North Square Investments Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 23373

NORTH SQUARE INVESTMENTS TRUST
(Exact name of registrant as specified in charter)

10 South LaSalle Street, Suite 1925

Chicago IL  60603
(Address of principal executive offices) (Zip code)

Alan E. Molotsky, Esq.

North Square Investments Trust

10 South LaSalle Street, Suite 1925

Chicago IL  60603
(Name and address of agent for service)

(312) 857-2160

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2021

Date of reporting period:  November 1, 2020 – April 30, 2021

Item 1. Reports to Stockholders.

(a)

SEMI-ANNUAL REPORT

NORTH SQUARE ADVISORY RESEARCH ALL CAP VALUE FUND

NORTH SQUARE ALTRINSIC INTERNATIONAL EQUITY FUND

NORTH SQUARE MCKEE BOND FUND

NORTH SQUARE STRATEGIC INCOME FUND

APRIL 30, 2021

As of January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, www.northsquareinvest.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, such as a broker-dealer or bank, or, if you are a direct investor, by calling the Funds toll-free at 1-855-551-5521.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call the Funds toll-free at 1-855-551-5521 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary.

North Square Investments | www.northsquareinvest.com

North Square Funds

Table of Contents

Fund Performance	1
Schedules of Investments	5
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	41
Notes to Financial Statements	45
Supplemental Information	54
Expense Examples	56

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

www.northsquareinvest.com

North Square Advisory Research All Cap Value Fund

FUND PERFORMANCE at April 30, 2021 (Unaudited)

		Average Annual
					Since	Inception
Total Returns as of April 30, 2021	6 Month	1 Year	5 Year	10 Year	Inception	Date
Class I	36.02%	45.72%	14.00%	10.29%	11.60%	11/16/09
Russell 3000 Value Index	37.64%	47.78%	12.25%	11.04%	11.95%	11/16/09

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.

The Fund acquired all assets and assumed the liabilities of the Advisory Research All Cap Value Fund (the “Predecessor Fund”) effective the close of business on February 21, 2020. The Predecessor Fund commenced investment operations on November 16, 2009. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the  performance table above prior to February 21, 2020 reflect the performance of the Predecessor Fund.

Gross and net expense ratios for Class I shares were 1.96% and 0.96%, respectively, which were the amounts stated in the current prospectus dated February 28, 2021. 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 0.95% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until February 28, 2022, 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.

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

1

North Square Altrinsic International Equity Fund

FUND PERFORMANCE at April 30, 2021 (Unaudited)

		Calendar	Since	Inception
Total Returns as of April 30, 2021	3 Months	Year to Date	Inception	Date
Class I	8.73%	7.10%	8.62%	12/04/20
MSCI EAFE Index	7.74%	6.59%	9.02%	12/04/20

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.

Gross and net expense ratios for Class I shares were 1.52% and 0.98%, respectively, which were the amounts stated in the current prospectus dated November 2, 2020. For the Fund’s current 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 November 2, 2022, 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.

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

2

North Square McKee Bond Fund

FUND PERFORMANCE at April 30, 2021 (Unaudited)

		Calendar	Since	Inception
Total Returns as of April 30, 2021	3 Months	Year to Date	Inception	Date
Class I	(0.84)%	(0.99)%	(0.84)%	12/28/20
Bloomberg Barclays Intermediate Aggregate Bond Index	(0.95)%	(1.09)%	(1.00)%	12/28/20

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.

Gross and net expense ratios for Class I shares were 0.82% and 0.28%, respectively, which were the amounts stated in the current prospectus dated November 2, 2020. For the Fund’s current 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 0.28% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until November 2, 2022, 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.

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

3

North Square Strategic Income Fund

FUND PERFORMANCE at April 30, 2021 (Unaudited)

		Average Annual
					Since	Inception
Total Returns as of April 30, 2021	6 Month	1 Year	5 Year	10 Year	Inception	Date
Class I	6.15%	10.80%	5.69%	5.22%	4.95%	12/31/12
Bloomberg Barclays US Aggregate Bond Index	(1.52)%	(0.27)%	3.19%	3.39%	2.84%	12/31/12
Bloomberg Barclays Intermediate Credit Index	0.12%	4.53%	3.74%	3.79%	3.24%	12/31/12

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.

The Fund acquired all assets and assumed the liabilities of the Advisory Research Strategic Income Fund (the “Predecessor Fund”) effective the close of business on February 21, 2020. The Predecessor Fund commenced investment operations on December 31, 2012 after the conversion of a limited partnership account, the Advisory Research Value Income Fund, L.P. (the “Predecessor Account”), which commenced operations on June 30, 2003. 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 February 21, 2020 and December 31, 2012 reflect the performance of the Predecessor Fund, and performance results shown prior to December 31, 2012 reflect the performance of the Predecessor Account. The Predecessor Account was not registered under 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 I shares were 1.50% and 0.92%, respectively, which were the amounts stated in the current prospectus dated February 28, 2021. 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 0.90% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until February 28, 2022, 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.

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

4

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 96.2%
		BASIC MATERIALS – 8.1%
		Metal Fabricating – 3.4%
	4,606	Rexnord Corp.	$	229,977
		Specialty Chemicals – 4.7%
	14,450	Element Solutions, Inc.		316,166
		TOTAL BASIC MATERIALS		546,143
		CONSUMER DISCRETIONARY – 25.1%
		Apparel Retailers – 4.0%
	3,820	The TJX Co., Inc.		271,220
		Consumer Services: Misc. – 2.5%
	3,240	Terminix Global Holdings, Inc.*		164,884
		Home Improvement Retailers – 2.5%
	526	The Home Depot, Inc.		170,250
		Household Furnishings – 3.8%
	2,429	Fortune Brands Home & Security, Inc.		254,996
		Restaurants and Bars – 5.0%
	715	McDonald’s Corp.		168,797
	1,496	Starbucks Corp.		171,277
				340,074
		Specialty Retailers – 7.3%
	1,193	Asbury Automotive Group, Inc.*		236,942
	176	AutoZone, Inc.*		257,685
				494,627
		TOTAL CONSUMER DISCRETIONARY		1,696,051
		CONSUMER STAPLES – 3.5%
		Food Retailers and Wholesalers – 3.5%
	5,536	Core-Mark Holding Co., Inc.		235,612
		TOTAL CONSUMER STAPLES		235,612
		ENERGY – 6.3%
		Integrated Oil and Gas – 3.2%
	2,118	Chevron Corp.		218,302
		Oil: Crude Producers – 3.1%
	3,817	Denbury, Inc.*		207,683
		TOTAL ENERGY		425,985
		FINANCIALS – 15.8%
		Banks – 3.6%
	5,174	First Interstate BancSystem, Inc. – Class A		243,023
		Diversified Financial Services – 7.5%
	6,273	Cannae Holdings, Inc.*		249,038
	1,664	JPMorgan Chase & Co.		255,940
				504,978
		Reinsurance – 4.7%
	1,148	Berkshire Hathaway, Inc. – Class B*		315,642
		TOTAL FINANCIALS		1,063,643

See accompanying Notes to Financial Statements.

5

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		HEALTH CARE – 10.6%
		Health Care Management Services – 3.1%
	524	UnitedHealth Group Inc.	$	208,971
		Medical Equipment – 4.2%
	2,163	Medtronic PLC1		283,180
		Pharmaceuticals – 3.3%
	1,870	Abbott Laboratories		224,550
		TOTAL HEALTH CARE		716,701
		INDUSTRIALS – 10.7%
		Machinery: Tools – 2.9%
	842	Snap-on, Inc.		200,059
		Railroads – 3.7%
	1,124	Union Pacific Corp.		249,629
		Transaction Processing Services – 4.1%
	1,798	American Express Co.		275,724
		TOTAL INDUSTRIALS		725,412
		TECHNOLOGY – 10.1%
		Computer Hardware – 3.2%
	1,210	CDW Corp. of Delaware		215,779
		Consumer Digital Services – 4.8%
	138	Alphabet Inc. – Class A*		324,783
		Software – 2.1%
	553	Microsoft Corp.		139,456
		TOTAL TECHNOLOGY		680,018
		TELECOMMUNICATIONS – 3.6%
		Telecommunications Equipment – 3.6%
	1,146	L3Harris Technologies, Inc.		239,778
		TOTAL TELECOMMUNICATIONS		239,778
		UTILITIES – 2.4%
		Gas Distribution – 2.4%
	1,367	Chesapeake Utilities Corp.		162,017
		TOTAL UTILITIES		162,017
		TOTAL COMMON STOCKS
		(Cost $4,580,920)		6,491,360

See accompanying Notes to Financial Statements.

6

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		SHORT-TERM INVESTMENT – 3.6%
	241,005	First American Treasury Obligations Fund – Class X, 0.03%2	$	241,005
		TOTAL SHORT-TERM INVESTMENT
		(Cost $241,005)		241,005
		TOTAL INVESTMENTS – 99.8%
		(Cost $4,821,925)		6,732,365
		Other Assets in Excess of Liabilities – 0.2%		14,227
		TOTAL NET ASSETS – 100.0%	$	6,746,592

PLC – Public Limited Company

*	Non-Income producing security.
1	Foreign security denominated in U.S. Dollars.
2	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

7

North Square Advisory Research All Cap Value Fund

SUMMARY OF INVESTMENTS

As of April 30, 2021 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Consumer Discretionary		25.1	%
Financials		15.8	%
Industrials		10.7	%
Health Care		10.6	%
Technology		10.1	%
Basic Materials		8.1	%
Energy		6.3	%
Telecommunications		3.6	%
Consumer Staples		3.5	%
Utilities		2.4	%
Total Common Stocks		96.2	%
Short-Term Investment		3.6	%
Total Investments		99.8	%
Other Assets in Excess of Liabilities		0.2	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

8

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 94.8%
		BERMUDA – 0.8%
	804	Everest Re Group Ltd.	$	222,668
		BRAZIL – 0.5%
	50,837	Ambev SA		141,327
		CANADA – 1.7%
	3,401	Agnico Eagle Mines Ltd.		212,358
	38,604	Kinross Gold Corp.		271,671
				484,029
		CHINA – 4.7%
	1,196	Alibaba Group Holding Ltd. – ADR*		276,216
	1,169	Baidu, Inc. – ADR*		245,876
	45,680	Sands China Ltd.*		216,999
	8,108	Tencent Music Entertainment Group – ADR*		141,241
	11,493	Trip.com Group Ltd.*		449,147
				1,329,479
		FRANCE – 12.3%
	7,348	Accor SA*		295,680
	28,081	AXA SA		794,217
	17,914	Bureau Veritas SA		535,630
	8,816	Danone SA		621,424
	6,510	Sanofi		683,035
	4,140	SCOR SE*		133,940
	9,947	TOTAL SE		440,384
				3,504,310
		GERMANY – 7.7%
	458	adidas AG		141,430
	1,486	Continental AG		201,237
	7,296	Fresenius Medical Care AG & Co KGaA		580,333
	4,375	SAP SE		614,142
	3,379	Siemens AG		563,946
	3,232	Siemens Energy AG*		108,022
				2,209,110
		IRELAND – 2.1%
	438	Linde PLC		125,170
	3,676	Medtronic PLC		481,262
				606,432
		ISRAEL – 2.3%
	5,689	Check Point Software Technologies Ltd.*		664,532
		JAPAN – 13.5%
	45,646	Astellas Pharma, Inc.		685,170
	5,443	Daito Trust Construction Co Ltd.		578,714
	3,233	Hitachi Ltd.		159,180
	13,337	Japan Exchange Group, Inc.		312,588
	7,214	Makita Corp.		324,429
	314	Nintendo Co Ltd.		180,114

See accompanying Notes to Financial Statements.

9

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	16,401	Sumitomo Mitsui Trust Holdings, Inc.	$	558,255
	9,455	Taisei Corp.		348,647
	14,572	Tokio Marine Holdings, Inc.		697,333
				3,844,430
		LUXEMBOURG – 0.6%
	14,519	Tenaris SA		156,367
		MEXICO – 0.6%
	27,548	Grupo Financiero Banorte SAB de CV		156,419
		NETHERLANDS – 6.7%
	4,330	Akzo Nobel NV		520,160
	5,233	Euronext NV		526,590
	7,579	Heineken NV		878,751
				1,925,501
		REPUBLIC OF KOREA – 2.6%
	10,775	KB Financial Group, Inc. – ADR*		527,113
	119	Samsung Electronics Co Ltd. – GDR		216,699
				743,812
		SINGAPORE – 1.9%
	69,131	Singapore Exchange Ltd.		542,866
		SPAIN – 0.9%
	1,434	Aena SME SA*		249,468
		SWEDEN – 2.6%
	15,174	Assa Abloy AB – Class B		432,516
	4,555	Sandvik AB		112,616
	14,349	Telefonaktiebolaget LM Ericsson – Class B		196,517
				741,649
		SWITZERLAND – 13.6%
	6,328	Chubb Ltd.		1,085,822
	6,509	Julius Baer Group Ltd.		409,962
	7,497	Nestle SA		893,811
	6,303	Novartis AG		538,058
	726	Roche Holding AG		236,581
	1,731	Zurich Insurance Group AG		710,217
				3,874,451
		THAILAND – 0.2%
	16,289	Bangkok Bank PCL – NVDR		63,560
		UNITED KINGDOM – 17.4%
	10,681	Antofagasta PLC		275,179
	3,998	Aon PLC – Class A		1,005,257
	8,187	BP PLC – ADR		205,985
	156,731	BT Group PLC*		357,038
	5,298	Compass Group PLC*		115,056

See accompanying Notes to Financial Statements.

10

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		UNITED KINGDOM (Continued)
	17,122	Diageo PLC	$	768,739
	39,989	GlaxoSmithKline PLC		739,815
	17,358	Liberty Global PLC – Class A*		466,931
	491,662	Lloyds Banking Group PLC		308,507
	11,202	RSA Insurance Group PLC		105,570
	31,996	Vodafone Group PLC – ADR		606,324
				4,954,401
		UNITED STATES – 2.3%
	65	Booking Holdings, Inc.*		160,295
	6,177	Cognizant Technology Solutions Corp. – Class A		496,631
				656,926
		TOTAL COMMON STOCKS
		(Cost $25,459,888)		27,071,737
		PREFERRED STOCKS – 0.8%
		GERMANY – 0.8%
	2,020	Henkel AG & Co KGaA		232,073
		TOTAL PREFERRED STOCKS
		(Cost $210,939)		232,073
		RIGHTS – 0.2%
	5,233	EURONEXT*		61,341
		TOTAL RIGHTS
		(Cost $49,313)		61,341
		SHORT-TERM INVESTMENT – 3.8%
	1,070,002	First American Treasury Obligations Fund – Class X, 0.03%1		1,070,002
		TOTAL SHORT-TERM INVESTMENT
		(Cost $1,070,002)		1,070,002
		TOTAL INVESTMENTS – 99.6%
		(Cost $26,790,142)		28,435,153
		Other Assets in Excess of Liabilities – 0.4%		112,158
		TOTAL NET ASSETS – 100.0%	$	28,547,311

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PLC – Public Limited Company

*	Non-Income producing security.
1	The rate is the annualized seven-day yield at period end.

Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS^®), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

See accompanying Notes to Financial Statements.

11

North Square Altrinsic International Equity Fund

SUMMARY OF INVESTMENTS

As of April 30, 2021 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Financials		28.6	%
Health Care		13.8	%
Consumer Staples		11.6	%
Industrials		9.4	%
Communication Services		8.6	%
Information Technology		8.2	%
Consumer Discretionary		4.9	%
Materials		4.9	%
Energy		2.8	%
Real Estate		2.0	%
Total Common Stocks		94.8	%
Preferred Stocks		0.8	%
Rights		0.2	%
Short-Term Investment		3.8	%
Total Investments		99.6	%
Other Assets in Excess of Liabilities		0.4	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

12

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		ASSET BACKED SECURITIES – 8.9%
		Americredit Automobile Receivables Trust 2019-1
$	34,490	2.970%, 11/20/2023	$	34,800
		Americredit Automobile Receivables Trust 2019-2
	69,000	2.540%, 07/18/2024		70,761
		AmeriCredit Automobile Receivables Trust 2020-2
	690,338	0.600%, 12/18/2023		691,323
		Amur Equipment Finance Receivables IX LLC
	100,000	0.750%, 11/20/20264		100,104
		Avis Budget Rental Car Funding AESOP LLC
	150,000	3.450%, 03/20/20234		153,080
		Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust
	25,251	5.720%, 01/15/2024		27,088
		Burlington Northern and Sante Fe Railway Co 2015-1 Pass Through Trust
	115,004	3.442%, 06/16/20284		126,372
		Carvana Auto Receivables Trust 2019-1
	117,417	3.290%, 08/15/20234		118,166
		Carvana Auto Receivables Trust 2019-4
	145,566	2.300%, 09/15/20234		146,340
		CNH Equipment Trust 2019-A
	48,324	3.010%, 04/15/2024		49,212
		CNH Equipment Trust 2020-A
	22,337	1.080%, 07/15/2023		22,390
		DT Auto Owner Trust 2019-2
	18,310	2.990%, 04/17/20234		18,373
		DT Auto Owner Trust 2020-1
	80,000	2.160%, 05/15/20244		81,138
		Enterprise Fleet Funding 2021-1 LLC
	375,000	0.440%, 12/20/20264		375,058
		Exeter Automobile Receivables Trust 2021-1
	81,000	0.340%, 03/15/2024		81,001
		Federal Express Corp 1998 Pass Through Trust
	11,829	6.720%, 07/15/2023		12,260
		Federal Express Corp 1999 Pass Through Trust
	13,067	7.650%, 07/15/2024		13,853
		FedEx Corp 2020-1 Class AA Pass Through Trust
	89,540	1.875%, 08/20/2035		88,174
		GM Financial Automobile Leasing Trust 2020-1
	175,000	1.700%, 12/20/2023		177,548
		GM Financial Automobile Leasing Trust 2020-2
	225,000	2.560%, 07/20/2024		232,936
		GreatAmerica Leasing Receivables Funding LLC Series 2018-1
	43,511	2.830%, 06/17/20244		43,847
		HPEFS Equipment Trust 2019-1
	4,342	2.190%, 09/20/20294		4,346
		MMAF Equipment Finance LLC 2018-A
	380,000	3.390%, 01/10/20254		392,688
		Oportun Funding XIV LLC
	100,000	1.210%, 03/08/20284		100,096
		Oscar US Funding X LLC
	290,000	3.270%, 05/11/20261,2,4		304,091

See accompanying Notes to Financial Statements.

13

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		ASSET BACKED SECURITIES (Continued)
		Oscar US Funding XII LLC
$	110,000	0.700%, 04/10/20251,2,4	$	110,135
		Santander Drive Auto Receivables Trust 2017-1
	138,864	3.170%, 04/17/2023		139,092
		Santander Drive Auto Receivables Trust 2019-3
	121,752	2.280%, 09/15/2023		122,160
		Santander Drive Auto Receivables Trust 2020-4
	136,000	0.730%, 03/17/2025		136,672
		Union Pacific Railroad Co 2005 Pass Through Trust
	24,060	5.082%, 01/02/2029		27,199
		Union Pacific Railroad Co 2014-1 Pass Through Trust
	108,724	3.227%, 05/14/2026		118,225
		Verizon Owner Trust 2020-C
	340,000	0.670%, 04/21/2025		340,731
		Volvo Financial Equipment LLC Series 2019-2
	176,000	2.040%, 11/15/20234		178,772
		Westlake Automobile Receivables Trust 2020-3
	128,271	0.560%, 05/15/20244		128,492
		Westlake Automobile Receivables Trust 2021-1
	140,000	0.640%, 03/16/20264		140,259
		World Financial Network Credit Card Master Trust
	276,000	2.490%, 04/15/2026		282,852
	250,000	2.210%, 07/15/2026		256,600
		World Omni Auto Receivables Trust 2018-A
	59,538	2.500%, 04/17/2023		59,945
		World Omni Auto Receivables Trust 2019-C
	162,000	1.960%, 12/15/2024		164,610
		TOTAL ASSET BACKED SECURITIES
		(Cost $5,424,414)		5,670,789
		CORPORATE BONDS – 27.2%
		COMMUNICATION SERVICES – 2.7%
		Diversified Telecommunication Services – 1.8%
		AT&T, Inc.
	150,000	0.650% (SOFR + 0.640%), 03/25/2024		150,251
	132,000	1.700%, 03/25/2026		132,620
	97,000	4.350%, 03/01/2029		110,122
	42,000	2.550%, 12/01/20334		40,042
		Verizon Communications, Inc.
	442,000	0.850%, 11/20/2025		436,216
	66,000	4.329%, 09/21/2028		76,104
	184,000	4.016%, 12/03/2029		207,873
				1,153,228
		Entertainment – 0.5%
		The Walt Disney Co.
	172,000	1.750%, 01/13/2026		176,858
	135,000	2.000%, 09/01/2029		134,237
				311,095

See accompanying Notes to Financial Statements.

14

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		COMMUNICATION SERVICES (Continued)
		Media – 0.4%
		Comcast Corp.
$	41,000	3.950%, 10/15/2025	$	46,018
		Fox Corp.
	213,000	3.050%, 04/07/2025		227,742
				273,760
		TOTAL COMMUNICATION SERVICES		1,738,083
		CONSUMER DISCRETIONARY – 3.4%
		Automobiles – 2.5%
		American Honda Finance Corp.
	122,000	2.000%, 03/24/2028		123,214
		Daimler Finance North America LLC
	150,000	1.450%, 03/02/20264		150,493
		General Motors Financial Co, Inc.
	581,000	4.350%, 04/09/2025		644,187
	31,000	2.400%, 04/10/2028		31,073
	24,000	3.600%, 06/21/2030		25,515
		Hyundai Capital America
	175,000	5.875%, 04/07/20254		203,347
	71,000	3.500%, 11/02/20264		76,529
		Toyota Motor Credit Corp.
	343,000	3.000%, 04/01/2025		370,048
				1,624,406
		Hotels, Restaurants & Leisure – 0.9%
		Booking Holdings, Inc.
	23,000	3.650%, 03/15/2025		25,152
	107,000	3.600%, 06/01/2026		118,722
		McDonald’s Corp.
	58,000	3.300%, 07/01/2025		63,225
	55,000	3.600%, 07/01/2030		60,677
		Starbucks Corp.
	154,000	2.000%, 03/12/2027		158,082
	92,000	3.550%, 08/15/2029		101,009
	10,000	2.250%, 03/12/2030		9,928
	4,000	2.550%, 11/15/2030		4,046
				540,841
		TOTAL CONSUMER DISCRETIONARY		2,165,247
		CONSUMER STAPLES – 1.3%
		Beverages – 0.6%
		Anheuser-Busch InBev Worldwide, Inc.
	105,000	4.750%, 01/23/2029		123,261
		The Coca-Cola Co
	61,000	1.000%, 03/15/2028		58,525
	32,000	2.125%, 09/06/2029		32,334

See accompanying Notes to Financial Statements.

15

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER STAPLES (Continued)
		Beverages (Continued)
		PepsiCo, Inc.
$	163,000	2.625%, 03/19/2027	$	174,927
				389,047
		Tobacco – 0.7%
		Altria Group, Inc.
	146,000	4.800%, 02/14/2029		166,158
		BAT Capital Corp.
	56,000	2.259%, 03/25/2028		54,931
	54,000	4.906%, 04/02/2030		60,932
		Philip Morris International, Inc.
	102,000	2.750%, 02/25/2026		109,160
	40,000	2.100%, 05/01/2030		38,986
				430,167
		TOTAL CONSUMER STAPLES		819,214
		ENERGY – 2.5%
		Energy Equipment & Services – 0.1%
		Halliburton Co.
	52,000	2.920%, 03/01/2030		52,182
		Oil, Gas & Consumable Fuels – 2.4%
		BP Capital Markets America, Inc.
	81,000	2.750%, 05/10/2023		84,816
	92,000	3.017%, 01/16/2027		98,774
	117,000	3.543%, 04/06/2027		128,553
	50,000	3.937%, 09/21/2028		56,214
		Chevron Corp.
	233,000	2.954%, 05/16/2026		251,919
		Equinor ASA
	236,000	3.125%, 04/06/20302		252,698
		Exxon Mobil Corp.
	234,000	2.992%, 03/19/2025		251,978
		Saudi Arabian Oil Co.
	200,000	3.500%, 04/16/20292,4		214,702
		Shell International Finance BV
	180,000	2.375%, 11/07/20292		183,642
				1,523,296
		TOTAL ENERGY		1,575,478
		FINANCIALS – 10.1%
		Banks – 8.0%
		Bank of America Corp.
	114,000	0.981% (SOFR + 0.910%), 09/25/20255		113,933
	161,000	1.658% (SOFR + 0.910%), 03/11/20275		162,396
	118,000	1.734% (SOFR + 0.960%), 07/22/20275		119,094

See accompanying Notes to Financial Statements.

16

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Banks (Continued)
		Bank of Montreal
$	108,000	1.850%, 05/01/20252	$	111,482
		The Bank of Nova Scotia
	310,000	1.300%, 06/11/20252		313,235
		Canadian Imperial Bank of Commerce
	166,000	2.250%, 01/28/20252		173,504
		Citigroup, Inc.
	252,000	0.776% (SOFR + 0.686%), 10/30/20245		252,371
	363,000	3.352% (3 Month LIBOR USD + 0.897%), 04/24/20255		389,521
		Comerica, Inc.
	47,000	3.700%, 07/31/2023		50,286
		Federation des Caisses Desjardins du Quebec
	220,000	2.050%, 02/10/20252,4		227,174
		Fifth Third Bancorp
	246,000	3.650%, 01/25/2024		265,158
		F.N.B. Corporation of Pennsylvania
	117,000	2.200%, 02/24/2023		119,073
		JPMorgan Chase & Co.
	122,000	4.023% (3 Month LIBOR USD + 1.000%), 12/05/20245		132,138
	742,000	2.005% (SOFR + 1.585%), 03/13/20265		765,571
	122,000	1.578% (SOFR + 0.885%), 04/22/20275		122,516
	69,000	1.953% (SOFR + 1.065%), 02/04/20325		65,723
		The PNC Financial Services Group, Inc.
	178,000	3.500%, 01/23/2024		191,866
	214,000	2.550%, 01/22/2030		219,745
		Royal Bank of Canada
	59,000	3.700%, 10/05/20232		63,683
	173,000	1.150%, 06/10/20252		174,135
	117,000	1.200%, 04/27/20262		116,704
		The Toronto-Dominion Bank
	159,000	2.650%, 06/12/20242		168,929
	182,000	1.150%, 06/12/20252		182,973
		Truist Financial Corp.
	115,000	2.500%, 08/01/2024		121,516
	196,000	1.200%, 08/05/2025		197,240
		US Bancorp
	97,000	2.400%, 07/30/2024		102,625
	91,000	1.450%, 05/12/2025		92,969
		Wells Fargo & Co.
	102,000	2.188% (SOFR + 2.000%), 04/30/20265		105,704
				5,121,264
		Capital Markets – 1.6%
		The Charles Schwab Corp.
	39,000	2.000%, 03/20/2028		39,405
		The Goldman Sachs Group, Inc.
	505,000	3.272% (3 Month LIBOR USD + 1.201%), 09/29/20255		542,551
	87,000	1.431% (SOFR + 0.798%), 03/09/20275		86,661

See accompanying Notes to Financial Statements.

17

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Capital Markets (Continued)
		Morgan Stanley
$	176,000	2.720% (SOFR + 1.152%), 07/22/20255	$	185,921
	177,000	1.593% (SOFR + 0.879%), 05/04/20275		177,752
				1,032,290
		Consumer Finance – 0.2%
		Capital One Financial Corp.
	90,000	2.600%, 05/11/2023		93,678
		Insurance – 0.3%
		American International Group, Inc.
	193,000	3.750%, 07/10/2025		212,399
		TOTAL FINANCIALS		6,459,631
		HEALTH CARE – 0.8%
		Biotechnology – 0.2%
		AbbVie, Inc.
	79,000	3.600%, 05/14/2025		86,383
	16,000	2.950%, 11/21/2026		17,141
				103,524
		Health Care Providers & Services – 0.2%
		CVS Health Corp.
	91,000	4.300%, 03/25/2028		103,527
		UnitedHealth Group, Inc.
	33,000	3.750%, 07/15/2025		36,758
				140,285
		Pharmaceuticals – 0.4%
		AstraZeneca PLC
	167,000	0.700%, 04/08/20262		162,263
		Merck & Co, Inc.
	87,000	2.750%, 02/10/2025		92,999
				255,262
		TOTAL HEALTH CARE		499,071
		INDUSTRIALS – 2.1%
		Aerospace & Defense – 0.9%
		The Boeing Co.
	202,000	1.167%, 02/04/2023		202,823
	321,000	4.875%, 05/01/2025		360,481
				563,304
		Air Freight & Logistics – 0.4%
		FedEx Corp.
	169,000	2.400%, 05/15/2031		167,512
		United Parcel Service, Inc.
	64,000	3.900%, 04/01/2025		71,173
				238,685

See accompanying Notes to Financial Statements.

18

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		INDUSTRIALS (Continued)
		Machinery – 0.1%
		Caterpillar Financial Services Corp.
$	77,000	2.150%, 11/08/2024	$	80,921
		Road & Rail – 0.7%
		CSX Corp.
	44,000	3.800%, 03/01/2028		49,004
		CSX Transportation, Inc.
	117,888	6.251%, 01/15/2023		128,043
		Union Pacific Corp.
	229,000	3.950%, 09/10/2028		260,345
				437,392
		TOTAL INDUSTRIALS		1,320,302
		INFORMATION TECHNOLOGY – 2.2%
		Semiconductors & Semiconductor Equipment – 0.8%
		Broadcom, Inc.
	329,000	3.459%, 09/15/2026		357,094
		Intel Corp.
	137,000	3.700%, 07/29/2025		152,013
				509,107
		Software – 0.4%
		Oracle Corp.
	5,000	2.400%, 09/15/2023		5,205
	202,000	2.650%, 07/15/2026		213,017
				218,222
		Technology Hardware, Storage & Peripherals – 1.0%
		Apple, Inc.
	308,000	2.050%, 09/11/2026		321,876
		Hewlett Packard Enterprise Co.
	333,000	1.450%, 04/01/2024		339,809
				661,685
		TOTAL INFORMATION TECHNOLOGY		1,389,014
		MATERIALS – 0.2%
		Chemicals – 0.2%
		DuPont de Nemours, Inc.
	93,000	4.493%, 11/15/2025		105,667
	51,000	4.725%, 11/15/2028		59,801
				165,468
		TOTAL MATERIALS		165,468
		REAL ESTATE – 0.5%
		Equity Real Estate Investment Trust (REIT) – 0.4%
		Crown Castle International Corp.
	265,000	1.050%, 07/15/2026		258,466

See accompanying Notes to Financial Statements.

19

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		REAL ESTATE (Continued)
		Real Estate Management & Development – 0.1%
		Mid-America Apartments LP
$	48,000	3.600%, 06/01/2027	$	53,102
		TOTAL REAL ESTATE		311,568
		UTILITIES – 1.4%
		Electric Utilities – 1.2%
		Duke Energy Corp.
	191,000	2.450%, 06/01/2030		190,387
		Florida Power & Light Co.
	41,000	2.850%, 04/01/2025		43,991
		NextEra Energy Capital Holdings, Inc.
	191,000	2.250%, 06/01/2030		189,023
		Pacific Gas and Electric Co.
	160,000	1.367%, 03/10/2023		160,066
		Virginia Electric and Power Co.
	159,000	3.150%, 01/15/2026		172,381
				755,848
		Multi-Utilities – 0.2%
		Consolidated Edison Co of New York, Inc.
	132,000	3.350%, 04/01/2030		142,813
		TOTAL UTILITIES		898,661
		TOTAL CORPORATE BONDS
		(Cost $17,650,646)		17,341,737
		MORTGAGE BACKED SECURITIES – 29.1%
		DBUBS 2017-BRBK Mortgage Trust
	200,000	3.452%, 10/12/20344		214,183
		Fannie Mae-Aces
	68,210	3.501%, 01/25/20246		72,868
		Fannie Mae Pool
	48,953	4.000%, 06/01/2026		52,319
	23,974	4.500%, 07/01/2026		25,482
	76,354	2.500%, 08/01/2028		79,878
	56,277	5.000%, 11/01/2029		62,900
	176,434	3.000%, 07/01/2030		186,661
	368,820	3.000%, 09/01/2030		391,099
	96,069	4.000%, 09/01/2031		105,297
	49,071	4.500%, 01/01/2032		53,805
	193,923	2.500%, 06/01/2032		202,468
	134,382	3.500%, 02/01/2033		145,336
	436,540	3.000%, 05/01/2033		461,647
	1,242,269	3.500%, 05/01/2033		1,350,726
	103,821	3.500%, 12/01/2033		112,665
	127,145	4.500%, 05/01/2034		140,641
	43,009	3.500%, 08/01/2034		46,177
	54,204	3.000%, 02/01/2035		57,577
	115,347	3.500%, 02/01/2035		124,845

See accompanying Notes to Financial Statements.

20

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae Pool (Continued)
$	77,037	4.000%, 11/01/2035	$	84,313
	161,361	2.500%, 04/01/2037		167,895
	89,240	4.000%, 07/01/2037		97,020
	89,655	4.000%, 06/01/2038		98,664
	34,011	4.500%, 01/01/2040		37,848
	42,605	4.500%, 01/01/2040		47,513
	10,661	4.500%, 07/01/2040		12,036
	344,994	2.000%, 08/01/2040		352,313
	58,645	4.000%, 09/01/2040		64,424
	334,496	2.000%, 11/01/2040		341,619
	7,036	4.500%, 11/01/2040		7,969
	33,226	4.500%, 12/01/2040		37,062
	66,917	2.000%, 01/01/2041		68,342
	19,056	4.000%, 01/01/2041		21,041
	43,323	4.000%, 01/01/2041		47,752
	223,176	1.500%, 03/01/2041		222,260
	58,544	4.500%, 04/01/2041		66,129
	12,844	4.500%, 05/01/2041		14,412
	8,732	4.000%, 10/01/2041		9,532
	14,564	3.000%, 09/01/2042		15,527
	23,806	3.500%, 01/01/2044		26,195
	41,218	3.500%, 12/01/2045		44,560
	165,271	4.500%, 03/01/2046		185,398
	89,824	3.000%, 04/01/2046		95,019
	117,936	3.500%, 06/01/2046		127,086
	59,534	3.000%, 10/01/2046		62,955
	131,100	3.000%, 02/01/2047		139,376
	163,066	2.500%, 12/01/2047		170,432
	46,198	3.500%, 03/01/2048		49,375
	159,679	2.500%, 04/01/2048		166,176
	90,784	3.000%, 04/01/2048		95,486
	50,636	3.500%, 11/01/2048		53,877
	100,050	3.000%, 12/01/2048		105,610
	24,962	3.500%, 02/01/2049		26,557
	122,485	3.000%, 12/01/2049		129,246
	472,337	2.500%, 05/01/2050		486,826
	271,032	3.000%, 07/01/2050		284,592
	86,014	3.500%, 08/01/2050		94,842
	91,287	2.500%, 10/01/2050		95,968
	184,513	2.000%, 03/01/2051		186,862
		Fannie Mae REMICS
	157,628	4.000%, 04/25/2033		177,852
	121,000	4.000%, 09/25/2033		131,638
	30,207	4.500%, 02/25/2038		31,021
	3,638	3.000%, 01/25/2040		3,694
	4,981	2.000%, 07/25/2041		5,059
	22,955	3.000%, 07/25/2041		23,342
	88,518	3.500%, 02/25/2043		96,185

See accompanying Notes to Financial Statements.

21

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae REMICS (Continued)
$	172,684	2.000%, 02/25/2043	$	178,670
	223,385	2.000%, 10/25/2044		227,888
	42,035	2.000%, 10/25/2044		43,211
	23,584	3.500%, 08/25/2045		23,960
	152,667	2.500%, 01/25/2048		158,336
	87,824	3.500%, 09/25/2048		96,648
	117,226	3.000%, 07/25/2049		122,708
		Freddie Mac Gold Pool
	26,315	4.500%, 12/01/2024		27,660
	97,907	3.000%, 10/01/2028		103,422
	58,356	4.500%, 10/01/2028		62,292
	38,226	3.000%, 07/01/2030		40,623
	167,376	3.500%, 08/01/2032		181,099
	170,292	3.000%, 11/01/2032		180,670
	111,382	4.000%, 11/01/2033		122,480
	103,226	3.500%, 08/01/2036		111,545
	36,348	4.500%, 12/01/2039		40,835
	13,361	4.000%, 01/01/2041		14,734
	69,043	3.500%, 12/01/2042		75,659
	241,768	3.000%, 12/01/2046		255,725
	240,784	3.000%, 12/01/2046		255,594
		Freddie Mac Multifamily Structured Pass Through Certificates
	88,917	0.451% (1 Month LIBOR USD + 0.340%), 07/25/2024		89,119
	12,866	2.769%, 01/25/20466		12,838
		Freddie Mac Pool
	93,769	4.000%, 07/01/2029		100,016
	82,977	3.000%, 09/01/2029		87,912
	135,287	3.500%, 07/01/2030		146,336
	68,890	2.500%, 11/01/2031		71,999
	108,868	3.000%, 02/01/2032		115,413
	171,214	3.000%, 12/01/2032		180,750
	56,208	3.500%, 11/01/2034		60,679
	45,966	3.500%, 01/01/2048		49,139
	198,111	2.500%, 11/01/2050		205,748
	176,491	2.000%, 02/01/2051		178,286
	237,857	2.500%, 03/01/2051		248,418
	1,201,000	2.500%, 05/01/2051		1,247,102
		Freddie Mac REMICS
	192,800	3.500%, 08/15/2027		204,174
	28,190	4.000%, 04/15/2030		28,237
	40,043	3.000%, 11/15/2032		41,975
	32,147	3.000%, 09/15/2037		32,700
	26,847	3.000%, 05/15/2039		27,035
	315,247	3.000%, 08/15/2040		328,751
	53,153	1.750%, 12/15/2040		53,931
	235,483	2.000%, 09/15/2041		242,001
	156,814	3.000%, 05/15/2043		162,888
	74,133	2.000%, 03/25/2044		76,153

See accompanying Notes to Financial Statements.

22

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Freddie Mac REMICS (Continued)
$	190,208	3.000%, 08/15/2044	$	198,044
	49,524	4.000%, 07/15/2045		50,400
	131,255	3.250%, 04/15/2053		138,542
		Freddie Mac Structured Agency Credit Risk Debt Notes
	94,000	0.810% (SOFR30A + 0.800%), 08/25/20334		94,104
		Freddie Mac Structured Pass-Through Certificates
	89,109	1.542% (12 Month US Treasury Average + 1.400%), 07/25/2044		89,711
		Government National Mortgage Association
	42,032	5.500%, 09/20/2033		47,052
	9,150	3.000%, 10/20/2039		9,254
	101,968	2.750%, 06/20/2042		106,218
	209,000	3.000%, 01/20/20431		221,540
	101,367	2.200%, 11/16/2043		103,335
	225,794	2.700%, 12/16/20546		232,609
		GS Mortgage Securities Corp Trust 2021-RENT
	100,000	0.814% (1 Month LIBOR USD + 0.700%), 11/21/20354		100,133
		JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
	23,000	2.822%, 08/17/2049		24,468
		Morgan Stanley Capital I Trust 2015-UBS8
	66,000	3.809%, 12/17/2048		72,758
		Morgan Stanley Capital I Trust 2016-UBS12
	134,000	3.596%, 12/17/2049		146,729
		Morgan Stanley Capital I Trust 2016-UBS9
	180,000	3.594%, 03/17/2049		197,523
		RLGH 2021-TROT A
	375,000	0.910%, 04/15/20261,4		375,117
		UBS Commercial Mortgage Trust
	129,000	2.921%, 10/18/2052		135,573
		UBS-Barclays Commercial Mortgage Trust 2013-C5
	199,449	2.687%, 03/12/2046		203,132
		Wells Fargo Commercial Mortgage Trust 2016-C35
	100,000	2.931%, 07/17/2048		106,186
		Wells Fargo Commercial Mortgage Trust 2016-NXS6
	197,000	2.918%, 11/18/2049		209,848
		Wells Fargo Commercial Mortgage Trust 2017-RB1
	124,000	3.635%, 03/15/2050		137,377
		Wells Fargo Commercial Mortgage Trust 2021-SAVE
	159,079	1.265% (1 Month LIBOR USD + 1.150%), 02/15/20404		159,958
		WFRBS Commercial Mortgage Trust 2013-C12
	109,376	3.198%, 03/17/2048		113,722
		VMC Finance 2018-FL2 LLC
	16,037	1.036% (1 Month LIBOR USD + 0.920%), 10/17/20354		16,065
		VNDO 2012-6AVE Mortgage Trust
	200,000	2.996%, 11/15/20304		205,440
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $18,576,811)		18,605,671

See accompanying Notes to Financial Statements.

23

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		U.S. GOVERNMENT AGENCY ISSUE – 11.2%
		Federal Farm Credit Banks Funding Corp.
$	45,000	0.070% (SOFR + 0.060%), 10/21/2022	$	45,036
	723,000	0.065% (SOFR + 0.055%), 02/09/2023		723,448
	374,000	0.045% (SOFR + 0.035%), 03/17/2023		374,071
	207,000	2.000%, 03/25/2030		205,474
	310,000	2.125%, 03/25/2030		310,019
	554,000	2.350%, 03/15/2033		552,166
	562,000	2.350%, 04/15/2033		561,704
	110,000	2.440%, 03/22/2034		110,018
		Federal Home Loan Banks
	1,125,000	0.700%, 11/14/2024		1,124,612
	135,000	1.000%, 03/23/2026		134,957
	655,000	1.000%, 03/30/2026		655,017
	125,000	1.250%, 04/20/2026		125,005
	135,000	1.250%, 04/22/2026		135,009
	180,000	1.000%, 04/26/2029		179,791
	220,000	2.000%, 03/10/2031		220,002
	925,000	1.500%, 03/24/2031		924,696
	260,000	1.500%, 03/25/2031		260,010
		Ginnie Mae I Pool
	129,442	4.000%, 11/15/2024		137,773
	158,013	3.020%, 09/15/2041		167,850
		Ginnie Mae II Pool
	164,047	3.500%, 04/20/2027		175,798
	38,865	5.000%, 07/20/2048		42,785
		TOTAL U.S. GOVERNMENT AGENCY ISSUE
		(Cost $7,162,830)		7,165,241
		US GOVERNMENT NOTES/BONDS – 19.3%
		United States Treasury Note/Bond
	2,447,000	0.250%, 10/31/2025		2,393,998
	103,000	0.500%, 02/28/2026		101,423
	2,454,000	0.500%, 08/31/2027		2,350,807
	1,016,000	0.500%, 10/31/2027		969,863
	2,539,000	1.125%, 02/29/2028		2,512,420
	274,000	3.125%, 11/15/2028		308,240
	177,000	0.625%, 05/15/2030		162,764
	992,000	0.625%, 08/15/2030		908,610
	543,000	0.875%, 11/15/2030		507,535
	987,000	1.125%, 02/15/2031		942,045
		United States Treasury Inflation Indexed Bonds
	603,063	0.625%, 01/15/2024		655,255
	420,168	0.750%, 07/15/2028		484,630
		TOTAL U.S. GOVERNMENT NOTES/BONDS
		(Cost $12,341,161)		12,297,590

See accompanying Notes to Financial Statements.

24

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		FOREIGN GOVERNMENT AGENCY ISSUE – 0.2%
		Province of Ontario Canada
$	115,000	1.050%, 04/14/20262	$	114,987
		TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
		(Cost $115,128)		114,987
		FOREIGN GOVERNMENT NOTE/BOND – 0.3%
		Mexico Government International Bond
	222,000	3.250%, 04/16/20302		227,359
		TOTAL FOREIGN GOVERNMENT NOTE/BOND
		(Cost $225,928)		227,359
		SHORT-TERM INVESTMENT – 10.8%
	6,905,638	First American Treasury Obligations Fund – Class X, 0.03%3		6,905,638
		TOTAL SHORT-TERM INVESTMENT
		(Cost $6,905,638)		6,905,638
		TOTAL INVESTMENTS – 107.0%
		(Cost $68,402,556)		68,329,012
		Liabilities in Excess of Other Assets – (7.0)%		(4,495,228	)
		TOTAL NET ASSETS – 100.0%	$	63,833,784

PLC – Public Limited Company

LIBOR – London Inter-bank Offered Rate

1	Level 3 securities fair valued under procedures established by the Board of Trustees, represents  1.58% of Net Assets. The total value of these securities is $1,010,883.
2	Foreign security denominated in U.S. Dollars.
3	The rate is the annualized seven-day yield at period end.
4	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2021, the value of these securities total $4,598,644, which represents 7.20% of total net assets.
5	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2021.
6	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2021.

Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS^®), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

See accompanying Notes to Financial Statements.

25

North Square McKee Bond Fund

SUMMARY OF INVESTMENTS

As of April 30, 2021 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Asset Backed Securities		8.9	%
Corporate Bonds
Financials		10.1	%
Consumer Discretionary		3.4	%
Communication Services		2.7	%
Energy		2.5	%
Information Technology		2.2	%
Industrials		2.1	%
Utilities		1.4	%
Consumer Staples		1.3	%
Health Care		0.8	%
Real Estate		0.5	%
Materials		0.2	%
Total Corporate Bonds		27.2	%
Mortgage Backed Securities		29.1	%
U.S. Government Agency Issue		11.2	%
U.S. Government Notes/Bonds		19.3	%
Foreign Government Agency Issue		0.2	%
Foreign Government Notes/Bonds		0.3	%
Short-Term Investment		10.8	%
Total Investments		107.0	%
Liabilities in Excess of Other Assets		(7.0	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

26

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 7.5%
		CONSUMER DISCRETIONARY – 1.4%
		Hotels, Restaurants & Leisure – 0.7%
	4,019	Starbucks Corp.	$	460,135
		Textiles, Apparel & Luxury Goods – 0.7%
	3,905	NIKE, Inc. – Class B		517,881
		TOTAL CONSUMER DISCRETIONARY		978,016
		CONSUMER STAPLES – 0.4%
		Beverages – 0.4%
	5,492	The Coca-Cola Co.		296,458
		TOTAL CONSUMER STAPLES		296,458
		ENERGY – 0.3%
		Oil, Gas & Consumable Fuels – 0.3%
	3,039	Valero Energy Corp.		224,764
		TOTAL ENERGY		224,764
		FINANCIALS – 0.5%
		Capital Markets – 0.5%
	434	BlackRock, Inc.		355,576
		TOTAL FINANCIALS		355,576
		HEALTH CARE – 0.5%
		Biotechnology – 0.5%
	3,273	AbbVie Inc.		364,940
		TOTAL HEALTH CARE		364,940
		INDUSTRIALS – 1.0%
		Commercial Services & Supplies – 0.4%
	862	Cintas Corp.		297,511
		Machinery – 0.6%
	1,777	Illinois Tool Works, Inc.		409,527
		TOTAL INDUSTRIALS		707,038
		INFORMATION TECHNOLOGY – 1.5%
		IT Services – 0.7%
	1,374	Mastercard Inc. – Class A		524,951
		Semiconductors & Semiconductor Equipment – 0.8%
	1,256	Broadcom Inc.		572,987
		TOTAL INFORMATION TECHNOLOGY		1,097,938
		MATERIALS – 1.5%
		Chemicals – 0.5%
	3,221	Eastman Chemical Co.		371,671
		Metals & Mining – 1.0%
	19,494	Freeport-McMoRan, Inc.		735,119
		TOTAL MATERIALS		1,106,790

See accompanying Notes to Financial Statements.

27

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		UTILITIES – 0.4%
		Electric Utilities – 0.4%
	3,692	NextEra Energy, Inc.	$	286,167
		TOTAL UTILITIES		286,167
		TOTAL COMMON STOCKS
		(Cost $4,750,129)		5,417,687
		EXCHANGE TRADED FUNDS – 1.7%
	22,871	iShares Currency Hedged MSCI Japan ETF		865,439
	10,122	VanEck Vectors Gold Miners ETF		347,792
		TOTAL EXCHANGE TRADED FUNDS
		(Cost $974,794)		1,213,231
		PREFERRED STOCKS – 6.0%
		COMMUNICATION SERVICES – 1.0%
		Diversified Telecommunication Services – 1.0%
		AT&T, Inc.   4.750%
	29,100			740,013
		TOTAL COMMUNICATION SERVICES		740,013
		CONSUMER STAPLES – 0.1%
		Food Products – 0.1%
		CHS, Inc.
	2,000	7.500%, 12/31/2049		57,040
	1,000	7.100% (3 Month LIBOR USD + 4.298%)4		27,540
		TOTAL CONSUMER STAPLES		84,580
		FINANCIALS – 4.9%
		Capital Markets – 2.3%
		Affiliated Managers Group, Inc.
	2,000	5.875%, 03/30/2059		55,160
		The Goldman Sachs Group, Inc.
	37,900	0.000% (3 Month LIBOR USD + 0.670%)		926,655
		Morgan Stanley   4.875%
	25,000			662,000
				1,643,815
		Insurance – 2.6%
		American Financial Group, Inc.
	22,795	5.625%, 06/01/2060		643,731
		American International Group, Inc.   5.850%
	23,000			637,790
		MetLife, Inc.   4.750%
	23,000			605,820
				1,887,341
		TOTAL FINANCIALS		3,531,156
		TOTAL PREFERRED STOCKS
		(Cost $3,711,532)		4,355,749

See accompanying Notes to Financial Statements.

28

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Number
of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (REITS) – 5.1%
	24,531	AGNC Investment Corp.	$	439,841
	59,703	Chimera Investment Corp.		784,497
	2,270	Crown Castle International Corp.		429,166
	5,115	Life Storage, Inc.		491,347
	5,322	Prologis, Inc.		620,173
	3,125	Simon Property Group, Inc.		380,438
	20,339	Starwood Property Trust, Inc.		525,153
		TOTAL REITS
		(Cost $2,711,695)		3,670,615
Principal
Amount
		ASSET BACKED SECURITIES – 8.2%
		Accredited Mortgage Loan Trust 2005-4
$	572,837	0.506% (1 Month LIBOR USD + 0.400%), 12/25/2035		570,988
		Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2005-W2
	517,813	0.841% (1 Month LIBOR USD + 0.735%), 10/25/2035		517,736
		Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2006-HE3
	375,000	0.376% (1 Month LIBOR USD + 0.270%), 03/25/2036		369,392
		Bear Stearns Asset Backed Securities I Trust 2005-TC2
	159,241	1.186% (1 Month LIBOR USD + 1.080%), 08/25/2035		159,363
		Citigroup Mortgage Loan Trust 2006-HE1
	164,615	0.646% (1 Month LIBOR USD + 0.540%), 01/25/2036		164,615
		Foundation Finance Trust 2017-1
	382,930	3.300%, 07/15/20333		389,189
		GSAA Home Equity Trust 2005-6
	244,353	0.751% (1 Month LIBOR USD + 0.645%), 06/25/2035		245,869
		GSAMP Trust 2005-SD2
	568,360	1.456% (1 Month LIBOR USD + 1.350%), 04/25/20353		568,634
		JP Morgan Mortgage Acquisition Trust 2007-CH3
	418,295	0.366% (1 Month LIBOR USD + 0.260%), 03/25/2037		415,385
		Newcastle Mortgage Securities Trust 2006-1
	159,244	0.661% (1 Month LIBOR USD + 0.555%), 03/25/2036		159,444
		OASIS 2020-2 LLC
	362,990	4.262%, 05/15/20323		366,647
		Park Place Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-WHQ2
	138,190	0.796% (1 Month LIBOR USD + 0.690%), 05/25/2035		138,441
		RAMP Series 2006-EFC2 Trust
	481,275	0.326% (1 Month LIBOR USD + 0.220%), 12/25/2036		478,291
		Structured Asset Investment Loan Trust 2004-8
	659,761	1.106% (1 Month LIBOR USD + 1.000%), 09/25/2034		659,019
		Structured Asset Securities Corp Mortgage Loan Trust 2006-WF1
	670,000	0.751% (1 Month LIBOR USD + 0.645%), 02/25/2036		671,626
		TOTAL ASSET BACKED SECURITIES
		(Cost $5,760,782)		5,874,639

See accompanying Notes to Financial Statements.

29

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS – 46.6%
		COMMUNICATION SERVICES – 1.6%
		Media – 0.7%
		CCO Holdings LLC / CCO Holdings Capital Corp.
$	500,000	4.500%, 06/01/20333	$	504,535
		Wireless Telecommunication Services – 0.9%
		Vodafone Group PLC
	515,000	7.000% (5 Year Swap Rate USD + 4.873%), 04/04/20791,4		628,637
		TOTAL COMMUNICATION SERVICES		1,133,172
		CONSUMER DISCRETIONARY – 3.3%
		Automobiles – 1.2%
		General Motors Financial Co, Inc.
	750,000	5.700% (5 Year CMT Rate + 4.997%), 09/30/21694		840,000
		Hotels, Restaurants & Leisure – 2.1%
		Marriott International, Inc.
	650,000	5.750%, 05/01/2025		748,323
		Wyndham Hotels & Resorts, Inc.
	750,000	4.375%, 08/15/20283		775,088
				1,523,411
		TOTAL CONSUMER DISCRETIONARY		2,363,411
		ENERGY – 4.7%
		Oil, Gas & Consumable Fuels – 4.7%
		Cheniere Energy, Inc.
	360,000	4.625%, 10/15/20283		375,804
		Enbridge, Inc.
	800,000	5.750% (5 Year CMT Rate + 5.314%), 07/15/20801,4		884,248
		Energy Transfer LP
	900,000	6.625%, 08/15/2028		850,500
		Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	500,000	4.000%, 01/15/20323		492,395
		Transcanada Trust
	700,000	5.500% (3 Month LIBOR USD + 4.416%), 09/15/20791		760,536
		TOTAL ENERGY		3,363,483
		FINANCIALS – 28.2%
		Banks – 20.7%
		Australia and New Zealand Banking Group Ltd.
	750,000	6.750% (5 Year Mid Swap Rate USD + 5.168%), 12/29/20491,4		878,501
		Bank of America Corp.
	550,000	6.500% (3 Month LIBOR USD + 4.174%), 04/23/20254		635,360
		Bank of Montreal
	700,000	4.800% (5 Year CMT Rate + 2.979%), 08/25/21681,4		742,024
		BNP Paribas SA
	700,000	7.375% (5 Year Swap Rate USD + 5.150%), 12/29/20491,4		817,323
		Citigroup, Inc.
	1,000,000	4.000% (5 Year CMT Rate + 3.597%), 06/10/21694		1,015,300
		Credit Agricole SA
	650,000	7.875% (5 Year Swap Rate USD + 4.898%), 01/29/20491,3,4		736,125

See accompanying Notes to Financial Statements.

30

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Banks (Continued)
		Fifth Third Bancorp
$	1,000,000	4.500% (5 Year CMT Rate + 4.215%), 12/30/20254	$	1,068,750
		Huntington Bancshares, Inc.
	700,000	4.450% (H15T7Y + 4.045%), 03/15/21684		750,225
	500,000	5.625% (10 Year CMT Rate + 4.945%), 01/15/21694		583,875
		ILFC E-Capital Trust I
	840,000	4.000% (N/A + 1.550%), 12/21/20653,4		690,900
		JPMorgan Chase & Co.
	800,000	6.750% (3 Month LIBOR USD + 3.780%), 01/29/20504		889,500
		KeyCorp
	750,000	5.000% (3 Month LIBOR USD + 3.606%), 12/15/21654		841,725
		Lloyds Banking Group PLC
	700,000	6.750% (5 Year CMT Rate + 4.815%), 12/27/21661,4		798,151
		M&T Bank Corp.
	325,000	6.450% (3 Month LIBOR USD + 3.610%), 12/29/20494		357,094
		Natwest Group PLC
	700,000	6.000% (5 Year CMT Rate + 5.625%), 09/29/21661,4		776,090
		Regions Financial Corp.
	500,000	5.750% (5 Year CMT Rate + 5.430%), 12/15/21654		558,750
		Skandinaviska Enskilda Banken AB
	800,000	5.125% (5 Year CMT Rate + 3.463%), 11/13/20251,4		852,300
		Truist Financial Corp.
	1,000,000	5.100% (10 Year CMT Rate + 4.349%), 03/01/20614		1,115,070
		Westpac Banking Corp.
	750,000	5.000% (5 Year Mid Swap Rate USD + 2.888%), 09/21/21621,4		796,040
				14,903,103
		Capital Markets – 5.1%
		The Bank of New York Mellon Corp.
	760,000	3.607% (3 Month LIBOR USD + 3.420%), 12/29/20494		759,145
	600,000	4.700% (5 Year CMT Rate + 4.358%), 03/20/21694		663,000
		The Charles Schwab Corp.
	500,000	5.375% (5 Year CMT Rate + 4.971%), 05/01/20254		557,200
	240,000	7.000% (3 Month LIBOR USD + 4.820%), 02/28/20494		249,300
		The Goldman Sachs Group, Inc.
	125,000	5.300% (3 Month LIBOR USD + 3.834%), 12/29/20494		140,313
		Northern Trust Corp.
	250,000	4.600% (3 Month LIBOR USD + 3.202%), 04/01/20274		268,125
		State Street Corp.
	250,000	3.781% (3 Month LIBOR USD + 3.597%), 12/29/20494		251,275
		UBS Group AG
	700,000	5.125% (5 Year CMT Rate + 4.855%), 07/29/21701,4		751,981
				3,640,339
		Insurance – 2.4%
		Assurant, Inc.
	700,000	7.000% (3 Month LIBOR USD + 4.135%), 03/27/20484		792,750

See accompanying Notes to Financial Statements.

31

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Insurance (Continued)
		MetLife, Inc.
$	400,000	3.850% (5 Year CMT Rate + 3.576%), 03/15/20264	$	422,000
	34,000	3.759% (3 Month LIBOR USD + 3.575%), 12/29/20494		34,085
		PartnerRe Finance B LLC
	500,000	4.500% (5 Year CMT Rate + 3.815%), 10/01/20504		514,804
				1,763,639
		TOTAL FINANCIALS		20,307,081
		INDUSTRIALS – 2.8%
		Airlines – 2.1%
		Delta Air Lines, Inc.
	600,000	4.500%, 10/20/20251,3		643,678
	125,000	4.375%, 04/19/2028		133,672
		Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
	700,000	6.500%, 06/20/20273		767,585
				1,544,935
		Industrial Conglomerates – 0.7%
		General Electric Co.
	500,000	3.514% (3 Month LIBOR USD + 3.330%), 09/15/21694		475,935
		TOTAL INDUSTRIALS		2,020,870
		MATERIALS – 2.1%
		Metals & Mining – 2.1%
		Alcoa Nederland Holding BV
	700,000	6.125%, 05/15/20281,3		760,812
		Teck Resources Ltd.
	700,000	3.900%, 07/15/20301		744,422
		TOTAL MATERIALS		1,505,234
		UTILITIES – 3.9%
		Electric Utilities – 2.7%
		Duke Energy Corp.
	1,000,000	4.875% (5 Year CMT Rate + 3.388%), 03/16/20254		1,062,800
		Emera, Inc.
	750,000	6.750% (3 Month LIBOR USD + 5.440%), 06/15/20761,4		869,509
				1,932,309
		Multi-Utilities – 1.2%
		CMS Energy Corp.
	700,000	3.750% (5 Year CMT Rate + 2.900%), 12/01/20504		706,125
		Dominion Energy, Inc.
	150,000	5.750% (3 Month LIBOR USD + 3.057%), 10/01/20544		165,045
				871,170
		TOTAL UTILITIES		2,803,479
		TOTAL CORPORATE BONDS
		(Cost $31,805,301)		33,496,730

See accompanying Notes to Financial Statements.

32

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		FOREIGN GOVERNMENT AGENCY ISSUE – 1.5%
		Petroleos Mexicanos
$	1,000,000	6.500%, 03/13/20271	$	1,058,750
		TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
		(Cost $1,061,527)		1,058,750
		FOREIGN GOVERNMENT NOTES/BONDS – 4.5%
		Australia Government Bond
	1,225,000	2.500%, 05/21/20301		1,020,548
		Indonesia Treasury Bond
	11,000,000,000	6.500%, 02/15/20311		763,641
		Mexican Bonos
	120,000	8.500%, 05/31/20291	��	660,676
		Republic of South Africa Government Bond
	14,300,000	8.750%, 02/28/20491		785,664
		TOTAL FOREIGN GOVERNMENT NOTES/BONDS
		(Cost $3,077,861)		3,230,529
		MORTGAGE BACKED SECURITIES – 15.2%
		Bear Stearns ALT-A Trust 2004-4
	354,205	0.706% (1 Month LIBOR USD + 0.600%), 06/25/2034		359,483
		Fannie Mae-Aces
	10,023,955	0.760%, 05/25/20225		35,923
	3,860,000	1.497%, 08/25/20285		346,942
	3,761,466	1.411%, 03/26/20295		331,413
		Freddie Mac Multiclass Certificates Series 2015-P001
	3,025,000	1.826%, 10/27/20285		340,238
		Freddie Mac Multifamily Structured Pass Through Certificates
	269,056	2.197%, 11/25/20235		277,841
	11,036,927	1.107%, 01/25/20265		422,555
	2,700,000	1.915%, 04/25/20305		392,658
	2,074,000	1.985%, 04/25/20305		313,401
	3,332,000	1.704%, 08/25/20305		446,673
	1,835,000	3.286%, 04/25/20485		445,381
	2,035,000	2.722%, 01/25/20495		422,057
	1,085,000	2.711%, 02/25/20495		225,879
		FREMF 2012-K20 Mortgage Trust
	610,000	4.003%, 05/25/20453,5		628,334
		FREMF 2013-K29 Mortgage Trust
	395,000	3.596%, 05/25/20463,5		414,169
		FREMF 2014-K36 Mortgage Trust
	500,000	4.506%, 12/25/20463,5		539,176
		FREMF 2014-K40 Mortgage Trust
	625,000	4.208%, 11/25/20473,5		679,054
		FREMF 2014-K41 Mortgage Trust
	635,000	3.964%, 11/25/20473,5		693,402
		FREMF 2015-K46 Mortgage Trust
	650,000	3.818%, 04/25/20483,5		702,503
		FREMF 2016-K55 Mortgage Trust
	400,000	4.297%, 04/25/20493,5		432,684

See accompanying Notes to Financial Statements.

33

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2021 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		FREMF 2016-K59 Mortgage Trust
$	64,524,925	0.100%, 11/25/20493	$	281,348
		Government National Mortgage Association
	3,496,572	0.892%, 12/16/20565		196,509
	2,963,282	0.799%, 11/16/20605		248,577
	4,296,524	0.997%, 05/16/20635		386,580
	5,477,482	1.000%, 05/16/20635		491,229
		HomeBanc Mortgage Trust 2005-4
	345,043	0.646% (1 Month LIBOR USD + 0.540%), 10/25/2035		345,611
		JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2
	398,460	4.070%, 11/15/20433		400,452
		MortgageIT Trust 2005-5
	159,242	0.626% (1 Month LIBOR USD + 0.520%), 12/25/2035		160,020
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $10,614,396)		10,960,092
		US GOVERNMENT NOTES/BONDS – 0.9%
		United States Treasury Note/Bond
	650,000	0.125%, 02/15/2024		647,055
		TOTAL US GOVERNMENT NOTES/BONDS
		(Cost $645,808)		647,055
		SHORT-TERM INVESTMENT – 1.4%
	976,317	First American Treasury Obligations Fund – Class X, 0.03%2		976,317
		TOTAL SHORT-TERM INVESTMENT
		(Cost $976,317)		976,317
		TOTAL INVESTMENTS – 98.6%
		(Cost $66,090,142)		70,901,394
		Other Assets in Excess of Liabilities – 1.4%		985,037
		TOTAL NET ASSETS – 100.0%	$	71,886,431

CMT – Constant Maturity Rate

LIBOR – London Inter-bank Offered Rate

PLC – Public Limited Company

1	Foreign security denominated in U.S. Dollars.
2	The rate is the annualized seven-day yield at period end.
3	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2021, the value of these securities total $11,842,514 which represents 16.47% of total net assets.
4	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2021.
5	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2021.

Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS^®), which was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

See accompanying Notes to Financial Statements.

34

North Square Strategic Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

As of April 30, 2021 (Unaudited)

									Value
	Number of
	Contracts		Current			Value At
	Purchased	Settlement	Notional			Trade			Unrealized		Unrealized
Description	(Sold)	Month-Year	Amount			Date			Appreciation		(Depreciation)
Purchase Contracts:
Euro Fx Curr Future	5	Jun-21	$	752,031		$	755,514		$	—	$	(3,483	)
Total Purchase Contracts			$	752,031		$	755,514		$	—	$	(3,483	)
Sale Contracts:
Euro-Bund Future	(2)	Jun-21	$	408,767		$	412,229		$	3,462	$	—
US 10Yr Ultra Future	(3)	Jun-21		436,640			446,430			9,789		—
Long Gilt Future	(2)	Jun-21		352,636			355,811			3,176		—
Long Gilt Future	(2)	Jun-21		352,636			352,272			—		(363	)
US 5Yr Note (Cbt)	(25)	Jun-21		3,098,437			3,099,549			1,111		—
Total Sale Contracts			$	4,649,116		$	4,666,291		$	17,538	$	(363	)
Total Futures Contracts			$	(3,897,085	)	$	(3,910,777	)	$	17,538	$	(3,846	)
Net Unrealized Appreciation									$	13,692

See accompanying Notes to Financial Statements.

35

North Square Strategic Income Fund

SUMMARY OF INVESTMENTS

As of April 30, 2021 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Materials		1.5	%
Information Technology		1.5	%
Consumer Discretionary		1.4	%
Industrials		1.0	%
Health Care		0.5	%
Financials		0.5	%
Consumer Staples		0.4	%
Utilities		0.4	%
Energy		0.3	%
Total Common Stocks		7.5	%
ETFs		1.7	%
Preferred Stocks
Financials		4.9	%
Communication Services		1.0	%
Consumer Staples		0.1	%
Total Preferred Stocks		6.0	%
REITs		5.1	%
Asset Backed Securities		8.2	%
Corporate Bonds
Financials		28.2	%
Energy		4.7	%
Utilities		3.9	%
Consumer Discretionary		3.3	%
Industrials		2.8	%
Materials		2.1	%
Communication Services		1.6	%
Total Corporate Bonds		46.6	%
Foreign Government Agency Issue		1.5	%
Foreign Government Notes/Bonds		4.5	%
Mortgage Backed Securities		15.2	%
U.S. Government Notes/Bonds		0.9	%
Short-Term Investment		1.4	%
Total Investments		98.6	%
Other Assets in Excess of Liabilities		1.4	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

36

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2021 (Unaudited)

	North Square		North Square
	Advisory		Altrinsic		North Square			North Square
	Research All Cap		International		McKee			Strategic
	Value Fund		Equity Fund		Bond Fund			Income Fund
Assets:
Investments, at cost	$	4,821,925	$	26,790,142	$	68,402,556		$	66,090,142
Investments, at value	$	6,732,365	$	28,435,153	$	68,329,012		$	70,901,394
Foreign currency, at cost	$	—	$	—	$	—		$	6,314
Foreign currency, at value	$	—	$	—	$	—		$	6,263
Cash		—		3		99,542			—
Receivables:
Fund shares sold		1,948		—		—			44,697
Dividends and interest		1,621		114,306		168,193			515,108
Investment securities sold		—		24,835		441,202			1,068,933
Deposits (Note 2)		—		—		—			56,122
Due from Advisor (Note 3)		—		—		4,121			—
Fund shares sold		—		—		991			—
Prepaid expenses		21,616		84,465		86,052			25,232
Total assets		6,757,550		28,658,762		69,129,113			72,617,749
Liabilities:
Payables:
Investment securities purchased		—		56,578		5,279,676			496,931
Fund shares redeemed		—		—		—			62,179
Due to custodian		—		—		—			13,587
Payable for unsettled open futures contracts		—		—		—			8,299
Accrued expenses:
Fund administration fees		2,877		6,682		5,047			36,898
Transfer agent fees		1,988		4,951		3,579			25,020
Custody fees		1,518		26,082		2,393			4,354
Shareholder servicing fees (Note 6)		1,448		—		—			1,791
Auditing fees		1,259		3,546		2,471			34,146
Due to Trustees		503		952		893			8,269
Legal fees		455		—		—			12,327
Due to Advisor (Note 3)		362		10,907		—			16,397
Chief Compliance Officer fees (Note 3)		127		—		47			2,097
Accrued other expenses		421		1,753		1,223			9,023
Total liabilities		10,958		111,451		5,295,329			731,318
Net Assets	$	6,746,592	$	28,547,311	$	63,833,784		$	71,886,431
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with
an unlimited number of shares authorized)	$	4,132,102	$	26,472,082	$	64,018,719		$	65,720,222
Total distributable earnings (accumulated deficit)		2,614,490		2,075,229		(184,935	)		6,166,209
Net Assets	$	6,746,592	$	28,547,311	$	63,833,784		$	71,886,431
Maximum Offering Price per Share:
Class I Shares:
Net assets applicable to shares outstanding	$	6,746,592	$	28,547,311	$	63,833,784		$	71,886,431
Shares of beneficial interest issued and outstanding		593,602		2,630,900		6,451,455			7,196,970
Net asset value, redemption and offering price per share	$	11.37	$	10.85	$	9.89		$	9.99

See accompanying Notes to Financial Statements.

37

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2021 (Unaudited)

	North Square			North Square
	Advisory			Altrinsic			North Square			North Square
	Research All Cap			International			McKee			Strategic
	Value Fund			Equity Fund			Bond Fund			Income Fund
Investment Income:
Dividends (net of foreign withholding taxes and/or
issuance fees of $287, $33,318, $0, and $0, respectively)	$	37,573		$	275,042		$	—		$	263,428
Interest (net of foreign withholding taxes and/or
issuance fees of $0, $0, $92, and $(833), respectively)		34			118			26,650			1,077,927
Total investment income		37,607			275,160			26,650			1,341,355
Expenses:
Advisory fees (Note 3)		18,241			81,958			14,822			263,998
Registration fees		8,199			6,083			4,435			8,056
Fund administration fees		4,638			14,896			10,875			77,187
Custody fees		3,184			33,946			3,221			7,349
Transfer agent fees and expenses		3,158			8,512			5,942			50,829
Shareholder servicing fees (Note 6)		3,051			—			—			41,485
Auditing fees		1,585			3,547			2,471			12,256
Legal fees		865			2,957			2,268			15,319
Trustees’ fees and expenses		674			1,985			1,495			9,616
Chief Compliance Officer fees (Note 3)		609			1,793			1,220			9,091
Shareholder reporting fees		341			1,162			838			3,373
Fund accounting fees		245			1,155			812			3,948
Other expenses		200			892			688			4,883
Total expenses		44,990			158,886			49,087			507,390
Less advisory fees waived & expenses reimbursed		(20,235	)		(59,513	)		(31,795	)		(167,964	)
Net expenses		24,755			99,373			17,292			339,426
Net Investment income		12,852			175,787			9,358			1,001,929
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		422,925			277,590			(75,036	)		1,081,172
Futures contracts		—			—			—			77,400
Foreign currency transactions		—			(313	)		—			(21,628	)
Net realized gain (loss)		422,925			277,277			(75,036	)		1,136,944
Net change in unrealized appreciation/depreciation on:
Investments		1,129,597			1,645,119			(73,544	)		2,104,478
Futures contracts		—			—			—			13,692
Foreign currency transactions		—			—			—			217,021
Net change in unrealized appreciation/depreciation		1,129,597			1,645,119			(73,544	)		2,335,191
Net realized and unrealized gain (loss)		1,552,522			1,922,396			(148,580	)		3,472,135
Net increase (decrease) in net assets from operations	$	1,565,374		$	2,098,183		$	(139,222	)	$	4,474,064

See accompanying Notes to Financial Statements.

38

STATEMENTS OF CHANGES IN NET ASSETS

							North Square
							Altrinsic
	North Square Advisory						International
	Research All Cap Value Fund						Equity Fund
							For the Period
	For the			For the			December 4,
	Period Ended			Year Ended			2020* through
	April 30, 2021			October 31,			April 30, 2021
	(Unaudited)			2020			(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	12,852		$	51,097		$	175,787
Net realized gain on investments and foreign currency translations		422,925			713,327			277,277
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		1,129,597			(1,742,113	)		1,645,119
Net increase (decrease) in net assets resulting from operations		1,565,374			(977,689	)		2,098,183
Distributions to shareholders		(514,487	)		(1,010,006	)		(22,954	)
Capital Transactions:
Net proceeds from shares sold		2,066,045			1,382,870			26,449,128
Reinvestment of distributions		514,487			1,010,006			22,954
Cost of shares redeemed		(1,262,928	)		(5,411,998	)		—
Net increase (decrease) in net assets from capital transactions		1,317,604			(3,019,122	)		26,472,082
Total increase (decrease) in net assets		2,368,491			(5,006,817	)		28,547,311
Net Assets:
Beginning of Period		4,378,101			9,384,918			—
End of Period	$	6,746,592		$	4,378,101		$	28,547,311
Capital Share Transactions:
Shares sold		193,353			146,298			2,628,577
Shares reinvested		53,827			91,074			2,323
Shares redeemed		(122,982	)		(574,580	)		—
Net increase (decrease) in capital share transactions		124,198			(337,208	)		2,630,900

* Commencement of Operations

See accompanying Notes to Financial Statements.

39

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square
	McKee Bond			North Square
	Fund			Strategic Income Fund
	For the Period
	December 28,			For the			For the
	2020* through			Period Ended			Year Ended
	April 30, 2021			April 30, 2021			October 31,
	(Unaudited)			(Unaudited)			2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	9,358		$	1,001,929		$	1,072,285
Net realized gain (loss) on investments and foreign currency translations		(75,036	)		1,136,944			3,652,857
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		(73,544	)		2,335,191			2,021,714
Net increase (decrease) in net assets resulting from operations		(139,222	)		4,474,064			6,746,856
Distributions to shareholders		(45,713	)		(4,560,897	)		(975,490	)
Capital Transactions:
Net proceeds from shares sold		64,054,035			5,903,157			63,245,780
Reinvestment of distributions		18,272			4,536,718			975,066
Cost of shares redeemed		(53,588	)		(12,754,014	)		(6,345,626	)
Net increase (decrease) in net assets from capital transactions		64,018,719			(2,314,139	)		57,875,220
Total increase (decrease) in net assets		63,833,784			(2,400,972	)		63,646,586
Net Assets:
Beginning of Period		—			74,287,403			10,640,817
End of Period	$	63,833,784		$	71,886,431		$	74,287,403
Capital Share Transactions:
Shares sold		6,455,037			587,944			6,857,165
Shares reinvested		1,838			459,587			99,285
Shares redeemed		(5,420	)		(1,283,372	)		(640,318	)
Net increase (decrease) in capital share transactions		6,451,455			(235,841	)		6,316,132

* Commencement of Operations

See accompanying Notes to Financial Statements.

40

North Square Advisory Research All Cap Value Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the
	Period Ended			For the Year Ended October 31,
	April 30, 2021
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	9.33		$	11.63		$	14.73		$	14.77		$	12.99		$	15.02
Income from Investment Operations:
Net investment income1		0.03			0.08			0.07			0.06			0.06			0.09
Net realized and unrealized gain (loss)		3.12			(1.11	)		0.85			1.27			2.68			0.26
Total from investment operations		3.15			(1.03	)		0.92			1.33			2.74			0.35
Less Distributions:
From net investment income		(0.10	)		(0.07	)		(0.07	)		(0.05	)		(0.09	)		(0.13	)
From net realized gain		(1.01	)		(1.20	)		(3.95	)		(1.32	)		(0.87	)		(2.28	)
Total distributions		(1.11	)		(1.27	)		(4.02	)		(1.37	)		(0.96	)		(2.41	)
Redemption Fee Proceeds1		—			—			—	2		—	2		—	2		0.03
Net asset value, end of period	$	11.37		$	9.33		$	11.63		$	14.73		$	14.77		$	12.99
Total return3		36.02	%4		(10.63	)%		12.95	%		9.33	%		21.93	%		(3.57	)%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,747		$	4,378		$	9,385		$	10,575		$	15,603		$	20,900
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.72	%5		1.97	%		1.76	%		1.78	%		1.74	%		1.52	%
After fees waived and expenses absorbed		0.95	%5		0.97	%6		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(0.28	)%5		(0.21	)%		(0.17	)%		(0.39	)%		(0.29	)%		0.18	%
After fees waived and expenses absorbed		0.49	%5		0.79	%		0.59	%		0.39	%		0.45	%		0.70	%
Portfolio turnover rate		36	%4		49	%		26	%		42	%		31	%		51	%

1	Based on average shares outstanding for the period.
2	Amount represents less than $0.005 per share.
3	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.
4	Not Annualized.
5	Annualized.
6	The annual net expense ratio changed from 1.00% to 0.95% of net assets as of the close of business on February 21, 2020.

See accompanying Notes to Financial Statements.

41

North Square Altrinsic International Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Period
	December 4,
	2020* through
	April 30, 2021
	(Unaudited)
Net asset value, beginning of period	$	10.00
Income from Investment Operations:
Net investment income1		0.07
Net realized and unrealized gain		0.79
Total from investment operations		0.86
Less Distributions:
From net investment income		(0.01	)
Total distributions		(0.01	)
Net asset value, end of period	$	10.85
Total return2		8.62	%3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	28,547
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.55	%4
After fees waived and expenses absorbed		0.97	%4
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		1.14	%4
After fees waived and expenses absorbed		1.72	%4
Portfolio turnover rate		12	%3

*	Commencement of operations.
1	Based on average shares outstanding for the period.
2	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.
3	Not Annualized.
4	Annualized.

See accompanying Notes to Financial Statements.

42

North Square McKee Bond Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Period
	December 28,
	2020* through
	April 30, 2021
	(Unaudited)
Net asset value, beginning of period	$	10.00
Income from Investment Operations:
Net investment income1		0.01
Net realized and unrealized gain (loss)		(0.10	)
Total from investment operations		(0.09	)
Less Distributions:
From net investment income		(0.02	)
Total distributions		(0.02	)
Net asset value, end of period	$	9.89
Total return2		(0.84	)%3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	63,834
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.79	%4
After fees waived and expenses absorbed		0.28	%4
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(0.36	)%4
After fees waived and expenses absorbed		0.15	%4
Portfolio turnover rate		62	%3,5

*	Commencement of operations.
1	Based on average shares outstanding for the period.
2	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.
3	Not Annualized.
4	Annualized.
5	Securities purchased-in-kind were excluded from the computation of the ratio.

See accompanying Notes to Financial Statements.

43

North Square Strategic Income Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the
	Period Ended			For the Year Ended October 31,
	April 30, 2021
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	9.99		$	9.53		$	8.97		$	9.46		$	9.47		$	9.70
Income from Investment Operations:
Net investment income1		0.13			0.23			0.32			0.35			0.39			0.40
Net realized and unrealized gain (loss)		0.48			0.48			0.56			(0.49	)		(0.04	)		(0.08	)
Total from investment operations		0.61			0.71			0.88			(0.14	)		0.35			0.32
Less Distributions:
From net investment income		(0.15	)		(0.25	)		(0.32	)		(0.34	)		(0.36	)		(0.42	)
From net realized gain		(0.46	)		—			—			(0.01	)		—			(0.13	)
Total distributions		(0.61	)		(0.25	)		(0.32	)		(0.35	)		(0.36	)		(0.55	)
Redemption Fee Proceeds1		—			—			—	2		—	2		—	2		—	2
Net asset value, end of period	$	9.99		$	9.99		$	9.53		$	8.97		$	9.46		$	9.47
Total return3		6.15	%4		7.56	%		10.00	%		(1.43	)%		3.83	%		3.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	71,886		$	74,287		$	10,641		$	10,403		$	10,806		$	12,463
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.35	%5		1.48	%		1.76	%		2.27	%		2.49	%		1.99	%
After fees waived and expenses absorbed		0.90	%5		0.90	%		0.90	%		0.90	%		0.90	%		0.91	%
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		2.21	%5		1.75	%		2.56	%		2.41	%		2.53	%		3.19	%
After fees waived and expenses absorbed		2.66	%5		2.33	%		3.42	%		3.78	%		4.12	%		4.27	%
Portfolio turnover rate		34	%4		145	%		36	%		48	%		64	%		63	%

1	Based on average shares outstanding for the period.
2	Amount represents less than $0.005 per share.
3	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.
4	Not Annualized.
5	Annualized.

See accompanying Notes to Financial Statements.

44

North Square Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2021 (Unaudited)

Note 1 – Organization

The North Square Advisory Research All Cap Value Fund (“All Cap Value” or “All Cap Value Fund”), North Square Altrinsic International Equity Fund (“International Equity” or “International Equity Fund”), North Square McKee Bond Fund (“McKee Bond” or “McKee Bond Fund”), and North Square Strategic Income Fund (“Strategic Income” or “Strategic Income Fund”)(each a “Fund” and collectively the “Funds”) are organized as a series of the North Square Investments Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are diversified funds.

The All Cap Value Fund’s primary investment objective is to seek long-term capital appreciation. Effective the close of business on February 21, 2020, the All Cap Value Fund (the “Successor Fund”) acquired the assets and assumed the liabilities of the Advisory Research All Cap Value Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust, which commenced operations on November 16, 2009.

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

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

The Strategic Income Fund’s primary investment objectives are to seek high current income and to seek long-term capital appreciation.  Effective the close of business on February 21, 2020, the Strategic Income Fund (the “Successor Fund”) acquired the assets and assumed the liabilities of the Advisory Research Strategic Income Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust, which commenced operations on December 31, 2012.

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 and disclosures in the financial statements. 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. 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, 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. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.

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.

45

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service or from a brokerage firm. The pricing service or broker 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 reviews the independent third party fair valuation analysis report quarterly.

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

(b)  Deposits with Broker

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

Upon entering into a futures contract (with the exception of futures contracts traded on the London Metal Exchange (“LME”)), and to maintain the Funds’ open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

At April 30, 2021, the Strategic Income Fund had $56,111 in cash and cash equivalents on deposit with brokers for futures which are presented on the Fund’s Statements 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. 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.

(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. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

46

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

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 open years ended October 31, 2017-2020 the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

(e)  Distributions to Shareholders

The McKee Bond Fund and Strategic Income Fund will make distributions of net investment income monthly. The Advisory Research All Cap Value Fund and Altrinsic International Equity Fund will make distributions of net investment income, if any, at least annually. Each Fund makes distributions of its net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

(f)  Recent Accounting Pronouncement

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”). The main objective of ASU 2020-04 is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Inter-bank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. ASU 2020-04 allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the adoption of ASU 2020-04 to the Funds’ financial statements and various filings.

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 period ended April 30, 2021 are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

Fund	Investment Advisory Fees
All Cap Value Fund	0.70%
International Equity Fund	0.80%
McKee Bond Fund	0.24%
Strategic Income Fund	0.70%

Prior to the close of business on February 21, 2020, the contractual advisory fee due to the Predecessor Funds of the All Cap Value Fund and Strategic Income Fund were 0.75% and 0.70%, respectively.

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

47

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

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 I	Class Y
Fund	Agreement Expires	Shares	Shares	Shares
All Cap Value Fund	February 28, 2022	—	0.95%	—
International Equity Fund	November 2, 2022	—	0.97%	—
McKee Bond Fund	November 2, 2022	—	0.28%	0.47%*
Strategic Income Fund	February 28, 2022	1.15%*	0.90%	—

†	The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.
*	This class is currently not available for purchase.

The Funds’ advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending thirty-six months after the date of the waiver or payment. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. The Advisor may recapture all or a portion of this amount no later than the dates stated below:

	All Cap Value		International Equity		McKee Bond		Strategic Income
October 31, 2021	$	102,131	$	—	$	—	$	144,623
October 31, 2022	$	75,274	$	—	$	—	$	92,527
October 31, 2023	$	74,921	$	—	$	—	$	273,911
October 31, 2024	$	20,235	$	59,513	$	31,795	$	167,964
Total	$	272,561	$	59,513	$	31,795	$	679,025

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, serves as the Funds’ fund accountant, transfer agent and administrator. U.S. Bank, N.A., serves as the Funds’ custodian. Prior to the close of business on February 21, 2020, UMB Fund Services, Inc. served as the fund accountant, transfer agent and administrator for the All Cap Value and Strategic Income Funds, and UMB Bank N.A. served as the custodian for the All Cap Value and Strategic Income Funds. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the period ended April 30, 2021 are reported on the Statements of Operations.

Compass Distributors, LLC serves as the Funds’ distributor (the “Distributor”). Prior to the close of business on February 21, 2020, IMST Distributors, LLC served as the distributor for the All Cap Value and Strategic Income Funds.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.

Cipperman Compliance Services provides Chief Compliance Officer (“CCO”) services to the Funds. Prior to the close of business on February 21, 2020, Dziura Compliance Consulting, LLC provided CCO services to the Investment Managers Series Trust to which the All Cap Value and Strategic Income Funds belonged. The Funds’ allocated fees incurred for CCO services for the period ended April 30, 2021 are reported on the Statements of Operations.

Note 4 – Federal Income Taxes

At October 31, 2020, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:

	All Cap Value			Strategic Income
Cost of investments	$	3,655,188		$	72,144,151
Gross unrealized appreciation	$	892,893		$	3,012,025
Gross unrealized depreciation		(162,369	)		(509,962	)
Net unrealized appreciation on investments	$	730,524		$	2,502,063	*

*  Includes $316 of unrealized appreciation on foreign currency.

48

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

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. For the year ended October 31, 2020, 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 (total distributable earnings) as follows:

	Increase (Decrease)
			Total
			Distributable
	Paid In Capital		Earnings
All Cap Value	$	260,371	$	(260,371	)
Strategic Income	$	170,543	$	(170,543	)

As of October 31, 2020, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

	All Cap Value		Strategic Income
Undistributed ordinary income	$	39,922	$	3,323,121
Undistributed long-term gains		466,559		251,850
Accumulated earnings	$	506,481	$	3,574,971
Accumulated capital and other losses		—		—
Unrealized appreciation on investments		730,524		2,502,063
Total accumulated earnings	$	1,237,005	$	6,077,034

The tax character of distributions paid during the period ended April 30, 2021 and fiscal year ended October 31, 2020 were as follows:

	All Cap Value				International Equity
	April 30,		October 31,		April 30,		October 31,
Distributions paid from:	2021		2020		2021		2020
Ordinary income	$	47,928	$	137,582	$	22,954	$	—
Net long-term capital gains		466,559		872,424		—		—
Total distributions paid	$	514,487	$	1,010,006	$	22,954	$	—
	McKee Bond				Strategic Income
	April 30,		October 31,		April 30,		October 31,
Distributions paid from:	2021		2020		2021		2020
Ordinary income	$	45,713	$	—	$	4,308,992	$	975,490
Net long-term capital gains		—		—		251,905		—
Total distributions paid	$	45,713	$	—	$	4,560,897	$	975,490

As of October 31, 2020, the Funds did not have any accumulated capital loss carryforwards.

To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Note 5 – Investment Transactions

For the period ended April 30, 2021, purchases and sales of investments were as follows:

	Purchases		Sales
All Cap Value Fund	$	2,545,455	$	1,816,030
International Equity Fund	$	28,557,719	$	3,131,970
McKee Bond Fund	$	48,950,619	$	13,002,586
Strategic Income Fund	$	24,603,083	$	29,129,757

49

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

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 period ended April 30, 2021, shareholder servicing fees incurred are disclosed on the Statements of Operations.

Note 7 – Indemnifications

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

Note 8 – Fair Value Measurements and Disclosure

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

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the 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.

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

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 April 30, 2021, in valuing the Funds’ assets carried at fair value:

All Cap Value Fund	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks1	$	6,491,360	$	—	$	—	$	6,491,360
Short-Term Investment		241,005		—		—		241,005
Total Investments	$	6,732,365	$	—	$	—	$	6,732,365

50

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

International Equity Fund	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks
Bermuda	$	222,668	$	—	$	—	$	222,668
Brazil		141,327		—		—		141,327
Canada		484,029		—		—		484,029
China		1,329,479		—		—		1,329,479
France		3,504,310		—		—		3,504,310
Germany		2,209,110		—		—		2,209,110
Ireland		606,432		—		—		606,432
Israel		664,532		—		—		664,532
Japan		3,844,430		—		—		3,844,430
Luxembourg		156,367		—		—		156,367
Mexico		156,419		—		—		156,419
Netherlands		1,925,501		—		—		1,925,501
Republic of Korea		743,812		—		—		743,812
Singapore		542,866		—		—		542,866
Spain		249,468		—		—		249,468
Sweden		741,649		—		—		741,649
Switzerland		3,874,451		—		—		3,874,451
Thailand		63,560		—		—		63,560
United Kingdom		4,954,401		—		—		4,954,401
United States		656,926		—		—		656,926
Preferred Stocks		232,073		—		—		232,073
Rights		61,341		—		—		61,341
Short-Term Investment		1,070,002		—		—		1,070,002
Total Investments	$	28,435,153	$	—	$	—	$	28,435,153
McKee Bond Fund	Level 1		Level 2		Level 3		Total
Investments
Asset Backed Securities	$	—	$	5,256,563	$	414,226	$	5,670,789
Corporate Bonds1		—		17,341,737		—		17,341,737
Mortgage Backed Securities		—		18,009,014		596,657		18,605,671
U.S. Government Agency Issue		—		7,165,241		—		7,165,241
U.S. Government Notes/Bonds		—		12,297,590		—		12,297,590
Foreign Government Agency Issue		—		114,987		—		114,987
Foreign Government Notes/Bonds		—		227,359		—		227,359
Short-Term Investment		6,905,638		—		—		6,905,638
Total Investments	$	6,905,638	$	60,412,491	$	1,010,883	$	68,329,012

51

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

Strategic Income Fund	Level 1			Level 2		Level 3**		Total
Investments
Common Stocks1	$	5,417,687		$	—	$	—	$	5,417,687
ETFs		1,213,231			—		—		1,213,231
Preferred Stocks1		4,355,749			—		—		4,355,749
REITs		3,670,615			—		—		3,670,615
Asset Backed Securities		—			5,874,639		—		5,874,639
Corporate Bonds1		—			33,496,730		—		33,496,730
Foreign Government Agency Issue		—			1,058,750		—		1,058,750
Foreign Government Notes/Bonds		—			3,230,529		—		3,230,529
Mortgage Backed Securities		—			10,960,092		—		10,960,092
U.S. Government Notes/Bonds		—			647,055		—		647,055
Short-Term Investment		976,317			—		—		976,317
Total Investments	$	15,633,599		$	55,267,795	$	—	$	70,901,394
Futures Contracts***
Long	$	(3,483	)	$	—	$	—	$	(3,483	)
Short		17,175			—		—		17,175
Total Futures Contracts	$	13,692		$	—	$	—	$	13,692

1	For a detailed break-out of these securities by major sector and industry classification, please refer to the Schedule of Investments.
*	The Fund did not hold any Level 2 securities at period end.
**	The Fund did not hold any Level 3 securities at period end.
***	The fair value of the Fund’s futures contracts represents the net unrealized appreciation (depreciation) at period end.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

	McKee Bond Fund
Beginning balance December 28, 2020*		$	—
Transfers into Level 3 during the period			—
Transfers out of Level 3 during the period			—
Total realized gain (loss)			—
Total unrealized appreciation (depreciation)			67
Net purchases			1,010,816
Net sales			—
Balance as of April 30, 2021		$	1,010,883

*  Inception date of the Fund

Note 9 – Derivative and Other Financial Instruments

At April 30, 2021, the North Square Strategic Income Fund held derivative and other financial instruments which are not subject to a master netting arrangement.  As the tables below illustrate, no positions are netted in the Fund’s financial statements:

Liabilities:							Gross Amounts not
							offset in the Statement
			Gross Amounts		Net Amounts		of Assets and Liabilities
	Gross Amounts		Offset in the		Presented in the				Collateral
	of Recognized		Statement of Assets		Statement of Assets		Financial		Received
Description	Liabilities		and Liabilities		and Liabilities		Instruments		(Pledged)			Net Amount
Futures contracts*	$	8,299	$	—	$	8,299	$	—	$	(8,299	)	$	—
		—		—		—		—		—			—
Total	$	8,299	$	—	$	8,299	$	—	$	(8,299	)	$	—

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

52

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2021 (Unaudited)

The following table presents the fair value of derivative instruments for the North Square Strategic Income Fund as of April 30, 2021 as presented on the Fund’s statement of assets and liabilities:

	Fair Value				Net Unrealized
					Gain (Loss) on
Derivatives Not Accounted for as Hedging Instruments	Assets		Liabilities		Open Positions
North Square Strategic Income Fund
Futures Contracts*
Long Contracts
Foreign exchange	$	—	$	3,483	$	(3,483	)
Total Long Contracts		—		3,483		(3,483	)
Short Contracts
Interest rate	$	17,538	$	363	$	17,175
Total Short Contracts		17,538		363		17,175
Total Futures Contracts	$	17,538	$	3,846	$	13,692

* Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s schedule of open futures contracts. Only the current day variation margin for futures contracts is separately reported within the Fund’s statement of assets and liabilities.

The following table presents the results of the derivative trading and information related to volume for the six months ended April 30, 2021 for the North Square Strategic Income Fund. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s statement of operations.

	Gain (Loss) from Trading
			Net Change
Fund and Type of Derivative Instrument	Net Realized		in Unrealized
North Square Strategic Income Fund
Futures Contracts
Foreign exchange	$	—	$	(3,483	)
Interest rate		77,400		17,175
Total Futures Contracts	$	77,400	$	13,692

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts held in the Strategic Income Fund during the six months ended April 30, 2021 were $2,067,972 and $151,009 for long contracts and short contracts, respectively.

Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.

Note 10 – 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.

At a regular meeting of the Board of Trustees on December 16, 2020, the Advisor and the Board approved a resolution to acquire the Stadion Tactical Growth Fund, Stadion Tactical Defensive Fund, and Stadion Trilogy Alternative Return Fund (the “Stadion Funds”). The Stadion Funds reorganized into separate funds within the North Square Investments Trust after the close business on June 11, 2021.

53

North Square Funds

SUPPLEMENTAL INFORMATION

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:

				Number of
				Portfolios
				in Fund	Other Directorship/
Name, Addressa,				Complex	Trusteeship
Year of Birth and		Term of Office		Overseen	Positions held by
Position(s) with	Position with	and Length of	Principal Occupations During	by	Trustee During
the Trust	the Trust	Time Servedb	the Past Five Years or Longer	Trusteec	the Past 5 Years
Independent Trustees
David B. Boon	Trustee	08/2018 to present	Chief Financial Officer and Managing	9	None
(1960)			Director, Eagle Capital Management, LLC
			(since 2018); Chief Financial Officer and
			Partner, Cedar Capital, LLC (2013 – 2018).
Donald J. Herrema	Chairman of the	08/2018 to present	Vice Chair and Chief Investment Officer,	9	Chairman and Director
(1952)	Board and Trustee		Independent Life Insurance Company		Emeritus, TD Funds
			(since 2018); Financial Services Executive,		USA (2009 – 2019);
			Advisor and Founder of BlackSterling		Director, Abel Noser
			Partners, LLC (private investments and		Holdings, LLC (since
			advisory firm) (since 2004); Executive Vice		2016); Member, USC
			Chairman and Senior Advisor at Kennedy		Marshall Business School
			Wilson (real estate investment company)		Board (since 2010);
			(2009 – 2016).		President and Trustee,
					Christ Church
					(2008 – 2016); Director,
					Lepercq de Neuflize
					(2009 – 2016); Chairman
					and Trustee Emeritus
					(since 2014), Director,
					FEG Investment Advisors
					(since 2017); Director,
					Independent Life
					Insurance Company
					(since 2018).
Catherine A. Zaharis	Trustee	08/2018 to present	Professor of Practice (since 2019), Director,	9	Director, The
(1960)			Professional/Employer Development,		Vantagepoint Funds
			Finance Department (2015 – 2019), Adjunct		(2015 – 2016).
			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.
Interested Trusteesd
Mark D. Goodwin	Trustee and	08/2018 to present	Chief Executive Officer, North Square	9	None
(1964)	President		Investments LLC (since July 2018); President
			and Chief Operating Officer (2015 – July 2018)
			and Executive Vice President (2014 – 2015),
			Oak Ridge Investments, LLC.

54

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

				Number of
				Portfolios
				in Fund	Other Directorship/
Name, Addressa,				Complex	Trusteeship
Year of Birth and		Term of Office		Overseen	Positions held by
Position(s) with	Position with	and Length of	Principal Occupations During	by	Trustee During
the Trust	the Trust	Time Servedb	the Past Five Years or Longer	Trusteec	the Past 5 Years
Officers of the Trust
Alan E. Molotsky	Treasurer	08/2018 to present	Chief Financial Officer, Chief Compliance	N/A	N/A
(1956)	and		Officer (July 2018 – March 2021), General
	Secretary		Counsel and Senior Managing Director,
			North Square Investments, LLC (since July 2018);
			Chief Financial Officer, Chief Compliance Officer,
			General Counsel and Executive Vice President,
			Oak Ridge Investments LLC (2004 – July 2018).
David J. Gaspar	Vice	08/2018 to present	Chief Operations and Information Officer and	N/A	N/A
(1954)	President		Senior Managing Director, North Square
			Investments, LLC (since July 2018); Chief
			Operations Officer, Chief Information Officer,
			Chief Information Security Officer and Executive
			Vice President, Oak Ridge Investments, LLC
			(2000 – July 2018).
Douglas N. Tyre	Chief	09/2018 to present	Assistant Compliance Director, Cipperman	N/A	N/A
(1980)	Compliance		Compliance Services, LLC (since 2014).
	Officer

a.	The business address of each Trustee and officer is c/o North Square Investments, LLC, 10 South LaSalle Street, Suite 1925, Chicago, Illinois 60603.
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 four Funds, the North Square Oak Ridge Small Cap Growth Fund, the North Square Oak Ridge All Cap Growth Fund, the North Square Oak Ridge Dividend Growth Fund, the North Square Multi Strategy Fund, and the North Square Dynamic Small Cap Fund.
d.	Mr. Goodwin 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 Adviser.

55

North Square Funds

EXPENSE EXAMPLES

For the Six Months Ended April 30, 2021 (Unaudited)

Expense Examples

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees; 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 November 1, 2020 to April 30, 2021.

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	Expense Paid
		Account	Account	During
		Value	Value	Period*
All Cap Value Fund		11/1/20	4/30/21	11/1/20 – 4/30/21
Class I	Actual Performance	$1,000.00	$1,360.20	$5.56
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.08	$4.76

* Expenses are equal to the Fund’s annualized expense ratios of 0.95% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the sixth month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
International Equity Fund		12/4/20	4/30/21	12/4/20 – 4/30/21
Class I	Actual Performance	$1,000.00	$1,086.20	$4.07
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,019.98	$4.86

* Expenses are equal to the Fund’s annualized expense ratios of 0.97% for Class I, multiplied by the average account value over the period, multiplied by 147/365 (to reflect the period since the commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

56

North Square Funds

EXPENSE EXAMPLES – Continued

For the Six Months Ended April 30, 2021 (Unaudited)

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
McKee Bond Fund		12/28/20	4/30/21	12/28/20 – 4/30/21
Class I	Actual Performance	$1,000.00	$   991.60	$1.12
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,023.41	$1.40

* Expenses are equal to the Fund’s annualized expense ratios of 0.28% for Class I, multiplied by the average account value over the period, multiplied by 123/365 (to reflect the period since the commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
Strategic Income Fund		11/1/20	4/30/21	11/1/20 – 4/30/21
Class I	Actual Performance	$1,000.00	$1,061.50	$4.60
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.33	$4.51

* Expenses are equal to the Fund’s annualized expense ratios of 0.90% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the sixth month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

57

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North Square Funds

Advisor

North Square Investments, LLC

10 South LaSalle Street, Suite 1925

Chicago, Illinois 60603

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

Sub-Advisor	Sub-Advisor
Altrinsic Global Advisors, LLC	CSM Advisors, LLC
8 Sound Shore Drive, 3rd Floor	One Gateway Center, 8th Floor
Greenwich, Connecticut 06830	Pittsburgh, Pennsylvania 15222

 Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102

Custodian

U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 300

Milwaukee, Wisconsin 53212

Fund Administrator, Transfer Agent and Fund Accountant

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

Distributor

Compass Distributors LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.foreside.com

FUND INFORMATION

Fund Name		Ticker	CUSIP
North Square Advisory Research All Cap Value Fund	Class I	ADVGX	66263L775
North Square Altrinsic International Equity Fund	Class I	NSIVX	66263L767
North Square McKee Bond Fund	Class I	NMKBX	66263L759
North Square Strategic Income Fund	Class I	ADVNX	66263L791

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 U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201

1-855-551-5521

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. 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 to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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 have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.  Furnished 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.

North Square Investments Trust

By:          /s/Mark D. Goodwin

Mark D. Goodwin,

President

Date:      July 8, 2021

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:          /s/Mark D. Goodwin

Mark D. Goodwin,

President

Date:      July 8, 2021

By:          /s/Alan E. Molotsky

Alan E. Molotsky,

Treasurer

Date:      July 8, 2021