease) in shares outstanding | (633,648 | ) | (1,641,081 | ) | 2,516,899 | 17,930,007 | (96,050 | ) | (292,809 | ) | ||||||||||||||
See accompanying Notes to Financial Statements.
74
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North Square Preferred and Income Securities Fund |
North Square |
North Square Tactical Defensive Fund |
||||||||||||||||||||||
| For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2024 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2024 |
For the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2024 |
|||||||||||||||||||
| Increase (Decrease) in Net Assets due to: | ||||||||||||||||||||||||
| Operations | ||||||||||||||||||||||||
| Net investment income | $ | 8,204,777 | $ | 11,407,902 | $ | 64,498 | $ | 1,949,783 | $ | (122,306 | ) | $ | 309,292 | |||||||||||
| Net realized gain (loss) on investments and foreign currency transactions | 6,417,438 | 8,196,679 | 18,838,405 | 8,994,961 | 5,624,907 | (126,310 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 1,034,262 | (846,518 | ) | 46,668,991 | 37,854,237 | 308,886 | (1,007,148 | ) | ||||||||||||||||
| Net increase in net assets resulting from operations | 15,656,477 | 18,758,063 | 65,571,894 | 48,798,981 | 5,811,487 | (824,166 | ) | |||||||||||||||||
| Distributions to Shareholders | ||||||||||||||||||||||||
| From Earnings | ||||||||||||||||||||||||
| Class A | — | — | — | (2,172,276 | ) | — | (174,955 | ) | ||||||||||||||||
| Class C | — | — | — | (919,073 | ) | — | (6,183 | ) | ||||||||||||||||
| Class I | (7,857,567 | ) | (14,185,775 | ) | — | (8,760,252 | ) | — | (363,265 | ) | ||||||||||||||
| From Return of Capital | ||||||||||||||||||||||||
| Class I | — | — | — | — | — | — | ||||||||||||||||||
| Total distributions | (7,857,567 | ) | (14,185,775 | ) | — | (11,851,601 | ) | — | (544,403 | ) | ||||||||||||||
| Capital Transactions - Class A | ||||||||||||||||||||||||
| Proceeds from shares sold | 7,351,770 | 17,258,047 | 506,022 | 349,278 | ||||||||||||||||||||
| Proceeds from redemption fees | — | — | — | — | ||||||||||||||||||||
| Reinvestment of distributions | — | 1,914,890 | — | 168,007 | ||||||||||||||||||||
| Amount paid for shares redeemed | (10,581,431 | ) | (20,034,760 | ) | (949,513 | ) | (3,011,965 | ) | ||||||||||||||||
| Total Class A | (3,229,661 | ) | (861,823 | ) | (443,491 | ) | (2,494,680 | ) | ||||||||||||||||
| Capital Transactions - Class C | ||||||||||||||||||||||||
| Proceeds from shares sold | 1,294,371 | 3,998,447 | 6,300 | 109,687 | ||||||||||||||||||||
| Reinvestment of distributions | — | 897,024 | — | 6,183 | ||||||||||||||||||||
| Amount paid for shares redeemed | (6,230,361 | ) | (15,090,059 | ) | (354,660 | ) | (671,184 | ) | ||||||||||||||||
| Total Class C | (4,935,990 | ) | (10,194,588 | ) | (348,360 | ) | (555,314 | ) | ||||||||||||||||
| Capital Transactions - Class I | ||||||||||||||||||||||||
| Proceeds from shares sold | 120,576,364 | 273,440,370 | 22,881,254 | 46,332,829 | 1,101,271 | 3,014,908 | ||||||||||||||||||
| Reinvestment of distributions | 7,834,309 | 14,181,999 | — | 7,906,772 | — | 360,751 | ||||||||||||||||||
| Amount paid for shares redeemed | (89,888,075 | ) | (115,538,294 | ) | (33,217,099 | ) | (63,697,452 | ) | (2,456,524 | ) | (4,048,382 | ) | ||||||||||||
| Total Class I | 38,522,598 | 172,084,075 | (10,335,845 | ) | (9,457,851 | ) | (1,355,253 | ) | (672,723 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | 38,522,598 | 172,084,075 | (18,501,496 | ) | (20,514,262 | ) | (2,147,104 | ) | (3,722,717 | ) | ||||||||||||||
| Total Increase (Decrease) in Net Assets | 46,321,508 | 176,656,363 | 47,070,398 | 16,433,118 | 3,664,383 | (5,091,286 | ) | |||||||||||||||||
See accompanying Notes to Financial Statements.
75
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North
Square Preferred and Income Securities Fund |
North
Square Tactical Growth Fund |
North
Square Tactical Defensive Fund |
||||||||||||||||||||||
| For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2024 |
For the (Unaudited) |
For
the Year Ended May 31, 2024 |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2024 |
|||||||||||||||||||
| Net Assets | ||||||||||||||||||||||||
| Beginning of period | $ | 321,042,266 | $ | 144,385,903 | $ | 531,865,371 | $ | 515,432,253 | $ | 50,605,005 | $ | 55,696,291 | ||||||||||||
| End of period | $ | 367,363,774 | $ | 321,042,266 | $ | 578,935,769 | $ | 531,865,371 | $ | 54,269,388 | $ | 50,605,005 | ||||||||||||
| Share Transactions - Class A | ||||||||||||||||||||||||
| Shares sold | 436,714 | 1,115,017 | 26,503 | 20,006 | ||||||||||||||||||||
| Shares issued in reinvestment of distributions | — | 121,967 | — | 9,444 | ||||||||||||||||||||
| Shares redeemed | (621,743 | ) | (1,295,184 | ) | (51,814 | ) | (169,173 | ) | ||||||||||||||||
| Total Class A | (185,029 | ) | (58,200 | ) | (25,311 | ) | (139,723 | ) | ||||||||||||||||
| Share Transactions - Class C | ||||||||||||||||||||||||
| Shares sold | 82,149 | 275,385 | 404 | 6,949 | ||||||||||||||||||||
| Shares issued in reinvestment of distributions | — | 61,524 | — | 389 | ||||||||||||||||||||
| Shares redeemed | (397,088 | ) | (1,051,753 | ) | (21,530 | ) | (42,764 | ) | ||||||||||||||||
| Total Class C | (314,939 | ) | (714,844 | ) | (21,126 | ) | (35,426 | ) | ||||||||||||||||
| Share Transactions - Class I | ||||||||||||||||||||||||
| Shares sold | 5,551,607 | 12,911,209 | 1,308,452 | 2,907,363 | 58,496 | 164,047 | ||||||||||||||||||
| Shares issued in reinvestment of distributions | 360,865 | 666,609 | — | 491,715 | — | 19,681 | ||||||||||||||||||
| Shares redeemed | (4,138,163 | ) | (5,445,181 | ) | (1,903,089 | ) | (3,997,826 | ) | (129,484 | ) | (222,563 | ) | ||||||||||||
| Total Class I | 1,774,309 | 8,132,637 | (594,637 | ) | (598,748 | ) | (70,988 | ) | (38,835 | ) | ||||||||||||||
| Net increase (decrease) in shares outstanding | 1,774,309 | 8,132,637 | (1,094,605 | ) | (1,371,792 | ) | (117,425 | ) | (213,984 | ) | ||||||||||||||
See accompanying Notes to Financial Statements.
76
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North
Square Core Plus Bond Fund |
North
Square Kennedy MicroCap Fund |
North
Square Select Small Cap Fund |
||||||||||||||||||||||
| For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Period Ended May 31, 2025(a) |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(b) |
|||||||||||||||||||
| Increase (Decrease) in Net Assets due to: | ||||||||||||||||||||||||
| Operations | ||||||||||||||||||||||||
| Net investment income | $ | 504,725 | $ | 823,790 | $ | (41,337 | ) | $ | (47,127 | ) | $ | 17,667 | $ | 23,455 | ||||||||||
| Net realized gain (loss)on investments | 216 | 5,114,239 | 2,211,128 | 1,284,718 | 2,224,142 | (230,765 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | 562,828 | (4,399,642 | ) | 2,066,215 | 1,333,374 | 583,349 | (1,109,130 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,067,769 | 1,538,387 | 4,236,006 | 2,570,965 | 2,825,158 | (1,316,440 | ) | |||||||||||||||||
| Distributions to Shareholders | ||||||||||||||||||||||||
| Class A | — | — | — | — | ||||||||||||||||||||
| Class C | — | — | — | — | ||||||||||||||||||||
| Class I | (522,302 | ) | (3,728,049 | ) | — | (347,205 | ) | — | (298,513 | ) | ||||||||||||||
| Total distributions | (522,302 | ) | (3,728,049 | ) | — | (347,205 | ) | — | (298,513 | ) | ||||||||||||||
| Capital Transactions - Class A | ||||||||||||||||||||||||
| Proceeds from shares sold | 471 | |||||||||||||||||||||||
| Reinvestment of distributions | — | |||||||||||||||||||||||
| Amount paid for shares redeemed | (133,631 | ) | ||||||||||||||||||||||
| Shares exchanged for Class I | (1,086,580 | ) | ||||||||||||||||||||||
| Total Class A | (1,219,740 | ) | ||||||||||||||||||||||
| Capital Transactions - Class C | ||||||||||||||||||||||||
| Proceeds from shares sold | — | |||||||||||||||||||||||
| Reinvestment of distributions | — | |||||||||||||||||||||||
| Amount paid for shares redeemed | (27,757 | ) | ||||||||||||||||||||||
| Shares exchanged for Class I | (1,493,321 | ) | ||||||||||||||||||||||
| Total Class C | (1,521,078 | ) | ||||||||||||||||||||||
| Capital Transactions - Class I | ||||||||||||||||||||||||
| Proceeds from shares sold | 453,019 | 8,475,784 | 4,458,452 | 19,284,733 | 756,563 | 272,269 | ||||||||||||||||||
| Shares exchanged from Class A | — | 1,086,580 | — | — | — | — | ||||||||||||||||||
| Shares exchanged from Class C | — | 1,493,321 | — | — | — | — | ||||||||||||||||||
| Reinvestment of distributions | 413,924 | 3,056,675 | — | 347,205 | — | 298,512 | ||||||||||||||||||
| Amount paid for shares redeemed | (1,812,743 | ) | (4,441,257 | ) | (5,471,068 | ) | (75,703 | ) | (2,535,240 | ) | (738,371 | ) | ||||||||||||
| Total Class I | (945,800 | ) | 9,671,103 | (1,012,616 | ) | 19,556,235 | (1,778,677 | ) | (167,590 | ) | ||||||||||||||
| Net decrease in net assets resulting from capital transactions | (945,800 | ) | 6,930,285 | (1,012,616 | ) | 19,556,235 | (1,778,677 | ) | (167,590 | ) | ||||||||||||||
| Total Decrease in Net Assets | (400,333 | ) | 4,740,623 | 3,223,390 | 21,779,995 | 1,046,481 | (1,782,543 | ) | ||||||||||||||||
See accompanying Notes to Financial Statements.
77
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North
Square Core Plus Bond Fund |
North
Square Kennedy MicroCap Fund |
North
Square Select Small Cap Fund |
||||||||||||||||||||||
| For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Year Ended May 31, 2025 |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Period Ended May 31, 2025(a) |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(b) |
|||||||||||||||||||
| Net Assets | ||||||||||||||||||||||||
| Beginning of period | $ | 23,373,464 | $ | 18,632,841 | $ | 21,779,995 | $ | — | $ | 23,716,377 | $ | 25,498,920 | ||||||||||||
| End of period | $ | 22,973,131 | $ | 23,373,464 | $ | 25,003,385 | $ | 21,779,995 | $ | 24,762,858 | $ | 23,716,377 | ||||||||||||
| Share Transactions - Class A | ||||||||||||||||||||||||
| Shares sold | 46 | |||||||||||||||||||||||
| Shares issued in reinvestment of distributions | — | |||||||||||||||||||||||
| Shares redeemed | (12,875 | ) | ||||||||||||||||||||||
| Shares exchanged for Class I | (100,471 | ) | ||||||||||||||||||||||
| Total Class A | (113,300 | ) | ||||||||||||||||||||||
| Share Transactions - Class C | ||||||||||||||||||||||||
| Shares sold | — | |||||||||||||||||||||||
| Shares issued in reinvestment of distributions | — | |||||||||||||||||||||||
| Shares redeemed | (2,793 | ) | ||||||||||||||||||||||
| Shares exchanged for Class I | (142,684 | ) | ||||||||||||||||||||||
| Total Class C | (145,477 | ) | ||||||||||||||||||||||
| Share Transactions - Class I | ||||||||||||||||||||||||
| Shares sold | 48,816 | 850,422 | 345,835 | 1,832,044 | 52,244 | 22036 | ||||||||||||||||||
| Shares exchanged from Class A | — | 100,471 | — | — | — | — | ||||||||||||||||||
| Shares exchanged from Class C | — | 142,684 | — | — | — | — | ||||||||||||||||||
| Shares issued in reinvestment of distributions | 44,583 | 329,170 | — | 29,524 | — | 22,683 | ||||||||||||||||||
| Shares redeemed | (195,486 | ) | (451,361 | ) | (398,036 | ) | (6,733 | ) | (189,199 | ) | (63,966 | ) | ||||||||||||
| Total Class I | (102,087 | ) | 971,386 | (52,201 | ) | 1,854,835 | (136,955 | ) | (19,247 | ) | ||||||||||||||
| Net decrease in shares outstanding | (102,087 | ) | 712,609 | (52,201 | ) | 1,854,835 | (136,955 | ) | (19,247 | ) | ||||||||||||||
| (a) | For the period June 10, 2024 (commencement of operations) to May 31, 2025. | |
| (b) | The Fund changed its fiscal year to May 31. |
See accompanying Notes to Financial Statements.
78
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North Square Altrinsic International Equity Fund |
North Square McKee Bond Fund |
North Square Strategic Income Fund |
||||||||||||||||||||||
| For the Six Months Ended November 30, 2025 (Unaudited) |
For the Seven Months Ended May 31, 2025(a) |
For the Six Months Ended November 30, 2025 (Unaudited) |
For the Seven Months Ended May 31, 2025(a) |
For the Six Months Ended November 30, 2025 (Unaudited) |
For the Seven Months Ended May 31, 2025(a) |
|||||||||||||||||||
| Increase (Decrease) in Net Assets due to: | ||||||||||||||||||||||||
| Operations | ||||||||||||||||||||||||
| Net investment income | $ | 623,420 | $ | 1,767,079 | $ | 3,721,045 | $ | 4,218,753 | $ | 12,163,604 | $ | 8,069,455 | ||||||||||||
| Net realized gain (loss) on investments and foreign currency transactions | 6,601,975 | 3,302,221 | 692,893 | (1,282,181 | ) | 5,352,646 | 9,155,142 | |||||||||||||||||
| Net change in unrealized appreciation on investments and foreign currency translations | 173,839 | 8,143,170 | 4,614,289 | (107,175 | ) | 15,593,356 | (280,285 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 7,399,234 | 13,212,470 | 9,028,227 | 2,829,397 | 33,109,606 | 16,944,312 | ||||||||||||||||||
| Distributions to Shareholders | ||||||||||||||||||||||||
| From earnings: | ||||||||||||||||||||||||
| Class A | (93,226 | ) | (80,118 | ) | ||||||||||||||||||||
| Class I | — | (6,407,678 | ) | (763,060 | ) | (634,904 | ) | (12,172,680 | ) | (7,330,453 | ) | |||||||||||||
| Class R6 | (3,144,276 | ) | (3,559,574 | ) | ||||||||||||||||||||
| Total distributions | — | (6,407,678 | ) | (3,907,336 | ) | (4,194,478 | ) | (12,265,906 | ) | (7,410,571 | ) | |||||||||||||
| Capital Transactions - Class A | ||||||||||||||||||||||||
| Proceeds from shares sold | 1,505,025 | 8,550,612 | ||||||||||||||||||||||
| Reinvestment of distributions | 90,726 | 78,344 | ||||||||||||||||||||||
| Amount paid for shares redeemed | (280,566 | ) | (7,622,827 | ) | ||||||||||||||||||||
| Total Class A | 1,315,185 | 1,006,129 | ||||||||||||||||||||||
| Capital Transactions - Class I | ||||||||||||||||||||||||
| Proceeds from shares sold | 2,952,600 | 2,795,765 | 3,044,485 | 33,021,127 | 296,036,620 | 263,832,971 | ||||||||||||||||||
| Reinvestment of distributions | — | 6,404,695 | 763,060 | 634,904 | 11,749,050 | 7,046,523 | ||||||||||||||||||
| Amount paid for shares redeemed | (33,047,924 | ) | (32,184,222 | ) | (2,160,771 | ) | (2,163,347 | ) | (39,687,802 | ) | (39,844,801 | ) | ||||||||||||
| Total Class I | (30,095,324 | ) | (22,983,762 | ) | 1,646,774 | 31,492,684 | 268,097,868 | 231,034,693 | ||||||||||||||||
| Capital Transactions - Class R6 | ||||||||||||||||||||||||
| Proceeds from shares sold | 9,239,457 | 23,655,411 | ||||||||||||||||||||||
| Reinvestment of distributions | 2,737,010 | 3,167,044 | ||||||||||||||||||||||
| Amount paid for shares redeemed | (7,328,071 | ) | (33,613,545 | ) | ||||||||||||||||||||
| Total Class R6 | 4,648,396 | (6,791,090 | ) | |||||||||||||||||||||
| Net increase (decrease) in net assets resulting from capital transactions | (30,095,324 | ) | (22,983,762 | ) | 6,295,170 | 24,701,594 | 269,413,053 | 232,040,822 | ||||||||||||||||
| Total Increase (Decrease) in Net Assets | (22,696,090 | ) | (16,178,970 | ) | 11,416,061 | 23,336,513 | 290,256,753 | 241,574,563 | ||||||||||||||||
| Net Assets | ||||||||||||||||||||||||
| Beginning of period | $ | 107,811,561 | $ | 123,990,531 | $ | 179,579,237 | $ | 156,242,724 | $ | 458,902,248 | $ | 217,327,685 | ||||||||||||
| End of period | $ | 85,115,471 | $ | 107,811,561 | $ | 190,995,298 | $ | 179,579,237 | $ | 749,159,001 | $ | 458,902,248 | ||||||||||||
See accompanying Notes to Financial Statements.
79
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North Square Altrinsic International Equity Fund |
North Square McKee Bond Fund |
North Square Strategic Income Fund |
||||||||||||||||||||||
| For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(a) |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(a) |
For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(a) |
|||||||||||||||||||
| Share Transactions - Class A | ||||||||||||||||||||||||
| Shares sold | 153,159 | 883,665 | ||||||||||||||||||||||
| Shares issued in reinvestment of distributions | 9,226 | 8,241 | ||||||||||||||||||||||
| Shares redeemed | (28,616 | ) | (794,457 | ) | ||||||||||||||||||||
| Total Class I | 133,769 | 97,449 | ||||||||||||||||||||||
| Share Transactions - Class I | ||||||||||||||||||||||||
| Shares sold | 230,096 | 248,944 | 343,968 | 3,864,921 | 30,052,797 | 27,639,093 | ||||||||||||||||||
| Shares issued in reinvestment of distributions | — | 601,945 | 86,580 | 72,867 | 1,194,392 | 739,676 | ||||||||||||||||||
| Shares redeemed | (2,578,463 | ) | (2,837,490 | ) | (244,986 | ) | (248,370 | ) | (4,027,463 | ) | (4,190,046 | ) | ||||||||||||
| Total Class I | (2,348,367 | ) | (1,986,601 | ) | 185,562 | 3,689,418 | 27,219,726 | 24,188,723 | ||||||||||||||||
| Share Transactions - Class R6 | ||||||||||||||||||||||||
| Shares sold | 1,030,859 | 2,681,343 | ||||||||||||||||||||||
| Shares issued in reinvestment of distributions | 307,610 | 360,674 | ||||||||||||||||||||||
| Shares redeemed | (823,008 | ) | (3,900,271 | ) | ||||||||||||||||||||
| Total Class I | 515,461 | (858,254 | ) | |||||||||||||||||||||
| Net increase (decrease) in shares outstanding | (2,348,367 | ) | (1,986,601 | ) | 701,023 | 2,831,164 | 27,353,495 | 24,286,172 | ||||||||||||||||
| (a) | The Fund changed its fiscal year to May 31. |
See accompanying Notes to Financial Statements.
80
STATEMENTS OF CHANGES IN NET ASSETS – Continued
| North
Square Small Cap Value Fund |
||||||||
| For
the Six Months Ended November 30, 2025 (Unaudited) |
For
the Seven Months Ended May 31, 2025(a) |
|||||||
| Increase (Decrease) in Net Assets due to: | ||||||||
| Operations | ||||||||
| Net investment income | $ | 735,428 | $ | 2,025,785 | ||||
| Net realized gain (loss) on investments | (8,219,745 | ) | 372,032 | |||||
| Net change in unrealized appreciation on investments | 30,092,835 | (21,096,788 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 22,608,518 | (18,698,971 | ) | |||||
| Distributions to Shareholders | ||||||||
| From earnings: | ||||||||
| Class I | — | (56,203,930 | ) | |||||
| Investor Class | — | (2,354,671 | ) | |||||
| Total distributions | — | (58,558,601 | ) | |||||
| Capital Transactions - Class I | ||||||||
| Proceeds from shares sold | 11,395,877 | 24,254,319 | ||||||
| Reinvestment of distributions | — | 53,703,016 | ||||||
| Amount paid for shares redeemed | (47,143,764 | ) | (95,529,210 | ) | ||||
| Total Class I | (35,747,887 | ) | (17,571,875 | ) | ||||
| Capital Transactions - Investor Class | ||||||||
| Proceeds from shares sold | 111,272 | 273,431 | ||||||
| Reinvestment of distributions | — | 2,324,535 | ||||||
| Amount paid for shares redeemed | (1,373,749 | ) | (1,885,672 | ) | ||||
| Total Investor Class | (1,262,477 | ) | 712,294 | |||||
| Net increase (decrease) in net assets resulting from capital transactions | (37,010,364 | ) | (16,859,581 | ) | ||||
| Total Increase (Decrease) in Net Assets | (14,401,846 | ) | (94,117,153 | ) | ||||
| Net Assets | ||||||||
| Beginning of period | 194,516,865 | 288,634,018 | ||||||
| End of period | $ | 180,115,019 | $ | 194,516,865 | ||||
| Share Transactions - Class I | ||||||||
| Shares sold | 630,660 | 1,326,970 | ||||||
| Shares issued in reinvestment of distributions | — | 3,027,227 | ||||||
| Shares redeemed | (2,714,305 | ) | (5,548,799 | ) | ||||
| Total Class I | (2,083,645 | ) | (1,194,602 | ) | ||||
| Share Transactions - Investor Class | ||||||||
| Shares sold | 6,240 | 15,508 | ||||||
| Shares issued in reinvestment of distributions | — | 131,776 | ||||||
| Shares redeemed | (77,090 | ) | (106,183 | ) | ||||
| Total Investor Class | (70,850 | ) | 41,101 | |||||
| Net increase (decrease) in shares outstanding | (2,154,495 | ) | (1,153,501 | ) | ||||
| (a) | The Fund changed its fiscal year to May 31. |
See accompanying Notes to Financial Statements.
81
North Square Spectrum Alpha Fund
FINANCIAL HIGHLIGHTS
Class A
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 7.68 | $ | 7.54 | $ | 5.88 | $ | 10.78 | $ | 15.36 | $ | 12.07 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) | 0.04 | (b) | 0.07 | (b) | (0.06 | )(b) | (0.09 | )(b) | (0.19 | )(b) | (0.17 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 1.23 | 0.07 | 1.72 | (0.28 | ) | (2.26 | ) | 5.34 | ||||||||||||||||
| Total from investment operations | 1.19 | 0.14 | 1.66 | (0.37 | ) | (2.45 | ) | 5.17 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| From net realized gains | — | — | — | (4.53 | ) | (2.13 | ) | (1.88 | ) | |||||||||||||||
| Total distributions | — | — | — | (4.53 | ) | (2.13 | ) | (1.88 | ) | |||||||||||||||
| Net asset value, end of period | $ | 8.87 | $ | 7.68 | $ | 7.54 | $ | 5.88 | $ | 10.78 | $ | 15.36 | ||||||||||||
| Total Return(c) | 15.49 | %(d) | 1.86 | % | 28.23 | % | (2.25 | )% | (19.05 | )% | 43.47 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 45,261 | $ | 42,526 | $ | 48,531 | $ | 44,532 | $ | 56,319 | $ | 87,291 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | 0.96 | %(f) | 0.97 | % | 0.94 | % | 0.92 | % | 1.34 | % | 1.75 | % | ||||||||||||
| After fees waived and expenses reimbursed(e) | 0.96 | %(f) | 1.30 | % | 1.30 | % | 1.30 | % | 1.36 | %(g) | 1.39 | % | ||||||||||||
| Ratio of net investment loss to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | (0.92 | )%(f) | 1.26 | % | (0.56 | )% | (0.70 | )% | (1.29 | )% | (1.54 | )% | ||||||||||||
| After fees waived and expenses reimbursed(e) | (0.92 | )%(f) | 0.93 | % | (0.93 | )% | (1.07 | )% | (1.31 | )% | (1.18 | )% | ||||||||||||
| Portfolio turnover rate(h) | 3 | %(d) | 19 | % | 11 | % | 7 | % | 104 | % | 33 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. |
| (b) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests. |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. |
| (f) | Annualized. |
| (g) | Effective January 11, 2022, the expense cap decreased from 1.39% to 1.30%. |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
82
North Square Spectrum Alpha Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 10.09 | $ | 9.89 | $ | 7.68 | $ | 12.60 | $ | 17.59 | $ | 13.58 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) | 0.04 | (b) | 0.12 | (b) | (0.06 | )(b) | (0.08 | )(b) | (0.17 | )(b) | (0.15 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 1.62 | 0.08 | 2.27 | (0.31 | ) | (2.69 | ) | 6.04 | ||||||||||||||||
| Total from investment operations | 1.58 | 0.20 | 2.21 | (0.39 | ) | (2.86 | ) | 5.89 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| From net realized gains | — | — | — | (4.53 | ) | (2.13 | ) | (1.88 | ) | |||||||||||||||
| Total distributions | — | — | — | (4.53 | ) | (2.13 | ) | (1.88 | ) | |||||||||||||||
| Net asset value, end of period | $ | 11.67 | $ | 10.09 | $ | 9.89 | $ | 7.68 | $ | 12.60 | $ | 17.59 | ||||||||||||
| Total Return(c) | 15.66 | %(d) | 2.02 | % | 28.78 | % | (2.08 | )% | (18.90 | )% | 43.92 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 27,976 | $ | 26,208 | $ | 33,069 | $ | 28,790 | $ | 39,308 | $ | 61,121 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | 0.73 | %(f) | 0.75 | % | 0.73 | % | 0.72 | % | 1.12 | % | 1.51 | %(g) | ||||||||||||
| After fees waived and expenses reimbursed(e) | 0.73 | %(f) | 1.05 | % | 1.05 | % | 1.05 | % | 1.11 | %(h) | 1.08 | % | ||||||||||||
| Ratio of net investment loss to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | (0.69 | )%(f) | 1.47 | % | (0.34 | )% | (0.48 | )% | (1.07 | )% | (1.31 | )%(g) | ||||||||||||
| After fees waived and expenses reimbursed(e) | (0.69 | )%(f) | 1.17 | % | (0.67 | )% | (0.81 | )% | (1.06 | )% | (0.87 | )% | ||||||||||||
| Portfolio turnover rate(i) | 3 | %(d) | 19 | % | 11 | % | 7 | % | 104 | % | 33 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. | |
| (b) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. | |
| (f) | Annualized. | |
| (g) | Ratios exclude the 12b-1 refund. | |
| (h) | Effective January 11, 2022, the expense cap decreased from 1.14% to 1.05%. | |
| (i) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
83
North Square Dynamic Small Cap Fund
FINANCIAL HIGHLIGHTS
Class A
(For a share outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | For the Period Ended May 31, |
||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023(a) | |||||||||||||
| Selected Per Share Data: | ||||||||||||||||
| Net asset value, beginning of period | $ | 13.92 | $ | 14.69 | $ | 11.15 | $ | 11.26 | ||||||||
| Investment operations: | ||||||||||||||||
| Net investment income (loss)(b) | (0.02 | ) | (0.02 | ) | (0.01 | ) | 0.03 | |||||||||
| Net realized and unrealized gain (loss) | 2.43 | (c) | 0.07 | (c) | 3.56 | (0.14 | )(c) | |||||||||
| Total from investment operations | 2.41 | 0.05 | 3.55 | (0.11 | ) | |||||||||||
| Less distributions: | ||||||||||||||||
| Net investment income | — | — | (0.01 | ) | — | |||||||||||
| From net realized gains | — | (0.82 | ) | |||||||||||||
| Total distributions | — | (0.82 | ) | (0.01 | ) | — | ||||||||||
| Net asset value, end of period | $ | 16.33 | $ | 13.92 | $ | 14.69 | $ | 11.15 | ||||||||
| Total Return(d) | 17.31 | %(e) | (0.14 | )% | 31.88 | % | (0.98 | )%(e) | ||||||||
| Ratios and Supplemental Data: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 58,505 | $ | 44,946 | $ | 45,120 | $ | 2,143 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before fees waived and expenses reimbursed | 1.46 | %(f) | 1.48 | % | 1.54 | % | 1.54 | % | ||||||||
| After fees waived and expenses reimbursed | 1.24 | %(f) | 1.24 | % | 1.24 | % | 1.24 | %(f) | ||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
| Before fees waived and expenses reimbursed | (0.52 | )%(f) | (0.37 | )% | (0.36 | )% | 2.99 | %(f) | ||||||||
| After fees waived and expenses reimbursed | (0.30 | )%(f) | (0.13 | )% | (0.06 | )% | 3.29 | %(f) | ||||||||
| Portfolio turnover rate(g) | 125 | %(e) | 168 | % | 174 | % | 188 | % | ||||||||
| (a) | For the period May 1, 2023 (commencement of operations) to May 31, 2023. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund. | |
| (d) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (e) | Not annualized. | |
| (f) | Annualized. | |
| (g) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
84
North Square Dynamic Small Cap Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 13.96 | $ | 14.71 | $ | 11.15 | $ | 11.09 | $ | 18.27 | $ | 11.46 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) | — | 0.01 | 0.02 | 0.01 | 0.01 | (0.04 | ) | |||||||||||||||||
| Net realized and unrealized gain (loss) | 2.44 | 0.08 | (b) | 3.56 | 0.07 | (1.00 | ) | 7.14 | ||||||||||||||||
| Total from investment operations | 2.44 | 0.09 | 3.58 | 0.08 | (0.99 | ) | 7.10 | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | (0.01 | ) | ||||||||||||||
| From net realized gains | — | (0.82 | ) | — | — | (6.19 | ) | (0.28 | ) | |||||||||||||||
| Total distributions | — | (0.84 | ) | (0.02 | ) | (0.02 | ) | (6.19 | ) | (0.29 | ) | |||||||||||||
| Net asset value, end of period | $ | 16.40 | $ | 13.96 | $ | 14.71 | $ | 11.15 | $ | 11.09 | $ | 18.27 | ||||||||||||
| Total Return(c) | 17.48 | %(d) | 0.14 | % | 32.14 | % | 0.76 | % | (10.43 | )% | 62.34 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 554,147 | $ | 441,439 | $ | 203,772 | $ | 76,580 | $ | 78,983 | $ | 20,369 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed | 1.11 | %(e) | 1.11 | % | 1.18 | % | 1.33 | % | 1.36 | % | 1.67 | % | ||||||||||||
| After fees waived and expenses reimbursed | 0.99 | %(e) | 0.99 | % | 0.99 | % | 0.99 | % | 1.00 | %(f) | 1.15 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed | (0.17 | )%(e) | (0.03 | )% | (0.04 | )% | (0.21 | )% | (0.30 | )% | (0.82 | )% | ||||||||||||
| After fees waived and expenses reimbursed | (0.05 | )%(e) | 0.10 | % | 0.15 | % | 0.12 | % | 0.06 | % | (0.30 | )% | ||||||||||||
| Portfolio turnover rate(g) | 125 | %(d) | 168 | % | 174 | % | 188 | % | 177 | % | 179 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. | |
| (b) | The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. | |
| (f) | Effective July 1, 2021, the expense cap decreased from 1.15% to 0.99%. | |
| (g) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
85
North Square Multi Strategy Fund
FINANCIAL HIGHLIGHTS
Class A
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 17.87 | $ | 16.95 | $ | 14.17 | $ | 21.10 | $ | 23.57 | $ | 16.93 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a)(b) | 0.07 | 0.25 | 0.12 | 0.19 | 1.98 | (0.09 | ) | |||||||||||||||||
| Net realized and unrealized gain (loss) | 1.75 | 1.01 | 2.84 | (0.53 | ) | (2.97 | ) | 6.73 | ||||||||||||||||
| Total from investment operations | 1.82 | 1.26 | 2.96 | (0.34 | ) | (0.99 | ) | 6.64 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.14 | ) | (0.18 | ) | (2.11 | ) | — | — | |||||||||||||||
| From net realized gains | — | (0.20 | ) | — | (4.48 | ) | (1.48 | ) | — | |||||||||||||||
| Total distributions | — | (0.34 | ) | (0.18 | ) | (6.59 | ) | (1.48 | ) | 0.00 | ||||||||||||||
| Net asset value, end of period | $ | 19.69 | $ | 17.87 | $ | 16.95 | $ | 14.17 | $ | 21.10 | $ | 23.57 | ||||||||||||
| Total Return(c) | 3.85 | %(d) | 7.49 | % | 20.99 | % | (0.57 | )% | (4.94 | )% | 39.20 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 30,675 | $ | 29,294 | $ | 32,062 | $ | 30,433 | $ | 37,762 | $ | 45,140 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e)(f) | 1.26 | %(g) | 1.00 | % | 0.94 | % | 1.23 | % | 0.79 | % | 0.92 | % | ||||||||||||
| After fees waived and expenses reimbursed(e)(f) | 0.89 | %(g) | 1.00 | % | 0.94 | % | 0.92 | % | 0.79 | % | 1.13 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | 0.39 | %(g) | 1.43 | % | 0.74 | % | 0.79 | % | 8.41 | % | (0.23 | )% | ||||||||||||
| After fees waived and expenses reimbursed(e) | 0.75 | %(g) | 1.43 | % | 0.74 | % | 1.10 | % | 8.41 | % | (0.44 | )% | ||||||||||||
| Portfolio turnover rate(h) | 7 | %(d) | 26 | % | 12 | % | 13 | % | 65 | % | 15 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. | |
| (b) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. | |
| (f) | The Adviser does not receive management fees for Fund assets invested in other series of the Trust advised by the Adviser (affiliated investments). | |
| (g) | Annualized. | |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
86
North Square Multi Strategy Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 19.53 | $ | 18.49 | $ | 15.43 | $ | 22.33 | $ | 24.83 | $ | 17.73 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a)(b) | 0.10 | 0.32 | 0.18 | 0.25 | 2.22 | 0.06 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 1.92 | 1.10 | 3.10 | (0.56 | ) | (3.24 | ) | 7.04 | ||||||||||||||||
| Total from investment operations | 2.02 | 1.42 | 3.28 | (0.31 | ) | (1.02 | ) | 7.10 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.18 | ) | (0.22 | ) | (2.11 | ) | — | — | |||||||||||||||
| From net realized gains | — | (0.20 | ) | — | (4.48 | ) | (1.48 | ) | — | |||||||||||||||
| Total distributions | — | (0.38 | ) | (0.22 | ) | (6.59 | ) | (1.48 | ) | — | ||||||||||||||
| Net asset value, end of period | $ | 21.55 | $ | 19.53 | $ | 18.49 | $ | 15.43 | $ | 22.33 | $ | 24.83 | ||||||||||||
| Total Return(c) | 10.34 | %(d) | 7.75 | % | 21.34 | % | (0.38 | )% | (4.79 | )% | 40.07 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 8,640 | $ | 8,124 | $ | 8,426 | $ | 8,420 | $ | 10,136 | $ | 10,592 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e)(f) | 1.03 | %(g) | 0.75 | % | 0.70 | % | 0.99 | % | 0.54 | % | 0.67 | %(h) | ||||||||||||
| After fees waived and expenses reimbursed(e)(f) | 0.66 | %(g) | 0.75 | % | 0.70 | % | 0.68 | % | 0.54 | % | 0.43 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(e) | 0.61 | %(g) | 1.67 | % | 1.06 | % | 1.03 | % | 8.92 | % | 0.05 | %(h) | ||||||||||||
| After fees waived and expenses reimbursed(e) | 0.98 | %(g) | 1.67 | % | 1.06 | % | 1.34 | % | 8.92 | % | 0.29 | % | ||||||||||||
| Portfolio turnover rate(i) | 7 | %(d) | 26 | % | 12 | % | 13 | % | 65 | % | 15 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. | |
| (b) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. | |
| (f) | The Adviser does not receive management fees for Fund assets invested in other series of the Trust advised by the Adviser (affiliated investments). | |
| (g) | Annualized. | |
| (h) | Ratios exclude the 12b-1 refund | |
| (i) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
87
North Square Preferred and Income Securities Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 21.24 | $ | 20.67 | $ | 17.86 | $ | 20.96 | $ | 23.32 | $ | 17.47 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.53 | 1.01 | 0.99 | 1.09 | 0.41 | 0.21 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.48 | 0.77 | 2.77 | (0.89 | ) | (0.55 | ) | 6.18 | ||||||||||||||||
| Total from investment operations | 1.01 | 1.78 | 3.76 | 0.20 | (0.14 | ) | 6.39 | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | (0.50 | ) | (0.95 | ) | (0.76 | ) | (0.65 | ) | (0.38 | ) | (0.18 | ) | ||||||||||||
| From net realized gains | — | (0.26 | ) | — | (2.31 | ) | (1.84 | ) | (0.36 | ) | ||||||||||||||
| From return of capital | — | — | (0.19 | ) | (0.34 | ) | — | — | ||||||||||||||||
| Total distributions | (0.50 | ) | (1.21 | ) | (0.95 | ) | (3.30 | ) | (2.22 | ) | (0.54 | ) | ||||||||||||
| Net asset value, end of period | $ | 21.75 | $ | 21.24 | $ | 20.67 | $ | 17.86 | $ | 20.96 | $ | 23.32 | ||||||||||||
| Total Return(b) | 4.78 | %(c) | 8.74 | % | 21.51 | % | 1.25 | % | (1.49 | )% | 37.06 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 367,364 | $ | 321,042 | $ | 144,386 | $ | 46,577 | $ | 25,793 | $ | 16,186 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(d) | 0.97 | %(e) | 0.98 | % | 1.04 | % | 1.20 | % | 1.27 | % | 1.44 | %(f) | ||||||||||||
| After fees waived and expenses reimbursed(d) | 0.97 | %(e) | 0.97 | % | 0.97 | % | 0.97 | % | 0.99 | %(g) | 1.00 | % | ||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(d) | 4.84 | %(e) | 4.74 | % | 5.00 | % | 5.41 | % | 1.50 | % | 0.59 | %(f) | ||||||||||||
| After fees waived and expenses reimbursed(d) | 4.84 | %(e) | 4.74 | % | 5.07 | % | 5.64 | % | 1.78 | % | 1.03 | % | ||||||||||||
| Portfolio turnover rate(h) | 52 | %(c) | 92 | % | 115 | % | 260 | % | 179 | % | 28 | % | ||||||||||||
| (a) | Based on average shares outstanding for the period. | |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (c) | Not annualized. | |
| (d) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. | |
| (e) | Annualized. | |
| (f) | Ratios exclude the 12b-1 refund. | |
| (g) | Effective January 11, 2022, the expense cap decreased from 1.00% to 0.97%. | |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
88
North Square Tactical Growth Fund
FINANCIAL HIGHLIGHTS
Class A
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 15.86 | $ | 14.79 | $ | 12.74 | $ | 13.59 | $ | 15.15 | $ | 11.81 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b)(c) | (0.01 | ) | 0.04 | 0.08 | 0.06 | (0.03 | ) | (0.09 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) | 1.98 | 1.38 | 2.08 | 0.02 | (0.80 | ) | 3.43 | |||||||||||||||||
| Total from investment operations | 1.97 | 1.42 | 2.16 | 0.08 | (0.83 | ) | 3.34 | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.13 | ) | (0.09 | ) | (0.06 | ) | — | — | |||||||||||||||
| From net realized gains | — | (0.22 | ) | (0.02 | ) | (0.87 | ) | (0.73 | ) | — | ||||||||||||||
| Total distributions | — | (0.35 | ) | (0.11 | ) | (0.93 | ) | (0.73 | ) | — | ||||||||||||||
| Net asset value, end of period | $ | 17.83 | $ | 15.86 | $ | 14.79 | $ | 12.74 | $ | 13.59 | $ | 15.15 | ||||||||||||
| Total Return(d) | 12.42 | %(e) | 9.56 | % | 16.99 | % | 1.04 | % | (5.93 | )% | 28.28 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 109,388 | $ | 100,224 | $ | 94,310 | $ | 85,244 | $ | 92,843 | $ | 97,180 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | 1.54 | %(g) | 1.57 | % | 1.62 | % | 1.74 | % | 1.61 | % | 1.55 | % | ||||||||||||
| After fees waived and expenses reimbursed(f) | 1.54 | %(g) | 1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | 1.55 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | (0.08 | )%(g) | 0.25 | % | 0.51 | % | 0.24 | % | (0.27 | )% | (0.70 | )% | ||||||||||||
| After fees waived and expenses reimbursed(f) | (0.08 | )%(g) | 0.27 | % | 0.58 | % | 0.43 | % | (0.21 | )% | (0.70 | )% | ||||||||||||
| Portfolio turnover rate(h) | 18 | %(e) | 47 | % | 66 | % | 96 | % | 67 | % | 79 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Growth Fund Class A converted to the North Square Tactical Growth Fund Class A. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests. | |
| (d) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (e) | Not annualized. | |
| (f) | Does not include expenses of the investment companies in which the Fund invests. | |
| (g) | Annualized. | |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
89
North Square Tactical Growth Fund
FINANCIAL HIGHLIGHTS
Class C
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 14.67 | $ | 13.70 | $ | 11.80 | $ | 12.69 | $ | 14.30 | $ | 11.24 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment loss(b)(c) | (0.06 | ) | (0.07 | ) | (0.02 | )(d) | (0.04 | )(d) | (0.13 | ) | (0.19 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 1.82 | 1.27 | 1.92 | 0.03 | (0.75 | ) | 3.25 | |||||||||||||||||
| Total from investment operations | 1.76 | 1.20 | 1.90 | (0.01 | ) | (0.88 | ) | 3.06 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.01 | ) | — | (0.01 | ) | — | — | ||||||||||||||||
| From net realized gains | — | (0.22 | ) | — | (0.87 | ) | (0.73 | ) | — | |||||||||||||||
| Total distributions | — | (0.23 | ) | — | (0.88 | ) | (0.73 | ) | — | |||||||||||||||
| Net asset value, end of period | $ | 16.43 | $ | 14.67 | $ | 13.70 | $ | 11.80 | $ | 12.69 | $ | 14.30 | ||||||||||||
| Total Return(e) | 12.00 | %(f) | 8.76 | % | 16.10 | % | 0.31 | % | (6.61 | )% | 27.22 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 55,088 | $ | 53,801 | $ | 60,037 | $ | 71,369 | $ | 84,867 | $ | 106,291 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | 2.29 | %(h) | 2.32 | % | 2.37 | % | 2.50 | % | 2.37 | % | 2.31 | % | ||||||||||||
| After fees waived and expenses reimbursed(g) | 2.29 | %(h) | 2.30 | % | 2.30 | % | 2.30 | % | 2.30 | % | 2.30 | % | ||||||||||||
| Ratio of net investment loss to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | (0.81 | )%(h) | (0.48 | )% | (0.22 | )% | (0.51 | )% | (1.02 | )% | (1.46 | )% | ||||||||||||
| After fees waived and expenses reimbursed(g) | (0.81 | )%(h) | (0.46 | )% | (0.15 | )% | (0.31 | )% | (0.95 | )% | (1.45 | )% | ||||||||||||
| Portfolio turnover rate(i) | 18 | %(f) | 47 | % | 66 | % | 96 | % | 67 | % | 79 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Growth Fund Class C converted to the North Square Tactical Growth Fund Class C. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund. | |
| (e) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (f) | Not annualized. | |
| (g) | Does not include expenses of the investment companies in which the Fund invests. | |
| (h) | Annualized. | |
| (i) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
90
North Square Tactical Growth Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
|
For the 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 16.26 | $ | 15.14 | $ | 13.04 | $ | 13.87 | $ | 15.42 | $ | 12.00 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b)(c) | 0.01 | 0.08 | 0.11 | 0.09 | 0.01 | (0.06 | ) | |||||||||||||||||
| Net realized and unrealized gain (loss) | 2.03 | 1.42 | 2.13 | 0.03 | (0.83 | ) | 3.48 | |||||||||||||||||
| Total from investment operations | 2.04 | 1.50 | 2.24 | 0.12 | (0.82 | ) | 3.42 | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.16 | ) | (0.12 | ) | (0.08 | ) | — | — | (d) | ||||||||||||||
| From net realized gains | — | (0.22 | ) | (0.02 | ) | (0.87 | ) | (0.73 | ) | — | ||||||||||||||
| Total distributions | — | (0.38 | ) | (0.14 | ) | (0.95 | ) | (0.73 | ) | — | ||||||||||||||
| Net asset value, end of period | $ | 18.30 | $ | 16.26 | $ | 15.14 | $ | 13.04 | $ | 13.87 | $ | 15.42 | ||||||||||||
| Total Return(e) | 12.55 | %(f) | 9.91 | % | 17.25 | % | 1.33 | % | (5.71 | )% | 28.53 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 414,459 | $ | 377,840 | $ | 361,085 | $ | 314,829 | $ | 344,653 | $ | 391,964 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | 1.30 | %(h) | 1.33 | % | 1.37 | % | 1.50 | % | 1.38 | % | 1.33 | % | ||||||||||||
| After fees waived and expenses reimbursed(g) | 1.30 | %(h) | 1.30 | % | 1.30 | % | 1.30 | % | 1.30 | % | 1.30 | % | ||||||||||||
| Ratio of net investment loss to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | 0.16 | %(h) | 0.49 | % | 0.74 | % | 0.48 | % | (0.03 | )% | (0.48 | )% | ||||||||||||
| After fees waived and expenses reimbursed(g) | 0.16 | %(h) | 0.52 | % | 0.81 | % | 0.68 | % | 0.05 | % | (0.45 | )% | ||||||||||||
| Portfolio turnover rate(i) | 18 | %(f) | 47 | % | 66 | % | 96 | % | 67 | % | 79 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Growth Fund Class I converted to the North Square Tactical Growth Fund Class I. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | Rounds to less than $0.005 per share. | |
| (e) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (f) | Not annualized. | |
| (g) | Does not include expenses of the investment companies in which the Fund invests. | |
| (h) | Annualized. | |
| (i) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
91
North Square Tactical Defensive Fund
FINANCIAL HIGHLIGHTS
Class A
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 17.15 | $ | 17.62 | $ | 15.42 | $ | 16.05 | $ | 16.00 | $ | 12.41 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b)(c) | (0.05 | ) | 0.08 | 0.13 | 0.05 | (0.11 | ) | (0.10 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.04 | (0.39 | ) | 2.07 | (0.68 | ) | 0.16 | 3.69 | ||||||||||||||||
| Total from investment operations | 1.99 | (0.31 | ) | 2.20 | (0.63 | ) | 0.05 | 3.59 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.16 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | — | (0.16 | ) | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 19.14 | $ | 17.15 | $ | 17.62 | $ | 15.42 | $ | 16.05 | $ | 16.00 | ||||||||||||
| Total Return(d) | 11.60 | %(e) | (1.77 | )% | 14.27 | % | (3.93 | )% | 0.30 | % | 28.93 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 19,041 | $ | 17,492 | $ | 20,434 | $ | 20,302 | $ | 23,392 | $ | 21,542 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | 1.97 | %(g) | 1.99 | % | 1.97 | % | 1.97 | % | 1.86 | % | 1.87 | % | ||||||||||||
| After fees waived and expenses reimbursed(f) | 1.95 | %(g) | 1.95 | % | 1.96 | % | 1.95 | % | 1.86 | % | 1.87 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | (0.60 | )%(g) | 0.42 | % | 0.79 | % | 0.25 | % | (0.65 | )% | (0.71 | )% | ||||||||||||
| After fees waived and expenses reimbursed(f) | (0.57 | )%(g) | 0.46 | % | 0.80 | % | 0.29 | % | (0.65 | )% | (0.71 | )% | ||||||||||||
| Portfolio turnover rate(h) | 52 | %(e) | 225 | % | 296 | % | 677 | % | 289 | % | 350 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Defensive Fund Class A converted to the North Square Tactical Defensive Fund Class A. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (e) | Not annualized. | |
| (f) | Does not include expenses of the investment companies in which the Fund invests. | |
| (g) | Annualized. | |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
92
North Square Tactical Defensive Fund
FINANCIAL HIGHLIGHTS
Class C
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 15.27 | $ | 15.70 | $ | 13.84 | $ | 14.52 | $ | 14.59 | $ | 11.40 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b)(c) | (0.11 | ) | (0.04 | ) | 0.01 | (0.07 | )(d) | (0.21 | ) | (0.19 | ) | |||||||||||||
| Net realized and unrealized gain (loss) | 1.82 | (0.36 | ) | 1.85 | (0.61 | ) | 0.14 | 3.38 | ||||||||||||||||
| Total from investment operations | 1.71 | (0.40 | ) | 1.86 | (0.68 | ) | (0.07 | ) | 3.19 | |||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.03 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | — | (0.03 | ) | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 16.98 | $ | 15.27 | $ | 15.70 | $ | 13.84 | $ | 14.52 | $ | 14.59 | ||||||||||||
| Total Return(e) | 11.20 | %(f) | (2.54 | )% | 13.44 | % | (4.68 | )% | (0.49 | )% | 27.98 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 2,627 | $ | 2,685 | $ | 3,316 | $ | 4,005 | $ | 7,265 | $ | 11,711 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | 2.76 | %(h) | 2.79 | % | 2.75 | % | 2.74 | % | 2.62 | % | 2.62 | % | ||||||||||||
| After fees waived and expenses reimbursed(g) | 2.70 | %(h) | 2.70 | % | 2.71 | % | 2.70 | % | 2.62 | % | 2.62 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(g) | (1.36 | )%(h) | (0.37 | )% | 0.02 | % | (0.52 | )% | (1.37 | )% | (1.42 | )% | ||||||||||||
| After fees waived and expenses reimbursed(g) | (1.30 | )%(h) | (0.28 | )% | 0.06 | % | (0.48 | )% | (1.37 | )% | (1.42 | )% | ||||||||||||
| Portfolio turnover rate(i) | 52 | %(f) | 225 | % | 296 | % | 677 | % | 289 | % | 350 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Defensive Fund Class C converted to the North Square Tactical Defensive Fund Class C. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund. | |
| (e) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (f) | Not annualized. | |
| (g) | Does not include expenses of the investment companies in which the Fund invests. | |
| (h) | Annualized. | |
| (i) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
93
North Square Tactical Defensive Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For
the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 17.69 | $ | 18.17 | $ | 15.86 | $ | 16.47 | $ | 16.39 | $ | 12.69 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b)(c) | (0.03 | ) | 0.13 | 0.18 | 0.09 | (0.07 | ) | (0.07 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.11 | (0.41 | ) | 2.13 | (0.70 | ) | 0.15 | 3.77 | ||||||||||||||||
| Total from investment operations | 2.08 | (0.28 | ) | 2.31 | (0.61 | ) | 0.08 | 3.70 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.20 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | — | (0.20 | ) | — | — | — | — | |||||||||||||||||
| Net asset value, end of period | $ | 19.77 | $ | 17.69 | $ | 18.17 | $ | 15.86 | $ | 16.47 | $ | 16.39 | ||||||||||||
| Total Return(d) | 11.76 | %(e) | (1.56 | )% | 14.56 | % | (3.70 | )% | 0.46 | % | 29.16 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 32,602 | $ | 30,428 | $ | 31,947 | $ | 36,249 | $ | 42,354 | $ | 44,999 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | 1.75 | %(g) | 1.79 | % | 1.77 | % | 1.77 | % | 1.66 | % | 1.68 | % | ||||||||||||
| After fees waived and expenses reimbursed(f) | 1.70 | %(g) | 1.70 | % | 1.70 | % | 1.70 | % | 1.66 | % | 1.68 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | (0.37 | )%(g) | 0.62 | % | 1.02 | % | 0.47 | % | (0.44 | )% | (0.50 | )% | ||||||||||||
| After fees waived and expenses reimbursed(f) | (0.32 | )%(g) | 0.71 | % | 1.09 | % | 0.53 | % | (0.44 | )% | (0.50 | )% | ||||||||||||
| Portfolio turnover rate(h) | 52 | %(e) | 225 | % | 296 | % | 677 | % | 289 | % | 350 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Tactical Defensive Fund Class I converted to the North Square Tactical Defensive Fund Class I. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (e) | Not annualized. | |
| (f) | Does not include expenses of the investment companies in which the Fund invests. | |
| (g) | Annualized. | |
| (h) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
94
North Square Core Plus Bond Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For
the Six Months Ended November 30, 2025 |
For the Years Ended May 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022(a) | 2021 | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 9.15 | $ | 10.15 | $ | 10.33 | $ | 11.05 | $ | 11.71 | $ | 10.76 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(b)(c) | 0.24 | 0.40 | 0.20 | 0.13 | 0.05 | 0.09 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.19 | 0.36 | (0.17 | ) | (0.74 | ) | (0.68 | ) | 0.98 | |||||||||||||||
| Total from investment operations | 0.43 | 0.76 | 0.03 | (0.61 | ) | (0.63 | ) | 1.07 | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | (0.21 | ) | (0.44 | ) | (0.21 | ) | (0.11 | ) | (0.03 | ) | (0.11 | ) | ||||||||||||
| From net realized gains | — | (1.32 | ) | — | — | — | (0.01 | ) | ||||||||||||||||
| Total distributions | (0.21 | ) | (1.76 | ) | (0.21 | ) | (0.11 | ) | (0.03 | ) | (0.12 | ) | ||||||||||||
| Net asset value, end of period | $ | 9.37 | $ | 9.15 | $ | 10.15 | $ | 10.33 | $ | 11.05 | $ | 11.71 | ||||||||||||
| Total Return(d) | 4.76 | %(e) | 7.88 | % | 0.33 | % | (5.56 | )% | (5.45 | )% | 9.98 | % | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 22,973 | $ | 23,373 | $ | 16,070 | $ | 22,767 | $ | 35,788 | $ | 39,552 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | 1.28 | %(g) | 1.83 | % | 2.08 | % | 1.89 | % | 1.68 | % | 1.79 | % | ||||||||||||
| After fees waived and expenses reimbursed(f) | 0.58 | %(g) | 0.91 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived and expenses reimbursed(f) | 3.66 | %(g) | 3.25 | % | 1.28 | % | 0.73 | % | 0.13 | % | 0.43 | % | ||||||||||||
| After fees waived and expenses reimbursed(f) | 4.36 | %(g) | 4.17 | % | 1.97 | % | 1.24 | % | 0.43 | % | 0.84 | % | ||||||||||||
| Portfolio turnover rate | 82 | %(e) | 224 | % | 4 | % | 8 | % | 16 | % | 11 | % | ||||||||||||
| (a) | Effective June 11, 2021, the Stadion Trilogy Alternative Return Fund Class A converted to the North Square Trilogy Alternative Return Fund Class A. See Note 1. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
| (d) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (e) | Not annualized. | |
| (f) | Does not include expenses of the investment companies in which the Fund invests. | |
| (g) | Annualized. |
See accompanying Notes to Financial Statements.
95
North Square Kennedy Micro Cap Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
|
For the 2025 |
For the Period Ended May 31, |
|||||||
| (Unaudited) | 2025(a) | |||||||
| Selected Per Share Data: | ||||||||
| Net asset value, beginning of period | $ | 11.74 | $ | 10.00 | ||||
| Investment operations: | ||||||||
| Net investment income (loss)(b) | (0.02 | ) | (0.04 | ) | ||||
| Net realized and unrealized gain (loss) | 2.15 | 2.13 | ||||||
| Total from investment operations | 2.13 | 2.09 | ||||||
| Less distributions: | ||||||||
| Net investment income | — | (0.03 | ) | |||||
| From net realized gains | — | (0.32 | ) | |||||
| Total distributions | — | $ | (0.35 | ) | ||||
| Net asset value, end of period | $ | 13.87 | $ | 11.74 | ||||
| Total Return(c) | 18.14 | %(d) | 20.91 | %(d) | ||||
| Ratios and Supplemental Data: | ||||||||
| Net assets, end of period (in thousands) | $ | 25,003 | $ | 21,780 | ||||
| Ratio of expenses to average net assets: | ||||||||
| Before fees waived | 1.77 | %(e) | 2.08 | %(e) | ||||
| After fees waived | 1.47 | %(e) | 1.47 | %(e) | ||||
| Ratio of net investment income (loss) to average net assets: | ||||||||
| Before fees waived | (0.63 | )%(e) | (0.95 | )%(e) | ||||
| After fees waived | (0.33 | )%(e) | (0.34 | )%(e) | ||||
| Portfolio turnover rate | 48 | %(d) | 67 | %(d) | ||||
| (a) | For the period June 10, 2024 (commencement of operations) to May 31, 2025. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. |
See accompanying Notes to Financial Statements.
96
North Square Select Small Cap Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | ||||||||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 12.10 | $ | 12.88 | $ | 9.30 | $ | 10.31 | $ | 12.21 | $ | 9.33 | $ | 11.63 | ||||||||||||||
| Investment operations: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.01 | 0.01 | 0.02 | 0.09 | — | (b) | 0.04 | 0.08 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) | 1.47 | (0.63 | ) | 3.66 | (0.45 | ) | (1.02 | ) | 3.95 | (1.11 | ) | |||||||||||||||||
| Total from investment operations | 1.48 | (0.62 | ) | 3.68 | (0.36 | ) | (1.02 | ) | 3.99 | (1.03 | ) | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||||||
| Net investment income | — | (0.02 | ) | (0.10 | ) | (0.01 | ) | (0.03 | ) | (0.10 | ) | (0.07 | ) | |||||||||||||||
| From net realized gains | — | (0.14 | ) | — | (0.64 | ) | (0.85 | ) | (1.01 | ) | (1.20 | ) | ||||||||||||||||
| Total distributions | — | (0.16 | ) | (0.10 | ) | (0.65 | ) | (0.88 | ) | (1.11 | ) | (1.27 | ) | |||||||||||||||
| Net asset value, end of period | $ | 13.58 | $ | 12.10 | $ | 12.88 | $ | 9.30 | $ | 10.31 | $ | 12.21 | $ | 9.33 | ||||||||||||||
| Total Return(c) | 12.23 | %(d) | (4.98 | )%(d) | 39.67 | % | (3.51 | )% | (9.05 | )% | 46.09 | % | (10.63 | )% | ||||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 24,763 | $ | 23,716 | $ | 25,499 | $ | 17,086 | $ | 20,867 | $ | 10,111 | $ | 4,378 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 1.06 | %(e) | 1.10 | %(e) | 1.14 | % | 1.25 | % | 1.24 | % | 1.63 | % | 1.97 | % | ||||||||||||||
| After fees waived | 0.94 | %(e) | 0.94 | %(e) | 0.94 | % | 0.94 | % | 0.94 | % | 0.95 | % | 0.97 | %(f) | ||||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 0.01 | %(e) | 0.00 | %(b)(e) | (0.06 | )% | 0.60 | % | (0.29 | )% | (0.34 | )% | (0.21 | )% | ||||||||||||||
| After fees waived | 0.14 | %(e) | 0.16 | %(e) | 0.14 | % | 0.90 | % | 0.01 | % | 0.34 | % | 0.79 | % | ||||||||||||||
| Portfolio turnover rate | 23 | %(d) | 33 | %(d) | 52 | % | 45 | % | 107 | % | 45 | % | 49 | % | ||||||||||||||
| * | The Fund changed its fiscal year to May 31. |
| (a) | Based on average shares outstanding for the period. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | The annual net expense ratio changed from 1.00% to 0.95% of net assets as of the close of business on February 21, 2020. |
See accompanying Notes to Financial Statements.
97
North Square Altrinsic International Equity Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | For the Period Ended October 31, |
|||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021(a) | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 12.27 | $ | 11.51 | $ | 9.95 | $ | 8.72 | $ | 10.88 | $ | 10.00 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(b) | 0.08 | 0.18 | 0.21 | 0.19 | 0.16 | 0.13 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.87 | 1.17 | 1.52 | 1.18 | (2.12 | ) | 0.76 | |||||||||||||||||
| Total from investment operations | 0.95 | 1.35 | 1.73 | 1.37 | (1.96 | ) | 0.89 | |||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | — | (0.22 | ) | (0.17 | ) | (0.14 | ) | (0.09 | ) | (0.01 | ) | |||||||||||||
| From net realized gains | — | (0.37 | ) | — | — | (0.11 | ) | — | ||||||||||||||||
| Total distributions | — | (0.59 | ) | (0.17 | ) | (0.14 | ) | (0.20 | ) | (0.01 | ) | |||||||||||||
| Net asset value, end of period | $ | 13.22 | $ | 12.27 | $ | 11.51 | $ | 9.95 | $ | 8.72 | $ | 10.88 | ||||||||||||
| Total Return(c) | 7.74 | %(d) | 12.55 | %(d) | 17.53 | % | 15.83 | % | (18.30 | )% | 8.88 | %(d) | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 85,115 | $ | 107,812 | $ | 123,991 | $ | 107,975 | $ | 60,568 | $ | 44,733 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 1.12 | %(e) | 1.13 | %(e) | 1.13 | % | 1.17 | % | 1.29 | % | 1.43 | %(e) | ||||||||||||
| After fees waived | 0.97 | %(e) | 0.98 | %(e) | 0.97 | % | 0.97 | % | 0.97 | % | 0.97 | %(e) | ||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 1.05 | %(e) | 2.52 | %(e) | 1.73 | % | 1.70 | % | 1.37 | % | 0.92 | %(e) | ||||||||||||
| After fees waived | 1.20 | %(e) | 2.67 | %(e) | 1.88 | % | 1.90 | % | 1.69 | % | 1.38 | %(e) | ||||||||||||
| Portfolio turnover rate | 16 | %(d) | 18 | %(d) | 25 | % | 27 | % | 23 | % | 22 | %(d) | ||||||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | For the period December 4, 2020 (commencement of operations) to October 31, 2021. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. |
See accompanying Notes to Financial Statements.
98
North Square McKee Bond Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | For the Period Ended October 31, |
|||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021(a) | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 8.67 | $ | 8.74 | $ | 8.18 | $ | 8.48 | $ | 9.84 | $ | 9.89 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(b) | 0.17 | 0.21 | 0.35 | 0.25 | 0.14 | 0.01 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.26 | (0.07 | ) | 0.57 | (0.26 | ) | (1.34 | ) | (0.02 | ) | ||||||||||||||
| Total from investment operations | 0.43 | 0.14 | 0.92 | (0.01 | ) | (1.20 | ) | (0.01 | ) | |||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | (0.19 | ) | (0.21 | ) | (0.36 | ) | (0.29 | ) | (0.16 | ) | (0.04 | ) | ||||||||||||
| Total distributions | (0.19 | ) | (0.21 | ) | (0.36 | ) | (0.29 | ) | (0.16 | ) | (0.04 | ) | ||||||||||||
| Net asset value, end of period | $ | 8.91 | $ | 8.67 | $ | 8.74 | $ | 8.18 | $ | 8.48 | $ | 9.84 | ||||||||||||
| Total Return(c) | 5.00 | %(d) | 1.67 | %(d) | 11.37 | % | (0.19 | )% | (12.33 | )% | (0.12 | )%(d) | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 37,334 | $ | 34,723 | $ | 2,773 | $ | 259 | $ | 48 | $ | 10 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 0.48 | %(e) | 0.56 | %(e) | 0.58 | % | 0.58 | % | 0.77 | % | 0.64 | %(e) | ||||||||||||
| After fees waived | 0.47 | %(e) | 0.47 | %(e) | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | %(e) | ||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 3.90 | %(e) | 4.07 | %(e) | 3.86 | % | 2.78 | % | 1.28 | % | 0.13 | %(e) | ||||||||||||
| After fees waived | 3.91 | %(e) | 4.16 | %(e) | 3.98 | % | 2.90 | % | 1.58 | % | 0.30 | %(e) | ||||||||||||
| Portfolio turnover rate | 107 | %(d) | 107 | %(d)(f) | 171 | %(f) | 104 | % | 129 | % | 321 | %(d)(f) | ||||||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | For the period May 19, 2021 (commencement of operations) to October 31, 2021. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. | |
| (f) | Securities purchased in-kind were excluded from the computation of the ratio. |
See accompanying Notes to Financial Statements.
99
North Square McKee Bond Fund
FINANCIAL HIGHLIGHTS
Class R6
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | For the Period Ended October 31, |
|||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021(a) | |||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 8.74 | $ | 8.81 | $ | 8.21 | $ | 8.50 | $ | 9.84 | $ | 10.00 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(b) | 0.18 | 0.22 | 0.36 | 0.29 | 0.13 | 0.03 | ||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.26 | (0.07 | ) | 0.60 | (0.29 | ) | (1.31 | ) | (0.13 | ) | ||||||||||||||
| Total from investment operations | 0.44 | 0.15 | 0.96 | — | (1.18 | ) | (0.10 | ) | ||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||
| Net investment income | (0.19 | ) | (0.22 | ) | (0.36 | ) | (0.29 | ) | (0.16 | ) | (0.06 | ) | ||||||||||||
| Total distributions | (0.19 | ) | (0.22 | ) | (0.36 | ) | (0.29 | ) | (0.16 | ) | (0.06 | ) | ||||||||||||
| Net asset value, end of period | $ | 8.99 | $ | 8.74 | $ | 8.81 | $ | 8.21 | $ | 8.50 | $ | 9.84 | ||||||||||||
| Total Return(c) | 5.08 | %(d) | 1.66 | %(d) | 11.83 | % | (0.07 | )% | (12.14 | )% | 0.91 | %(d) | ||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 153,661 | $ | 144,856 | $ | 153,470 | $ | 99,723 | $ | 107,550 | $ | 139,281 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 0.46 | %(e) | 0.53 | %(e) | 0.56 | % | 0.56 | % | 0.58 | % | 0.73 | %(e) | ||||||||||||
| After fees waived | 0.28 | %(e) | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %(e) | ||||||||||||
| Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
| Before fees waived | 3.92 | %(e) | 4.06 | %(e) | 3.85 | % | 3.03 | % | 1.08 | % | (0.04 | )%(e) | ||||||||||||
| After fees waived | 4.10 | %(e) | 4.31 | %(e) | 4.14 | % | 3.31 | % | 1.38 | % | 0.41 | %(e) | ||||||||||||
| Portfolio turnover rate | 107 | %(d) | 107 | %(d) | 171 | %(f) | 104 | % | 129 | % | 321 | %(d)(f) | ||||||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | For the period December 28, 2020 (commencement of operations) to October 31, 2021. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. | |
| (f) | Securities purchased in-kind were excluded from the computation of the ratio. |
See accompanying Notes to Financial Statements.
100
North Square Strategic Income Fund
FINANCIAL HIGHLIGHTS
Class A
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Year Ended October 31, |
For the Period Ended October 31, |
|||||||||||||
| (Unaudited) | 2025* | 2024 | 2023(a) | |||||||||||||
| Selected Per Share Data: | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.66 | $ | 9.36 | $ | 8.21 | $ | 8.85 | ||||||||
| Investment operations: | ||||||||||||||||
| Net investment income(b) | 0.19 | 0.25 | 0.36 | 0.25 | ||||||||||||
| Net realized and unrealized gain (loss) | 0.37 | 0.26 | 1.13 | (0.64 | ) | |||||||||||
| Total from investment operations | 0.56 | 0.51 | 1.49 | (0.39 | ) | |||||||||||
| Less distributions: | ||||||||||||||||
| Net investment income | (0.21 | ) | (0.21 | ) | (0.34 | ) | (0.17 | ) | ||||||||
| Return of capital | — | — | — | (0.08 | ) | |||||||||||
| Total distributions | (0.21 | ) | (0.21 | ) | (0.34 | ) | (0.25 | ) | ||||||||
| Net asset value, end of period | $ | 10.01 | $ | 9.66 | $ | 9.36 | $ | 8.21 | ||||||||
| Total Return(c) | 5.59 | %(d) | 5.54 | %(d) | 18.42 | % | (4.48 | )%(d) | ||||||||
| Ratios and Supplemental Data: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 81 | $ | 4,187 | $ | 3,143 | $ | 406 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before fees waived | 1.10 | %(e) | 1.23 | %(e) | 1.35 | % | 1.30 | %(e) | ||||||||
| After fees waived | 0.93 | %(e) | 0.99 | %(e) | 1.15 | % | 1.15 | %(e) | ||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||
| Before fees waived | 3.70 | %(e) | 4.28 | %(e) | 3.75 | % | 4.28 | %(e) | ||||||||
| After fees waived | 3.87 | %(e) | 4.51 | %(e) | 3.96 | % | 4.41 | %(e) | ||||||||
| Portfolio turnover rate(f) | 39 | %(d) | 53 | %(d) | 115 | % | 152 | %(d) | ||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | For the period February 28, 2023 (commencement of operations) to October 31, 2023. | |
| (b) | Based on average shares outstanding for the period. | |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (d) | Not annualized. | |
| (e) | Annualized. | |
| (f) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
101
North Square Strategic Income Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | ||||||||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 9.66 | $ | 9.36 | $ | 8.22 | $ | 8.60 | $ | 10.09 | $ | 9.99 | $ | 9.53 | ||||||||||||||
| Investment operations: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.20 | 0.26 | 0.39 | 0.38 | 0.27 | 0.24 | 0.23 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) | 0.38 | 0.27 | 1.12 | (0.39 | ) | (1.26 | ) | 0.60 | 0.48 | |||||||||||||||||||
| Total from investment operations | 0.58 | 0.53 | 1.51 | (0.01 | ) | (0.99 | ) | 0.84 | 0.71 | |||||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||||||
| Net investment income | (0.23 | ) | (0.23 | ) | (0.37 | ) | (0.29 | ) | (0.26 | ) | (0.28 | ) | (0.25 | ) | ||||||||||||||
| From net realized gains | — | — | — | — | (0.24 | ) | (0.46 | ) | — | |||||||||||||||||||
| Return of capital | — | — | — | (0.08 | ) | — | — | — | ||||||||||||||||||||
| Total distributions | (0.23 | ) | (0.23 | ) | (0.37 | ) | (0.37 | ) | (0.50 | ) | (0.74 | ) | (0.25 | ) | ||||||||||||||
| Net asset value, end of period | $ | 10.01 | $ | 9.66 | $ | 9.36 | $ | 8.22 | $ | 8.60 | $ | 10.09 | $ | 9.99 | ||||||||||||||
| Total Return(b) | 5.74 | %(c) | 5.74 | %(c) | 18.64 | % | (0.27 | )% | (10.17 | )% | 8.63 | % | 7.56 | % | ||||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 749,078 | $ | 454,716 | $ | 214,185 | $ | 142,420 | $ | 113,625 | $ | 79,460 | $ | 74,287 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived(d) | 0.79 | %(e) | 0.89 | %(e) | 1.02 | % | 1.05 | % | 1.14 | % | 1.28 | % | 1.48 | % | ||||||||||||||
| After fees waived(d) | 0.68 | %(e) | 0.74 | %(e) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived(d) | 4.00 | %(e) | 4.63 | %(e) | 4.22 | % | 4.17 | % | 2.63 | % | 2.06 | % | 1.75 | % | ||||||||||||||
| After fees waived(d) | 4.11 | %(e) | 4.78 | %(e) | 4.35 | % | 4.32 | % | 2.87 | % | 2.44 | % | 2.33 | % | ||||||||||||||
| Portfolio turnover rate(f) | 39 | %(c) | 53 | %(c) | 115 | % | 152 | % | 163 | % | 77 | % | 145 | % | ||||||||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | Based on average shares outstanding for the period. | |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (c) | Not annualized. | |
| (d) | Ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Funds invest. | |
| (e) | Annualized. | |
| (f) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
102
North Square Small Cap Value Fund
FINANCIAL HIGHLIGHTS
Class I
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | ||||||||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 16.65 | $ | 22.48 | $ | 20.48 | $ | 22.76 | $ | 26.29 | $ | 16.94 | $ | 20.66 | ||||||||||||||
| Investment operations: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.08 | 0.14 | 0.32 | 0.33 | 0.21 | 0.18 | 0.21 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) | 2.17 | (1.40 | ) | 4.11 | (0.22 | ) | (0.10 | ) | 9.38 | (3.14 | ) | |||||||||||||||||
| Total from investment operations | 2.25 | (1.26 | ) | 4.43 | 0.11 | 0.11 | 9.56 | (2.93 | ) | |||||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||||||
| Net investment income | — | (0.36 | ) | (0.28 | ) | (0.23 | ) | (0.20 | ) | (0.21 | ) | (0.32 | ) | |||||||||||||||
| From net realized gains | — | (4.21 | ) | (2.15 | ) | (2.16 | ) | (3.44 | ) | — | (0.47 | ) | ||||||||||||||||
| Total distributions | — | (4.57 | ) | (2.43 | ) | (2.39 | ) | (3.64 | ) | (0.21 | ) | (0.79 | ) | |||||||||||||||
| Net asset value, end of period | $ | 18.90 | $ | 16.65 | $ | 22.48 | $ | 20.48 | $ | 22.76 | $ | 26.29 | $ | 16.94 | ||||||||||||||
| Total Return(b) | 13.51 | %(c) | (6.84 | )%(c) | 22.04 | % | 0.71 | % | (0.11 | )% | 56.77 | % | (14.97 | )% | ||||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 170,705 | $ | 185,046 | $ | 276,763 | $ | 221,460 | $ | 236,576 | $ | 268,989 | $ | 182,343 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 1.11 | %(d) | 1.05 | %(d) | 1.04 | % | 1.04 | % | 1.03 | % | 1.03 | % | 1.07 | % | ||||||||||||||
| After fees waived | 1.11 | %(d) | 1.05 | %(d) | 1.03 | % | 1.00 | % | 1.03 | % | 1.03 | % | 1.07 | % | ||||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 0.84 | %(d) | 1.27 | %(d) | 1.46 | % | 1.50 | % | 0.84 | % | 0.80 | % | 1.16 | % | ||||||||||||||
| After fees waived | 0.84 | %(d) | 1.27 | %(d) | 1.46 | % | 1.50 | % | 0.84 | % | 0.80 | % | 1.16 | % | ||||||||||||||
| Portfolio turnover rate(e) | 24 | %(c) | 46 | %(c) | 144 | % | 116 | % | 55 | % | 73 | % | 61 | % | ||||||||||||||
| * | The Fund changed its fiscal year to May 31. | |
| (a) | Based on average shares outstanding for the period. | |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. | |
| (c) | Not annualized. | |
| (d) | Annualized. | |
| (e) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
103
North Square Small Cap Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 |
For the Seven Months Ended May 31, |
For the Years Ended October 31, | ||||||||||||||||||||||||||
| (Unaudited) | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||||||||||
| Selected Per Share Data: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 16.54 | $ | 22.33 | $ | 20.35 | $ | 22.63 | $ | 26.16 | $ | 16.85 | $ | 20.55 | ||||||||||||||
| Investment operations: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.05 | 0.11 | 0.28 | 0.28 | 0.14 | 0.17 | 0.18 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) | 2.16 | (1.39 | ) | 4.07 | (0.23 | ) | (0.10 | ) | 9.30 | (3.15 | ) | |||||||||||||||||
| Total from investment operations | 2.21 | (1.28 | ) | 4.35 | 0.05 | 0.04 | 9.47 | (2.97 | ) | |||||||||||||||||||
| Less distributions: | ||||||||||||||||||||||||||||
| Net investment income | — | (0.30 | ) | (0.22 | ) | (0.17 | ) | (0.13 | ) | (0.16 | ) | (0.26 | ) | |||||||||||||||
| From net realized gains | — | (4.21 | ) | (2.15 | ) | (2.16 | ) | (3.44 | ) | — | (0.47 | ) | ||||||||||||||||
| Total distributions | — | (4.51 | ) | (2.37 | ) | (2.33 | ) | (3.57 | ) | (0.16 | ) | (0.73 | ) | |||||||||||||||
| Net asset value, end of period | $ | 18.75 | $ | 16.54 | $ | 22.33 | $ | 20.35 | $ | 22.63 | $ | 26.16 | $ | 16.85 | ||||||||||||||
| Total Return(b) | 13.36 | %(c) | (6.97 | )%(c) | 21.77 | % | 0.43 | % | (0.40 | )% | 56.45 | % | (15.17 | )% | ||||||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 9,410 | $ | 9,471 | $ | 11,871 | $ | 11,092 | $ | 12,010 | $ | 13,785 | $ | 12,443 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 1.36 | %(d) | 1.30 | %(d) | 1.29 | % | 1.29 | % | 1.28 | % | 1.28 | % | 1.32 | % | ||||||||||||||
| After fees waived | 1.36 | %(d) | 1.30 | %(d) | 1.27 | % | 1.25 | % | 1.28 | % | 1.28 | % | 1.32 | % | ||||||||||||||
| Ratio of net investment income to average net assets: | ||||||||||||||||||||||||||||
| Before fees waived | 0.59 | %(d) | 1.04 | %(d) | 1.22 | % | 1.26 | % | 0.59 | % | 0.56 | % | 0.90 | % | ||||||||||||||
| After fees waived | 0.59 | %(d) | 1.04 | %(d) | 1.22 | % | 1.26 | % | 0.59 | % | 0.56 | % | 0.90 | % | ||||||||||||||
| Portfolio turnover rate(e) | 24 | %(c) | 46 | %(c) | 144 | % | 116 | % | 55 | % | 73 | % | 61 | % | ||||||||||||||
| * | The Fund changed its fiscal year to May 31. |
| (a) | Based on average shares outstanding for the period. |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (c) | Not annualized. |
| (d) | Annualized. |
| (e) | Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing among the classes of shares. |
See accompanying Notes to Financial Statements.
104
North Square Funds
NOTES TO FINANCIAL STATEMENTS
November 30, 2025 (Unaudited)
Note 1 – Organization
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.
105
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the 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
106
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 Financial Accounting Standards “FASB” Accounting Standard Codification Topic 946 “Financial Services - Investment Companies”.
(a) Valuation of Investments
Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over-the-counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the Nasdaq Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value (“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.
(b) Purchased/Written Option Contracts
Certain of the Funds may write or purchase option contracts to adjust risk and return of its overall investment positions. When a Fund writes or purchases an option, an amount equal to the premium received or paid by such Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to or subtracted from the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions. Investing in purchased and written options contracts exposes the Funds to equity price risk. For the six months ended November 30, 2025, only the Core Plus Bond Fund and Strategic Income Fund engaged in option contracts. Additional information regarding such activity may be found in Note 11.
107
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
(c) Futures Contracts
Certain of the Funds may invest in futures contracts to hedge or manage risks associated with the Fund’s securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts 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 six months ended November 30, 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.
(d) Credit Default Swaps
Certain of the Funds may enter into credit default swap transactions for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by a Fund. A Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. The notional value of the credit default swap will be used to segregate liquid investments for selling protection on credit default swaps. If a Fund were a buyer and no credit event occurs, such Fund would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value in upfront payments. When a Fund buys credit default swaps it will segregate an amount at least equal to the amount of any accrued premium payment obligations including amounts for early terminations. The use of swap transactions by a Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap transaction. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap transactions have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.
Certain of the Funds may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case such Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce a Fund’s return. Additional information regarding such activity may be found in Note 11. For the six months ended November 30, 2025, only the Strategic Income Fund entered into credit default swap contracts.
(e) Deposits with Broker
When trading derivative instruments, such as forward contracts, futures contracts or swap contracts, a Fund is only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose a Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of a Fund’s returns. Volatility is a statistical measure of the dispersion of returns of an investment, where higher volatility generally indicates greater risk.
Upon entering into a futures contract (with the exception of futures contracts traded on the London Metal Exchange (“LME”)), and to maintain a Fund’s open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments,
108
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. At November 30, 2025, the Preferred and Income Securities Fund, Core Plus Bond Fund and Strategic Income Fund had cash at broker for futures contracts of $179,905, $147,397 and $753,674, 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 November 30, 2025, the Strategic Income Fund had $12,339,388 cash at broker for swap contracts.
(f) Cash and Cash Equivalents
Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.
(g) Investment Transactions, Investment Income and Expenses
Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Realized gains and losses on paydowns of asset-backed securities are reflected in interest income on the Statements of Operations. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made. Expenses such as distribution and service fees pursuant to Rule 12b-1, transfer agent fees and expenses with respect to the Funds, that are specific to individual share classes, are accrued directly to the respective share class.
(h) Federal Income Taxes
Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the period in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.
The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the previous three tax year ends and the interim tax period since then, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
109
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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.
(i) Distributions to Shareholders
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.
(j) Line of Credit
During the six months ended November 30, 2025, the Trust, on behalf of the Funds, entered into a short-term credit agreement (“Line of Credit”) with U.S. Bank, N.A., expiring on June 11, 2025. The Line of Credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Under the terms of the agreement, The Trust may borrow up to the lesser of $50,000,000 or 15% of each Fund’s daily market value (10% for Select Small Cap Fund).
As of May 31, 2025, the Funds had no outstanding borrowings under this Line of Credit.
| Fund | Average
Daily Loan Balance(a) |
Weighted Average Interest Rate |
Number
of Days Outstanding(b) |
Interest Expense Accrued |
Maximum Loan Outstanding |
|||||||||||||||
| Dynamic Small Cap Fund | $ | 2,444,000 | 7.50 | % | 3 | 2,478 | $ | 2,444,000 | ||||||||||||
| Core Plus Bond Fund | 54,000 | 7.50 | % | 1 | 52 | 54,000 | ||||||||||||||
| Kennedy MicroCap Fund | 1,018,000 | 7.38 | % | 4 | 565 | 1,784,000 | ||||||||||||||
| Select Small Cap Fund | 20,000 | 7.50 | % | 1 | 51 | 20,000 | ||||||||||||||
| International Equity Fund | 2,437,500 | 7.25 | % | 3 | 1,447 | 3,972,000 | ||||||||||||||
| Small Cap Value Fund | 104,000 | 7.50 | % | 1 | 332 | 104,000 | ||||||||||||||
| (a) | Averages based on the number of days outstanding. | |
| (b) | Number of Days Outstanding represents the total days during the six months ended November 30, 2025, that a Fund utilized the Line of Credit. |
110
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with the Adviser. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund’s average daily net assets. Fees paid to the Adviser for the six months ended November 30, 2025, are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:
| Fund | Investment Advisory Fees |
||
| Spectrum Alpha Fund | 0.20% | ||
| Dynamic Small Cap Fund | 0.90% | ||
| Multi Strategy Fund | 0.00% – 0.50%(a) | ||
| Preferred and Income Securities Fund | 0.75% | ||
| Tactical Growth Fund | |||
| First $150 million | 1.25% | ||
| $150 million up to $500 million | 1.00% | ||
| Thereafter | 0.85% | ||
| Tactical Defensive Fund | |||
| First $150 million | 1.25% | ||
| $150 million up to $500 million | 1.00% | ||
| Thereafter | 0.85% | ||
| Core Plus Bond Fund | 0.38%(b) | ||
| Kennedy MicroCap Fund | 1.20% | ||
| Select Small Cap Fund | 0.70% | ||
| International Equity Fund | 0.80% | ||
| McKee Bond Fund | 0.24% | ||
| Strategic Income Fund | 0.56%(c) | ||
| Small Cap Value Fund | 0.85% |
| (a) | The annual advisory fee is calculated as follows: (i) 0.00% for Fund assets invested in other series of the Trust advised by the Adviser (“affiliated investments”) and (ii) 0.50% for Fund assets invested in non-affiliated investments. |
| (b) | The annual advisory fee was previously calculated at 1.25% on the first $150 million; 1.00% on the next $150 million to $500 million; and 0.85% thereafter. The waiver changed effective September 27, 2024. |
| (c) | Effective January 1, 2025, the Strategic Income Fund pays the Adviser, an advisory fee at an annualized rate of 0.56% of the Strategic Income Fund’s average daily net assets. Prior to January 1, 2025, the Strategic Income Fund paid the Adviser an advisory fee at an annualized rate of 0.70% of the Strategic Income Fund’s average daily net assets. The Strategic Income Fund’s advisory fee is calculated daily and payable monthly, as a percentage of the Strategic Income Fund’s average daily net assets. |
111
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 November 30, 2025. The Adviser pays the Sub-Advisers from its advisory fees.
| Sub-Adviser | Fund | |
| Algert Global LLC (“Algert Global”) | Dynamic Small Cap Fund | |
| Red Cedar Investment Management, LLC (“Red Cedar”) | Preferred and Income Securities Fund | |
| Core Plus Bond Fund | ||
| Strategic Income Fund | ||
| Kennedy Capital Management LLC (“Kennedy Capital”) | Kennedy MicroCap Fund | |
| Advisory Research, Inc. | Select Small Cap Fund | |
| CSM Advisors, LLC | Spectrum Alpha Fund | |
| Multi Strategy Fund | ||
| Tactical Growth Fund | ||
| Tactical Defensive Fund | ||
| Core Plus Bond Fund | ||
| McKee Bond Fund | ||
| Small Cap Value Fund | ||
| Altrinsic Global Advisors, LLC | International Equity Fund |
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:
| Total Limit on Annual Operating Expenses* | ||||||||||||||||||||||
| Fund | Agreement Expires | Class A Shares | Class C Shares | Class I Shares | Investor Class | Class R6 Shares | ||||||||||||||||
| Spectrum Alpha Fund | September 30, 2026 | 1.30 | % | 1.05 | % | |||||||||||||||||
| Dynamic Small Cap Fund | September 30, 2029 | 1.24 | % | 0.99 | % | |||||||||||||||||
| Multi Strategy Fund | September 30, 2029 | 1.20 | % | 1.17 | % | |||||||||||||||||
| Preferred and Income Securities Fund | September 30, 2029 | 0.97 | % | |||||||||||||||||||
| Tactical Growth Fund | September 30, 2026 | 1.30 | %** | 1.30 | %** | 1.30 | %** | |||||||||||||||
| Tactical Defensive Fund | September 30, 2026 | 1.70 | %** | 1.70 | %** | 1.70 | %** | |||||||||||||||
| Core Plus Bond Fund | September 30, 2026 | 0.58 | %*** | |||||||||||||||||||
| Kennedy MicroCap Fund | September 30, 2026 | 1.47 | % | |||||||||||||||||||
| Select Small Cap Fund | September 30, 2026**** | 0.94 | % | |||||||||||||||||||
| International Equity Fund | September 30, 2026**** | 0.97 | % | |||||||||||||||||||
| McKee Bond Fund | September 30, 2026**** | 0.47 | % | 0.28 | % | |||||||||||||||||
| Strategic Income Fund | September 30, 2026**** | 0.93 | %***** | 0.68 | %***** | |||||||||||||||||
| Small Cap Value Fund | September 30, 2027 | 1.25 | % | 1.25 | % | |||||||||||||||||
| * | The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets. | |
| ** | Exclusive of payments under a Rule 12b-1 Distribution Plan. | |
| *** | Effective September 27, 2024, the total annual fund operating expense changed from 1.38% to 0.58%. | |
| **** | Expiration date of the Fund’s expense limitation from February 28, 2026 to September 30, 2026 was approved at the June 24-25, 2025 by the Board. | |
| ***** | Effective January 1, 2025, the Adviser 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 total annual fund operating expenses were 1.15% and 0.90% for the Class A shares and Class I shares, respectively. |
112
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 six months ended November 30, 2025, the Preferred and Income Securities Fund recouped $14,916.
The Adviser may recapture all or a portion of this amount no later than the dates stated below:
| Spectrum Alpha Fund |
Dynamic Small Cap Fund |
Multi Strategy Fund |
Preferred and Income Securities Fund |
|||||||||||||
| May 31, 2026 | $ | — | $ | 125,721 | $ | — | $ | 62,791 | ||||||||
| May 31, 2027 | — | 336,562 | — | 58,223 | ||||||||||||
| May 31, 2028 | — | 517,274 | — | 6,657 | ||||||||||||
| November 30, 2028 | — | 351,479 | — | 14,916 | ||||||||||||
| $ | — | $ | 1,331,036 | $ | — | $ | 142,587 | |||||||||
| Tactical Growth Fund |
Tactical Defensive Fund |
Core Plus Bond Fund |
Kennedy MicroCap Fund |
|||||||||||||
| May 31, 2026 | $ | 592,969 | $ | 34,075 | $ | 81,419 | $ | — | ||||||||
| May 31, 2027 | 360,461 | 28,263 | 153,994 | — | ||||||||||||
| May 31, 2028 | 133,186 | 39,523 | 181,313 | 68,719 | ||||||||||||
| November 30, 2028 | 4,513 | 10,895 | 80,571 | 37,103 | ||||||||||||
| $ | 1,091,129 | $ | 112,756 | $ | 497,297 | $ | 105,822 | |||||||||
| Select Small Cap Fund |
Altrinsic International Equity |
McKee Bond | Strategic Income |
|||||||||||||
| October 31, 2026 | $ | 60,005 | $ | 185,890 | $ | 292,672 | $ | 232,602 | ||||||||
| October 31, 2027 | 46,346 | 189,973 | 337,296 | 212,414 | ||||||||||||
| May 31, 2028 | 23,132 | 101,189 | 220,516 | 258,884 | ||||||||||||
| November 30, 2028 | 15,816 | 78,093 | 133,370 | 337,437 | ||||||||||||
| $ | 145,299 | $ | 555,145 | $ | 983,854 | $ | 1,041,337 | |||||||||
| Small Cap Value Fund |
||||
| October 31, 2026 | $ | 104,205 | ||
| October 31, 2027 | 33,743 | |||
| May 31, 2028 | — | |||
| November 30, 2028 | — | |||
| $ | 137,948 | |||
Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Funds’ fund accountant, transfer agent and administrator. The Funds’ allocated fees incurred for fund accounting, transfer agency and fund administration for the six months ended November 30, 2025 are reported on the Statements of Operations.
Foreside Fund Services, LLC a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Adviser pays the Distributor a fee for its distribution related services.
113
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 six months ended November 30, 2025, are reported on the Statements of Operations.
Each Independent Trustee receives from the Trust an annual retainer of $50,000, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board receives an additional annual retainer of $18,750, and each of the Chairs of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. In addition, effective November 3, 2023, each Independent Trustee receives from the Trust a fee of $2,000 for a meeting of the Board other than a regularly scheduled meeting. Effective January 1, 2026, the annual retainer is increasing from $50,000 to $52,500.
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.
Note 4 – Federal Income Taxes
At November 30, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:
| Spectrum Alpha Fund |
Dynamic Small Cap Fund |
Multi Strategy Fund |
Preferred and Income Securities Fund |
|||||||||||||
| Tax cost of investments | $ | 58,512,195 | $ | 548,194,573 | $ | 31,547,986 | $ | 351,962,331 | ||||||||
| Gross unrealized appreciation | 14,972,253 | 81,463,068 | 7,857,848 | 11,906,562 | ||||||||||||
| Gross unrealized depreciation | (115,606 | ) | (17,217,149 | ) | (66,556 | ) | (2,357,656 | ) | ||||||||
| Net unrealized appreciation (depreciation) on investments | $ | 14,856,647 | $ | 64,245,919 | $ | 7,791,292 | $ | 9,548,906 | ||||||||
| Tactical Growth Fund |
Tactical Defensive Fund |
Core Plus Bond Fund |
Kennedy MicroCap Fund |
|||||||||||||
| Tax cost of investments | $ | 330,562,125 | $ | 51,851,769 | $ | 22,884,347 | $ | 21,131,017 | ||||||||
| Gross unrealized appreciation | 248,706,042 | 2,408,595 | 310,601 | 4,499,454 | ||||||||||||
| Gross unrealized depreciation | — | — | (116,936 | ) | (979,296 | ) | ||||||||||
| Net unrealized appreciation (depreciation) on investments | $ | 248,706,042 | $ | 2,408,595 | $ | 193,665 | $ | 3,520,158 | ||||||||
| Select Small Cap Fund |
International Equity |
McKee Bond Fund |
Strategic Income Fund |
|||||||||||||
| Tax cost of investments | $ | 21,224,534 | $ | 68,207,740 | $ | 196,909,359 | $ | 716,184,505 | ||||||||
| Gross unrealized appreciation | 4,577,691 | 18,231,460 | 2,231,173 | 27,320,420 | ||||||||||||
| Gross unrealized depreciation | (1,065,420 | ) | (1,898,482 | ) | (1,828,680 | ) | (4,106,351 | ) | ||||||||
| Net unrealized appreciation (depreciation) on investments | $ | 3,512,271 | $ | 16,332,978 | $ | 402,493 | $ | 23,214,069 | ||||||||
| Small Cap Value Fund |
||||
| Tax cost of investments | $ | 173,559,632 | ||
| Gross unrealized appreciation | 21,103,031 | |||
| Gross unrealized depreciation | (14,704,939 | ) | ||
| Net unrealized appreciation (depreciation) on investments | $ | 6,398,092 | ||
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.
114
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
As of May 31, 2025, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:
| Spectrum Alpha Fund |
Dynamic Small Cap Fund |
Multi Strategy Fund |
Preferred and Income Securities Fund |
|||||||||||||
| Undistributed ordinary income | $ | — | $ | — | $ | 605,513 | $ | 1,334,294 | ||||||||
| Undistributed long term capital gains | — | 8,711,053 | 3,390,752 | 986,015 | ||||||||||||
| Other temporary differences | — | — | — | 2,259,507 | ||||||||||||
| Accumulated capital and other losses | (850,852 | ) | (10,071,322 | ) | — | — | ||||||||||
| Undistributed capital gains | — | — | — | — | ||||||||||||
| Unrealized appreciation (depreciation) on investments | 5,268,726 | 2,105,875 | 4,471,486 | 8,885,526 | ||||||||||||
| Total accumulated deficit | $ | 4,417,874 | $ | 745,606 | $ | 8,467,751 | $ | 13,465,342 | ||||||||
| Tactical Growth Fund |
Tactical Defensive Fund |
Core Plus Bond Fund |
Kennedy MicroCap Fund |
|||||||||||||
| Undistributed ordinary income | $ | — | $ | 309,172 | $ | 9,321 | $ | 819,826 | ||||||||
| Undistributed long term capital gains | 5,387,448 | — | — | 85,398 | ||||||||||||
| Other temporary differences | — | — | 13,902 | — | ||||||||||||
| Accumulated capital and other losses | — | (8,207,309 | ) | (159,655 | ) | — | ||||||||||
| Undistributed capital gains | — | — | — | — | ||||||||||||
| Unrealized appreciation (depreciation) on investments | 202,037,051 | 2,099,709 | (338,125 | ) | 1,453,943 | |||||||||||
| Total accumulated deficit | $ | 207,424,499 | $ | (5,798,428 | ) | $ | (474,557 | ) | $ | 2,359,167 | ||||||
| Select Small Cap Fund |
International Equity |
McKee Bond Fund |
Strategic Income Fund |
|||||||||||||
| Undistributed ordinary income | $ | 3,232 | $ | 1,434,583 | $ | 125,946 | $ | 258,419 | ||||||||
| Undistributed long term capital gains | — | 3,187,019 | — | 4,122,174 | ||||||||||||
| Other temporary differences | — | — | — | 937,628 | ||||||||||||
| Accumulated capital and other losses | (232,136 | ) | — | (13,215,527 | ) | — | ||||||||||
| Undistributed capital gains | — | — | — | — | ||||||||||||
| Unrealized appreciation (depreciation) on investments | 2,928,922 | 16,180,706 | (4,211,796 | ) | 8,033,118 | |||||||||||
| Total accumulated deficit | $ | 2,700,018 | $ | 20,802,308 | $ | (17,301,377 | ) | $ | 13,351,339 | |||||||
| Small Cap Value Fund |
||||
| Undistributed ordinary income | $ | 1,240,845 | ||
| Unrealized appreciation (depreciation) on investments | (23,694,743 | ) | ||
| Total accumulated deficit | $ | (22,453,898 | ) | |
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.
115
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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:
| Period Ended | Ordinary Income |
Long-Term Capital Gains |
Total Distributions |
|||||||||
| Spectrum Alpha Fund | ||||||||||||
| May 31, 2025 | $ | — | $ | — | $ | — | ||||||
| Dynamic Small Cap Fund | ||||||||||||
| May 31, 2025 | $ | 11,923,547 | $ | 8,979,511 | $ | 20,903,058 | ||||||
| Multi Strategy Fund | ||||||||||||
| May 31, 2025 | $ | 331,460 | $ | 454,607 | $ | 786,067 | ||||||
| Preferred and Income Securities Fund | ||||||||||||
| May 31, 2025 | $ | 12,613,409 | $ | 1,572,366 | $ | 14,185,775 | ||||||
| Tactical Growth Fund | ||||||||||||
| May 31, 2025 | $ | 1,949,783 | $ | 9,901,818 | $ | 11,851,601 | ||||||
| Tactical Defensive Fund | ||||||||||||
| May 31, 2025 | $ | 544,403 | $ | — | $ | 544,403 | ||||||
| Core Plus Bond Fund | ||||||||||||
| May 31, 2025 | $ | 929,156 | $ | 2,798,893 | $ | 3,728,049 | ||||||
| Kennedy MicroCap Fund | ||||||||||||
| Period ended May 31, 2025* | $ | 281,065 | $ | 66,140 | $ | 347,205 | ||||||
| Select Small Cap Fund | ||||||||||||
| Seven months ended May 31, 2025** | $ | 30,436 | $ | 268,077 | $ | 298,513 | ||||||
| October 31, 2024 | $ | 176,974 | $ | — | $ | 176,974 | ||||||
| International Equity Fund | ||||||||||||
| Seven months ended May 31, 2025** | $ | 2,388,297 | $ | 4,019,381 | $ | 6,407,678 | ||||||
| October 31, 2024 | $ | 1,865,124 | $ | — | $ | 1,865,124 | ||||||
| McKee Bond Fund | ||||||||||||
| Seven months ended May 31, 2025** | $ | 4,194,478 | $ | — | $ | 4,194,478 | ||||||
| October 31, 2024 | $ | 5,044,378 | $ | — | $ | 5,044,378 | ||||||
| Strategic Income Fund | ||||||||||||
| Seven months ended May 31, 2025** | $ | 6,916,790 | $ | 493,781 | $ | 7,410,571 | ||||||
| October 31, 2024 | $ | 7,016,656 | $ | — | $ | 7,016,656 | ||||||
| Small Cap Value Fund | ||||||||||||
| Seven months ended May 31, 2025** | $ | 14,158,154 | $ | 44,400,447 | $ | 58,558,601 | ||||||
| October 31, 2024 | $ | 3,137,370 | $ | 24,453,855 | $ | 27,591,225 | ||||||
| * | Represents the period ended May 31, 2025 | |
| ** | Represents the seven months ended May 31, 2025 |
As of May 31, 2025, the following Funds have non-expiring capital loss carryforwards:
| Short-Term | Long-Term | |||||||
| Spectrum Alpha Fund | $ | 498,208 | $ | — | ||||
| Tactical Defensive Fund | 8,207,309 | — | ||||||
| Select Small Cap Fund | 232,136 | — | ||||||
| McKee Bond Fund | 5,768,436 | 7,447,091 | ||||||
116
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 May 31, 2025, the Funds utilized capital loss carryforwards as follows:
| Short-Term | Long-Term | Total | ||||||||||
| Spectrum Alpha Fund | $ | 965,946 | $ | 3,519,502 | $ | 4,485,448 | ||||||
| Preferred and Income Securities Fund | 623,358 | 42,189 | 665,547 | |||||||||
| Core Plus Bond Fund | 2,822,180 | — | 2,822,180 | |||||||||
| Strategic Income Fund | 4,180,161 | 778,104 | 4,958,265 | |||||||||
| Small Cap Value Fund | ||||||||||||
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.
| Fund | Post-October Losses | Late Year Losses |
||||||
| Spectrum Alpha Fund | $ | — | $ | 352,644 | ||||
| Dynamic Small Cap Fund | 9,891,847 | 179,475 | ||||||
| Core Plus Bond Fund | 159,655 | — | ||||||
Note 5 – Investment Transactions
For the six months ended November 30, 2025, purchases and sales of investments (excluding in-kind transactions, U.S government obligations, and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Spectrum Alpha Fund | $ | 2,000,000 | $ | 8,265,664 | ||||
| Dynamic Small Cap Fund | 722,805,552 | 685,357,021 | ||||||
| Multi Strategy Fund | 2,563,945 | 4,330,171 | ||||||
| Preferred and Income Securities Fund | 198,420,947 | 163,762,227 | ||||||
| Tactical Growth Fund | 92,175,697 | 156,847,095 | ||||||
| Tactical Defensive Fund | 22,478,361 | 30,193,181 | ||||||
| Core Plus Bond Fund | 6,700,384 | 10,944,272 | ||||||
| Kennedy MicroCap Fund | 11,473,176 | 12,588,627 | ||||||
| Select Small Cap | 5,771,642 | 8,135,569 | ||||||
| Altrinsic International Equity Fund | 16,371,619 | 45,148,225 | ||||||
| McKee Bond Fund | 48,721,468 | 74,961,250 | ||||||
| Strategic Income Fund | 405,922,603 | 209,509,128 | ||||||
| Small Cap Value Fund | 42,203,678 | 71,465,746 | ||||||
For the six months ended, purchases and sales of long-term U.S. government obligations were as follows:
| Purchases | Sales | |||||||
| Core Plus Bond Fund | $ | 11,661,874 | $ | 9,549,936 | ||||
| McKee Bond Fund | 143,621,521 | 116,396,502 | ||||||
| Strategic Income Fund | 19,280,547 | 6,065,500 | ||||||
117
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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 transaction resulted in the following:
| Initial Fair Value of Securities acquired by Fund |
Cost Basis | Unrealized Gain (Loss) |
||||||||
| $ | 1,008,006 | $ | 867,840 | $ | 140,166 | |||||
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.
Note 6 – Shareholder Servicing Plan
The Trust, on behalf of the Funds, has adopted a Shareholder Service Plan (the “Shareholder Service Plan”) with respect to each of the Fund’s Class A shares, Class C, Class I and Class R6 shares, as applicable. Under the Shareholder Service Plan, the Funds may pay a fee at an annual rate of up to 0.15% of its average daily net assets attributable to Class A shares, Class C shares, Class I shares and Class R6, as applicable, to shareholder servicing agents. Shareholder servicing agents provide non-distribution administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, responding to routine inquiries from shareholders concerning their investments, assisting shareholders in changing dividend options, account designations and addresses, and other similar services.
For the six months ended November 30, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.
Note 7 – Distribution Plan
The Trust, on behalf of each Fund, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Class A shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund’s average daily net assets attributable to Class A 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 six months ended November 30, 2025, distribution fees incurred with respect to Class A and Class C shares are disclosed on the Statements of Operations.
Note 8 – Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.
Note 9 – Fair Value Measurements and Disclosure
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
118
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad Levels as described below:
| ● | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| ● | Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| ● | Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of November 30, 2025, in valuing the Funds’ assets carried at fair value:
| Spectrum Alpha Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 995,000 | $ | — | $ | — | $ | 995,000 | ||||||||
| Mutual Funds | 72,016,248 | — | — | 72,016,248 | ||||||||||||
| Short-Term Investments | 357,594 | — | — | 357,594 | ||||||||||||
| Total | $ | 73,368,842 | $ | — | $ | — | $ | 73,368,842 | ||||||||
| Dynamic Small Cap Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 605,291,379 | $ | — | $ | — | $ | 605,291,379 | ||||||||
| Exchange-Traded Funds | 2,292,231 | — | — | 2,292,231 | ||||||||||||
| Rights | — | — | — | — | ||||||||||||
| Short-Term Investments | 4,856,882 | — | — | 4,856,882 | ||||||||||||
| Total | $ | 612,440,492 | $ | — | $ | — | $ | 612,440,492 | ||||||||
| Multi Strategy Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 20,397,327 | $ | — | $ | — | $ | 20,397,327 | ||||||||
| Mutual Funds | 18,516,771 | — | — | 18,516,771 | ||||||||||||
| Short-Term Investments | 425,180 | — | — | 425,180 | ||||||||||||
| Total | $ | 39,339,278 | $ | — | $ | — | $ | 39,339,278 | ||||||||
119
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
| Preferred and Income Securities Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 4,725,123 | $ | — | $ | — | $ | 4,725,123 | ||||||||
| Corporate Bonds(a) | — | 335,174,784 | — | 335,174,784 | ||||||||||||
| Short-Term Investments | 21,611,330 | — | — | $ | 21,611,330 | |||||||||||
| Total | $ | 26,336,453 | $ | 335,174,784 | $ | — | $ | 361,511,237 | ||||||||
| Futures Contracts(b) | ||||||||||||||||
| Assets | 89,250 | — | — | 89,250 | ||||||||||||
| Total | $ | 89,250 | $ | — | $ | — | $ | 89,250 | ||||||||
| Tactical Growth Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 445,228,504 | $ | — | $ | — | $ | 445,228,504 | ||||||||
| Short-Term Investments | 134,039,663 | — | — | 134,039,663 | ||||||||||||
| Total | $ | 579,268,167 | $ | — | $ | — | $ | 579,268,167 | ||||||||
| Tactical Defensive Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Funds | $ | 24,689,155 | $ | — | $ | — | $ | 24,689,155 | ||||||||
| Short-Term Investments | 29,571,209 | — | — | 29,571,209 | ||||||||||||
| Total | $ | 54,260,364 | $ | — | $ | — | $ | 54,260,364 | ||||||||
| Core Plus Bond Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Preferred Stocks(a) | $ | 124,022 | $ | — | $ | — | $ | 124,022 | ||||||||
| Asset Backed Securities | — | 2,887,112 | — | 2,887,112 | ||||||||||||
| Corporate Bonds(a) | — | 8,852,920 | — | 8,852,920 | ||||||||||||
| Mortgage-Backed Securities | — | 5,372,293 | — | 5,372,293 | ||||||||||||
| U.S. Government & Agencies | — | 5,008,569 | — | 5,008,569 | ||||||||||||
| Purchased Options | 59,675 | — | 59,675 | |||||||||||||
| Short-Term Investments | 773,421 | — | — | 773,421 | ||||||||||||
| Total | $ | 957,118 | $ | 22,120,894 | $ | — | $ | 23,078,012 | ||||||||
| Futures | ||||||||||||||||
| Assets | $ | 13,602 | $ | — | $ | — | $ | 13,602 | ||||||||
| Liabilities | (15,420 | ) | — | — | (15,420 | ) | ||||||||||
| Total | $ | (1,818 | ) | $ | — | $ | — | $ | (1,818 | ) | ||||||
| Kennedy MicroCap Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 23,870,373 | $ | 23,870,373 | ||||||||||||
| Short-Term Investments | 780,802 | 780,802 | ||||||||||||||
| Total | $ | 24,651,175 | $ | — | $ | — | $ | 24,651,175 | ||||||||
120
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
| Select Small Cap Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 24,050,615 | $ | — | $ | — | $ | 24,050,615 | ||||||||
| Short-Term Investments | 686,190 | — | — | 686,190 | ||||||||||||
| Total | $ | 24,736,805 | $ | — | $ | — | $ | 24,736,805 | ||||||||
| Altrinsic International Equity Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 20,273,112 | $ | 60,705,203 | $ | — | $ | 80,978,315 | ||||||||
| Preferred Stocks(a) | 701,014 | — | — | 701,014 | ||||||||||||
| Short-Term Investments | 2,861,389 | — | — | 2,861,389 | ||||||||||||
| Total | $ | 23,835,515 | $ | 60,705,203 | $ | — | $ | 84,540,718 | ||||||||
| McKee Bond Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Backed Securities | $ | — | $ | 5,396,372 | $ | — | $ | 5,396,372 | ||||||||
| Corporate Bonds(a) | — | 45,768,984 | — | 45,768,984 | ||||||||||||
| Mortgage-Backed Securities | — | 69,391,919 | — | 69,391,919 | ||||||||||||
| U.S. Government & Agencies | — | 65,168,645 | — | 65,168,645 | ||||||||||||
| Short-Term Investments | 11,585,932 | — | — | 11,585,932 | ||||||||||||
| Total | $ | 11,585,932 | $ | 185,725,920 | $ | — | $ | 197,311,852 | ||||||||
| Strategic Income Fund | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 40,541,703 | $ | — | $ | — | $ | 40,541,703 | ||||||||
| Exchange-Traded Funds | 6,946,027 | — | — | 6,946,027 | ||||||||||||
| Asset Backed Securities | — | 98,412,496 | — | 98,412,496 | ||||||||||||
| Corporate Bonds(a) | — | 211,337,266 | — | 211,337,266 | ||||||||||||
| Mortgage-Backed Securities | — | 316,857,716 | — | 316,857,716 | ||||||||||||
| Non-U.S. Government & Agencies | — | 6,676,398 | — | 6,676,398 | ||||||||||||
| U.S. Government & Agencies | — | 19,372,578 | — | 19,372,578 | ||||||||||||
| Purchased Options | 3,729,687 | — | — | 3,729,687 | ||||||||||||
| Total | $ | 51,217,417 | $ | 652,656,454 | $ | — | $ | 703,873,871 | ||||||||
| Futures Contracts(b) | ||||||||||||||||
| Assets | $ | 90,796 | $ | — | $ | — | $ | 90,796 | ||||||||
| Liabilities | (599,921 | ) | — | — | (599,921 | ) | ||||||||||
| $ | (509,125 | ) | $ | — | $ | — | $ | (509,125 | ) | |||||||
| Swap Contracts(c) | ||||||||||||||||
| Liabilities | (274,811 | ) | — | — | $ | (274,811 | ) | |||||||||
| $ | (274,811 | ) | $ | — | $ | — | $ | (274,811 | ) | |||||||
121
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
| Small Cap Value | Valuation Inputs | |||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 175,890,076 | $ | — | $ | — | $ | 175,890,076 | ||||||||
| Short-Term Investments | 4,067,648 | — | — | 4,067,648 | ||||||||||||
| Total | $ | 179,957,724 | $ | — | $ | — | $ | 179,957,724 | ||||||||
| (a) | Refer to Schedule of Investments for sector and industry classifications. | |
| (b) | The amount shown represents the net unrealized appreciation/depreciation of the futures contracts. | |
| (c) | The amount shown represents the net unrealized appreciation/depreciation of the swap contracts. |
The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
Note 10 – Investments in Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of November 30, 2025, and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.
Spectrum Alpha Fund
| Value Beginning of Period |
Purchases | Sales Proceeds |
Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation / (Depreciation) |
Value
End of Period |
Dividend Income |
Long-Term Capital Gain Distributions |
|||||||||||||||||||||||||
| North Square Advisory Research Small Cap Growth Fund - Class I | $ | 38,614,058 | $ | — | $ | (6,299,999 | ) | $ | 988,171 | $ | 5,259,725 | $ | 38,561,955 | $ | — | $ | — | |||||||||||||||
| North Square Advisory Research Small Cap Value Fund - Class I | 9,614,832 | 1,999,998 | — | — | 1,998,079 | 13,612,909 | — | — | ||||||||||||||||||||||||
| North Square Dynamic Small Cap Fund - Class I | 18,997,246 | 1 | (1,450,000 | ) | 179,478 | 2,114,659 | 19,841,384 | — | — | |||||||||||||||||||||||
| Total | $ | 67,226,136 | $ | 1,999,999 | $ | (7,749,999 | ) | $ | 1,167,649 | $ | 9,372,463 | $ | 72,016,248 | $ | — | $ | — | |||||||||||||||
| Shares Beginning of Period |
Purchases | Sales | Shares End of Period |
|||||||||||||
| North Square Advisory Research Small Cap Growth Fund - Class I | 2,766,050 | — | (414,711 | ) | 2,351,339 | |||||||||||
| North Square Advisory Research Small Cap Value Fund - Class I | 818,981 | 162,483 | — | 981,464 | ||||||||||||
| North Square Dynamic Small Cap Fund - Class I | 1,570,020 | — | (108,946 | ) | 1,461,074 | |||||||||||
| Total | 5,155,051 | 162,483 | (523,657 | ) | 4,793,877 | |||||||||||
122
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Multi Strategy Fund
| Value Beginning of Period |
Purchases | Sales Proceeds | Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation / (Depreciation) |
Value
End of Period |
Dividend Income |
Long-Term Capital Gain Distributions |
|||||||||||||||||||||||||
| North Square Altrinsic International Equity Fund - Class I | $ | 6,444,326 | $ | — | $ | (950,000 | ) | $ | 117,629 | $ | 312,748 | $ | 5,924,703 | $ | — | $ | — | |||||||||||||||
| North Square Dynamic Small Cap Fund - Class I | 5,208,223 | — | (696,999 | ) | 161,345 | 730,260 | 5,402,829 | — | — | |||||||||||||||||||||||
| North Square Kennedy MicroCap Fund - Class I | 961,483 | — | — | — | 174,443 | 1,135,926 | — | — | ||||||||||||||||||||||||
| North Square McKee Bond Fund - Class R6 | 4,818,522 | 84,821 | (1,900,000 | ) | (135,009 | ) | 244,243 | 3,112,577 | 75,789 | — | ||||||||||||||||||||||
| North Square Preferred and Income Securities Fund - Class I | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| North Square Select Small Cap Fund | 2,048,704 | — | (500,001 | ) | 105,509 | 144,340 | 1,798,552 | — | — | |||||||||||||||||||||||
| North Square Strategic Income Fund - Class I | — | 1,111,537 | — | — | 30,647 | 1,142,184 | 14,960 | — | ||||||||||||||||||||||||
| North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 5,002,100 | — | (45,800 | ) | 760 | 113,700 | 5,070,760 | 116,053 | — | |||||||||||||||||||||||
| Total | $ | 24,483,358 | $ | 1,196,358 | $ | (4,092,800 | ) | $ | 250,234 | $ | 1,750,381 | $ | 23,587,531 | $ | 206,802 | $ | — | |||||||||||||||
| Shares Beginning of Period |
Purchases | Sales | Shares
End of Period |
|||||||||||||
| North Square Altrinsic International Equity Fund - Class I | 525,210 | — | (77,048 | ) | 448,162 | |||||||||||
| North Square Dynamic Small Cap Fund - Class I | 373,082 | — | (43,641 | ) | 329,441 | |||||||||||
| North Square Kennedy MicroCap Fund - Class I | 81,898 | — | — | 81,898 | ||||||||||||
| North Square McKee Bond Fund - Class R6 | 551,318 | 9,598 | (214,689 | ) | 346,227 | |||||||||||
| North Square Preferred and Income Securities Fund - Class I | — | — | — | — | ||||||||||||
| North Square Select Small Cap Fund | 169,314 | — | (36,873 | ) | 132,441 | |||||||||||
| North Square Strategic Income Fund - Class I | — | 114,104 | — | 114,104 | ||||||||||||
| North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | 200,000 | — | (1,798 | ) | 198,202 | |||||||||||
| Total | 1,900,822 | 123,702 | (374,049 | ) | 1,650,475 | |||||||||||
Preferred and Income Securities Fund
| Value Beginning of Period |
Purchases | Sales Proceeds | Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation / (Depreciation) |
Value
End of Period |
Dividend Income |
Long-Term Capital Gain Distributions |
|||||||||||||||||||||||||
| North Square RCIM Tax-Advantaged Preferred and Income Securities ETF | $ | 2,501,050 | 2,171,091 | — | — | 52,982 | $ | 4,725,123 | $ | 76,714 | $ | — | ||||||||||||||||||||
| Total | $ | 2,501,050 | $ | 2,171,091 | $ | — | $ | — | $ | 52,982 | $ | 4,725,123 | $ | 76,714 | $ | — | ||||||||||||||||
123
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Preferred and Income Securities Fund (Continued)
| Shares Beginning of Period |
Purchases | Sales | Shares End of Period |
|||||||||||||
| North Square RCIM Tax-Advantaged | 100,000 | 84,692 | — | 184,692 | ||||||||||||
| Total | 100,000 | 84,692 | — | 184,692 | ||||||||||||
Strategic Income Fund
| Value Beginning of Period |
Purchases | Sales Proceeds | Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation / (Depreciation) |
Value
End of Period |
Dividend Income |
Long-Term Capital Gain Distributions |
|||||||||||||||||||||||||
| North Square RCIM Tax-Advantaged | $ | 2,501,050 | $ | 4,376,667 | $ | — | $ | — | $ | 68,310 | $ | 6,946,027 | $ | 115,189 | $ | — | ||||||||||||||||
| Total | $ | 2,501,050 | $ | 4,376,667 | $ | — | $ | — | $ | 68,310 | $ | 6,946,027 | $ | 115,189 | $ | — | ||||||||||||||||
| Shares Beginning of Period |
Purchases | Sales | Shares End of Period |
|||||||||||||
| North Square RCIM Tax-Advantaged | 100,000 | 171,501 | — | 271,501 | ||||||||||||
| Total | 100,000 | 171,501 | — | 271,501 | ||||||||||||
Note 11 – Derivative and Other Financial Instruments
At November 30, 2025, the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income 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 November 30, 2025:
| Gross Amounts not offset
in the Statement of Assets and Liabilities |
||||||||||||||||||||||||
| Description | Gross Amounts of Recognized Assets (Liabilities) |
Gross Amounts Offset in the Statement of Assets and Liabilities |
Net Amounts Presented in the Statements of Assets and Liabilities |
Financial Instruments |
Cash Collateral Received (Pledged)** |
Net Amount | ||||||||||||||||||
| Preferred and Income Securities Fund | ||||||||||||||||||||||||
| Variation Margin on Futures Contracts* | $ | — | $ | 2,681 | $ | 2,681 | $ | — | $ | — | $ | 2,681 | ||||||||||||
| Total | $ | — | $ | 2,681 | 13, | $ | — | $ | — | $ | 2,681 | |||||||||||||
| Core Plus Bond Fund | ||||||||||||||||||||||||
| Futures contracts* | $ | (1,916 | ) | $ | 16,492 | $ | 14,576 | $ | — | $ | — | $ | 14,576 | |||||||||||
| Total | $ | (1,916 | ) | $ | 16,492 | $ | 14,576 | $ | — | $ | — | $ | 14,576 | |||||||||||
| Strategic Income Fund | ||||||||||||||||||||||||
| Variation Margin on Futures Contracts* | $ | 194,219 | $ | (588,672 | ) | $ | (394,453 | ) | $ | — | $ | — | $ | (394,453 | ) | |||||||||
| Unrealized depreciation on Swap Contracts | (274,811 | ) | — | (274,811 | ) | — | 274,811 | — | ||||||||||||||||
| Total | $ | (80,592 | ) | $ | (588,672 | ) | $ | (669,264 | ) | $ | — | $ | 274,811 | $ | (394,453 | ) | ||||||||
| * | Reflects the current day variation margin as reported on the Fund’s statement of assets and liabilities. | |
| ** | Any over-collateralization is not shown. Collateral amounts can be found on the Statements of Assets and Liabilities as Cash held at broker for futures contracts and Cash held at broker for swap contracts. |
124
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
The following table presents the fair value of derivative instruments for the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income as of November 30, 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 six months ended November 30, 2025, for the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.
| Derivatives | Location
of Gain (Loss) on Derivatives on Statements of Operations |
Realized Gain (Loss) on Derivatives |
Change in Unrealized Appreciation (Depreciation) on Derivatives |
|||||||
| Preferred and Income Securities Fund | ||||||||||
| Futures | Net realized gain (loss) and change in unrealized appreciation (depreciation) on futures contracts | $ | (821,194 | ) | $ | 371,019 | ||||
125
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
| Derivatives | Location
of Gain (Loss) on Derivatives on Statements of Operations |
Realized Gain (Loss) on Derivatives |
Change in Unrealized Appreciation (Depreciation) on Derivatives |
|||||||
| Core Plus Bond Fund | ||||||||||
| Equity Price Risk: | ||||||||||
| Purchased Options | Net realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options | $ | 299,702 | $ | (38,330 | ) | ||||
| Futures | Net realized gain and change in unrealized appreciation (depreciation) on futures | (344,379 | ) | 31,042 | ||||||
| Strategic Income Fund | ||||||||||
| Equity Price Risk: | ||||||||||
| Purchased Options | Net realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options | 13,658,398 | (2,276,610 | ) | ||||||
| Futures Contracts | Net realized gain and change in unrealized appreciation (depreciation) on futures | (14,231,811 | ) | 456,099 | ||||||
| Swap Contracts | Net realized gain (loss) and change in unrealized appreciation (depreciation) on swap contracts | (685,373 | ) | 135,476 | ||||||
The average monthly market value amount is shown as an indicator of volume. The average monthly market value amounts held in the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income during the six months ended November 30, 2025, were:
| Derivatives | Average Ending Monthly Market Value |
||||||
| Preferred and Income Securities Fund | Short Futures(a) | $ | (10,695,381 | ) | |||
| Core Plus Bond Fund | Purchased Options(a) | 127,785 | |||||
| Long Futures(a) | 7,385,663 | ||||||
| Short Futures(a) | (8,167,109 | ) | |||||
| Strategic Income Fund | Purchased Options(a) | 5,947,865 | |||||
| Long Futures(a) | 201,825,835 | ||||||
| Short Futures(a) | (208,702,140 | ) | |||||
| Swap Contracts(a) | (2,205,506 | ) | |||||
| (a) | Average based on the 6 months during the year that had activity. |
Note 12 – Underlying Investment in Other Investment Companies
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 November 30, 2025, the Spectrum Alpha Fund had 98.3% of the value of its net assets invested in open-end mutual funds. As of November 30, 2025, the Multi Strategy Fund had 51.9% and 47.1% of the value of its net assets invested in ETFs and open-end mutual funds, respectively. As of November 30, 2025, the
126
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Tactical Growth Fund had 76.9% of the value of its net assets invested in ETFs. As of November 30, 2025, the Tactical Defensive Fund had 45.5% 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.
Note 13 – Sector Risk
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 33.0% and 32.7% of the value of its net assets invested in securities within the Financials and Utilities sectors, respectively.
Note 14 – Principal Risks
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.
127
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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.
128
North Square Funds
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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.
Note 15 – Business Combinations
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 Predecessor Fund is the accounting survivor. After the Reorganization the Small Cap Value Fund changed its fiscal year end from October 31 to May 31.
Note 16 – New Accounting Pronouncement
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds’ financial statements.
Note 17 – Events Subsequent to the Fiscal Period End
On January 8, 2026, Azimut Group, an independent global asset manager based in Milan, Italy, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired the Adviser (the “Transaction”). The Transaction is not expected to result in any material changes in the day-to-day management of the Funds or the Adviser or to the Funds’ respective investment objectives and principal investment strategies. In connection with the Transaction, the Adviser’s parent company, NSI Holdco, LLC, is being renamed Azimut NSI, LLC.
The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the 1940, of each Fund’s then current investment advisory agreement between the Trust, on behalf of each of the Funds, and the Adviser (each, a “current advisory agreement”) and resulted in the automatic termination of such agreement with respect to each of the Funds, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of each of the then current sub-advisory agreements (each, a “current sub-advisory agreement”) between the Adviser and the sub-advisers to the Funds. As a result of the Transaction, sub-adviser Kennedy Capital Management LLC (“Kennedy Capital”), which is majority-owned by Azimut U.S. Holdings Inc., became an affiliate of the Adviser and of CSM. The Adviser, CSM and Kennedy Capital are under the common control of Azimut NSI, LLC.
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November 30, 2025 (Unaudited)
At a meeting held on October 7, 2025, the Board considered and approved a new investment advisory agreement between the Trust, on behalf of each Fund, and the Adviser with substantially identical terms to the current advisory agreement with respect to each of the Funds (except for the North Square Multi Strategy Fund) and a new sub-advisory agreement between the Adviser, on behalf of each Fund, and the respective sub-adviser, with substantially identical terms to the current sub-advisory agreement with respect to each of the Funds.
With respect to the North Square Multi Strategy Fund, the Board considered and approved a new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser with substantially identical terms to the current advisory agreement with respect to the Fund and a new sub-advisory agreement between the Adviser, on behalf of the Fund, and CSM, with substantially identical terms to the current sub-advisory agreement with respect to the Fund, except that, the advisory fee structure and rate to be paid pursuant to the new advisory agreement and the sub-advisory fee rate for the Fund that will be paid by the Adviser to the sub-adviser pursuant to the new sub-advisory agreement will change. The advisory fee payable by the Fund under the current advisory agreement is 0.50% for fund assets invested in non-affiliated investments and 0.00% for fund assets invested in affiliated investments. The advisory fee payable under the new advisory agreement is 0.20% for all fund assets, regardless of whether they are invested in non-affiliated or affiliated investments.
In addition, the Board approved interim investment advisory and sub-advisory agreements to permit continuity of management, if necessary, until shareholders of each of the Funds approve the new advisory agreement with respect to that Fund at a special shareholder meeting of the Funds. The terms of the interim investment advisory and sub-advisory agreements are substantially identical to those of the corresponding current investment advisory agreements except for their date, duration and, in the case of the interim advisory agreement, escrow provisions required by applicable law and with respect to the interim sub-advisory agreements that the sub-advisers will not be paid by the Adviser until the Adviser receives its payment under the corresponding interim investment advisory agreement.
At a joint special meeting of shareholders of the Funds (the “Special Shareholder Meeting”) held on December 19, 2025, shareholders of the North Square Altrinsic International Equity Fund, North Square Core Plus Bond Fund, North Square Kennedy MicroCap Fund, North Square McKee Bond Fund, North Square Select Small Cap Fund, and North Square Small Cap Value Fund, approved the respective new advisory agreement for these Funds. The Special Shareholder Meeting was adjourned until January 7, 2026, whereby shareholders of the North Square Strategic Income Fund approved the new advisory agreement for that Fund. The Special Shareholder Meeting was further adjourned until January 23, 2026, whereby shareholders of the North Square Dynamic Small Cap Fund approved the new advisory agreement for that Fund. The new sub-advisory agreements with the applicable sub-advisers were entered into with respect to these Funds. Shareholder approval was not required for the new sub-advisory agreements pursuant to the Funds’ “manager-of-managers” exemptive relief from the Securities and Exchange Commission (the “SEC”). The new advisory agreements and sub-advisory agreements will not result in any material changes to the Funds’ respective investment objectives and principal investment strategies or to their portfolio management.
With respect to the North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Spectrum Alpha Fund, North Square Tactical Defensive Fund, and North Square Tactical Growth Fund, shareholders have not yet approved the relevant new advisory agreement for the Funds, and the interim investment advisory and sub-advisory agreements are in effect until shareholders of these Funds approve the relevant new advisory agreement or 150 days from the date of the closing of the Transaction, whichever is sooner. The Special Shareholder Meeting has been further adjourned until February 11, 2026. There is no assurance that the shareholders of each remaining Funds will approve the new investment advisory agreement. More detailed information regarding the Transaction and the proposal(s) to be voted upon at the Special Shareholder Meeting has been provided in the joint proxy statement filed with the SEC on November 3, 2025.
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Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures
No matter was submitted to a vote of shareholders during the period covered by the report.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of New Investment Advisory Agreement and New Investment Sub-Advisory Agreement
North Square Kennedy MicroCap Fund
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory and sub-advisory agreements. At a meeting held on March 21-22, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of North Square Investments Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve: (i) the investment advisory agreement (the “Advisory Agreement”) between North Square Investments, LLC (“NSI” or the “Adviser”) and the Trust, on behalf of the North Square Kennedy MicroCap Fund (the “New Fund”) and (ii) the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Kennedy Capital Management, LLC (“Kennedy Capital” or the “Sub-Adviser”) 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 Trustee Counsel and supporting materials relating to those questions and responses, as well as other information and data provided. In this connection, the Board reviewed and discussed various information and data that had been provided prior to the Meeting, including the Advisory Agreement, the Sub-Advisory Agreement, each Adviser’s Form ADV Part 1A, brochures and brochure supplements, profitability information, proposed advisory and sub-advisory fees, as applicable, estimated expense ratios, and other pertinent information. The Board also took into account information provided to it at a Board meeting held on December 6-7, 2023. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by NSI during the course of the year, to evaluate the Advisory Agreement with respect to the New Fund, including information provided in connection with the consideration of 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 the Agreements. Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Advisers. The Board met in executive sessions at which no representatives of management were present to consider the approval of the Agreements and the Independent Trustees were also advised by, and met separately in executive sessions with, Independent Trustee Counsel. The Board noted that the information received and considered by the Board was both written and oral. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved 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 at the Meeting was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreements. As noted, the Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the Agreements and, throughout the evaluation process, the Board was assisted by Fund Counsel and Independent Trustee Counsel who each provided and reviewed a legal memorandum to the Board detailing the Board’s duties and responsibilities in connection with the consideration of the approval of the
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Agreements. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the Agreements is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry.
Nature, Extent and Quality of Services. The Board considered information regarding the nature, extent and quality of services to be provided to the New Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services to be provided by the Advisers. The Board noted the non-investment advisory services to be provided by NSI, including the oversight and coordination of the New Fund’s service providers and the provision of related administrative and other services. The Board also considered each Adviser’s reputation, organizational structure, resources and overall financial condition (including economic and other support provided by affiliates of NSI), and NSI’s willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the New Fund.
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 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 noted increased regulatory risk which, among other things, can increase cost of operations and introduce legal and administrative challenges. 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 manager, the number of accounts managed by the portfolio manager, and the Sub-Adviser’s approach for compensating the portfolio manager. 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.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by NSI and the Sub-Adviser, taken as a whole, should be satisfactory and reliable.
Fund Performance. The Board considered the Advisers’ prior performance record, including the Sub-Adviser’s management of a similar separate account. 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.
Advisory and Sub-Advisory Fees and Expenses. The Board reviewed and considered the proposed advisory fee rate of the New Fund to be paid to NSI under the Advisory Agreement and the New Fund’s estimated total net expense ratio. The Board also reviewed and considered the proposed sub-advisory fee rate to be paid by NSI to the Sub-Adviser for sub-advisory services.
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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 advisory fee rate and estimated total expense ratio relative to a group of its peer funds and anticipated Morningstar category. While the Board recognized that comparisons between the New Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the New Fund’s proposed advisory fee rate and estimated total expense ratio. 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 advisory fee was in the range of the peer group contained in the Broadridge Report. The Board also noted that NSI would enter into a fee waiver and expense reimbursement arrangement with respect to the New Fund.
In addition, the Board received and considered information about the portion of the advisory fee to be retained by NSI after payment of the fee 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 and not the New Fund. The Board considered NSI’s explanation that the proposed sub-advisory fee rate is priced at a competitive level.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation to be paid to NSI under the Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement were not unreasonable.
Profitability. The Board received and considered information concerning NSI’s costs of sponsoring the New Fund and the anticipated profitability to NSI and its respective affiliates from providing services to the New Fund. The Board noted that the levels of profitability may be affected by numerous factors. In addition, the Board received information relating to the operations and anticipated profitability to the Sub-Adviser from providing services to the New Fund. The Board considered representations from NSI and the Sub-Adviser that the Sub-Adviser’s fees were negotiated at arm’s length and that the sub-advisory fees would be paid by NSI and not 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.
Economies of Scale. The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to the New Fund as the Fund grows. The Board also considered that NSI may share potential economies of scale from its advisory business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. In addition, the Board took into account management’s discussion of the New Fund’s fee structure. The Board also considered the effect of the New Fund’s potential growth in size on its performance and fees and that, if the Fund’s assets increase over time, the Fund may realize other economies of scale. The Independent Trustees recognized that, because the New Fund’s sub-advisory fees are paid by NSI, and not 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.
“Fall-Out” Benefits. The Board received and considered information regarding potential “fall-out” or ancillary benefits that NSI and its affiliates may receive as a result of their relationships with the New Fund. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the New Fund and benefits potentially derived from an increase in NSI’s business as a result of their relationships with the New Fund. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and its affiliates may receive because of its relationships with the New Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the New Fund and other investment advisory clients, as well as other benefits from increases in assets under management.
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Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by the Advisers and their affiliates to be unreasonable.
Conclusion. At the Meeting, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of both Fund Counsel and Independent Trustee 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.
Statement Regarding Basis for Renewal of Investment Advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory and sub-advisory agreements. At a meeting held on September 23-24, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Exchange Place Advisors Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve the continuation of: (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 Spectrum Alpha Fund, North Square Dynamic Small Cap Fund, North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive Fund, North Square Core Plus Bond Fund, North Square Kennedy MicroCap Fund, North Square Select Small Cap Fund, North Square Strategic Income Fund, North Square Altrinsic International Equity Fund, and North Square McKee Bond Fund (each, a “Fund” and collectively, the “Funds”); (ii) the investment sub-advisory agreement with Advisory Research, Inc. (“ARI”) with respect to the North Square Select Small Cap Fund; (iii) the investment sub-advisory agreement with Algert Global, LLC (“Algert”) with respect to the North Square Dynamic Small Cap Fund; (iv) the investment sub-advisory agreement with Altrinsic Global Advisers, LLC (“Altrinsic”) with respect to the North Square Altrinsic International Equity Fund; (v) the investment sub-advisory agreement with CSM Advisors, LLC (“CSM”) with respect to the North Square Core Plus Bond Fund, North Square McKee Bond Fund, North Square Multi Strategy Fund, North Square Spectrum Alpha Fund, North Square Tactical Defensive Fund and North Square Tactical Growth Fund; (vii) the investment sub-advisory agreement with Kennedy Capital Management, LLC (“KCM”) with respect to the North Square Kennedy MicroCap Fund; and (viii) the investment sub-advisory agreement with Red Cedar Investment Management, LLC (“Red Cedar” and with ARI, Algert, Altrinsic, CSM, and KCM, the “Sub-Advisers”) with respect to the North Square Core Plus Bond Fund, North Square Preferred and Income Securities Fund and North Square Strategic Income Fund. The investment sub-advisory agreements with the Sub-Advisers are collectively referred to as the “Sub-Advisory Agreements,” and the Advisory Agreement and the Sub-Advisory Agreements are collectively referred to as the “Agreements.”
In connection with its consideration of the Agreements proposed for continuation, the Board requested and reviewed responses from the Adviser and the Sub-Advisers to the Section 15(c) requests posed to the Adviser and Sub-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 Agreements, a memorandum provided by independent counsel summarizing the requirements and guidelines relevant to the Board’s consideration of the approvals of such Agreements, the Adviser and each Sub-Adviser’s Form ADV Part 1A, brochures and brochure supplements, as applicable, profitability information, comparative information about the Funds’ performance for periods ended June 30, 2025, advisory fees and expense ratios, and other pertinent information. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by the Adviser and Sub-Advisers during the course of the year, to evaluate the Agreements, as applicable, with respect to each Fund. The Board reviewed and discussed the Adviser’s and Sub-Advisers’ Section 15(c) responses and discussed various questions and information with representatives of the Adviser and Sub-Advisers at the Meeting. The Board also considered the materials and presentations by Trust officers and representatives of the Adviser and Sub-Advisers provided at the Meeting and at prior meetings concerning the Agreements. Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of, and request additional materials from, the Adviser and Sub-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 renewal of the Agreements with respect to each of the Funds. The Board also noted that the evaluation process with respect to the Adviser and the Sub-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 performance, advisory fee and other expense information and discussions with
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the Funds’ portfolio managers, 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 and throughout the year was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the continuation of the Agreements with respect to each of the Funds for an additional one-year period.
In determining whether to approve the continuation of the Agreements, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreements with respect to each 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 renewal of the Agreements with respect to each 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’s conclusions may be based in part on its consideration of the Agreements in prior years and on the Board’s ongoing regular review of Fund performance and operations throughout the year.
Nature, Extent and Quality of Services
The Board considered information regarding the nature, extent and quality of services being provided to the Funds by the Adviser and Sub-Advisers. The Board considered, among other things, the terms of the Agreements and the range of services being provided by the Adviser and Sub-Advisers. The Board noted the non-investment advisory services being provided by the Adviser, including the supervision and coordination of the Funds’ service providers and the provision of related administrative and other services. The Board also considered the Adviser’s and each Sub-Adviser’s reputation, organizational structure, resources and overall financial strength, including economic and other support provided by affiliates of the Adviser or Sub-Advisers, if any, its willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the Funds.
In addition, the Board considered the Adviser’s and Sub-Advisers’ professional personnel who provide or will provide services to the Funds, including the Adviser’s and each Sub-Adviser’s ability and experience in attracting and retaining qualified personnel to service the Funds. In addition, the Board considered the compliance programs and compliance records and regulatory history of the Adviser and Sub-Advisers. The Board noted the Adviser’s and Sub-Advisers’ support of the Funds’ compliance control structure, including the resources that are devoted by the Adviser and Sub-Advisers in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of the Adviser and Sub-Advisers to address cybersecurity risks and invest in business continuity planning. The Board also noted that on a regular basis it received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of the Adviser and Sub-Advisers and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also considered the Adviser and Sub-Advisers’ policies and procedures, including the Trust’s CCO’s review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also noted that it met separately, in executive session, with the CCO on a regular basis.
With respect to the Adviser, the Board considered the Funds’ ongoing and proposed operation in a “manager-of-managers” structure and reviewed the responsibilities that the Adviser has under this structure, including, but not limited to, monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds, and supervising the Sub-Advisers with respect to the services that the Sub-Advisers currently provide under the Sub-Advisory Agreements. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and significant risks assumed by the Adviser and not delegated to or assumed by the Sub-Advisers in connection with the services provided to the Funds. These responsibilities and risks include entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also noted increased regulatory risk. The Board also considered the process used by the Adviser, consistent with this structure, to identify and recommend sub-advisers, and its ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Advisory Agreement. In addition, the Board considered its familiarity with the Adviser’s personnel obtained from the Board’s oversight of the Funds and of other funds in the
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Trust advised by the Adviser, as well as the affiliation between the Adviser and CSM and any potential conflicts of interest. The Board also took into account the Adviser’s discussion of the organizational structure of the affiliated Sub-Advisers and the services provided to the relevant Funds.
With respect to the Sub-Advisers, which provide day-to-day portfolio management services for the Funds, subject to oversight by the Adviser, the Board considered, among other things, the quality of each Sub-Adviser’s investment personnel, its investment philosophies and processes, its investment research capabilities and resources, its financial condition, its performance record, its experience, its trade execution capabilities and its approach to managing risk. The Board also considered the experience of each Fund’s portfolio managers the number of accounts managed by the portfolio managers, and each Sub-Adviser’s approach for compensating the portfolio managers. Moreover, the Board considered that the Adviser has the oversight responsibility for conflicts of interest relating to the Funds. In considering the nature, extent, and quality of the services provided by each of the Sub-Advisers, the Board also took into account its knowledge of each Sub-Advisers management and the quality of the performance of its duties as a sub-adviser, acquired through discussions and reports during the preceding year and in past years. The Board concluded that the renewal of the Sub-Advisory Agreements was in the best interests of the Funds and their shareholders and, based on the information provided to it, does not involve a conflict of interest from which the Adviser, a Sub-Adviser, or any officer or Trustee of the Funds 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 being provided or to be provided by the Adviser and the Sub-Advisers, taken as a whole, remain appropriate and consistent with the terms of the Advisory Agreement and the Sub-Advisory Agreements, as applicable. In addition, the Board concluded that each Fund was likely to continue to benefit from services being provided, or to be provided, under each of the Agreements.
Fund Performance
The Board reviewed the performance of each Fund for the different time periods presented in the Board meeting materials and throughout the year. The Board considered various data and materials provided by the Advisers concerning Fund performance, including a comparison of the investment performance of each Fund to its respective benchmark (or index), as well as comparative fee information provided by the Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the “Broadridge Report”), comparing the investment performance of each Fund to a universe of peer funds.
The Board received information at the Meeting, and throughout the year, concerning, and discussing factors contributing to the performance of the Funds relative to their respective benchmarks and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of a Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund’s investment performance and whether each Fund had performed as expected over time, as well as any plans to address underperformance, if applicable. The Board also noted the Adviser’s discussion of any differences in the investment strategies of the Funds relative to their respective peer universe. The Board generally considered longer-term performance to be more important than short-term performance and also took into account factors including general market conditions; the “style” in which the Funds are managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations can produce significantly different results in terms of a Fund’s returns and peer ranking on a relative basis. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Fund’s operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.
Based on these considerations, the Board concluded that the Adviser and the Sub-Advisers continue to have the capability of providing satisfactory investment performance for the Funds, as applicable.
Advisory Fees and Expenses
The Board reviewed and considered the advisory fee rate of each Fund that is being paid to the Adviser under the Advisory Agreement and each Fund’s total net expense ratio. The Board also reviewed and considered the sub-advisory fee rates being paid by the Adviser to each Sub-Adviser for sub-advisory services.
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The Board reviewed information in the Broadridge Report comparing each Fund’s advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between a Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of each Fund’s advisory fees and total expense ratio.
The Board also took into account management’s discussion of each Fund’s expenses and also noted certain cost savings initiatives implemented by the Adviser across all of the Funds. The Board also noted that the Adviser had entered into fee waiver and expense reimbursement arrangements with respect to each of the Funds. The Board took into account the factors that the Adviser reported that contributed to any expenses that were relatively higher than the peer group comparative data.
The Board also received and considered information about the portion of the advisory fee that is being retained by the Adviser after payment of the fee to each Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities that are retained and risks that are assumed by Adviser and not delegated to or assumed by the Sub-Advisers, and about the Adviser’s on-going oversight services. The Board also considered that the sub-advisory fees being paid to each Sub-Adviser had been negotiated by the Adviser on an arm’s length basis and were paid by the Adviser and not the respective Fund. The Board considered the Adviser’s explanation that the sub-advisory fees are priced at a competitive level. In the case of the North Square Core Plus Bond Fund, the North Square McKee Bond Fund, the North Square Multi Strategy Fund, the North Square Spectrum Alpha Fund, the North Square Tactical Defensive Fund, and the North Square Tactical Growth Fund the Board considered and evaluated the fact that CSM was affiliated with the Adviser.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by the Adviser and the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds, if any. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients, such as institutional separate accounts.
As applicable, the Board also noted the Adviser’s representation that the services provided to each Fund are not duplicative of the advisory services provided to the underlying funds in which the Funds may invest and that the Adviser voluntarily waives each Fund’s management fee with respect to the amount of its net assets invested in an underlying affiliated fund.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Adviser under the Advisory Agreement and to the Sub-Advisers under the Sub-Advisory Agreements with respect to each of the Funds were reasonable.
Profitability
The Board received and considered information concerning the Adviser’s costs of sponsoring the Funds and the profitability to the Adviser and its respective affiliates from providing services to the Funds. The Board noted that the levels of profitability may be affected by numerous factors. The Board also received information relating to the operations and profitability to each Sub-Adviser from providing services to the Funds. The Board considered representations from the Adviser and each Sub-Adviser that the Sub-Adviser’s fees were negotiated at arm’s length on a Fund-by-Fund basis and that the sub-advisory fees are paid by the Adviser and not the Funds. Accordingly, the Board concluded that the profitability of each Sub-Adviser was a less relevant factor with respect to the Board’s consideration of the Sub-Advisory Agreements.
Based on its review, the Board determined that the profits reported by the Advisers from services being provided to the Funds, if any, were not excessive.
Economies of Scale
The Board considered the potential for the Adviser to experience economies of scale in the provision of advisory services to each Fund as the Funds grew. The Board considered that the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. The Board also took into account management’s discussion of the Funds’ fee structures. The Board also considered the effect
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of each Fund’s 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 each Fund’s sub-advisory fees are paid by the Adviser, and not 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 Funds, the Adviser’s arrangements with respect to the Funds constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.
“Fall-Out” Benefits
The Board received and considered information regarding potential “fall-out” or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationships with the Funds. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in the Adviser’s business as a result of their relationships with the Funds. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the Funds and other investment advisory clients, as well as other benefits from increases in assets under management.
Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by the Adviser and the Sub-Advisers and their respective affiliates to be unreasonable.
Conclusion
At the Meeting, after considering the above-described material factors and based on its robust deliberations and its evaluation of the information described above, and assisted by the advice of independent counsel, the Board, including the Independent Trustees, concluded that the approval of the renewal and continuation of the Agreements with respect to each Fund was in the best interest of each respective Fund and its shareholders.
Statement Regarding Basis for Approval of Interim and New Investment Advisory Agreements and Interim and New Investment Sub-Advisory Agreements
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory agreement. At a special meeting held on October 7, 2025 (the “October 2025 Board Meeting”), the Board of Trustees (the “Board”) of Exchange Place Advisors Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve: (i) the interim investment advisory agreement (the “Interim Advisory Agreement”) and the new investment advisory agreement (the “New Advisory Agreement”) between North Square Investments, LLC (the “Adviser” or “NSI”) and the Trust, on behalf of each of the North Square Spectrum Alpha Fund, North Square Dynamic Small Cap Fund, North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive Fund, North Square Core Plus Bond Fund, North Square Kennedy MicroCap Fund, North Square Select Small Cap Fund, North Square Strategic Income Fund, North Square Altrinsic International Equity Fund, North Square McKee Bond Fund and North Square Small Cap Value Fund (each, a “Fund” and collectively, the “Funds”); (ii) the interim investment sub-advisory agreement and the new investment sub-advisory agreement with Advisory Research, Inc. (“ARI”) with respect to the North Square Select Small Cap Fund; (iii) the interim investment sub-advisory agreement and the new investment sub-advisory agreement with Algert Global, LLC (“Algert”) with respect to the North Square Dynamic Small Cap Fund; (iv) the interim investment sub-advisory agreement and the investment sub-advisory agreement with Altrinsic Global Advisers, LLC (“Altrinsic”) with respect to the North Square Altrinsic International Equity Fund; (v) the interim investment sub-advisory agreement and the new investment sub-advisory agreement with CSM Advisors, LLC (“CSM”) with respect to the North Square Core Plus Bond Fund, North Square McKee Bond Fund, North Square Multi Strategy Fund, North Square Spectrum Alpha Fund, North Square Tactical Defensive Fund, North Square Tactical Growth Fund and North Square Small Cap Value Fund; (vii) the interim investment sub-advisory agreement and the new investment sub-advisory agreement with Kennedy Capital Management, LLC (“KCM”) with respect to the North Square Kennedy MicroCap Fund; and (viii) the interim investment sub-advisory agreement and the new investment sub-advisory agreement with Red Cedar Investment Management, LLC (“Red Cedar” and with ARI, Algert, Altrinsic, CSM, and KCM, the “Sub-Advisers”) with respect to the North Square Core Plus Bond Fund, North Square Preferred and Income Securities Fund and North Square Strategic
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Income Fund. The interim investment sub-advisory agreements are collectively referred to as the “Interim Sub-Advisory Agreements,” and the new investment sub-advisory agreements are collectively referred to as the “New Sub-Advisory Agreements.” The New Advisory Agreement, Interim Advisory Agreement, New Sub-Advisory Agreement(s) and Interim Sub-Advisory Agreement(s) with respect to each of the Funds are collectively referred to as the “New Agreements”.
The Board noted that consideration of approval of the New Agreements with respect to each of the Funds is necessary due to the anticipated termination of the current investment advisory agreement (“Current Advisory Agreement”) between the Trust and NSI, on behalf of the Funds, and the current sub-advisory agreements (“Current Sub-Advisory Agreements”) between NSI and the Sub-Advisers, in connection with the proposed acquisition of NSI, through its parent company NSI Holdco, LLC, by Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc. (the “Transaction”).
Based on its evaluation of this information, the Board, comprised solely of Independent Trustees, unanimously approved (i) the Interim Advisory Agreement and the Interim Sub-Advisory Agreement(s) with respect to each of the Funds to remain in effect from the date of the closing of the Transaction until the earlier of (a) 150 days from the date of the termination of the Current Advisory Agreement and the Current Sub-Advisory Agreements with respect to the Funds or (b) the date on which the New Advisory Agreement with respect to each Fund is approved by a majority of the outstanding voting securities of the Fund; and (ii) the New Advisory Agreement with respect to each Fund for an initial two-year period from the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund.
Approval of Agreements
All Funds (Except North Square Multi Strategy Fund)
The Board, comprised solely of Independent Trustees, considered the approval of the New Agreements at the October 2025 Board Meeting and at the quarterly meeting of the Board held on September 23-24, 2025 (the “September 2025 Board Meeting,” and, together with the October 2025 Board Meeting, the “Board Meetings”).
In connection with the Board’s consideration of the New Agreements with respect to each Fund, the Board received written materials in advance of the Board Meetings, which included information regarding:
| ● | The Transaction: information about the structure and material terms and conditions of the Transaction, including the expected impact, if any, on the business conducted by NSI. |
| ● | Impact of the Transaction: information regarding any changes to personnel and/or other resources of NSI as a result of the Transaction. |
| ● | Impact of the Transaction on each Fund and its Shareholders: (i) information regarding any potential benefits to the Funds as a result of the Transaction; (ii) a representation that the Funds will not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that NSI intends to continue to be the investment adviser for each Fund, and each Fund’s Sub-Adviser(s) intends to continue be the investment sub-adviser to such Fund and to manage such Fund in a manner consistent with its current investment objective and principal investments strategies; and (iv) the fact that the Transaction relies on the safe harbor provided by Section 15(f) of the 1940 Act, therefore no “unfair burden” will be imposed on any Fund as a result of the Transaction. |
With respect to the New Agreements, the Board considered: (i) a representation that, after the closing of the Transaction, NSI would continue to be the investment adviser for each Fund, each Fund’s Sub-Adviser(s) would continue to be the investment sub-adviser(s) for the Fund, and each Fund would continue to be managed by its Sub-Adviser’s personnel and the same portfolio manager(s) were expected to continue to manage the Funds; (ii) information regarding the terms of the New Agreements, including that such terms are substantially similar to those of the Current Advisory Agreement and the Current Sub-Advisory Agreement(s) with respect to each Fund (except for the date, term and, with respect to the Interim Advisory Agreement escrow provisions required by applicable regulations, and with respect to the Interim Sub-Advisory Agreement that the Sub-Adviser will not be paid by the Adviser until the Adviser receives its payment under the Interim Advisory Agreement); (iii) information confirming that the fee rate payable under the New Agreements would not increase as a result of the Transaction as compared to the rate under the Current Advisory Agreement and Current Sub-Advisory Agreement(s) with
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respect to each Fund; (iv) assurances that the Transaction was not expected to cause any diminution with respect to the nature, extent and quality of any of the services provided to each Fund by NSI as a result of the Transaction; and (v) that no other material changes to management or operations of NSI were anticipated.
In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their shareholders in connection with the New Agreements, the Board took into account information furnished at prior meetings of the Board, including the September 2025 Board Meeting and a Board meeting held on March 27-28, 2025 (collectively, the “Prior 15(c) Review Board Meetings”), at which the Board approved or renewed each Fund’s Current Advisory Agreement and the Current Sub-Advisory Agreement, that was relevant to its consideration of the New Agreements, including certain performance, advisory fee and other expense information and discussions with each Fund’s portfolio manager(s), as well as such additional information it deemed relevant and appropriate in its judgment. In connection with its review of the New Agreements, the Board requested, and NSI and the Sub-Advisers provided, any updates to the foregoing information that was provided by NSI or the Sub-Adviser in connection with the most recent approval or renewal of each Fund’s Current Advisory Agreement and the Current Sub-Advisory Agreement at the Prior 15(c) Review Board Meetings.
In connection with its consideration of the New Agreements, the Board requested and reviewed responses from NSI to a Section 15(c) request as well as other information and data provided, including the New Advisory Agreement, NSI’s and the Sub-Advisers’ ADV Part 1A, brochures and any brochure supplements, as applicable; profitability information; comparative information about each Fund’s performance for periods ended June 30, 2025; advisory fees and expense ratios; and other pertinent information. In addition, in connection with its consideration of the New Agreements with respect to the Funds, the Board requested and reviewed responses from NSI to a due diligence questionnaire regarding the Transaction. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by NSI and the Sub-Advisers during the course of the year, to evaluate the New Agreements, with respect to the Funds.
At the Board Meetings, the Board met with representatives of NSI and the Sub-Advisers who made a presentation to, and responded to questions from, the Board with respect to the Transaction and the New Agreements. The Board reviewed and discussed NSI’s Section 15(c) response and discussed various questions and information with representatives of NSI at the Board Meetings. The Board also met with representatives of the Sub-Advisers at the September 2025 Board Meeting and discussed various questions and information with representatives of the Sub-Advisers, including Section 15(c) responses provided at the September 2025 Board Meeting in connection with consideration of the annual renewal of the Funds’ Current Advisory Agreement and Current Sub-Advisory Agreements. The Board also considered the materials and presentations by Trust officers and representatives of NSI provided at the Board Meetings concerning the New Agreements. Throughout the process, the Board had numerous opportunities to ask questions of, and request additional materials from, NSI and the Sub-Advisers. The Board met in executive sessions with independent counsel at which no representatives of management were present to consider the approval of the New Agreements with respect to the Funds.
The Board also took into account information reviewed by it at the Board Meetings that was relevant to its consideration of the New Agreements with respect to each Fund, including certain performance, advisory fee and other expense information and discussions with the Funds’ portfolio managers, as well as such additional information it deemed relevant and appropriate in its judgment. The Board noted that the information received and considered by the Board was both written and oral. The Board also noted that the evaluation process was performed on a Fund-by-Fund basis.
In determining whether to approve the New 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 New Agreements with respect to each Fund was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the New Agreements. The Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the New Agreements and, throughout the evaluation process, the Board was assisted by independent counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the New Agreements with respect to each 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’s conclusions may be based in part on its consideration of a Fund’s advisory arrangements at the applicable Prior 15(c) Review Board Meeting and on the Board’s ongoing regular review of Fund performance and operations throughout the year.
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Nature, Extent and Quality of Services. The Board considered information regarding the nature, extent and quality of services being provided to the Funds by NSI and the Sub-Advisers under the New Agreements. The Board considered the services historically provided by NSI and the Sub-Advisers to the Funds and their shareholders under the Current Advisory Agreement and the Current Sub-Advisory Agreement(s) with respect to each of the Funds and noted that the New Agreements will be substantially similar to the Current Advisory Agreement and the Current Sub-Advisory Agreements with respect to each Fund (except that with respect to the Interim Advisory Agreement, escrow provisions required by applicable regulations, and with respect to the Interim Sub-Advisory Agreement that the Sub-Adviser will not be paid by the Adviser until the Adviser receives its payment under the Interim Advisory Agreement). The Board noted the non-investment advisory services being provided by NSI, including the supervision and coordination of the Funds’ service providers and the provision of related administrative and other services. The Board also considered NSI’s and the Sub-Advisers’ reputation, organizational structure, resources and overall financial strength, including economic and other support provided by affiliates of NSI, if any, its willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the Funds.
Based on the information provided by NSI, including that NSI currently expected no material changes as a result of the Transaction in (i) personnel or operations of NSI or (ii) third parties providing operational services to the Funds, the Board concluded that the satisfactory nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Agreements. The Board considered NSI’s expectation that the Funds may benefit from the expanded distribution resources that would become available to NSI following the Transaction. Based on representations made by NSI, the Board also concluded that it was very unlikely that any “unfair burden” would be imposed on any of the Funds for the first two years following the Closing as a result of the Transaction. Consequently, the Board concluded that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided by NSI to each Funds and its shareholders.
In addition, the Board considered NSI’s and the Sub-Advisers’ professional personnel who provide or will provide services to the Funds, including NSI’s and the Sub-Advisers’ ability and experience in attracting and retaining qualified personnel to service the Funds. In addition, the Board considered the compliance programs and compliance records and regulatory history of NSI and the Sub-Advisers. The Board noted NSI’s and the Sub-Advisers’ support of the Funds’ compliance control structure, including the resources that are devoted by NSI and the Sub-Advisers in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of NSI and the Sub-Advisers to address cybersecurity risks and invest in business continuity planning. The Board also noted that on a regular basis it received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of NSI and the Sub-Advisers and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also considered NSI’s and the Sub-Advisers’ policies and procedures, including the Trust’s CCO’s review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also noted that it met separately, in executive session, with the CCO on a regular basis.
The Board considered the Funds’ ongoing and 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-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds, and supervising the Sub-Advisers with respect to the services that the Sub-Advisers provide under the Current Sub-Advisory Agreement(s) with respect to each Fund, as well as the services to be provided under the New Sub-Advisory Agreements and Interim Sub-Advisory Agreements. 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-Advisers in connection with the services provided to the Funds. These responsibilities and risks include entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also noted increased regulatory risk. 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 Current Advisory Agreement. In addition, the Board considered its familiarity with NSI’s personnel obtained from the Board’s oversight of the Funds, as well as the affiliation between NSI and CSM and any potential conflicts of interest. The Board also took into account NSI’s discussion of the organizational structure of the affiliated Sub-Adviser and the services to be provided to the relevant Funds.
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The Board also considered Azimut Group’s current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of NSI is an important component of this strategic growth and the establishment of a significant presence in the United States. Based in part on the information provided by NSI, the Board concluded that Azimut Group’s acquisition of NSI could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.
With respect to the Sub-Advisers, which provide day-to-day portfolio management services for the Funds, subject to oversight by NSI, the Board considered, among other things, the quality of each Sub-Adviser’s investment personnel, its investment philosophies and processes, its investment research capabilities and resources, its 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 Funds’ 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 Funds. In considering the nature, extent, and quality of the services provided by the Sub-Advisers, the Board also took into account its knowledge of the Sub-Advisers’ management and the quality of the performance of their duties as a sub-adviser, acquired through discussions and reports during the preceding year. The Board concluded that approval of the New Sub-Advisory Agreement(s) and the Interim Sub-Advisory Agreement(s) was in the best interests of each of the Funds and its shareholders and, based on the information provided to it, does not involve a conflict of interest from which the Adviser, the Sub-Advisers, or any officer or Trustee of the Fund or any officer or board member of NSI derives an inappropriate advantage.
With respect to the Interim Advisory Agreement and the Interim Sub-Advisory Agreement(s) with respect to each Fund, the Board also determined that the scope and quality of the services to be provided to the Fund under the Interim Advisory Agreement and the Interim Sub-Advisory Agreement(s) are at least equivalent to the scope and quality of services provided under the Current Advisory Agreement and the Current Sub-Advisory Agreement(s) with NSI and each Sub-Adviser, respectively.
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 by the Sub-Advisers, taken as a whole, are appropriate and consistent with the terms of the New Agreements. In addition, the Board concluded that each Fund was likely to benefit from services to be provided under the New Agreements.
Fund Performance. In considering the performance of the Funds, the Board noted that changes are not expected to be made to any Fund’s portfolio manager(s) or investment strategies as a result of the Transaction. The Board reviewed the performance of each Fund for the different time periods presented in the Board meeting materials and throughout the year. The Board considered various data and materials provided by NSI and the Sub-Advisers concerning Fund performance, including a comparison of the investment performance of each Fund to its respective benchmark (or index), as well as comparative fee information provided by the Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the “Broadridge Report”), comparing the investment performance of each Fund to a universe of peer funds.
The Board received information at the Board Meetings, and throughout the year, concerning, and discussing factors contributing to, the performance of the Funds relative to their respective benchmark(s) and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of a Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund’s investment performance and whether each Fund had performed as expected over time, as well as any plans to address underperformance, if applicable. The Board also noted NSI’s discussion of any differences in the investment strategies of the Funds relative to their respective peer universe. The Board generally considered longer-term performance to be more important than short-term performance and also took into account factors including general market conditions; the “style” in which the Funds are managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations can produce significantly different results in terms of a Fund’s returns and peer ranking on a relative basis. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Fund’s operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.
Based on these considerations, the Board concluded that NSI and the Sub-Advisers would continue to have the capability of providing satisfactory investment performance for the Funds, as applicable.
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Advisory Fees and Expenses. The Board reviewed and considered the advisory fee rate of each Fund that will be paid to NSI under the New Advisory Agreement and Interim Advisory Agreement and each Fund’s total net expense ratio. The Board also reviewed and considered the sub-advisory fee rates that will be paid by NSI to each Sub-Adviser pursuant to the New Sub-Advisory Agreements and Interim Sub-Advisory Agreements. The Board also confirmed that the advisory fee under the Interim Advisory Agreement was the same as under the Current Advisory Agreement with respect to each Fund. The Board also confirmed that the sub-advisory fee under the Interim Sub-Advisory Agreement(s) was the same as under the Current Sub-Advisory Agreement(s).
The Board reviewed information in the Broadridge Report comparing each Fund’s advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between a Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of each Fund’s advisory fees and total expense ratio.
The Board also took into account management’s discussion of each Fund’s expenses and also noted certain cost savings initiatives implemented by NSI across all of the Funds. The Board also noted that NSI had entered into fee waiver and expense reimbursement arrangements with respect to each of the Funds, and NSI agreed to continue such arrangements under the New Advisory Agreement. The Board took into account the factors that NSI reported that contributed to any expenses that were relatively higher than the peer group comparative data.
The Board also received and considered information about the portion of the advisory fee that is being retained by NSI after payment of the fee to each Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities that are retained and risks that are assumed by NSI and not delegated to or assumed by the Sub-Advisers, and about NSI’s on-going oversight services. The Board also considered that the sub-advisory fees being paid to each Sub-Adviser had been negotiated by NSI on an arm’s length basis and were paid by NSI and not the respective Fund. The Board considered NSI’s explanation that the sub-advisory fees are priced at a competitive level. With respect to the Funds that are sub-advised by CSM, the Board considered and evaluated the fact that CSM is affiliated with NSI.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by NSI to other types of clients with investment strategies similar to those of the Funds, if any. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients, such as institutional separate accounts.
As applicable, the Board also noted NSI’s representation that the services to be provided to each Fund are not duplicative of the advisory services provided to the underlying funds in which the Funds may invest. In addition, the Board noted that for each Fund (other the North Square Spectrum Alpha Fund) NSI voluntarily waives each Fund’s management fee with respect to the amount of its net assets invested in an underlying affiliated fund, provided that to with respect to such investments in the North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “ETF Fund”), management fees are waived only to the extent they exceed the ETF Fund’s unitary fee.
Based on the foregoing expense data and information provided by NSI, the Board concluded that neither the Transaction or the New Agreements would likely have an adverse effect on the Funds’ expenses because (i) each Fund’s contractual fee rates under the New Agreement would remain the same, (ii) the Board was assured by NSI that they had no current intention to change NSI’s existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) NSI had committed to pay all costs related to the proxy solicitation, and (iv) NSI represented that, consistent with Section 15(f) of the 1940 Act, no “unfair burden” would be imposed on the Funds for the first two years after the Closing. In addition, based on information provided by NSI, the Board concluded that NSI would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Agreements as is the case under the Current Advisory Agreement. The Board also concluded that Azimut Group had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in NSI to the extent that Azimut Group determined it was appropriate.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to NSI under the New Advisory Agreement and the Interim Advisory Agreement with respect to each of the Funds was reasonable.
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Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Sub-Advisers under the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements with respect to each of the Funds was reasonable.
Profitability. The Board received and considered information concerning NSI’s costs of sponsoring the Funds and the profitability to NSI and its respective affiliates from providing services to the Funds. The Board noted that the levels of profitability may be affected by numerous factors. The Board considered that the sub-advisory fees would be paid by NSI and not the Funds and considered representations from NSI and each unaffiliated Sub-Adviser that such unaffiliated Sub-Adviser’s fees were negotiated at arm’s length on a Fund-by-Fund basis.
At the Prior 15(c) Review Board Meetings, the Board reviewed profitability analyses prepared by NSI and considered the total profits of NSI from its relationship with each Fund. At Prior 15(c) Review Board Meetings, the Board found that the management fees charged to each Fund under the Current Advisory Agreement were reasonable in light of the services rendered and the level of profitability of NSI. At the Board Meetings, NSI advised the Board that NSI did not expect the Transaction to materially affect the profitability of NSI compared to the level of profitability considered during the Prior 15(c) Review Board Meetings because the methodology followed in allocating costs for the purpose of determining profitability will remain substantially the same following the closing of the Transaction, and because services and costs as a result of the Transaction were expected to be substantially the same. Accordingly, the Board concluded that NSI’s and its affiliates’ profitability, if any, from its respective relationships with each Fund, after taking into account a reasonable allocation of costs, would continue to not be excessive.
The Board also received information relating to the operations and profitability to each Sub-Adviser from providing services to the Funds. The Board considered representations from the Adviser and each Sub-Adviser that the Sub-Adviser’s fees were negotiated at arm’s length on a Fund-by-Fund basis and that the sub-advisory fees are paid by the Adviser and not the Funds. Accordingly, the Board concluded that the profitability of each Sub-Adviser was a less relevant factor with respect to the Board’s consideration of the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements.
Economies of Scale. The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to each Fund as the Funds grew. The Board 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. The Board also took into account management’s discussion of the Funds’ fee structures. The Board also considered the effect of each Fund’s 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 Board recognized that, because each Fund’s sub-advisory fees are paid by NSI, and not the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the New Advisory Agreement and Interim Advisory Agreement. The Board concluded that, especially in light of the current stage of development of the Funds, NSI’s arrangements with respect to the Funds constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.
“Fall-Out” Benefits. The Board acknowledged that NSI would continue to benefit from potential “fall-out” or ancillary benefits that NSI and its affiliates may receive as a result of their relationships with the Funds. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in NSI’s business as a result of its relationships with the Funds. 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 NSI and its affiliates to be unreasonable.
In addition, the Board considered the potential benefits, other than sub-advisory fees, that each Sub-Adviser and its affiliates may receive because of their relationships with the Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the 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 each Sub-Adviser and its affiliates to be unreasonable.
Conclusion. At the Board Meetings, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of independent counsel, the Board, comprised solely of Independent Trustees, concluded that the approval of the New Agreements with respect to each Fund was in the best interest of such Fund and its shareholders.
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North Square Multi Strategy Fund
The Board, comprised solely of Independent Trustees, considered the approval of the New Agreements with respect to the Fund at the October 2025 Board Meeting and at the quarterly meeting of the Board held on September 23-24, 2025 (the “September 2025 Board Meeting,” and, together with the October 2025 Board Meeting, the “Board Meetings”).
In connection with the Board’s consideration of the New Agreements with respect to the Fund, the Board received written materials in advance of the Board Meetings, which included information regarding:
| ● | The Transaction: information about the structure and material terms and conditions of the Transaction, including the expected impact, if any, on the business conducted by NSI. |
| ● | Impact of the Transaction: information regarding any changes to personnel and/or other resources of NSI as a result of the Transaction. |
| ● | Impact of the Transaction on the Fund and its Shareholders: (i) information regarding any potential benefits to the Fund as a result of the Transaction; (ii) a representation that the Fund will not bear any expenses, directly or indirectly, in connection with the Transaction; and (iii) confirmation that NSI intends to continue to be the investment adviser for the Fund, and the Sub-Adviser intends to continue be the investment sub-adviser to the Fund and to manage the Fund in a manner consistent with its current investment objective and principal investments strategies. |
With respect to the New Agreements respect to the Fund, the Board considered: (i) a representation that, after the closing of the Transaction, NSI would continue to be the investment adviser for the Fund, the Sub-Adviser would continue to be the investment sub-adviser for the Fund, and the Fund would continue to be managed by the Sub-Adviser’s personnel and the same portfolio manager(s) were expected to continue to manage the Fund; (ii) information regarding the terms of the New Agreements, including that, other than the modification to the Fund’s advisory fee structure and rate, the other terms are substantially similar to those of the Current Advisory Agreement and the Current Sub-Advisory Agreement (except for the date, term and, with respect to the Interim Advisory Agreement escrow provisions required by applicable regulations, and with respect to the Interim Sub-Advisory Agreement that the Sub-Adviser will not be paid by the Adviser until the Adviser receives its payment under the Interim Advisory Agreement); (iii) assurances that the Transaction was not expected to cause any diminution with respect to the nature, extent and quality of any of the services provided to the Fund by NSI as a result of the Transaction; and (iv) that no other material changes to management or operations of NSI were anticipated.
In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Fund and its shareholders in connection with the New Agreements with respect to the Fund, the Board took into account information furnished at prior meetings of the Board, including the September 2025 Board Meeting, at which the Board renewed the Current Advisory Agreement and the Current Sub-Advisory Agreement respect to the Fund, that was relevant to its consideration of the New Agreements respect to the Fund. At the September 2025 Board Meeting, the Board received information regarding (i) the nature, extent, and quality of services provided to the Fund by the Adviser and the Sub-Adviser; (ii) a description of the Adviser’s and Sub-Adviser’s investment management and other personnel; (iii) an overview of the Adviser’s and Sub-Adviser’s operations and financial condition; (iv) a description of the Adviser’s and Sub-Adviser’s brokerage practices (including any soft dollar arrangements); (v) a comparison of the Fund’s advisory fees and overall expenses with those of comparable mutual funds; (vi) the level of profitability from the Adviser’s and Sub-Adviser’s fund-related operations; (vii) the Adviser’s and Sub-Adviser’s compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security; and (viii) information regarding the performance record of the Fund as compared to other mutual funds with similar investment strategies.
In connection with its review of the New Agreements with respect to the Fund, the Board requested, and NSI provided, any updates to the foregoing information that was provided by NSI in connection with the most recent renewal of the Current Advisory Agreement respect to the Fund at the September 2025 Board Meeting. In addition, in connection with its consideration of the New Agreements with respect to the Fund, the Board requested and reviewed responses from NSI to a diligence questionnaire regarding the Transaction. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by NSI and the Sub-Adviser during the course of the year, to evaluate the New Agreements with respect to the Fund.
At the Board Meetings, the Board met with representatives of NSI who made a presentation to, and responded to questions from, the Board with respect to the Transaction and the New Agreements. The Board requested and received any applicable updates with respect to the information the Adviser reviewed and discussed NSI’s Section 15(c) response and discussed various questions and information
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with representatives of NSI at the Board Meetings. The Board also met with representatives of the Sub-Adviser at the September 2025 Board Meeting and discussed various questions and information with representatives of the Sub-Adviser, including the Section 15(c) response provided at the September 2025 Meeting. The Board also considered the materials and presentations by Trust officers and representatives of NSI provided at the Board Meetings concerning the New Agreements. Throughout the process, the Board had numerous opportunities to ask questions of, and request additional materials from, NSI and the Sub-Advisers. The Board met in executive sessions with independent counsel at which no representatives of management were present to consider the approval of the New Agreements with respect to the Fund.
The Board also took into account information reviewed by it at the Board Meetings that was relevant to its consideration of the New Agreements respect to the Fund, including certain performance, advisory fee and other expense information and discussions with the Fund’s portfolio managers, as well as such additional information it deemed relevant and appropriate in its judgment. The Board noted that the information received and considered by the Board was both written and oral.
In determining whether to approve the New Agreements respect to the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the New Agreements with respect to the Fund was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the New Agreements. The Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the New Agreements and, throughout the evaluation process, the Board was assisted by independent counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the New Agreements with respect to the Fund is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board’s conclusions may be based in part on its consideration of the Fund’s advisory arrangements at the September 2025 Board Meeting and on the Board’s ongoing regular review of Fund performance and operations throughout the year.
Nature, Extent and Quality of Services. The Board considered information regarding the nature, extent and quality of services being provided to the Fund by NSI and the Sub-Adviser under the New Agreements. The Board considered the services historically provided by NSI and the Sub-Adviser to the Fund and its shareholders under the Current Advisory Agreement and Current Sub-Advisory Agreement and noted that the New Agreements will be substantially similar to the Current Advisory Agreement with respect to the services to be provided to the Fund. The Board noted the non-investment advisory services being provided by NSI, including the supervision and coordination of the Fund’s service providers and the provision of related administrative and other services. The Board also considered NSI’s and the Sub-Adviser’s reputation, organizational structure, resources and overall financial strength, including economic and other support provided by affiliates of NSI, if any, its willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the Fund.
Based on the information provided by NSI, including that NSI currently expected no material changes as a result of the Transaction in (i) personnel or operations of NSI or (ii) third parties providing operational services to the Fund, the Board concluded that the satisfactory nature, extent, and quality of services currently provided to the Fund and its shareholders were very likely to continue under the New Agreements. The Board considered NSI’s expectation that the Fund may benefit from the expanded distribution resources that would become available to NSI following the Transaction. The Board also noted NSI’s view that no “unfair burden” would be imposed on the Fund as a result of the Transaction. Consequently, the Board concluded that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided by NSI to the Fund and its shareholders.
In addition, the Board considered NSI’s and the Sub-Adviser’s professional personnel who provide or will provide services to the Fund, including NSI’s and the Sub-Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board considered the compliance programs and compliance records and regulatory history of NSI and the Sub-Adviser. The Board noted NSI’s and the Sub-Adviser’s support of the Fund’s compliance control structure, including the resources that are devoted by NSI and the Sub-Adviser in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of NSI and the Sub-Adviser to address cybersecurity risks and invest in business continuity planning. The Board also noted that on a regular basis it received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of NSI and the Sub-Adviser and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also considered
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NSI’s and the Sub-Adviser’s policies and procedures, including the Trust’s CCO’s review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also noted that it met separately, in executive session, with the CCO on a regular basis.
The Board considered the Fund’s ongoing and 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 Fund, and supervising the Sub-Adviser with respect to the services that the Sub-Adviser provides under the Current Sub-Advisory Agreement respect to the Fund, as well as the services to be provided under the New Sub-Advisory Agreement and the Interim Sub-Advisory Agreement with respect to the Fund. 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 provided to the Fund. These responsibilities and risks include entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also noted increased regulatory risk. 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 Current Advisory Agreement. In addition, the Board considered its familiarity with NSI’s personnel obtained from the Board’s oversight of the Fund, as well as the affiliation between NSI and the Sub-Adviser and any potential conflicts of interest. The Board also took into account NSI’s discussion of the organizational structure of the Sub-Adviser and the services to be provided to the Fund.
The Board also considered Azimut Group’s current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of NSI is an important component of this strategic growth and the establishment of a significant presence in the United States. Based in part on the information provided by NSI, the Board concluded that Azimut Group’s acquisition of NSI could potentially enhance the nature, quality, and extent of services provided to the Fund and its shareholders.
With respect to the Sub-Adviser, which provides day-to-day portfolio management services for the 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 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 Fund. In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge of the Sub-Adviser’s management and the quality of the performance of its duties as a sub-adviser, acquired through discussions and reports during the preceding year and in prior years. The Board concluded that approval of the New Sub-Advisory Agreement and the Interim Sub-Advisory Agreement was in the best interests of the 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 Fund or any officer or board member of NSI derives an inappropriate advantage.
With respect to the Interim Advisory Agreement and the Interim Sub-Advisory Agreement, the Board also determined that the scope and quality of the services to be provided to the Fund under the Interim Advisory Agreement and the Interim Sub-Advisory Agreement are at least equivalent to the scope and quality of services provided under the Current Advisory Agreement and the Current Sub-Advisory Agreement with NSI and the Sub-Adviser, respectively.
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, are appropriate and consistent with the terms of the New Agreements respect to the Fund. In addition, the Board concluded that the Fund was likely to benefit from services to be provided under the New Agreements respect to the Fund.
Fund Performance. In considering the performance of the Fund, the Board noted that changes are not expected to be made to the Fund’s portfolio manager(s) or investment strategies as a result of the Transaction. The Board reviewed the performance of the Fund for the different time periods presented in the Board meeting materials and throughout the year. The Board considered various data and materials provided by NSI and the Sub-Adviser concerning Fund performance, including a comparison of the investment performance of the
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Fund to its benchmark (or index), as well as comparative fee information provided by the Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the “Broadridge Report”), comparing the investment performance of the Fund to a universe of peer funds.
The Board received information at the Board Meetings, and throughout the year, concerning, and discussing factors contributing to, the performance of the Fund relative to its benchmark(s) and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of the Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund’s investment performance and whether the Fund had performed as expected over time, as well as any plans to address underperformance, if applicable. The Board also noted NSI’s discussion of any differences in the investment strategies of the Fund relative to its peer universe. The Board generally considered longer-term performance to be more important than short-term performance and also took into account factors including general market conditions; the “style” in which the Fund is managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations can produce significantly different results in terms of the Fund’s returns and peer ranking on a relative basis. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among the Fund’s operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.
Based on these considerations, the Board concluded that NSI and the Sub-Adviser would continue to have the capability of providing satisfactory investment performance for the Fund.
Advisory Fees and Expenses. The Board reviewed and considered the advisory fee rate that will be paid to NSI under the New Advisory Agreement and the Interim Advisory Agreement with respect to the Fund and the Fund’s total net expense ratio. The Board noted that the advisory fee rate to be paid by the Fund to NSI under the New Advisory Agreement was different from the advisory fee rate paid by the Fund to NSI under the Current Advisory Agreement. Under the Current Advisory Agreement, NSI is paid 0.50% for fund assets invested in non-affiliated investments and 0.00% for fund assets invested in affiliated investments. Under the New Advisory Agreement, NSI will be paid 0.20% for all fund assets, regardless of what they are invested in. The Board confirmed that the advisory fee under the Interim Advisory Agreement was the same as under the Current Advisory Agreement. The Board also confirmed that the sub-advisory fee under the Interim Sub-Advisory Agreement was the same as under the Current Sub-Advisory Agreement.
The Board considered NSI’s reasons for proposing the modification to the advisory fee structure and rate, including NSI’s belief that the current advisory fee structure and rate impairs NSI’s ability to market and grow the Fund’s assets as third-party analysts and rating services frequently list the Fund’s management fee as the highest fee level that NSI can be paid (0.50%), and not the Fund’s effective fee rate when taking into account the Fund’s actual investments, which fee rate was 0.21% for the most recent fiscal year ended May 31, 2025 and has been in the range of 0.18% - 0.21% over the last four years of operations. The Board also considered NSI’s statement that it currently manages another fund-of-funds for which it is paid a fee of 0.20% regardless of such fund’s investments and NSI’s belief that the proposed change to the Fund’s advisory fee structure and rate would harmonize the management fees of both funds as two similar fund-of-funds marketed by NSI. In addition, the Board noted NSI’s statement that the portfolio managers of both the Fund and the other fund-of-funds managed by NSI are the same and thus have experience in managing any potential conflicts of interest. The Board also considered NSI’s belief that the proposed change to the Fund’s advisory fee structure and rate would also remove the potential conflict of interest in choosing a fund to invest in based upon the fees that can be charged to the Fund.
The Board also considered NSI’s belief that the proposed change to the advisory fee structure and rate is not expected to have a material impact on the operating expenses of the Fund. In that regard, the Board noted NSI’s statement that the proposed advisory fee rate of 0.20% was less than the Fund’s effective advisory fee rate for the most recent fiscal year ended May 31, 2025 and noted that the Fund’s effective advisory fee rate had been approximately 0.18% to 0.21% over the last four years of operations. The Board considered NSI’s belief that fixing the new advisory fee rate at 0.20% for all fund assets should result in a minimal, if any, impact on the Fund’s operating expenses. The Board also considered NSI’s agreement to amend the current expense limitation agreement in place with respect to the Fund to reduce the expense cap for each share class by 0.05% from the current expense caps of 1.20% (for its Class A shares) and 1.17% (for its Class I shares) to new expense caps of 1.15% (for its Class A shares) and 1.12% (for its Class I shares), although the Board noted that the Fund is currently operating under its expense cap for both share classes.
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The Board reviewed information in the Broadridge Report comparing the Fund’s current effective advisory fee rate and total expense ratio relative to a group of its peer funds. The Board also compared the proposed advisory fee rate to be paid by the Fund under the New Advisory Agreement to the rates paid by the group of its peer funds. While the Board recognized that comparisons between the Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the Fund’s advisory fees and total expense ratio.
The Board also took into account management’s discussion of the Fund’s expenses and also noted certain cost savings initiatives implemented by NSI with respect to the Fund. The Board also noted that NSI had entered into fee waiver and expense reimbursement arrangements with respect to the Fund, and NSI agreed to continue such arrangements under the New Advisory Agreement with the expense cap for each share class lowered by 0.05%. The Board noted that the Fund’s current operating expenses for the year ended May 31, 2025 were below the Expense Caps for the Fund’s share classes and therefore no advisory fees were waived or expenses reimbursed by the Adviser for such period under the fee waiver and expense reimbursement arrangements with respect to the Fund. The Board took into account the factors that NSI reported that contributed to any expenses that were relatively higher than the peer group comparative data.
The Board also received and considered information about the portion of the advisory fee that is currently being retained, and under the New Sub-Advisory Agreement respect to the Fund will be retained, by NSI after payment of the fee to the Sub-Adviser for sub-advisory services. The Board noted that, similar to the Fund advisory fee rate change in the New Advisory Agreement, the sub-advisory fee rate with respect to the Fund that will be paid by NSI to the Sub-Adviser pursuant to the New Sub-Advisory Agreement will change to a single rate to be paid by NSI for all fund assets, regardless of what they are invested. 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 fees being paid to the Sub-Adviser were paid by NSI and not the Fund. The Board considered NSI’s explanation that the sub-advisory fees are priced at a competitive level. The Board considered and evaluated the fact that the Sub-Adviser is affiliated with NSI.
The Board also noted NSI’s representation that the services to be provided to the Fund are not duplicative of the advisory services provided to the underlying funds in which the Fund may invest.
Based on the foregoing expense data and information provided by NSI, the Board concluded that none of the Transaction, the New Advisory Agreement, the Interim Advisory Agreement, Interim Sub-Advisory Agreement or the New Sub-Advisory Agreement with respect to the Fund would likely have an adverse effect on the Fund’s expenses because (i) NSI does not believe the modification of the advisory fee structure and rate will result in a meaningful increase to the Fund’s expense ratio and could, in fact, result in a decrease to the Fund’s expense ratio, (ii) the Board was assured by NSI that, other than decreasing the expense cap for each share class by 0.05%, they had no current intention to change NSI’s existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) NSI had committed to pay all costs related to the proxy solicitation, and (iv) NSI represented that, consistent with Section 15(f) of the 1940 Act, no “unfair burden” would be imposed on the Fund for the first two years after the Closing. In addition, based on information provided by NSI, the Board concluded that NSI would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Fund under the New Advisory Agreement and Interim Advisory Agreement as is the case under the Current Advisory Agreement. The Board also concluded that Azimut Group had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in NSI to the extent that Azimut Group determined it was appropriate.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to NSI under the New Advisory Agreement and the Interim Advisory Agreement with respect to the Fund was reasonable.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Sub-Adviser under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement with respect to the Fund was reasonable.
Profitability. The Board received and considered information concerning NSI’s costs of sponsoring the Fund and the profitability to NSI and its respective affiliates from providing services to the Fund. The Board noted that the levels of profitability may be affected by numerous factors.
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At the September 2025 Board Meeting, the Board reviewed profitability analyses prepared by NSI and considered the total profits of NSI from its relationship with the Fund. At the September 2025 Board Meeting, the Board found that the management fees charged to the Fund under the Current Advisory Agreement were reasonable in light of the services rendered and the level of profitability of NSI. At the October 2025 Board Meeting, NSI advised the Board that NSI did not expect the Transaction to materially affect the overall profitability of NSI compared to the level of profitability considered during the September 2025 Board Meeting because NSI advised the Board that the methodology followed in allocating costs for the purpose of determining profitability will remain substantially the same following the Closing, and because services and costs as a result of the Transaction were expected to be substantially the same. The Board also considered that NSI does not expect that the amount it will be paid by the Fund will increase in any material respect as a result of the amended advisory fee structure and rate under the New Advisory Agreement with respect to the Fund. Accordingly, the Board concluded that NSI’s and its affiliates’ profitability, if any, from its respective relationships with the Fund, after taking into account a reasonable allocation of costs, would continue to not be excessive.
The Board also received information relating to the operations and profitability to the Sub-Adviser from providing services to the Fund. The Board considered that the sub-advisory fees are paid by the Adviser and not the Fund. Accordingly, the Board concluded that the profitability of the Sub-Adviser was a less relevant factor with respect to the Board’s consideration of the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement.
Economies of Scale. The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to the Fund as the Fund grew. The Board 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. The Board also took into account management’s discussion of the Fund’s proposed new fee structure and rate under the New Advisory Agreement with respect to the Fund. The Board also considered the effect of the Fund’s 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 Board concluded that, especially in light of the current stage of development of the Fund, NSI’s arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
The Board recognized that, because the Fund’s sub-advisory fees are paid by the Adviser, and not the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Interim Advisory Agreement and the New Advisory Agreement.
“Fall-Out” Benefits. The Board acknowledged that NSI would continue to benefit from potential “fall-out” or ancillary benefits that NSI and its affiliates may receive as a result of their relationships with the Fund. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in NSI’s business as a result of its relationships with the Fund. Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by NSI and its affiliates to be unreasonable.
In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and its affiliates may receive because of their relationships with the Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the 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 Sub-Adviser and its affiliates to be unreasonable.
Conclusion. At the Board Meetings, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of independent counsel, the Board, comprised solely of Independent Trustees, concluded that the approval of the New Agreements with respect to the Fund, included the revised advisory fee rate payable to NSI thereunder, was in the best interest of the Fund and its shareholders.
150
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| SEMI-ANNUAL FINANCIAL STATEMENTS AND |
| ADDITIONAL INFORMATION |
| NORTH SQUARE RCIM TAX-ADVANTAGED PREFERRED AND |
| INCOME SECURITIES ETF |
| NOVEMBER 30, 2025 |
|
North Square Investments | www.northsquareinvest.com |
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
| Table of Contents |
| Schedule of Investments | 1 | |
| Statement of Assets and Liabilities | 4 | |
| Statement of Operations | 5 | |
| Statement of Changes in Net Assets | 6 | |
| Financial Highlights | 7 | |
| Notes to Financial Statements | 8 | |
| Additional Information | 16 |
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.
www.northsquareinvest.com
SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
| Shares | Fair Value | |||||||
| PREFERRED STOCKS — 22.4% | ||||||||
| COMMUNICATIONS — 2.7% | ||||||||
| TELECOMMUNICATIONS — 2.7% | ||||||||
| 29,000 | AT&T, Inc., 5.00% | $ | 579,130 | |||||
| TOTAL COMMUNICATIONS (Cost $592,622) | 579,130 | |||||||
| FINANCIALS — 19.7% | ||||||||
| ASSET MANAGEMENT — 1.5% | ||||||||
| 13,000 | Charles Schwab Corp. (The), Series D, 5.95% | 324,480 | ||||||
| BANKING — 12.8% | ||||||||
| 23,000 | Citizens Financial Group, Inc., 6.50% | 585,120 | ||||||
| 23,000 | Comerica, Inc., 6.88% | 593,400 | ||||||
| 18,200 | Huntington Bancshares Inc., Series J, 6.88% | 469,560 | ||||||
| 18,800 | KeyCorp, Series H, 6.20% | 475,264 | ||||||
| 9,000 | Regions Financial Corp., 5.70% | 230,490 | ||||||
| 14,450 | UMB Financial Corp., 7.75% | 386,249 | ||||||
| 2,740,083 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 1.4% | ||||||||
| 11,500 | Morgan Stanley, 6.50% | 296,930 | ||||||
| INSURANCE — 1.2% | ||||||||
| 9,969 | Allstate Corp. (The), 7.38% | 264,577 | ||||||
| SPECIALTY FINANCE — 2.8% | ||||||||
| 16,250 | Capital One Financial Corp., 5.00% | 310,863 | ||||||
| 11,647 | Synchrony Financial, Series B, 8.25% | 304,103 | ||||||
| 614,966 | ||||||||
| TOTAL FINANCIALS (Cost $4,197,301) | 4,241,036 | |||||||
| TOTAL PREFERRED STOCKS (Cost $4,789,923) | 4,820,166 | |||||||
| Principal Amount ($) |
||||||||
| CORPORATE BONDS — 73.7% | ||||||||
| CONSUMER DISCRETIONARY — 2.6% | ||||||||
| AUTOMOTIVE — 2.6% | ||||||||
| 550,000 | General Motors Financial Co., Inc., 6.50%, 3/30/73 (SOFR + 344bps)(a)(b) | 554,319 | ||||||
| ENERGY — 5.3% | ||||||||
| OIL & GAS PRODUCERS — 5.3% | ||||||||
| 550,000 | BP Capital Markets PLC, 6.45%, 3/01/74 (H15T5Y + 240bps)(a)(b) | 584,989 | ||||||
| 550,000 | Transcanada Trust, 5.30%, 3/15/77 (US0003M + 321bps)(a) | 548,746 | ||||||
| 1,133,735 | ||||||||
See accompanying Notes to Financial Statements.
1
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS — 73.7% (Continued) | ||||||||
| FINANCIALS — 58.3% | ||||||||
| ASSET MANAGEMENT — 3.4% | ||||||||
| 300,000 | Charles Schwab Corp. (The), 5.00%, 3/04/72 (H15T5Y + 326bps)(a)(b) | $ | 299,501 | |||||
| 400,000 | UBS Group A.G., 9.25%, 5/13/72 (H15T5Y + 475bps)(a)(b)(c) | 440,313 | ||||||
| 739,814 | ||||||||
| BANKING — 42.4% | ||||||||
| 200,000 | Banco Bilbao Vizcaya Argentaria S.A., 9.38%, 9/19/73 (H15T5Y + 510bps)(a)(b) | 223,427 | ||||||
| 200,000 | Banco Santander SA, 9.63%, 2/21/73 (H15T5Y + 531bps)(a)(b) | 222,763 | ||||||
| 600,000 | Bank of America Corp., 6.30%, 12/29/49 (CMETRMSOFR + 455bps)(a)(b) | 604,304 | ||||||
| 500,000 | Bank of Montreal, 7.70%, 5/26/84 (H15T5Y + 345bps)(a) | 532,288 | ||||||
| 500,000 | Bank of Nova Scotia (The), Series 4, 8.63%, 10/27/82 (H15T5Y + 439bps)(a) | 531,295 | ||||||
| 500,000 | Canadian Imperial Bank of Commerce, 7.00%, 10/28/85 (H15T5Y + 300bps)(a) | 516,040 | ||||||
| 650,000 | Citigroup, Inc., 7.63%, 2/15/72 (H15T5Y + 321bps)(a)(b) | 680,009 | ||||||
| 200,000 | First Citizens BancShares, Inc., 8.27%, 6/15/70 (TSFR3M + 423bps)(a)(b)(c) | 204,339 | ||||||
| 200,000 | HSBC Holdings PLC, 7.05%, 12/05/73(a)(b) | 207,652 | ||||||
| 400,000 | ING Groep N.V., 5.75%, 11/16/73 (H15T5Y + 434bps)(a)(b) | 402,124 | ||||||
| 650,000 | JPMorgan Chase & Co., 6.88%, 3/01/74 (H15T5Y + 274bps)(a)(b) | 686,299 | ||||||
| 200,000 | Lloyds Banking Group PLC, 8.00%, 3/27/70 (H15T5Y + 391bps)(a)(b) | 216,197 | ||||||
| 200,000 | NatWest Group PLC, 8.13%, 6/30/72 (H15T5Y + 375bps)(a)(b) | 224,012 | ||||||
| 400,000 | Nordea Bank Abp, 6.63%, 9/26/74 (H15T5Y + 411bps)(a)(b)(c) | 403,731 | ||||||
| 600,000 | PNC Financial Services Group, Inc. (The), 6.25%, 6/15/73 (H15T7Y + 281bps)(a)(b) | 617,399 | ||||||
| 525,000 | Royal Bank of Canada, 7.50%, 5/02/84 (H15T5Y + 289bps)(a) | 556,326 | ||||||
| 200,000 | Standard Chartered PLC, 7.75%, 2/15/73 (H15T5Y + 498bps)(a)(b)(c) | 207,669 | ||||||
| 500,000 | Toronto-Dominion Bank (The), 8.13%, 10/31/82 (H15T5Y + 408bps)(a) | 527,152 | ||||||
| 300,000 | Truist Financial Corp., Series N, 6.67%, 3/01/73 (H15T5Y + 300bps)(a)(b) | 300,766 | ||||||
| 600,000 | US Bancorp, 5.30%, 12/29/49 (SOFR + 291bps)(a)(b) | 601,567 | ||||||
| 600,000 | Wells Fargo & Co., 7.63%, 9/15/73 (H15T5Y + 361bps)(a)(b) | 639,664 | ||||||
| 9,105,023 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 10.2% | ||||||||
| 575,000 | Bank of New York Mellon Corp. (The), 6.30%, 3/20/74 (H15T5Y + 230bps)(a)(b) | 596,330 | ||||||
| 600,000 | Goldman Sachs Group, Inc. (The), 7.50%, 8/18/70 (H15T5Y + 316bps)(a)(b) | 637,970 | ||||||
| 350,000 | Morgan Stanley, 7.46%, 9/15/70 (TSFR3M + 342bps)(a)(b) | 352,311 | ||||||
| 575,000 | State Street Corp., 6.70%, 3/15/74 (H15T5Y + 261bps)(a)(b) | 597,400 | ||||||
| 2,184,011 | ||||||||
| SPECIALTY FINANCE — 2.3% | ||||||||
| 500,000 | Air Lease Corp., 6.00%, 9/15/73 (H15T5Y + 256bps)(a)(b) | 485,882 | ||||||
See accompanying Notes to Financial Statements.
2
SCHEDULE OF INVESTMENTS – Continued
November 30, 2025 (Unaudited)
| Principal Amount ($) |
Fair Value | |||||||
| CORPORATE BONDS — 73.7% (Continued) | ||||||||
| UTILITIES — 7.5% | ||||||||
| ELECTRIC UTILITIES — 7.5% | ||||||||
| 600,000 | Dominion Energy, Inc., 4.35%, 12/09/71 (H15T5Y + 320bps)(a)(b) | $ | 594,354 | |||||
| 400,000 | Electricite de France SA, 9.13%, 6/15/73 (H15T5Y + 541bps)(a)(b)(c) | 463,861 | ||||||
| 500,000 | Vistra Corp., 8.88%, 1/15/71 (H15T5Y + 505bps)(a)(b)(c) | 558,882 | ||||||
| 1,617,097 | ||||||||
| TOTAL CORPORATE BONDS (Cost $15,558,589) | 15,819,881 | |||||||
| TOTAL INVESTMENTS — 96.1% (Cost $20,348,512) | $ | 20,640,047 | ||||||
| Other Assets in Excess of Liabilities — 3.9% | 841,100 | |||||||
| NET ASSETS — 100.0% | $ | 21,481,147 | ||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
| (b) | Security is perpetual in nature and has no stated maturity date. |
| (c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is $2,278,795 or 10.5% of net assets. |
See accompanying Notes to Financial Statements.
3
STATEMENT OF ASSETS AND LIABILITIES
As of November 30, 2025 (Unaudited)
| Assets | ||||
| Investments, at cost | $ | 20,348,512 | ||
| Investments, at value | $ | 20,640,047 | ||
| Cash | 705,091 | |||
| Dividends and interest receivable | 210,579 | |||
| Total Assets | 21,555,717 | |||
| Liabilities | ||||
| Income Payable | 67,536 | |||
| Due to Adviser (Note 3) | 7,034 | |||
| Total Liabilities | 74,570 | |||
| Net Assets | $ | 21,481,147 | ||
| Net Assets consist of: | ||||
| Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $ | 21,139,304 | ||
| Accumulated earnings (deficits) | 341,843 | |||
| Net Assets | $ | 21,481,147 | ||
| Shares of beneficial interest issued and outstanding | 840,000 | |||
| Net asset value, redemption and offering price per share | 25.57 |
See accompanying Notes to Financial Statements.
4
STATEMENT OF OPERATIONS
For the Six Months Ended November 30, 2025 (Unaudited)
| Investment Income | ||||
| Dividend income | $ | 98,046 | ||
| Interest income | 368,394 | |||
| Total investment income | 466,440 | |||
| Expenses | ||||
| Advisory fees (Note 3) | 49,714 | |||
| Net operating expenses | 49,714 | |||
| Net investment income | 416,726 | |||
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||
| Net realized gain (loss) on: | ||||
| Investments | 30,061 | |||
| Net realized gain (loss) | 30,061 | |||
| Net change in unrealized appreciation (depreciation) on: | ||||
| Investments | 251,510 | |||
| Net change in unrealized appreciation | 251,510 | |||
| Net realized and change in unrealized gain on investments | 281,571 | |||
| Net increase in net assets resulting from operations | $ | 698,297 |
See accompanying Notes to Financial Statements.
5
STATEMENT OF CHANGES IN NET ASSETS
| For the Six Months Ended November 30, 2025 (Unaudited) |
For the Period Ended May 31, 2025(a) |
|||||||
| Increase (Decrease) in Net Assets due to: | ||||||||
| Operations | ||||||||
| Net investment income | $ | 416,726 | $ | 261,192 | ||||
| Net realized gain (loss) on investments | 30,061 | (26,613 | ) | |||||
| Net change in unrealized appreciation on investments | 251,510 | 40,025 | ||||||
| Net increase in net assets resulting from operations | 698,297 | 274,604 | ||||||
| Distributions to Shareholders | ||||||||
| From Earnings | (396,782 | ) | (234,276 | ) | ||||
| From Return of Capital | — | (20,222 | ) | |||||
| Total distributions | (396,782 | ) | (254,498 | ) | ||||
| Capital Transactions | ||||||||
| Proceeds from shares sold | 9,175,584 | 12,719,651 | ||||||
| Amount paid for shares redeemed | — | (735,709 | ) | |||||
| Net increase in net assets resulting from capital transactions | 9,175,584 | 11,983,942 | ||||||
| Total Increase in Net Assets | 9,477,099 | 12,004,048 | ||||||
| Net Assets | ||||||||
| Beginning of period | $ | 12,004,048 | $ | — | ||||
| End of period | $ | 21,481,147 | $ | 12,004,048 | ||||
| Share Transactions | ||||||||
| Shares sold | 360,000 | 510,000 | ||||||
| Shares issued in reinvestment of distributions | — | — | ||||||
| Shares redeemed | — | (30,000 | ) | |||||
| Total Class | 360,000 | 480,000 | ||||||
| Net increase in shares outstanding | 360,000 | 480,000 | ||||||
| (a) | For the period December 18, 2024 (commencement of operations) to May 31, 2025. |
See accompanying Notes to Financial Statements.
6
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
FINANCIAL HIGHLIGHTS
(For the shares outstanding during each period)
| For the Six Months Ended November 30, 2025 (Unaudited) |
For the Period Ended May 31, 2025(a) |
|||||||
| Selected Per Share Data: | ||||||||
| Net asset value, beginning of period | $ | 25.01 | $ | 25.00 | ||||
| Investment operations: | ||||||||
| Net investment income | 0.64 | 0.60 | ||||||
| Net realized and unrealized gain (loss) | 0.47 | (0.03 | ) | |||||
| Total from investment operations | 1.11 | 0.57 | ||||||
| Less distributions: | ||||||||
| Net investment income | (0.55 | ) | (0.51 | ) | ||||
| From net realized gains | — | — | ||||||
| Return of capital | — | (0.05 | ) | |||||
| Total distributions | (0.55 | ) | (0.56 | ) | ||||
| Net asset value, end of period | $ | 25.57 | $ | 25.01 | ||||
| Market price, end of period | $ | 25.58 | $ | 25.01 | ||||
| Total Return(b) | 4.61 | %(c) | 2.31 | %(c) | ||||
| Ratios and Supplemental Data: | ||||||||
| Net assets, end of period (in thousands) | $ | 21,481 | $ | 12,004 | ||||
| Ratio of expenses to average net assets | 0.60 | %(d) | 0.60 | %(d) | ||||
| Ratio of net investment income (loss) to average net assets | 5.01 | %(d) | 5.32 | %(d) | ||||
| Portfolio turnover rate(e) | 5 | %(c) | 9 | %(c) | ||||
|
(a) |
For the period December 18, 2024 (commencement of operations) to May 31, 2025. |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (c) | Not annualized. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying Notes to Financial Statements.
7
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS
November 30, 2025 (Unaudited)
Note 1 – Organization
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”).
Each series operates as a single operating segment. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed as a whole by the North Square Investments, LLC (“NSI” or the “Adviser”), who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
The Fund has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
Note 2 – Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the 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.
(a) Valuation of Investments
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 Adviser, 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.
8
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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.
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.
(b) Investment Transactions, Investment Income and Expenses
Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the 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.
(c) Federal Income Taxes
The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing 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.
(d) Distributions to Shareholders
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.
9
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Fund, entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser. Under the terms of the Advisory 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 November 30, 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. Effective January 1, 2026, the annual retainer is increasing from $50,000 to $52,500.
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.
Note 4 – Federal Income Taxes
At November 30, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:
| Tax cost of investments | $ | 20,348,512 | ||
| Gross unrealized appreciation | 315,130 | |||
| Gross unrealized depreciation | (23,595 | ) | ||
| Net unrealized appreciation (depreciation) on investments | $ | 291,535 |
10
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. 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:
| Distributions payable | $ | (56,160 | ) | |
| Other temporary difference | 88,079 | |||
| Accumulated capital and other losses | (31,616 | ) | ||
| Unrealized appreciation (depreciation) on investments | 40,025 | |||
| Total accumulated deficit | $ | 40,328 |
The tax character of distributions paid for the fiscal year ended May 31, 2025, were as follows:
| 2025 | ||||
| Distributions paid from: | ||||
| Ordinary income | $ | 178,116 | ||
| Return of capital | 20,022 | |||
| Total distributions paid | $ | 198,138 | ||
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.
Note 5 – Investment Transactions
For the six months ended November 30, 2025, purchases and sales of investment securities, other than short-term investments, were $9,560,767 and $712,609, respectively.
For the six months ended November 30, 3025, there were no purchases and sales for in-kind transactions.
For the six months ended November 30, 3025, the Fund had no in-kind net realized gains.
There were no purchases or sales of long-term U.S. government obligations during the six months ended November 30, 3025.
Note 6 – Capital Share Transactions
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
11
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
(“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 six months ended November 30, 2025, the Fund received $3,000 and $0 in Fixed Fees and Variable Charges, respectively. The Transaction Fees for the Fund are listed in the table below:
| Fixed Fee | Variable Charge | |
| $300 | 2.00%* |
| * | The maximum Transaction Fee may be up to 2.00% of the amount invested. |
Note 7 – Indemnifications
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.
Note 8 – Fair Value Measurements and Disclosure
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:
| ● | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| ● | Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| ● | Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
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 Fund’s assets carried at fair value:
| Valuation Inputs | ||||||||||||||||
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Preferred Stocks(a) | $ | 4,820,166 | $ | — | $ | — | $ | 4,820,166 | ||||||||
| Corporate Bonds(a) | — | 15,819,881 | — | 15,819,881 | ||||||||||||
| Total | $ | 4,820,166 | $ | 15,819,881 | $ | — | $ | 20,640,047 | ||||||||
| (a) | Refer to Schedule of Investments for sector and industry classifications. |
12
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
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.
Note 9 – Investment Risks
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.
Note 10 – Sector Risk
If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund’s portfolio will be adversely affected. As of November 30, 2025, the Fund had 78.0% of the value of its net assets invested in stocks within the Financials sector.
Note 11 – Commitments and Contingencies
The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
13
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
NOTES TO FINANCIAL STATEMENTS – Continued
November 30, 2025 (Unaudited)
Note 12 – New Accounting Pronouncement
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds’ financial statements.
Note 13 – Events Subsequent to the Fiscal Period End
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.
On January 8, 2026, Azimut Group, an independent global asset manager based in Milan, Italy, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired the Adviser (the “Transaction”). The Transaction is not expected to result in any material changes in the day-to-day management of the Fund or the Adviser or to the Fund’s investment objective and principal investment strategies. In connection with the Transaction, the Adviser’s parent company, NSI Holdco, LLC, is being renamed Azimut NSI, LLC.
The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the 1940, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “current advisory agreement”) and resulted in the automatic termination of such agreement with respect to the Fund, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “current sub-advisory agreement”) between the Adviser and sub-adviser to the Fund.
At a meeting held on October 7, 2025, the Board considered and approved a new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser with substantially identical terms to the current advisory agreement with respect to the Fund and a new sub-advisory agreement between the Adviser, on behalf of the Fund, and the sub-adviser, with substantially identical terms to the current sub-advisory agreement with respect to the Fund.
At a joint special meeting of shareholders (the “Special Shareholder Meeting”) held on December 19, 2025, shareholders of the Fund approved the new advisory agreement for the Fund. The new sub-advisory agreement with the sub-adviser was entered into with respect to the Fund. Shareholder approval was not required for the new sub-advisory agreement pursuant to the Fund’s “manager-of-managers” exemptive relief from the Securities and Exchange Commission (the “SEC”). The new advisory agreement and sub-advisory agreement will not result in any material changes to the Fund’s investment objective and principal investment strategies or to its portfolio management.
15
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited)
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Interim and New Investment Advisory Agreement and Interim and New Investment Sub-Advisory Agreement
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory agreement. At a special meeting held on October 7, 2025 (the “October 2025 Board Meeting”), the Board of Trustees (the “Board”) of Exchange Place Advisors Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve: (i) the interim investment advisory agreement (the “Interim Advisory Agreement”) and the new investment advisory agreement (the “New 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 “Fund”) and (ii) the interim investment sub-advisory agreement (the “Interim Sub-Advisory Agreement”) and the new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) with Red Cedar Investment Management, LLC (the “Sub-Adviser”) with respect to the Fund. The New Advisory Agreement, Interim Advisory Agreement, New Sub-Advisory Agreement and Interim Sub-Advisory Agreement are collectively referred to as the “New Agreements”.
The Board noted that consideration of approval of the New Agreements is necessary due to the anticipated termination of the current investment advisory agreement (“Current Advisory Agreement”) between the Trust and NSI, on behalf of the Fund, and the current sub-advisory agreement (“Current Sub-Advisory Agreement”) between NSI and the Sub-Adviser in connection with the proposed acquisition of NSI, through its parent company NSI Holdco, LLC, by Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc. (the “Transaction”).
Based on its evaluation of this information, the Board, comprised solely of Independent Trustees, unanimously approved (i) the Interim Advisory Agreement and the Interim Sub-Advisory Agreement to remain in effect from the date of the closing of the Transaction until the earlier of (a) 150 days from the date of the termination of the Current Advisory Agreement and the Current Sub-Advisory Agreement or (b) the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund; and (ii) the New Advisory Agreement and New Sub-Advisory Agreement for an initial two-year period from the date on which the New Advisory Agreement is approved by a majority of the outstanding voting securities of the Fund.
Approval of Agreements
The Board, comprised solely of Independent Trustees, considered the approval of the New Agreements at the October 2025 Board Meeting and at the quarterly meeting of the Board held on September 23-24, 2025 (the “September 2025 Board Meeting,” and, together with the October 2025 Board Meeting, the “Board Meetings”).
In connection with the Board’s consideration of the New Agreements, the Board received written materials in advance of the Board Meetings, which included information regarding:
| ● | The Transaction: information about the structure and material terms and conditions of the Transaction, including the expected impact, if any, on the business conducted by NSI. |
| ● | Impact of the Transaction: information regarding any changes to personnel and/or other resources of NSI as a result of the Transaction. |
| ● | Impact of the Transaction on the Fund and its Shareholders: (i) information regarding any potential benefits to the Fund as a result of the Transaction; (ii) a representation that the Fund will not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that NSI intends to continue to be the investment adviser for the Fund, and the Fund’s Sub-Adviser intends to continue be the investment sub-adviser to the Fund and to manage the Fund in a manner consistent with |
16
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited) – Continued
| its current investment objective and principal investments strategies; and (iv) the fact that the Transaction relies on the safe harbor provided by Section 15(f) of the 1940 Act, therefore no “unfair burden” will be imposed on the Fund as a result of the Transaction. |
With respect to the New Agreements, the Board considered: (i) a representation that, after the closing of the Transaction, NSI would continue to be the investment adviser for the Fund, the Fund’s Sub-Adviser would continue to be the investment sub-adviser for the Fund, and the Fund would continue to be managed by its Sub-Adviser’s personnel and the same portfolio managers were expected to continue to manage the Fund; (ii) information regarding the terms of the New Agreements, including that such terms are substantially similar to those of the Current Advisory Agreement and the Current Sub-Advisory Agreement (except for the date, term and, with respect to the Interim Advisory Agreement escrow provisions required by applicable regulations, and with respect to the Interim Sub-Advisory Agreement that the Sub-Adviser will not be paid by the Adviser until the Adviser receives its payment under the Interim Advisory Agreement); (iii) information confirming that the fee rate payable under the New Agreements would not increase as a result of the Transaction as compared to the rate under the Current Advisory Agreement and Current Sub-Advisory Agreement; (iv) assurances that the Transaction was not expected to cause any diminution with respect to the nature, extent and quality of any of the services provided to the Fund by NSI as a result of the Transaction; and (v) that no other material changes to management or operations of NSI were anticipated.
In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Fund and its shareholders in connection with the New Agreements, the Board took into account information furnished at prior meetings of the Board, including the September 2025 Board Meeting and a Board meeting held on December 3-4, 2024 (the “Prior 15(c) Review Board Meeting”), at which the Board approved the Fund’s Current Advisory Agreement and the Current Sub-Advisory Agreement, that was relevant to its consideration of the New Agreements, including certain performance, advisory fee and other expense information and discussions with the Fund’s portfolio managers, as well as such additional information it deemed relevant and appropriate in its judgment. In connection with its review of the New Agreements, the Board requested, and NSI and the Sub-Adviser provided, any updates to the foregoing information that was provided by NSI or the Sub-Adviser in connection with the most recent approval of the Fund’s Current Advisory Agreement and the Current Sub-Advisory Agreement at the Prior 15(c) Review Board Meeting. The Board also took into account information provided at the September 2025 Board Meeting in connection with the approval of the current advisory and sub-advisory agreements of other funds in the Trust advised by NSI and the Sub-Adviser.
In connection with its consideration of the New Agreements, the Board requested and reviewed responses from NSI to a Section 15(c) request as well as other information and data provided, including the New Agreements; NSI’s and the Sub-Adviser’s ADV Part 1A, brochure and any brochure supplements; profitability information; comparative information about the Fund’s performance for periods ended June 30, 2025; advisory fees and expense ratios; and other pertinent information. In addition, in connection with its consideration of the New Agreements with respect to the Fund, the Board requested and reviewed responses from NSI to a due diligence questionnaire regarding the Transaction. In addition, the Board considered such additional information as it deemed reasonably necessary, including information and data provided by NSI and the Sub-Adviser during the course of the year, to evaluate the New Agreements with respect to the Fund.
At the Board Meetings, the Board met with representatives of NSI who made a presentation to, and responded to questions from, the Board with respect to the Transaction and the New Agreements. The Board reviewed and discussed NSI’s Section 15(c) responses and discussed various questions and information with representatives of NSI at the Board Meetings. The Board also met with representatives of the Sub-Adviser at the September 2025 Board Meeting and discussed various questions and information with representatives of the Sub-Adviser, including Section 15(c) responses provided at the September 2025 Meeting in connection with consideration of the annual renewal of other funds advised by the Sub-Adviser, as well as any relevant updates with the respect to the Fund’s information. The Board also considered the materials and presentations by Trust officers and representatives of NSI provided at the Board Meetings concerning the New Agreements. Throughout the process, the Board had numerous opportunities to ask questions of, and request additional materials from, NSI and the Sub-Adviser. The Board met in executive sessions with independent counsel at which no representatives of management were present to consider the approval of the New Agreements with respect to the Fund.
The Board also took into account information reviewed by it at the Board Meetings that was relevant to its consideration of the New Agreements, including certain performance, advisory fee and other expense information and discussions with the Fund’s portfolio managers, as well as such additional information it deemed relevant and appropriate in its judgment. The Board noted that the information received and considered by the Board was both written and oral.
17
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited) – Continued
In determining whether to approve the New 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 New Agreements with respect to the Fund was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the New Agreements. The Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the New Agreements and, throughout the evaluation process, the Board was assisted by independent counsel. A more detailed summary of important, but not necessarily all, factors the Board considered with respect to its approval of the New Agreements with respect to the Fund is provided below. The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board’s conclusions may be based in part on its consideration of the Fund’s advisory arrangements at the Prior 15(c) Review Board Meeting and on the Board’s ongoing regular review of Fund performance and operations throughout the year.
Nature, Extent and Quality of Services. The Board considered information regarding the nature, extent and quality of services being provided to the Fund by NSI and the Sub-Adviser under the New Agreements. The Board considered the services historically provided by NSI and the Sub-Adviser to the Fund and its shareholders under the Current Advisory Agreement and the Current Sub-Advisory Agreement and noted that the New Agreements will be substantially similar to the Current Advisory Agreement and the Current Sub-Advisory Agreement (except that with respect to the Interim Advisory Agreement, escrow provisions required by applicable regulations, and with respect to the Interim Sub-Advisory Agreement that the Sub-Adviser will not be paid by the Adviser until the Adviser receives its payment under the Interim Advisory Agreement). The Board noted the non-investment advisory services being provided by NSI, including the supervision and coordination of the Fund’s service providers and the provision of related administrative and other services. The Board also considered NSI’s and the Sub-Adviser’s reputation, organizational structure, resources and overall financial strength, including economic and other support provided by affiliates of NSI, if any, its willingness and commitment to consider and implement organizational and operational changes designed to enhance services to the Fund.
Based on the information provided by NSI, including that NSI currently expected no material changes as a result of the Transaction in (i) personnel or operations of NSI or (ii) third parties providing operational services to the Fund, the Board concluded that the satisfactory nature, extent, and quality of services currently provided to the Fund and its shareholders were very likely to continue under the New Agreements. The Board considered NSI’s expectation that the Fund may benefit from the expanded distribution resources that would become available to NSI following the Transaction. Based on representations made by NSI, the Board also concluded that it was very unlikely that any “unfair burden” would be imposed on the Fund for the first two years following the closing of the Transaction as a result of the Transaction. Consequently, the Board concluded that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided by NSI to the Fund and its shareholders.
In addition, the Board considered NSI’s and the Sub-Adviser’s professional personnel who provide or will provide services to the Fund, including NSI’s and the Sub-Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board considered the compliance programs and compliance records and regulatory history of NSI and the Sub-Adviser. The Board noted NSI’s and the Sub-Adviser’s support of the Fund’s compliance control structure, including the resources that are devoted by NSI and the Sub-Adviser in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of NSI and the Sub-Adviser to address cybersecurity risks and invest in business continuity planning. The Board also noted that on a regular basis it received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of NSI and the Sub-Adviser and procedures reasonably designed to ensure compliance with the federal securities laws. The Board also considered NSI’s and the Sub-Adviser’s policies and procedures, including the Trust’s CCO’s review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also noted that it met separately, in executive session, with the CCO on a regular basis.
The Board considered the Fund’s ongoing and 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 Fund, and supervising the Sub-Adviser with respect to the services that the Sub-Adviser provides under the Current Sub-Advisory Agreement, as well as the services to be provided under the New Sub-Advisory Agreement and Interim 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 provided to the Fund. These responsibilities and risks include entrepreneurial risk and ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks. The Board also noted
18
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited) – Continued
increased regulatory risk. 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 Current Advisory Agreement. In addition, the Board considered its familiarity with NSI’s personnel obtained from the Board’s oversight of the Fund.
The Board also considered Azimut Group’s current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of NSI is an important component of this strategic growth and the establishment of a significant presence in the United States. Based in part on the information provided by NSI, the Board concluded that Azimut Group’s acquisition of NSI could potentially enhance the nature, quality, and extent of services provided to the Fund and its shareholders.
With respect to the Sub-Adviser, which provides day-to-day portfolio management services for the 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 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 Fund. In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board also took into account its knowledge of the Sub-Adviser’s management and the quality of the performance of its duties as a sub-adviser, acquired through discussions and reports during the preceding year. The Board concluded that approval of the New Sub-Advisory Agreement and the Interim Sub-Advisory Agreement was in the best interests of the 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 Fund or any officer or board member of NSI derives an inappropriate advantage.
With respect to the Interim Advisory Agreement and the Interim Sub-Advisory Agreement, the Board also determined that the scope and quality of the services to be provided to the Fund under the Interim Advisory Agreement and the Interim Sub-Advisory Agreement are at least equivalent to the scope and quality of services provided under the Current Advisory Agreement and the Current Sub-Advisory Agreement with NSI and the Sub-Adviser, respectively.
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 by the Sub-Adviser, taken as a whole, are appropriate and consistent with the terms of the New Agreements. In addition, the Board concluded that the Fund was likely to benefit from services to be provided under the New Agreements.
Fund Performance. In considering the performance of the Fund, the Board noted that changes are not expected to be made to the Fund’s portfolio managers or investment strategies as a result of the Transaction. The Board reviewed the performance of the Fund for the different time periods presented in the Board meeting materials and throughout the year. The Board considered various data and materials provided by NSI and the Sub-Adviser concerning Fund performance, including a comparison of the investment performance of the Fund to its respective benchmark (or index), as well as comparative fee information provided by the Broadridge Financial Solutions, Inc., based on data produced by Morningstar Inc., an independent provider of investment company data (the “Broadridge Report”), comparing the investment performance of the Fund to a universe of peer funds.
The Board received information at the Board Meetings, and throughout the year, concerning, and discussing factors contributing to, the performance of the Fund relative to its benchmark(s) and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of the Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund’s investment performance and whether the Fund had performed as expected over time, as well as any plans to address underperformance, if applicable. The Board also noted NSI’s discussion of any differences in the investment strategies of the Fund relative to its peer universe. The Board generally considered longer-term performance to be more important than short-term performance and also took into account factors including general market conditions; the “style” in which the Fund is managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations can produce significantly different results in terms of the Fund’s returns and peer ranking on a relative basis. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance.
Based on these considerations, the Board concluded that NSI and the Sub-Adviser would continue to have the capability of providing satisfactory investment performance for the Fund, as applicable.
19
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited) – Continued
Advisory Fees and Expenses. The Board reviewed and considered the advisory fee rate of the Fund that will be paid to NSI under the New Advisory Agreement and Interim Advisory Agreement and the Fund’s total net expense ratio. The Board also reviewed and considered the sub-advisory fee rates that will be paid by NSI to the Sub-Adviser pursuant to the New Sub-Advisory Agreement and Interim Sub-Advisory Agreement. The Board also confirmed that the unitary advisory fee under the Interim Advisory Agreement was the same as under the Current Advisory Agreement. The Board also confirmed that the sub-advisory fee under the Interim Sub-Advisory Agreement was the same as under the Current Sub-Advisory Agreement.
The Board reviewed information in the Broadridge Report comparing the Fund’s advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between the Fund and its peer funds may be imprecise and non-determinative, the comparative information provided in the Broadridge Report was helpful to the Board in evaluating the reasonableness of the Fund’s advisory fees and total expense ratio.
The Board also took into account management’s discussion of the Fund’s expenses and also noted certain cost savings initiatives implemented by NSI across all of the Funds. The Board reviewed and considered the unitary fee rate paid to NSI and that NSI is responsible for all of the expenses and liabilities of the 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 Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto. The Board took into account the factors that NSI reported that contributed to any expenses that were relatively higher than the peer group comparative data.
The Board also received and considered information about the portion of the advisory fee that is being retained by NSI after payment of the fee to the Sub-Adviser for sub-advisory services, if any. 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 fees being paid to the Sub-Adviser had been negotiated by NSI on an arm’s length basis and were paid by NSI and not the Fund. The Board considered NSI’s explanation that the sub-advisory fee is priced at a competitive level.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by NSI to other types of clients with investment strategies similar to those of the Fund, if any. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients, such as institutional separate accounts.
Based on the foregoing expense data and information provided by NSI, the Board concluded that neither the Transaction or the New Agreements would likely have an adverse effect on the Fund’s expenses because (i) the Fund’s contractual fee rate under the New Agreements would remain the same, (ii) NSI had committed to pay all costs related to the proxy solicitation, and (iii) NSI represented that, consistent with Section 15(f) of the 1940 Act, no “unfair burden” would be imposed on the Fund for the first two years after the Closing. In addition, based on information provided by NSI, the Board concluded that NSI would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Fund under the New Advisory Agreement and Interim Advisory Agreement as is the case under the Current Advisory Agreement. The Board also concluded that Azimut Group had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in NSI to the extent that Azimut Group determined it was appropriate.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to NSI under the New Advisory Agreement and the Interim Advisory Agreement with respect to the Fund was reasonable.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Sub-Adviser under the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement with respect to the Fund was reasonable.
Profitability. The Board received and considered information concerning NSI’s costs of sponsoring the Fund and the profitability to NSI and its respective affiliates from providing services to the Fund. The Board noted that the levels of profitability may be affected by numerous factors.
20
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF
ADDITIONAL INFORMATION (Unaudited) – Continued
At the Prior 15(c) Review Board Meeting, the Board reviewed profitability analyses prepared by NSI and considered the total profits of NSI from its relationship with the Fund. At the Prior 15(c) Review Board Meeting, the Board found that the management fee charged to the Fund under the Current Advisory Agreement was reasonable in light of the services rendered and the level of profitability of NSI. At the Board Meetings, NSI advised the Board that NSI did not expect the Transaction to materially affect the profitability of NSI compared to the level of profitability considered during the Prior 15(c) Review Board Meeting because the methodology followed in allocating costs for the purpose of determining profitability will remain substantially the same following the Closing, and because services and costs as a result of the Transaction were expected to be substantially the same. Accordingly, the Board concluded that NSI’s and its affiliates’ profitability, if any, from its respective relationships with the Fund, after taking into account a reasonable allocation of costs, would continue to not be excessive.
The Board also received information relating to the operations and profitability to the Sub-Adviser from providing services to the Fund. The Board considered representations from the Adviser and the Sub-Adviser that the Sub-Adviser’s fees were negotiated at arm’s length and that the sub-advisory fees are paid by the Adviser and not the Fund. Accordingly, the Board concluded that the profitability of the Sub-Adviser was a less relevant factor with respect to the Board’s consideration of the Interim Sub-Advisory Agreement and the New Sub-Advisory Agreement.
Economies of Scale. The Board considered the potential for NSI to experience economies of scale in the provision of advisory services to the Fund as the Fund grew. The Board 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. The Board also took into account management’s discussion of the Fund’s fee structure. The Board also considered the effect of the Fund’s 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 Board recognized that, because the Fund’s sub-advisory fees are paid by NSI, and not the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the New Advisory Agreement and Interim Advisory Agreement. The Board concluded that, especially in light of the current stage of development of the Fund, NSI’s arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
“Fall-Out” Benefits. The Board acknowledged that NSI would continue to benefit from potential “fall-out” or ancillary benefits that NSI and its affiliates may receive as a result of their relationships with the Fund. The Board noted that ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in NSI’s business as a result of its relationships with the Fund. Based on its consideration of the factors and information it deemed relevant, including those described above, the Board did not find that any ancillary benefits that may be received by NSI and its affiliates to be unreasonable.
In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Adviser and its affiliates may receive because of their relationships with the Fund, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the 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 Sub-Adviser and its affiliates to be unreasonable.
Conclusion. At the Board Meetings, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of independent counsel, the Board, comprised solely of Independent Trustees, concluded that the approval of the New Agreements with respect to the Fund was in the best interest of the Fund and its shareholders.
21
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
| (a) | The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable. |
| (b) | Not applicable. |
Item 19. Exhibits.
| (a)(1) | Not Applicable – disclosed with annual report |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. |
| (a)(3) | Not applicable. |
| (a)(4) | Not applicable. |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Exchange Place Advisors Trust | ||
| By (Signature and Title) | /s/ Ian Martin | ||
|
Ian Martin, President and Principal Executive Officer |
|||
| Date | 2/5/2026 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Ian Martin | ||
|
Ian Martin, President and Principal Executive Officer |
|||
| Date | 2/5/2026 | ||
| By (Signature and Title) | /s/ Zachary P. Richmond | ||
|
Zachary P. Richmond, Treasurer and Principal Financial Officer |
|||
| Date | 2/5/2026 | ||