N-CSR/A 1 north-square_ncsra.htm N-CSR/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

[The Registrant is amending this filing to revise the change in independent public accountant exhibit (EX-99.IND PUB ACCT) to include the letter from the prior independent public accountant.]

Investment Company Act file number : 811- 23373

NORTH SQUARE INVESTMENTS TRUST

(Exact name of registrant as specified in charter)

200 West Madison Street, Suite 2610

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Alan E. Molotsky, Esq.

North Square Investments Trust

200 West Madison Street, Suite 2610

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(312) 857-2160

Date of fiscal year end:

May 31

Date of reporting period:

May 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

(LOGO)

ANNUAL REPORT

NORTH SQUARE SPECTRUM ALPHA FUND

NORTH SQUARE DYNAMIC SMALL CAP FUND

NORTH SQUARE ADVISORY RESEARCH SMALL CAP GROWTH 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 TRILOGY ALTERNATIVE RETURN FUND

MAY 31, 2023

North Square Investments | www.northsquareinvest.com

North Square Funds

Table of Contents

Shareholder Letters	1
Fund Performance	17
Schedules of Investments	33
Statements of Assets and Liabilities	65
Statements of Operations	68
Statements of Changes in Net Assets	70
Financial Highlights	76
Notes to Financial Statements	93
Report of Independent Registered Public Accounting Firm	108
Supplemental Information	109
Expense Examples	114

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

Discussion of Fund Performance

A letter from David Appleby, Vice President - Risk, Quantitative Analysis and Portfolio Construction of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Spectrum Alpha Fund.

Dear Shareholder,

The headline return of 9.7% for the S&P 500 in the leading 5 months of 2023 is not representative of the experience of the average stock in the US equity market. After a tumultuous year for both equity and fixed income in 2022, Big Tech and companies associated with the nascent AI movement have pushed the index higher while the S&P 500 equal weight index has declined. Though inflation has eased meaningfully with the CPI declining from a year over year rate of 9.1% in June 2022 to 4% in May 2023, it remains uncomfortably elevated and the ongoing message from the Federal Reserve is to expect higher interest rates for longer. As interest rates have risen in response to inflation and the post COVID rebound in economic growth has waned, companies have been forced to adapt to a new operating environment. Investment banks are suddenly dealing with a drop in M&A activity as the strategy of acquisition through low-cost debt becomes less tenable. Within an evolving investment landscape, compelling valuation and growth opportunities exist for the discerning investor. The small cap universe, while often more volatile than large cap indexes, offers the potential to differentiate as the market shifts away from a regime of low interest rates and accommodative policy through its diverse selection of companies.

The North Square Spectrum Alpha Fund is an allocation strategy designed to bring together experienced active managers that can provide distinctive approaches within the smaller capitalization equity marketplace. The strategy combines differentiated funds across style and smaller capitalizations seeking to improve alpha generating potential in an allocation with a similar risk profile to the Russell 2000. For the fiscal year ending May 31, 2023, the North Square Spectrum Alpha Fund (Class I Shares) returned -2.08%. By comparison, the Russell 2000 index returned -6.14%.

Recent equity market volatility from the rapid change in inflation and interest rates regime has allowed small cap managers to opportunistically invest across a much broader selection of companies and feel less encumbered by the need to hold a handful of specific index names. A near banking crisis from the collapse of specialty banks focused on the venture capital and cryptocurrency industries was particularly detrimental to small cap banks and drove significant underperformance in the small value index (Russell 2000 Value: -11.50%) relative to the core index. The North Square Advisory Research Small Cap Value Fund (Cl I: -8.00%) outperformed the small value index for the fiscal year, but was the largest detractor to the overall returns for the Spectrum Alpha Fund. The largest holding within the Fund, the North Square Dynamic Small Cap Fund (Cl I: 0.76%), had positive returns for the year and was the largest contributor to the Fund’s outperformance for the year. Small caps in general underperformed the large cap indexes for the fiscal year, but the unique combination of managers within the Spectrum Alpha Fund allowed the Fund to not only outperform the Russell 2000 Index but also the S&P 500 equal weighted index (-4.31%).

Though the investment climate may continue to be difficult, the current selection of managers inspires confidence in our ability to navigate its impact on the small cap universe. North Square and NSI Retail Advisors continue to seek additional managers and strategies that would further enhance the portfolio’s opportunity set. We appreciate your confidence in North Square Investments.

Sincerely,

David Appleby

Vice President – Risk, Quantitative Analysis and Portfolio Construction & Portfolio Manager

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Market Risk, Micro-Cap, Small, and Mid-Sized Company Risk, Foreign and Emerging Market Company Risk, Affiliated Underlying Funds Risk, Blend Style Risk, Derivatives Risk, and ETF and Mutual Funds Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

Effective January 11, 2022, the Russell 2000® Index has replaced the Russell 2000 Total Return Index as the Fund’s primary benchmark as the Russell 2000 Index is more closely aligned with the Fund’s principal investment strategies and portfolio holdings.

The Russell 2000 Index, the Fund’s benchmark, is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The volatility (beta) of an account may be greater or less than its respective benchmark. It is not possible to invest directly in an index.

All indexes are shown for comparative purposes only. One cannot invest directly in an index. A market “drawdown” measures the percentage decline from a peak to a trough.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks.

Discussion of Fund Performance

A letter from Peter Algert, Chief Investment Officer of Algert Global LLC and Portfolio Manager of the North Square Dynamic Small Cap Fund.

Dear Shareholders,

U.S. small-cap stocks continued to exhibit a volatile return pattern over the 12-months ending May 31, 2023. Significant global inflationary pressures, the war in Ukraine and concerns regarding the viability of several U.S. regional banks were among factors contributing to the volatility. After posting poor returns for much of 2022, U.S. small cap stocks rebounded strongly at the beginning of the year however gave up much of their gains in the subsequent months. For the trailing 12-month period, the North Square Dynamic Small Cap Fund (Class I Shares) returned 0.76%, outperforming its benchmark, Russell 2000 Total Return index, which returned -4.68%.

Stock Selection Designed to be the Primary Source of Benchmark Outperformance

For the trailing 12-month period, stock selection contributed positively to Fund performance. The Fund also benefitted from portfolio exposures to various risk factors (e.g. a company’s industry, leverage, liquidity and beta characteristics).

Catalyst

The Fund’s Catalyst-related insights were the primary positive contributor to performance for the year. Catalyst insights seek to gather sentiment from a variety of market participants including investors, company management and sell-side analysts. Given the rapid shift in sentiment during much of the 12-month period, Catalyst insights relatively short investment horizon were better positioned to navigate the volatile environment compared to other types of investment insights.

Quality

Quality-related insights also contributed positively to the performance of the Fund. Quality insights measure a variety of fundamental characteristics to assess a company’s resilience and ability to operate efficiently regardless of its external environment. These types of insights performed relatively well during the U.S. regional banking crisis in the early part of 2023, as investors risk appetite diminished.

Relative Value

Relative Value-related insights detracted modestly from the Fund’s performance over the trailing 12-month period despite exhibiting periods of strong performance. Relative Value insights were in and out of favor with investors as sentiment shifted in terms of potential for further tightening. Historically, valuation-oriented insights tend to perform better coming out of an economic slowdown than going into one. As a result, these types of insights have struggled to maintain a sustained period of outperformance as markets have been undecided on the direction of the economy.

Risk Factors

Active exposures to various risk factors contributed positively to performance over the trailing 12-month period driven primarily by the Fund’s industry positioning. Other risk factors including leverage, volatility and liquidity detracted from performance. While the Fund’s various risk exposures were beneficial over the measurement period, we expect them to have minimal impact on the Fund’s relative performance over a full market cycle.

Fund Positioning for the Future

The Fund aims to be diversified across its three main investment themes, Relative Value, Quality and Catalyst. While it appears that the pace of inflation is easing in the U.S., current levels are higher than stated targets and we believe elevated rates and inflation may persist. Given this economic backdrop we expect the Fund’s Quality-driven positioning will be beneficial for the portfolio and should be the dominant theme in the near term. We continue to favor Catalyst- driven positions relative to Value due in part to the expectation of outperformance of firms with attractive trends in underlying business fundamentals.

Sincerely,

Peter Algert

Chief Investment Officer

Principal Risks of Investing: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, ETF Risk, Foreign Investment Risk, IPO Risk, Liquidity Risk, Management and Strategy Risk, Market Risk, Portfolio Turnover Risk, Preferred Stock Risk, Real Estate Investment Trust (“REIT”) Risk, Reliance on Technology Risk, Small Cap Company Risk, and Value-Oriented Investment Strategies Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The Russell 2000 Index, the Fund’s benchmark, is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is shown for comparative purposes only. One cannot invest directly in an index.

Cash flow is the amount of cash that comes in and goes out of a business. Companies take in money from sales as revenues and spend money on expenses.

Discussion of Fund Performance

A letter from Andrew Cupps, Managing Director of Advisory Research, Inc. and Portfolio Manager of the North Square Advisory Research Small Cap Growth Fund.

Dear Shareholder,

The investment environment for the fiscal year ending May 31, 2023 was defined by a resilient economy that moved only very slowly past peak inflation such that the Fed remained committed to rate increases through the period and into the summer of 2023. Over the course of the 12 months there were three distinct market rallies as investors positioned for more optimistic scenarios on the inflation and interest rate front, but each rally reversed in investor frustration as the economy showed more strength and the Fed showed more resolve than expected. By the end of the back and forth volatility, the benchmark Russell 2000 Growth¹ barely budged, but the economy did make important strides in returning to health as supply chains steadily recovered from the turmoil created by government COVID shutdowns, and excess demand created by aggressive government COVID spending finally wound down toward pre-COVID levels. The sideways movement by small cap growth stocks, commonly known as market consolidation, may ultimately prove to be constructive for investors as periods of consolidation often serve as a foundation for more durable advances.

For the period June 2022 through May 2023, the benchmark Russell 2000 Growth Total Return Index was up 2.68% while the North Square Advisory Research Small Cap Growth Fund (the “Fund”) was down -1.74%. The group behavior of this period has been unusual. Most corrections have a cyclical orientation as rate increases choke off economic activity and reduce demand for discretionary goods and larger ticket financed products such as autos, housing and big industrial products. That pattern often results in poor performance by retail, housing, construction, and industrial companies as lower demand leads to lower earnings. This market cycle has been nearly the opposite as the industrial sector has been one of the strongest performers and the consumer discretionary group has been led higher by housing-related stocks that have been among the leading groups straight through the interest rate hikes that typically weigh on those stocks. One of the homebuilders that has delivered tremendous results even as rates have increased, and which generated strong results for the Fund, is GreenBrick Partners. The company focuses its development in strong housing markets including Dallas, Austin and Atlanta and has seen resilient demand as those areas benefit from migration from other states. Elsewhere, the technology sector was flat overall, but contained many winners and losers. Big technology contributors for the Fund included Impinj, the leader in RFID technology which retail companies use to track inventory, and Symbotics, a disruptor in the warehouse automation market, which has developed an integrated system of robots to manage inventory throughout a warehouse. Two detractors in the sector were hurt by the COVID supply chain disruptions. SiTime, an innovator in electronic components has developed an inexpensive silicon-based solution for the timing function in computers and handsets that has been rapidly taking market share against the more expensive traditional quartz solution, but missed revenue after customers accumulated too much inventory. Velo3D is a 3D printer with a unique ability to print complex shaped industrial parts in metal, especially for the rapidly growing space and aerospace industries. Like SiTime, Velo3D suffered from COVID supply chain disruptions that pressured its revenue. The COVID supply chain issues affected industrial companies too, and Titan International, which dominates the market for mining and agricultural tires and wheels and was a good performer for the fund last year, was a detractor this year as customers paused to right-size their inventory.

The year ahead features the known risk of inflation, which while falling, is still above acceptable levels, and the accompanying risk of the Fed navigating decisions around the timing and magnitude of hikes or cuts. Among positive harbingers for the small cap growth universe is the fact that larger growth stocks, which often move before smaller growth stocks, have rocketed to new highs mid-way through 2023. Additionally, the economy continues to show resiliency, perhaps as a function of “rolling recession” that has reset various sectors at different times rather than the more typical scenario in which the broader economy suffers simultaneously. Our team sees potential in a number of attractive company-specific opportunities, and we suspect that if inflation continues on its path lower, the Fed can end its hiking cycle and stocks will perform better, though if inflation proves to be sticky, returns will likely be more muted.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book rations, higher I/B/E/S (Institutional Brokers’ Estimate System) forecast medium term (2 year) growth and higher sales per share historical growth (5 years).

On behalf of all the dedicated members of the Advisory Research team, I thank you for investing in the North Square Advisory Research Small Cap Growth Fund.

Sincerely,

Andrew Cupps

Managing Director

Principal Risks of Investing: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, Sector Focus Risk, Portfolio Turnover Risk, Market Risk, Small-Cap Company Risk, Cybersecurity Risk, Preferred Securities Risk, Convertible Securities Risk, ETF Risk, Currency Risk, Emerging Market Risk, Growth-Style Investing Risk, Foreign Investment Risk, and Management and Strategy Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The Russell 2000 Growth Index is unmanaged, its return assumes reinvestment of dividends and, unlike mutual funds returns, does not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.

Discussion of Fund Performance

A letter from David Appleby, Vice President - Risk, Quantitative Analysis and Portfolio Construction of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Multi Strategy Fund.

Dear Shareholder,

Upon first glance at the headline 9.7% return for the S&P 500 equity index in the leading 5 months of 2023, one would expect to read about a positive economic outlook and improving conditions for financial markets. These results appear distantly removed from the reality of elevated levels of inflation and a near bank crisis that required swift government intervention. Closer examination of the drivers of performance for the period, however, shows that Big Tech made a strong recovery during the period while multiple sectors posted negative returns. Additionally, companies affiliated with the nascent artificial intelligence movement have captured an euphoria reminiscent of the hype ridden acceleration in late 2020/early 2021 related to technical companies. The advance in this select group of companies has propelled the S&P 500 (+2.92%) and most distinctly the Russell 1000 Growth (+9.55%) to recover from the broad market drawdowns in the second half of 2022 into positive returns for the fiscal year ending May 31, 2023. The Russell 1000 Value Total Return, on the other hand, experienced losses of 4.55% over the same period. This divergence between technology companies and more economically sensitive segments within the US equity market is symptomatic of the unresolved economic uncertainties caused by the exigent factors affecting the economy over the previous 3 years.

The collapse of specialty banks focused on the venture capital and cryptocurrency industries renewed concerns for the ramifications of elongated monetary accommodation followed but a dramatic shift in interest rates. These specialty banking institutions, however, rested on fault lines in the financial infrastructure built through an extended period of low interest rates. It is reasonable to presume that the greatest beneficiaries of the past decade+ would be the areas of greatest friction when the operating environment shifted. As lower rates continued over time, a paucity of safe return opportunities drove investors to tolerate greater levels of risk. Without disruption, the process mutes the ability to recognize the level of risk taken and the scale to which risk accumulates within the financial system as a whole. While the catalyst for the crisis was unrealized losses in the bank’s capital due to a rapid change in interest rates, the mechanism was continuously lending to businesses that rely on regular cash infusion and unsustainable asset price inflation to remain going concerns. While the specter of crisis appears contained at present, it should act as a warning that there are other opaque markets that expanded significantly with the aid of low-cost debt. Furthermore, the concern remains that the shock to the banking system could encourage further tightening in credit conditions due to higher risk aversion by regional banks, which intensifies the effect of higher interest rates on the economy. As the flow of debt is often the fuel for new economic growth, the probability that this rate hike cycle will end without an economic contraction declines.

The North Square Multi-Strategy Fund (Class I Shares) returned -0.38% for the fiscal year ending May 31, 2023. Comparatively, the Russell 3000 Total Return Index returned 2.03%, and the Bloomberg US Aggregate Bond Index declined by -2.14%. Growth equities have led the recovery in US equity markets from the lows in 2022. While overall valuations within growth equities did moderate in 2022, the lack of breadth in the current rally has encouraged patience in our core-value allocation across equities. Given the uncertain economic environment, equity markets remain sensitive to further drawdowns that could sharply impact the stocks that have seen the strongest gains in recent months. On the other hand, if the economy avoids further setbacks our equity allocation should benefit from a more broad-based recovery, particularly our selection of small cap equity holdings. While our overall allocation to small-cap detracted from performance for the fiscal year, we believe the lack of concentration risk and the valuation opportunity relative to larger capitalization stocks makes the small cap market uniquely poised for long term outperformance.

While the results for the aggregate bond index have not been positive during the fiscal year, the yield opportunity has improved appreciably since the onset of the Federal Reserve rate hike cycle. The effective Federal Funds Rate has risen from 0.05% on May 31st, 2020 to 5.06% as of May 31st, 2023, translating into higher yields across the US treasury yield curve. Furthermore, corporate spreads meaningfully expanded in 2022 and have since begun to taper as the market internalizes the shift in interest rate regime. Low quality, high yield corporate debt, however, remains the sharpest area of concern, particularly as a large volume of debt financed at exceptionally low rates during the COVID crisis mature over the next 2 years. This environment appears particularly favorable to our investments across fixed income and flexible income solutions. The North Square McKee Bond Fund (Cl I: -1.33%) focuses on high quality fixed income investments across Treasuries, government agencies and investment grade debt. Our largest income-focused holding, the North Square

Preferred & Income Securities Fund (CL I: 1.25%), invests primarily in a variety of preferred securities to enhance yield opportunity on a risk-adjusted basis. The combination of the two holdings allows us to capture the current yield opportunity through a variety of income producing securities while limiting our exposure to lower credit quality.

In general, we continue to believe this environment to be most conducive to flexible active managers with a focus on evaluating the relative merits of fundamental opportunities. The current holdings within the Multi Strategy Fund provide a diverse cross-section of investment strategies, and we believe the Multi Strategy Fund is well-equipped to meet a variety of market environments; nevertheless, North Square and NSI Retail Advisors continue to seek new managers and strategies that further enhance the portfolio’s opportunity set. We appreciate your continued confidence in North Square Investments.

Sincerely,

David Appleby

Vice President – Risk, Quantitative Analysis and Portfolio Construction & Portfolio Manager

*Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Bank Loan Risk, Convertible Securities Risk, Credit Risk, Currency Risk, Emerging Market Risk, Equity Risk, ETF and Mutual Funds Risk, Fixed Income Securities Risk, Foreign Investment Risk, Government-Sponsored Entities Risk, Growth-Oriented Investment Strategies Risk, High Yield (“Junk”) Bond Risk, Inflation- Linked Securities Risk, Interest Rate Risk, IPO Risk, Large Cap Company Risk, Liquidity Risk, Management and Strategy Risk, Market Risk, Mortgage-Backed and Asset-Backed Securities Risk, Municipal Securities Risk, Preferred Stock Risk, Small and Mid Cap Company Risk, Value-Oriented Investment Strategies Risk, and Warrants and Rights Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The 10-year Treasury yield is the yield that the U.S. government pays investors that purchase the Treasury’s 10-year note. Purchase of the 10-year note is essentially a loan made to the U.S. government.

The Russell 3000® Index is a capitalization-weighted stock market index that seeks to be a benchmark of the entire U.S stock market.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used by investors as a “stand-in” for measuring the performance of the US bond market.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

Discussion of Fund Performance

A letter from John L. Cassady III, CFA, Chief Investment Officer, and Brandon Bajema CFA, CPA, Sr. Portfolio Manager, Portfolio Managers of the North Square Preferred and Income Securities Fund.

Dear Shareholders,

The economic events during the North Square Preferred and Income Securities Fund’s (the “Fund”) fiscal year ended May 31, 2023, have been truly extraordinary. The June 2022 U.S Consumer Price Index came in at 9.1% year over year, non-seasonally adjusted. Economic historians would need to look back to the year 1981 to see comparable inflation rates. For its part, the Federal Reserve (“Fed”) had just embarked on a rate hike cycle, but the upper bound of the Fed Funds target rate was still at 1.0%. Across the US Treasury yield curve, investors had to look to maturities beyond 10 years to find any yields above 3%. By the end of the fiscal year, the Fed had increased the Fed Funds rate to 5.25%, the yield curve was deeply inverted, and all U.S. Treasury maturities had yields above 3.5%. Additionally, the 6-month Treasury Bill yield stood at an eye-popping 5.42%.

Those events in themselves were certainly enough to keep fund managers pre-occupied, but during the month of March, the banking system and preferred securities experienced a spasm that reverberated across financial markets. In the United States, some banks experienced deposit flight as customers began to seek higher money market rates and began to question the safety of their deposits in certain financial institutions. In the capital markets, investors began to question which banks would be next to experience a bank run, insufficient capital requirements, or insolvency. Ultimately, regulators shut down Signature Bank, Silicon Valley Bank, and First Republic Bank.

Meanwhile, across the Atlantic, Credit Suisse (CS) had been facing capital shortfalls of its own after repeated attempts at restructuring the bank. When one of its flagship investors, the Saudi National Bank, announced that it had no intentions of providing fresh capital, its stock price and Additional Tier 1 (AT1) securities began to plummet. Ultimately, the Swiss regulators determined that CS had reached the point of non-viability and orchestrated a take over by UBS. The regulator also announced the CS AT1 securities would be completely written off, leaving its AT1 investors with nothing. These actions weighed heavily on the broader AT1 market as investors began to question the viability of the entire asset class.

The Fund provided investors with a total return of 1.25% for the fiscal year, while its benchmark (the ICE BofA Fixed Rate Preferred Securities Index) returned -1.38%. During the first part of the fiscal year, Red Cedar Investment Management (“RCIM”) sought out corporate hybrids of issuers that no longer needed rating agency credit for capital and would be calling their securities soon. As valuations of preferred securities continued to climb through December 2022, RCIM made the decision to position the fund more defensively with regard to higher credit quality and more conservative option structures. As the events of March 2023 unfolded, the Fund did not hold any preferreds of the failed bank issuers and had a rather small allocation to AT1s in general. After careful analysis, it was RCIM’s belief that the banking troubles were not a systemic problem but rather an idiosyncratic issue to a handful of banks. Because the preferred structure was now being called into question, prices of many issuers fell to deep discounts as market participants believed they would never be called. RCIM believed that most of these structures would ultimately be called and began adding aggressively to AT1s and US regional bank preferreds. As we ended the fiscal year, these investment decisions have been value added to the fund.

Throughout the market turmoil of FY 2023, Red Cedar believes it has added value for the Fund’s investors. The ability to move quickly and respond rapidly to changing conditions while actively managing the Fund’s risk and reward was a key tenant of the Fund’s performance. As always, we remain committed to this same vigilance moving forward as we strive to add value for the Fund’s investors.

Regards,

Brandon Bajema CFA, CPA

Senior Portfolio Manager

John L. Cassady III, CFA

CIO

Principal Risks of Investing: Risk is inherent in all investing, including an in-vestment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Credit and Subordination Risk, Preferred Securities Risk, Hybrid Security Risk, Additional Tier 1 Securities Risk, Optionality Risk, Foreign Investments Risk, Rule 144A and Regulation S Securities Risk, Currency Risk, Emerging Markets Risk, Derivatives and Hedging Transactions Risk, and LIBOR Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

A basis point (bp) is a standard measure for interest rates and other percentages in finance, representing one-one hundredth of one percent. 100 basis points = 1.0 percent.

AT1s, also known as contingent convertible securities, are debt or preferred securities with loss absorption characteristics that provide for an automatic write-down of the principal amount or value of securities or the mandatory conversion into common shares of the issuer under certain circumstances. A mandatory conversion might be automatically triggered, for instance, if a company fails to meet the capital minimum described in the security, the company’s regulator makes a determination that the security should convert, or the company receives specified levels of extraordinary public support. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor (worsening the Fund’s standing in a bankruptcy). In addition, some AT1s provide for an automatic write- down of capital under such circumstances.

Discussion of Fund Performance

A letter from Paul Frank of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Tactical Growth Fund.

Dear Shareholder,

The North Square Tactical Growth Fund follows a rules-based, disciplined, proprietary model that guides us in building a multi-asset class portfolio of Exchange Traded Funds (“ETFs”). We quantitatively rank all ETFs that pass our initial fundamental review for their ability to compensate for their risk. The Tactical Growth Fund will purchase and hold ETFs showing strength, and it will sell or not consider for purchase ETFs showing weakness. The Tactical Growth Fund’s objective is to produce long-term equity-like returns with less volatility than passive equity investments.

For the year ending May 31, 2023, the Tactical Growth Fund (Class I Shares) returned 1.33%. The Fund’s benchmark, the Morningstar Moderately Aggressive Target Risk Index, returned -1.26%. The S&P 500 Index returned 2.92% and the NASDAQ Composite Index gained 8.04%.

The Bloomberg U.S. Agg Total Return Index returned -2.14%.

The Fund started the fiscal year on June 1, 2022, with a slightly conservative portfolio. We had 60% of the Fund invested in equity ETFs, 8% in a fixed-income ETF, and 32% in cash.

The first five months of 2022 were very volatile, and our goal was to protect capital. The Fund moved to a more conservative stance later in the Spring when we sold the fixed-income and a core U.S. equity holding. A stock market rally failed in the summer and in the fall the markets were making new multi-year lows. The Fund stayed static during these months with a portfolio split evenly between U.S. equities and cash.

The market appears to have made a bottom in October 2022. Our Sharpe ratio process had us add equities and by October 31 we held 65% U.S. equity and 35% cash. In January we added two asset classes to the portfolio with additions in international equity and metals & mining. We added more international exposure in March and ended the quarter with 62% invested in U.S. equities, 10% international equities, and 28% cash. May saw us add positions in international fixed income while keeping our equity positions unchanged.

We ended the fiscal year on May 31, 2023, with multiple asset classes. Our ETFs represented U.S. equity (64%), International equity (10%), International fixed-income developed markets (5%) and emerging market fixed-income (5%), and cash (16%).

The Tactical Growth Fund followed its process during the year and our allocation changes helped limit losses and volatility. Our goal is to build a diversified multi-asset portfolio that compensates its investors for market risk.

Sincerely,

Paul Frank

Portfolio Manager

Principal Risks of Investing: Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Management and Strategy Risk, ETF and Mutual Funds Risk, Derivatives Risk, Market Risk, Equity Risk, Fixed Income Securities Risk and Growth-Oriented Investment Strategies Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Aggressive Target Risk Index seeks approximately 77.5% global equity exposure.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The NASDAQ Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

Discussion of Fund Performance

A letter from Brad Thompson, Director - Multi Asset Class Solutions of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Tactical Defensive Fund.

Dear Shareholder,

Over the past twelve months ending in May 2023, we have witnessed two distinct investment environments. From May 2022 through mid-October, equity markets experienced a significant downturn, with major US market indices plunging further into bear market territory. Between May 31st, 2022, and October 14th, 2022, the S&P 500 declined by -12.74%, the Bloomberg US Aggregate Bond index fell by -7.60%, and the Fund’s benchmark, the Morningstar Moderate Target Risk index, decreased by -12.17%. However, the Tactical Defensive Fund performed relatively well during this market weakness, with only a modest decline of -1.71%. During that period, the fund strategically allocated into cash instead of fixed income for its defensive positioning due to bond weakness and rising rates. Several geopolitical and economic events contributed to the market downturn, including the escalation of the conflict between Russia and Ukraine, record-high gasoline prices, surging oil prices, sanctions on Russia, halted wheat production in Ukraine, and COVID-19 lockdowns in China.

By November 2022, equity markets appeared to have reached a bottom and started to recover from the bear market. The Federal Reserve implemented tighter monetary policies with higher interest rates, and market sentiment reflected a slowdown in inflation. However, from November 15th, 2022, to March 15th, 2023, the S&P 500 traded sideways with substantial volatility, resulting in a decline of -1.89%. The US equity markets then experienced a rally from March to May 2023, primarily driven by a few large-cap technology companies. It is important to note that this rally exhibited weak market breadth, with only a handful of stocks leading the upward movement.

For the fiscal year ending on May 31, 2023, the North Square Tactical Defensive Fund (Class I Shares) delivered a return of -3.70%, compared to a decline of -1.54% for its benchmark, the Morningstar Moderate Target Risk Index. In contrast, the S&P 500 Total Return Index posted a positive return of 2.92%.

The Tactical Defensive Fund employs a strategy that attempts to balance safety and return by analyzing long and short-term market trends. The portfolio’s core allocation is governed by the longer-term Cyclical Trend (CT) measure, while the satellite allocation is influenced by the shorter-term Dynamic Trend (DT) measure, which prioritizes safety. During the reviewed period, the long-term measure remained fully defensive from May 2022 until January 23rd, 2023 when the long term measure called for full equity exposure. There were slight weakening signals on March 27th to April 17th and again from May 11th until the end of the period. The Dynamic Trend measure, on the other hand, switched on and off multiple times throughout the period. Although most of the trades were routine, an exception occurred during the banking crisis when Silicon Valley Bank failed. The model had signaled full equity exposure on March 6th, but the bank’s failure sent shockwaves through risk markets, resulting in a painful whipsaw trade that significantly impacted the fund’s negative return for the period. From then until the end of the fiscal year, which concluded on May 31, 2023, the fund maintained a moderate equity allocation of 50 to 75% coinciding with the ongoing debt ceiling debate in Washington DC.

There are several issues that have the potential to impact markets over the next 6 to 12 months. While markets are pricing in two Federal Reserve rate cuts by the end of the year, the Federal Reserve has indicated that it does not intend to reduce rates in 2023. If the Fed maintains its current stance, it could have implications for market pricing action. The probability of a recession remains high, and market valuations have reached concerning levels. Inflation continues to pose a risk, as current levels remain significantly higher than the Fed’s 2% target. Global inflationary pressures, the aftermath of the regional banking crisis, potential credit tightening, and the narrow leadership and weak market breadth of performing stocks in the first five months of 2023 are all causes for concern. It remains uncertain whether the narrow leadership will uplift other stocks or if corrective price action will ensue.

Given the economic outlook for the next six months, characterized by uncertainty, active management plays a vital role in an overall portfolio strategy. Our systematic approach allows us to make allocation decisions during periods of uncertainty. The Tactical Defensive Fund aims to deliver long-term returns comparable to equities while mitigating drawdowns and volatility compared to typical long-only passive strategies. This approach provides the necessary diversification to weather market turbulence.

Sincerely,

Brad Thompson

Director – Multi Asset Class Solutions & Portfolio Manager

Principal Risks of Investing: Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Management and Strategy Risk, ETF and Mutual Funds Risk, Derivatives Risk, Fixed Income Securities Risk, Equity Risk, Market Risk, Currency Risk, Foreign Investment Risk, and Portfolio Turnover Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderate Target Risk Index, the Fund’s benchmark, seeks approximately 60% global equity exposure.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The NASDAQ Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

Discussion of Fund Performance

A letter from Clayton Wilkin of NSI Retail Advisors, LLC and portfolio manager of the North Square Trilogy Alternative Return Fund.

Dear Shareholder,

2022 presented a difficult market landscape unlike any other in recent years: rampant inflation, stringent Federal Reserve monetary policy, global economic slowdowns, and geopolitical conflicts. Consequently, it led to a bear market throughout the year. However, the beginning of 2023 has witnessed a contrasting scenario. While the market still faces the same headline risks as in 2022, the prospect of the Federal Reserve nearing the end of its rate hikes has sparked a bull market in the NASDAQ Composite Index and S&P 500 Index. Nonetheless, numerous indicators continue to signal an impending recession. We cannot predict the timing, extent, or impact of a potential recession on the market, which is why we believe active management is imperative for your portfolio.

From May 31, 2022 until the end of June 2022, both equities and fixed income experienced negative performance. The Bloomberg U.S. Aggregate Bond Index recorded a loss of -1.57%, while the S&P 500 Index declined by -8.25%. The enduring correlation between equities and fixed income persisted as Fixed Income failed to serve as the usual safe haven during periods of heightened volatility. The unfavorable performance in both asset classes significantly impacted our portfolio, particularly the Equity and Income Positions. Fortunately, the Trilogy Alternative Return Fund incorporates option strategies that provided downside protection, mitigating some of the negative performance. The Equity Position utilized an option collar, while the Market Movement position employed long-put spreads to provide this downside protection.

During the third quarter of 2022, the option strategies that safeguard against downward movements were the primary contributors to the Trilogy Alternative Return Fund’s performance. The inclusion of put options in the Hedged Equity and Market Movement segments buoyed the Fund’s performance, particularly in September, which marked the worst performing month since March 2020. Conversely, the Equity and Fixed Income holdings within the portfolio detracted the most from the Trilogy Alternative Return Fund’s performance in Q3. The positive correlation between risk assets (Equities) and Fixed Income persisted, with the S&P 500 Index declining by -4.88% compared to the Bloomberg U.S. Aggregate Bond Index’s -4.75%. This absence of flight to safety in both asset classes negatively impacted the overall performance of the Trilogy Fund.

The Hedged Equity and Option Income buckets emerged as the primary contributors to the Trilogy Alternative Return Fund’s performance in the fourth quarter of 2022. It was a challenging year for Trilogy Alternative Return Fund as the persistent positive correlation between equities and fixed income adversely affected the Fund, resulting in negative returns for both asset classes. This correlation continued into the fourth quarter, with equities and fixed income delivering positive returns. Among the Hedged Equity holdings, Merck (+29.67%) and Aflac (+28.74%) were the best performing stocks during the quarter. Additionally, all six fixed income ETFs in the Option Income bucket yielded positive gains in Q4, with the iShares Broad USD High Yield Corporate Bond ETF (+4.87%) and the SPDR Portfolio Long Term Corporate Bond ETF (+4.83%) being the most significant contributors. Conversely, the option strategies in the Option Income and Market Movement buckets faced challenges in the fourth quarter due to subdued volatility, which had a detrimental effect on option premiums. Nevertheless, the Fund realized gains from long-dated put spreads that were positively influenced by the market drawdown of 2022. Despite being Trilogy Alternative Return Fund’s worst year since inception, the Fund’s design as an alternative to equity and fixed income markets, encompassing diversification in asset classes with equities, fixed income, and option strategies, enabled Trilogy Alternative Return Fund (-10.48%) to outperform both the S&P 500 Index (-18.11%) and the Bloomberg U.S. Aggregate Bond Index (-13.01%) in 2022.

The first quarter of 2023 witnessed the Hedged Equity strategy as the major contributor to the Trilogy Alternative Return Fund’s performance. Comprised of 25 stocks and equity ETFs fortified by an option collar strategy, the strategy achieved positive results with notable contributions from Apple (+27.11%), WW Grainger (24.16%), and Microsoft (20.52%). Equities as a whole performed well, with the S&P 500 Index concluding the quarter with a total return of +7.50%. The Option Income strategy also added value, with the best performing Fixed Income ETFs being the SPDR Portfolio Long Term Corporate Bond ETF (+6.04%), the VanEck Fallen Angel High Yield Bond ETF (+4.55%), and the iShares Broad USD High Yield Corporate Bond ETF (+4.24%).

Between March 31, 2023 and May 31, 2023, equity markets rebounded primarily led by Mega cap technology names, albeit with narrow breadth. Unfortunately, our dividend-paying large-cap equity names underperformed the overall market due to the Trilogy Alternative Return Fund’s inclination towards value and dividend stocks. During these two months, market volatility remained relatively subdued, with the VIX Index witnessing only two instances of spikes above 20. Consequently, option premiums remained suppressed, limiting the income we could generate through the Option Income strategy.

For the fiscal year ending May 31, 2023, the North Square Trilogy Alternative Return Fund (Class I Shares) delivered a return of -5.56%, while the Bloomberg US Aggregate Bond Index experienced a loss of -2.14%, and the S&P 500 Index gained 2.92%.

As we navigate the ongoing uncertainties, we adhere to a systematic approach that facilitates decision-making. We are confident that the blend of equities, fixed income, and options in our portfolio will provide the necessary diversification for the Trilogy Alternative Return Fund and your portfolio, enabling us to weather a potential prevailing storm.

Sincerely,

Clayton Wilkin

Portfolio Manager

Principal Risks of Investing: Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Management and Strategy Risk, ETF and Mutual Funds Risk, Derivatives Risk, Fixed Income Securities Risk, Equity Risk, Market Risk, Currency Risk, Foreign Investment Risk and High Yield (“Junk”) Bond Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund’s prospectus for additional risk disclosures.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. One cannot invest directly in an index.

A market “drawdown” measures the percentage decline from a peak to a trough.

North Square Spectrum Alpha Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Index and the Russell 2000 Total Return Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Index and the Russell 2000 Total Return Index are representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year
North Square Spectrum Alpha Fund - Class A
Without Load	-2.25%	2.41%	6.10%
With Load^(a)	-7.89%	1.20%	5.47%
North Square Spectrum Alpha Fund - Class I	-2.08%	2.64%	6.40%
Russell 2000 Index	-6.14%	1.38%	5.92%
Russell 2000 Total Return Index	-4.68%	2.74%	7.36%

^(a)

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

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

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Small Cap Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Spectrum Alpha Fund (formerly, North Square Oak Ridge Small Cap Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to NSI Retail Advisors, LLC (formerly, Oak Ridge Investments, LLC).

North Square Spectrum Alpha Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

Gross and net expense ratios for Class A shares were 1.20% and 1.60%, for Class I shares were 0.97% and 1.35%, which were the amounts stated in the current prospectus dated May 1, 2023. The net expense ratio is higher than the gross as a result of fee recoupment. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.30% and 1.05% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

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

North Square Dynamic Small Cap Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Total Return Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year	Since Inception (5/1/23)
North Square Dynamic Small Cap Fund - Class A
Without Load	—	—	—	-0.98%
With Load^(a)	—	—	—	-6.69%
North Square Dynamic Small Cap Fund - Class I	0.76%	5.97%	10.85%	—
Russell 2000 Total Return Index	-4.68%	2.74%	7.36%	-0.94%

^(a)

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Dynamic Small Cap Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. The Predecessor Fund commenced operations on September 30, 2015 after the conversion of the Algert Global U.S. Small Cap account (the “Predecessor Account”). As a result of each reorganization, the Fund is the accounting successor of each the Predecessor Fund and Predecessor Account. Performance results shown in the performance table above between May 10, 2019 and September 30, 2015 represent the performance of the Predecessor Fund, and performance results shown prior to September 30, 2015 represent the performance of the Predecessor Account. The Predecessor Account was not registered under the

North Square Dynamic Small Cap Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected.

Gross and net expense ratios for Class A shares were 1.61% and 1.24%, for Class I shares were 1.36% and 0.99%, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.24% and 0.99% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Advisory Research Small Cap Growth Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Growth Total Return Index. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Growth Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

			Since Inception
	1 Year	5 Year	(7/29/16)
North Square Advisory Research Small Cap Growth Fund - Class I	-1.74%	7.67%	9.91%
Russell 2000 Growth Total Return Index	2.68%	2.74%	7.27%

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Disciplined Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Advisory Research Small Cap Growth Fund (formerly, North Square Oak Ridge All Cap Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to Advisory Research, Inc. (formerly, Oak Ridge Investments, LLC).

Gross and net expense ratios Class I shares were 1.36% and 0.94%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.94% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Advisory Research Small Cap Growth Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

North Square Multi Strategy Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 3000 Total Return Index. The performance graph above is shown for the Fund’s Class A shares; Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 3000 Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year
North Square Multi Strategy Fund - Class A
Without Load	-0.57%	5.94%	9.07%
With Load^(a)	-6.30%	4.69%	8.43%
North Square Multi Strategy Fund - Class I	-0.38%	6.39%	9.36%
Russell 3000 Total Return Index	2.03%	10.07%	11.45%

^(a)

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Multi Strategy Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective September 30, 2021, the Fund changed Sub-Advisors to NSI Retail Advisors, LLC (formerly, Oak Ridge Investments, LLC).

North Square Multi Strategy Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

Gross expense ratio for Class A shares was 1.61% and for Class I shares was 1.36%, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.20% and 1.17% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Preferred and Income Securities Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the ICE BofAML Fixed Rate Preferred Securities Index. Results include the reinvestment of all dividends and capital gains.

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

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	Since Inception (6/28/13)
North Square Preferred and Income Securities Fund - Class I	1.25%	9.84%	10.76%
ICE BofAML Fixed Rate Preferred Securities Index	-1.38%	1.89%	3.95%

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Dividend Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Preferred and Income Securities Fund (formerly, North Square Oak Ridge Dividend Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to Red Cedar Investment Management, LLC (formerly, Oak Ridge Investments, LLC).

Gross and net expense ratios Class I shares were 1.27% and 0.97%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.97% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Preferred and Income Securities Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

North Square Tactical Growth Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Morningstar Moderate Aggressive Target Risk Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

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

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year
North Square Tactical Growth Fund - Class A
Without Load	1.04%	4.69%	6.28%
With Load^(a)	-4.78%	3.46%	5.65%
North Square Tactical Growth Fund - Class C
Without Load	0.31%	3.90%	5.48%
With Load^(b)	-0.62%	3.90%	5.48%
North Square Tactical Growth Fund - Class I	1.33%	4.94%	6.54%
Morningstar Moderate Aggressive Target Risk	-1.26%	5.38%	6.79%

^(a)

^(b)

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

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Growth Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. The Predecessor Fund commenced operations on March 23, 2013 after the conversion of the ETF Market Opportunity Fund (the “Acquired Fund”), a series of Aviemore Trust. As a result of each reorganization, the Fund is the accounting

North Square Tactical Growth Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

successor of each the Predecessor Fund and Acquired Fund. Performance results shown in the performance table above between June 11, 2021 and March 23, 2013 reflect the performance of the Predecessor Fund, and performance results shown prior to March 23, 2013 represent the performance of the Acquired Fund.

Gross expense ratios for Class A, C and I shares were 1.75%, 2.51% and 1.51%, respectively, and net expense ratios for Class A, C, and I shares were 1.69%, 2.44% and 1.44%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.30% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Tactical Defensive Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Morningstar Moderate Target Risk Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

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

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year
North Square Tactical Defensive Fund - Class A
Without Load	-3.93%	3.15%	3.81%
With Load^(a)	-9.45%	1.93%	3.20%
North Square Tactical Defensive Fund - Class C
Without Load	-4.68%	2.36%	3.03%
With Load^(b)	-5.64%	2.36%	3.03%
North Square Tactical Defensive Fund - Class I	-3.70%	3.36%	4.04%
Morningstar Moderate Target Risk Index	-1.54%	4.47%	5.52%

^(a)

^(b)

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

North Square Tactical Defensive Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Defensive Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on June 11, 2021 reflect the performance of the Predecessor Fund.

Gross expense ratios for Class A, C and I shares were 2.02%, 2.77% and 1.77%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.70% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Trilogy Alternative Return Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited)

(LINE GRAPH)

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the HFRX Absolute Return Index and the Bloomberg US Aggregate Bond Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

The HFRX Absolute Return Index and Bloomberg US Aggregate Bond Index are representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

	1 Year	5 Year	10 Year
North Square Trilogy Alternative Return Fund - Class A
Without Load	-5.72%	-0.34%	0.66%
With Load^(a)	-11.13%	-1.52%	0.06%
North Square Trilogy Alternative Return Fund - Class C
Without Load	-6.49%	-1.08%	-0.11%
With Load^(b)	-7.42%	-1.08%	-0.11%
North Square Trilogy Alternative Return Fund - Class I	-5.56%	-0.09%	0.89%
HFRX Absolute Return Index	0.30%	1.61%	1.80%
Bloomberg US Aggregate Bond Index	-2.14%	0.81%	1.39%

^(a)

^(b)

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

North Square Trilogy Alternative Return Fund

FUND PERFORMANCE at May 31, 2023 (Unaudited) – Continued

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Trilogy Alternative Return Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on June 11, 2021 reflect the performance of the Predecessor Fund.

Gross expense ratios for Class A, C and I shares were 1.91%, 2.69% and 1.72%, respectively, and net expense ratios for Class A, C, and I shares were 1.68%, 2.43% and 1.43%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.38% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Spectrum Alpha Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 1.0%
	4,400	iShares^®Russell 2000 ETF	$	764,588
		TOTAL EXCHANGE-TRADED FUNDS (Cost $753,837)		764,588

		MUTUAL FUNDS — 98.6%
	744,105	North Square Advisory Research Small Cap Growth Fund, Class I^(a)		7,939,603
	1,456,503	North Square Advisory Research Small Value Fund, Class I^(a)		13,341,571
	4,574,711	North Square Dynamic Small Cap Fund, Class I^(a)(b)		51,008,031
		TOTAL MUTUAL FUNDS (Cost $87,130,154)		72,289,205

		SHORT-TERM INVESTMENTS — 0.5%
	364,147	First American Treasury Obligations Fund, Class X, 5.01%^(c)		364,147
		TOTAL SHORT-TERM INVESTMENTS (Cost $364,147)		364,147
		TOTAL INVESTMENTS — 100.1% (Cost $88,248,138)	$	73,417,940
		Liabilities in Excess of Other Assets — (0.1)%		(95,845	)
		NET ASSETS — 100.0%	$	73,322,095

^(a)

Affiliated Company. See Note 11.

^(b)

^(c)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements.

North Square Spectrum Alpha Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Exchange-Traded Funds		1.0	%
Mutual Funds		98.6	%
Short-Term Investments		0.5	%
Total Investments		100.1	%
Liabilities in Excess of Other Assets		-0.1	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 97.0%
		COMMUNICATIONS — 3.1%
		CABLE & SATELLITE — 0.3%
	26,290	WideOpenWest, Inc.^(a)	$	199,804

		ENTERTAINMENT CONTENT — 0.3%
	14,820	AMC Networks, Inc., Class A^(a)		167,614
	5,870	Inspired Entertainment, Inc.^(a)		80,595
				248,209
		INTERNET MEDIA & SERVICES — 0.5%
	7,680	Shutterstock, Inc.		382,234

		PUBLISHING & BROADCASTING — 0.8%
	17,430	New York Times Co. (The), Class A		617,371

		TELECOMMUNICATIONS — 1.2%
	2,490	Cogent Communications Holdings, Inc.		153,185
	43,220	GOGO, Inc.^(a)		650,460
	2,400	IDT Corp., Class B^(a)		72,936
	6,830	Ooma, Inc.^(a)		90,976
				967,557
		TOTAL COMMUNICATIONS		2,415,175

		CONSUMER DISCRETIONARY — 13.7%
		APPAREL & TEXTILE PRODUCTS — 1.5%
	1,984	Deckers Outdoor Corp.^(a)		942,400
	9,880	On Holding AG^(a)		271,206
				1,213,606
		AUTOMOTIVE — 0.4%
	10,620	Harley-Davidson, Inc.		330,388

		CONSUMER SERVICES — 0.1%
	5,580	AirSculpt Technologies, Inc.		47,095

		HOME CONSTRUCTION — 2.3%
	7,747	Forestar Group, Inc.^(a)		157,497
	11,170	Green Brick Partners, Inc.^(a)		534,708
	2,710	Meritage Homes Corp.		312,544
	10,500	Taylor Morrison Home Corp.^(a)		445,515
	11,980	TRI Pointe Group, Inc.^(a)		349,936
				1,800,200
		LEISURE FACILITIES & SERVICES — 4.2%
	5,420	Madison Square Garden Sports Corp.		957,443
	26,650	Travel + Leisure Co.		971,926
	5,500	Wingstop, Inc.		1,096,479

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		CONSUMER DISCRETIONARY (Continued)
		LEISURE FACILITIES & SERVICES (Continued)
	13,110	Xponential Fitness, Inc., Class A^(a)	$	347,284
				3,373,132
		RETAIL - DISCRETIONARY — 4.1%
	28,460	Aaron’s Co., Inc. (The)		348,350
	49,740	Aspen Aerogels, Inc.^(a)		326,792
	5,895	BlueLinx Holdings, Inc.^(a)		484,687
	10,340	Genesco, Inc.^(a)		186,430
	15,830	GMS, Inc.^(a)		1,002,514
	10,070	Rush Enterprises, Inc., Class A		526,359
	18,790	Sleep Number Corp.^(a)		340,851
				3,215,983
		WHOLESALE - DISCRETIONARY — 1.1%
	11,480	ScanSource, Inc.^(a)		330,165
	4,741	Veritiv Corp.		500,602
				830,767
		TOTAL CONSUMER DISCRETIONARY		10,811,171

		CONSUMER STAPLES — 7.3%
		BEVERAGES — 1.3%
	1,740	Celsius Holdings, Inc.^(a)		218,422
	3,540	National Beverage Corp.^(a)		174,947
	24,740	Vita Coco Co., Inc. (The)^(a)		660,063
				1,053,432
		FOOD — 1.4%
	10,050	Cal-Maine Foods, Inc.		477,877
	2,630	John B. Sanfilippo & Son, Inc.		305,685
	19,410	Vital Farms, Inc.^(a)		281,251
				1,064,813
		HOUSEHOLD PRODUCTS — 3.3%
	15,043	e.l.f. Beauty, Inc.^(a)		1,564,773
	8,250	Inter Parfums, Inc.		1,036,200
				2,600,973
		TOBACCO & CANNABIS — 0.4%
	13,750	Turning Point Brands, Inc.		287,925

		WHOLESALE - CONSUMER STAPLES — 0.9%
	27,070	United Natural Foods, Inc.^(a)		723,040
		TOTAL CONSUMER STAPLES		5,730,183

		ENERGY — 5.3%
		OIL & GAS PRODUCERS — 3.7%
	4,500	Murphy USA, Inc.		1,243,890

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		ENERGY (Continued)
		OIL & GAS PRODUCERS (Continued)
	7,460	New Fortress Energy, Inc., Class A	$	195,974
	15,830	Ovintiv, Inc.		523,498
	10,250	PBF Energy, Inc., Class A		377,303
	25,260	Viper Energy Partners LP		651,203
				2,991,868
		OIL & GAS SERVICES & EQUIP — 0.3%
	31,644	MRC Global, Inc.^(a)		274,986

		OIL & GAS SERVICES & EQUIPMENT — 1.3%
	84,790	Liberty Oilfield Services, Inc., Class A		995,435
		TOTAL ENERGY		4,262,289

		FINANCIALS — 9.9%
		ASSET MANAGEMENT — 0.5%
	13,120	Assetmark Financial Holdings, Inc.^(a)		368,410

		BANKING — 5.5%
	15,070	Amalgamated Bank		214,295
	7,600	Axos Financial, Inc.^(a)		287,432
	23,954	Bancorp, Inc. (The)^(a)		739,219
	18,170	Bank of NT Butterfield & Son Ltd.(The)		455,522
	7,370	BankUnited, Inc.		139,440
	3,060	Central Pacific Financial Corp.		44,707
	25,785	Customers Bancorp, Inc.^(a)		593,571
	9,850	East West Bancorp, Inc.		471,323
	19,780	First BanCorp.		220,745
	16,518	Hanmi Financial Corp.		237,859
	27,320	Heritage Commerce Corp.		198,890
	6,330	Midland States Bankcorp, Inc.		122,422
	11,160	Synovus Financial Corp.		302,324
	2,250	Unity Bancorp, Inc.		51,188
	16,580	Veritex Holdings, Inc.		286,337
				4,365,274
		BANKS — 0.1%
	2,650	Comerica, Inc.		95,665

		INSTITUTIONAL FINANCIAL SERVICES — 2.0%
	96,530	BGC Partners, Inc., Class A		392,877
	16,840	Perella Weinberg Partners		131,857
	12,200	SEI Investments Co.		690,276
	2,500	StoneX Group, Inc.^(a)		200,725
	10,140	Virtu Financial, Inc., Class A		178,363
				1,594,098

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
		INSURANCE — 1.5%
	2,450	Brighthouse Financial, Inc.^(a)	$	98,637
	20,160	James River Group Holdings, Ltd.		385,863
	18,370	Lincoln National Corp.		384,300
	3,140	Palomar Holdings, Inc.^(a)		171,632
	14,980	SiriusPoint Ltd.^(a)		139,464
				1,179,896
		SPECIALTY FINANCE — 0.3%
	7,640	Bread Financial Holdings, Inc.		215,295
		TOTAL FINANCIALS		7,818,638

		HEALTH CARE — 15.2%
		BIOTECH & PHARMA — 8.1%
	8,490	89Bio, Inc.^(a)		154,773
	14,430	ACADIA Pharmaceuticals, Inc.^(a)		339,105
	22,840	Alkermes PLC^(a)		660,762
	85,430	Allakos, Inc.^(a)		425,441
	12,920	Arrowhead Pharmaceuticals, Inc.^(a)		444,577
	7,210	BioCryst Pharmaceuticals, Inc.^(a)		59,627
	9,310	Celldex erapeutics, Inc.^(a)		296,058
	21,700	Chinook erapeutics, Inc.^(a)		524,923
	34,250	Dyne erapeutics, Inc.^(a)		446,278
	37,750	Fate erapeutics, Inc.^(a)		190,638
	3,850	Intra-Cellular erapies, Inc.^(a)		228,613
	31,570	Iovance Biotherapeutics, Inc.^(a)		275,922
	23,557	Kodiak Sciences, Inc.^(a)		139,693
	13,900	Kura Oncology, Inc.^(a)		185,148
	12,350	Mersana erapeutics, Inc.^(a)		92,872
	12,210	Merus NV^(a)		265,201
	9,130	Mirati erapeutics, Inc.^(a)		339,271
	8,260	Morphic Holding, Inc.^(a)		474,950
	25,091	PetIQ, Inc., Class A^(a)		319,408
	2,540	RAPT erapeutics, Inc.^(a)		50,876
	7,420	Replimune Group, Inc.^(a)		140,906
	11,420	Syndax Pharmaceuticals^(a)		228,057
	11,780	Y-mAbs erapeutics, Inc.^(a)		95,771
				6,378,870
		HEALTH CARE FACILITIES & SERVICES — 3.3%
	34,970	GoodRx Holdings, Inc., Class A^(a)		189,887
	6,122	Medpace Holdings, Inc.^(a)		1,267,070
	14,600	Pennant Group, Inc.(The)^(a)		175,200
	25,870	Progyny, Inc.^(a)		963,658
				2,595,815

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		HEALTH CARE (Continued)
		MEDICAL EQUIPMENT & DEVICES — 3.8%
	10,600	Adaptive Biotechnologies Corp.^(a)	$	73,776
	16,070	AxoGen, Inc.^(a)		136,595
	7,330	Bruker Corp.		506,503
	7,020	Lantheus Holdings, Inc.^(a)		607,861
	43,800	MaxCyte, Inc.^(a)		178,704
	20,590	NanoString Technologies, Inc.^(a)		121,275
	50,150	OraSure Technologies, Inc.^(a)		252,255
	800	ShockWave Medical, Inc.^(a)		220,072
	15,330	SI-BONE, Inc.^(a)		386,009
	22,730	Tactile Systems Technology, Inc.^(a)		477,785
				2,960,835
		TOTAL HEALTH CARE		11,935,520

		INDUSTRIALS — 13.7%
		COMMERCIAL SUPPORT SERVICES — 5.9%
	8,000	ASGN, Inc.^(a)		523,440
	1,070	Cimpress PLC^(a)		51,125
	4,597	CorVel Corp.^(a)		898,438
	72,050	Harsco Corp.^(a)		609,543
	13,360	ManpowerGroup, Inc.		937,471
	24,460	Sovos Brands, Inc.^(a)		464,495
	12,770	TriNet Group, Inc.^(a)		1,134,870
				4,619,382
		ELECTRICAL EQUIPMENT — 2.1%
	6,560	Alarm.com Holdings, Inc.^(a)		329,443
	9,430	Camtek Ltd.^(a)		272,433
	5,270	Napco Security Technologies, Inc.		195,991
	13,610	Stoneridge, Inc.^(a)		222,660
	32,580	Vertiv Holdings Co., Class A		628,794
				1,649,321
		ENGINEERING & CONSTRUCTION — 1.8%
	1,390	EMCOR Group, Inc.		229,128
	1,390	Exponent, Inc.		126,935
	34,680	frontdoor, Inc.^(a)		1,069,184
				1,425,247
		INDUSTRIAL INTERMEDIATE PROD — 0.3%
	24,670	Janus International Group, Inc., Class A^(a)		217,836

		INDUSTRIAL SUPPORT SERVICES — 0.8%
	4,090	Applied Industrial Technologies, Inc.		502,906
	5,840	Titan Machinery, Inc.^(a)		147,460
				650,366

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		INDUSTRIALS (Continued)
		MACHINERY — 0.3%
	21,210	CECO Environmental Corp.^(a)	$	228,220

		TRANSPORTATION & LOGISTICS — 2.5%
	26,440	Ardmore Shipping Corp.		309,612
	13,110	DHT Holdings, Inc.		100,816
	7,900	International Seaways, Inc.		284,795
	66,670	Safe Builders, Inc.		211,344
	6,850	Scorpio Tankers, Inc.		313,524
	3,655	Spirit Airlines, Inc.		55,593
	11,370	Sun Country Airlines Holdings Inc.^(a)		213,756
	11,850	Teekay Corp.^(a)		66,479
	12,250	Teekay Tankers Ltd., Class A		442,592
				1,998,511
		TOTAL INDUSTRIALS		10,788,883

		MATERIALS — 5.6%
		CHEMICALS — 1.3%
	4,980	Innospec, Inc.		459,953
	25,040	Orion Engineered Carbons SA		580,677
				1,040,630
		CONTAINERS & PACKAGING — 0.1%
	8,150	Pactiv Evergreen, Inc.		57,213

		FORESTRY, PAPER & WOOD PRODUCTS — 2.7%
	14,460	Boise Cascade Co.		1,038,517
	14,070	UFP Industries, Inc.		1,098,867
				2,137,384
		METALS & MINING — 1.5%
	28,430	Coeur Mining, Inc.^(a)		85,290
	2,420	Constellium SE, Class A^(a)		36,058
	6,310	Encore Wire Corp.		1,032,758
				1,154,106
		TOTAL MATERIALS		4,389,333

		REAL ESTATE — 3.1%
		REAL ESTATE SERVICES — 0.5%
	58,860	Anywhere Real Estate, Inc.^(a)		357,280

		REIT — 2.6%
	23,688	American Assets Trust, Inc.		451,256
	33,730	Brandywine Realty Trust		131,547
	17,930	Chatham Lodging Trust		168,363

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		REAL ESTATE (Continued)
		REIT (Continued)
	5,490	National Storage Affiliates Trust	$	200,989
	1,230	NexPoint Residential Trust, Inc.		50,479
	10,130	Ryman Hospitality Properties, Inc.		929,225
	15,210	Service Properties Trust		124,874
				2,056,733
		TOTAL REAL ESTATE		2,414,013

		TECHNOLOGY — 18.9%
		SEMICONDUCTORS — 2.1%
	50,200	ACM Research, Inc., Class A^(a)		507,522
	29,270	Allegro MicroSystems, Inc.^(a)		1,151,189
				1,658,711
		SOFTWARE — 8.7%
	11,700	Agilysys, Inc.^(a)		869,778
	6,670	American Software, Inc., Class A		84,909
	25,690	Avid Technology, Inc.^(a)		616,560
	7,610	Bandwidth, Inc., Class A^(a)		90,559
	16,270	Commvault Systems, Inc.^(a)		1,133,856
	17,770	Expensify, Inc., Class A^(a)		122,968
	7,570	IBEX Holdings Ltd.^(a)		155,034
	7,930	Manhattan Associates, Inc.^(a)		1,438,661
	11,860	PDF Solutions, Inc.^(a)		501,085
	4,110	Sapiens International Corp. NV		102,092
	31,000	Sprinklr Inc, Class A^(a)		412,300
	24,380	Teradata Corp.^(a)		1,142,447
	9,250	Weave Communications, Inc.^(a)		72,335
				6,742,584
		TECHNOLOGY HARDWARE — 5.3%
	54,660	A10 Networks, Inc.		813,887
	22,550	Avnet, Inc.		988,592
	2,700	Dropbox, Inc., Class A^(a)		62,154
	22,980	Extreme Networks, Inc.^(a)		473,388
	8,805	Fabrinet^(a)		996,903
	16,130	Sanmina Corp.^(a)		855,535
				4,190,459
		TECHNOLOGY SERVICES — 2.8%
	5,190	ExlService Holdings, Inc.^(a)		783,378
	19,700	LiveRamp Holdings, Inc.^(a)		479,497
	780	MarketAxess Holdings, Inc.		212,480
	12,780	Paysafe Ltd., Class A^(a)		123,455
	35,102	Repay Holdings Corp.^(a)		222,196

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		TECHNOLOGY (Continued)
		TECHNOLOGY SERVICES (Continued)
	35,940	Western Union Co. (The)	$	409,357
				2,230,363
		TOTAL TECHNOLOGY		14,822,117

		UTILITIES — 1.2%
		ELECTRIC UTILITIES — 1.2%
	38,840	Vistra Energy Corp.		930,995
		TOTAL UTILITIES		930,995

		TOTAL COMMON STOCKS (Cost $73,910,889)		76,318,317

		EXCHANGE-TRADED FUNDS — 0.0%^(b)
	11	iShares^®Russell 2000 ETF		1,911
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,912)		1,911

		SHORT-TERM INVESTMENTS — 3.6%
	2,846,630	First American Treasury Obligations Fund, Class X, 5.01%^(c)		2,846,630
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,846,630)		2,846,630
		TOTAL INVESTMENTS — 100.6% (Cost $76,759,431)	$	79,166,858
		Liabilities in Excess of Other Assets — (0.6)%		(444,245	)
		NET ASSETS — 100.0%	$	78,722,613

^(a)

Non-income producing security.

^(b)

Percentage rounds to less than 0.1%.

^(c)

Rate disclosed is the seven day effective yield as of May 31, 2023.

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Communications		3.1	%
Consumer Discretionary		13.7	%
Consumer Staples		7.3	%
Energy		5.3	%
Financials		9.9	%
Health Care		15.2	%
Industrials		13.7	%
Materials		5.6	%
Real Estate		3.1	%
Technology		18.8	%
Utilities		1.2	%
Total Common Stocks		97.0	%
Exchange-Traded Funds		0.0	%
Short-Term Investments		3.6	%
Total Investments		100.6	%
Liabilities in Excess of Other Assets		-0.6	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		COMMON STOCKS — 95.2%
		COMMUNICATIONS — 1.4%
		INTERNET MEDIA & SERVICES — 0.5%
	3,156	Opera Ltd. - ADR	$	49,675

		PUBLISHING & BROADCASTING — 0.9%
	3,517	ryv Holdings, Inc.^(a)		81,946
		TOTAL COMMUNICATIONS		131,621

		CONSUMER DISCRETIONARY — 15.9%
		APPAREL & TEXTILE PRODUCTS — 1.8%
	6,202	On Holding AG^(a)		170,245

		AUTOMOTIVE — 1.5%
	5,180	Modine Manufacturing Co.^(a)		141,362

		E-COMMERCE DISCRETIONARY — 0.2%
	4,483	Farfetch Ltd., Class A^(a)		22,101

		HOME CONSTRUCTION — 4.1%
	463	Cavco Industries, Inc.^(a)		115,278
	3,562	Green Brick Partners, Inc.^(a)		170,512
	2,620	Taylor Morrison Home Corp.^(a)		111,167
				396,957
		LEISURE FACILITIES & SERVICES — 7.2%
	12,315	Arcos Dorados Holdings, Inc., Class A		104,062
	2,384	Kura Sushi USA, Inc.^(a)		194,272
	8,191	Life Time Group Holdings, Inc.^(a)		155,711
	8,670	Portillo’s, Inc.^(a)		174,007
	574	Texas Roadhouse, Inc.		61,935
				689,987
		RETAIL - DISCRETIONARY — 1.1%
	1,212	Academy Sports & Outdoors, Inc.		59,339
	745	Boot Barn Holdings, Inc.^(a)		50,377
				109,716
		TOTAL CONSUMER DISCRETIONARY		1,530,368

		CONSUMER STAPLES — 1.0%
		BEVERAGES — 1.0%
	738	Celsius Holdings, Inc.^(a)		92,641
		TOTAL CONSUMER STAPLES		92,641

		ENERGY — 2.3%
		OIL & GAS PRODUCERS — 1.7%
	1,370	Denbury, Inc.^(a)		123,533

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		ENERGY (Continued)
		OIL & GAS PRODUCERS (Continued)
	989	Matador Resources Co.	$	43,486
				167,019
		OIL & GAS SERVICES & EQUIPMENT — 0.6%
	1,490	Noble Corp PLC^(a)		56,233
		TOTAL ENERGY		223,252

		FINANCIALS — 2.4%
		ASSET MANAGEMENT — 2.4%
	1,715	Assetmark Financial Holdings, Inc.^(a)		48,157
	5,050	Avantax, Inc.^(a)		106,859
	2,590	Victory Capital Holdings, Inc., Class A		80,212
				235,228
		TOTAL FINANCIALS		235,228

		HEALTH CARE — 20.2%
		BIOTECH & PHARMA — 14.0%
	1,499	Arcellx, Inc.^(a)		66,181
	1,774	Avadel Pharmaceuticals Public Limited Co. - ADR^(a)		24,570
	7,506	CymaBay erapeutics, Inc.^(a)		67,404
	36,464	Geron Corp.^(a)		119,237
	1,532	Immunocore Holdings PLC - ADR^(a)		84,536
	1,528	Intra-Cellular erapies, Inc.^(a)		90,733
	351	Karuna erapeutics, Inc.^(a)		79,519
	819	Krystal Biotech, Inc.^(a)		96,519
	1,457	Prothena Corp. PLC^(a)		96,789
	3,299	Recursion Pharmaceuticals, Inc.^(a)		28,932
	7,657	Roivant Sciences Ltd.^(a)		69,602
	4,309	TransMedics Group, Inc.^(a)		313,092
	1,990	Vaxcyte, Inc.^(a)		98,545
	2,697	Xenon Pharmaceuticals, Inc.^(a)		103,915
				1,339,574
		HEALTH CARE FACILITIES & SERVICES — 1.2%
	14,663	LifeStance Health Group, Inc.^(a)		120,090

		MEDICAL EQUIPMENT & DEVICES — 5.0%
	7,851	Alphatec Holdings, Inc.^(a)		119,021
	1,719	Inmode Ltd.^(a)		54,269
	252	Inspire Medical Systems, Inc.^(a)		73,707
	3,049	Pacific Biosciences of California, Inc.^(a)		37,747
	445	ShockWave Medical, Inc.^(a)		122,415
	1,240	STAAR Surgical Co.^(a)		71,945
				479,104
		TOTAL HEALTH CARE		1,938,768

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		INDUSTRIALS — 16.3%
		COMMERCIAL SUPPORT SERVICES — 2.8%
	2,716	Huron Consulting Group, Inc.^(a)	$	220,756
	4,541	Legalzoom.com, Inc.^(a)		50,814
				271,570
		ELECTRICAL EQUIPMENT — 5.3%
	1,199	AAON, Inc.		103,845
	4,144	BWX Technologies, Inc.		249,966
	4,163	Napco Security Technologies, Inc.		154,822
				508,633
		ENGINEERING & CONSTRUCTION — 0.7%
	551	MYR Group, Inc.^(a)		70,253

		INDUSTRIAL INTERMEDIATE PRODUCTS — 1.3%
	1,718	Mueller Industries, Inc.		127,579

		INDUSTRIAL SUPPORT SERVICES — 0.1%
	1,043	Custom Truck One Source, Inc.^(a)		6,717

		MACHINERY — 6.1%
	1,443	Albany International Corp., Class A		122,540
	320	ESCO Technologies, Inc.		28,800
	1,225	Standex International, Inc.		166,833
	8,096	Symbotic, Inc.^(a)		267,005
				585,178
		TOTAL INDUSTRIALS		1,569,930

		MATERIALS — 6.1%
		CONSTRUCTION MATERIALS — 2.2%
	5,527	Tecnoglass, Inc.		211,132

		CONTAINERS & PACKAGING — 1.8%
	8,171	O-I Glass, Inc.^(a)		169,303

		METALS & MINING — 0.8%
	451	Encore Wire Corp.		73,815

		STEEL — 1.3%
	3,740	Allegheny Technologies, Inc.^(a)		129,329
		TOTAL MATERIALS		583,579

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		TECHNOLOGY — 29.2%
		SEMICONDUCTORS — 6.0%
	3,837	Aehr Test Systems^(a)	$	126,698
	1,007	Axcelis Technologies, Inc.^(a)		158,653
	2,497	Impinj, Inc.^(a)		255,543
	1,701	Veeco Instruments, Inc.^(a)		41,521
				582,415
		SOFTWARE — 19.7%
	2,078	Alkami Technology, Inc.^(a)		31,170
	2,922	Box, Inc., Class A^(a)		82,313
	3,357	C3.ai, Inc., Class A^(a)		134,314
	703	Digi International, Inc.^(a)		25,273
	1,277	Docebo, Inc.^(a)		43,571
	3,926	Donnelley Financial Solutions, Inc.^(a)		174,118
	674	Duolingo, Inc.^(a)		100,810
	9,638	Evolent Health, Inc., Class A^(a)		280,851
	897	Monday.com Ltd.^(a)		161,639
	17,161	Oscar Health, Inc.^(a)		125,962
	1,171	PDF Solutions, Inc.^(a)		49,475
	1,691	Perion Network Ltd.^(a)		52,049
	1,022	Privia Health Group, Inc.^(a)		25,499
	15,725	Samsara, Inc.^(a)		302,705
	5,897	Vertex, Inc., Class A^(a)		129,616
	1,896	Workiva, Inc., Class A^(a)		183,647
				1,903,012
		TECHNOLOGY HARDWARE — 1.8%
	5,310	PagerDuty, Inc.^(a)		144,485
	448	Vicor Corp.^(a)		24,797
				169,282
		TECHNOLOGY SERVICES — 1.7%
	8,904	Integral Ad Science Holding Corp.^(a)		168,375
		TOTAL TECHNOLOGY		2,823,084

		UTILITIES — 0.4%
		ELECTRIC UTILITIES — 0.4%
	639	ALLETE, Inc.		38,065
		TOTAL UTILITIES		38,065

		TOTAL COMMON STOCKS (Cost $7,679,919)		9,166,536

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 4.7%
	450,466	First American Treasury Obligations Fund, Class X, 5.01%^(b)	$	450,466
		TOTAL SHORT-TERM INVESTMENTS (Cost $450,466)		450,466
		TOTAL INVESTMENTS — 99.9% (Cost $8,130,385)	$	9,617,002
		Other Assets in Excess of Liabilities — 0.1%		6,821
		NET ASSETS — 100.0%	$	9,623,823

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ADR - American Depositary Receipt

LTD - Limited Company

PLC - Public Limited Company

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Commuications		1.4	%
Consumer Discretionary		15.9	%
Consumer Staples		1.0	%
Energy		2.3	%
Financials		2.4	%
Health Care		20.2	%
Industrials		16.3	%
Materials		6.1	%
Technology		29.2	%
Utilities		0.4	%
Total Common Stocks		95.2	%
Short-Term Investments		4.7	%
Total Investments		99.9	%
Other Assets in Excess of Liabilities		0.1	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Multi Strategy Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 32.7%
	16,000	Invesco S&P 500^® GARP ETF	$	1,356,800
	10,060	iShares^®Core S&P 500^®ETF		4,219,466
	17,500	Vanguard^®Dividend Appreciation ETF		2,681,875
	4,800	Vanguard^®Growth ETF		1,272,288
	23,585	Vanguard^®Value ETF		3,178,550
		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,392,562)		12,708,979

		MUTUAL FUNDS — 67.1%
	146,206	North Square Advisory Research Small Cap Growth Fund, Class I^(b)		1,560,016
	235,617	North Square Advisory Research Small Value Fund, Class I^(b)		2,158,248
	483,150	North Square Altrinsic International Equity Fund, Class I^(b)		4,817,009
	712,169	North Square Dynamic Small Cap Fund, Class I^(b)		7,940,687
	223,690	North Square McKee Bond Fund, Class I^(b)		1,964,001
	385,323	North Square Preferred And Income Securities Fund, Class I^(b)		6,881,865
	90,934	North Square Strategic Income Fund, Class I^(b)		782,035
		TOTAL MUTUAL FUNDS (Cost $26,209,828)		26,103,861

		SHORT-TERM INVESTMENTS — 0.7%
	268,529	First American Treasury Obligations Fund, Class X, 5.01%^(c)		268,529
		TOTAL SHORT-TERM INVESTMENTS (Cost $268,529)		268,529
		TOTAL INVESTMENTS — 100.5% (Cost $39,870,919)	$	39,081,369
		Liabilities in Excess of Other Assets — (0.5)%		(228,153	)
		NET ASSETS — 100.0%	$	38,853,216

^(a)

Non-income producing security.

^(b)

Affiliated Company. See Note 11.

^(c)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements.

North Square Multi Strategy Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Exchange-Traded Funds		32.7	%
Mutuals Funds		67.1	%
Short-Term Investments		0.7	%
Total Investments		100.5	%
Liabilities in Excess of Other Assets		(0.05	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Preferred and Income Securities Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		PREFERRED STOCKS — 6.6%
		BANKING — 2.5%
	56,000	KeyCorp, Series E, 6.125%	$	1,132,320
	2,000	KeyCorp, Series H, 6.200%		39,320
				1,171,640
		ELECTRIC UTILITIES — 4.1%
	2,000,000	CenterPoint Energy, Inc., Series A, 6.125%		1,906,144
		TOTAL PREFERRED STOCKS (Cost $2,944,578)		3,077,784
Principal
Amount ($)
		CORPORATE BONDS — 87.7%
		ASSET MANAGEMENT — 4.5%
$	750,000	UBS Group AG, 7.000%, Perpetual		718,125
	2,000,000	UBS Group AG, 4.375%, Perpetual		1,370,113
				2,088,238
		AUTOMOTIVE — 3.5%
	2,000,000	General Motors Financial Co., Inc., 5.750%, Perpetual		1,620,560

		BANKING — 56.8%
	2,000,000	Barclays PLC, 8.000%, Perpetual		1,883,300
	3,000,000	BNP Paribas SA, 4.625%, Perpetual		2,129,140
	2,500,000	Citizens Financial Group, Inc., 5.650%, Perpetual		2,213,644
	1,500,000	Credit Agricole SA, 6.875%, Perpetual		1,436,430
	2,000,000	Fifth ird Bancorp, 5.100% (3MO LIBOR + 303.30bps), Perpetual^(a)		1,735,000
	2,000,000	HSBC Holdings PLC, 4.700%, Perpetual		1,506,241
	1,000,000	Huntington Bancshares, Inc., 4.450%, Perpetual		797,445
	1,500,000	Huntington Bancshares, Inc., 8.142% (3MO SOFT + 314.16bps), Perpetual^(a)		1,222,905
	2,000,000	ING Groep NV, 3.875%, Perpetual		1,405,000
	375,000	KeyCorp, 5.000%, Perpetual		262,313
	2,000,000	Lloyds Banking Group PLC, 8.000%, Perpetual		1,843,236
	2,542,000	M&T Bank Corp., 3.500%, Perpetual		1,656,974
	1,500,000	NatWest Group PLC, 4.600%, Perpetual		1,058,007
	1,200,000	Societe Generale SA, 4.750%, Perpetual		913,335
	1,000,000	Societe Generale SA, 8.000%, Perpetual		935,625
	2,500,000	Standard Chartered PLC, 4.300%, Perpetual		1,763,085
	1,800,000	Svenska Handelsbanken AB, 4.750%, Perpetual		1,404,284
	1,186,000	Truist Financial Corp., Series G, 7.968% (3MO LIBOR + 310.20bps), Perpetual^(a)		1,138,560
	1,250,000	Truist Financial Corp., 4.950%, Perpetual		1,162,500
				26,467,024
		INSURANCE — 4.0%
	2,000,000	Corebridge Financial, Inc., 6.875%, Perpetual^(b)		1,871,048

See accompanying Notes to Financial Statements.

North Square Preferred and Income Securities Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Principal
Amount ($)			Fair Value
		CORPORATE BONDS (Continued)
		OIL & GAS PRODUCERS — 7.9%
$	1,500,000	Energy Transfer LP, 9.349% (3MO LIBOR + 402.80bps), Perpetual^(a)	$	1,340,625
	700,000	Energy Transfer LP, 7.125%, Perpetual		590,124
	2,000,000	Plains All American Pipeline LP, Series B, 9.431%, Perpetual		1,752,500
				3,683,249
		SPECIALTY FINANCE — 11.0%
	3,000,000	Ally Financial, Inc., Series B, 4.700%, Perpetual		2,132,175
	3,000,000	Capital One Financial Corp., 3.950%, Perpetual		2,237,611
	1,000,000	Discover Financial Services, Series C, 5.500%, Perpetual		747,850
				5,117,636
		TOTAL CORPORATE BONDS (Cost $41,013,420)		40,847,755

Shares
		SHORT-TERM INVESTMENTS — 2.0%
	940,103	First American Treasury Obligations Fund, Class X, 5.01%^(c)		940,103
		TOTAL SHORT-TERM INVESTMENTS (Cost $940,103)		940,103
		TOTAL INVESTMENTS — 96.3% (Cost $44,898,101)	$	44,865,642
		Other Assets in Excess of Liabilities — 3.7%		1,711,182
		NET ASSETS — 100.0%	$	46,576,824

^(a)

Variable rate security; the rate shown represents the rate on May 31, 2023.

^(b)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. e security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2023 the total market value of 144A securities is 1,871,048 or 4.0% of net assets.

^(c)

Rate disclosed is the seven day effective yield as of May 31, 2023.

See accompanying Notes to Financial Statements.

North Square Preferred and Income Securities Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Preferred Stocks		6.6	%
Corporate Bonds
Asset Management		4.5	%
Automotive		3.5	%
Banking		56.8	%
Insurance		4.0	%
Oil & Gas Producers		7.9	%
Speciality Finance		11.0	%
Total Corporate Bonds		87.7	%
Short-Term Investment		2.0	%
Total Investments		96.3	%
Other Assets in Excess of Liabilities		3.7	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Tactical Growth Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 83.7%
	168,575	Invesco QQQ Trust, Series 1	$	58,662,414
	274,100	iShares^®J.P. Morgan USD Emerging Markets Bond ETF		23,238,198
	398,000	iShares^®MSCI Mexico Capped ETF		23,820,300
	215,300	iShares^®U.S. Aerospace & Defense ETF		23,394,498
	129,440	SPDR^®S&P 500^® ETF Trust		54,086,504
	281,887	Vanguard^®Growth ETF		74,716,968
	481,500	Vanguard^®Total International Bond ETF		23,569,425
	666,298	Vanguard^®Value ETF		89,796,982
	390,400	Vanguard^®FTSE Europe ETF		23,509,888
		TOTAL EXCHANGE-TRADED FUNDS (Cost $292,480,154)		394,795,177

		SHORT-TERM INVESTMENTS — 16.3%
	76,657,959	First American Treasury Obligations Fund, Class X, 5.01%^(a)		76,657,959
		TOTAL SHORT-TERM INVESTMENTS (Cost $76,657,959)		76,657,959
		TOTAL INVESTMENTS — 100.0% (Cost $369,138,113)	$	471,453,136
		Liabilities in Excess of Other Assets — 0.0%		(10,608	)
		NET ASSETS — 100.0%	$	471,442,528

^(a)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depositary Receipt

See accompanying Notes to Financial Statements.

North Square Tactical Growth Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
ETFs		83.7	%
Short Term Investments		16.3	%
Total Investments		100.0	%
Liabilities in Excess of Other Assets		0.0	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Tactical Defensive Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 52.3%
	292,600	SPDR^®Portfolio Developed World EX-US ETF	$	9,275,420
	92,400	SPDR^®Portfolio Emerging Markets ETF		3,067,680
	355,500	SPDR^®Portfolio S&P 500^®ETF^(a)		17,469,270
	51,400	SPDR^®Portfolio S&P 600 Small Cap ETF		1,855,026
		TOTAL EXCHANGE-TRADED FUNDS (Cost $31,746,086)		31,667,396

		SHORT-TERM INVESTMENTS — 49.6%
	30,036,367	First American Treasury Obligations Fund, Class X, 5.01%^(a)(b)		30,036,367
		TOTAL SHORT-TERM INVESTMENTS (Cost $30,036,367)		30,036,367
		TOTAL INVESTMENTS — 101.9% (Cost $61,782,453)	$	61,703,763
		Liabilities in Excess of Other Assets — (1.9)%		(1,148,646	)
		NET ASSETS — 100.0%	$	60,555,117

^(a)

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 May 31, 2023, the percentage of net assets invested in SPDR Portfolio S&P 500 ETF and First American Treasury Obligations Fund, Class X were 28.8% and 49.6%, respectively, of the Fund. e financial statements and portfolio holdings for these securities can be found at www.sec.gov.

^(b)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

See accompanying Notes to Financial Statements.

North Square Tactical Defensive Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
ETFs		52.3	%
Short Term Investments		49.6	%
Total Investments		101.9	%
Liabilities in Excess of Other Assets		-1.9	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SCHEDULE OF INVESTMENTS

May 31, 2023

Shares			Fair Value
		COMMON STOCKS – 35.8%
		CONSUMER DISCRETIONARY – 3.5%
		HOTELS, RESTAURANTS & LEISURE — 2.5%
	2,303	McDonald’s Corp.	$	656,609

		SPECIALTY RETAIL — 1.0%
	925	Home Depot, Inc. (The)		262,191
		TOTAL CONSUMER DISCRETIONARY		918,800

		CONSUMER STAPLES — 5.0%
		FOOD — 1.0%
	3,044	General Mills, Inc.		256,183

		HOUSEHOLD PRODUCTS – 1.2%
	2,298	Procter & Gamble Co. (The)		327,465

		RETAIL - CONSUMER STAPLES — 1.9%
	3,413	Wal-Mart Stores, Inc.		501,267

		WHOLESALE - CONSUMER STAPLES — 0.9%
	3,623	Sysco Corp.		253,429
		TOTAL CONSUMER STAPLES		1,338,344

		FINANCIALS – 2.9%
		BANKS – 0.9%
	8,191	Truist Financial Corp.		249,580

		INSURANCE – 2.0%
	8,247	Aflac, Inc.		529,540
		TOTAL FINANCIALS		779,120

		HEALTH CARE – 8.3%
		BIOTECH & PHARMA – 7.4%
	1,907	Eli Lilly & Co.		818,980
	1,697	Johnson & Johnson		263,137
	4,688	Merck & Co., Inc.		517,602
	9,969	Pfizer, Inc.		379,021
				1,978,740
		MEDICAL EQUIPMENT & DEVICES – 0.9%
	2,381	Abbott Laboratories		242,862
		TOTAL HEALTH CARE		2,221,602

		INDUSTRIALS – 5.8%
		AEROSPACE & DEFENSE – 1.3%
	1,910	L3 Harris Technologies, Inc.		336,007

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		COMMON STOCKS (Continued)
		INDUSTRIALS (Continued)
		COMMERCIAL SUPPORT SERVICES – 2.4%
	4,019	Waste Management, Inc.	$	650,757

		DIVERSIFIED INDUSTRIALS – 0.8%
	933	Illinois Tool Works, Inc.		204,075

		INDUSTRIAL SUPPORT SERVICES – 1.3%
	556	W.W. Grainger, Inc.		360,855
		TOTAL INDUSTRIALS		1,551,694

		TECHNOLOGY – 7.2%
		SOFTWARE – 3.4%
	2,802	Microsoft Corp.		920,149

		TECHNOLOGY HARDWARE – 3.8%
	5,716	Apple, Inc.		1,013,161
		TOTAL TECHNOLOGY		1,933,310

		UTILITIES – 3.1%
		ELECTRIC UTILITIES – 3.1%
	2,211	Dominion Energy, Inc.		111,169
	3,195	Eversource Energy		221,190
	7,326	Southern Co. (The)		510,988
				843,347
		TOTAL UTILITIES		843,347

		TOTAL COMMON STOCKS (Cost $3,561,316)		9,586,217

		EXCHANGE-TRADED FUNDS – 57.8%
	17,650	iShares^®Broad USD High Yield Corporate Bond ETF^(a)		615,279
	21,120	iShares^®Core Dividend Growth ETF		1,036,781
	26,400	iShares^®MBS ETF^(a)		2,481,072
	14,682	Schwab^®U.S. Dividend Equity ETF		1,021,720
	134,800	SPDR^®Portfolio Intermediate Term Corporate Bond ETF^(a)		4,344,604
	54,200	SPDR^®Portfolio Long-Term Corporate Bond ETF^(a)		1,243,890
	83,500	SPDR^®Portfolio Short-Term Corporate Bond ETF^(a)		2,464,920
	45,500	VanEck Vectors Fallen Angel High Yield Bond ETF^(a)		1,244,425
	6,834	Vanguard^®Dividend Appreciation ETF		1,047,311
		TOTAL EXCHANGE-TRADED FUNDS (Cost $15,833,702)		15,500,002

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

			Expiration	Exercise		Notional
Contracts			Date	Price		Value		Fair Value
		PURCHASED OPTIONS — 7.9%
		CALL OPTIONS — 5.1%
	10	S&P 500^® Index	06/05/2023	$	4,250	$	4,179,830	$	1,650
	10	S&P 500^® Index	06/12/2023		4,300		4,179,830		2,250
	10	S&P 500^® Index	06/16/2023		4,200		4,179,830		43,400
	10	S&P 500^® Index	06/20/2023		4,400		4,179,830		950
	10	S&P 500^® Index	06/26/2023		4,350		4,179,830		5,000
	15	S&P 500^® Index	12/15/2023		3,700		6,269,745		944,175
	10	S&P 500^® Index	12/15/2023		4,000		4,179,830		388,050
									1,385,475
		PUT OPTIONS — 2.8%
	10	S&P 500^® Index	06/05/2023	$	3,900	$	4,179,830	$	450
	10	S&P 500^® Index	06/12/2023		3,950		4,179,830		3,250
	10	S&P 500^® Index	06/16/2023		3,500		4,179,830		2,125
	20	S&P 500^® Index	06/16/2023		3,975		8,359,660		21,200
	10	S&P 500^® Index	06/16/2023		4,000		4,179,830		12,400
	10	S&P 500^® Index	06/16/2023		4,025		4,179,830		14,650
	10	S&P 500^® Index	06/16/2023		4,175		4,179,830		44,750
	10	S&P 500^® Index	06/20/2023		4,050		4,179,830		17,400
	10	S&P 500^® Index	06/26/2023		4,000		4,179,830		18,100
	5	S&P 500^® Index	12/15/2023		3,300		2,089,915		19,050
	5	S&P 500^® Index	12/15/2023		3,450		2,089,915		24,200
	5	S&P 500^® Index	12/15/2023		3,525		2,089,915		27,400
	5	S&P 500^® Index	12/15/2023		3,825		2,089,915		45,975
	5	S&P 500^® Index	06/21/2024		3,450		2,089,915		47,100
	5	S&P 500^® Index	06/21/2024		3,525		2,089,915		52,025
	5	S&P 500^® Index	06/21/2024		3,550		2,089,915		53,775
	5	S&P 500^® Index	06/21/2024		3,650		2,089,915		61,300
	5	S&P 500^® Index	06/21/2024		3,725		2,089,915		67,500
	5	S&P 500^® Index	06/24/2024		3,775		2,089,915		72,050
	50	SPDR^®S&P 500^® ETF Trust	06/16/2023		395		2,089,250		5,425
	100	SPDR^®S&P 500^® ETF Trust	12/15/2023		405		4,178,500		142,700
									752,825
		TOTAL PURCHASED OPTIONS
		(Cost - $4,903,652)							2,138,300

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SCHEDULE OF INVESTMENTS – Continued

May 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.9%
	500,559	First American Treasury Obligations Fund, Class X, 5.01%^(b)	$	500,559
		TOTAL SHORT-TERM INVESTMENTS (Cost $500,559)		500,559
		TOTAL INVESTMENTS — 103.4% (Cost $24,799,229)	$	27,725,078
		Liabilities in Excess of Other Assets — (3.4)%		(928,614	)
		NET ASSETS — 100.0%	$	26,796,464

^(a)

Security held as collateral for written options.

^(b)

Rate disclosed is the seven day effective yield as of May 31, 2023.

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SCHEDULE OF OPTIONS WRITTEN

May 31, 2023

WRITTEN OPTIONS — (3.4)%

				Expiration	Exercise		Notional
Contracts				Date	Price		Value			Fair Value
			CALL OPTIONS — (1.7)%
	(10	)	S&P 500^® Index	06/05/2023	$	4,100	$	(4,179,830	)	$	(84,500	)
	(10	)	S&P 500^® Index	06/12/2023		4,150		(4,179,830	)		(58,750	)
	(10	)	S&P 500^® Index	06/12/2023		4,175		(4,179,830	)		(41,900	)
	(10	)	S&P 500^® Index	06/16/2023		4,175		(4,179,830	)		(58,350	)
	(10	)	S&P 500^® Index	06/20/2023		4,250		(4,179,830	)		(20,600	)
	(10	)	S&P 500^® Index	06/26/2023		4,200		(4,179,830	)		(53,550	)
	(5	)	S&P 500^® Index	12/20/2024		4,600		(2,089,250	)		(130,125	)
											(447,775	)
			PUT OPTIONS — (1.7)%
	(10	)	S&P 500^® Index	06/05/2023	$	4,100	$	(4,179,830	)	$	(2,600	)
	(10	)	S&P 500^® Index	06/12/2023		4,150		(4,179,830	)		(23,150	)
	(10	)	S&P 500^® Index	06/16/2023		3,125		(8,359,660	)		(950	)
	(20	)	S&P 500^® Index	06/16/2023		3,525		(4,179,830	)		(4,450	)
	(10	)	S&P 500^® Index	06/16/2023		3,550		(4,179,830	)		(2,375	)
	(10	)	S&P 500^® Index	06/16/2023		3,575		(4,179,830	)		(2,475	)
	(10	)	S&P 500^® Index	06/16/2023		3,700		(4,179,830	)		(3,350	)
	(10	)	S&P 500^® Index	06/20/2023		4,250		(4,179,830	)		(81,850	)
	(10	)	S&P 500^® Index	06/26/2023		4,200		(4,179,830	)		(61,550	)
	(5	)	S&P 500^® Index	12/15/2023		2,925		(2,089,250	)		(10,875	)
	(5	)	S&P 500^® Index	12/15/2023		3,050		(2,089,250	)		(13,000	)
	(5	)	S&P 500^® Index	12/15/2023		3,125		(2,089,250	)		(14,575	)
	(5	)	S&P 500^® Index	12/15/2023		3,400		(2,089,250	)		(22,300	)
	(5	)	S&P 500^® Index	06/21/2024		3,075		(2,089,250	)		(28,450	)
	(5	)	S&P 500^® Index	06/21/2024		3,125		(2,089,250	)		(30,425	)
	(5	)	S&P 500^® Index	06/21/2024		3,150		(2,089,250	)		(31,500	)
	(5	)	S&P 500^® Index	06/21/2024		3,250		(2,089,250	)		(36,025	)
	(5	)	S&P 500^® Index	06/21/2024		3,300		(2,089,250	)		(38,525	)
	(5	)	S&P 500^® Index	06/24/2024		3,375		(2,089,250	)		(42,375	)
											(450,800	)
			TOTAL WRITTEN OPTIONS
			(Proceeds Received - $2,454,810)							$	(898,575	)

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

SUMMARY OF INVESTMENTS

As of May 31, 2023

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Consumer Discretionary		3.5	%
Consumer Staples		5.0	%
Financials		2.9	%
Health Care		8.3	%
Industrials		5.8	%
Technology		7.2	%
Utilities		3.1	%
Total Common Stocks		35.8	%
Exchange-Traded Funds		57.8	%
Purchased Options
Call Options		5.1	%
Put Options		2.8	%
Total Purchased Options		7.9	%
Short Term Investments		1.9	%
Total Investments		103.4	%
Other Assets in Excess of Liabilities		-3.4	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

As of May 31, 2023

							North Square
	North Square			North Square			Advisory Research			North Square
	Spectrum			Dynamic Small			Small Cap			Multi Strategy
	Alpha Fund			Cap Fund			Growth Fund			Fund
Assets
Investments in unaffiliated issuers, at cost	$	1,117,984		$	76,759,431		$	8,130,385		$	13,661,091
Investments in affiliated issuers, at cost		87,130,154			—			—			26,209,828
Investments in unaffiliated issuers, at value	$	1,128,735		$	79,166,858		$	9,617,002		$	12,977,508
Investments in affiliated issuers, at value		72,289,205			—			—			26,103,861
Receivable for fund shares sold		5,386			1,878,700			375			194
Receivable for investments sold		—			1,929,014			31,514			—
Dividends and interest receivable		1,923			127,975			2,862			1,529
Prepaid expenses		11,661			11,760			6,427			15,367
Total Assets		73,436,910			83,114,307			9,658,180			39,098,459

Liabilities
Payable for fund shares redeemed		3,788			5,270			—			25,790
Payable for investments purchased		—			4,321,819			24,526			—
Due to Advisor (Note 3)		31,161			30,850			2,298			179,032
Distribution fees (Note 7)		20,050			92			—			13,783
Shareholder servicing fees (Note 6)		997			55			—			—
Fund administration fees		11,263			7,943			1,421			3,896
Fund accounting fees		1,484			1,117			233			801
Transfer agent fees		16,523			7,855			3,770			9,134
Compliance service fees		361			—			—			—
Due to Trustees		6,887			5,220			1,056			3,291
Other accrued expenses		22,301			11,473			1,053			9,516
Total Liabilities		114,815			4,391,694			34,357			245,243

Net Assets	$	73,322,095		$	78,722,613		$	9,623,823		$	38,853,216

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)		90,778,959			89,327,041			11,521,436			39,195,972
Accumulated earnings (deficits)		(17,456,864	)		(10,604,428	)		(1,897,613	)		(342,756	)
Net Assets	$	73,322,095		$	78,722,613		$	9,623,823		$	38,853,216

Class A Shares:
Net assets applicable to shares outstanding	$	44,532,193		$	2,142,506					$	30,433,298
Shares of beneficial interest issued and outstanding		7,579,325			192,197						2,148,210
Net asset value, redemption and offering price per share	$	5.88		$	11.15					$	14.17
Maximum sales charge (5.75% of offering price)*		0.36			0.68						0.86
Maximum offering price to public	$	6.24		$	11.83					$	15.03
Class I Shares:
Net assets applicable to shares outstanding	$	28,789,902		$	76,580,107		$	9,623,823		$	8,419,918
Shares of beneficial interest issued and outstanding		3,747,225			6,870,733			902,011			545,593
Net asset value, redemption and offering price per share	$	7.68		$	11.15		$	10.67		$	15.43

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.

STATEMENTS OF ASSETS AND LIABILITIES – Continued

As of May 31, 2023

	North Square								North Square
	Preferred			North Square		North Square			Trilogy
	and Income			Tactical Growth		Tactical			Alternative
	Securities Fund			Fund		Defensive Fund			Return Fund
Assets
Investments in unaffiliated issuers, at cost	$	44,898,101		$	369,138,113	$	61,782,453		$	24,799,229
Investments in affiliated issuers, at cost		—			—		—			—
Investments in unaffiliated issuers, at value	$	44,865,642		$	471,453,136	$	61,703,763		$	27,725,078
Investments in affiliated issuers, at value		—			—		—			—
Receivable for fund shares sold		53			894,675		386			—
Receivable for investments sold		1,830,394			—		—			—
Dividends and interest receivable		631,120			333,910		129,553			29,506
Tax reclaims receivable		22,142			—		—			—
Prepaid expenses		13,845			56,901		37,816			49,306
Total Assets		47,363,196			472,738,622		61,871,518			27,803,890

Liabilities
Due to broker for written options		—			—		—			44,117
Options written, at value (premium received $0, $0, $0 and $2,454,810)		—			—		—			898,575
Payable for fund shares redeemed		—			480,885		1,190,541			26,177
Payable for investments purchased		753,153			—		—			—
Due to Advisor (Note 3)		16,569			301,029		56,221			10,225
Distribution fees (Note 7)		—			162,714		19,484			5,674
Shareholder servicing fees (Note 6)		—			60,812		2,701			1,866
Fund administration fees		4,013			60,126		8,218			2,132
Fund accounting fees		692			8,260		1,172			531
Transfer agent fees		4,567			43,770		13,913			9,451
Compliance service fees		—			—		—			112
Due to Trustees		4,489			48,597		7,197			2,040
Other accrued expenses		2,889			129,901		16,954			6,526
Total Liabilities		786,372			1,296,094		1,316,401			1,007,426

Net Assets	$	46,576,824		$	471,442,528	$	60,555,117		$	26,796,464

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)		49,432,171			373,715,829		72,809,621			24,629,816
Accumulated earnings (deficits)		(2,855,347	)		97,726,699		(12,254,504	)		2,166,648
Net Assets	$	46,576,824		$	471,442,528	$	60,555,117		$	26,796,464

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES – Continued

As of May 31, 2023

	North Square						North Square
	Preferred		North Square		North Square		Trilogy
	and Income		Tactical Growth		Tactical		Alternative
	Securities Fund		Fund		Defensive Fund		Return Fund
Class A Shares:
Net assets applicable to shares outstanding			$	85,244,273	$	20,301,522	$	1,351,293
Shares of beneficial interest issued and outstanding				6,691,917		1,316,529		131,591
Net asset value, redemption and offering price per share			$	12.74	$	15.42	$	10.27
Maximum sales charge (5.75% of offering price)*				0.78		0.94		0.63
Maximum offering price to public			$	13.52	$	16.36	$	10.90
Class C Shares:
Net assets applicable to shares outstanding			$	71,368,771	$	4,005,008	$	2,677,759
Shares of beneficial interest issued and outstanding				6,048,312		289,311		269,868
Net asset value, redemption and offering price per share			$	11.80	$	13.84	$	9.92
Class I Shares:
Net assets applicable to shares outstanding	$	46,576,824	$	314,829,484	$	36,248,587	$	22,767,412
Shares of beneficial interest issued and outstanding		2,607,662		24,140,487		2,285,764		2,203,593
Net asset value, redemption and offering price per share	$	17.86	$	13.04	$	15.86	$	10.33

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2023

							North Square
	North Square			North Square			Advisory Research			North Square
	Spectrum			Dynamic Small			Small Cap			Multi Strategy
	Alpha Fund			Cap Fund			Growth Fund			Fund
Investment Income
Dividend income	$	4,682		$	784,321		$	20,768		$	306,161
Dividend income from affiliated regulated investment companies		132,159			—			—			537,106
Interest income		55,466			16,156			2,585			31,665
Foreign dividend taxes withheld		—			(4,466	)		—			—
Total investment income		192,307			796,011			23,353			874,932

Expenses
Advisor fees (Note 3)		167,754			643,301			78,600			216,319
Distribution fees - Class A (Note 7)		124,178			92	(a)		—			84,635
Shareholder servicing fees - Class I (Note 6)		44,932			77,302			8,894			6,794
Shareholder servicing fees - Class A (Note 6)		40,369			55	(a)		—			20,561
Legal fees		79,336			29,793			6,747			37,042
Fund administration fees		72,924			68,134			10,002			37,496
Transfer agent fees and expenses		52,321			41,176			8,706			28,051
Registration fees		38,116			21,717			22,197			32,191
Trustees’ fees and expenses		23,840			12,520			934			10,965
Audit fees		23,606			9,411			—			10,430
Shareholder reporting fees		10,185			2,064			1,349			5,511
Chief compliance officer fees (Note 3)		7,112			6,229			894			3,297
Fund accounting fees		6,146			6,770			1,042			3,538
Custody fees		5,558			20,595			11,539			4,784
Insurance		4,678			2,117			547			2,119
Other expenses		3,157			5,290			949			6,924
Total expenses		704,212			946,566			152,400			510,657
Affiliated fund fees waived (Note 3)		—			—			—			(134,487	)
Fees contractually recouped (waived) by Advisor		300,627			(238,812	)		(46,842	)		—
Net operating expenses		1,004,839			707,754			105,558			376,170
Net investment income (loss)		(812,532	)		88,257			(82,205	)		498,762

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments		116,205			(8,373,513	)		(2,744,623	)		(1,271,940	)
Affiliated issuers		(4,407,907	)		—			—			387,505
Net realized gain (loss)		(4,291,702	)		(8,373,513	)		(2,744,623	)		(884,435	)
Capital gain distributions from regulated investment companies:
Affiliated issuers		2,140,340			—			—			1,295,964
Total capital gain distributions		2,140,340			—			—			1,295,964
Net change in unrealized appreciation (depreciation) on:
Investments		10,751			8,604,728			2,602,464			912,563
Affiliated issuers		931,530			—			—			(2,226,085	)
Net change in unrealized appreciation/depreciation		942,281			8,604,728			2,602,464			(1,313,522	)
Net realized and change in unrealized gain (loss) on investments		(1,209,081	)		231,215			(142,159	)		(901,993	)
Net increase (decrease) in net assets resulting from operations	$	(2,021,613	)	$	319,472		$	(224,364	)	$	(403,231	)

^(a)

Class A of the North Square Dynamic Small Cap Fund commenced operations on May 1, 2023.

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS – Continued

For the Year Ended May 31, 2023

	North Square									North Square
	Preferred			North Square			North Square			Trilogy
	and Income			Tactical Growth			Tactical			Alternative
	Securities Fund			Fund			Defensive Fund			Return Fund
Investment Income
Dividend income	$	36,467		$	4,413,480		$	176,729		$	803,875
Interest income		2,584,414			5,155,317			1,354,436			15,260
Foreign dividend taxes withheld		—			—			—			(539	)
Total investment income		2,620,881			9,568,797			1,531,165			818,596

Expenses
Advisor fees (Note 3)		296,490			5,198,845			859,364			390,668
Distribution fees - Class A (Note 7)		—			220,700			55,861			4,304
Distribution fees - Class C (Note 7)		—			769,035			65,838			31,008
Shareholder servicing fees - Class I (Note 6)		32,846			277,229			48,538			32,910
Shareholder servicing fees - Class A (Note 6)		—			74,664			16,901			1,280
Shareholder servicing fees - Class C (Note 6)		—			69,746			6,285			3,301
Fund administration fees		34,522			436,085			62,741			27,099
Registration fees		25,844			73,640			40,267			42,672
Legal fees		24,537			397,461			56,048			26,623
Transfer agent fees and expenses		21,347			261,300			44,950			23,935
Audit fees		8,969			108,943			14,123			6,523
Trustees’ fees and expenses		8,459			129,378			18,460			8,070
Custody fees		8,239			11,696			3,201			4,515
Fund accounting fees		3,425			42,681			6,196			2,881
Chief compliance officer fees (Note 3)		3,350			29,283			6,181			3,359
Shareholder reporting fees		3,214			22,724			4,773			3,109
Insurance		1,433			28,260			3,991			2,102
Other expenses		4,872			65,245			8,821			8,538
Total expenses		477,547			8,216,915			1,322,539			622,897
Fees contractually waived by Advisor		(94,057	)		(952,355	)		(36,128	)		(156,673	)
Net operating expenses		383,490			7,264,560			1,286,411			466,224
Net investment income		2,237,391			2,304,237			244,754			352,372

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments		(3,641,960	)		(4,588,324	)		(2,890,834	)		2,312,794
Written Options		—			—			—			1,960,973
Purchased Options		—			—			—			(361,579	)
Net realized gain (loss)		(3,641,960	)		(4,588,324	)		(2,890,834	)		3,912,188
Capital gain distributions from regulated investment companies:
Unaffiliated issuers		—			—			—			—
Total capital gain distributions		—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		2,068,603			5,652,165			(78,690	)		(3,143,652	)
Written Options		—			—			—			649,499
Purchased Options		—			—			—			(3,850,908	)
Net change in unrealized appreciation/depreciation		2,068,603			5,652,165			(78,690	)		(6,345,061	)
Net realized and change in unrealized gain (loss) on investments		(1,573,357	)		1,063,841			(2,969,524	)		(2,432,873	)
Net increase (decrease) in net assets resulting from operations	$	664,034		$	3,368,078		$	(2,724,770	)	$	(2,080,501	)

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS

							North Square Dynamic
	North Square Spectrum Alpha Fund						Small Cap Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	(812,532	)	$	(1,582,984	)	$	88,257		$	27,618
Net realized gain (loss) on investments		(4,291,702	)		47,887,713			(8,373,513	)		(3,095,661	)
Capital gain distributions from regulated investment companies		2,140,340			—			—			—
Net change in unrealized appreciation (depreciation) on investments		942,281			(69,437,287	)		8,604,728			(8,772,335	)
Net increase (decrease) in net assets resulting from operations		(2,021,613	)		(23,132,558	)		319,472			(11,840,378	)

Distributions to Shareholders
Class A		(22,897,546	)		(10,900,819	)		—			—
Class I		(14,332,424	)		(6,492,617	)		(144,105	)		(6,613,665	)
Total distributions		(37,229,970	)		(17,393,436	)		(144,105	)		(6,613,665	)

Capital Transactions - Class A^(a)
Proceeds from shares sold		7,053,370			1,901,148			2,171,921			—
Reinvestment of distributions		22,246,331			10,558,384			—			—
Amount paid for shares redeemed		(16,827,207	)		(18,787,708	)		(897	)		—
Total Class A		12,472,494			(6,328,176	)		2,171,024			—
Capital Transactions - Class I
Proceeds from shares sold		7,353,382			3,231,148			16,279,335			84,613,534
Reinvestment of distributions		14,142,809			6,367,682			144,105			6,613,666
Amount paid for shares redeemed		(17,022,072	)		(15,529,593	)		(19,030,524	)		(14,158,858	)
Total Class I		4,474,119			(5,930,763	)		(2,607,084	)		77,068,342
Net increase (decrease) in net assets resulting from capital transactions		16,946,613			(12,258,939	)		(436,060	)		77,068,342
Total Increase (Decrease) in Net Assets		(22,304,970	)		(52,784,933	)		(260,693	)		58,614,299

Net Assets
Beginning of year		95,627,065			148,411,998			78,983,306			20,369,007
End of year	$	73,322,095		$	95,627,065		$	78,722,613		$	78,983,306

Share Transactions - Class A^(a)
Shares sold		829,001			139,253			192,278			—
Shares issued in reinvestment of distributions		3,888,879			762,168			—			—
Shares redeemed		(2,363,447	)		(1,357,846	)		(81	)		—
Total Class A		2,354,433			(456,425	)		192,197			—

Share Transactions - Class I
Shares sold		645,904			206,097			1,459,087			6,563,426
Shares issued in reinvestment of distributions		1,892,698			393,592			13,486			508,517
Shares redeemed		(1,910,295	)		(956,296	)		(1,725,420	)		(1,063,069	)
Total Class I		628,307			(356,637	)		(252,847	)		6,008,874
Net increase (decrease) in shares outstanding		2,982,740			(813,062	)		(60,650	)		6,008,874

^(a)

Class A of the North Square Dynamic Small Cap Fund commenced operations on May 1, 2023.

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square Advisory Research
	Small Cap Growth Fund						North Square Multi Strategy Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	(82,205	)	$	(79,862	)	$	498,762		$	4,654,285
Net realized gain (loss) on investments		(2,744,623	)		3,662,768			(884,435	)		5,372,296
Capital gain distributions from regulated investment companies		—			—			1,295,964			5,325,315
Net change in unrealized appreciation (depreciation) on investments		2,602,464			(7,458,194	)		(1,313,522	)		(17,715,179	)
Net decrease in net assets resulting from operations		(224,364	)		(3,875,288	)		(403,231	)		(2,363,283	)

Distributions to Shareholders
Class A		—			—			(11,145,526	)		(2,660,146	)
Class I		(1,422,533	)		(2,964,205	)		(2,942,494	)		(639,389	)
Total distributions		(1,422,533	)		(2,964,205	)		(14,088,020	)		(3,299,535	)

Capital Transactions - Class A
Proceeds from shares sold		—			—			738,888			1,320,863
Reinvestment of distributions		—			—			10,547,243			2,511,713
Amount paid for shares redeemed		—			—			(7,158,912	)		(6,663,587	)
Total Class A		—			—			4,127,219			(2,831,011	)
Capital Transactions - Class I
Proceeds from shares sold		127,723			19,020,697			1,494,455			1,887,360
Reinvestment of distributions		1,422,533			29,642,026			2,795,515			599,065
Amount paid for shares redeemed		(2,948,517	)		(14,939,435	)		(2,971,391	)		(1,826,257	)
Total Class I		(1,398,261	)		(14,939,435	)		1,318,579			660,168
Net increase (decrease) in net assets resulting from capital transactions		(1,398,261	)		7,045,468			5,445,798			(2,170,843	)
Total Increase (Decrease) in Net Assets		(3,045,158	)		205,975			(9,045,453	)		(7,833,661	)

Net Assets
Beginning of year		12,668,981			12,463,006			47,898,669			55,732,330
End of year	$	9,623,823		$	12,668,981		$	38,853,216		$	47,898,669

Share Transactions - Class A
Shares sold		—			—			43,885			55,109
Shares issued in reinvestment of distributions		—			—			768,923			105,099
Shares redeemed		—			—			(453,934	)		(285,863	)
Total Class A		—			—			358,874			(125,655	)

Share Transactions - Class I
Shares sold		10,855			1,111,540			85,628			77,106
Shares issued in reinvestment of distributions		143,328			166,850			187,270			23,713
Shares redeemed		(251,914	)		(874,742	)		(181,184	)		(73,567	)
Total Class I		(97,731	)		403,648			91,714			27,252
Net increase (decrease) in shares outstanding		(97,731	)		403,648			450,588			(98,403	)

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square Preferred and
	Income Securities Fund						North Square Tactical Growth Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	2,237,391		$	354,013		$	2,304,237		$	(948,118	)
Net realized gain (loss) on investments		(3,641,960	)		6,667,671			(4,588,324	)		37,101,813
Net change in unrealized appreciation (depreciation) on investments		2,068,603			(8,416,687	)		5,652,165			(68,776,256	)
Net increase (decrease) in net assets resulting from operations		664,034			(1,395,003	)		3,368,078			(32,622,561	)

Distributions to Shareholders
From Earnings
Class A		—			—			(6,201,137	)		(4,656,629	)
Class C		—			—			(5,450,763	)		(4,934,549	)
Class I		(6,332,839	)		(1,467,649	)		(21,970,764	)		(18,313,294	)
From Return of Capital
Class A		—			—			—			—
Class C		—			—			—			—
Class I		(702,036	)		—			—			—
Total distributions		(7,034,875	)		(1,467,649	)		(33,622,664	)		(27,904,472	)

Capital Transactions - Class A
Proceeds from shares sold		—			—			13,490,738			19,301,112
Reinvestment of distributions		—			—			5,538,750			4,483,664
Amount paid for shares redeemed		—			—			(21,040,080	)		(17,620,626	)
Total Class A		—			—			(2,010,592	)		6,164,150
Capital Transactions - Class C
Proceeds from shares sold		—			—			3,482,649			4,869,429
Reinvestment of distributions		—			—			5,253,219			4,752,313
Amount paid for shares redeemed		—			—			(16,655,724	)		(20,051,854	)
Total Class C		—			—			(7,919,856	)		(10,430,112	)
Capital Transactions - Class I
Proceeds from shares sold		24,571,282			18,407,241			48,246,899			52,032,697
Reinvestment of distributions		7,034,777			1,467,551			19,612,695			16,496,351
Amount paid for shares redeemed		(4,451,656	)		(7,405,206	)		(78,595,128	)		(76,807,346	)
Total Class I		27,154,403			12,469,586			(10,735,534	)		(8,278,298	)
Net increase (decrease) in net assets resulting from capital transactions		27,154,403			12,469,586			(20,665,982	)		(12,544,260	)
Total Increase (Decrease) in Net Assets		20,783,562			9,606,934			(50,920,568	)		(73,071,293	)

Net Assets
Beginning of year		25,793,262			16,186,328			522,363,096			595,434,389
End of year	$	46,576,824		$	25,793,262		$	471,442,528		$	522,363,096

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square Preferred and
	Income Securities Fund						North Square Tactical Growth Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Share Transactions - Class A
Shares sold		—			—			1,049,522			1,291,538
Shares issued in reinvestment of distributions		—			—			463,009			299,943
Shares redeemed		—			—			(1,654,486	)		(1,172,728	)
Total Class A		—			—			(141,955	)		418,753

Share Transactions - Class C
Shares sold		—			—			290,329			344,419
Shares issued in reinvestment of distributions		—			—			472,518			339,204
Shares redeemed		—			—			(1,401,591	)		(1,428,204	)
Total Class C		—			—			(638,744	)		(744,581	)

Share Transactions - Class I
Shares sold		1,228,402			785,761			3,677,139			3,413,555
Shares issued in reinvestment of distributions		383,811			63,102			1,603,170			1,081,813
Shares redeemed		(235,254	)		(312,207	)		(5,981,704	)		(5,077,334	)
Total Class I		1,376,959			536,656			(701,395	)		(581,966	)

Net increase (decrease) in shares outstanding		1,376,959			536,656			(1,482,094	)		(907,794	)

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square Tactical						North Square Trilogy
	Defensive Fund						Alternative Return Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	244,754		$	(467,783	)	$	352,372		$	140,864
Net realized gain (loss) on investments		(2,890,834	)		12,794,769			3,912,188			(4,089,628	)
Net change in unrealized appreciation (depreciation) on investments		(78,690	)		(11,817,085	)		(6,345,061	)		1,529,182
Net increase (decrease) in net assets resulting from operations		(2,724,770	)		509,901			(2,080,501	)		(2,419,582	)

Distributions to Shareholders
Class A		—			—			(14,948	)		(4,131	)
Class C		—			—			(11,435	)		—
Class I		—			—			(251,864	)		(98,583	)
Total distributions		—			—			(278,247	)		(102,714	)

Capital Transactions - Class A
Proceeds from shares sold		1,747,369			5,801,710			246,217			563,694
Reinvestment of distributions		—			—			14,041			3,063
Amount paid for shares redeemed		(3,945,479	)		(4,027,394	)		(1,000,904	)		(902,730	)
Total Class A		(2,198,110	)		1,774,316			(740,646	)		(335,973	)
Capital Transactions - Class C
Proceeds from shares sold		126,977			415,782			123,500			94,647
Reinvestment of distributions		—			—			11,435			—
Amount paid for shares redeemed		(3,072,893	)		(4,913,215	)		(963,079	)		(894,810	)
Total Class C		(2,945,916	)		(4,497,433	)		(828,144	)		(800,163	)
Capital Transactions - Class I
Proceeds from shares sold		6,910,086			6,484,387			1,549,213			7,040,756
Reinvestment of distributions		—			—			251,841			98,507
Amount paid for shares redeemed		(11,497,233	)		(9,511,742	)		(12,829,104	)		(8,778,076	)
Total Class I		(4,587,147	)		(3,027,355	)		(11,028,050	)		(1,638,813	)
Net decrease in net assets resulting from capital transactions		(9,731,173	)		(5,750,472	)		(12,596,840	)		(2,774,949	)
Total Decrease in Net Assets		(12,455,943	)		(5,240,571	)		(14,955,588	)		(5,297,245	)

Net Assets
Beginning of year		73,011,060			78,251,631			41,752,052			47,049,297
End of year	$	60,555,117		$	73,011,060		$	26,796,464		$	41,752,052

See accompanying Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square Tactical						North Square Trilogy
	Defensive Fund						Alternative Return Fund
	For the			For the Year			For the			For the Year
	Year Ended			Ended			Year Ended			Ended
	May 31,			May 31,			May 31,			May 31,
	2023			2022			2023			2022
Share Transactions - Class A
Shares sold		111,610			356,113			23,265			48,173
Shares issued in reinvestment of distributions		—			—			1,342			261
Shares redeemed		(252,715	)		(244,497	)		(95,387	)		(78,047	)
Total Class A		(141,105	)		111,616			(70,780	)		(29,613	)

Share Transactions - Class C
Shares sold		8,785			27,992			12,068			8,645
Shares issued in reinvestment of distributions		—			—			1,128			—
Shares redeemed		(219,884	)		(330,222	)		(94,484	)		(78,447	)
Total Class C		(211,099	)		(302,230	)		(81,288	)		(69,802	)

Share Transactions - Class I
Shares sold		425,109			386,496			148,125			609,527
Shares issued in reinvestment of distributions		—			—			23,956			8,365
Shares redeemed		(711,637	)		(560,120	)		(1,208,523	)		(754,599	)
Total Class I		(286,528	)		(173,624	)		(1,036,442	)		(136,707	)

Net decrease in shares outstanding		(638,732	)		(364,238	)		(1,188,510	)		(236,122	)

See accompanying Notes to Financial Statements.

North Square Spectrum Alpha Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	10.78		$	15.36		$	12.07		$	13.89		$	16.85

Investment operations:
Net investment loss^(a)		(0.09	) ^(b)		(0.19	) ^(b)		(0.17	)		(0.15	)		(0.16	) ^(b)
Net realized and unrealized gain (loss)		(0.28	)		(2.26	)		5.34			0.44			(0.34	)
Total from investment operations		(0.37	)		(2.45	)		5.17			0.29			(0.50	)

Less distributions:
From net realized gains		(4.53	)		(2.13	)		(1.88	)		(2.11	)		(2.46	)
Total distributions		(4.53	)		(2.13	)		(1.88	)		(2.11	)		(2.46	)

Net asset value, end of year	$	5.88		$	10.78		$	15.36		$	12.07		$	13.89

Total Return^(c)		(2.25	)%		(19.05	)%		43.47	%		1.16	%		(1.96	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	44,532		$	56,319		$	87,291		$	73,973		$	109,749
Ratio of expenses to average net assets:
Before fee waived and expenses recouped^(d)		0.92	%		1.34	%		1.75	%		2.06	%		1.46	%
After fees waived and expenses recouped^(d)		1.30	%		1.36	% ^(e)		1.39	%		1.39	%		1.38	%
Ratio of net investment loss to average net assets:
Before fees waived and expenses recouped^(d)		(0.70	)%		(1.29	)%		(1.54	)%		(1.78	)%		(1.08	)%
After fees waived and expenses recouped^(d)		(1.07	)%		(1.31	)%		(1.18	)%		(1.11	)%		(1.00	)%
Portfolio turnover rate^(f)		7	%		104	%		33	%		38	%		31	%

^(a)

Based on average shares outstanding for the year.

^(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 returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown do not reflect sales load.

^(d)

Does not include expenses of the investment companies in which the Fund invests.

^(e)

Effective January 11, 2022, the expense cap decreased from 1.39% to 1.30%.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Spectrum Alpha Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	12.60		$	17.59		$	13.58		$	15.35		$	18.29

Investment operations:
Net investment loss^(a)		(0.08	) ^(b)		(0.17	) ^(b)		(0.15	)		(0.13	)		(0.13	) ^(b)
Net realized and unrealized gain (loss)		(0.31	)		(2.69	)		6.04			0.47			(0.35	)
Total from investment operations		(0.39	)		(2.86	)		5.89			0.34			(0.48	)

Less distributions:
From net realized gains		(4.53	)		(2.13	)		(1.88	)		(2.11	)		(2.46	)
Total distributions		(4.53	)		(2.13	)		(1.88	)		(2.11	)		(2.46	)

Net asset value, end of year	$	7.68		$	12.60		$	17.59		$	13.58		$	15.35

Total Return^(c)		(2.08	)%		(18.90	)%		43.92	%		1.41	%		(1.67	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	28,790		$	39,308		$	61,121		$	40,165		$	64,501
Ratio of expenses to average net assets:
Before fee waived and expenses recouped^(d)		0.72	%		1.12	%		1.51	% ^(e)		1.78	%		1.22	%
After fees waived and expenses recouped^(d)		1.05	%		1.11	% ^(f)		1.08	%		1.14	%		1.14	%
Ratio of net investment loss to average net assets:
Before fees waived and expenses recouped^(d)		(0.48	)%		(1.07	)%		(1.31	)% ^(e)		(1.50	)%		(0.84	)%
After fees waived and expenses recouped^(d)		(0.81	)%		(1.06	)%		(0.87	)%		(0.86	)%		(0.75	)%
Portfolio turnover rate^(g)		7	%		104	%		33	%		38	%		31	%

^(a)

Based on average shares outstanding for the year.

^(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)

^(d)

Does not include expenses of the investment companies in which the Fund invests.

^(e)

Ratios exclude the 12b-1 refund.

^(f)

Effective January 11, 2022, the expense cap decreased from 1.14% to 1.05%.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during the period)

	For the
	Period Ended
	May 31,
	2023^(a)
Selected Per Share Data:
Net asset value, beginning of period	$	11.26

Investment operations:
Net investment income^(b)		0.03
Net realized and unrealized loss		(0.14	) ^(c)
Total from investment operations		(0.11	)

Net asset value, end of period	$	11.15

Total Return^(d)		(0.98	)% ^(e)

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,143
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed		1.54	% ^(f)
After fees waived and expenses absorbed		1.24	% ^(f)
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		2.99	% ^(f)
After fees waived and expenses absorbed		3.29	% ^(f)
Portfolio turnover rate^(g)		188	% ^(e)

^(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)

^(e)

Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Dynamic Small Cap Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	11.09		$	18.27		$	11.46		$	11.54		$	15.14

Investment operations:
Net investment income (loss)^(a)		0.01			0.01			(0.04	)		0.02			(0.01	)
Net realized and unrealized gain (loss)		0.07			(1.00	)		7.14			(0.07	)		(1.31	)
Total from investment operations		0.08			(0.99	)		7.10			(0.05	)		(1.32	)

Less distributions:
Net investment income		(0.02	)		—			(0.01	)		(0.03	)		—
From net realized gains		—			(6.19	)		(0.28	)		—			(2.28	)
Total distributions		(0.02	)		(6.19	)		(0.29	)		(0.03	)		(2.28	)

Net asset value, end of year	$	11.15		$	11.09		$	18.27		$	11.46		$	11.54

Total Return^(b)		0.76	%		(10.43	)%		62.34	%		(0.44	)%		(8.42	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	76,580		$	78,983		$	20,369		$	15,500		$	20,389
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed		1.33	%		1.36	%		1.67	%		2.23	%		2.02	%
After fees waived and expenses absorbed		0.99	%		1.00	% ^(c)		1.15	%		1.15	%		1.15	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(0.21	)%		(0.30	)%		(0.82	)%		(0.91	)%		(0.91	)%
After fees waived and expenses absorbed		0.12	%		0.06	%		(0.30	)%		0.17	%		(0.04	)%
Portfolio turnover rate^(d)		188	%		177	%		179	%		170	%		133	%

^(a)

Based on average shares outstanding for the year.

^(b)

^(c)

Effective July 1, 2021, the expense cap decreased from 1.15% to 0.99%.

^(d)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Advisory Research Small Cap Growth Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	12.67		$	20.91		$	16.24		$	13.94		$	13.16

Investment operations:
Net investment income (loss)^(a)		(0.09	)		(0.10	)		(0.06	)		0.03			—	^(b)
Net realized and unrealized gain (loss)		(0.25	)		(1.54	)		5.82			3.00			0.88
Total from investment operations		(0.34	)		(1.64	)		5.76			3.03			0.88

Less distributions:
Net investment income		—			—			(0.03	)		(0.01	)		—
From net realized gains		(1.66	)		(6.60	)		(1.06	)		(0.72	)		(0.10	)
Total distributions		(1.66	)		(6.60	)		(1.09	)		(0.73	)		(0.10	)

Net asset value, end of year	$	10.67		$	12.67		$	20.91		$	16.24		$	13.94

Total Return^(c)		(1.74	)%		(16.88	)%		35.93	%		22.05	%		6.80	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	9,624		$	12,669		$	12,463		$	12,191		$	13,823
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed		1.36	%		1.37	%		1.45	%		1.88	%		2.04	%
After fees waived and expenses absorbed		0.94	%		0.95	% ^(d)		0.95	%		0.95	%		0.95	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(1.15	)%		(1.00	)%		(0.79	)%		(0.74	)%		(1.10	)%
After fees waived and expenses absorbed		(0.73	)%		(0.58	)%		(0.29	)%		0.19	%		(0.01	)%
Portfolio turnover rate		182	%		230	%		9	%		18	%		18	%

^(a)

Based on average shares outstanding for the year.

^(b)

Rounds to less than $0.005 per share.

^(c)

^(d)

Effective January 11, 2022, the expense cap decreased from 0.95% to 0.94%.

See accompanying Notes to Financial Statements.

North Square Multi Strategy Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	21.10		$	23.57		$	16.93		$	16.92		$	26.95

Investment operations:
Net investment income (loss)^{(a) (b)}		0.19			1.98			(0.09	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss)		(0.53	)		(2.97	)		6.73			1.25			(1.60	)
Total from investment operations		(0.34	)		(0.99	)		6.64			1.20			(1.66	)

Less distributions:
Net investment income		(2.11	)		—			—			(1.19	)		—
From net realized gains		(4.48	)		(1.48	)		—			—			(8.37	)
Total distributions		(6.59	)		(1.48	)		—			(1.19	)		(8.37	)

Net asset value, end of year	$	14.17		$	21.10		$	23.57		$	16.93		$	16.92

Total Return^(c)		(0.57	)%		(4.94	)%		39.20	%		6.63	%		(4.88	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	30,433		$	37,762		$	45,140		$	35,278		$	33,287
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(d)(e)		1.23	%		0.79	%		0.92	%		1.34	%		0.82	%
After fees waived and expenses absorbed^(d)(e)		0.92	%		0.79	%		1.13	%		1.20	%		1.00	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(d)		0.79	%		8.41	%		(0.23	)%		(0.40	)%		(0.09	)%
After fees waived and expenses absorbed^(d)		1.10	%		8.41	%		(0.44	)%		(0.26	)%		(0.27	)%
Portfolio turnover rate^(f)		13	%		65	%		15	%		7	%		17	%

^(a)

Based on average shares outstanding for the year.

^(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)

^(d)

Does not include expenses of the investment companies in which the Fund invests.

^(e)

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

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Multi Strategy Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	22.33		$	24.83		$	17.73		$	17.59		$	27.53

Investment operations:
Net investment income (loss)^{(a) (b)}		0.25			2.22			0.06			(0.01	)		0.02
Net realized and unrealized gain (loss)		(0.56	)		(3.24	)		7.04			1.36			(1.59	)
Total from investment operations		(0.31	)		(1.02	)		7.10			1.35			(1.57	)

Less distributions:
Net investment income		(2.11	)		—			—			(1.21	)		—
From net realized gains		(4.48	)		(1.48	)		—			—			(8.37	)
Total distributions		(6.59	)		(1.48	)		—			(1.21	)		(8.37	)

Net asset value, end of year	$	15.43		$	22.33		$	24.83		$	17.73		$	17.59

Total Return^(c)		(0.38	)%		(4.79	)%		40.07	%		7.17	%		(4.23	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	8,420		$	10,136		$	10,592		$	5,851		$	12,919
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(d)(e)		0.99	%		0.54	%		0.67	% ^(f)		0.92	%		0.44	%
After fees waived and expenses absorbed^(d)(e)		0.68	%		0.54	%		0.43	%		0.90	%		0.62	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(d)		1.03	%		8.92	%		0.05	% ^(f)		(0.10	)%		0.29	%
After fees waived and expenses absorbed^(d)		1.34	%		8.92	%		0.29	%		(0.08	)%		0.10	%
Portfolio turnover rate^(g)		13	%		65	%		15	%		7	%		17	%

^(a)

Based on average shares outstanding for the year.

^(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)

^(d)

Does not include expenses of the investment companies in which the Fund invests.

^(e)

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

^(f)

Ratios exclude the 12b-1 refund.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Preferred and Income Securities Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	20.96		$	23.32		$	17.47		$	16.25		$	15.65

Investment operations:
Net investment income^(a)		1.09			0.41			0.21			0.24			0.24
Net realized and unrealized gain (loss)		(0.89	)		(0.55	)		6.18			1.28			0.82
Total from investment operations		0.20			(0.14	)		6.39			1.52			1.06

Less distributions:
Net investment income		(0.65	)		(0.38	)		(0.18	)		(0.25	)		(0.24	)
From net realized gains		(2.31	)		(1.84	)		(0.36	)		(0.05	)		(0.22	)
From return of capital		(0.34	)		—			—			—			—
Total distributions		(3.30	)		(2.22	)		(0.54	)		(0.30	)		(0.46	)

Net asset value, end of year	$	17.86		$	20.96		$	23.32		$	17.47		$	16.25

Total Return^(b)		1.25	%		(1.49	)%		37.06	%		9.35	%		6.94	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	46,577		$	25,793		$	16,186		$	11,146		$	12,014
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed		1.20	%		1.27	%		1.44	% ^(c)		1.89	%		2.38	%
After fees waived and expenses absorbed		0.97	%		0.99	% ^(d)		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		5.41	%		1.50	%		0.59	% ^(c)		0.47	%		0.18	%
After fees waived and expenses absorbed		5.64	%		1.78	%		1.03	%		1.36	%		1.56	%
Portfolio turnover rate		260	%		179	%		28	%		18	%		15	%

^(a)

Based on average shares outstanding for the year.

^(b)

^(c)

Ratios exclude the 12b-1 refund.

^(d)

Effective January 11, 2022, the expense cap decreased from 1.00% to 0.97%.

See accompanying Notes to Financial Statements.

North Square Tactical Growth Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	13.59		$	15.15		$	11.81		$	11.62		$	12.33

Investment operations:
Net investment income (loss)^{(b) (c)}		0.06			(0.03	)		(0.09	)		0.05			(0.01	)
Net realized and unrealized gain (loss)		0.02			(0.80	)		3.43			0.72			(0.40	)
Total from investment operations		0.08			(0.83	)		3.34			0.77			(0.41	)

Less distributions:
Net investment income		(0.06	)		—			—			(0.06	)		—
From net realized gains		(0.87	)		(0.73	)		—			(0.52	)		(0.30	)
Total distributions		(0.93	)		(0.73	)		—			(0.58	)		(0.30	)

Net asset value, end of year	$	12.74		$	13.59		$	15.15		$	11.81		$	11.62

Total Return^(d)		1.04	%		(5.93	)%		28.28	%		6.53	%		(3.22	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	85,244		$	92,843		$	97,180		$	81,511		$	85,250
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(e)		1.74	%		1.61	%		1.55	%		1.56	%		1.57	%
After fees waived and expenses absorbed^(e)		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 absorbed^(e)		0.24	%		(0.27	)%		(0.70	)%		0.39	%		(0.07	)%
After fees waived and expenses absorbed^(e)		0.43	%		(0.21	)%		(0.70	)%		0.40	%		(0.05	)%
Portfolio turnover rate^(f)		96	%		67	%		79	%		128	%		120	%

^(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 year.

^(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)

^(e)

Does not include expenses of the investment companies in which the Fund invests.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Tactical Growth Fund

FINANCIAL HIGHLIGHTS

Class C

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	12.69		$	14.30		$	11.24		$	11.14		$	11.92

Investment operations:
Net investment loss^{(b) (c)}		(0.04	) ^(d)		(0.13	)		(0.19	)		(0.04	) ^(d)		(0.10	) ^(d)
Net realized and unrealized gain (loss)		0.03			(0.75	)		3.25			0.69			(0.38	)
Total from investment operations		(0.01	)		(0.88	)		3.06			0.65			(0.48	)

Less distributions:
Net investment income		(0.01	)		—			—			(0.03	)		—
From net realized gains		(0.87	)		(0.73	)		—			(0.52	)		(0.30	)
Total distributions		(0.88	)		(0.73	)		—			(0.55	)		(0.30	)

Net asset value, end of year	$	11.80		$	12.69		$	14.30		$	11.24		$	11.14

Total Return^(e)		0.31	%		(6.61	)%		27.22	%		5.73	%		(3.92	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	71,369		$	84,867		$	106,291		$	95,291		$	104,812
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(f)		2.50	%		2.37	%		2.31	%		2.33	%		2.32	%
After fees waived and expenses absorbed^(f)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
Ratio of net investment loss to average net assets:
Before fees waived and expenses absorbed^(f)		(0.51	)%		(1.02	)%		(1.46	)%		(0.36	)%		(0.85	)%
After fees waived and expenses absorbed^(f)		(0.31	)%		(0.95	)%		(1.45	)%		(0.33	)%		(0.83	)%
Portfolio turnover rate^(g)		96	%		67	%		79	%		128	%		120	%

^(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 year.

^(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)

^(e)

^(f)

Does not include expenses of the investment companies in which the Fund invests.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Tactical Growth Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	13.87		$	15.42		$	12.00		$	11.77		$	12.46

Investment operations:
Net investment income (loss)^{(b) (c)}		0.09			0.01			(0.06	)		0.08			0.02	^(d)
Net realized and unrealized gain (loss)		0.03			(0.83	)		3.48			0.74			(0.41	)
Total from investment operations		0.12			(0.82	)		3.42			0.82			(0.39	)

Less distributions:
Net investment income		(0.08	)		—			—	^(e)		(0.07	)		—
From net realized gains		(0.87	)		(0.73	)		—			(0.52	)		(0.30	)
Total distributions		(0.95	)		(0.73	)		—			(0.59	)		(0.30	)

Net asset value, end of year	$	13.04		$	13.87		$	15.42		$	12.00		$	11.77

Total Return^(f)		1.33	%		(5.71	)%		28.53	%		6.88	%		(3.02	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	314,829		$	344,653		$	391,964		$	314,646		$	337,265
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(g)		1.50	%		1.38	%		1.33	%		1.34	%		1.33	%
After fees waived and expenses absorbed^(g)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(g)		0.48	%		(0.03	)%		(0.48	)%		0.62	%		0.13	%
After fees waived and expenses absorbed^(g)		0.68	%		0.05	%		(0.45	)%		0.66	%		0.16	%
Portfolio turnover rate^(h)		96	%		67	%		79	%		128	%		120	%

^(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 year.

^(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)

^(e)

Rounds to less than $0.005 per share.

^(f)

^(g)

Does not include expenses of the investment companies in which the Fund invests.

^(h)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Tactical Defensive Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	16.05		$	16.00		$	12.41		$	13.52		$	13.26

Investment operations:
Net investment income (loss)^{(b) (c)}		0.05			(0.11	)		(0.10	)		0.07			0.03
Net realized and unrealized gain (loss)		(0.68	)		0.16			3.69			(1.12	)		0.23
Total from investment operations		(0.63	)		0.05			3.59			(1.05	)		0.26

Less distributions:
Net investment income		—			—			—			(0.06	)		—
Total distributions		—			—			—			(0.06	)		—

Net asset value, end of year	$	15.42		$	16.05		$	16.00		$	12.41		$	13.52

Total Return^(d)		(3.93	)%		0.30	%		28.93	%		(7.85	)%		1.96	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	20,302		$	23,392		$	21,542		$	18,526		$	24,231
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(e)		1.97	%		1.86	%		1.87	%		1.85	%		1.84	%
After fees waived and expenses absorbed^(e)		1.95	%		1.86	%		1.87	%		1.85	%		1.84	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(e)		0.25	%		(0.65	)%		(0.71	)%		0.47	%		0.26	%
After fees waived and expenses absorbed^(e)		0.29	%		(0.65	)%		(0.71	)%		0.47	%		0.26	%
Portfolio turnover rate^(f)		677	%		289	%		350	%		522	%		396	%

^(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 year.

^(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)

^(e)

Does not include expenses of the investment companies in which the Fund invests.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Tactical Defensive Fund

FINANCIAL HIGHLIGHTS

Class C

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	14.52		$	14.59		$	11.40		$	12.51		$	12.36

Investment operations:
Net investment loss^{(b) (c)}		(0.07	) ^(d)		(0.21	)		(0.19	)		(0.03	) ^(d)		(0.08	) ^(d)
Net realized and unrealized gain (loss)		(0.61	)		0.14			3.38			(1.03	)		0.23
Total from investment operations		(0.68	)		(0.07	)		3.19			(1.06	)		0.15

Less distributions:
Net investment income		—			—			—			(0.05	)		—
Total distributions		—			—			—			(0.05	)		—

Net asset value, end of year	$	13.84		$	14.52		$	14.59		$	11.40		$	12.51

Total Return^(e)		(4.68	)%		(0.49	)%		27.98	%		(8.54	)%		1.21	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	4,005		$	7,265		$	11,711		$	13,586		$	19,151
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(f)		2.74	%		2.62	%		2.62	%		2.61	%		2.59	%
After fees waived and expenses absorbed^(f)		2.70	%		2.62	%		2.62	%		2.61	%		2.59	%
Ratio of net investment loss to average net assets:
Before fees waived and expenses absorbed^(f)		(0.52	)%		(1.37	)%		(1.42	)%		(0.24	)%		(0.64	)%
After fees waived and expenses absorbed^(f)		(0.48	)%		(1.37	)%		(1.42	)%		(0.24	)%		(0.64	)%
Portfolio turnover rate^(g)		677	%		289	%		350	%		522	%		396	%

^(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 year.

^(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)

^(e)

^(f)

Does not include expenses of the investment companies in which the Fund invests.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Tactical Defensive Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	16.47		$	16.39		$	12.69		$	13.79		$	13.50

Investment operations:
Net investment income (loss)^{(b) (c)}		0.09			(0.07	)		(0.07	)		0.09			0.03
Net realized and unrealized gain (loss)		(0.70	)		0.15			3.77			(1.13	)		0.26
Total from investment operations		(0.61	)		0.08			3.70			(1.04	)		0.29

Less distributions:
Net investment income		—			—			—			(0.06	)		—
Total distributions		—			—			—			(0.06	)		—

Net asset value, end of year	$	15.86		$	16.47		$	16.39		$	12.69		$	13.79

Total Return^(d)		(3.70	)%		0.46	%		29.16	%		(7.61	)%		2.15	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	36,249		$	42,354		$	44,999		$	46,311		$	54,684
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(e)		1.77	%		1.66	%		1.68	%		1.66	%		1.64	%
After fees waived and expenses absorbed^(e)		1.70	%		1.66	%		1.68	%		1.66	%		1.64	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(e)		0.47	%		(0.44	)%		(0.50	)%		0.65	%		0.21	%
After fees waived and expenses absorbed^(e)		0.53	%		(0.44	)%		(0.50	)%		0.65	%		0.21	%
Portfolio turnover rate^(f)		677	%		289	%		350	%		522	%		396	%

^(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 year.

^(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)

^(e)

Does not include expenses of the investment companies in which the Fund invests.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

FINANCIAL HIGHLIGHTS

Class A

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	10.99		$	11.67		$	10.72		$	10.37		$	10.94

Investment operations:
Net investment income^{(b) (c)}		0.11			0.02			0.06			0.13			0.17
Net realized and unrealized gain (loss)		(0.74	)		(0.68	)		0.98			0.39			(0.62	)
Total from investment operations		(0.63	)		(0.66	)		1.04			0.52			(0.45	)

Less distributions:
Net investment income		(0.09	)		(0.02	)		(0.08	)		(0.17	)		(0.12	)
From net realized gains		—			—			(0.01	)		—			—
Total distributions		(0.09	)		(0.02	)		(0.09	)		(0.17	)		(0.12	)

Net asset value, end of year	$	10.27		$	10.99		$	11.67		$	10.72		$	10.37

Total Return^(d)		(5.72	)%		(5.69	)%		9.74	%		5.04	%		(4.13	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	1,351		$	2,224		$	2,708		$	2,659		$	4,733
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(e)		2.09	%		1.87	%		1.97	%		1.89	%		1.94	%
After fees waived and expenses absorbed^(e)		1.63	%		1.63	%		1.63	%		1.63	%		1.63	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(e)		0.57	%		(0.06	)%		0.22	%		0.95	%		1.27	%
After fees waived and expenses absorbed^(e)		1.02	%		0.18	%		0.56	%		1.21	%		1.58	%
Portfolio turnover rate^(f)		8	%		16	%		11	%		21	%		5	%

^(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 year.

^(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)

^(e)

Does not include expenses of the investment companies in which the Fund invests.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

FINANCIAL HIGHLIGHTS

Class C

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	10.65		$	11.38		$	10.47		$	10.14		$	10.73

Investment operations:
Net investment income (loss)^{(b) (c)}		0.03			(0.06	)		(0.02	)		0.04			0.07
Net realized and unrealized gain (loss)		(0.72	)		(0.67	)		0.96			0.40			(0.59	)
Total from investment operations		(0.69	)		(0.73	)		0.94			0.44			(0.52	)

Less distributions:
Net investment income		(0.04	)		—			(0.03	)		(0.11	)		(0.07	)
From net realized gains		—			—			—	^(d)		—			—
Total distributions		(0.04	)		—			(0.03	)		(0.11	)		(0.07	)

Net asset value, end of year	$	9.92		$	10.65		$	11.38		$	10.47		$	10.14

Total Return^(e)		(6.49	)%		(6.41	)%		8.97	%		4.34	%		(4.84	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	2,678		$	3,739		$	4,789		$	5,384		$	7,460
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(f)		2.87	%		2.65	%		2.73	%		2.68	%		2.63	%
After fees waived and expenses absorbed^(f)		2.38	%		2.38	%		2.38	%		2.38	%		2.38	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed^(f)		(0.23	)%		(0.84	)%		(0.52	)%		0.13	%		0.43	%
After fees waived and expenses absorbed^(f)		0.27	%		(0.57	)%		(0.17	)%		0.43	%		0.68	%
Portfolio turnover rate^(g)		8	%		16	%		11	%		21	%		5	%

^(a)

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

^(b)

Based on average shares outstanding for the year.

^(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)

^(f)

Does not include expenses of the investment companies in which the Fund invests.

^(g)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Trilogy Alternative Return Fund

FINANCIAL HIGHLIGHTS

Class I

(For a share outstanding during each year)

	For the Years Ended May 31,
	2023			2022^(a)			2021			2020			2019
Selected Per Share Data:
Net asset value, beginning of year	$	11.05		$	11.71		$	10.76		$	10.40		$	10.97

Investment operations:
Net investment income^{(b) (c)}		0.13			0.05			0.09			0.15			0.18
Net realized and unrealized gain (loss)		(0.74	)		(0.68	)		0.98			0.41			(0.60	)
Total from investment operations		(0.61	)		(0.63	)		1.07			0.56			(0.42	)

Less distributions:
Net investment income		(0.11	)		(0.03	)		(0.11	)		(0.20	)		(0.15	)
From net realized gains		—			—			(0.01	)		—			—
Total distributions		(0.11	)		(0.03	)		(0.12	)		(0.20	)		(0.15	)

Net asset value, end of year	$	10.33		$	11.05		$	11.71		$	10.76		$	10.40

Total Return^(d)		(5.56	)%		(5.45	)%		9.98	%		5.39	%		(3.90	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	22,767		$	35,788		$	39,552		$	42,622		$	52,330
Ratio of expenses to average net assets:
Before fee waived and expenses absorbed^(e)		1.89	%		1.68	%		1.79	%		1.72	%		1.65	%
After fees waived and expenses absorbed^(e)		1.38	%		1.38	%		1.38	%		1.38	%		1.38	%
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed^(e)		0.73	%		0.13	%		0.43	%		1.09	%		1.39	%
After fees waived and expenses absorbed^(e)		1.24	%		0.43	%		0.84	%		1.43	%		1.66	%
Portfolio turnover rate^(f)		8	%		16	%		11	%		21	%		5	%

^(a)

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

^(b)

Based on average shares outstanding for the year.

^(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)

^(e)

Does not include expenses of the investment companies in which the Fund invests.

^(f)

Portfolio turnover is calculated on the basis on the Fund as a whole without distinguishing among the classes of shares.

See accompanying Notes to Financial Statements.

North Square Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2023

Note 1 – Organization

North Square Spectrum Alpha Fund (formerly, North Square Oak Ridge Small Cap Growth Fund) (“Spectrum Alpha” or “Spectrum Alpha Fund”), North Square Dynamic Small Cap Fund (“Dynamic Small Cap” or “Dynamic Small Cap Fund”), North Square Advisory Research Small Cap Growth Fund (formerly, North Square Oak Ridge All Cap Growth Fund) (“Small Cap Growth” or “Small Cap Growth Fund”), North Square Multi Strategy Fund (“Multi Strategy” or “Multi Strategy Fund”), North Square Preferred and Income Securities Fund (formerly, North Square Oak Ridge Dividend Growth Fund) (“Preferred and Income Securities” or “Preferred and Income Securities Fund”), North Square Tactical Growth Fund (“Tactical Growth” or “Tactical Growth Fund”), North Square Tactical Defensive Fund (“Tactical Defensive” or “Tactical Defensive Fund”) and North Square Trilogy Alternative Return Fund (“Trilogy Alternative Return” or “Trilogy Alternative Return Fund”) are organized as a series of North Square Investments Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Spectrum Alpha Fund, Dynamic Small Cap Fund, Small Cap Growth Fund, Multi Strategy Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, and Trilogy Alternative Return Fund are diversified Funds.

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

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

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

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

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

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

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

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

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 is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.

Note 2 – Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts 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

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

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

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

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

(b) Purchased/Written Option Contracts

The Fund may write or purchase option contracts to adjust risk and return of its overall investment positions. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the 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 the 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 the Fund has realized a gain or loss on investment transactions. Investing in purchased and written options contracts exposes the Fund to equity price risk. At May 31, 2023, the North Square Trilogy Alternative Return Fund had an amount of $44,117 due to Interactive Brokers, LLC for option contracts which are presented on the Fund’s Statement of Assets and Liabilities.

(c) Investment Transactions, Investment Income and Expenses

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

(d) Federal Income Taxes

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

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

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the previous three tax year ends and the interim tax

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

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.

(e) Distributions to Shareholders

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

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

(f) Line of Credit

U.S. Bank, N.A. has made available to the Funds an unsecured line of credit pursuant to a Loan Agreement for the Trust, expiring on June 12, 2024. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The Trust may borrow up to the lesser of $50,000,000 or certain percentage amounts based on the net assets of the Funds, or 33.33% of unencumbered assets.

The interest rate paid by the Funds on outstanding borrowings is equal to the Prime Rate. As of May 31, 2023, the Prime Rate was 8.25%. During the year ended May 31, 2023, Dynamic Small Cap Fund had one draw on the line of credit for one day in the amount of $565,000 at 7.00%.

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with North Square Investments, LLC (the “Advisor” or “NSI”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund’s average daily net assets. Fees paid to the Advisor for the year ended May 31, 2023 are reported on the Statements of Operations. The annual and tiered rates are listed by Fund in the below table:

		Investment
		Advisory Fees
Spectrum Alpha Fund		0.20%
Dynamic Small Cap Fund		0.90%
Small Cap Growth Fund		0.70%
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%
Trilogy Alternative return Fund
First $150 million		1.25%
$150 million up to $500 million		1.00%
Thereafter		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 Advisor (“affiliated investments”) and (ii) 0.50% for Fund assets invested in non-affiliated investments. For the year ended May 31, 2023, the amount of advisory fees waived due to affiliated investments is reported under “Affiliated fund fee waived” on the Statements of Operations.

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

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

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

		Total Limit on Annual Operating Expenses
		Class A	Class C	Class I
	Agreement Expires	Shares^(a)	Shares^(a)	Shares^(a)
Spectrum Alpha Fund	September 30, 2025	1.30%	—	1.05%
Dynamic Small Cap Fund	September 30, 2029	1.24%	—	0.99%
Advisory Research Small Cap Growth Fund	September 30, 2029	1.19%^(b)	—	0.94%
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, 2025	1.30%^(c)	1.30%^(c)	1.30%^(c)
Tactical Defensive Fund	September 30, 2025	1.70%^(c)	1.70%^(c)	1.70%^(c)
Trilogy Alternative Return Fund	September 30, 2025	1.38%^(c)	1.38%^(c)	1.38%^(c)

^(a)

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

^(b)

This class is currently not available for purchase.

^(c)

Exclusive of payments under a Rule 12b-1 Distribution Plan.

The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending thirty-six months after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. For the year ended May 31, 2023, the Spectrum Alpha Fund recouped $187,813 and $112,814 in Class A and Class I, respectively.

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

	Spectrum Alpha Fund
	Class A		Class I		Total
May 31, 2024	$	312,918	$	166,395	$	479,313
May 31, 2025	$	128,144	$	93,377	$	221,521
	$	441,062	$	259,772		700,834

	Dynamic Small Cap Fund
	Class A		Class I		Total
May 31, 2024		—	$	98,584	$	98,584
May 31, 2025		—	$	162,452	$	162,452
May 31, 2026	$	127	$	238,685	$	238,812
	$	127	$	499,721	$	499,848

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

					Advisory
					Research Small		Preferred
					Cap Growth		and Income
					Fund		Securities Fund
May 31, 2024					$	68,724	$	60,057
May 31, 2025					$	57,980	$	56,691
May 31, 2026					$	46,842	$	94,057
					$	173,546	$	210,805

	Tactical Growth Fund
	Class A		Class C		Class I		Total
May 31, 2025	$	64,123	$	70,169	$	300,815	$	435,107
May 31, 2026	$	171,866	$	153,546	$	626,943	$	952,355
	$	235,989	$	223,715	$	927,758	$	1,387,462

	Tactical Defensive Fund
	Class A		Class C		Class I		Total
May 31, 2026	$	7,574	$	2,679	$	25,875	$	36,128

	Trilogy Alternative Return Fund
	Class A		Class C		Class I		Total
May 31, 2025	$	5,635	$	10,923	$	108,017	$	124,575
May 31, 2026	$	7,816	$	15,224	$	133,633	$	156,673
	$	13,451	$	26,147	$	241,650	$	281,248

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Funds’ fund accountant, transfer agent and administrator. Prior to May 8, 2023 U.S. Bank Global Fund Services provided administrative, transfer agent and fund accounting services to the Funds. The Funds’ allocated fees incurred for fund accounting, transfer agency and fund administration for the year ended May 31, 2023 are reported on the Statements of Operations.

Compass Distributors, LLC serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Prior to May 8, 2023, ACA Group provided Chief Compliance Officer services to the Trust. The Funds’ allocated fees incurred for compliance services for the year ended May 31, 2023, are reported on the Statements of Operations.

Each Independent Trustee receives from the Trust an annual retainer of $55,000, plus $5,000 for each regularly scheduled Board meeting attended, $5,000 for each special in-person meeting attended and $2,500 for each special telephonic meeting attended, plus reimbursement of related expenses. The Chairman of the Board receives an additional annual retainer of $10,000, and each of the Chairs of the Audit Committee and the Governance Committee receives an additional annual retainer of $5,000, respectively.

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

Note 4 - Federal Income Taxes

At May 31, 2023, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

							Advisory
							Research Small						Preferred and
	Spectrum Alpha			Dynamic Small			Cap Growth			Multi Strategy			Income Securities
	Fund			Cap Fund			Fund			Fund			Fund
Tax cost of investments	$	88,641,031		$	77,838,280		$	8,248,870		$	39,922,887		$	44,912,808
Gross unrealized appreciation	$	10,751		$	6,546,737		$	1,567,786		$	1,387,608		$	966,258
Gross unrealized depreciation		(15,233,842	)		(5,218,159	)		(199,654	)		(2,229,126	)		(1,013,424	)
Net unrealized appreciation (depreciation) on investments	$	(15,223,091	)	$	1,328,578		$	1,368,132		$	(841,518	)	$	(47,166	)

													Trilogy
							Tactical Growth			Tactical Defensive			Alternative
							Fund			Fund			Return Fund
Tax cost of investments							$	369,138,113		$	62,274,171		$	21,431,878
Gross unrealized appreciation							$	103,362,270		$	471,769		$	8,665,481
Gross unrealized depreciation								(1,047,247	)		(1,042,177	)		(3,260,856	)
Net unrealized appreciation (depreciation) on investments							$	102,315,023		$	(570,408	)	$	5,404,625

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

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, 2023, permanent differences in book and tax accounting have been reclassified to paid in capital, accumulated net investment income/ loss and accumulated net realized gain/loss as follows:

				Accumulated Earnings
	Paid-In Capital			(Deficit)
Spectrum Alpha Fund	$	(973,973	)	$	973,973
Dynamic Small Cap Fund		(55,848	)		55,848
Advisory Research Small Cap Growth Fund		(99,486	)		99,486
Multi Strategy Fund		347,326			(347,326	)
Preferred and Income Securities Fund		(64	)		64
Tactical Growth Fund		1,809,242			(1,809,242	)
Tactical Defensive Fund		(216,126	)		216,126
Trilogy Alternative Return Fund		(6,910	)		6,910

As of May 31, 2023, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

							Advisory
							Research Small						Preferred and
	Spectrum Alpha			Dynamic Small			Cap Growth			Multi Strategy			Income Securities
	Fund			Cap Fund			Fund			Fund			Fund
Undistributed ordinary income	$	—		$	—		$	—		$	498,762		$	—
Accumulated capital and other losses		(2,233,773	)		(11,933,006	)		(3,265,745	)		—			(3,412,296	)
Other temporary difference		—			—			—			—			609,883
Unrealized appreciation (depreciation) on investments		(15,223,091	)		1,328,578			1,368,132			(841,518	)		(52,934	)
Total accumulated deficit	$	(17,456,864	)	$	(10,604,428	)	$	(1,897,613	)	$	(342,756	)	$	(2,855,347	)

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

							Trilogy
	Tactical Growth			Tactical Defensive			Alternative
	Fund			Fund			Return Fund
Undistributed ordinary income	$	—		$	—		$	112,275
Accumulated capital and other losses		(4,588,324	)		(11,684,096	)		(3,350,252	)
Unrealized appreciation (depreciation) on investments		102,315,023			(570,408	)		5,404,625
Total accumulated earnings (deficit)	$	97,726,699		$	(12,254,504	)	$	2,166,648

The tax character of distributions paid for the fiscal years ended May 31, 2023 and May 31, 2022 were as follows:

					Dynamic				Advisory Research Small Cap
	Spectrum Alpha Fund				Small Cap Fund				Growth Fund
	2023		2022		2023		2022		2023		2022
Distributions paid from:
Ordinary income	$	—	$	2,234,423	$	144,105	$	5,391,208	$	—	$	10,604
Long-term capital gains		37,229,970		15,159,013		—		1,222,457		1,422,533		2,953,601
Total distributions paid	$	37,229,970	$	17,393,436	$	144,105	$	6,613,665	$	1,422,533	$	2,964,205

	Multi Strategy Fund				Preferred and Income Securities Fund				Tactical Growth Fund
	2023		2022		2023		2022		2023		2022
Distributions paid from:
Ordinary income	$	4,507,952	$	—	$	1,411,731	$	219,870	$	2,380,891	$	19,279,397
Long-term capital gains		9,580,068		3,299,535		4,921,108		1,247,779		31,241,773		8,625,075
Return of Capital		—		—		702,036		—		—		—
Total distributions paid	$	14,088,020	$	3,299,535	$	7,034,875	$	1,467,649	$	33,622,664	$	27,904,472

					Tactical Defensive Fund				Trilogy Alternative Return Fund
					2023		2022		2023		2022
Distributions paid from:
Ordinary income					$	—	$	—	$	278,247	$	102,714
Total distributions paid					$	—	$	—	$	278,247	$	102,714

As of May 31, 2023, the following funds have nonexpiring capital loss carryforwards:

	Short-Term		Long-Term
Spectrum Alpha Fund	$	1,497,212	$	367,937
Dynamic Small Cap Fund		11,933,006		—
Advisory Research Small Cap Growth Fund		3,236,067		—
Multi Strategy Fund		—		—
Preferred and Income Securities Fund		3,029,689		382,607
Tactical Growth Fund		2,893,738		1,694,586
Tactical Defensive Fund		11,684,096		—
Trilogy Alternative Return Fund		3,350,252		—

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.

100

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

As of May 31, 2023, the Funds had the following qualified late-year ordinary losses and post-October losses which are deferred until fiscal year 2024 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. Capital losses incurred after October 31 within that taxable year are deemed to arise on the first day of the Fund’s next taxable year.

	Late Year Losses		Post October Losses
Spectrum Alpha Fund	$	368,624	$	—
Advisory Research Small Cap Growth Fund		29,678		—

Note 5 – Investment Transactions

For the year ended May 31, 2023, purchases and sales of investments were as follows:

	Purchases		Sales
Spectrum Alpha Fund	$	5,989,025	$	24,753,894
Dynamic Small Cap Fund		134,374,400		136,651,384
Advisory Research Small Cap Growth Fund		20,324,282		23,661,087
Multi Strategy Fund		5,683,535		12,376,691
Preferred and Income Securities Fund		112,391,089		93,405,022
Tactical Growth Fund		343,473,478		306,751,680
Tactical Defensive Fund		203,260,709		168,623,790
Trilogy Alternative Return Fund		2,519,021		13,929,874

For the year ended May 31, 2023, the Preferred and Income Securities Fund had purchases and sales of long-term U.S. government obligations of $2,111,156 and $2,461,252, respectively.

Note 6 – Shareholder Servicing Plan

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

For the year ended May 31, 2023, 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 and Class C shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund’s average daily net assets attributable to Class A shares and 1.00% of average daily net assets attributable to Class C shares.

For the year ended May 31, 2023, 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.

101

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

Note 9 – Fair Value Measurements and Disclosure

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

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

●

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

●

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

●

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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, 2023, in valuing the Funds’ assets carried at fair value:

North Square Spectrum Alpha Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	764,588	$	—	$	—	$	764,588
Mutual Funds		72,289,205		—		—		72,289,205
Short-Term Investment		364,147		—		—		364,147
Total	$	73,417,940	$	—	$	—	$	73,417,940

North Square Dynamic Small Cap Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	76,318,317	$	—	$	—	$	76,318,317
Exchange-Traded Funds		1,911		—		—		1,911
Short-Term Investment		2,846,630		—		—		2,846,630
Total	$	79,166,858	$	—	$	—	$	79,166,858

102

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

North Square Advisory Research
Small Cap Growth Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,166,536	$	—	$	—	$	9,166,536
Short-Term Investment		450,466		—		—		450,466
Total	$	9,617,002	$	—	$	—	$	9,617,002

North Square Multi Strategy Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	12,708,979	$	—	$	—	$	12,708,979
Mutual Funds		26,103,861		—		—		26,103,861
Short-Term Investments		268,529		—		—		268,529
Total	$	39,081,369	$	—	$	—	$	39,081,369

North Square Preferred and Income Securities Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Preferred Stocks	$	1,171,640	$	1,906,144	$	—	$	3,077,784
Corporate Bonds		—		40,847,755		—		40,847,755
Short-Term Investment		940,103		—		—		940,103
Total	$	2,111,743	$	42,753,899	$	—	$	44,865,642

North Square Tactical Growth Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	394,795,177	$	—	$	—	$	394,795,177
Short-Term Investment		76,657,959		—		—		76,657,959
Total	$	471,453,136	$	—	$	—	$	471,453,136

North Square Tactical Defensive Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	31,667,396	$	—	$	—	$	31,667,396
Short-Term Investment		30,036,367		—		—		30,036,367
Total	$	61,703,763	$	—	$	—	$	61,703,763

North Square Trilogy Alternative Return Fund			Valuation Inputs
Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,586,217	$	—	$	—	$	9,586,217
Exchange-Traded Funds		15,500,002		—		—		15,500,002
Purchased Options		—		2,138,300		—		2,138,300
Short-Term Investment		500,559		—		—		500,559
Total	$	25,586,778	$	2,138,300	$	—	$	27,725,078

103

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

North Square Trilogy Alternative Return Fund			Valuation Inputs
Liabilities	Level 1		Level 2			Level 3		Total
Written Options	$	—	$	(898,575	)	$	—	$	(898,575	)
Total	$	—	$	(898,575	)	$	—	$	(898,575	)

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 May 31, 2023 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

Spectrum Alpha Fund

											Change in
	Value										Unrealized
	Beginning of				Sales			Net Realized			Appreciation /			Value End		Dividend		Capital Gain
	Period		Purchases		Proceeds			Gain (Loss)			(Depreciation)			of Period		Income		Distributions
North Square Advisory Research Small Cap Growth Fund - Class I	$	10,600,059	$	1,176,156	$	(2,475,000	)	$	(1,166,245	)	$	(195,367	)	$	7,939,603	$	—	$	1,176,156
North Square Advisory Research Small Cap Value Fund - Class I		17,370,495		981,267		(2,775,000	)		(474,699	)		(1,760,492	)		13,341,571		17,085		964,184
North Square Dynamic Small Cap Fund -Class I		67,197,530		115,074		(16,425,000	)		(2,766,963	)		2,887,390			51,008,031		115,074		—

	Shares
	Beginning of							Shares End of
	Period		Purchases		Sales			Period
North Square Advisory Research Small Cap Growth Fund - Class I		836,475		118,504		(210,874	)		744,105
North Square Advisory Research Small Cap Value Fund - Class I		1,630,496		104,666		(278,659	)		1,456,503
North Square Dynamic Small Cap Fund - Class I		6,060,602		10,769		(1,496,660	)		4,574,711

104

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

Multi Strategy Fund

											Change in
	Value										Unrealized
	Beginning of				Sales			Net Realized			Appreciation /			Value End		Dividend		Capital Gain
	Period		Purchases		Proceeds			Gain (Loss)			(Depreciation)			of Period		Income		Distributions
North Square Advisory Research Small Cap Growth Fund - Class I	$	2,046,023	$	233,976	$	(450,000	)	$	15,162		$	(285,145	)	$	1,560,016	$	—	$	233,976
North Square Advisory Research Small Cap Value Fund - Class I		2,559,638		156,982		(200,000	)		(43,570	)		(314,802	)		2,158,248		2,733		154,248
North Square Altrinsic International Equity Fund - Class I		3,775,913		1,054,852		—			—			(13,756	)		4,817,009		54,852		—
North Square Dynamic Small Cap Fund -Class I		8,739,379		18,126		(900,000	)		(70,182	)		153,364			7,940,687		18,126		—
North Square McKee Bond Fund - Class R6		1,389,777		761,169		(145,000	)		(12,554	)		(29,391	)		1,964,001		41,169		—
North Square Preferred and Income Securities Fund - Class I		9,021,722		1,297,383		(2,250,000	)		496,603			(1,683,843	)		6,881,865		389,642		907,740
North Square Strategic Income Fund - Class I		1,076,918		30,585		(275,000	)		2,046			(52,514	)		782,035		30,584		—

	Shares
	Beginning of							Shares End of
	Period		Purchases		Sales			Period
North Square Advisory Research Small Cap Growth Fund - Class I		161,456		23,574		(38,824	)		146,206
North Square Advisory Research Small Cap Value Fund - Class I		240,263		16,744		(21,390	)		235,617
North Square Altrinsic International Equity Fund – Class I		379,744		103,406		—			483,150
North Square Dynamic Small Cap Fund - Class I		788,212		1,696		(77,739	)		712,169
North Square McKee Bond Fund – Class R6		152,154		87,345		(15,809	)		223,690
North Square Preferred and Income Securities Fund – Class I		430,479		70,650		(115,806	)		385,323
North Square Strategic Income Fund – Class I		117,681		3,471		(30,218	)		90,934

Note 11 – Derivative and Other Financial Instruments

At May 31, 2023, the North Square Trilogy Alternative Return Fund held derivative and other financial instruments which are not subject to a master netting arrangement.

The following table presents the fair value of derivative instruments for the North Square Trilogy Alternative Return Fund as of May 31, 2023 as presented on the Fund’s Statement of Assets and Liabilities:

Location of Derivatives on Statement of Assets and Liabilities
Derivatives	Asset Derivatives	Liability Derivatives	Fair Value
Equity Price Risk:
Purchased Options	Investments, at value		$	2,138,300
Written Options		Options written, at value		(898,575	)

105

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

The following table presents the results of the derivative trading and information related to volume for the year ended May 31, 2023 for the North Square Trilogy Alternative Return Fund. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.

					Change in Unrealized
					Appreciation
	Location of Gain (Loss) on Derivatives	Realized Gain (Loss) on			(Depreciation) on
Derivatives	on Statement of Operations	Derivatives			Derivatives
Equity Price Risk:
Purchased Options	Net realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options	$	(361,579	)	$	(3,850,908	)
Written Options	Net realized gain and change in unrealized appreciation (depreciation) on written options		1,960,973			649,499

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts held in the Trilogy Alternative Return Fund during the year ended May 31, 2023 were:

	Average Ending
Derivatives	Monthly Notional
Purchased Options	$	4,886,588
Written Options		(2,292,651	)

Note 12 – Underlying Investment in Other Investment Companies

Each Fund 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. Each Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of May 31, 2023, the Spectrum Alpha Fund had 98.6% of the value of its net assets invested in open-end mutual funds. As of May 31, 2023, the Multi Strategy Fund had 32.7% and 67.1% of the value of its net assets invested in ETFs and open-end mutual funds, respectively. As of May 31, 2023, the Tactical Growth Fund had 83.7% of the value of its net assets invested in ETFs. As of May 31, 2023, the Tactical Defensive Fund had 52.3% and 49.6% of the value of its net assets invested in ETFs and money market mutual funds, respectively. As of May 31, 2023, the Trilogy Alternatives Return Fund had 57.8% 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, 2023, the Advisory Research Small Cap Growth Fund had 29.2% of the value of its net assets invested in securities within the Technology sector, and the Preferred and Income Securities Fund had 56.8% of the value of its net assets invested in securities within the Banking industry.

Note 14 – Regulatory Updates

In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), and in December 2022, the FASB issued Accounting Standards Update ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which provides optional, temporary

106

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

May 31, 2023

relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04, ASU 2021-01, and ASU 2022-06 are effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2024. Management is evaluating the impact of ASU 2020-04, ASU 2021-01, and ASU 2022-06 on the Funds’ investments, derivatives, debt, and other contracts that will undergo reference rate elated modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

Note 15 – Events Subsequent to the Fiscal Period End

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements.

107

(COHEN & CO LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

North Square Investments Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of North Square Investments Trust comprising North Square Spectrum Alpha Fund, North Square Dynamic Small Cap Fund, North Square Advisory Research Small Cap Growth Fund, North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive Fund, and North Square Trilogy Alternative Return Fund (the “Funds”) as of May 31, 2023, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2023, the results of their operations, and changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial statements and financial highlights for the years ended May 31, 2022, and prior, were audited by other auditors whose report dated July 29, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2023.

(-s- COHEN & COMPANY, LTD.)

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 28, 2023

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

108

North Square Funds

SUPPLEMENTAL INFORMATION (Unaudited)

Corporate Dividends Received Deduction

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended May 31, 2023 was as follows:

North Square Spectrum Alpha Fund	0.00%	North Square Preferred and Income Securities Fund	0.10%
North Square Dynamic Small Cap Fund	100.00%	North Square Tactical Growth Fund	100.00%
North Square Advisory Research Small Cap Growth Fund	0.00%	North Square Tactical Defensive Fund	0.00%
North Square Multi Strategy Fund	0.00%	North Square Trilogy Alternative Return Fund	88.88%

Qualified Dividend Income

For the fiscal year ended May 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

North Square Spectrum Alpha Fund	0.00%	North Square Preferred and Income Securities Fund	0.10%
North Square Dynamic Small Cap Fund	100.00%	North Square Tactical Growth Fund	100.00%
North Square Advisory Research Small Cap Growth Fund	0.00%	North Square Tactical Defensive Fund	0.00%
North Square Multi Strategy Fund	0.00%	North Square Trilogy Alternative Return Fund	100.00%

Long-Term Capital Gain Designation

For the fiscal year ended May 31, 2023, the Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

North Square Spectrum Alpha Fund	$	37,229,963	North Square Preferred and Income Securities Fund	$	4,921,108
North Square Dynamic Small Cap Fund	$	—	North Square Tactical Growth Fund	$	31,241,662
North Square Advisory Research Small Cap Growth Fund	$	1,422,527	North Square Tactical Defensive Fund	$	—
North Square Multi Strategy Fund	$	9,927,394	North Square Trilogy Alternative Return Fund	$	—

109

North Square Funds

SUPPLEMENTAL INFORMATION (Unaudited)

Trustees and Officers Information

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

Name, Address^(a), Year of Birth and Position(s) with the Trust	Position with the Trust	Term of Office and Length of Time^(b)	Principal Occupations During the Past	Number of Portfolios in Fund Complex Overseen^(c)	Other Directorship/ Trusteeship Positions held by Trustee During the Past 5 Years
Independent Trustees
David B. Boon (1960)	Trustee	08/2018 to present	Chief Financial Officer and Managing Director, Eagle Capital Management, LLC (since 2018); Chief Financial Officer and Partner, Cedar Capital, LLC (2013 – 2018).	12	None
Donald J. Herrema (1952)	Chairman of the Board and Trustee	08/2018 to present	Vice Chair and Chief Investment Officer, Independent Life Insurance Company (since 2018); Financial Services Executive, Advisor and Founder of BlackSterling Partners, LLC (private investments and advisory firm) (since 2004.	12	Chairman and Director Emeritus, TD Funds USA (2009 - 2019); Director, Abel Noser Holdings, LLC (since 2016); Member, USC Marshall Business School Board (since 2010); Director, FEG Investment Advisors (since 2017); Director, Independent Life Insurance Company (since 2018).
Catherine A. Zaharis (1960)	Trustee	08/2018 to present	Professor of Practice (since 2019), Director, Professional/ Employer Development, Finance Department (2015 - 2019), Adjunct Lecturer (2010 – 2019), and Business Director, MBA Finance Career Academy (2008 – 2015), University of Iowa, Tippie College of Business; Chair (2013 – 2016), Director (1999 – 2016), and Investment Committee Member (1999 – 2013) and Chair (2003 – 2013), University of Iowa Foundation.	12	Director, The Vantagepoint Funds (2015 – 2016).

110

North Square Funds

SUPPLEMENTAL INFORMATION (Unaudited) – Continued

Name, Address^(a), Year of Birth and Position(s) with the Trust	Position with the Trust	Term of Office and Length of Time^(b)	Principal Occupations During the Past	Number of Portfolios in Fund Complex Overseen^(c)	Other Directorship/ Trusteeship Positions held by Trustee During the Past 5 Years
Interested Trustee^(d)
Ian Martin (1968)	Trustee and President	05/2023 to present	Executive Vice President, Chief Administrative Officer of Ultimus Fund Solutions, LLC (2019 – present); Executive Vice President, U.S. Bank Global Fund Services (1992 – 2019).	12	None
Officers of the Trust
Zachary P. Richmond (1980)	Treasurer	05/2023 to present	Vice President, Director of Financial Administration of Ultimus Fund Solutions, LLC (2015 – present).	N/A	N/A
Karen Jacoppo-Wood (1966)	Secretary	05/2023 to present	Senior Vice President and Associate General Counsel of Ultimus Fund Solutions, LLC (2022 – present); Managing Director and Managing Counsel of State Street Bank and Trust Company (2019 – 2022) (Vice President and Managing Counsel from 2014 – 2019).	N/A	N/A
Martin R. Dean (1963)	Chief Compliance Officer	05/2023 to present	President of Northern Lights Compliance Services, LLC (January 2023 – present); Senior Vice President, Head of Fund Compliance (2020 – January 2023) of Ultimus Fund Solutions, LLC (Vice President and Director of Fund Compliance from 2016 – 2020).	N/A	N/A

^(a)

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

^(b)

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

^(c)

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

^(d)

Mr. Martin is considered to be an “interested person” of the Trust as that term is defined in the 1940 Act by virtue of his positions with the administrator, transfer agent and fund accountant.

111

North Square Funds

SUPPLEMENTAL INFORMATION (Unaudited) – Continued

Liquidity Risk Management Program

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the North Square Investments Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for the funds within the Trust (the “Funds”). The Program seeks to assess and manage each Funds’ liquidity risk. “Liquidity risk” is defined under the Liquidity Rule as the risk that each Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Funds’ investment adviser as the administrator for the Program (the “Trust Program Administrator”).

At its meeting on December 7-8, 2022, the Board received and reviewed a written report (the “Report”) from the Trust’s Vice President, on behalf of the Trust Program Administrator, concerning the operation of the Program for the period of October 1, 2021 through September 30, 2022 (the “Period”). The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, including the following: (1) the periodic assessment (no less frequently than annually) of certain factors that influence each Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

The Report summarized the operation of the Program and the information and factors considered by the Trust Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Funds. The Report considered each Fund’s liquidity risk under both normal and reasonably foreseeable stressed market conditions using certain factors required by the Rule and the Program, to the extent deemed appropriate by the Trust Program Administrator. The Report stated that the Funds have retained ICE Data Services, a third-party vendor, to provide a liquidity risk classification specified by the Rule. The Report also noted that each Fund primarily held investments that were classified as highly liquid during the review period and that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments. Thus, the Trust Program Administrator concluded in the Report that each Fund is considered a “primarily highly liquid fund” (as defined in the Rule and Program) and each Fund can therefore rely on the exclusion in the Rule from the requirements to establish an HLIM and to adopt policies and procedures for responding to a HLIM shortfall. There were no material changes to the Program during the Period.

Based on its review, the Report of the Trust Program Administrator concluded that the Program is reasonably designed to assess and manage liquidity risk and has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to each Funds’ liquidity developments.

112

North Square Funds

SUPPLEMENTAL INFORMATION (Unaudited) – Continued

Change in Independent Registered Public Accounting Firm

On March 29, 2023, the Audit Committee of the Board of Trustees approved the engagement of Cohen and Company, Ltd. (“Cohen”) to serve as the independent registered public accounting firm for each Fund for the fiscal year ending May 31, 2023, in replacement of Tait Weller & Baker LLP (“Tait”) which served previously as the independent registered public accounting firm for the Funds. Having been notified of the Audit Committee’s intention to make this change, Tait resigned as the independent registered public accounting firm of the Funds.

The reports of Tait on the financial statements of the Funds as of and for the fiscal years ended May 31, 2021 and May 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During such fiscal years, and during the subsequent interim period ended March 29, 2023: (i) there were no disagreements between the Trust and Tait on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Tait, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal years ended May 31, 2021 and May 31, 2022, and during the subsequent interim period ended March 29, 2023, neither the Trust, nor anyone acting on its behalf, consulted with Cohen on behalf of the Funds regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds’ financial statements, or any matter that was either: (i) the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K.

113

North Square Funds

EXPENSE EXAMPLES

For the Six Months Ended May 31, 2023 (Unaudited)

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period from December 1, 2022 to May 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning	Ending
	Account Value,	Account Value,	Expenses Paid	Annualized
	December 1, 2022	May 31, 2023	During Period^(a)	Expense Ratio
Spectrum Alpha Fund - Class A
Actual	$1,000.00	$966.70	$6.37	1.30%
Hypothetical^(b)	$1,000.00	$1,018.45	$6.54	1.30%
Spectrum Alpha Fund - Class I
Actual	$1,000.00	$966.90	$5.15	1.05%
Hypothetical^(b)	$1,000.00	$1,019.70	$5.29	1.05%
Dynamic Small Cap Fund - Class A
Actual^(c)	$1,000.00	$990.20	$1.05	1.24%
Hypothetical^(b)	$1,000.00	$1,018.75	$6.24	1.24%
Dynamic Small Cap Fund - Class I
Actual	$1,000.00	$980.20	$4.89	0.99%
Hypothetical^(b)	$1,000.00	$1,020.00	$4.99	0.99%
Small Cap Growth Fund - Class I
Actual	$1,000.00	$1,011.30	$4.71	0.94%
Hypothetical^(b)	$1,000.00	$1,020.24	$4.73	0.94%

114

North Square Funds

EXPENSE EXAMPLES – Continued

For the Six Months Ended May 31, 2023 (Unaudited)

	Beginning	Ending
	Account Value,	Account Value,	Expenses Paid	Annualized
	December 1, 2022	May 31, 2023	During Period^(a)	Expense Ratio
Multi Strategy Fund - Class A
Actual	$1,000.00	$994.80	$4.77	0.96%
Hypothetical^(b)	$1,000.00	$1,020.14	$4.84	0.96%
Multi Strategy Fund - Class I
Actual	$1,000.00	$995.30	$3.63	0.73%
Hypothetical^(b)	$1,000.00	$1,021.29	$3.68	0.73%
Preferred and Income Securities Fund - Class I
Actual	$1,000.00	$1,028.40	$4.91	0.97%
Hypothetical^(b)	$1,000.00	$1,020.09	$4.89	0.97%
Tactical Growth Fund - Class A
Actual	$1,000.00	$1,017.90	$7.80	1.55%
Hypothetical^(b)	$1,000.00	$1,017.20	$7.80	1.55%
Tactical Growth Fund - Class C
Actual	$1,000.00	$1,014.30	$11.55	2.30%
Hypothetical^(b)	$1,000.00	$1,013.46	$11.55	2.30%
Tactical Growth Fund - Class I
Actual	$1,000.00	$1,019.20	$6.54	1.30%
Hypothetical^(b)	$1,000.00	$1,018.45	$6.54	1.30%
Tactical Defensive Fund - Class A
Actual	$1,000.00	$960.10	$9.53	1.95%
Hypothetical^(b)	$1,000.00	$1,015.21	$9.80	1.95%
Tactical Defensive Fund - Class C
Actual	$1,000.00	$956.50	$13.17	2.70%
Hypothetical^(b)	$1,000.00	$1,011.47	$13.54	2.70%
Tactical Defensive Fund - Class I
Actual	$1,000.00	$961.20	$8.31	1.70%
Hypothetical^(b)	$1,000.00	$1,016.45	$8.55	1.70%
Trilogy Alternative Return Fund - Class A
Actual	$1,000.00	$979.40	$8.04	1.63%
Hypothetical^(b)	$1,000.00	$1,016.80	$8.20	1.63%
Trilogy Alternative Return Fund - Class C
Actual	$1,000.00	$975.40	$11.72	2.38%
Hypothetical^(b)	$1,000.00	$1,013.06	$11.94	2.38%
Trilogy Alternative Return Fund - Class I
Actual	$1,000.00	$980.80	$6.82	1.38%
Hypothetical^(b)	$1,000.00	$1,018.05	$6.94	1.38%

^(a)

Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by (182/365) (to reflect the one-half year period).

^(b)

Hypothetical assumes 5% annual return before expenses.

^(c)

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by (31/365) (to reflect the since period of since inception of May 1, 2023 to May 31, 2023).

115

THIS PAGE INTENTIONALLY LEFT BLANK

North Square Funds


Advisor
North Square Investments, LLC
10 South LaSalle Street, Suite 1925
Chicago, Illinois 60603


Sub-Advisor	Sub-Advisor
Algert Global LLC	NSI Retail Advisors, LLC
101 California Street, Suite 4225	One Gateway Center
San Francisco, California 94111	Pittsburgh, Pennsylvania 15222


Sub-Advisor	Sub-Advisor
Red Cedar Investment Management, LLC	Advisor Research Inc.
333 Bridge Street NW, Suite 601	180 North Stetson Avenue, Suite 5500
Grand Rapids, Michigan 49504	Chicago, Illinois 60601


Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115


Custodian
U.S. Bank, N.A.
1555 North RiverCenter Drive, Suite 300
Milwaukee, Wisconsin 53212


Fund Administrator, Transfer Agent and Fund Accountant
Ultimus Fund Solutions
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246


Distributor
Compass Distributors LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
www.foreside.com

FUND INFORMATION

Fund Name		Ticker	CUSIP
North Square Spectrum Alpha Fund	Class A	ORIGX	66263L304
North Square Spectrum Alpha Fund	Class I	ORIYX	66263L858
North Square Dynamic Small Cap Fund	Class A	ORSAX	66263L502
North Square Dynamic Small Cap Fund	Class I	ORSIX	66263L825
North Square Advisory Research Small Cap Growth Fund	Class I	ODGIX	66263L601
North Square Multi Strategy Fund	Class A	ORILX	66263L700
North Square Multi Strategy Fund	Class I	PORYX	66263L833
North Square Preferred and Income Securities Fund	Class I	ORDNX	66263L882
North Square Tactical Growth Fund	Class A	ETFAX	66263L734
North Square Tactical Growth Fund	Class C	ETFCX	66263L742
North Square Tactical Growth Fund	Class I	ETFOX	66263L726
North Square Tactical Defensive Fund	Class A	ETFRX	66263L718
North Square Tactical Defensive Fund	Class C	ETFZX	66263L692
North Square Tactical Defensive Fund	Class I	ETFWX	66263L684
North Square Trilogy Alternative Return Fund	Class A	STTGX	66263L650
North Square Trilogy Alternative Return Fund	Class C	STTCX	66263L668
North Square Trilogy Alternative Return Fund	Class I	STTIX	66263L676

Privacy Principles of the North Square Funds for Shareholders

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

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

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

Proxy Voting Policies and Procedures

A description of the Funds’ proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Funds at (855) 551-5521 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Record

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

Portfolio Holdings Disclosure

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

Householding

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

North Square Funds

c/o Ultimus Fund Solutions, LLC

Cincinnati, Ohio 45246

1-855-551-5521

North Square - AR - 5/23

(b)

Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that there is at least one audit committee financial expert serving on its audit committee. David B. Boon is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principle Accountant Fees and Services.

(a) Audit Fees: The aggregate fees billed for the fiscal years ended May 31, 2023 and May 31, 2022 for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $116,000 and $119,760, respectively.

(b) Audit-Related Fees: The aggregate fees billed for the fiscal years ended May 31, 2023 and May 31, 2022 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $0 and $0, respectively.

(c) Tax Fees: The aggregate fees billed for the fiscal years ended May 31, 2023 and May 31, 2022 for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $26,000 and $20,000, respectively.

(d) All Other Fees: The aggregate fees billed for the fiscal years ended May 31, 2023 and May 31, 2022 for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $0 and $0, respectively.

(e)(1) Pre-Approval Policies and Procedures. T The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

(e)(2) Percentage of Services Approved by Audit Committee: There were no services described in each of paragraphs (b) through (d) of this Item (including services required to be approved by Registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Services: The aggregate non-audit fees billed during the fiscal years ended May 31, 2023 and May 31, 2022 by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $26,000 and $20,000, respectively.

(h) Not applicable. The auditor performed no services for the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Schedule of Investments.

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

(b) Not Applicable.

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

Not Applicable – applies to closed-end funds only

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

Not Applicable – applies to closed-end funds only

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

Not Applicable – applies to closed-end funds only

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

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

Item 11. Controls and Procedures.

(a)

The registrant’s President and Treasurer reviewed 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 within 90 days of the filing 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 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable – applies to closed-end funds only

Item 13. Exhibits.

(a)(1)

Code of Ethics is filed herewith.

(a)(2)

Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

	(a)(3)	Not applicable to Registrant.

	(a)(4)	Change in the registrant’s independent public accountant: Attached hereto

(b)

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

SIGNATURES

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

(Registrant) North Square Investments Trust

By (Signature and Title)

/s/ Ian Martin

Ian Martin, President

Date

8/09/2023

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

Date

8/09/2023

By (Signature and Title)

/s/ Zachary P. Richmond

Zachary P. Richmond, Treasurer

Date

8/09/2023