North Square Investments Trust NCSR Certified 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 – October 31, 2021

Item 1. Reports to Stockholders.

(a)

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


OCTOBER 31, 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

Shareholder Letters			1
Fund Performance			9
Schedules of Investments			14
Statements of Assets and Liabilities			50
Statements of Operations			51
Statements of Changes in Net Assets			52
Financial Highlights			54
Notes to Financial Statements			59
Report of Independent Registered Public Accounting Firm			69
Supplemental Information			70
Expense Examples			76

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

www.northsquareinvest.com

Discussion of North Square Advisory Research All Cap Value Fund Performance

Dear Shareholder,

The past twelve months saw a continued rally in the U.S. stock market, as the economy continued its strong recovery from the 2020 economic shutdowns caused by the coronavirus pandemic. The S&P 500 Index rallied to a new all-time high over 4,600 in late October 2021. Demand for products and services continued to be strong, so much so that supply chains were not able to keep up. Transportation snarls (such as delays at West Coast ports) and parts shortages (semiconductors, for example) have impeded suppliers’ ability to meet demand. But that should lead to continued economic growth into 2022 as supply-side issues work themselves out.

Supply-side issues also contributed to an uptick in inflation. The Federal Reserve’s preferred gauge, the Personal Consumption Expenditures Index,¹ breached 4% during the year, a level it had not reached since mid-2008. Still, the Fed believes this higher inflation is transitory and will subside. The markets appear to agree, as the breakeven spread between a nominal 10-year Treasury note and a Treasury Inflation-Protected Security of the same maturity was around 2.60% at the end of October – not far from the Fed’s long-term target goal of 2% inflation.

In early November 2021, the Fed announced that it will formally wind down the bond-buying program it started in early 2020 to counter the economic effects of the pandemic. If all goes according to plan, the program will terminate in mid-2022. While the Fed has not announced when it will start raising the target for the Federal Funds rate from the zero bound, market expectations are for at least one 25 basis point raise in the back half of 2022.²

All of this suggests that the economy should be supportive of business activity and ultimately create a constructive backdrop for the equity markets in the new year.

As of October 31, 2021, the North Square Advisory Research All Cap Value Fund (the Fund) returned 46.09% for the trailing twelve months (its fiscal year), versus 44.97% for its primary benchmark, the Russell 3000 Value Index.³ According to attribution analysis, smaller cap names made a material contribution to our performance during the year. We have typically run with an overweight to small caps relative to the benchmark, as we believe our research process allows us to uncover high quality, underfollowed, and misunderstood companies at the lower end of the market cap spectrum. We are pleased that our strategy has outperformed its benchmark over the past year, as well as longer term over the past five years.⁴

At the company level, Element Solutions (ESI), was one of our strongest performers. ESI is a specialty chemical manufacturer, and it specializes in chemicals and products used in semiconductor manufacturing. The company has been a beneficiary of the increased demand for semiconductors in the “connected” global economy for things such as 5G phones, automobile electrification, the “Internet of Things,” and cloud computing. It should continue to see strong top and bottom line growth as these macro trends continue to evolve. On the downside, one of our weaker performers was Cannae Holdings (CNNE), a diversified holding company with a mix of majority and minority owned investments in a variety of industries, including technology-enabled healthcare services, financials services, real estate, and more. CNNE fell during the year as the market prices for some of its publicly-traded portfolio investments came in. However, we believe the discount between CNNE’s stock price and the sum of its parts is too wide. We also believe our position is bolstered in CNNE through its management team, led by legendary investor Bill Foley.

__________________

¹	The Personal Consumption Expenditure Index, published by the Bureau of Economic Analysis, reflects changes in the prices of goods and services purchased by consumers in the United States. It is the Federal Reserve’s preferred gauge of inflation.
²	A basis point (bp) is equal to 1/100th of 1% or 0.01%.
³	The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values.
⁴	Please see page 9 for the fund’s complete standardized returns.

Outlook

We are pleased with the performance of the portfolio over the past year and longer term. We believe that keeping a sharp eye on fundamentals, as well as the price paid for them, will continue to work. Return on equity (ROE) is a telling indicator of business quality, and our portfolio’s 16.9% ROE is materially above the Russell 3000 Value Index’s 10.5% level.⁵ We also want our businesses to exhibit good earnings growth going forward, and the weighted average estimated EPS growth for the portfolio is 12.1% over the next three to five years, compared to 9.8% for the index.⁶ At the same time, we want our companies to have sound balance sheets. Our portfolio’s debt to equity ratio is 1.38x, whereas the benchmark is at 1.48x.⁷ Overall, we think our forward P/E ratio of 18.8x, a little higher than the Russell 3000 Value’s 16.2x, is warranted.⁸

We remain confident in our process and current positioning. By focusing on both downside protection and upside potential over a multi-year investment horizon, we believe the Fund is well-positioned for a positively skewed risk/reward payoff. Relative to our benchmark, we own businesses that generate higher returns and are growing earnings faster, with responsible financial positions.

We thank you for investing in the North Square Advisory Research All Cap Value Fund and look forward to updating you again in 2022.

Advisory Research, Inc.

The views in this letter are those of the Fund’s direct advisor as of December 30, 2021 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies. Please see the prospectus for a more complete discussion of the fund’s risks.

Fund holdings and sector allocations are subject to change at any time. Please see the Schedule of Investments in this report for a complete list of Fund holdings.

__________________

⁵	Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity.
⁶	Earnings per share (EPS) growth measures the increase in EPS over a period of time.
⁷	The debt to equity calculation excludes companies with negative common equity.
⁸	P/E ratio is stock price dividend by EPS.

Discussion of North Square Altrinsic International Equity Fund Performance

Dear Shareholder,

The global economy rebounded sharply over the last year, aided by positive COVID-19 vaccine developments, incredibly supportive monetary and fiscal stimulus, and pent-up consumer demand. However, the growth in corporate earnings and liquidity supporting equity markets for most of this year appears to have peaked, just as uncertainties stemming from central bank policies, shifting regulatory regimes, and inflationary pressures have contributed to increased market volatility.

Developments involving inflationary pressures and interest rates, China, and cyber risks are among the topics capturing headlines and likely to have a significant influence on markets in both the near and long terms. Interest rates, which were tethered to inflation for decades, are increasingly fixed at low levels as central bankers seek to buoy the global economy and governments work to manage their war-time debt levels. Simultaneously, rising inflationary pressures, which began with the prices of goods, are now appearing in the service industries in many countries. Meanwhile, China is embarking on the delicate act of slowing its considerable and highly leveraged “old” economy and managing continued geopolitical tensions at home and abroad while increasingly relying on its internet giants to forge its future. Atop these other macro forces, cyber risks transcend all boundaries. They are underappreciated, intensifying, and will significantly impact individuals, companies, and nations. These issues, independently and in the aggregate, present both risks and nuanced opportunities for companies and investors alike.

A long-overdue broadening out of stock market leadership has begun. Near the end of 2020, the virtually uninterrupted leadership by highly-valued growth stocks initially gave way to lower quality and leveraged deep cyclical stocks. Market leadership has subsequently ebbed and flowed between these two segments of equity markets. We see vulnerability at both extremes, with growth stocks often priced for unfettered growth and permanently low interest rates, while many cyclical stocks are priced for a “new normal” in profitability.

As of October 31, 2021 calendar year to date, the North Square Altrinsic International Equity Fund gained 7.36%, underperforming the MSCI EAFE Index’s 11.01% gain¹. While performance was strong on an absolute basis, underperformance can largely be attributed to our minimal exposure to growth stocks and low-quality deep cyclicals as well as the portfolio’s below-market risk. From a sector perspective, strong performance in non-bank financials (Aon and Chubb) and real estate (Daito Trust) were more than offset by consumer discretionary (Alibaba and Sands China) and information technology investments (Check Point and Cognizant).

We believe the Fund is attractively positioned, focusing on companies with underappreciated business models in which fundamentals are improving and where disciplined leaders are allocating capital in our long-term interest. Our insurance investments (including Chubb and Zurich) are expected to benefit from the combination of the strongest competitive environment in decades, increased demand for risk-reduction products, considerable cost control, and any increase in economic activity. Our exchange holdings (including Euronext and Singapore Exchange) are shifting their business mix to proprietary high-margin products like data and clearing services. Our health care holdings (including GSK and Astellas) are moving away from their declining pipelines, investing heavily in innovative sciences, and shifting business models to more recurring revenues but still trade at very attractive valuations. Our positions in consumer staples (including Diageo and Heineken) are often seen as boring and defensive but, in our view, offer several avenues for growth, including improving category mix, better capital allocation, and significant tailwinds from the world reopening to consumers. Our enterprise technology investments (including Check Point and SAP) are transitioning to stickier, recurring revenues, and we expect an uptake in demand as companies seek to reduce risks, lower costs, and become more digital.

__________________

The MSCI EAFE Index is an equity index which captures large and mid cap representations across 21 Developed Markets countries around the world, excluding the U.S. and Canada. With 841 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. It is not possible to invest directly in an index.

Looking ahead, we believe that most highly cyclical and highly leveraged stocks are likely to be tested given current valuation levels, margin expectations, and accelerating threats from new technologies. At the other end of the spectrum, many “new economy” companies may produce considerable revenue growth but fail to meet the lofty hurdles set by investors – or see their stocks prices swing considerably due to small changes in interest rates. We continue to see the greatest opportunities between these two extremes, primarily among companies that are not overly dependent on strong economic growth and have the ability to improve shareholder value through their independent initiatives.

We thank you for investing in the North Square Altrinsic International Equity Fund.

Sincerely,

John Hock

John DeVita

Rich McCormick

The securities identified in this letter are not necessarily held by the Fund at the time of publication or thereafter, and should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will be, profitable. The outlook and opportunities noted in this letter are prospective and based upon the opinions of Altrinsic as of the date of this letter. There is no guarantee that we will be successful in our efforts to implement investment strategies that take advantage of such perceived opportunities.

Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves certain principal risks, including, among others: Equity Risk, Large-Cap Company Risk, Market Risk, Foreign Investment Risk, Emerging Market Risk, Currency Risk, and Management and Strategy Risk. The Fund may invest in foreign securities which will involve political, economic and currency risks, greater volatility, and differences in accounting methods. These risks are greater for investments in emerging markets. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

Discussion of North Square McKee Bond Fund Performance

Dear Shareholders:

While it thankfully paled in comparison to 2020, the first ten months of 2021 (the funds’ tenure¹) saw its share of volatility in the fixed income markets. The first chapter of this saga began with the 10-year Treasury yielding just 0.91%, double the 2020 low but significantly below all broad measures of inflation. Yields on intermediate and long-term Treasuries proceeded to rise in the first quarter as economic growth and inflation readings began to increase. Continued fiscal and monetary policy stimulus and increasing COVID-19 vaccine distribution boosted consumer financial conditions and unleashed pent up demand for goods and services. The surge in demand ran head long into reduced inventories, supply shortages, and staffing problems, prompting rising materials pricing and significant wage increases to fill open positions.

After stabilizing for much of the second and third calendar quarters of this year, market yields resumed their climb in late September as doubts concerning the “transitory” nature of inflation raised investors’ concern for the future of monetary policy. The Fed confirmed the market’s predictions at its November meeting, announcing a planned reduction in the pace of Treasury and mortgage buying.

While Treasury yields moved higher over the course the year through October, the favorable outlook for economy boosted investor demand for credit-sensitive bonds including corporate, asset-backed and commercial mortgage securities. These securities uniformly outperformed Treasuries with similar maturity dates, rewarding the Fund’s overweighting to each of these sectors. We expect the relative returns of these bonds versus Treasuries to continue over the next twelve months.

As of October 31, 2021, the calendar year to date return for the North Square McKee Bond Fund – Class I² was -1.06%, versus -1.22% for Bloomberg Intermediate Aggregate Index³, the fund’s performance benchmark. Contributing to the Fund’s performance were the aforementioned allocation overweightings as well as significant contribution from government agency security selection and reduced holdings in residential agency mortgage holdings.

Fund performance also benefitted from an increasing allocation to floating-rate securities, bonds with coupon income rates that adjust higher in response to increases in certain market interest rates. Though these securities typically pay less than longer maturity, fixed-rate securities, they generally suffer very little price loss due to increasing interest rates relative to fixed-rate bonds. Of particular interest in floating rate securities are those tied to commercial mortgage loans, specifically those secured by distribution centers, data storage and other “new economy” assets.

Outlook

Though the Federal Open Market Committee has announced its intention to increase the Funds rate by a total 2% by 2024 (8 increases of 0.25%), we believe fewer rate hikes will be required to stabilize inflation and continue to promote economic growth. Nevertheless, we remain cautious and defensive with respect to portfolio structure while markets interest rates remain well below the current and expected levels of inflation. The bond market historically high degree of price sensitivity to changes in interest rates reinforces our focus on our own “dual mandate”, providing diversification within portfolios containing equities and other risk assets and principal preservation in a rising rate environment. Portfolio liquidity and active management allow us to achieve both goals.

On behalf of all the dedicated members of the CS McKee team, we thank you for the opportunity to serve your investment needs and wish you a safe and enjoyable holiday season!

Regards,

Brian S. Allen, CFA

Director – Fixed Income

CS McKee Asset Management

__________________

¹	The North Square McKee Bond Fund launched on December 28, 2020.
²	Effective on December 1, 2021, the outstanding Class Y shares of the McKee Bond Fund were renamed as Class I shares, and the previously outstanding Class I shares of the Fund were renamed as Class R6 shares. The ticker symbols of the renamed classes did not change. All references to Class Y shares in this report represent the new Class I shares, and all references to Class I shares in this report represent the new Class R6 shares. There were no charges imposed in connection with this renaming of share classes.
³	The Bloomberg Intermediate Aggregate index measures the performance of investment grade bonds with maturities (or average lives) of between one-year and ten years.

The Fund invests in foreign securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in debt securities which can lose their value as interest rates rise and are subject to credit risk which is the risk of deterioration in the financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest also causing the securities to decline in value and an investor can lose principal. When interest rates rise, the price of debt securities generally falls. Longer term securities are generally more volatile. The Fund invests in investment grade debt securities which may be downgraded by a Nationally Recognized Statistical Rating Organization (NRSRO) to below investment grade status. The Fund invests in non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest and principal, may lack liquidity and have had more frequent and larger price changes than other debt securities. The Fund invests in U.S. government and agency securities which are neither issued nor guaranteed by the U.S. Treasury and are not guaranteed against price movements due to changing interest rates. The Fund invests in mortgage-backed securities and asset-backed securities which are subject to the risks of prepayment, defaults, changing interest rates and, at times, the financial condition of the issuer. The advisor engages the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

Discussion of North Square Strategic Income Fund Performance

Dear Shareholders,

As we near the end of 2021 with nearly 2 years of battling the COVID-19 pandemic under our belts, much of the world is still awash in lockdowns and illness with seemingly no end in sight. It turns out that the vaccines are not the panacea that everyone had hoped for and perhaps herd immunity is but a pipe dream. The silver lining in all this is that the world is now learning to live with the virus. That is to say, perhaps COVID-19 is moving from pandemic to endemic. As evidence of this I would submit that for the first time in nearly 2 years, I did not mention COVID-19 (this letter to shareholders notwithstanding) in many of my third quarter investment update meetings.

In the beginning of the North Square Strategic Income Fund’s (the Fund) fiscal year, the world was only a few months away from the first vaccine rollouts. Red Cedar had already moved the fund aggressively to take advantage of the ensuing pro-cyclical economic re-opening trade by owning preferred securities, European Alternative Tier 1 (AT1) securities, and corporate bonds. We also added some higher yielding Sovereign Debt, denominated in local currency. The capital markets had plenty of reasons to be optimistic: central bankers were providing unprecedented liquidity, the economic re-opening was finally upon us, and asset prices were still at reasonable, if not cheap levels.

The economic re-opening, supply chain disruptions, fiscal largesse of governments, labor shortages and incredibly easy financial conditions courtesy of the world’s central banks are all conditions contributing to inflationary pressures globally. As sub-advisor to the Fund, Red Cedar Investment Management was not an advocate of the Federal Reserve’s (the Fed) transitory narrative on the topic of inflation and positioned the Fund accordingly with a more defensive posture with respect duration. Put another way, we did not believe and still do not believe investors are being compensated appropriately to take unnecessary interest rate risk.

As 2021 unfolded, the reflationary trade was in overdrive, allowing credit spreads to tighten dramatically and boosting returns to the fund. During those first 3 months of the year, the relative safety of U.S. Treasuries (UST) began to lose its allure as the yield on 10-year USTs rose from 0.92% to 1.74%. The Fund’s positioning of low interest rate risk and overweighting of credit risk enabled it to achieve a slightly positive total return for the quarter, while the Bloomberg U.S. Aggregate Bond Index* (the Fund’s benchmark) posted a -3.4% return – its worst start to a year ever.

As we approached mid-year, the Federal Reserve seemed to be wavering on its ultra-dovish stance. Indeed, after the June 16 Federal Open Market Committee (FOMC) meeting, Fed Chairman Jerome Powell indicated that the Fed was now much closer to meeting their employment and inflation goals. Furthermore, the infamous “Dot Plot” now indicated that 13 of 18 FOMC members thought rate hikes would begin no later than 2023. With this new messaging from the Fed, U.S. Treasuries rallied, sending the 10-year UST yield down to 1.47%. Despite the Fund’s shorter duration stance than the broader fixed income market, it was able to outperform its benchmark during the quarter on the strength of its credit positioning.

The Fed has now telegraphed its intentions for Quantitative Easing and future rate hikes – they will begin tapering by year end and will not begin raising rates until after bond buying ceases. It did not take long for the markets to get comfortable with the Fed’s plans and interest rates traded in a relatively tight range until the Fund’s fiscal year end. While Red Cedar still sees plenty of runway before financial conditions truly begin to tighten, the clock is now ticking as to when the Fed begins to hike rates. As we also consider that inflation continues to run hot - prints of this magnitude have not been reported since the early 1990’s in the U.S. – the possibility of the Fed taking away the punch bowl early and/or a policy error does exist. Against this backdrop, Red Cedar increased the active tail-risk hedging within the Fund during the summer months. The hedging strategy is designed to help mitigate potential underperformance of risky assets held in the Fund if the aforementioned scenarios play out and cause a spike in volatility or a market spasm. While this is not our base case, it should be emphasized that tail-risk hedging is an important element of the Fund’s strategy.

Against the backdrop of exceptionally low interest rates globally, traditional fixed income investors experienced a total return of -0.48% as represented by the Bloomberg U.S. Aggregate Bond Index for the fiscal year ended October 31, 2021. The North Square Strategic Income Fund provided value to its shareholders with a return of 8.63% during that same time period. Red Cedar believes it has provided that return without undertaking undue levels of risk for the shareholders.

We at Red Cedar Investment Management would like to wish everyone a safe and peaceful holiday season and send our best wishes for a Happy New Year.

Regards,

John L. Cassady III, CFA

Chief Investment Officer

Red Cedar Investment Management

* The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

The value of a convertible security is influenced by changes in interest rates, the credit standing of the issuer and other factors. Debt securities have interest rate, inflation and credit risks and are subject to prepayment and default risk. High yield and junk securities involve greater risk and tend to be more sensitive to economic conditions and credit risk. Foreign and US currencies may unfavorably fluctuate in value relative to each other. Distressed securities are typically unrated, lower-rated, in default or close to default and the prices may be extremely volatile, more likely to become worthless and the Fund may lose all of its investment.

North Square Advisory Research All Cap Value Fund

FUND PERFORMANCE at October 31, 2021 (Unaudited)

Performance of a $1,000,000 Investment

This graph compares a hypothetical $1,000,000 investment in the Fund, made on October 31, 2011, with a similar investment in the Russell 3000 Value Index. Results include the reinvestment of all dividends and capital gains.

The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and is not available for investment.

				Since	Inception
Average Annual Total Returns as of October 31, 2021	1 Year	5 Year	10 Year	Inception	Date
Class I	46.09%	14.47%	12.15%	11.75%	11/16/09
Russell 3000 Value Index	44.97%	12.41%	12.79%	11.90%	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, 2023, 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 graph and performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

North Square Altrinsic International Equity Fund

FUND PERFORMANCE at October 31, 2021 (Unaudited)

Performance of a $1,000,000 Investment

This graph compares a hypothetical $1,000,000 investment in the Fund, made at the Fund’s inception, with a similar investment in the MSCI EAFE Index. Results include the reinvestment of all dividends and capital gains.

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the US and Canada. With 841 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

		Calendar	Since	Inception
Total Returns as of October 31, 2021	6 Month	Year to Date	Inception	Date
Class I	0.24%	7.36%	8.88%	12/04/20
MSCI EAFE Index	4.14%	11.01%	13.54%	12/04/20

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.

North Square McKee Bond Fund

FUND PERFORMANCE at October 31, 2021 (Unaudited)

Performance of a $1,000,000 Investment

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares (the class with the largest net assets), made at the Fund’s inception, with a similar investment in the Blomberg Intermediate Aggregate Bond Index. Results include the reinvestment of all dividends and capital gains.

The Bloomberg Intermediate Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.

			Calendar	Since	Inception
Total Returns as of October 31, 2021	3 Month	6 Month	Year to Date	Inception	Date
Class I	(1.12)%	(0.07)%	(1.06)%	(0.91)%	12/28/20
Class Y	(1.17)%	N/A	N/A	(0.12)%	05/19/21
Bloomberg Intermediate Aggregate Bond Index	(1.09)%	(0.12)%	(1.22)%	(1.13)%	12/28/20

Gross and net expense ratios for Class I shares were 0.82% and 0.28%, and for Class Y shares were 0.82% and 0.47%, 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% and 0.47% of the average daily net assets of the Fund’s Class I and Class Y shares, respectively. 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.

North Square Strategic Income Fund

FUND PERFORMANCE at October 31, 2021 (Unaudited)

Performance of a $1,000,000 Investment

This graph compares a hypothetical $1,000,000 investment in the Fund, made on October 31, 2010, with a similar investment in the Bloomberg US Aggregate Bond Index and the Bloomberg Intermediate Credit Index. Results include the reinvestment of all dividends and capital gains.

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The Bloomberg Intermediate Credit Index is a board-based flagship benchmark that measures the non-securitized component of the US Aggregate Index with less than 10 years to maturity. The indices do not reflect expenses, fees or sales charge, which would lower performance. The indices are unmanaged and are not available for investment.

				Since	Inception
Average Annual Total Returns as of October 31, 2021	1 Year	5 Year	10 Year	Inception	Date
Class I	8.63%	5.64%	5.33%	4.58%	12/31/12
Bloomberg US Aggregate Bond Index	(0.48)%	3.10%	3.00%	2.80%	12/31/12
Bloomberg Intermediate Credit Index	0.51%	3.44%	3.53%	3.10%	12/31/12

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.

North Square Strategic Income Fund

FUND PERFORMANCE at October 31, 2021 (Unaudited)

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, 2023, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS – 96.7%

		BASIC MATERIALS – 4.5%
		Specialty Chemicals – 4.5%
	20,034	Element Solutions Inc.	$	454,972
		TOTAL BASIC MATERIALS		454,972


		CONSUMER DISCRETIONARY – 21.0%
		Apparel Retailers – 3.5%
	5,412	The TJX Co., Inc.		354,432
		Home Improvement Retailers – 3.0%
	823	The Home Depot, Inc.		305,942
		Household Furnishings – 3.1%
	3,103	Fortune Brands Home & Security, Inc.		314,644
		Restaurants and Bars – 4.9%
	1,067	McDonald’s Corp.		262,002
	2,214	Starbucks Corp.		234,839
				496,841
		Specialty Retailers – 6.5%
	1,576	Asbury Automotive Group, Inc.*		308,439
	193	AutoZone, Inc.*		344,474
				652,913
		TOTAL CONSUMER DISCRETIONARY		2,124,772

		CONSUMER STAPLES – 3.0%
		Food Retailers and Wholesalers – 3.0%
	6,665	Performance Food Group Co.*		301,458
		TOTAL CONSUMER STAPLES		301,458

		ENERGY – 7.2%
		Integrated Oil and Gas – 3.5%
	3,103	Chevron Corp.		355,262
		Oil: Crude Producers – 3.7%
	4,389	Denbury Inc.*		371,573
		TOTAL ENERGY		726,835

		FINANCIALS – 17.5%
		Banks – 6.0%
	8,327	First Interstate BancSystem, Inc. – Class A		346,154
	3,552	Nicolet Bankshares, Inc.*		255,353
				601,507
		Diversified Financial Services – 7.0%
	9,044	Cannae Holdings, Inc.*		308,400
	2,364	JPMorgan Chase & Co.		401,620
				710,020
		Reinsurance – 4.5%
	1,577	Berkshire Hathaway Inc. – Class B*		452,615
		TOTAL FINANCIALS		1,764,142

See accompanying Notes to Financial Statements.

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS (Continued)

		HEALTH CARE – 10.7%
		Health Care Management Services – 3.7%
	805	UnitedHealth Group Inc.	$	370,678
		Medical Equipment – 3.4%
	2,872	Medtronic, PLC¹		344,238
		Pharmaceuticals – 3.6%
	2,800	Abbott Laboratories		360,892
		TOTAL HEALTH CARE		1,075,808

		INDUSTRIALS – 17.0%
		Commercial Vehicles and Parts – 2.5%
	5,961	Federal Signal Corp.		255,190
		Electrical Components – 2.0%
	1,346	Regal Rexnord Corp.		205,030
		Industrial Suppliers – 3.6%
	22,117	Gates Industrial Corp. plc*¹		363,603
		Machinery: Industrial – 2.0%
	5,503	Zurn Water Solutions Corp.		199,649
		Railroads – 3.6%
	1,512	Union Pacific Corp.		364,997
		Transaction Processing Services – 3.3%
	1,925	American Express Co.		334,527
		TOTAL INDUSTRIALS		1,722,996

		TECHNOLOGY – 10.4%
		Computer Hardware – 3.4%
	1,841	CDW Corp. of Delaware		343,623
		Consumer Digital Services – 4.3%
	148	Alphabet Inc. – Class A*		438,216
		Software – 2.7%
	822	Microsoft Corp.		272,592
		TOTAL TECHNOLOGY		1,054,431

		TELECOMMUNICATIONS – 3.3%
		Telecommunications Equipment – 3.3%
	1,445	L3Harris Technologies, Inc.		333,130
		TOTAL TELECOMMUNICATIONS		333,130

		UTILITIES – 2.1%
		Gas Distribution – 2.1%
	1,624	Chesapeake Utilities Corp.		212,858
		TOTAL UTILITIES		212,858
		TOTAL COMMON STOCKS
		(Cost $7,647,942)		9,771,402

See accompanying Notes to Financial Statements.

North Square Advisory Research All Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		SHORT-TERM INVESTMENT – 3.2%
	326,810	First American Treasury Obligations Fund – Class X, 0.01%²	$	326,810
		TOTAL SHORT-TERM INVESTMENT
		(Cost $326,810)		326,810
		TOTAL INVESTMENTS – 99.9%
		(Cost $7,974,752)		10,098,212
		Other Assets in Excess of Liabilities – 0.1%		13,210
		TOTAL NET ASSETS – 100.0%	$	10,111,422

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.

North Square Advisory Research All Cap Value Fund

SUMMARY OF INVESTMENTS

As of October 31, 2021

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Consumer Discretionary		21.0	%
Financials		17.5	%
Industrials		17.0	%
Health Care		10.7	%
Technology		10.4	%
Energy		7.2	%
Basic Materials		4.5	%
Telecommunications		3.3	%
Consumer Staples		3.0	%
Utilities		2.1	%
Total Common Stocks		96.7	%
Short-Term Investment		3.2	%
Total Investments		99.9	%
Other Assets in Excess of Liabilities		0.1	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS – 93.8%

		BERMUDA – 2.4%
	2,094	Credicorp Ltd.	$	271,508
	3,086	Everest Re Group, Ltd.		806,989
				1,078,497
		CANADA – 1.6%
	5,245	Agnico Eagle Mines Ltd.		278,247
	71,759	Kinross Gold Corp.		431,389
				709,636
		CHINA – 4.3%
	2,883	Alibaba Group Holding Ltd. – ADR*		475,522
	2,827	Baidu, Inc. – ADR*		458,653
	129,200	Sands China Ltd.*		295,248
	27,297	Tencent Music Entertainment – ADR*		214,555
	17,060	Trip.com Group Ltd. – ADR*		487,233
				1,931,211
		FRANCE – 12.0%
	11,324	Accor SA*		404,630
	43,274	AXA SA		1,258,625
	27,607	Bureau Veritas SA		876,352
	9,429	Danone		614,212
	10,035	Sanofi		1,002,630
	6,386	SCOR SE		214,823
	19,704	TotalEnergies SE		987,876
				5,359,148
		GERMANY – 7.4%
	708	adidas AG		231,867
	2,953	Continental AG*		346,556
	9,815	Fresenius Medical Care AG & Co. KGaA		651,951
	6,765	SAP SE		980,047
	5,203	Siemens AG		843,740
	9,525	Siemens Energy AG*		273,291
				3,327,452
		IRELAND – 4.3%
	671	Linde Public Limited Co.		216,026
	5,665	Medtronic, PLC		679,007
	4,161	Willis Towers Watson Public Limited Co.		1,008,127
				1,903,160
		ISRAEL – 2.4%
	8,761	Check Point Software Technologies Ltd.*		1,047,816

		JAPAN – 13.8%
	70,346	Astellas Pharma Inc.		1,183,183
	9,687	Daito Trust Construction Co., Ltd.		1,200,092
	20,537	Japan Exchange Group Inc.		485,338
	10,740	KUBOTA CORP.		228,275
	14,623	Makita Corp.		675,243
	865	Nintendo Co., Ltd.		380,987

See accompanying Notes to Financial Statements.

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS (Continued)

		JAPAN (Continued)
	25,201	Sumitomo Mitsui Trust Holdings, Inc.	$	830,046
	22,572	Tokio Marine Holdings, Inc.		1,187,865
				6,171,029
		MEXICO – 0.1%
	8,660	Grupo Financiero Banorte S.A.B. de C.V.		54,741

		NETHERLANDS – 7.6%
	7,126	Akzo Nobel N.V.		818,990
	10,730	Euronext NV		1,208,141
	12,509	Heineken N.V.		1,385,599
				3,412,730
		REPUBLIC OF KOREA – 2.8%
	20,098	KB Financial Group Inc. – ADR*		966,111
	199	Samsung Electronics Co., Ltd. – GDR		297,107
				1,263,218
		SINGAPORE – 1.7%
	106,431	Singapore Exchange Ltd.		763,999

		SPAIN – 1.0%
	2,736	Aena SME, S.A.*		448,014

		SWEDEN – 1.5%
	14,991	ASSA ABLOY AB – Class B		439,012
	22,112	Telefonaktiebolaget LM Ericsson – Class B		242,027
				681,039
		SWITZERLAND – 15.0%
	9,759	Chubb Ltd.		1,906,713
	10,027	Julius Baer Group Ltd.		724,756
	11,598	Nestle S.A.		1,530,439
	9,717	Novartis AG		802,745
	1,116	Roche Holding AG		431,542
	2,947	Zurich Insurance Group AG		1,306,452
				6,702,647
		UNITED KINGDOM – 14.6%
	2,166	Aon PLC – Class A		692,947
	12,615	BP p.l.c – ADR		363,186
	241,567	BT Group PLC*		459,199
	26,387	Diageo plc		1,311,586
	61,634	GlaxoSmithKline PLC		1,272,493
	29,544	Liberty Global plc – Class A*		849,094
	760,658	Lloyds Banking Group plc		522,790
	17,362	Smiths Group PLC		322,077
	49,314	Vodafone Group PLC – ADR		737,244
				6,530,616

See accompanying Notes to Financial Statements.

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS (Continued)

		UNITED STATES – 1.3%
	105	Booking Holdings Inc.*	$	254,182
	4,430	Cognizant Technology Solutions Corp. – Class A		345,938
				600,120
		TOTAL COMMON STOCKS
		(Cost $40,292,631)		41,985,073

		PREFERRED STOCK – 1.6%
		GERMANY – 1.6%
	7,807	Henkel AG & Co. KGaA		698,348
		TOTAL PREFERRED STOCK
		(Cost $795,117)		698,348

		SHORT-TERM INVESTMENT – 3.5%
	1,550,715	First American Treasury Obligations Fund – Class X, 0.01%¹		1,550,715
		TOTAL SHORT-TERM INVESTMENT
		(Cost $1,550,715)		1,550,715
		TOTAL INVESTMENTS – 98.9%
		(Cost $42,638,463)		44,234,136
		Other Assets in Excess of Liabilities – 1.1%		498,790
		TOTAL NET ASSETS – 100.0%	$	44,732,926

ADR – American Depositary Receipt

GDR – Global 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.

North Square Altrinsic International Equity Fund

SUMMARY OF INVESTMENTS

As of October 31, 2021

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Financials		31.8	%
Health Care		13.4	%
Consumer Staples		10.8	%
Industrials		9.2	%
Communication Services		6.9	%
Information Technology		6.5	%
Consumer Discretionary		5.6	%
Materials		3.9	%
Energy		3.0	%
Real Estate		2.7	%
Total Common Stocks		93.8	%
Preferred Stock		1.6	%
Short-Term Investment		3.5	%
Total Investments		98.9	%
Other Assets in Excess of Liabilities		1.1	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS

As of October 31, 2021

Principal
Amount			Value
		ASSET BACKED SECURITIES – 8.1%
		Aligned Data Centers Issuer LLC
$	400,000	1.937%, 08/15/2046¹	$	398,526
		AmeriCredit Automobile Receivables Trust 2019-1
	28,371	2.970%, 11/20/2023		28,429
		AmeriCredit Automobile Receivables Trust 2019-2
	161,000	2.540%, 07/18/2024		163,126
		AmeriCredit Automobile Receivables Trust 2020-2
	245,544	0.600%, 12/18/2023		245,720
		AMSR 2019-SFR1 Trust
	500,000	2.774%, 01/20/2039¹		515,532
		AMSR 2021-SFR2 Trust
	200,000	1.527%, 08/19/2038¹		197,814
		Amur Equipment Finance Receivables IX LLC
	97,336	0.750%, 11/20/2026¹		97,197
		Avis Budget Rental Car Funding AESOP LLC
	208,333	3.450%, 03/20/2023¹		209,810
		BNSF Railway Co 2015-1 Pass Through Trust
	199,775	3.442%, 06/16/2028¹		217,712
		Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust
	91,261	5.720%, 01/15/2024		95,627
		CNH Equipment Trust 2019-A
	39,787	3.010%, 04/15/2024		40,190
		CNH Equipment Trust 2020-A
	6,532	1.080%, 07/15/2023		6,535
		DT Auto Owner Trust 2020-1
	220,000	2.160%, 05/15/2024¹		221,073
		Enterprise Fleet Funding 2021-1 LLC
	475,000	0.440%, 12/20/2026¹		473,823
		Exeter Automobile Receivables Trust 2021-2
	540,000	0.340%, 03/15/2024		540,171
		Exeter Automobile Receivables Trust 2021-3
	306,000	0.690%, 01/15/2026		305,067
		Federal Express Corp 1998 Pass Through Trust
	33,212	6.720%, 07/15/2023		33,560
		Federal Express Corp 1999 Pass Through Trust
	39,201	7.650%, 07/15/2024		40,221
		FedEx Corp 2020-1 Class AA Pass Through Trust
	460,959	1.875%, 08/20/2035		456,696
		Flagship Credit Auto Trust 2021-3
	131,407	0.360%, 07/15/2027¹		131,131
		GLS Auto Receivables Issuer Trust 2021-3
	574,000	0.780%, 11/17/2025¹		570,861
		GM Financial Automobile Leasing Trust 2020-1
	410,000	1.700%, 12/20/2023		413,173
		GM Financial Automobile Leasing Trust 2020-2
	290,000	2.560%, 07/20/2024		297,010
		GM Financial Automobile Leasing Trust 2021-3
	5,000	0.240%, 12/20/2023		4,995

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		ASSET BACKED SECURITIES (Continued)
		GreatAmerica Leasing Receivables Funding LLC Series 2018-1
$	22,304	2.830%, 06/17/2024¹	$	22,328
		MMAF Equipment Finance LLC 2018-A
	380,000	3.390%, 01/10/2025¹		386,443
		Oportun Funding XIV LLC
	100,000	1.210%, 03/08/2028¹		100,060
		Oscar US Funding X LLC
	340,000	3.270%, 05/11/2026^1,2		351,376
		Oscar US Funding XII LLC
	110,000	0.700%, 04/10/2025^1,2		109,739
		Santander Drive Auto Receivables Trust 2020-4
	204,000	0.730%, 03/17/2025		204,437
		Santander Drive Auto Receivables Trust 2021-1
	164,347	0.290%, 11/15/2023		164,364
		Santander Retail Auto Lease Trust 2021-C
	227,000	0.500%, 03/20/2025¹		225,952
		Union Pacific Railroad Co 2005 Pass Through Trust
	38,841	5.082%, 01/02/2029		42,714
		Union Pacific Railroad Co 2014-1 Pass Through Trust
	151,081	3.227%, 05/14/2026		160,947
		Verizon Master Trust
	274,000	0.690%, 05/20/2027		271,659
		Verizon Owner Trust 2019-C
	123,000	1.940%, 04/20/2024		124,016
		Verizon Owner Trust 2020-C
	340,000	0.670%, 04/21/2025		338,721
		VMC Finance 2021-FL4 LLC
	465,997	1.180% (1 Month LIBOR USD + 1.100%), 06/18/2036¹		466,159
		Volvo Financial Equipment LLC Series 2019-2
	252,264	2.040%, 11/15/2023¹		254,382
		Westlake Automobile Receivables Trust 2020-2
	300,000	1.320%, 07/15/2025¹		301,870
		Westlake Automobile Receivables Trust 2020-3
	128,568	0.560%, 05/15/2024¹		128,694
		Westlake Automobile Receivables Trust 2021-1
	166,706	0.390%, 10/15/2024¹		166,720
	295,000	0.640%, 03/16/2026¹		294,972
		Westlake Automobile Receivables Trust 2021-2
	320,000	0.620%, 07/15/2026¹		319,075
		World Financial Network Credit Card Master Trust
	602,000	2.490%, 04/15/2026		610,445
	250,000	2.210%, 07/15/2026		254,078
		World Omni Auto Receivables Trust 2018-A
	23,845	2.500%, 04/17/2023		23,899
		World Omni Auto Receivables Trust 2019-C
	284,642	1.960%, 12/15/2024		287,203
		TOTAL ASSET BACKED SECURITIES
		(Cost $11,354,221)		11,314,252

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS – 28.1%

		COMMUNICATION SERVICES – 2.3%
		Diversified Telecommunication Services – 1.6%
		AT&T Inc.
$	292,000	1.700%, 03/25/2026	$	293,334
	545,000	4.350%, 03/01/2029		619,091
		Verizon Communications Inc.
	905,000	2.100%, 03/22/2028		907,926
	243,000	4.329%, 09/21/2028		277,510
	229,000	4.016%, 12/03/2029		256,789
				2,354,650
		Entertainment – 0.4%
		The Walt Disney Co.
	301,000	1.750%, 01/13/2026		305,514
	180,000	2.000%, 09/01/2029		180,251
				485,765
		Media – 0.3%
		Fox Corp.
	389,000	3.050%, 04/07/2025		410,875
		TOTAL COMMUNICATION SERVICES		3,251,290

		CONSUMER DISCRETIONARY – 2.6%
		Automobiles – 2.2%
		American Honda Finance Corp.
	218,000	2.000%, 03/24/2028		220,267
		Daimler Finance North America LLC
	150,000	1.450%, 03/02/2026¹		149,371
		General Motors Financial Co, Inc.
	1,207,000	1.250%, 01/08/2026		1,184,570
	129,000	2.400%, 04/10/2028		128,538
		Hyundai Capital America
	250,000	5.875%, 04/07/2025¹		284,029
	122,000	3.500%, 11/02/2026¹		129,747
		Toyota Motor Credit Corp.
	894,000	3.000%, 04/01/2025		946,781
				3,043,303
		Hotels, Restaurants & Leisure – 0.4%
		Booking Holdings Inc.
	112,000	3.650%, 03/15/2025		120,522
	67,000	3.600%, 06/01/2026		72,924
		McDonald’s Corp.
	82,000	3.300%, 07/01/2025		87,609
		Starbucks Corp.
	287,000	3.550%, 08/15/2029		316,658
				597,713
		TOTAL CONSUMER DISCRETIONARY		2,456,446

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		CONSUMER STAPLES – 1.2%
		Beverages – 0.3%
		The Coca-Cola Co.
$	152,000	1.000%, 03/15/2028	$	145,570
		PepsiCo, Inc.
	243,000	2.625%, 03/19/2027		256,701
				402,271
		Tobacco – 0.9%
		Altria Group, Inc.
	360,000	4.800%, 02/14/2029		410,396
		B.A.T. Capital Corp.
	254,000	2.259%, 03/25/2028		249,536
	257,000	4.906%, 04/02/2030		291,400
		Philip Morris International Inc.
	354,000	2.750%, 02/25/2026		372,328
				1,323,660
		TOTAL CONSUMER STAPLES		1,725,931

		ENERGY – 3.1%
		Oil, Gas & Consumable Fuels – 3.1%
		BP Capital Markets America Inc.
	115,000	2.750%, 05/10/2023		118,686
	175,000	3.017%, 01/16/2027		185,889
	191,000	3.543%, 04/06/2027		208,054
	244,000	3.937%, 09/21/2028		273,413
		Chevron Corp.
	583,000	2.954%, 05/16/2026		621,635
		Equinor ASA
	515,000	3.125%, 04/06/2030²		556,400
		Exxon Mobil Corp.
	619,000	2.992%, 03/19/2025		654,603
		Saudi Arabian Oil Co.
	200,000	3.500%, 04/16/2029^1,2		213,866
		Shell International Finance B.V.
	888,000	2.375%, 11/07/2029²		912,072
		TransCanada PipeLines Ltd.
	590,000	1.000%, 10/12/2024²		587,805
		TOTAL ENERGY		4,332,423

		FINANCIALS – 11.2%
		Banks – 8.2%
		Bank of America Corp.
	557,000	1.658% (SOFR + 0.910%), 03/11/2027³		554,680
	865,000	1.734% (SOFR + 0.960%), 07/22/2027³		859,718
		Bank of Montreal
	170,000	1.850%, 05/01/2025²		173,667
		The Bank of Nova Scotia
	717,000	1.300%, 06/11/2025²		717,016

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		FINANCIALS (Continued)
		Banks (Continued)
		Canadian Imperial Bank of Commerce
$	415,000	2.250%, 01/28/2025²	$	427,810
		Citigroup Inc.
	628,000	0.981% (SOFR + 0.669%), 05/01/2025³		625,399
		Comerica Inc.
	128,000	3.700%, 07/31/2023		134,279
		F.N.B. Corp. of Pennsylvania
	249,000	2.200%, 02/24/2023		251,932
		Federation des caisses Desjardins du Quebec
	220,000	2.050%, 02/10/2025^1,2		224,659
		Fifth Third Bancorp
	536,000	3.650%, 01/25/2024		567,302
		JPMorgan Chase & Co.
	783,000	0.969% (SOFR + 0.580%), 06/23/2025³		778,769
	1,688,000	2.005% (SOFR + 1.585%), 03/13/2026³		1,720,894
	525,000	1.578% (SOFR + 0.885%), 04/22/2027³		520,170
	286,000	1.953% (SOFR + 1.065%), 02/04/2032³		273,849
		KeyCorp
	190,000	2.250%, 04/06/2027		194,569
		PNC Financial Services Group, Inc.
	301,000	1.150%, 08/13/2026		298,349
	513,000	2.550%, 01/22/2030		530,174
		Royal Bank of Canada
	431,000	1.200%, 04/27/2026²		425,027
		The Toronto-Dominion Bank
	941,000	1.150%, 06/12/2025²		937,986
	282,000	1.250%, 09/10/2026²		276,919
		Truist Financial Corp.
	379,000	1.200%, 08/05/2025		378,867
		U.S. Bancorp
	404,000	2.400%, 07/30/2024		419,975
	135,000	1.450%, 05/12/2025		136,355
				11,428,365
		Capital Markets – 2.5%
		The Charles Schwab Corp.
	87,000	2.000%, 03/20/2028		87,826
		The Goldman Sachs Group, Inc.
	881,000	3.272% (3 Month LIBOR USD + 1.201%), 09/29/2025³		930,100
	477,000	1.431% (SOFR + 0.798%), 03/09/2027³		469,887
	692,000	1.992% (SOFR + 1.090%), 01/27/2032³		663,510
		Morgan Stanley
	349,000	0.790% (SOFR + 0.525%), 05/30/2025³		345,347
	1,036,000	1.593% (SOFR + 0.879%), 05/04/2027³		1,026,657
				3,523,327

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		FINANCIALS (Continued)
		Consumer Finance – 0.4%
		Capital One Financial Corp.
$	206,000	2.600%, 05/11/2023	$	211,810
	279,000	1.878%, 11/02/2027		278,528
				490,338
		Insurance – 0.1%
		American International Group, Inc.
	100,000	2.500%, 06/30/2025		103,914
		TOTAL FINANCIALS		15,545,944

		HEALTH CARE – 1.4%
		Biotechnology – 0.3%
		AbbVie Inc.
	195,000	3.600%, 05/14/2025		209,137
		Amgen Inc.
	197,000	2.450%, 02/21/2030		200,315
				409,452
		Health Care Providers & Services – 0.8%
		CVS Health Corp.
	70,000	4.300%, 03/25/2028		79,286
		UnitedHealth Group Inc.
	914,000	3.750%, 07/15/2025		997,566
	79,000	2.300%, 05/15/2031		79,909
				1,156,761
		Pharmaceuticals – 0.3%
		AstraZeneca PLC
	268,000	0.700%, 04/08/2026²		260,439
		Merck & Co., Inc.
	130,000	2.750%, 02/10/2025		136,495
				396,934
		TOTAL HEALTH CARE		1,963,147

		INDUSTRIALS – 1.3%
		Aerospace & Defense – 0.8%
		The Boeing Co.
	192,000	1.167%, 02/04/2023		192,229
	830,000	4.875%, 05/01/2025		917,233
				1,109,462
		Air Freight & Logistics – 0.1%
		United Parcel Service, Inc.
	152,000	3.900%, 04/01/2025		165,307
		Machinery – 0.0%
		Caterpillar Financial Services Corp.
	12,000	2.150%, 11/08/2024		12,437

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		INDUSTRIALS (Continued)
		Road & Rail – 0.4%
		CSX Corp.
$	150,000	3.800%, 03/01/2028	$	166,531
		CSX Transportation, Inc.
	323,183	6.251%, 01/15/2023		342,321
				508,852
		TOTAL INDUSTRIALS		1,796,058

		INFORMATION TECHNOLOGY – 2.9%
		Semiconductors & Semiconductor Equipment – 0.6%
		Broadcom Inc.
	504,000	3.459%, 09/15/2026		538,248
		Intel Corp.
	296,000	3.700%, 07/29/2025		321,615
				859,863
		Software – 0.8%
		Microsoft Corp.
	671,000	2.400%, 08/08/2026		704,363
		Oracle Corp.
	390,000	2.650%, 07/15/2026		405,542
				1,109,905

		Technology Hardware, Storage & Peripherals – 1.5%
		Apple Inc.
	590,000	2.050%, 09/11/2026		607,611
	657,000	1.400%, 08/05/2028		640,889
		Hewlett Packard Enterprise Co.
	837,000	1.450%, 04/01/2024		846,042
				2,094,542
		TOTAL INFORMATION TECHNOLOGY		4,064,310

		MATERIALS – 0.4%
		Chemicals – 0.4%
		DuPont de Nemours, Inc.
	306,000	4.493%, 11/15/2025		340,568
	155,000	4.725%, 11/15/2028		181,356
		TOTAL MATERIALS		521,924

		REAL ESTATE – 0.4%
		Equity Real Estate Investment Trusts (REITs) – 0.4%
		Crown Castle International Corp.
	504,000	1.050%, 07/15/2026		488,214
		TOTAL REAL ESTATE		488,214

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		UTILITIES – 1.3%

		Electric Utilities – 1.1%
		Duke Energy Corp.
$	151,000	2.450%, 06/01/2030	$	151,059
		Florida Power & Light Co.
	99,000	2.850%, 04/01/2025		104,226
		NextEra Energy Capital Holdings, Inc..
	576,000	1.900%, 06/15/2028		569,663
		Pacific Gas and Electric Co.
	349,000	1.367%, 03/10/2023		347,944
		Virginia Electric and Power Co.
	324,000	3.150%, 01/15/2026		346,071
				1,518,963
		Multi-Utilities – 0.2%
		Consolidated Edison Co. of New York, Inc.
	327,000	3.350%, 04/01/2030		355,672
		TOTAL UTILITIES		1,874,635
		TOTAL CORPORATE BONDS
		(Cost $39,630,094)		39,204,892

		MORTGAGE BACKED SECURITIES – 33.7%
		COMM 2012-CCRE4 Mortgage Trust
	268,361	2.853%, 10/17/2045		272,479
		DBUBS 2017-BRBK Mortgage Trust
	300,000	3.452%, 10/12/2034¹		315,028
		EQUS 2021-EQAZ Mortgage Trust
	600,000	0.846% (1 Month LIBOR USD + 0.755%), 10/15/2036^1,4		597,433
		Fannie Mae Pool
	18,357	4.500%, 07/01/2026		19,256
	60,684	2.500%, 08/01/2028		63,148
	46,125	5.000%, 11/01/2029		51,229
	186,209	3.000%, 07/01/2030		196,243
	310,633	3.000%, 09/01/2030		328,390
	13,842	4.000%, 10/01/2030		14,921
	106,747	4.500%, 05/01/2031		116,463
	98,883	4.000%, 09/01/2031		107,347
	42,058	4.500%, 01/01/2032		45,857
	28,086	3.500%, 04/01/2032		30,423
	556,784	2.500%, 06/01/2032		579,819
	249,810	3.000%, 11/01/2032		264,969
	185,871	3.500%, 02/01/2033		198,275
	1,246,855	3.500%, 05/01/2033		1,347,904
	367,890	3.000%, 05/01/2033		390,521
	157,863	3.500%, 12/01/2033		167,444
	108,597	4.500%, 05/01/2034		119,216
	127,468	4.000%, 06/01/2034		139,626
	179,248	3.500%, 08/01/2034		190,655
	148,378	3.500%, 12/01/2034		159,348

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae Pool (Continued)
$	297,402	3.500%, 02/01/2035	$	317,619
	197,158	3.000%, 02/01/2035		208,209
	66,765	3.500%, 11/01/2035		71,591
	142,447	4.000%, 11/01/2035		154,877
	271,704	2.500%, 04/01/2037		279,553
	91,417	3.000%, 04/01/2037		96,711
	157,171	4.000%, 07/01/2037		170,167
	142,586	3.500%, 12/01/2037		153,772
	147,533	4.000%, 12/01/2037		160,315
	102,629	4.000%, 06/01/2038		112,550
	5,690	4.000%, 03/01/2039		6,289
	50,578	4.500%, 01/01/2040		56,181
	59,021	4.500%, 01/01/2040		65,995
	774,594	2.500%, 06/01/2040		796,340
	14,433	4.500%, 07/01/2040		16,086
	392,501	2.000%, 08/01/2040		394,771
	4,638	4.000%, 09/01/2040		5,119
	106,681	4.000%, 09/01/2040		116,834
	24,187	4.500%, 09/01/2040		26,956
	450,287	3.000%, 10/01/2040		470,572
	299,877	2.000%, 11/01/2040		304,692
	14,697	4.500%, 11/01/2040		16,158
	39,014	4.500%, 12/01/2040		43,634
	7,465	4.000%, 01/01/2041		8,254
	70,438	4.000%, 01/01/2041		77,638
	191,724	2.000%, 01/01/2041		195,453
	37,475	4.000%, 01/01/2041		41,436
	417,980	1.500%, 03/01/2041		411,727
	99,554	4.500%, 04/01/2041		110,985
	25,178	4.500%, 05/01/2041		28,039
	537,523	2.500%, 09/01/2041		557,728
	553,530	2.500%, 10/01/2041		577,069
	11,773	4.000%, 10/01/2041		12,788
	24,711	3.000%, 09/01/2042		26,364
	168,878	3.000%, 04/01/2043		180,499
	145,724	3.500%, 07/01/2043		157,440
	53,897	3.500%, 01/01/2044		58,238
	44,776	3.500%, 12/01/2045		48,035
	226,992	4.500%, 03/01/2046		252,724
	142,770	3.000%, 04/01/2046		150,562
	194,276	2.500%, 05/01/2046		200,269
	136,460	3.500%, 06/01/2046		145,942
	170,941	3.000%, 06/01/2046		182,188
	86,070	3.000%, 10/01/2046		90,977
	7,901	3.000%, 11/01/2046		8,329
	226,081	3.000%, 02/01/2047		238,875
	330,605	2.500%, 12/01/2047		340,802
	68,876	3.500%, 03/01/2048		73,152

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae Pool (Continued)
$	140,804	3.000%, 04/01/2048	$	148,051
	246,409	2.500%, 04/01/2048		254,441
	455,639	3.500%, 08/01/2048		490,545
	15,092	4.500%, 11/01/2048		16,307
	139,052	3.500%, 11/01/2048		147,025
	169,583	3.000%, 12/01/2048		178,820
	57,695	3.000%, 02/01/2049		60,593
	27,632	3.500%, 02/01/2049		29,213
	753,346	2.500%, 07/01/2049		777,874
	795,331	3.500%, 09/01/2049		826,330
	132,049	3.000%, 12/01/2049		138,730
	509,938	2.500%, 04/01/2050		521,137
	366,302	2.500%, 05/01/2050		374,304
	488,548	3.000%, 07/01/2050		512,261
	178,553	3.500%, 08/01/2050		194,966
	586,866	2.500%, 09/01/2050		609,052
	152,577	2.500%, 10/01/2050		158,418
	386,146	2.000%, 03/01/2051		389,807
	1,601,596	2.500%, 07/01/2051		1,651,461
	909,020	2.500%, 08/01/2051		936,039
	2,097,932	2.500%, 10/01/2051		2,156,829
	555,000	2.500%, 10/01/2051		570,832
		Fannie Mae REMICS
	2,694	7.000%, 11/25/2022		2,761
	32,270	5.500%, 01/25/2026		34,102
	135,139	4.000%, 04/25/2033		147,686
	225,000	4.000%, 09/25/2033		238,974
	5,296	5.000%, 08/25/2035		5,959
	16,061	4.500%, 02/25/2038		16,304
	1,132	3.000%, 01/25/2040		1,138
	29,272	3.000%, 07/25/2041		29,583
	2,999	2.000%, 07/25/2041		3,029
	52,467	2.000%, 12/25/2041		53,404
	158,390	3.500%, 02/25/2043		164,933
	128,620	2.000%, 02/25/2043		131,313
	16,216	3.500%, 08/25/2043		16,710
	162,381	2.000%, 10/25/2044		164,299
	85,269	2.000%, 10/25/2044		86,513
	50,246	3.000%, 04/25/2045		52,683
	31,951	3.500%, 08/25/2045		32,268
	108,697	2.500%, 01/25/2048		111,629
	127,031	3.500%, 09/25/2048		137,670
	856,540	2.000%, 04/25/2049		861,943
	94,237	3.000%, 07/25/2049		97,486
	13,773	3.500%, 06/25/2053		14,704
		Fannie Mae Trust 2003-W8
	17,661	0.439% (1 Month LIBOR USD + 0.350%), 05/25/2042		17,797

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae-Aces
$	114,042	3.485%, 01/25/2024⁵	$	119,564
		Freddie Mac Gold Pool
	5,893	6.000%, 01/01/2024		6,109
	18,969	4.500%, 12/01/2024		19,818
	45,671	4.500%, 10/01/2028		48,480
	160,565	3.000%, 10/01/2028		168,966
	287,701	3.000%, 07/01/2030		304,745
	92,095	4.500%, 05/01/2031		100,501
	7,948	4.000%, 09/01/2031		8,629
	61,003	3.500%, 05/01/2032		65,431
	294,722	3.500%, 08/01/2032		314,549
	142,035	3.000%, 11/01/2032		151,252
	56,538	3.500%, 06/01/2033		60,751
	145,552	4.000%, 11/01/2033		159,494
	19,862	3.500%, 07/01/2036		20,991
	179,829	3.500%, 08/01/2036		193,152
	30,627	4.500%, 12/01/2039		34,254
	30,956	4.000%, 01/01/2041		34,121
	51,768	3.000%, 11/01/2042		55,140
	122,788	3.500%, 12/01/2042		133,333
	435,936	3.000%, 12/01/2046		459,430
	329,786	3.000%, 12/01/2046		348,683
	84,008	3.000%, 01/01/2047		89,205
		Freddie Mac Multifamily Structured Pass Through Certificates
	40,316	0.420% (1 Month LIBOR USD + 0.340%), 07/25/2024		40,392
	19,360	2.775%, 01/25/2046⁵		19,360
		Freddie Mac Pool
	201,128	3.000%, 09/01/2029		212,415
	299,234	3.500%, 07/01/2030		320,358
	32,941	2.000%, 12/01/2030		33,839
	141,586	2.500%, 11/01/2031		147,571
	416,753	3.000%, 02/01/2032		437,796
	63,277	3.000%, 10/01/2032		67,482
	365,053	3.000%, 12/01/2032		384,655
	109,561	3.500%, 11/01/2034		117,149
	404,586	3.000%, 07/01/2038		430,943
	541,435	2.500%, 10/01/2046		559,335
	48,492	3.500%, 01/01/2048		51,535
	311,096	2.500%, 11/01/2050		319,951
	372,763	2.000%, 02/01/2051		373,091
	565,142	2.500%, 03/01/2051		584,389
		Freddie Mac REMICS
	32,261	4.500%, 09/15/2025		34,025
	177,871	3.500%, 08/15/2027		185,198
	29,803	3.000%, 11/15/2032		30,908
	46,871	3.000%, 11/15/2032		47,193
	15,987	3.000%, 09/15/2037		16,158
	262,504	3.000%, 08/15/2040		269,927

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Freddie Mac REMICS (Continued)
$	59	2.750%, 04/15/2041	$	59
	208,928	2.000%, 09/15/2041		212,656
	22,892	2.000%, 12/15/2041		23,251
	578,564	2.000%, 11/15/2042		589,438
	113,135	3.000%, 05/15/2043		116,208
	53,847	3.000%, 11/15/2043		55,872
	130,545	2.000%, 03/25/2044		132,680
	295,877	3.000%, 08/15/2044		305,042
	34,767	4.000%, 07/15/2045		35,101
	186,236	1.000%, 04/25/2049		184,813
	69,132	1.000%, 01/25/2050		66,492
	294,748	3.250%, 04/15/2053		308,144
	72,088	3.000%, 01/15/2055		74,627
		Freddie Mac STACR REMIC Trust 2021-DNA3
	120,000	0.799% (SOFR30A + 0.750%), 10/25/2033¹		120,119
		Freddie Mac Structured Agency Credit Risk Debt Notes
	107,144	0.849% (SOFR30A + 0.800%), 08/25/2033¹		107,242
		Freddie Mac Structured Pass-Through Certificates
	138,930	1.487% (12 Month US Treasury Average + 1.400%), 07/25/2044		143,187
	20,940	1.287% (12 Month US Treasury Average + 1.200%), 10/25/2044		21,491
		GNMA REMIC TRUST 2021-154
	1,992,991	1.750%, 09/20/2051		1,998,179
		Government National Mortgage Association
	735	5.000%, 12/20/2027		769
	71,889	5.500%, 09/20/2033		78,674
	2,792	3.000%, 10/20/2039		2,801
	171,529	2.750%, 06/20/2042		176,743
	209,000	3.000%, 01/20/2043		225,643
	163,231	2.200%, 11/16/2043		165,286
	17,734	2.250%, 09/16/2044		17,940
	46,665	2.000%, 03/20/2045		47,362
	26,029	2.500%, 10/20/2045		26,449
	35,002	2.500%, 09/20/2046		35,814
	623,406	2.000%, 03/20/2050		631,262
	206,330	1.000%, 08/20/2050		203,804
	248,861	1.250%, 05/20/2051		245,117
	59,095	2.700%, 12/16/2054⁵		59,791
		GS Mortgage Securities Corp Trust 2021-RENT
	300,000	0.786% (1 Month LIBOR USD + 0.700%), 11/21/2035¹		300,173
		GS Mortgage Securities Corp Trust 2021-ROSS
	310,000	1.241% (1 Month LIBOR USD + 1.150%), 06/16/2036¹		310,837
		Industrial Logistics Properties Trust
	145,000	4.145%, 02/13/2041¹		162,433
		JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
	124,000	2.822%, 08/17/2049		130,154
		Morgan Stanley Capital I Trust 2015-UBS8
	168,000	3.809%, 12/17/2048		181,219
		Morgan Stanley Capital I Trust 2016-UBS12
	413,000	3.596%, 12/17/2049		448,664

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Morgan Stanley Capital I Trust 2016-UBS9
$	337,000	3.594%, 03/17/2049	$	361,505
		RLGH Trust 2021-TROT
	430,000	0.891% (1 Month LIBOR USD + 0.800%), 04/15/2036¹		430,692
		Seasoned Credit Risk Transfer Trust
	102,829	2.000%, 11/25/2060		103,946
		UBS Commercial Mortgage Trust
	334,000	2.921%, 10/18/2052		351,640
		UBS-Barclays Commercial Mortgage Trust 2012-C4
	26,217	2.533%, 12/12/2045		26,373
		UBS-Barclays Commercial Mortgage Trust 2013-C5
	187,125	2.687%, 03/12/2046		189,629
		UBS-Barclays Commercial Mortgage Trust 2013-C6
	656,000	3.244%, 04/12/2046		673,190
		VNDO 2012-6AVE Mortgage Trust
	300,000	2.996%, 11/15/2030¹		305,757
		Wells Fargo Commercial Mortgage Trust 2016-C35
	160,000	2.931%, 07/17/2048		167,934
		Wells Fargo Commercial Mortgage Trust 2016-NXS6
	437,000	2.918%, 11/18/2049		460,662
		Wells Fargo Commercial Mortgage Trust 2017-RB1
	351,000	3.635%, 03/15/2050		383,565
		Wells Fargo Commercial Mortgage Trust 2021-SAVE
	222,710	1.240% (1 Month LIBOR USD + 1.150%), 02/15/2040¹		223,506
		WFRBS Commercial Mortgage Trust 2013-C12
	214,639	3.198%, 03/17/2048		220,064
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $47,076,371)		46,926,688

		U.S. GOVERNMENT AGENCY ISSUE – 4.6%
		Federal Home Loan Banks
	2,020,000	1.000%, 11/08/2024		2,019,934
	500,000	1.100%, 11/15/2024		500,003
	1,135,000	1.050%, 11/15/2024		1,134,830
	550,875	1.000%, 03/23/2026		547,870
	100,000	0.500%, 08/26/2027		99,283
		Ginnie Mae I Pool
	1,680	4.500%, 04/15/2023		1,753
	99,068	4.000%, 11/15/2024		104,602
	319,154	3.020%, 09/15/2041		337,152
	402,845	3.000%, 08/15/2045		425,024
		Ginnie Mae II Pool
	140,283	3.500%, 04/20/2027		149,133
	48,995	3.500%, 07/20/2027		52,091
	911,178	3.500%, 12/20/2034		971,810
	98,417	5.000%, 07/20/2048		106,797
		TOTAL U.S. GOVERNMENT AGENCY ISSUE
		(Cost $6,431,022)		6,450,282

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		U.S. GOVERNMENT NOTES/BONDS – 20.5%
		United States Treasury Inflation Indexed Bonds
$	923,883	0.625%, 01/15/2024	$	989,255
	971,047	0.750%, 07/15/2028		1,117,266
		United States Treasury Note/Bond
	1,828,000	0.375%, 09/15/2024		1,809,649
	2,968,000	0.250%, 10/31/2025		2,876,061
	1,618,000	0.750%, 08/31/2026		1,585,703
	1,934,000	0.875%, 09/30/2026		1,905,972
	5,242,000	0.500%, 08/31/2027		4,998,636
	6,929,000	1.125%, 08/31/2028		6,779,593
	647,000	2.375%, 05/15/2029		688,537
	1,482,000	0.625%, 08/15/2030		1,373,716
	4,531,000	1.250%, 08/15/2031		4,403,566
		TOTAL U.S. GOVERNMENT NOTES/BONDS
		(Cost $28,922,644)		28,527,954

		FOREIGN GOVERNMENT AGENCY ISSUE – 0.2%
		Province of Ontario Canada
	235,000	1.050%, 04/14/2026²		233,535
		TOTAL FOREIGN GOVERNMENT AGENCY ISSUE
		(Cost $236,167)		233,535

		FOREIGN GOVERNMENT BOND – 0.3%
		Mexico Government International Bond
	422,000	3.250%, 04/16/2030²		432,111
		TOTAL FOREIGN GOVERNMENT BOND
		(Cost $435,505)		432,111

		CERTIFICATES OF DEPOSIT – 3.9%
		BMW Bank of North America
	750,000	0.650%, 9/10/2024		748,952
	29,000	1.450%, 4/14/2023		29,484
		Capital One NA
	240,000	2.650%, 5/30/2024		252,466
		Goldman Sachs Bank USA/New York NY
	865,000	1.000%, 2/11/2026		867,231
	245,000	0.650%, 9/9/2024		244,663
	105,000	0.650%, 9/16/2024		104,839
		HSBC Bank USA NA
	225,000	0.125%, 11/15/2022³		223,989
	55,000	1.300%, 5/7/2025		55,358
		JPMorgan Chase Bank NA
	72,000	0.232%, 12/4/2023		71,020
	105,000	0.120%, 12/17/2025⁵		102,090
	100,000	0.121%, 11/29/2024³		98,605
	298,000	3.500%, 11/15/2029³		297,769
		Morgan Stanley Private Bank NA
	78,000	3.550%, 11/24/2023		82,920

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CERTIFICATES OF DEPOSIT (Continued)
		Sallie Mae Bank
$	679,000	0.550%, 7/15/2024	$	677,034
	243,000	0.400%, 8/11/2023		242,987
		Toyota Financial Savings Bank
	682,000	0.600%, 8/12/2024		680,527
		UBS Bank USA,
	268,000	0.650%, 9/9/2024		267,631
		Wells Fargo Bank NA
	376,000	3.500%, 11/9/2023		399,364
		TOTAL CERTIFICATES OF DEPOSIT
		(Cost $5,446,409)		5,446,929

		SHORT-TERM INVESTMENT – 2.3%
	3,171,809	First American Treasury Obligations Fund – Class X, 0.01%⁶		3,171,809
		TOTAL SHORT-TERM INVESTMENT
		(Cost $3,171,809)		3,171,809
		TOTAL INVESTMENTS – 101.7%
		(Cost $142,704,242)		141,708,452
		Liabilities in Excess of Other Assets – (1.7)%		(2,417,041	)
		TOTAL NET ASSETS – 100.0%	$	139,291,411

PLC – Public Limited Company

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

¹	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 October 31, 2021, the value of these securities total $10,036,142, which represents 7.21% of total net assets.
²	Foreign security denominated in U.S. Dollars.
³	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of October 31, 2021.
⁴	Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.43% of Net Assets. The total value of these securities is $597,433.
⁵	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of October 31, 2021.
⁶	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

North Square McKee Bond Fund

SUMMARY OF INVESTMENTS

As of October 31, 2021

	Percent of Total
Security Type/Sector	Net Assets
Asset Backed Securities		8.1	%
Corporate Bonds
Financials		11.2	%
Energy		3.1	%
Information Technology		2.9	%
Consumer Discretionary		2.6	%
Communication Services		2.3	%
Health Care		1.4	%
Industrials		1.3	%
Utilities		1.3	%
Consumer Staples		1.2	%
Materials		0.4	%
Real Estate		0.4	%
Total Corporate Bonds		28.1	%
Mortgage Backed Securities		33.7	%
U.S. Government Agency Issue		4.6	%
U.S. Government Notes/Bonds		20.5	%
Foreign Government Agency Issue		0.2	%
Foreign Government Bond		0.3	%
Certificates of Deposit		3.9	%
Short-Term Investment		2.3	%
Total Investments		101.7	%
Liabilities in Excess of Other Assets		(1.7	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS

As of October 31, 202

Number
of Shares			Value
		COMMON STOCKS – 9.7%

		CONSUMER DISCRETIONARY – 0.5%
		Hotels, Restaurants & Leisure – 0.5%
	4,019	Starbucks Corp.	$	426,295
		TOTAL CONSUMER DISCRETIONARY		426,295

		CONSUMER STAPLES – 1.2%
		Beverages – 0.8%
	10,453	The Coca-Cola Co.		589,236
		Food & Staples Retailing – 0.4%
	4,370	Sysco Corp.		336,053
		TOTAL CONSUMER STAPLES		925,289

		ENERGY – 1.3%
		Oil, Gas & Consumable Fuels – 1.3%
	7,276	Chevron Corp.		833,029
	3,039	Valero Energy Corp.		235,006
		TOTAL ENERGY		1,068,035

		FINANCIALS – 0.5%
		Capital Markets – 0.5%
	434	BlackRock, Inc.		409,462
		TOTAL FINANCIALS		409,462

		HEALTH CARE – 1.3%
		Biotechnology – 0.5%
	3,273	AbbVie Inc.		375,315
		Health Care Equipment & Supplies – 0.4%
	3,565	Baxter International Inc.		281,492
		Pharmaceuticals – 0.4%
	7,652	Pfizer Inc.		334,699
		TOTAL HEALTH CARE		991,506

		INDUSTRIALS – 2.6%
		Building Products – 0.6%
	6,941	Johnson Controls International plc¹		509,261
		Commercial Services & Supplies – 0.5%
	2,213	Waste Management, Inc.		354,589
		Electrical Equipment – 1.0%
	2,625	Eaton Corp. PLC¹		432,495
	1,125	Rockwell Automation, Inc.		359,325
				791,820
		Machinery – 0.5%
	1,777	Illinois Tool Works Inc.		404,925
		TOTAL INDUSTRIALS		2,060,595

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		COMMON STOCKS (Continued)

		INFORMATION TECHNOLOGY – 1.8%
		Communications Equipment – 0.3%
	937	Motorola Solutions, Inc.	$	232,929
		IT Services – 0.8%
	5,195	Paychex, Inc.		640,440
		Semiconductors & Semiconductor Equipment – 0.7%
	1,078	Broadcom Inc.		573,140
		TOTAL INFORMATION TECHNOLOGY		1,446,509

		MATERIALS – 0.5%
		Metals & Mining – 0.5%
	10,606	Barrick Gold Corp.¹		194,832
	3,499	Newmont Corp.		188,946
		TOTAL MATERIALS		383,778
		TOTAL COMMON STOCKS
		(Cost $7,198,866)		7,711,469

		PREFERRED STOCKS – 5.6%
		COMMUNICATION SERVICES – 1.0%
		Diversified Telecommunication Services – 1.0%
		AT&T Inc.
	29,100	4.750%, Perpetual		757,764
		TOTAL COMMUNICATION SERVICES		757,764

		CONSUMER STAPLES – 0.1%
		Food Products – 0.1%
		CHS Inc.
	2,000	7.500%, Perpetual		57,980
	1,000	7.100% (3 Month LIBOR USD + 4.298%), Perpetual²		27,860
		TOTAL CONSUMER STAPLES		85,840

		FINANCIALS – 4.5%
		Capital Markets – 2.1%
		AMG
	2,000	5.875%, Perpetual		55,120
		The Goldman Sachs Group, Inc.
	37,900	0.000% (3 Month LIBOR USD + 0.670%), Perpetual		956,975
		Morgan Stanley
	25,000	4.875%, Perpetual		672,500
				1,684,595
		Insurance – 2.4%
		American Financial Group, Inc.
	22,795	5.625%, Perpetual		659,003
		American International Group, Inc.
	23,000	5.850%, Perpetual		626,520

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number
of Shares			Value
		PREFERRED STOCKS (Continued)

		FINANCIALS (Continued)
		Insurance (Continued)
		MetLife, Inc.
	23,000	4.750%, Perpetual	$	617,320
				1,902,843
		TOTAL FINANCIALS		3,587,438
		TOTAL PREFERRED STOCKS
		(Cost $3,711,532)		4,431,042

		PURCHASED OPTION – 1.1%
	300	S&P500 EMINI FUT Dec21, Expiration Date: December 2021, Exercise Price $4,660.00		843,750
		TOTAL PURCHASED OPTION
		(Cost $624,196)		843,750

		REAL ESTATE INVESTMENT TRUSTS (REITS) – 6.0%
	31,035	AGNC Investment Corp.		494,077
	49,727	Chimera Investment Corp.		776,239
	2,270	Crown Castle International Corp.		409,281
	5,115	Life Storage, Inc.		684,438
	33,957	New Residential Investment Corp.		385,752
	5,322	Prologis, Inc.		771,477
	3,125	Simon Property Group, Inc.		458,062
	29,983	Starwood Property Trust, Inc.		763,667
		TOTAL REITS
		(Cost $3,360,588)		4,742,993

Principal
Amount
		ASSET BACKED SECURITIES – 2.3%
		Aligned Data Centers Issuer LLC
$	600,000	1.937%, 08/15/2046³		597,790
		Citigroup Mortgage Loan Trust 2006-HE1
	69,908	0.449% (1 Month LIBOR USD + 0.540%), 01/25/2036		69,954
		Foundation Finance Trust 2017-1
	222,314	3.300%, 07/15/2033³		224,763
		OASIS 2020-2 LLC
	236,951	4.262%, 05/15/2032³		238,472
		Park Place Securities Inc Asset-Backed Pass-Through Ctfs Ser 2005-WHQ2
	55,518	0.549% (1 Month LIBOR USD + 0.690%), 05/25/2035		55,604
		Vantage Data Centers LLC
	655,000	2.165%, 10/15/2046^3,4		655,358
		TOTAL ASSET BACKED SECURITIES
		(Cost $1,840,486)		1,841,941

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount		��	Value
		CORPORATE BONDS – 60.7%

		COMMUNICATION SERVICES – 3.1%
		Diversified Telecommunication Services – 1.6%
		T-Mobile USA, Inc.
$	1,200,000	3.500%, 04/15/2031³	$	1,243,506
		Entertainment – 0.7%
		Netflix Inc.
	500,000	4.875%, 06/15/2030³		588,135
		Wireless Telecommunication Services – 0.8%
		Vodafone Group PLC
	515,000	7.000% (5 Year Swap Rate USD + 4.873%), 04/04/2079^1,5		623,104
		TOTAL COMMUNICATION SERVICES		2,454,745

		CONSUMER DISCRETIONARY – 4.2%
		Automobiles – 2.6%
		Ford Motor Co.
	500,000	9.625%, 04/22/2030		720,940
		Ford Motor Credit Co. LLC
	500,000	3.625%, 06/17/2031		506,250
		General Motors Financial Co., Inc.
	750,000	5.700% (5 Year CMT Rate + 4.997%), 09/30/2169⁵		867,187
				2,094,377
		Leisure Products – 1.6%
		Mattel, Inc.
	1,250,000	3.750%, 04/01/2029³		1,300,063
		TOTAL CONSUMER DISCRETIONARY		3,394,440

		CONSUMER STAPLES – 1.7%
		Food Products – 1.7%
		Kraft Heinz Food Co.
	1,200,000	4.250%, 03/01/2031		1,356,112
		TOTAL CONSUMER STAPLES		1,356,112

		ENERGY – 5.8%
		Oil, Gas & Consumable Fuels – 5.8%
		Cheniere Energy, Inc.
	360,000	4.625%, 10/15/2028		377,982
		Enbridge Inc.
	800,000	5.750% (5 Year CMT Rate + 5.314%), 07/15/2080^1,5		901,200
		Energy Transfer LP
	900,000	6.625% (3 Month LIBOR USD + 4.155%), 08/15/2028⁵		875,250
		Occidental Petroleum Corp.
	600,000	6.125%, 01/01/2031		719,250
		Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	500,000	4.000%, 01/15/2032³		516,610
		Transcanada Trust
	700,000	5.500% (SOFR + 4.416%), 09/15/2079^1,5		765,625
		Western Midstream Operating, LP
	400,000	5.300%, 02/01/2030		439,000
		TOTAL ENERGY		4,594,917

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		FINANCIALS – 28.8%
		Banks – 20.6%
		Australia and New Zealand Banking Group Ltd.
$	750,000	6.750% (5 Year Mid Swap Rate USD + 5.168%), 12/29/2049^1,3,5	$	863,209
		Banco Bilbao Vizcaya Argentaria, S.A.
	600,000	6.500% (5 Year CMT Rate + 5.192%), 06/05/2025^1,5		645,000
		Banco Santander S.A.
	600,000	4.750% (5 Year CMT Rate + 3.753%), 08/12/2169^1,5		604,602
		Bank of America Corp.
	550,000	6.500% (3 Month LIBOR USD + 4.174%), 04/23/2025⁵		609,125
		Barclays PLC
	700,000	4.375% (5 Year CMT Rate + 3.410%), 12/15/2154^1,5		690,410
		BNP Paribas SA
	700,000	7.375% (5 Year Swap Rate USD + 5.150%), 12/29/2049^1,3,5		803,736
		Citigroup Inc.
	1,000,000	4.000% (5 Year CMT Rate + 3.597%), 06/10/2169⁵		1,023,750
		Credit Agricole S.A.
	650,000	7.875% (5 Year Swap Rate USD + 4.898%), 01/29/2049^1,3,5		720,346
		Fifth Third Bancorp
	1,000,000	4.500% (5 Year CMT Rate + 4.215%), 12/30/2025⁵		1,078,750
		Huntington Bancshares Inc.
	700,000	4.450% (H15T7Y + 4.045%), 03/15/2168⁵		749,875
	500,000	5.625% (10 Year CMT Rate + 4.945%), 01/15/2169⁵		581,875
		ILFC E-Capital Trust I
	840,000	3.460% (N/A + 1.550%), 12/21/2065^3,5		689,518
		JPMorgan Chase & Co.
	800,000	6.750% (3 Month LIBOR USD + 3.780%), 01/29/2050⁵		874,932
		Lloyds Banking Group plc
	700,000	6.750% (5 Year CMT Rate + 4.815%), 12/27/2166^1,5		800,510
		M&T Bank Corp.
	325,000	6.450% (3 Month LIBOR USD + 3.610%), 12/29/2049⁵		351,609
		NatWest Group plc
	700,000	6.000% (5 Year CMT Rate + 5.625%), 09/29/2166^1,5		775,551
		Regions Financial Corp.
	500,000	5.750% (5 Year CMT Rate + 5.430%), 12/15/2165⁵		553,125
		Skandinaviska Enskilda Banken AB
	800,000	5.125% (5 Year CMT Rate + 3.463%), 11/13/2025^1,5		849,486
		Societe Generale SA
	700,000	4.750% (5 Year CMT Rate + 3.931%), 11/26/2166^1,3,5		718,795
		SVB Financial Group
	500,000	4.000% (5 Year CMT Rate + 3.202%), 11/15/2169⁵		501,875
		Truist Financial Corp.
	1,000,000	5.100% (10 Year CMT Rate + 4.349%), 03/01/2061⁵		1,121,300
		Westpac Banking Corp.
	750,000	5.000% (5 Year Mid Swap Rate USD + 2.888%), 09/21/2162^1,5		787,341
				16,394,720

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		FINANCIALS (Continued)
		Capital Markets – 5.3%
		The Bank of New York Mellon Corp.
$	760,000	3.542% (3 Month LIBOR USD + 3.420%), 12/29/2049⁵	$	762,850
	600,000	4.700% (5 Year CMT Rate + 4.358%), 03/20/2169⁵		654,420
		The Charles Schwab Corp.
	500,000	5.375% (5 Year CMT Rate + 4.971%), 05/01/2025⁵		551,200
	240,000	7.000% (3 Month LIBOR USD + 4.820%), 02/28/2049⁵		243,000
		Deutsche Bank AG
	600,000	4.789% (5 Year Swap Rate USD + 4.358%), 04/30/2165^1,5		602,754
		The Goldman Sachs Group, Inc.
	125,000	5.300% (3 Month LIBOR USD + 3.834%), 12/29/2049⁵		137,188
		Northern Trust Corp.
	250,000	4.600% (3 Month LIBOR USD + 3.202%), 04/01/2027⁵		271,767
		State Street Corp.
	250,000	3.713% (3 Month LIBOR USD + 3.597%), 12/29/2049⁵		250,484
		UBS Group AG
	700,000	5.125% (5 Year CMT Rate + 4.855%), 07/29/2170^1,5		755,395
				4,229,058
		Consumer Finance – 0.7%
		Ally Financial Inc.
	500,000	4.700% (H15T7Y + 3.481%), 11/15/2169⁵		510,000
		Insurance – 2.2%
		Assurant, Inc.
	700,000	7.000% (3 Month LIBOR USD + 4.135%), 03/27/2048⁵		817,159
		MetLife, Inc.
	400,000	3.850% (5 Year CMT Rate + 3.576%), 03/15/2026⁵		416,000
		PartnerRe Finance B LLC
	500,000	4.500% (5 Year CMT Rate + 3.815%), 10/01/2050⁵		534,220
				1,767,379
		TOTAL FINANCIALS		22,901,157

		HEALTH CARE – 3.0%
		Biotechnology – 1.3%
		Perrigo Finance Unlimited Co.
	1,000,000	3.150%, 06/15/2030¹		1,008,976
		Health Care Providers & Services – 1.7%
		Centene Corp.
	1,400,000	2.500%, 03/01/2031		1,366,778
		TOTAL HEALTH CARE		2,375,754

		INDUSTRIALS – 6.2%
		Aerospace & Defense – 1.5%
		The Boeing Co.
	1,000,000	5.150%, 05/01/2030		1,167,217

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		CORPORATE BONDS (Continued)

		INDUSTRIALS (Continued)
		Airlines – 2.9%
		American Airlines, Inc. / AAdvantage Loyalty IP Ltd.
$	700,000	5.750%, 04/20/2029^1,3	$	754,250
		Delta Air Lines, Inc.
	600,000	4.500%, 10/20/2025^1,3		640,321
	125,000	4.375%, 04/19/2028		133,405
		Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
	700,000	6.500%, 06/20/2027³		762,727
				2,290,703
		Industrial Conglomerates – 1.9%
		General Electric Co.
	1,500,000	3.446% (3 Month LIBOR USD + 3.330%), 09/15/2169⁵		1,465,938
		TOTAL INDUSTRIALS		4,923,858

		MATERIALS – 3.7%
		Metals & Mining – 3.7%
		Alcoa Nederland Holding B.V.
	700,000	6.125%, 05/15/2028^1,3		751,310
		Freeport-McMoRan Inc.
	1,300,000	4.625%, 08/01/2030		1,407,250
		Teck Resources Ltd.
	700,000	3.900%, 07/15/2030¹		759,978
		TOTAL MATERIALS		2,918,538

		UTILITIES – 4.2%
		Electric Utilities – 2.4%
		Duke Energy Corp.
	1,000,000	4.875% (5 Year CMT Rate + 3.388%), 03/16/2025⁵		1,064,000
		Emera Inc.
	750,000	6.750% (3 Month LIBOR USD + 5.440%), 06/15/2076^1,5		883,223
				1,947,223
		Multi-Utilities – 1.8%
		CMS Energy Corp.
	700,000	3.750% (5 Year CMT Rate + 2.900%), 12/01/2050⁵		700,000
		Dominion Energy, Inc.
	650,000	5.750% (3 Month LIBOR USD + 3.057%), 10/01/2054⁵		709,787
				1,409,787
		TOTAL UTILITIES		3,357,010
		TOTAL CORPORATE BONDS
		(Cost $46,708,442)		48,276,531

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Principal
Amount			Value
		FOREIGN GOVERNMENT NOTES/BONDS – 1.8%
		Indonesia Treasury Bond
$	11,000,000,000	6.500%, 02/15/2031¹	$	795,835
		Mexican Bonos
	120,000	8.500%, 05/31/2029¹		618,184
		TOTAL FOREIGN GOVERNMENT NOTES/BONDS
		(Cost $1,369,254)		1,414,019

		MORTGAGE BACKED SECURITIES – 7.9%
		Fannie Mae-Aces
	8,993,637	0.664%, 05/25/2022²		370
	3,860,000	1.381%, 08/25/2028²		318,085
	3,627,276	1.273%, 03/26/2029²		295,155
		Freddie Mac Multiclass Certificates Series 2015-P001
	3,025,000	1.826%, 10/27/2028²		316,584
		Freddie Mac Multifamily Structured Pass Through Certificates
	137,698	2.197%, 11/25/2023		140,679
	10,925,256	0.969%, 01/25/2026²		367,463
	2,700,000	1.799%, 04/25/2030²		373,939
	2,074,000	1.868%, 04/25/2030²		298,672
	3,332,000	1.600%, 08/25/2030²		424,735
	8,200,000	1.721%, 09/25/2041²		237,962
	1,835,000	3.176%, 04/25/2048²		427,195
	2,035,000	2.631%, 01/25/2049²		405,517
	1,715,000	2.620%, 02/25/2049²		345,416
		FREMF 2016-K55 Mortgage Trust
	400,000	4.163%, 04/25/2049^2,3		425,326
		FREMF 2016-K59 Mortgage Trust
	64,089,171	0.100%, 11/25/2049³		251,499
		Government National Mortgage Association
	3,340,642	0.870%, 12/16/2056²		177,449
	4,905,749	1.269%, 09/16/2060²		476,610
	1,583,390	0.911%, 11/16/2060²		132,326
	5,420,734	0.997%, 05/16/2063²		469,810
	4,251,230	0.989%, 05/16/2063²		368,613
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $5,883,667)		6,253,405

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2021

Number of
Shares			Value
		SHORT-TERM INVESTMENT – 4.7%
	3,752,009	First American Treasury Obligations Fund – Class X, 0.01%⁶	$	3,752,009
		TOTAL SHORT-TERM INVESTMENT
		(Cost $3,752,009)		3,752,009
		TOTAL INVESTMENTS – 99.8%
		(Cost $74,449,040)		79,267,159
		Other Assets in Excess of Liabilities – 0.2%		193,003
		TOTAL NET ASSETS – 100.0%	$	79,460,162

CMT – Constant Maturity Rate

LIBOR – London Inter-bank Offered Rate

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

¹	Foreign security denominated in U.S. Dollars.
²	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of October 31, 2021.
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 October 31, 2021, the value of these securities total $12,745,734 which represents 16.04% of total net assets.
⁴	Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.82% of Net Assets. The total value of these securities is $655,358.
⁵	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of October 31, 2021.
⁶	The rate is the annualized seven-day yield at period end.

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF OPTIONS WRITTEN

As of October 31, 2021

Contracts			Notional Amount		Value
		CALL OPTIONS
		Barrick Gold Corp.
	106	Expiration: January 2022, Exercise Price: $20.00	$	194,722	$	4,717
		BlackRock, Inc.
	4	Expiration: December 2021, Exercise Price: $980.00		377,384		4,700
		Crown Castle International Corp.
	22	Expiration: January 2022, Exercise Price: $195.00		396,660		3,465
		Newmont Corp.
	34	Expiration: January 2022, Exercise Price: $62.50		183,600		1,870
		Paychex, Inc.
	29	Expiration: December 2021, Exercise Price: $120.00		357,512		15,370
		Prologis, Inc.
	53	Expiration: January 2022, Exercise Price: $150.00		768,288		17,490
		Valero Energy Corp.
	30	Expiration: January 2022, Exercise Price: $95.00		231,990		1,635
		Waste Management, Inc.
	22	Expiration: January 2022, Exercise Price: $170.00		352,506		3,850
						53,097
		TOTAL WRITTEN OPTIONS
		(Premium received $34,349)			$	53,097

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

As of October 31, 2021

	Number of
	Contracts				Current			Value At			Value
	Purchased			Settlement	Notional			Trade			Unrealized		Unrealized
Description	(Sold)			Month-Year	Amount			Date			Appreciation		(Depreciation)
Purchase Contracts:
US Ultra Bond Cbt		6		Dec-21	$	1,178,437		$	1,179,203		$	—	$	(766	)
Total Purchase Contracts					$	1,178,437		$	1,179,203		$	—	$	(766	)
Sale Contracts:
S&P500 Emini Future		(109	)	Dec-21	$	25,053,650		$	24,643,279		$	—	$	(410,371	)
US 5Yr Note (Cbt)		(48	)	Dec-21		5,844,000			5,918,930			74,930		—
US 10Yr Ultra Future		(5	)	Dec-21		725,156			737,278			12,122		—
Total Sale Contracts					$	31,622,806		$	31,299,487		$	87,052	$	(410,371	)
Total Futures Contracts					$	(30,444,369	)	$	(30,120,284	)	$	87,052	$	(411,137	)
Net Unrealized Depreciation													$	(324,085	)

See accompanying Notes to Financial Statements.

North Square Strategic Income Fund

SUMMARY OF INVESTMENTS

As of October 31, 2021

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Industrials		2.6	%
Information Technology		1.8	%
Energy		1.3	%
Health Care		1.3	%
Consumer Staples		1.2	%
Consumer Discretionary		0.5	%
Financials		0.5	%
Materials		0.5	%
Total Common Stocks		9.7	%
Preferred Stocks
Financials		4.5	%
Communication Services		1.0	%
Consumer Staples		0.1	%
Total Preferred Stocks		5.6	%
Purchased Call Option		1.1	%
REITs		6.0	%
Asset Backed Securities		2.3	%
Corporate Bonds
Financials		28.8	%
Industrials		6.2	%
Energy		5.8	%
Consumer Discretionary		4.2	%
Utilities		4.2	%
Materials		3.7	%
Communication Services		3.1	%
Health Care		3.0	%
Consumer Staples		1.7	%
Total Corporate Bonds		60.7	%
Foreign Government Notes/Bonds		1.8	%
Mortgage Backed Securities		7.9	%
Short-Term Investment		4.7	%
Total Investments		99.8	%
Other Assets in Excess of Liabilities		0.2	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

As of October 31, 2021

	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	$	7,974,752	$	42,638,463	$	142,704,242		$	74,449,040

Investments, at value	$	10,098,212	$	44,234,136	$	141,708,452		$	79,267,159
Receivables:
Dividends and interest		3,513		130,416		407,320			587,620
Investment securities sold		—		344,664		1,957,567			2,132,819
Due from Advisor (Note 3)		—		—		88,830			—
Fund shares sold		—		—		—			34,740
Prepaid expenses		23,458		73,420		74,825			19,963
Total assets		10,125,183		44,782,636		144,236,994			82,042,301

Liabilities:
Payables:
Investment securities purchased		—		—		4,738,963			2,275,875
Fund shares redeemed		—		—		79,780			31,821
Variation Margin		—		—		—			53,756
Written options contracts, at value (proceeds $34,349)		—		—		—			53,097
Accrued expenses:
Due to Advisor (Note 3)		4,349		9,688		—			59,051
Legal fees		2,866		15,339		45,577			33,814
Shareholder servicing fees (Note 6)		1,945		—		5,877			22,420
Fund administration fees		1,163		4,525		14,121			16,578
Custody fees		942		4,657		6,750			3,461
Auditing fees		811		4,287		11,948			9,962
Transfer agent fees		593		2,515		8,918			8,243
Accrued other expenses		554		5,923		21,293			6,329
Due to Trustees		536		2,776		11,665			7,106
Chief Compliance Officer fees (Note 3)		2		—		691			626
Total liabilities		13,761		49,710		4,945,583			2,582,139

Net Assets	$	10,111,422	$	44,732,926	$	139,291,411		$	79,460,162

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with
an unlimited number of shares authorized)	$	7,308,683	$	42,355,516	$	140,692,067		$	72,880,986
Total distributable earnings (accumulated deficit)		2,802,739		2,377,410		(1,400,656	)		6,579,176
Net Assets	$	10,111,422	$	44,732,926	$	139,291,411		$	79,460,162

Maximum Offering Price per Share:
Class I Shares:
Net assets applicable to shares outstanding	$	10,111,422	$	44,732,926	$	139,281,423		$	79,460,162
Shares of beneficial interest issued and outstanding		828,352		4,112,839		14,149,199			7,874,449
Net asset value, redemption and offering price per share	$	12.21	$	10.88	$	9.84		$	10.09

Class Y Shares:
Net assets applicable to shares outstanding	$	—	$	—	$	9,987		$	—
Shares of beneficial interest issued and outstanding		—		—		1,015			—
Net asset value, redemption and offering price per share	$	—	$	—	$	9.84		$	—

See accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2021

	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, $71,193, $0, and $0, respectively)	$	79,449		$	632,705		$	—		$	405,626
Interest (net of foreign withholding taxes and/or
issuance fees of $0, $0, $933, and $1,686, respectively)		55			200			379,333			2,079,062
Total investment income		79,504			632,905			379,333			2,484,688

Expenses:
Advisory fees (Note 3)		43,211			215,177			131,582			521,120
Registration fees		19,875			8,200			6,184			19,803
Fund administration fees		8,377			34,908			52,725			109,002
Shareholder servicing fees – Class I (Note 6)		6,724			—			13,046			89,285
Custody fees		5,838			28,446			19,954			16,554
Transfer agent fees and expenses		4,734			18,517			30,591			64,538
Legal fees		3,602			17,828			51,294			42,301
Trustees’ fees and expenses		1,958			9,368			21,080			22,999
Auditing fees		1,672			7,951			15,352			19,954
Chief Compliance Officer fees (Note 3)		1,492			6,000			9,119			18,186
Shareholder reporting fees		887			1,555			3,114			6,744
Fund accounting fees		788			3,486			5,511			9,744
Offering costs		—			28,140			20,000			—
Other expenses		1,121			5,640			19,170			13,742
Total expenses		100,279			385,216			398,722			953,972
Less advisory fees waived & expenses reimbursed		(41,637	)		(124,314	)		(245,201	)		(283,961	)
Net expenses		58,642			260,902			153,521			670,011
Net Investment income		20,862			372,003			225,812			1,814,677

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		784,340			456,343			(160,681	)		2,347,500
Futures contracts		—			—			—			222,859
Purchased options		—			—			—			(260,022	)
Written options		—			—			—			14,513
Foreign currency transactions		—			(20,880	)		—			477
Net realized gain (loss)		784,340			435,463			(160,681	)		2,325,327
Net change in unrealized appreciation/depreciation on:
Investments		1,342,207			1,595,673			(995,789	)		2,096,818
Futures contracts		—			—			—			(324,085	)
Purchased options		—			—			—			219,554
Written options		—			—			—			(18,748	)
Foreign currency transactions		—			(2,775	)		—			(360	)
Net change in unrealized appreciation/depreciation		1,342,207			1,592,898			(995,789	)		1,973,179
Net realized and unrealized gain (loss)		2,126,547			2,028,361			(1,156,470	)		4,298,506
Net increase (decrease) in net assets from operations	$	2,147,409		$	2,400,364		$	(930,658	)	$	6,113,183

See accompanying Notes to Financial Statements.

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,
	Year Ended			Year Ended			2020* through
	October 31,			October 31,			October 31,
	2021			2020			2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	20,862		$	51,097		$	372,003
Net realized gain on investments and foreign currency translations		784,340			713,327			435,463
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		1,342,207			(1,742,113	)		1,592,898
Net increase (decrease) in net assets resulting from operations		2,147,409			(977,689	)		2,400,364

Distributions to shareholders		(514,487	)		(1,010,006	)		(22,954	)

Capital Transactions:
Net proceeds from shares sold		5,221,139			1,382,870			42,332,562
Reinvestment of distributions		514,487			1,010,006			22,954
Cost of shares redeemed		(1,635,227	)		(5,411,998	)		—
Net increase (decrease) in net assets from capital transactions		4,100,399			(3,019,122	)		42,355,516

Total increase (decrease) in net assets		5,733,321			(5,006,817	)		44,732,926

Net Assets:
Beginning of Period		4,378,101			9,384,918			—
End of Period	$	10,111,422		$	4,378,101		$	44,732,926

Capital Share Transactions:
Shares sold		460,973			146,298			4,110,516
Shares reinvested		53,827			91,074			2,323
Shares redeemed		(155,852	)		(574,580	)		—
Net increase (decrease) in capital share transactions		358,948			(337,208	)		4,112,839

*	Commencement of Operations

See accompanying Notes to Financial Statements.

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			Year Ended			Year Ended
	October 31,			October 31,			October 31,
	2021			2021			2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	225,812		$	1,814,677		$	1,072,285
Net realized gain (loss) on investments and foreign currency translations		(160,681	)		2,325,327			3,652,857
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		(995,789	)		1,973,179			2,021,714
Net increase (decrease) in net assets resulting from operations		(930,658	)		6,113,183			6,746,856

Distributions to shareholders:
Distributions:
Class I		(472,810	)		(5,504,517	)		(975,490	)
Class Y**		(38	)		—			—
Total		(472,848	)		(5,504,517	)		(975,490	)

Capital Transactions:
Net proceeds from shares sold:
Class I		147,553,321			19,060,975			63,245,780
Class Y**		10,000			—			—
Reinvestment of distributions:
Class I		372,220			5,465,425			975,066
Class Y**		38			—			—
Cost of shares redeemed:
Class I		(7,240,662	)		(19,962,307	)		(6,345,626	)
Class Y**		—			—			—
Net increase in net assets from capital transactions		140,694,917			4,564,093			57,875,220

Total increase in net assets		139,291,411			5,172,759			63,646,586

Net Assets:
Beginning of Period		—			74,287,403			10,640,817
End of Period	$	139,291,411		$	79,460,162		$	74,287,403

Capital Share Transactions:
Shares sold:
Class I		14,843,011			1,888,568			6,857,165
Class Y**		1,011			—			—
Shares reinvested:
Class I		37,556			551,632			99,285
Class Y**		4			—			—
Shares redeemed:
Class I		(731,368	)		(1,998,562	)		(640,318	)
Class Y**		—			—			—
Net increase (decrease) in capital share transactions		14,150,214			441,638			6,316,132

*	Commencement of Operations for Class I
**	For the period May 19, 2021 through October 31, 2021

See accompanying Notes to Financial Statements.

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 Year Ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period	$	9.33		$	11.63		$	14.73		$	14.77		$	12.99
Income from Investment Operations:
Net investment income¹		0.04			0.08			0.07			0.06			0.06
Net realized and unrealized gain (loss)		3.95			(1.11	)		0.85			1.27			2.68
Total from investment operations		3.99			(1.03	)		0.92			1.33			2.74
Less Distributions:
From net investment income		(0.10	)		(0.07	)		(0.07	)		(0.05	)		(0.09	)
From net realized gain		(1.01	)		(1.20	)		(3.95	)		(1.32	)		(0.87	)
Total distributions		(1.11	)		(1.27	)		(4.02	)		(1.37	)		(0.96	)
Redemption Fee Proceeds¹		—			—			—	²		—	²		—	²
Net asset value, end of period	$	12.21		$	9.33		$	11.63		$	14.73		$	14.77
Total return³		46.09	%		(10.63	)%		12.95	%		9.33	%		21.93	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,111		$	4,378		$	9,385		$	10,575		$	15,603
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.63	%		1.97	%		1.76	%		1.78	%		1.74	%
After fees waived and expenses absorbed		0.95	%		0.97	%⁴		1.00	%		1.00	%		1.00	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		(0.34	)%		(0.21	)%		(0.17	)%		(0.39	)%		(0.29	)%
After fees waived and expenses absorbed		0.34	%		0.79	%		0.59	%		0.39	%		0.45	%
Portfolio turnover rate		45	%		49	%		26	%		42	%		31	%

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	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.

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
	October 31, 2021
Net asset value, beginning of period	$	10.00
Income from Investment Operations:
Net investment income¹		0.13
Net realized and unrealized gain (loss)		0.76
Total from investment operations		10.89
Less Distributions:
From net investment income		(0.01	)
Total distributions		(0.01	)
Net asset value, end of period	$	10.88
Total return²		8.88	%³
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	44,733
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.43	%⁴
After fees waived and expenses absorbed		0.97	%⁴
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.92	%⁴
After fees waived and expenses absorbed		1.38	%⁴
Portfolio turnover rate		22	%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.

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
	October 31, 2021
Net asset value, beginning of period	$	10.00
Income from Investment Operations:
Net investment income¹		0.03
Net realized and unrealized gain (loss)		(0.13	)
Total from investment operations		(0.10	)
Less Distributions:
From net investment income		(0.06	)
Total distributions		(0.06	)
Net asset value, end of period	$	9.84
Total return²		(0.91	)%³
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	139,281
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.73	%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		(0.04	)%⁴
After fees waived and expenses absorbed		0.41	%⁴
Portfolio turnover rate		321	%^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.

North Square McKee Bond Fund

FINANCIAL HIGHLIGHTS

Class Y

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Period
	May 19, 2021*
	through
	October 31, 2021
Net asset value, beginning of period	$	9.89
Income from Investment Operations:
Net investment income¹		0.01
Net realized and unrealized gain (loss)		(0.02	)
Total from investment operations		(0.01	)
Less Distributions:
From net investment income		(0.04	)
Total distributions		(0.04	)
Net asset value, end of period	$	9.84
Total return²		(0.12	)%³
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.64	%⁴
After fees waived and expenses absorbed		0.47	%⁴
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.13	%⁴
After fees waived and expenses absorbed		0.30	%⁴
Portfolio turnover rate		321	%^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.

North Square Strategic Income Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period	$	9.99		$	9.53		$	8.97		$	9.46		$	9.47
Income from Investment Operations:
Net investment income¹		0.24			0.23			0.32			0.35			0.39
Net realized and unrealized gain (loss)		0.60			0.48			0.56			(0.49	)		(0.04	)
Total from investment operations		0.84			0.71			0.88			(0.14	)		0.35
Less Distributions:
From net investment income		(0.28	)		(0.25	)		(0.32	)		(0.34	)		(0.36	)
From net realized gain		(0.46	)		—			—			(0.01	)		—
Total distributions		(0.74	)		(0.25	)		(0.32	)		(0.35	)		(0.36	)
Redemption Fee Proceeds¹		—			—			—	²		—	²		—	²
Net asset value, end of period	$	10.09		$	9.99		$	9.53		$	8.97		$	9.46
Total return³		8.63	%		7.56	%		10.00	%		(1.43	)%		3.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	79,460		$	74,287		$	10,641		$	10,403		$	10,806
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.28	%		1.48	%		1.76	%		2.27	%		2.49	%
After fees waived and expenses absorbed		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		2.06	%		1.75	%		2.56	%		2.41	%		2.53	%
After fees waived and expenses absorbed		2.44	%		2.33	%		3.42	%		3.78	%		4.12	%
Portfolio turnover rate		77	%		145	%		36	%		48	%		64	%

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.

See accompanying Notes to Financial Statements.

North Square Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2021

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 Intermediate Aggregate Bond Index, with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. The Fund’s Class I share commenced operations on December 28, 2020 and Class Y share commenced operations on May 19, 2021. Effective on December 1, 2021, the outstanding Class Y shares of the McKee Bond Fund were renamed as Class I shares, and the previously outstanding Class I shares of the Fund were renamed as Class R6 shares. The ticker symbols of the renamed classes did not change. All references to Class Y shares in this report represent the new Class I shares, and all references to Class I shares in this report represent the new Class R6 shares. There were no charges imposed in connection with this renaming of share classes.

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.

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

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.

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 October 31, 2021, the Strategic Income Fund had $270,329 in cash and cash equivalents on deposit with brokers for futures.

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.

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

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, 2018-2021 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.

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 October 31, 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%

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.

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, 2023	—	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, 2023	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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. For the period ended October 31, 2021, the Strategic Income Fund recouped $12,161, and the McKee Bond Fund recouped $1 in the Class Y shares. 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 – I		McKee Bond – Y		Strategic Income
October 31, 2022	$	75,274		$	—	$	—	$	—	$	92,526
October 31, 2023	$	75,703		$	—	$	—	$	—	$	273,154
October 31, 2024	$	41,637		$	124,314	$	245,194	$	8	$	296,122
Total	$	192,614		$	124,314	$	245,194	$	8	$	661,802

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. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the period ended October 31, 2021 are reported on the Statements of Operations.

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

Cipperman Compliance Services provides Chief Compliance Officer (“CCO”) services to the Funds. The Funds’ allocated fees incurred for CCO services for the period ended October 31, 2021 are reported on the Statements of Operations.

Note 4 – Federal Income Taxes

At October 31, 2021, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:

	All Cap Value			International Equity				McKee Bond			Strategic Income
Cost of investments	$	8,014,095			$	42,645,206		$	142,763,477		$	74,414,691
Gross unrealized appreciation	$	2,233,840			$	3,115,329		$	186,310		$	5,225,871
Gross unrealized depreciation		(149,723	)			(1,526,399	)		(1,241,335	)		(426,500	)
Net unrealized appreciation
(depreciation) on investments	$	2,084,117			$	1,588,930		$	(1,055,025	)	$	4,799,371

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, 2021, 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	$	67,188		$	(67,188	)
International Equity	$	—		$	—
McKee Bond	$	(2,850	)	$	2,850
Strategic Income	$	106,524		$	(106,524	)

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

As of October 31, 2021, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

	All Cap Value			International Equity
Undistributed ordinary income	$	84,780			$	791,255
Undistributed long-term gains		633,842				—
Accumulated earnings	$	718,622			$	791,255
Accumulated capital and other losses		—				—
Unrealized appreciation (depreciation) on foreign currency		—				(2,775	)
Unrealized appreciation (depreciation) on investments		2,084,117				1,588,930
Total accumulated earnings	$	2,802,739			$	2,377,410

	McKee Bond				Strategic Income
Undistributed ordinary income	$	—			$	1,249,065
Undistributed long-term gains		—				530,784
Accumulated earnings	$	—			$	1,779,849
Accumulated capital and other losses		(345,632	)			—
Unrealized appreciation (depreciation) on foreign currency		—				(44	)
Unrealized appreciation (depreciation) on investments		(1,055,024	)			4,799,371
Total accumulated earnings	$	(1,400,656	)		$	6,579,176

The tax character of distributions paid during the fiscal years ending October 31, 2021 and October 31, 2020 were as follows:

	All Cap Value				International Equity
	October 31,		October 31,		October 31,		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
	October 31,		October 31,		October 31,		October 31,
Distributions paid from:	2021		2020		2021		2020
Ordinary income	$	472,848	$	—	$	5,252,612	$	975,490
Net long-term capital gains		—		—		251,905		—
Total distributions paid	$	472,848	$	—	$	5,504,517	$	975,490

As of October 31, 2021, the McKee Bond Fund has $345,632 short-term 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 year ended October 31, 2021, purchases and sales of investments were as follows:

	Purchases		Sales
All Cap Value Fund	$	6,212,902	$	2,645,288
International Equity Fund	$	47,236,306	$	6,596,794
McKee Bond Fund	$	157,719,077	$	105,961,455
Strategic Income Fund	$	55,771,429	$	55,057,794

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 October 31, 2021, shareholder servicing fees incurred are disclosed on the Statements of Operations.

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

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.

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

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 October 31, 2021, in valuing the Funds’ assets carried at fair value:

All Cap Value Fund	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks¹	$	9,771,402	$	—	$	—	$	9,771,402
Short-Term Investment		326,810		—		—		326,810
Total Investments	$	10,098,212	$	—	$	—	$	10,098,212

International Equity Fund	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks
Bermuda	$	1,078,497	$	—	$	—	$	1,078,497
Canada		709,636		—		—		709,636
China		1,931,211		—		—		1,931,211
France		5,359,148		—		—		5,359,148
Germany		3,327,452		—		—		3,327,452
Ireland		1,903,160		—		—		1,903,160
Israel		1,047,816		—		—		1,047,816
Japan		6,171,029		—		—		6,171,029
Mexico		54,741		—		—		54,741
Netherlands		3,412,730		—		—		3,412,730
Republic of Korea		1,263,218		—		—		1,263,218
Singapore		763,999		—		—		763,999
Spain		448,014		—		—		448,014
Sweden		681,039		—		—		681,039
Switzerland		6,702,647		—		—		6,702,647
United Kingdom		6,530,616		—		—		6,530,616
United States		600,120		—		—		600,120
Preferred Stock
Germany		698,348		—		—		698,348
Short-Term Investment		1,550,715		—		—		1,550,715
Total Investments	$	44,234,136	$	—	$	—	$	44,234,136

McKee Bond Fund	Level 1		Level 2		Level 3		Total
Investments
Asset Backed Securities	$	—	$	11,314,252	$	—	$	11,314,252
Corporate Bonds¹		—		39,204,892		—		39,204,892
Mortgage Backed Securities		—		46,329,255		597,433		46,926,688
U.S. Government Agency Issue		—		6,450,282		—		6,450,282
U.S. Government Notes/Bonds		—		28,527,954		—		28,527,954
Foreign Government Agency Issue		—		233,535		—		233,535
Foreign Government Bond		—		432,111		—		432,111
Certificates of Deposit		—		5,446,929		—		5,446,929
Short-Term Investment		3,171,809		—		—		3,171,809
Total Investments	$	3,171,809	$	137,939,210	$	597,433	$	141,708,452

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.

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

Strategic Income Fund	Level 1			Level 2			Level 3		Total
Investments
Common Stocks¹	$	7,711,469		$	—		$	—	$	7,711,469
Preferred Stocks¹		4,431,042			—			—		4,431,042
Purchased Option		843,750			—			—		843,750
REITs		4,742,993			—			—		4,742,993
Asset Backed Securities		—			1,186,583			655,358		1,841,941
Corporate Bonds¹		—			48,276,531			—		48,276,531
Foreign Government Notes/Bonds		—			1,414,019			—		1,414,019
Mortgage Backed Securities		—			6,253,405			—		6,253,405
Short-Term Investment		3,752,009			—			—		3,752,009
Total Investments	$	21,481,263		$	57,130,538		$	655,358	$	79,267,159
Written Options	$	(3,850	)	$	(49,247	)	$	—	$	(53,097	)
Total Written Options	$	(3,850	)	$	(49,247	)	$	—	$	(53,097	)
Futures Contracts***
Long	$	(766	)	$	—		$	—	$	(766	)
Short		(323,319	)		—			—		(323,319	)
Total Futures Contracts	$	(324,085	)	$	—		$	—	$	(324,085	)

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		Strategic Income Fund
Beginning balance*	$	—	$	—
Transfers into Level 3 during the period		—		—
Transfers out of Level 3 during the period		—		—
Total realized gain (loss)		—		—
Total unrealized appreciation (depreciation)		—		358
Net purchases		597,433		655,000
Net sales		—		—
Balance as of October 31, 2021	$	597,433	$	655,358

*	The beginning balance for the McKee Bond Fund is the inception date of the Fund, December 28, 2020. The beginning balance for the Strategic Income Fund is the beginning of the fiscal year, November 1, 2020.

Note 9 – Derivative and Other Financial Instruments

At October 31, 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*	$	53,756	$	—	$	53,756	$	—	$	(53,756	)	$	—
Written option contracts		53,097		—		53,097		53,097		—			—
		106,853		—		106,853		53,097		(53,756	)		—
Total	$	106,853	$	—	$	106,853	$	53,097	$	(53,756	)	$	—

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

The following table presents the fair value of derivative instruments for the North Square Strategic Income Fund as of October 31, 2021 as presented on the Fund’s statement of assets and liabilities:

					Net Unrealized
	Fair Value				Gain (Loss) on
Derivatives Not Accounted for as Hedging Instruments	Assets		Liabilities		Open Positions
North Square Strategic Income Fund
Futures Contracts*
Long Contracts
Interest Rate	$	—	$	766	$	(766	)

Total Long Contracts		—		766		(766	)
Short Contracts
Equity	$	—	$	410,371	$	(410,371	)
Interest Rate		87,052		—		87,052
Total Short Contracts		87,052		410,371		(323,319	)
Total Futures Contracts	$	87,052	$	411,137	$	(324,085	)

Option Contracts
Purchased Option Contracts	$	843,750	$	—	$	219,554
Written Option Contracts		—		53,097		(18,748	)
Total Option Contracts	$	843,750	$	53,097	$	200,806

*	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 year ended October 31, 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
Equity	$	327,820		$	(410,370	)
Interest rate		(104,961	)		86,286
Total Futures Contracts	$	222,859		$	(324,084	)
Option Contracts
Purchased Option Contracts*	$	(260,022	)	$	219,554
Written Option Contracts		14,513			(18,748	)
Total Option Contracts	$	(245,509	)	$	200,806

*	Purchased options are included in the net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments.

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 year ended October 31, 2021 were:

	Average Notional
	Long		Short
Futures contracts	$	589,573	$	8,211,001
Option contracts		245,066		525,976

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

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

October 31, 2021

Note 10 – Accounting Regulations

Rule 18f-4

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Fund(s). When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.

Rule 2a-5

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.

Rule 12d1-4

The SEC adopted new Rule 12d1-4, which will allow registered investment companies (including business development companies (“BDCs”), unit investment trusts (“UITs”), closed-end funds, exchange-traded funds (“ETFs”), and exchange-traded managed funds (“ETMFs”) (an “acquiring” fund), to invest in other investment companies (an “acquired fund”), including private funds under a specific exception, beyond the limits of Section 12(d)(1), subject to the conditions of the rule. Rule 12d1-4 became effective January 19, 2021.

London Interbank Offered Rate (“LIBOR”)

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance 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 Interbank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance 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 ASU’s adoption to the Funds’ financial statements and various filings.

Note 11 – 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.

Effective on December 1, 2021, the outstanding Class Y shares of the McKee Bond Fund were renamed as Class I shares, and the previously outstanding Class I shares of the Fund were renamed as Class R6 shares. The ticker symbols of the renamed classes did not change. All references to Class Y shares in this report represent the new Class I shares, and all references to Class I shares in this report represent the new Class R6 shares. There were no charges imposed in connection with this renaming of share classes.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and

Shareholders of North Square Investments Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the North Square Advisory Research All Cap Value Fund, North Square Altrinsic International Equity Fund, North Square McKee Bond Fund, and North Square Strategic Income Fund, (the “Funds”), each a series of North Square Investments Trust (the “Trust”), including the schedules of investments, as of October 31, 2021, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2021, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Constituting	Statement Of	Statements Of
North Square Investments Trust	Operations	Changes in Net Assets	Financial Highlights
North Square Advisory Research	For the year ended	For each of the two years	For each of the five years
All Cap Value Fund and North	October 31, 2021	in the period ended	in the period ended
Square Strategic Income Fund		October 31, 2021	October 31, 2021

North Square Altrinsic	For the period	For the period	For the period
International Equity Fund	December 4, 2020	December 4, 2020	December 4, 2020
	(commencement of operations)	(commencement of operations)	(commencement of
	through October 31, 2021	through October 31, 2021	operations) through
			October 31, 2021

North Square McKee Bond Fund	For the period	For the period	For the period
	December 28, 2020	December 28, 2020	December 28, 2020
	(commencement of operations)	(commencement of operations)	(commencement of
	through October 31, 2021	through October 31, 2021	operations) through
			October 31, 2021

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2009.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. We believe that our audits provide a reasonable basis for our opinion.



	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

December 30, 2021

North Square Funds

SUPPLEMENTAL INFORMATION

Board Consideration of the Continuation of the Investment Advisory Agreement and Sub- Advisory Agreements and Approval of Sub-Advisory Agreement and Related Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of trustees, including a majority of those trustees who are not “interested persons” of the fund, as defined in the 1940 Act (the “Independent Trustees”), initially approve, and annually review and consider the continuation of, the fund’s investment advisory and sub-advisory agreements. At a meeting held on September 22-23, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of North Square Investments Trust (the “Trust”), including each of the Independent Trustees, unanimously voted to approve the continuation of: (i) the investment advisory agreement (the “Advisory Agreement”) between North Square Investments, LLC (the “Adviser”) and the Trust, on behalf of the North Square Strategic Income Fund and the North Square Advisory Research All Cap Value Fund (each, a “Fund” and collectively, the “Funds”); (ii) the investment sub-advisory agreement between the Adviser and Red Cedar Investment Management, LLC (“Red Cedar”) with respect to the North Square Strategic Income Fund; and (iii) the investment sub-advisory agreement between the Adviser and Advisory Research, Inc. (“Advisory Research” collectively with Red Cedar, the “Sub-Advisers”) with respect to the North Square Advisory Research All Cap Value Fund. The Adviser and the Sub-Advisers are collectively referred to as the “Advisers.” The investment sub-advisory agreements with the Sub-Advisers are collectively referred to as the “Sub-Advisory Agreements,” and the Advisory Agreement and the Sub- Advisory Agreements are collectively referred to as the “Agreements.”

In connection with its consideration of the Agreements proposed for continuation or approval, as applicable, the Board requested and reviewed responses from the Advisers to questions posed to the Advisers on behalf of the Independent Trustees and supporting materials relating to those questions and responses, as well as other information and data provided. In this capacity, the Board reviewed and discussed various information that had been provided prior to the Meeting, including the Advisory Agreement, the Sub-Advisory Agreements, memoranda provided by both legal counsel and independent trustee counsel summarizing the guidelines relevant to the Board’s consideration of the approvals of such Agreements, a memorandum and other information provided in response to Section 15(c) requests to the Adviser and Sub-Advisers by Independent Trustee Counsel on behalf of the Board (including, but not limited to, each of the Advisers’ Form ADV Part 1A, brochures and brochure supplements, profitability information, comparative information about the Funds’ performance for periods ended June 30, 2021, advisory fees and expense ratios, information about similar accounts managed by the Adviser, and other pertinent information. In addition, the Board considered such additional information as it deemed reasonably necessary, including information provided by the Adviser during the course of the year, to evaluate the Agreements, as applicable, with respect to each Fund. The Board considered the Adviser’s 15(c) responses and discussed various questions and information with representatives of the Advisers at the Meeting. The Board also considered the materials and presentations by Trust officers and representatives of the Advisers and Sub-Advisers provided at the Meeting concerning the Agreements. The Board, as noted above, also took into account information reviewed periodically throughout the year that was relevant to its consideration of the Agreements, including performance, advisory fee and other expense information and discussions with the Funds’ portfolio managers, as well as additional information it deemed relevant and appropriate in its judgement. Based on its evaluation of this information, the Board, including the Independent Trustees, unanimously approved the continuation or approval, as applicable, of the Agreements for the Funds for an additional one-year period.

In determining whether to approve the continuation or approval, as applicable, of the Agreements, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreements was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreements. The Board was also furnished with an analysis of its fiduciary obligations in connection with its evaluation of the Agreements and, throughout the evaluation process, the Board was assisted by Fund Counsel and Independent Trustee Counsel who, as noted above, each provided legal memoranda to the Board detailing the duties and responsibilities of the Board in connection with the various actions and approvals required in connection with the renewal of the Agreements. A more detailed summary of the important, but not necessarily all, factors the Board considered with respect to its renewal of the Agreements is provided below.

Nature, Extent and Quality of Services

The Board considered information regarding the nature, extent and quality of services being provided to the Funds by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services being provided by the Advisers. The Board noted the non-investment advisory services being provided by the Adviser, including the supervision and coordination of the Funds’ service providers and the provision of related administrative and other services. The Board considered each Adviser’s reputation, organizational structure, resources and overall financial strength (including economic and other support provided by affiliates of the Adviser), its willingness to consider and implement organizational and operational changes designed to enhance services to the Funds.

The Board also considered the Advisers’ professional personnel who provide or will provide services to the Funds, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Funds. In addition, the Board considered

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

the compliance programs and compliance records of the Advisers. In this regard, the Board considered the Advisor’s compliance programs. The Board noted the Advisers’ support of the Funds’ compliance control structure, including the resources that are devoted by the Advisers in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the efforts of the Advisers to address cybersecurity risks and invest in business continuity planning, including the steps taken by the Adviser to address the challenges created by the Covid-19 pandemic.

With respect to the Adviser, the Board considered the Funds’ ongoing and proposed operation in a “manager-of-managers” structure and reviewed the responsibilities that the Adviser has under this structure, including, but not limited to, monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds, and supervising the Sub-Advisers with respect to the services that the Sub-Advisers currently provide under the Sub-Advisory Agreements. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the Sub-Advisers. The Board also considered the process used by the Adviser, consistent with this structure, to identify and recommend sub-advisers, and its ability to monitor and oversee sub- advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Advisory Agreement. The Board also considered the financial support provided by affiliates of the Adviser that enabled the Adviser to expand the NSI Funds Complex, including through the adoption of the Stadion Funds.

With respect to the Sub-Advisers, which provide certain day-to-day portfolio advisory services for the Funds, subject to oversight by the Adviser, the Board considered, among other things, the quality of each Sub-Adviser’s investment personnel, its investment philosophies and processes, its investment research capabilities and resources, its performance record, its experience, its trade execution capabilities and its approach to managing risk. The Board considered the experience of each Fund’s portfolio managers or anticipated portfolio managers, the number of accounts managed by the portfolio managers, and each Sub-Adviser’s method for compensating the portfolio managers. Moreover, the Board considered that the Advisor has oversight responsibility for conflicts of interest relating to the Funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services being provided or to be provided by the Adviser and the Sub-Advisers, taken as a whole, remain appropriate and consistent with the terms of the Advisory Agreement and the Sub-Advisory Agreements, as applicable. In addition, the Board concluded that each Fund was likely to continue to benefit from services being provided or to be provided under each of the Agreements.

Fund Performance

The Board reviewed the performance of each Fund over different time periods presented in the materials. The Board noted, as applicable, that performance for certain longer time periods were the performance of Predecessor Funds that had similar investment objectives that were managed by the same Sub-Advisers prior to joining the Trust.

The Board considered various data and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Morningstar Inc. (“Morningstar”), an independent provider of investment company data, comparing the investment performance of each Fund to its respective benchmark index, and to a universe of peer funds as determined by Morningstar (the “Universe”) and a more focused peer group of funds selected from the Universe by Morningstar (the “Peer Group”). The Board received a description of the methodology used by Morningstar to select the funds in each Fund’s Peer Group and Universe.

The Board received information at the Meeting, and throughout the year, concerning, and discussed factors contributing to, the performance of the Funds relative to their respective benchmarks and universes for the relevant periods. The Board evaluated the explanations for any relative underperformance of a Fund during these periods, including with respect to investment decisions and market and other factors that affected the Fund’s investment performance.

Based on these considerations, the Board concluded that it was satisfied that the Adviser and the Sub-Advisers continue to have or will have, as applicable, the capability of providing satisfactory investment performance for the Funds, as applicable.

Advisory Fees and Expenses

The Board reviewed and considered the advisory fee rate of each Fund that is being paid to the Adviser under the Advisory Agreement and each Fund’s total net expense ratio. The Board noted that each Fund’s total net expense ratio was as a result of the Adviser’s contractual agreement to limit each Funds’ total operating expenses to specified levels for a period of at least two years from the date of the initial prospectus for each Fund, which agreement has been continued. The Board also reviewed and considered the sub-advisory fee rates being paid by the Adviser to each Sub-Adviser for sub-advisory services.

The Board reviewed information from Morningstar comparing each Fund’s advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between a Fund and its peer funds may be imprecise, the comparative information provided by Morningstar assisted the Board in evaluating the reasonableness of each Fund’s fees and total expense ratio.

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

The Board also received and considered information about the portion of the advisory fee that is being retained by the Adviser after payment of the fee to each Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities that are retained and risks that are assumed by Adviser and not delegated to or assumed by the Sub-Advisers, and about the Adviser’s on-going oversight services. The Board also considered that the sub-advisory fees being paid to each Sub-Adviser had been negotiated by the Adviser on an arm’s length basis.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by the Adviser and the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Adviser under the Advisory Agreement and to the Sub-Advisers under the Sub-Advisory Agreements were reasonable.

Profitability

The Board received and considered information concerning the Adviser’s costs of sponsoring the Funds and the profitability to the Adviser from providing services to the Funds. The Board noted that the levels of profitability may be affected by numerous factors. The Board also received information relating to the operations and profitability to each Sub-Adviser from providing services to the Funds. The Board considered representations from the Adviser and each Sub-Adviser that the Sub-Adviser’s fees were negotiated at arm’s length on a Fund-by- Fund basis and that the sub-advisory fees are paid by the Adviser and not the Funds. Accordingly, the Board concluded that the profitability of each Sub-Adviser is a less relevant factor with respect to the Board’s consideration of the Sub-Advisory Agreements. In addition, the Board took note that each of the Funds remains in a relatively early stage of development, and accordingly, NSI enjoys limited or no profitability from the Funds at this time.

Based on its review, the Board did not deem the profits reported by the Advisers from services being provided to the Funds to be at a level that would prevent it from approving the Agreements.

Economies of Scale

The Board considered the potential for the Adviser to experience economies of scale in the provision of advisory services to each Fund as the Funds grew. The Board reviewed the breakpoints in the advisory fee schedule for each Fund, if any, which reduce fee rates as the Fund’s assets grow over time. The Board considered that in addition to advisory fee breakpoints, the Adviser may share potential economies of scale from its advisory business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive advisory fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders. The Board observed that each of the Funds remains in a relatively early stage of development.

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

“Fall-Out” Benefits

The Board received and considered information regarding potential “fall-out” or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in the Adviser’s business as a result of their relationships with the Fund. In addition, the Board considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the benefits of research services that may be available to the Sub-Adviser as a result of securities transactions effected for the Funds and other investment advisory clients, as well as other benefits from increases in assets under management.

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

Conclusion

At the Meeting, after considering the above-described material factors and based on its deliberations and its evaluation of the information described above, and assisted by the advice of both Fund and independent legal counsel, the Board, including the Independent Trustees, concluded that the approval of the renewal and continuation of the Agreements are in the best interest of each Fund and its shareholders.

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

Corporate Dividends Received Deduction

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2021 was as follows:

All Cap Value Fund			96.83	%		International Equity Fund			0.47	%
McKee Bond Fund			0.00	%		Strategic Income Fund			8.84	%

Qualified Dividend Income

For the fiscal year ended October 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

All Cap Value Fund			97.65	%		International Equity Fund			77.16	%
McKee Bond Fund			0.00	%		Strategic Income Fund			9.07	%

Long-Term Capital Gain Designation

For the fiscal year ended October 31, 2021, the Funds designate a portion of distributions as 20.00% rate gain distributions for the purposed of the dividends paid deduction. The dollar amount by fund was as follows:

All Cap Value Fund		$	466,559		International Equity Fund		$	—
McKee Bond Fund		$	—		Strategic Income Fund		$	251,905

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, Address^a,				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 Served^b	the Past Five Years or Longer	Trustee^c	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).

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

				Number of
				Portfolios
				in Fund	Other Directorship/
Name, Address^a,				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 Served^b	the Past Five Years or Longer	Trustee^c	the Past 5 Years
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 Trustees^d
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.
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 twelve 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, the North Square Dynamic Small Cap Fund, the North Square Tactical Defensive Fund, the North Square Tactical Growth Fund, and the North Square Trilogy Alternative Return 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.

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

Liquidity Risk Management Program

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

At its meeting on December 8-9, 2021, the Board received and reviewed a written report (the “Report”) from the Trust’s Vice President, on behalf of the Trust Program Administrator, concerning the operation of the Program for the period of October 1, 2020 through September 30, 2021 (the “Period”). The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, including the following: (1) the periodic assessment (no less frequently than annually) of certain factors that influence each Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent a Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if a Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s highly liquid investments below its HLIM; and (6) periodic reporting to the Board.

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

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

North Square Funds

EXPENSE EXAMPLES

For the Six Months Ended October 31, 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 May 1, 2021 to October 31, 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		5/1/21	10/31/21	5/1/21 – 10/31/21
Class I	Actual Performance	$1,000.00	$1,074.00	$4.97
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.42	$4.84

*	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 184/365 (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		5/1/21	10/31/21	5/1/21 – 10/31/21
Class I	Actual Performance	$1,000.00	$1,002.40	$4.90
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.32	$4.94

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 184/365 (to reflect the period since the commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

North Square Funds

EXPENSE EXAMPLES – Continued

For the Six Months Ended October 31, 2021 (Unaudited)

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
McKee Bond Fund		5/1/21	10/31/21	5/1/21 – 10/31/21
Class I	Actual Performance	$1,000.00	$999.30	$1.41
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,023.79	$1.43

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 184/365 (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**
McKee Bond Fund		5/19/21*	10/31/21	5/19/21* – 10/31/21
Class Y	Actual Performance	$1,000.00	$998.80	$2.12
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,022.84	$2.40

*		Commencement of operations.
**		Expenses are equal to the Fund’s annualized expense ratios of 0.47% for Class Y, multiplied by the average account value over the period, multiplied by 165/365 (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		5/1/21	10/31/21	5/1/21 – 10/31/21
Class I	Actual Performance	$1,000.00	$1,023.40	$4.59
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.67	$4.58

*	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 184/365 (to reflect the sixth month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

(This Page Intentionally Left Blank.)

North Square Funds

Advisor

North Square Investments, LLC

10 South LaSalle Street, Suite 1925

Chicago, Illinois 60603

Sub-Advisor	Sub-Advisor
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 McKee Bond Fund	Class Y	NMKYX	66263L643
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.

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

A copy of the Registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 10/31/2021	FYE 10/31/2020
Audit Fees	$35,240	$14,300
Audit-Related Fees	$0	$0
Tax Fees	$10,000	$5,600
All Other Fees	$0	$0

The Audit Committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 10/31/2021	FYE 10/31/2020
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the Registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

The Registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The Registrant is not a foreign issuer.

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 Directors.

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) Code of ethics. Filed herewith.

(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) 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: January 10, 2022

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: January 10, 2022

By: /s/ Alan E. Molotsky

Alan E. Molotsky,

Treasurer

Date: January 5, 2022

North Square Investments Trust N-CSRCertified annual shareholder report (management investment company)