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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 23373

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

10 South LaSalle Street, Suite 1925

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

Alan E. Molotsky, Esq.

North Square Investments Trust

10 South LaSalle Street, Suite 1925

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

(312) 857-2160

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2022

Date of reporting period:  November 1, 2021 – April 30, 2022

Item 1. Reports to Stockholders.

(a)

SEMI-ANNUAL REPORT

NORTH SQUARE ADVISORY RESEARCH SMALL CAP VALUE FUND

(formerly known as North Square Advisory Research All Cap Value Fund)

NORTH SQUARE ALTRINSIC INTERNATIONAL EQUITY FUND

NORTH SQUARE MCKEE BOND FUND

NORTH SQUARE STRATEGIC INCOME FUND

APRIL 30, 2022

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

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

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

North Square Investments | www.northsquareinvest.com

North Square Funds

Table of Contents

Fund Performance	3
Schedules of Investments	7
Statements of Assets and Liabilities	41
Statements of Operations	42
Statements of Changes in Net Assets	43
Financial Highlights	45
Notes to Financial Statements	50
Supplemental Information	60
Expense Examples	66

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

www.northsquareinvest.com

North Square Advisory Research Small Cap Value Fund

FUND PERFORMANCE at April 30, 2022 (Unaudited)

		Average Annual
					Since	Inception
Total Returns as of April 30, 2022	6 Month	1 Year	5 Year	10 Year	Inception	Date
Class I*	(7.45)%	(0.60)%	9.78%	10.24%	10.57%	11/16/09
Russell 2000 Value Total Return**	(9.50)%	(6.59)%	6.75%	9.81%	10.41%	11/16/09
Russell 3000 Value Total Return	(4.30)%	0.79%	8.89%	11.06%	11.01%	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.

*	Effective January 11, 2022, the North Square Advisory Research All Cap Value Fund changed names to the North Square Advisory Research Small Cap Value Fund.
**	Effective January 11, 2022, the Russell 2000 Value Total Return Index has replaced the Russell 3000 Value Total Return Index as the Fund’s primary benchmark as the Russell 2000 Value Total Return Index is more closely aligned with the Fund’s principal investment strategies and portfolio holdings.

The Fund acquired all assets and assumed the liabilities of the Advisory Research Small 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 1.63% and 0.95%, respectively, which were the amounts stated in the current prospectus dated February 28, 2022. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.94% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until 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 performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

North Square Altrinsic International Equity Fund

FUND PERFORMANCE at April 30, 2022 (Unaudited)

				Average Annual
		Calendar	Since		Since	Inception
Total Returns as of April 30, 2022	6 Months	Year to Date	Inception	1 Year	Inception	Date
Class I	(8.62)%	(7.78)%	(0.51)%	(8.40)%	(0.36)%	12/04/20
MSCI EAFE Index	(11.80)%	(12.00)%	0.14%	(8.15)%	0.10%	12/04/20

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

Gross and net expense ratios for Class I shares were 1.43% and 0.97%, respectively, which were the amounts stated in the current prospectus dated February 28, 2022. 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 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 performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

North Square McKee Bond Fund

FUND PERFORMANCE at April 30, 2022 (Unaudited)

				Average Annual
		Calendar	Since		Since	Inception
Total Returns as of April 30, 2022	6 Months	Year to Date	Inception	1 Year	Inception	Date
Class I*	(7.26)%	(7.14)%	(7.37)%	N/A	N/A	5/19/21
Class R6*	(7.17)%	(7.08)%	(8.01)%	(7.24)%	(6.06)%	12/28/20
Bloomberg Barclays Intermediate Aggregate Bond Index	(7.16)%	(7.09)%	(8.21)%	(7.27)%	(6.20)%	12/28/20

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

* Effective December 1, 2021, Class I was re-classified to Class R6 and Class Y was re-classified to Class I.

Gross expense ratios for Class I and R6 shares were 0.64% and 0.73%, respectively, and net expense ratios for Class I and R6 shares were 0.47% and 0.28%, respectively, which were the amounts stated in the current prospectus dated February 28, 2022. 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 0.47% and 0.28% of the average daily net assets of the Fund’s Class I shares and Class R6 shares, respectively. 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 performance table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

North Square Strategic Income Fund

FUND PERFORMANCE at April 30, 2022 (Unaudited)

		Average Annual
					Since	Inception
Total Returns as of April 30, 2022	6 Month	1 Year	5 Year	10 Year	Inception	Date
Class I	(5.14)%	(2.92)%	4.14%	4.27%	4.08%	12/31/12
Bloomberg US Aggregate Bond Index	(9.47)%	(8.51)%	1.20%	2.36%	1.56%	12/31/12
Bloomberg Intermediate Credit Index	(7.66)%	(7.30)%	1.75%	1.73%	2.06%	12/31/12

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

The Fund acquired all assets and assumed the liabilities of the Advisory Research Strategic Income Fund (the “Predecessor Fund”) effective the close of business on February 21, 2020. The Predecessor Fund commenced investment operations on December 31, 2012 after the conversion of a limited partnership account, the Advisory Research Value Income Fund, L.P. (the “Predecessor Account”), which commenced operations on June 30, 2003. As a result of each reorganization, the Fund is the accounting successor of each the Predecessor Fund and Predecessor Account. Performance results shown in the performance table above between February 21, 2020 and December 31, 2012 reflect the performance of the Predecessor Fund, and performance results shown prior to December 31, 2012 reflect the performance of the Predecessor Account. The Predecessor Account was not registered under the 1940 Act and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected.

Gross and net expense ratios for Class I shares were 1.29% and 0.91%, respectively, which were the amounts stated in the current prospectus dated February 28, 2022. 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.

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

6

North Square Advisory Research Small Cap Value Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 99.3%
		BASIC MATERIALS – 7.6%
		Specialty Chemicals – 7.6%
	42,139	Element Solutions Inc.	$	868,906
	27,060	Valvoline, Inc.		818,024
		TOTAL BASIC MATERIALS		1,686,930
		CONSUMER DISCRETIONARY – 15.8%
		Casinos and Gambling – 3.6%
	11,455	Monarch Casino & Resort, Inc.*		803,568
		Consumer Services: Misc. – 3.6%
	21,575	IAA Inc.*		790,724
		Recreational Products – 3.5%
	39,841	Leslie’s, Inc.*		780,883
		Restaurants and Bars – 1.6%
	17,245	Ruth’s Hospitality Group, Inc.		361,628
		Specialty Retailers – 3.5%
	4,235	Asbury Automotive Group, Inc.*		778,012
		TOTAL CONSUMER DISCRETIONARY		3,514,815
		CONSUMER STAPLES – 4.8%
		Food Retailers and Wholesalers – 4.8%
	21,862	Performance Food Group Co.*		1,076,704
		TOTAL CONSUMER STAPLES		1,076,704
		ENERGY – 10.1%
		Oil Equipment and Services – 3.6%
	37,500	Championx Corp.		791,250
		Oil: Crude Producers – 6.5%
	16,349	Denbury Inc.*		1,046,009
	14,295	Viper Energy Partners LP		410,695
				1,456,704
		TOTAL ENERGY		2,247,954
		FINANCIALS – 25.0%
		Banks – 14.8%
	15,005	BankUnited, Inc.		563,288
	11,357	First Interstate BancSystem, Inc. – Class A		369,329
	8,200	First Merchants Corp.		321,358
	4,277	Nicolet Bankshares, Inc.*		348,062
	5,488	South State Corp.		424,991
	9,930	Texas Capital Bancshares, Inc.*		510,005
	15,386	Webster Financial Corp.		769,146
				3,306,179
		Diversified Financial Services – 6.1%
	15,080	Cannae Holdings, Inc.*		337,792
	22,525	Hillman Solutions Corp.*		261,966
	71,755	Holley Inc.*		756,298
				1,356,056

See accompanying Notes to Financial Statements.

7

North Square Advisory Research Small Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
		Property and Casualty Insurance – 4.1%
	3,860	Enstar Group Ltd.*1	$	909,995
		TOTAL FINANCIALS		5,572,230
		HEALTH CARE – 5.9%
		Health Care Services – 3.3%
	8,845	Addus HomeCare Corp.*		745,457
		Pharmaceuticals – 2.6%
	12,725	Harmony Biosciences Holdings, Inc.*		573,134
		TOTAL HEALTH CARE		1,318,591
		INDUSTRIALS – 19.4%
		Aerospace – 3.1%
	16,675	Spirit AeroSystems Holdings, Inc. – Class A		701,017
		Containers and Packaging – 1.4%
	42,405	Ardagh Metal Packaging S.A.*1		302,348
		Diversified Industrials – 1.0%
	14,275	Luxfer Holdings PLC1		230,399
		Electrical Components – 1.3%
	2,220	Regal Rexnord Corp.		282,473
		Electronic Equipment: Gauges and Meters – 2.0%
	56,260	Mirion Technologies, Inc.*		443,891
		Industrial Suppliers – 3.0%
	52,632	Gates Industrial Corp. plc*1		671,058
		Machinery: Engines – 2.1%
	6,095	Brunswick Corp.		460,843
		Machinery: Industrial – 1.1%
	5,031	ESAB Corp.*		236,457
		Professional Business Support Services – 2.3%
	30,137	First Advantage Corp.*		523,178
		Railroad Equipment – 2.1%
	16,625	Trinity Industries, Inc.		461,177
		TOTAL INDUSTRIALS		4,312,841
		TECHNOLOGY – 8.9%
		Computer Hardware – 5.2%
	38,445	Switch, Inc. – Class A		1,147,968
		Computer Services – 1.9%
	27,430	Dun & Bradstreet Holdings, Inc.*		433,120
		Consumer Digital Services – 1.8%
	5,865	TechTarget, Inc.*		394,773
		TOTAL TECHNOLOGY		1,975,861

See accompanying Notes to Financial Statements.

8

North Square Advisory Research Small Cap Value Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		TELECOMMUNICATIONS – 1.8%
		Telecommunications Services – 1.8%
	20,585	WideOpenWest, Inc.*	$	412,729
		TOTAL TELECOMMUNICATIONS		412,729
		TOTAL COMMON STOCKS
		(Cost $23,852,403)		22,118,655
		SHORT-TERM INVESTMENT – 0.7%
	147,277	First American Treasury Obligations Fund – Class X, 0.29%2		147,277
		TOTAL SHORT-TERM INVESTMENT
		(Cost $147,277)		147,277
		TOTAL INVESTMENTS – 100.0%
		(Cost $23,999,680)		22,265,932
		Other Assets in Excess of Liabilities – 0.0%		4,732
		TOTAL NET ASSETS – 100.0%	$	22,270,664

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.

9

North Square Advisory Research Small Cap Value Fund

SUMMARY OF INVESTMENTS

As of April 30, 2022 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Financials		25.0	%
Industrials		19.4	%
Consumer Discretionary		15.8	%
Energy		10.1	%
Technology		8.9	%
Basic Materials		7.6	%
Health Care		5.9	%
Consumer Staples		4.8	%
Telecommunications		1.8	%
Total Common Stocks		99.3	%
Short-Term Investment		0.7	%
Total Investments		100.0	%
Other Assets in Excess of Liabilities		0.0	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

10

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 94.1%
		BERMUDA – 2.5%
	6,247	Everest Re Group, Ltd.	$	1,716,113
		CANADA – 1.6%
	8,707	Agnico Eagle Mines Ltd.		507,009
	119,004	Kinross Gold Corp.		601,203
				1,108,212
		CHINA – 3.8%
	38,064	Alibaba Group Holding Ltd.*		464,293
	56,506	Baidu, Inc. – Class A*		900,915
	250,400	Sands China Ltd.*		551,925
	28,283	Trip.com Group Ltd. – ADR*		668,893
				2,586,026
		FRANCE – 12.2%
	25,669	Accor SA*		843,322
	45,662	AXA SA		1,207,993
	45,782	Bureau Veritas SA		1,315,169
	15,629	Danone		945,107
	16,643	Sanofi		1,759,085
	21,236	SCOR SE		600,425
	32,677	TotalEnergies SE		1,604,541
				8,275,642
		GERMANY – 7.4%
	2,500	adidas AG		504,149
	8,455	Continental AG		579,516
	13,580	Daimler Truck Holding AG*		365,232
	13,985	Fresenius Medical Care AG & Co. KGaA		869,685
	13,051	SAP SE		1,322,670
	8,628	Siemens AG		1,060,858
	15,731	Siemens Energy AG		303,015
				5,005,125
		INDIA – 1.1%
	13,157	HDFC Bank Ltd. – ADR		726,398
		IRELAND – 6.3%
	6,410	CRH Public Limited Co.		253,355
	1,112	Linde Public Limited Co.		348,766
	16,077	Medtronic, PLC		1,677,796
	9,156	Willis Towers Watson Public Limited Co.		1,967,258
				4,247,175
		ISRAEL – 2.1%
	11,521	Check Point Software Technologies Ltd.*		1,454,987
		JAPAN – 14.7%
	116,746	Astellas Pharma Inc.		1,777,542
	15,987	Daito Trust Construction Co., Ltd.		1,539,738
	41,643	Japan Exchange Group Inc.		620,081
	53,825	KUBOTA CORP.		914,415
	29,908	Makita Corp.		883,986
	1,788	Nintendo Co., Ltd.		816,027

See accompanying Notes to Financial Statements.

11

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS (Continued)
		JAPAN (Continued)
	37,891	Sekisui House, Ltd.	$	658,089
	41,801	Sumitomo Mitsui Trust Holdings, Inc.		1,297,399
	26,698	Tokio Marine Holdings, Inc.		1,443,526
				9,950,803
		NETHERLANDS – 6.7%
	13,052	Akzo Nobel N.V.		1,132,218
	17,793	Euronext NV		1,425,617
	20,656	Heineken N.V.		2,016,259
				4,574,094
		REPUBLIC OF KOREA – 3.5%
	33,731	KB Financial Group Inc.		1,569,305
	605	Samsung Electronics Co., Ltd. – GDR		790,288
				2,359,593
		SINGAPORE – 1.8%
	176,531	Singapore Exchange Ltd.		1,242,133
		SPAIN – 1.5%
	6,927	Aena SME, S.A.*		983,010
		SWEDEN – 0.9%
	24,861	ASSA ABLOY AB – Class B		628,291
		SWITZERLAND – 13.6%
	9,939	Chubb Ltd.		2,051,907
	29,398	Julius Baer Group Ltd.		1,404,867
	12,381	Nestle S.A.		1,598,314
	16,115	Novartis AG		1,424,071
	1,851	Roche Holding AG		686,377
	4,441	Zurich Insurance Group AG		2,021,854
				9,187,390
		UNITED KINGDOM – 13.7%
	3,591	Aon PLC – Class A		1,034,172
	33,301	BP p.l.c – ADR		956,405
	34,306	Diageo plc		1,711,487
	81,770	GlaxoSmithKline PLC		1,843,307
	49,031	Liberty Global plc – Class A*		1,115,945
	1,261,463	Lloyds Banking Group plc		716,466
	36,504	Smiths Group PLC		667,998
	81,809	Vodafone Group PLC – ADR		1,242,679
				9,288,459
		UNITED STATES – 0.7%
	5,878	Cognizant Technology Solutions Corp. – Class A		475,530
		TOTAL COMMON STOCKS
		(Cost $67,647,292)		63,808,981

See accompanying Notes to Financial Statements.

12

North Square Altrinsic International Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		PREFERRED STOCK – 1.2%
		GERMANY – 1.2%
	12,947	Henkel AG & Co. KGaA	$	831,346
		TOTAL PREFERRED STOCK
		(Cost $1,186,186)		831,346
		SHORT-TERM INVESTMENT – 4.3%
	2,882,518	First American Treasury Obligations Fund – Class X, 0.29%1		2,882,518
		TOTAL SHORT-TERM INVESTMENT
		(Cost $2,882,518)		2,882,518
		TOTAL INVESTMENTS – 99.6%
		(Cost $71,715,996)		67,522,845
		Other Assets in Excess of Liabilities – 0.4%		267,697
		TOTAL NET ASSETS – 100.0%	$	67,790,542

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.

See accompanying Notes to Financial Statements.

13

North Square Altrinsic International Equity Fund

SUMMARY OF INVESTMENTS

As of April 30, 2022 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Financials		31.0	%
Health Care		14.8	%
Industrials		10.5	%
Consumer Staples		9.2	%
Consumer Discretionary		6.3	%
Communication Services		6.0	%
Information Technology		6.0	%
Materials		4.2	%
Energy		3.8	%
Real Estate		2.3	%
Total Common Stocks		94.1	%
Preferred Stock		1.2	%
Short-Term Investment		4.3	%
Total Investments		99.6	%
Other Assets in Excess of Liabilities		0.4	%
Total Net Assets		100.0	%

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.

14

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		ASSET BACKED SECURITIES – 7.6%
		Aligned Data Centers Issuer LLC
$	400,000	1.937%, 08/15/20461	$	361,840
		American Credit Acceptance Receivables Trust 2021-2
	446,000	1.340%, 07/13/20271		424,305
		Americredit Automobile Receivables Trust 2019-2
	139,925	2.540%, 07/18/2024		140,263
		AMSR 2019-SFR1 Trust
	500,000	2.774%, 01/20/20391		473,745
		AMSR 2021-SFR2 Trust
	200,000	1.527%, 08/19/20381		179,607
		Amur Equipment Finance Receivables IX LLC
	74,996	0.750%, 11/20/20261		73,256
		Amur Equipment Finance Receivables X LLC
	785,000	2.200%, 01/20/20281		746,606
		Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust
	53,817	5.720%, 01/15/2024		55,180
		CNH Equipment Trust 2019-A
	13,309	3.010%, 04/15/2024		13,366
		DT Auto Owner Trust 2020-1
	18,849	2.160%, 05/15/20241		18,853
		Enterprise Fleet Funding 2021-1 LLC
	376,926	0.440%, 12/20/20261		367,480
		Exeter Automobile Receivables Trust 2021-3
	317,000	0.350%, 02/18/2025		314,944
	306,000	0.690%, 01/15/2026		298,824
		FedEx Corp 2020-1 Class AA Pass Through Trust
	322,847	1.875%, 08/20/2035		285,785
		Flagship Credit Auto Trust 2021-3
	96,510	0.360%, 07/15/20271		94,144
		GLS Auto Receivables Issuer Trust 2021-3
	574,000	0.780%, 11/17/20251		554,212
		GM Financial Automobile Leasing Trust 2020-2
	290,000	2.560%, 07/20/2024		288,619
		GM Financial Automobile Leasing Trust 2021-3
	4,035	0.240%, 12/20/2023		4,006
		MMAF Equipment Finance LLC 2018-A
	247,452	3.390%, 01/10/20251		248,848
		Oportun Funding XIV LLC
	100,000	1.210%, 03/08/20281		97,050
		Oscar US Funding X LLC
	336,257	3.270%, 05/11/20261,2		337,203
		Oscar US Funding XII LLC
	110,000	0.700%, 04/10/20251,2		106,496
		Santander Retail Auto Lease Trust 2021-C
	227,000	0.500%, 03/20/20251		220,083
		Tricon Residential 2022-SFR1 Trust
	528,000	3.856%, 04/17/20391		516,657
		Union Pacific Railroad Co 2005 Pass Through Trust
	26,656	5.082%, 01/02/2029		27,801

See accompanying Notes to Financial Statements.

15

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		ASSET BACKED SECURITIES (Continued)
		Verizon Master Trust
$	274,000	0.690%, 05/20/2027	$	258,986
		Verizon Owner Trust 2020-C
	635,000	0.670%, 04/21/2025		608,996
		VMC Finance 2021-FL4 LLC
	354,096	1.654% (1 Month LIBOR USD + 1.100%), 06/18/20361,3		348,802
		Volvo Financial Equipment LLC Series 2019-2
	109,282	2.040%, 11/15/20231		109,438
		Westlake Automobile Receivables Trust 2020-2
	300,000	1.320%, 07/15/20251		299,606
		Westlake Automobile Receivables Trust 2020-3
	52,577	0.560%, 05/15/20241		52,471
		Westlake Automobile Receivables Trust 2021-1
	89,209	0.390%, 10/15/20241		88,751
	295,000	0.640%, 03/16/20261		289,657
		Westlake Automobile Receivables Trust 2021-2
	320,000	0.620%, 07/15/20261		309,920
		Westlake Automobile Receivables Trust 2021-3
	1,000,000	1.290%, 01/15/20271		965,226
		World Omni Auto Receivables Trust 2019-C
	172,595	1.960%, 12/15/2024		172,755
		TOTAL ASSET BACKED SECURITIES
		(Cost $10,128,326)		9,753,781
		CORPORATE BONDS – 26.7%
		COMMUNICATION SERVICES – 2.3%
		Diversified Telecommunication Services – 1.6%
		AT&T Inc.
	292,000	1.700%, 03/25/2026		269,836
	300,000	4.350%, 03/01/2029		303,180
		Verizon Communications Inc.
	1,702,000	2.100%, 03/22/2028		1,526,093
				2,099,109
		Entertainment – 0.4%
		The Walt Disney Co.
	301,000	1.750%, 01/13/2026		282,352
	180,000	2.000%, 09/01/2029		157,574
				439,926
		Media – 0.3%
		Fox Corp.
	389,000	3.050%, 04/07/2025		382,132
		TOTAL COMMUNICATION SERVICES		2,921,167

See accompanying Notes to Financial Statements.

16

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER DISCRETIONARY – 2.4%
		Automobiles – 1.6%
		American Honda Finance Corp.
$	218,000	2.000%, 03/24/2028	$	197,096
		Daimler Finance North America LLC
	150,000	1.450%, 03/02/20261		137,177
		General Motors Financial Co., Inc.
	1,207,000	1.250%, 01/08/2026		1,081,243
	345,000	4.300%, 04/06/2029		329,617
		Hyundai Capital America
	250,000	5.875%, 04/07/20251		260,906
				2,006,039
		Hotels, Restaurants & Leisure – 0.4%
		Starbucks Corp.
	528,000	3.550%, 08/15/2029		503,446
		Internet & Direct Marketing Retail – 0.2%
		Amazon.com, Inc.
	265,000	3.300%, 04/13/2027		263,034
		Specialty Retail – 0.2%
		The Home Depot, Inc.
	338,000	2.950%, 06/15/2029		323,156
		TOTAL CONSUMER DISCRETIONARY		3,095,675
		CONSUMER STAPLES – 1.4%
		Beverages – 0.4%
		Anheuser-Busch InBev Worldwide Inc.
	283,000	4.750%, 01/23/2029		291,547
		PepsiCo, Inc.
	243,000	2.625%, 03/19/2027		234,598
				526,145
		Household Products – 0.1%
		The Procter & Gamble Co.
	107,000	1.200%, 10/29/2030		88,321
		Tobacco – 0.9%
		Altria Group, Inc.
	360,000	4.800%, 02/14/2029		357,236
		B.A.T. Capital Corp.
	254,000	2.259%, 03/25/2028		217,324
	257,000	4.906%, 04/02/2030		248,294
		Philip Morris International Inc.
	354,000	2.750%, 02/25/2026		342,903
				1,165,757
		TOTAL CONSUMER STAPLES		1,780,223

See accompanying Notes to Financial Statements.

17

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS (Continued)
			��
		ENERGY – 1.3%
		Oil, Gas & Consumable Fuels – 1.3%
		BP Capital Markets America Inc.
$	175,000	3.017%, 01/16/2027		$	168,594
	191,000	3.543%, 04/06/2027			188,145
		Chevron Corp.
	361,000	2.954%, 05/16/2026			353,312
		Saudi Arabian Oil Co.
	200,000	3.500%, 04/16/20291,2			194,180
		Shell International Finance B.V.
	888,000	2.375%, 11/07/20292			793,521
		TOTAL ENERGY			1,697,752
		FINANCIALS – 12.6%
		Banks – 8.8%
		Bank of America Corp.
	1,321,000	1.658% (SOFR + 0.910%), 03/11/20273			1,197,543
	325,000	1.734% (SOFR + 0.960%), 07/22/20273			291,985
	504,000	2.572% (SOFR + 1.210%), 10/20/20323			426,408
		Bank of Montreal
	170,000	1.850%, 05/01/20252			161,608
		The Bank of Nova Scotia
	717,000	1.300%, 06/11/20252			665,808
		Canadian Imperial Bank of Commerce
	415,000	2.250%, 01/28/20252			399,913
		Citigroup Inc.
	628,000	0.981% (SOFR + 0.669%), 05/01/20253			592,661
	388,000	3.070% (SOFR + 1.280%), 02/24/20283			364,998
		Cooperatieve Rabobank U.A.
	556,000	1.980% (1 Year CMT  Rate + 0.730%), 12/15/20271,2,3			504,574
		F.N.B. Corp. of Pennsylvania
	249,000	2.200%, 02/24/2023			246,919
		Federation des caisses Desjardins du Quebec
	220,000	2.050%, 02/10/20251,2			209,847
		Fifth Third Bancorp
	464,000	3.650%, 01/25/2024			465,194
		JPMorgan Chase & Co.
	783,000	0.969% (SOFR + 0.580%), 06/23/20253			737,317
	1,688,000	2.005% (SOFR + 1.585%), 03/13/20263			1,591,176
	525,000	1.578% (SOFR + 0.885%), 04/22/20273			475,278
	286,000	1.953% (SOFR + 1.065%), 02/04/20323			233,889
		PNC Financial Services Group, Inc.
	301,000	1.150%, 08/13/2026			273,043
	513,000	2.550%, 01/22/2030			459,148
		The Toronto-Dominion Bank
	716,000	1.150%, 06/12/20252			664,547
	282,000	1.250%, 09/10/20262			253,225

See accompanying Notes to Financial Statements.

18

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS (Continued)
			��
		FINANCIALS (Continued)
		Banks (Continued)
		U.S. Bancorp
$	79,000	2.677% (SOFR + 1.020%), 01/27/20333		$	69,974
		Wells Fargo & Co.
	779,000	3.526% (SOFR + 1.510%), 03/24/20283			748,766
		Westpac Banking Corp.
	276,000	1.953%, 11/20/20282			243,568
					11,277,389
		Capital Markets – 2.5%
		The Charles Schwab Corp.
	87,000	2.000%, 03/20/2028			78,593
		The Goldman Sachs Group, Inc.
	881,000	3.272% (3 Month LIBOR USD + 1.201%), 09/29/20253			867,653
	477,000	1.431% (SOFR + 0.798%), 03/09/20273			426,329
	692,000	1.992% (SOFR + 1.090%), 01/27/20323			559,589
		Morgan Stanley
	349,000	0.790% (SOFR + 0.525%), 05/30/20253			326,705
	1,092,000	1.593% (SOFR + 0.879%), 05/04/20273			983,022
					3,241,891
		Consumer Finance – 0.7%
		Capital One Financial Corp.
	1,029,000	1.878% (SOFR + 0.855%), 11/02/20273			921,381
		Insurance – 0.6%
		Berkshire Hathaway Finance Corp.
	812,000	2.875%, 03/15/2032			735,943
		TOTAL FINANCIALS			16,176,604
		HEALTH CARE – 1.5%
		Biotechnology – 0.5%
		AbbVie Inc.
	195,000	3.600%, 05/14/2025			193,957
		Amgen Inc.
	382,000	3.000%, 02/22/2029			358,798
	197,000	2.450%, 02/21/2030			173,982
					726,737
		Health Care Providers & Services – 0.8%
		CVS Health Corp.
	70,000	4.300%, 03/25/2028			70,366
		UnitedHealth Group Inc.
	914,000	3.750%, 07/15/2025			923,034
					993,400
		Pharmaceuticals – 0.2%
		AstraZeneca PLC
	268,000	0.700%, 04/08/20262			239,863
		TOTAL HEALTH CARE			1,960,000

See accompanying Notes to Financial Statements.

19

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		INDUSTRIALS – 1.6%
		Aerospace & Defense – 0.8%
		The Boeing Co.
$	1,022,000	4.875%, 05/01/2025	$	1,035,909
		Air Freight & Logistics – 0.1%
		United Parcel Service, Inc.
	152,000	3.900%, 04/01/2025		153,950
		Road & Rail – 0.7%
		BNSF Railway Co 2015-1 Pass Through Trust
	194,923	3.442%, 06/16/20281		194,807
		CSX Corp.
	150,000	3.800%, 03/01/2028		149,144
		CSX Transportation, Inc.
	322,983	6.251%, 01/15/2023		329,959
		Union Pacific Railroad Co 2014-1 Pass Through Trust
	151,081	3.227%, 05/14/2026		148,796
				822,706
		TOTAL INDUSTRIALS		2,012,565
		INFORMATION TECHNOLOGY – 2.0%
		Semiconductors & Semiconductor Equipment – 0.3%
		Broadcom Inc.
	399,000	3.459%, 09/15/2026		388,837
		Software – 0.3%
		Oracle Corp.
	390,000	3.250%, 11/15/2027		363,375
		Technology Hardware, Storage & Peripherals – 1.4%
		Apple Inc.
	590,000	2.050%, 09/11/2026		559,531
	655,000	1.200%, 02/08/2028		573,989
		Hewlett Packard Enterprise Co.
	682,000	1.450%, 04/01/2024		657,540
				1,791,060
		TOTAL INFORMATION TECHNOLOGY		2,543,272
		MATERIALS – 0.2%
		Chemicals – 0.2%
		DuPont de Nemours, Inc.
	306,000	4.493%, 11/15/2025		311,803
		TOTAL MATERIALS		311,803
		REAL ESTATE – 0.4%
		Equity Real Estate Investment Trusts (REITs) – 0.4%
		Crown Castle International Corp.
	504,000	1.050%, 07/15/2026		445,384
		TOTAL REAL ESTATE		445,384

See accompanying Notes to Financial Statements.

20

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		UTILITIES – 1.0%
		Electric Utilities – 0.8%
		Duke Energy Corp.
$	151,000	2.450%, 06/01/2030	$	131,930
		NextEra Energy Capital Holdings, Inc.
	419,000	1.900%, 06/15/2028		371,459
		Pacific Gas and Electric Co.
	349,000	1.367%, 03/10/2023		344,035
		Virginia Electric and Power Co.
	176,000	3.150%, 01/15/2026		172,551
				1,019,975
		Multi-Utilities – 0.2%
		Consolidated Edison Co. of New York, Inc.
	222,000	3.350%, 04/01/2030		210,303
		TOTAL UTILITIES		1,230,278
		TOTAL CORPORATE BONDS
		(Cost $37,381,899)		34,174,723
		MORTGAGE BACKED SECURITIES – 40.0%
		BBCMS Mortgage Trust 2022-C14
	233,201	1.727%, 02/18/2055		223,702
		COMM 2012-CCRE4 Mortgage Trust
	243,278	2.853%, 10/17/2045		243,252
		DBUBS 2017-BRBK Mortgage Trust
	300,000	3.452%, 10/12/20341		295,412
		Ellington Financial Mortgage Trust 2020-1
	309,336	2.006%, 05/25/20651,4		303,936
		EQUS 2021-EQAZ Mortgage Trust
	600,000	0.861% (1 Month LIBOR USD + 0.755%), 10/15/20361,3		585,828
		Fannie Mae Pool
	14,666	4.500%, 07/01/2026		15,123
	50,081	2.500%, 08/01/2028		49,162
	38,882	5.000%, 11/01/2029		40,671
	11,610	4.000%, 10/01/2030		11,572
	96,126	4.500%, 05/01/2031		98,131
	84,817	4.000%, 09/01/2031		85,753
	37,413	4.500%, 01/01/2032		38,189
	24,090	3.500%, 04/01/2032		24,000
	474,988	2.500%, 06/01/2032		466,177
	206,478	3.500%, 07/01/2032		207,898
	154,603	3.500%, 02/01/2033		155,729
	1,105,990	3.500%, 05/01/2033		1,124,847
	320,991	3.000%, 05/01/2033		310,536
	130,588	3.500%, 12/01/2033		130,992
	92,462	4.500%, 05/01/2034		94,607
	110,357	4.000%, 06/01/2034		112,116
	151,770	3.500%, 08/01/2034		150,518
	122,406	3.500%, 12/01/2034		121,653

See accompanying Notes to Financial Statements.

21

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae Pool (Continued)
$	256,589	3.500%, 02/01/2035	$	257,382
	172,225	3.000%, 02/01/2035		171,431
	121,071	4.000%, 11/01/2035		122,711
	57,670	3.500%, 11/01/2035		57,318
	333,032	2.500%, 04/01/2037		310,425
	129,630	4.000%, 07/01/2037		130,831
	127,337	3.500%, 12/01/2037		125,439
	126,358	4.000%, 12/01/2037		127,748
	88,005	4.000%, 06/01/2038		89,631
	82,103	3.000%, 08/01/2038		79,383
	4,528	4.000%, 03/01/2039		4,576
	614,580	3.000%, 01/01/2040		594,552
	93,179	4.500%, 01/01/2040		97,239
	656,249	2.500%, 06/01/2040		610,089
	12,517	4.500%, 07/01/2040		13,063
	351,068	2.000%, 08/01/2040		316,363
	89,481	4.000%, 09/01/2040		90,310
	21,806	4.500%, 09/01/2040		22,757
	4,091	4.000%, 09/01/2040		4,140
	386,878	3.000%, 10/01/2040		369,680
	227,642	2.500%, 10/01/2040		212,074
	272,300	2.000%, 11/01/2040		245,206
	14,391	4.500%, 11/01/2040		14,817
	35,336	4.500%, 12/01/2040		36,789
	173,232	2.000%, 01/01/2041		155,962
	98,662	4.000%, 01/01/2041		99,755
	465,956	2.500%, 02/01/2041		426,826
	393,652	1.500%, 03/01/2041		337,939
	250,569	2.500%, 03/01/2041		233,391
	86,808	4.500%, 04/01/2041		90,605
	21,427	4.500%, 05/01/2041		22,318
	521,527	2.500%, 09/01/2041		483,828
	1,750,333	3.000%, 10/01/2041		1,676,909
	532,817	2.500%, 10/01/2041		494,962
	9,392	4.000%, 10/01/2041		9,434
	337,862	2.500%, 11/01/2041		313,436
	21,600	3.000%, 09/01/2042		20,843
	143,838	3.000%, 04/01/2043		138,588
	126,595	3.500%, 07/01/2043		125,469
	46,170	3.500%, 01/01/2044		45,761
	405,017	3.000%, 04/01/2045		389,798
	37,638	3.500%, 12/01/2045		37,116
	194,460	4.500%, 03/01/2046		202,908
	115,488	3.000%, 04/01/2046		110,778
	185,784	2.500%, 05/01/2046		170,970
	151,803	3.000%, 06/01/2046		146,609
	113,966	3.500%, 06/01/2046		112,533
	74,303	3.000%, 10/01/2046		71,160

See accompanying Notes to Financial Statements.

22

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae Pool (Continued)
$	6,761	3.000%, 11/01/2046	$	6,483
	668,382	3.000%, 02/01/2047		642,428
	1,127,921	2.500%, 11/01/2047		1,039,185
	295,962	2.500%, 12/01/2047		272,167
	55,616	3.500%, 03/01/2048		54,529
	214,493	2.500%, 04/01/2048		197,629
	119,644	3.000%, 04/01/2048		114,586
	359,641	3.500%, 08/01/2048		353,780
	112,112	3.500%, 11/01/2048		109,657
	10,810	4.500%, 11/01/2048		11,032
	144,619	3.000%, 12/01/2048		138,606
	48,488	3.000%, 02/01/2049		46,285
	20,875	3.500%, 02/01/2049		20,361
	660,795	2.500%, 07/01/2049		608,883
	602,079	3.500%, 09/01/2049		575,822
	108,142	3.000%, 12/01/2049		102,430
	419,639	2.500%, 04/01/2050		378,047
	300,155	2.500%, 05/01/2050		270,444
	164,573	3.500%, 08/01/2050		161,932
	561,303	2.500%, 09/01/2050		513,896
	141,284	2.500%, 10/01/2050		129,672
	358,665	2.000%, 03/01/2051		318,359
	1,461,397	2.500%, 07/01/2051		1,338,644
	847,818	2.500%, 08/01/2051		774,980
	613,517	2.500%, 09/01/2051		560,733
	2,539,329	2.500%, 10/01/2051		2,326,986
	295,903	2.500%, 12/01/2051		270,903
	643,595	3.000%, 01/01/2052		609,683
	801,667	3.000%, 02/01/2052		758,542
		Fannie Mae REMICS
	1,227	7.000%, 11/25/2022		1,224
	30,969	5.500%, 01/25/2026		31,730
	119,035	4.000%, 04/25/2033		120,739
	225,000	4.000%, 09/25/2033		225,001
	4,544	5.000%, 08/25/2035		4,791
	228,000	3.500%, 10/25/2037		225,763
	5,788	4.500%, 02/25/2038		5,812
	1,434	2.000%, 07/25/2041		1,421
	45,594	2.000%, 12/25/2041		43,107
	136,793	3.500%, 02/25/2043		135,785
	110,116	2.000%, 02/25/2043		104,733
	9,765	3.500%, 08/25/2043		9,782
	195,352	2.000%, 10/25/2044		185,850
	45,985	3.000%, 04/25/2045		44,832
	8,341	3.500%, 08/25/2045		8,337
	79,515	2.500%, 01/25/2048		75,008
	568,000	4.000%, 05/25/20495		572,593
	102,845	3.500%, 09/25/2048		103,018

See accompanying Notes to Financial Statements.

23

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Fannie Mae REMICS (Continued)
$	694,401	2.000%, 04/25/2049	$	641,634
	79,951	3.000%, 07/25/2049		76,563
	11,786	3.500%, 06/25/2053		11,633
		Fannie Mae Trust 2003-W8
	16,122	1.018% (1 Month LIBOR USD + 0.350%), 05/25/20423		16,055
		Fannie Mae-Aces
	69,423	3.501%, 01/25/2024		69,665
		Freddie Mac Gold Pool
	3,921	6.000%, 01/01/2024		3,994
	14,528	4.500%, 12/01/2024		14,872
	36,993	4.500%, 10/01/2028		38,587
	80,126	4.500%, 05/01/2031		81,864
	163,002	4.500%, 06/01/2031		166,537
	6,911	4.000%, 09/01/2031		6,993
	50,895	3.500%, 05/01/2032		51,267
	244,605	3.500%, 08/01/2032		245,845
	124,549	3.000%, 11/01/2032		120,861
	48,497	3.500%, 06/01/2033		48,358
	125,958	4.000%, 11/01/2033		128,080
	15,913	3.500%, 07/01/2036		15,570
	157,249	3.500%, 08/01/2036		156,801
	26,977	4.500%, 12/01/2039		28,173
	25,895	4.000%, 01/01/2041		26,228
	46,639	3.000%, 11/01/2042		45,021
	105,159	3.500%, 12/01/2042		104,073
	659,023	3.000%, 12/01/2046		632,086
	71,756	3.000%, 01/01/2047		68,796
		Freddie Mac Multifamily Structured Pass Through Certificates
	11,831	0.792% (1 Month LIBOR USD + 0.340%), 07/25/20243		11,822
	16,469	2.802%, 01/25/20464		16,445
		Freddie Mac Pool
	252,190	3.500%, 07/01/2030		252,970
	28,735	2.000%, 12/01/2030		27,514
	121,088	2.500%, 11/01/2031		118,791
	55,973	3.000%, 10/01/2032		55,538
	309,408	4.000%, 06/01/2033		312,417
	89,609	3.500%, 11/01/2034		90,226
	357,691	3.000%, 07/01/2038		348,227
	491,064	3.000%, 09/01/2039		470,852
	727,267	3.000%, 06/01/2040		693,915
	174,359	2.500%, 04/01/2042		161,654
	472,393	2.500%, 10/01/2046		434,753
	671,571	4.500%, 02/01/2047		690,318
	38,797	3.500%, 01/01/2048		38,085
	263,351	2.500%, 11/01/2050		240,896
	355,820	2.000%, 02/01/2051		315,062
	527,679	2.500%, 03/01/2051		483,021

See accompanying Notes to Financial Statements.

24

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Freddie Mac Pool (Continued)
$	429,934	2.000%, 11/01/2051	$	380,014
	582,522	3.000%, 12/01/2051		551,089
		Freddie Mac REMICS
	24,724	4.500%, 09/15/2025		25,234
	162,679	3.500%, 08/15/2027		162,773
	4,654	3.000%, 11/15/2032		4,653
	4,664	3.000%, 09/15/2037		4,673
	217,222	3.000%, 08/15/2040		217,260
	180,292	2.000%, 09/15/2041		171,217
	18,643	2.000%, 12/15/2041		17,603
	381,876	2.000%, 11/15/2042		361,446
	84,679	3.000%, 05/15/2043		83,150
	41,642	3.000%, 11/15/2043		41,488
	110,113	2.000%, 03/25/2044		105,687
	236,620	3.000%, 08/15/2044		231,506
	595	4.000%, 07/15/2045		594
	345,305	3.000%, 06/25/2048		330,848
	155,190	1.000%, 04/25/2049		140,170
	60,566	1.000%, 01/25/2050		49,894
	239,122	3.250%, 04/15/20536		237,046
	54,380	3.000%, 01/15/2055		53,829
		Freddie Mac STACR REMIC Trust 2021-DNA3
	84,459	1.039% (SOFR30A + 0.750%), 10/25/20331,3		83,628
		Freddie Mac STACR REMIC Trust 2022-DNA1
	1,000,000	1.289% (SOFR30A + 1.000%), 01/27/20421,3		982,435
		Freddie Mac STACR REMIC Trust 2022-DNA1
	826,000	2.251% (SOFR30A + 2.000%), 04/25/20421,3		826,687
		Freddie Mac Structured Agency Credit Risk Debt Notes
	48,426	1.089% (SOFR30A + 0.800%), 08/25/20331,3		48,136
		Freddie Mac Structured Pass-Through Certificates
	119,660	1.619% (12 Month US Treasury Average + 1.400%), 07/25/20443		123,208
	18,623	1.419% (12 Month US Treasury Average + 1.200%), 10/25/20443		18,935
		Government National Mortgage Association
	563	5.000%, 12/20/2027		573
	63,304	5.500%, 09/20/2033		65,496
	146,985	2.750%, 06/20/2042		144,394
	209,000	3.000%, 01/20/2043		203,388
	46,067	2.200%, 11/16/2043		45,896
	13,747	2.250%, 09/16/2044		13,628
	36,201	2.000%, 03/20/2045		34,456
	15,017	2.500%, 10/20/2045		14,846
	25,381	2.500%, 09/20/2046		24,824
	477,029	2.000%, 03/20/2050		443,426
	165,882	1.000%, 08/20/2050		140,001
	200,465	1.250%, 05/20/2051		171,450
	1,933,535	1.750%, 09/20/2051		1,800,176
	8,074	2.700%, 12/16/20544		8,073

See accompanying Notes to Financial Statements.

25

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		GS Mortgage Securities Corp Trust 2021-RENT
$	296,924	1.325% (1 Month LIBOR USD + 0.700%), 11/21/20351,3	$	293,992
		GS Mortgage Securities Corp Trust 2021-ROSS
	310,000	1.705% (1 Month LIBOR USD + 1.150%), 06/16/20361,3		304,572
		ILPT Trust 2019-SURF
	145,000	4.145%, 02/13/20411		144,951
		JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2
	124,000	2.822%, 08/17/2049		119,188
		Morgan Stanley Capital I Trust 2015-UBS8
	168,000	3.809%, 12/17/2048		167,103
		Morgan Stanley Capital I Trust 2016-UBS12
	413,000	3.596%, 12/17/2049		405,800
		Morgan Stanley Capital I Trust 2016-UBS9
	337,000	3.594%, 03/17/2049		333,558
		PSMC 2020-3 Trust
	925,000	3.000%, 11/25/20501,4		871,141
		RLGH Trust 2021-TROT
	430,000	1.355% (1 Month LIBOR USD + 0.800%), 04/15/20361,3		424,085
		Seasoned Credit Risk Transfer Trust
	93,293	2.000%, 11/25/2060		87,474
		UBS Commercial Mortgage Trust
	334,000	2.921%, 10/18/2052		307,022
		UBS-Barclays Commercial Mortgage Trust 2012-C4
	24,626	2.533%, 12/12/2045		24,616
		UBS-Barclays Commercial Mortgage Trust 2013-C5
	98,649	2.687%, 03/12/2046		98,816
		UBS-Barclays Commercial Mortgage Trust 2013-C6
	656,000	3.244%, 04/12/2046		654,632
		VNDO 2012-6AVE Mortgage Trust
	300,000	2.996%, 11/15/20301		300,790
		Wells Fargo Commercial Mortgage Trust 2016-C35
	160,000	2.931%, 07/17/2048		153,910
		Wells Fargo Commercial Mortgage Trust 2016-NXS6
	437,000	2.918%, 11/18/2049		420,199
		Wells Fargo Commercial Mortgage Trust 2017-RB1
	351,000	3.635%, 03/15/2050		346,253
		Wells Fargo Commercial Mortgage Trust 2021-SAVE
	222,710	1.704% (1 Month LIBOR USD + 1.150%), 02/15/20401,3		219,800
		WFRBS Commercial Mortgage Trust 2013-C12
	157,897	3.198%, 03/17/2048		158,039
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $55,503,897)		51,279,699
		U.S. GOVERNMENT AGENCY ISSUES – 18.3%
		Federal Farm Credit Banks Funding Corp.
	1,375,000	2.280%, 02/14/2028		1,304,719
	676,000	2.450%, 02/23/2028		647,594
	2,000,000	1.300%, 09/20/2028		1,781,255
	585,000	2.750%, 03/07/2029		564,381
	710,000	1.370%, 03/20/2029		621,605

See accompanying Notes to Financial Statements.

26

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		U.S. GOVERNMENT AGENCY ISSUES (Continued)
		Federal Farm Credit Banks Funding Corp. (Continued)
$	347,000	2.870%, 02/25/2030	$	335,058
	2,095,000	2.150%, 12/01/2031		1,840,398
	687,000	2.950%, 02/17/2032		647,080
	247,000	2.940%, 02/23/2032		235,586
	1,849,000	3.000%, 03/08/2032		1,756,746
	668,000	3.800%, 04/05/2032		656,072
	1,378,000	2.480%, 02/01/2034		1,207,131
	1,355,000	3.250%, 02/23/2035		1,259,082
	1,706,000	3.360%, 02/23/2037		1,579,353
		Federal Home Loan Banks
	550,875	1.000%, 03/23/2026		509,288
	1,640,000	0.625%, 11/23/20265		1,541,385
	550,000	2.500%, 02/25/2027		536,588
	200,000	4.000%, 04/13/2027		200,029
	925,000	3.200%, 04/21/2027		916,178
	965,000	2.500%, 04/29/20275		963,716
	100,000	0.500%, 08/26/20276		92,047
	685,000	2.750%, 02/22/2034		627,361
	360,000	2.900%, 02/18/2037		325,089
	1,270,000	3.000%, 02/24/2037		1,140,109
		Ginnie Mae I Pool
	920	4.500%, 04/15/2023		933
	76,189	4.000%, 11/15/2024		77,966
	313,457	3.020%, 09/15/2041		308,048
	359,593	3.000%, 08/15/2045		345,629
		Ginnie Mae II Pool
	114,237	3.500%, 04/20/2027		114,708
	40,814	3.500%, 07/20/2027		40,983
	747,234	3.500%, 12/20/2034		752,413
	71,844	5.000%, 07/20/2048		74,732
	463,445	3.000%, 10/20/2051		442,955
		TOTAL U.S. GOVERNMENT AGENCY ISSUES
		(Cost $24,892,004)		23,446,217
		U.S. GOVERNMENT NOTES/BONDS – 4.1%
		United States Treasury Note/Bond
	476,000	0.875%, 01/31/2024		461,608
	2,591,000	2.625%, 04/15/2025		2,572,580
	1,727,000	1.875%, 02/28/2027		1,644,698
	453,000	2.750%, 04/30/2027		449,142
	175,000	1.750%, 01/31/2029		162,135
		TOTAL U.S. GOVERNMENT NOTES/BONDS
		(Cost $5,344,118)		5,290,163

See accompanying Notes to Financial Statements.

27

North Square McKee Bond Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		FOREIGN GOVERNMENT AGENCY ISSUES – 1.5%
		International Bank for Reconstruction and Development
$	712,000	0.650%, 02/24/20262	$	651,713
	1,500,000	2.700%, 12/28/20372		1,327,977
		TOTAL FOREIGN GOVERNMENT AGENCY ISSUES
		(Cost $2,180,623)		1,979,690
		CERTIFICATES OF DEPOSIT – 1.2%
		American Express National Bank
	245,000	2.000%, 03/09/2027		233,722
		Goldman Sachs Bank USA/New York NY
	865,000	1.000%, 02/11/2026		804,556
		HSBC Bank USA NA
	225,000	0.506% (3 Month LIBOR USD + 0.000%), 11/15/20223		224,699
		JPMorgan Chase Bank NA
	72,000	0.622% (3 Month LIBOR USD + 0.100%), 12/04/20233		71,926
	100,000	0.508% (3 Month LIBOR USD + 0.000%), 11/29/20243		98,389
	105,000	0.916% (3 Month LIBOR USD + 0.000%), 12/17/20253		101,945
		TOTAL CERTIFICATES OF DEPOSIT
		(Cost $1,604,763)		1,535,237
		SHORT TERM INVESTMENT – 0.7%
	946,931	First American Treasury Obligations Fund – Class X, 0.29%7		946,931
		TOTAL SHORT-TERM INVESTMENT
		(Cost $946,931)		946,931
		TOTAL INVESTMENTS – 100.1%
		(Cost $137,982,561)		128,406,441
		Liabilities in Excess of Other Assets – (0.1)%		(186,184	)
		TOTAL NET ASSETS – 100.0%	$	128,220,257

CMT – Constant Maturity Rate

LIBOR – London Inter-bank Offered Rate

PLC – Public Limited Company

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 April 30, 2022, the value of these securities total $14,471,141 which represents 11.29% 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 April 30, 2022.
4	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2022.
5	Level 3 securities fair valued under procedures established by the Board of Trustees, represents  0.45% of Net Assets. The total value of these securities is $572,593.
6	Step-up bond; the interest rate shown is the rate in effect as of April 30, 2022.
7	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.

28

North Square McKee Bond Fund

SUMMARY OF INVESTMENTS

As of April 30, 2022 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Asset Backed Securities		7.6	%
Corporate Bonds
Financials		12.6	%
Consumer Discretionary		2.4	%
Communication Services		2.3	%
Information Technology		2.0	%
Industrials		1.6	%
Health Care		1.5	%
Consumer Staples		1.4	%
Energy		1.3	%
Utilities		1.0	%
Real Estate		0.4	%
Materials		0.2	%
Total Corporate Bonds		26.7	%
Mortgage Backed Securities		40.0	%
U.S. Government Agency Issues		18.3	%
U.S. Government Notes/Bonds		4.1	%
Foreign Government Agency Issues		1.5	%
Certificates of Deposit		1.2	%
Short-Term Investment		0.7	%
Total Investments		100.1	%
Liabilities in Excess of Other Assets		(0.1	)%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

29

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS

As of April 30, 2022 (Unaudited)

Number
of Shares			Value
		COMMON STOCKS – 3.9%
		ENERGY – 0.9%
		Oil, Gas & Consumable Fuels – 0.9%
	4,049	Pioneer Natural Resources Co.	$	941,271
		TOTAL ENERGY		941,271
		INDUSTRIALS – 0.5%
		Aerospace & Defense – 0.5%
	1,166	Lockheed Martin Corp.		503,852
		TOTAL INDUSTRIALS		503,852
		MATERIALS – 2.5%
		Chemicals – 1.0%
	9,711	Nutrien Ltd.1		954,106
		Metals & Mining – 1.5%
	22,749	Barrick Gold Corp.1		507,530
	7,898	BHP Group Ltd.1		529,008
	6,975	Newmont Corp.		508,129
				1,544,667
		TOTAL MATERIALS		2,498,773
		TOTAL COMMON STOCKS
		(Cost $3,982,979)		3,943,896
		PURCHASED CALL OPTION – 0.5%
	150	S&P500 EMINI OPTN Sep22C 4550,
		Expiration Date: September 2022, Exercise Price $4,550.00		519,375
		TOTAL PURCHASED CALL OPTION
		(Cost $965,898)		519,375
Principal
Amount
		ASSET BACKED SECURITIES – 14.6%
		Aegis Asset Backed Securities Trust 2005-2
$	2,374,719	1.388% (1 Month LIBOR USD + 0.720%), 06/25/20353		2,304,474
		Aligned Data Centers Issuer LLC
	1,048,000	1.937%, 08/15/20462		948,021
		Asset-Backed Pass-Through Certificates Series 2004-R2
	849,698	1.313% (1 Month LIBOR USD + 0.645%), 04/25/20343		845,479
		Countrywide Asset-Backed Certificates
	543,297	1.328% (1 Month LIBOR USD + 0.660%), 03/25/20363		542,809
		FBR Securitization Trust
	1,000,000	1.373% (1 Month LIBOR USD + 0.705%), 11/26/20353		985,247
		Foundation Finance Trust 2017-1
	85,054	3.300%, 07/15/20332		85,310
		HI-FI Music IP Issuer LP
	1,000,000	3.939%, 02/01/20622		993,465
		HSI Asset Securitization Corp Trust 2006-OPT3
	405,370	1.208% (1 Month LIBOR USD + 0.540%), 02/25/20363		400,805

See accompanying Notes to Financial Statements.

30

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		ASSET BACKED SECURITIES (Continued)
		JP Morgan Mortgage Acquisition Trust 2006-CH1
$	290,000	0.988% (1 Month LIBOR USD + 0.320%), 07/25/20363	$	286,122
		JP Morgan Mortgage Acquisition Trust 2007-CH3
	508,246	0.928% (1 Month LIBOR USD + 0.260%), 03/25/20373		502,040
		Long Beach Mortgage Loan Trust 2005-1
	1,172,495	1.943% (1 Month LIBOR USD + 1.275%), 02/25/20353		1,164,044
		NMEF Funding 2022-A LLC
	2,000,000	2.580%, 10/16/20282		1,964,548
		OASIS 2020-2 LLC
	122,396	4.262%, 05/15/20322		122,438
		Oasis Securitization Funding LLC
	671,838	2.143%, 10/15/20332		663,531
		Planet Fitness Master Issuer LLC
	1,250,000	3.251%, 12/05/20512		1,157,704
		RASC Series 2005-EMX2 Trust
	239,476	1.643% (1 Month LIBOR USD + 0.650%), 07/25/20353		239,576
		Renaissance Home Equity Loan Trust 2005-3
	956,184	5.140%, 11/25/20355		964,638
		Soundview Home Loan Trust 2006-OPT3
	612,755	1.008% (1 Month LIBOR USD + 0.340%), 06/25/20363		612,346
		TOTAL ASSET BACKED SECURITIES
		(Cost $14,973,411)		14,782,597
		CORPORATE BONDS – 52.1%
		COMMUNICATION SERVICES – 2.4%
		Diversified Telecommunication Services – 0.9%
		T-Mobile USA, Inc.
	1,000,000	3.500%, 04/15/20312		887,700
		Entertainment – 1.0%
		Netflix Inc.
	1,000,000	4.875%, 06/15/20302		976,480
		Wireless Telecommunication Services – 0.5%
		Vodafone Group PLC
	515,000	7.000% (5 Year Swap Rate USD + 4.873%), 04/04/20791,3		544,556
		TOTAL COMMUNICATION SERVICES		2,408,736
		CONSUMER DISCRETIONARY – 4.8%
		Automobiles – 4.8%
		BMW US Capital, LLC
	1,500,000	3.250%, 04/01/20252		1,487,151
		Ford Motor Credit Co. LLC
	1,500,000	3.810%, 01/09/2024		1,475,708
		General Motors Financial Co., Inc.
	1,000,000	5.700% (5 Year CMT Rate + 4.997%), 09/30/21693		980,000
		NISSAN MOTOR CO., LTD.
	1,000,000	4.810%, 09/17/20301		940,275
		TOTAL CONSUMER DISCRETIONARY		4,883,134

See accompanying Notes to Financial Statements.

31

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER STAPLES – 2.8%
		Food Products – 2.8%
		JBS USA LUX SA / JBS USA Food Co / JBS USA Finance, Inc.
$	1,000,000	3.000%, 02/02/20291,2	$	891,340
		Kraft Heinz Foods Co.
	1,500,000	3.000%, 06/01/2026		1,434,688
		Mondelez International Inc.
	500,000	2.125%, 03/17/2024		491,198
		TOTAL CONSUMER STAPLES		2,817,226
		ENERGY – 2.8%
		Oil, Gas & Consumable Fuels – 2.8%
		Enbridge Inc.
	800,000	5.750% (5 Year CMT Rate + 5.314%), 07/15/20801,3		796,000
		Schlumberger Holdings Corp.
	2,000,000	3.750%, 05/01/20242		2,013,256
		TOTAL ENERGY		2,809,256
		FINANCIALS – 26.0%
		Banks – 18.9%
		Australia and New Zealand Banking Group Ltd.
	1,250,000	6.750% (5 Year Mid Swap Rate USD + 5.168%), 12/29/20491,3		1,310,419
		Banco Bilbao Vizcaya Argentaria, S.A.
	1,000,000	6.500% (5 Year CMT Rate + 5.192%), 06/05/20251,3		971,250
		Bank of America Corp.
	850,000	6.500% (3 Month LIBOR USD + 4.174%), 04/23/20253		868,598
	1,000,000	6.125% (5 Year CMT Rate + 3.231%), 07/27/21703		1,002,500
		Bank of Montreal
	500,000	2.150%, 03/08/20241		490,118
		BNP Paribas SA
	700,000	7.375% (5 Year Swap Rate USD + 5.150%), 12/29/20491,3		729,123
		Citigroup Inc.
	1,300,000	4.000% (5 Year CMT Rate + 3.597%), 06/10/21693		1,183,000
		CoBank ACB
	1,000,000	4.250% (5 Year CMT Rate + 3.049%), 07/01/21703		915,000
		Commerzbank Aktiengesellschaft
	1,000,000	7.000% (5 Year Swap Rate USD + 5.228%), 04/09/21711,3		989,000
		Credit Agricole S.A.
	1,000,000	7.875% (5 Year Swap Rate USD + 4.898%), 01/29/20491,2,3		1,027,500
		Fifth Third Bancorp
	1,000,000	4.500% (5 Year CMT Rate + 4.215%), 12/30/20253		972,417
		HSBC Holdings PLC
	1,000,000	6.000% (5 Year Swap Rate EUR + 5.338%), 03/29/21641,3		1,075,477
		Huntington Bancshares Inc.
	1,000,000	4.450% (7 Year CMT Rate + 4.045%), 03/15/21683		960,083
	500,000	5.625% (10 Year CMT Rate + 4.945%), 01/15/21693		500,985
		JPMorgan Chase & Co.
	1,100,000	6.750% (3 Month LIBOR USD + 3.780%), 01/29/20503		1,120,031

See accompanying Notes to Financial Statements.

32

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
		Banks (Continued)
		Lloyds Banking Group plc
$	700,000	6.750% (5 Year CMT Rate + 4.815%), 12/27/21661,3	$	705,624
		M&T Bank Corp.
	325,000	6.450% (3 Month LIBOR USD + 3.610%), 12/29/20493		327,234
		NatWest Group plc
	500,000	8.000% (5 Year Swap Rate USD + 5.720%), 12/29/20493		527,170
		Regions Financial Corp.
	500,000	5.750% (5 Year CMT Rate + 5.430%), 12/15/21653		511,250
		Skandinaviska Enskilda Banken AB
	800,000	5.125% (5 Year CMT Rate + 3.463%), 11/13/20251,3		768,500
		SVB Financial Group
	500,000	4.000% (5 Year CMT Rate + 3.202%), 11/15/21693		435,475
		Truist Financial Corp.
	1,000,000	5.100% (10 Year CMT Rate + 4.349%), 03/01/20613		1,001,250
		Westpac Banking Corp.
	750,000	5.000% (5 Year Mid Swap Rate USD + 2.888%), 09/21/21621,3		712,500
				19,104,504
		Capital Markets – 3.7%
		The Bank of New York Mellon Corp.
	900,000	4.700% (5 Year CMT Rate + 4.358%), 03/20/21693		900,000
		The Charles Schwab Corp.
	500,000	5.375% (5 Year CMT Rate + 4.971%), 05/01/20253		506,285
	240,000	6.106% (3 Month LIBOR USD + 4.820%), 02/28/20493		239,400
		Credit Suisse Group AG
	500,000	5.250% (5 Year CMT Rate + 4.889%), 08/11/20271,2,3		440,625
		The Goldman Sachs Group, Inc.
	125,000	5.300% (3 Month LIBOR USD + 3.834%), 12/29/20493		123,671
	1,000,000	5.500% (5 Year CMT Rate + 3.623%), 08/10/21683		1,004,540
		Northern Trust Corp.
	250,000	4.600% (3 Month LIBOR USD + 3.202%), 04/01/20273		243,438
		State Street Corp.
	250,000	4.423% (3 Month LIBOR USD + 3.597%), 12/29/20493		249,862
				3,707,821
		Consumer Finance – 0.9%
		Ally Financial Inc.
	500,000	4.700% (7 Year CMT Rate + 3.481%), 11/15/21693		431,655
		American Express Co.
	500,000	2.250%, 03/04/2025		482,744
				914,399
		Insurance – 2.5%
		Assurant, Inc.
	700,000	7.000% (3 Month LIBOR USD + 4.135%), 03/27/20483		724,048
		MetLife, Inc.
	1,400,000	3.850% (5 Year CMT Rate + 3.576%), 03/15/20263		1,336,720
		PartnerRe Finance B LLC
	500,000	4.500% (5 Year CMT Rate + 3.815%), 10/01/20503		468,680
				2,529,448
		TOTAL FINANCIALS		26,256,172

See accompanying Notes to Financial Statements.

33

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		HEALTH CARE – 0.5%
		Health Care Providers & Services – 0.5%
		Centene Corp.
$	650,000	2.500%, 03/01/2031	$	541,304
		TOTAL HEALTH CARE		541,304
		INDUSTRIALS – 4.1%
		Airlines – 0.5%
		American Airlines, Inc. / AAdvantage Loyalty IP Ltd.
	500,000	5.750%, 04/20/20291,2		482,600
		Commercial Services & Supplies – 0.5%
		Syngenta Finance N.V.
	500,000	5.182%, 04/24/20281		502,036
		Industrial Conglomerates – 2.6%
		Caterpillar Financial Services Corp.
	1,660,000	3.250%, 12/01/2024		1,666,200
		General Electric Co.
	1,000,000	4.156% (3 Month LIBOR USD + 3.330%), 09/15/21693		948,620
				2,614,820
		Machinery – 0.5%
		Stanley Black & Decker Inc.
	500,000	2.300%, 02/24/2025		485,693
		TOTAL INDUSTRIALS		4,085,149
		INFORMATION TECHNOLOGY – 2.0%
		Technology Hardware, Storage & Peripherals – 2.0%
		Apple Inc.
	2,000,000	3.250%, 02/23/2026		1,997,613
		TOTAL INFORMATION TECHNOLOGY		1,997,613
		MATERIALS – 2.9%
		Metals & Mining – 2.9%
		Alcoa Nederland Holding BV
	1,200,000	6.125%, 05/15/20281,2		1,222,200
		Freeport-McMoRan Inc.
	1,800,000	4.625%, 08/01/2030		1,741,257
		TOTAL MATERIALS		2,963,457
		UTILITIES – 3.8%
		Electric Utilities – 2.6%
		Duke Energy Corp.
	1,000,000	4.875% (5 Year CMT Rate + 3.388%), 03/16/20253		992,500
		Emera Inc.
	750,000	6.750% (3 Month LIBOR USD + 5.440%), 06/15/20761,3		763,125
		NextEra Energy Capital Holdings, Inc.
	1,000,000	3.800% (5 Year CMT Rate + 2.547%), 03/15/20823		872,066
				2,627,691

See accompanying Notes to Financial Statements.

34

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		UTILITIES (Continued)
		Multi-Utilities – 1.2%
		CMS Energy Corp.
$	700,000	3.750% (5 Year CMT Rate + 2.900%), 12/01/20503	$	589,750
		Dominion Energy, Inc.
	650,000	5.750% (3 Month LIBOR USD + 3.057%), 10/01/20543		648,218
				1,237,968
		TOTAL UTILITIES		3,865,659
		TOTAL CORPORATE BONDS
		(Cost $55,844,449)		52,627,706
		U.S. GOVERNMENT NOTES/BONDS – 2.8%
		United States Treasury Note/Bond
	1,590,000	1.375%, 11/15/2031		1,388,641
	1,575,000	1.875%, 02/15/2032		1,438,418
		TOTAL U.S. GOVERNMENT NOTES/BONDS
		(Cost $3,088,832)		2,827,059
		FOREIGN GOVERNMENT NOTES/BONDS – 1.3%
		Indonesia Treasury Bond
	11,000,000,000	6.500%, 02/15/20311		732,600
		Mexican Bonos
	120,000	8.500%, 05/31/20291		570,906
		TOTAL FOREIGN GOVERNMENT NOTES/BONDS
		(Cost $1,365,101)		1,303,506
		MORTGAGE BACKED SECURITIES – 17.3%
		BX Commercial Mortgage Trust 2021-VOLT
	1,000,000	1.504% (1 Month LIBOR USD + 0.950%), 09/15/20362,3		975,658
		BX Trust 2021-SDMF
	1,100,000	1.292% (1 Month LIBOR USD + 0.738%), 09/15/20342,3		1,051,841
		CityLine Commercial Mortgage Trust 2016-CLNE
	325,000	2.871%, 11/13/20312,5		320,287
		COMM MTG TR 2014-277P
	1,000,000	3.732%, 08/12/20492,5		990,054
		Fannie Mae-Aces
	510,362	0.776%, 05/25/20225		18
	3,804,284	1.500%, 08/25/20285		279,895
	3,481,946	1.386%, 03/26/20295		240,936
		Freddie Mac Multiclass Certificates Series 2015-P001
	3,025,000	1.826%, 10/27/20285		292,097
		Freddie Mac Multifamily Structured Pass Through Certificates
	19,383,866	1.107%, 01/25/20265		549,701
	10,546,288	1.628%, 01/25/20275		619,762
	13,244,551	1.084%, 06/25/20295		746,005
	2,700,000	1.914%, 04/25/20305		327,023
	2,074,000	1.985%, 04/25/20305		260,242

See accompanying Notes to Financial Statements.

35

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Principal
Amount			Value
		MORTGAGE BACKED SECURITIES (Continued)
		Freddie Mac Multifamily Structured Pass Through Certificates (Continued)
$	3,332,000	1.704%, 08/25/20305	$	371,717
	8,200,000	1.778%, 09/25/20415		166,393
	1,835,000	3.286%, 04/25/20485		365,266
	2,035,000	2.722%, 01/25/20495		351,547
	1,715,000	2.711%, 02/25/20495		302,578
		FREMF 2013-K28 Mortgage Trust
	2,000,000	3.608%, 06/25/20462,5		2,003,824
		FREMF 2013-K29 Mortgage Trust
	850,000	3.591%, 05/25/20462,5		851,150
		FREMF 2013-K30 Mortgage Trust
	488,190	3.666%, 06/25/20452,5		486,218
		FREMF 2014-K37 Mortgage Trust
	1,000,000	4.716%, 01/25/20472,5		1,008,577
		FREMF 2016-K55 Mortgage Trust
	400,000	4.297%, 04/25/20492,5		390,452
		FREMF 2016-K59 Mortgage Trust
	63,500,818	0.100%, 11/25/20492		216,646
		Government National Mortgage Association
	2,412,148	0.821%, 12/16/20565		113,090
	4,852,649	1.268%, 09/16/20605		448,939
	1,259,934	1.024%, 11/16/20605		98,037
	8,815,750	0.993%, 05/16/20635		727,705
	7,564,036	0.990%, 05/16/20635		607,761
	4,126,293	0.976%, 05/16/20635		321,602
		Independence Plaza Trust 2018-INDP
	1,500,000	4.158%, 07/12/20352		1,455,850
		RAMP Series 2004-RS4 Trust
	588,561	1.643% (1 Month LIBOR USD + 0.650%), 04/25/20343		584,569
		TOTAL MORTGAGE BACKED SECURITIES
		(Cost $17,809,022)		17,525,440

See accompanying Notes to Financial Statements.

36

North Square Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of April 30, 2022 (Unaudited)

Number of
Shares			Value
		SHORT TERM INVESTMENT – 6.2%
	6,289,265	First American Treasury Obligations Fund – Class X, 0.29%6	$	6,289,265
		TOTAL SHORT TERM INVESTMENT
		(Cost $6,289,265)		6,289,265
		TOTAL INVESTMENTS – 98.7%
		(Cost $104,318,957)		99,818,844
		Other Assets in Excess of Liabilities – 1.3%		1,331,719
		TOTAL NET ASSETS – 100.0%	$	101,150,563

CMT – Constant Maturity Rate

LIBOR – London Inter-bank Offered Rate

PLC – Public Limited Company

1	Foreign security denominated in U.S. Dollars.
2	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2022, the value of these securities total $27,153,969 which represents 26.85% of total net assets.
3	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of April 30, 2022.
4	Step-up bond; the interest rate shown is the rate in effect as of April 30, 2022.
5	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of April 30, 2022.
6	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.

37

North Square Strategic Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

As of April 30, 2022 (Unaudited)

											Value
	Number of
	Contracts				Current			Value At
	Purchased			Settlement	Notional			Trade			Unrealized		Unrealized
Description	(Sold)			Month-Year	Amount			Date			Appreciation		(Depreciation)
Purchase Contracts:
US 10Yr Note (Cbt)		14		Jun-22	$	1,668,187		$	1,712,403		$	—	$	(44,216	)
US 10Yr Ultra Future		166		Jun-22		21,414,000			21,839,309			—		(425,309	)
US Ultra Bond Cbt		33		Jun-22		5,294,438			5,936,934			—		(642,496	)
Total Purchase Contracts					$	28,376,625		$	29,488,646		$	—	$	(1,112,021	)
Sale Contracts:
AUD Currency Future		(7	)	Jun-22	$	496,090		$	501,740		$	5,650	$	—
GBP Currency Future		(27	)	Jun-22		2,126,081			2,181,810			55,728		—
EUR Currency Future		(24	)	Jun-22		3,176,700			3,262,313			85,613		—
JPY Currency Future		(5	)	Jun-22		483,438			489,611			6,173		—
CAD Currency Future		(7	)	Jun-22		545,335			548,230			2,895		—
S&P500 Emini Future		(45	)	Jun-22		9,286,875			10,007,611			720,736		—
US 2Yr Note (Cbt)		(352	)	Jun-22		74,206,000			74,713,917			507,917		—
US 5Yr Note (Cbt)		(137	)	Jun-22		15,436,047			16,113,009			676,963		—
Total Sale Contracts					$	105,756,566		$	107,818,241		$	2,061,675	$	—
Total Futures Contracts					$	(77,379,941	)	$	(78,329,595	)	$	2,061,675	$	(1,112,021	)
Net Unrealized Appreciation											$	949,654

See accompanying Notes to Financial Statements.

38

North Square Strategic Income Fund

SUMMARY OF INVESTMENTS

As of April 30, 2022 (Unaudited)

	Percent of Total
Security Type/Sector	Net Assets
Common Stocks
Materials		2.5	%
Energy		0.9	%
Industrials		0.5	%
Total Common Stocks		3.9	%
Purchased Call Option		0.5	%
Asset Backed Securities		14.6	%
Corporate Bonds
Financials		26.0	%
Consumer Discretionary		4.8	%
Industrials		4.1	%
Utilities		3.8	%
Materials		2.9	%
Consumer Staples		2.8	%
Energy		2.8	%
Communication Services		2.4	%
Information Technology		2.0	%
Health Care		0.5	%
Total Corporate Bonds		52.1	%
U.S. Government Notes/Bonds		2.8	%
Foreign Government Notes/Bonds		1.3	%
Mortgage Backed Securities		17.3	%
Short-Term Investment		6.2	%
Total Investments		98.7	%
Other Assets in Excess of Liabilities		1.3	%
Total Net Assets		100.0	%

See accompanying Notes to Financial Statements.

39

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2022 (Unaudited)

	North Square			North Square
	Advisory			Altrinsic			North Square			North Square
	Research Small			International			McKee			Strategic
	Cap Value Fund			Equity Fund			Bond Fund			Income Fund
Assets:
Investments, at cost	$	23,999,680		$	71,715,996		$	137,982,561		$	104,318,957
Investments, at value	$	22,265,932		$	67,522,845		$	128,406,441		$	99,818,844
Cash		—			—			—			5,313
Receivables:
Dividends and interest		1,910			353,441			477,133			724,628
Receivable for Investments Sold		—			—			70,711			—
Due from Advisor (Note 3)		—			—			3,847			—
Fund shares sold		—			—			2,991			94,258
Deposits		—			—			—			949,654
Prepaid expenses		21,747			37,197			55,704			23,894
Total assets		22,289,589			67,913,483			129,016,827			101,616,591
Liabilities:
Foreign Currency, at cost		—			45,769			—			—
Foreign Currency, at value		—			43,962			—			—
Cash		—			—			298			—
Payables:
Due to Broker		—			—			—			302,942
Payable for Investment Securities Purchased		—			—			683,853			—
Fund shares redeemed		—			—			—			50,751
Accrued expenses:
Due to Advisor (Note 3)		9,205			41,021			—			41,770
Legal fees		1,763			8,096			28,273			—
Fund administration fees		1,710			6,236			23,959			18,786
Auditing fees		1,682			5,564			17,871			10,172
Custody fees		1,316			10,028			9,644			4,285
Due to Trustees		1,193			3,277			10,429			7,663
Shareholder servicing fees (Note 6)		970			—			3,242			13,136
Transfer agent fees		796			3,947			14,903			10,677
Accrued other expenses		244			290			2,453			4,576
Chief Compliance Officer fees		46			520			1,645			1,270
Total liabilities		18,925			122,941			796,570			466,028
Net Assets	$	22,270,664		$	67,790,542		$	128,220,257		$	101,150,563
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with
an unlimited number of shares authorized)	$	22,282,088		$	71,061,652		$	140,430,152		$	102,994,216
Total distributable earnings (accumulated deficit)		(11,424	)		(3,271,110	)		(12,209,895	)		(1,843,653	)
Net Assets	$	22,270,664		$	67,790,542		$	128,220,257		$	101,150,563
Maximum Offering Price per Share:
Class I Shares:
Net assets applicable to shares outstanding	$	22,270,664		$	67,790,542		$	9,263		$	101,150,563
Shares of beneficial interest issued and outstanding		2,123,380			6,953,427			1,021			10,962,890
Net asset value, redemption and offering price per share	$	10.49		$	9.75		$	9.07		$	9.23
Class R6 Shares:
Net assets applicable to shares outstanding	$	—		$	—		$	128,210,994		$	—
Shares of beneficial interest issued and outstanding		—			—			14,117,575			—
Net asset value, redemption and offering price per share	$	—		$	—		$	9.08		$	—

See accompanying Notes to Financial Statements.

40

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2022 (Unaudited)

	North Square			North Square
	Advisory			Altrinsic			North Square			North Square
	Research Small			International			McKee			Strategic
	Cap Value Fund			Equity Fund			Bond Fund			Income Fund
Investment Income:
Dividends (net of foreign withholding taxes and/or
issuance fees of $0, $86,176, $0, and $764, respectively)	$	77,049		$	747,456		$	—		$	200,058
Interest (net of foreign withholding taxes and/or
issuance fees of $0, $0, $909, and $2,471, respectively)		111			923			796,530			1,367,285
Total investment income		77,160			748,379			796,530			1,567,343
Expenses:
Advisory fees (Note 3)		63,325			210,307			162,217			322,452
Registration fees		12,759			10,009			10,162			11,582
Shareholder servicing fees (Note 6)		5,441			—			5,619			46,593
Legal fees		5,051			19,266			39,085			34,832
Fund administration fees		4,325			16,832			53,990			30,554
Custody fees		3,296			15,031			9,690			8,132
Transfer agent fees and expenses		2,353			9,944			31,138			18,421
Trustees’ fees and expenses		1,664			5,024			13,098			9,546
Auditing fees		1,376			3,396			9,320			6,735
Chief Compliance Officer fees (Note 3)		774			2,878			8,235			5,123
Fund accounting fees		429			1,806			5,905			3,164
Shareholder reporting fees		363			1,073			3,248			1,624
Offering costs		—			36,860			45,000			—
Other expenses		1,140			1,927			4,485			6,681
Total expenses		102,296			334,353			401,192			505,439
Less advisory fees waived &
expenses reimbursed (Note 3)		(17,062	)		(79,355	)		(211,929	)		(90,859	)
Net expenses		85,234			254,998			189,263			414,580
Net Investment income		(8,074	)		493,381			607,267			1,152,763
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,644,827			469,138			(1,997,724	)		(2,508,083	)
Futures contracts		—			—			—			3,818,194
Foreign currency transactions		—			7,114			—			(5,748	)
Net realized gain (loss)		1,644,827			476,252			(1,997,724	)		1,304,363
Net change in unrealized appreciation/depreciation on:
Investments		(3,856,800	)		(5,788,824	)		(8,580,330	)		(9,215,608	)
Futures contracts		—			—			—			1,273,739
Foreign currency transactions		—			1,807			—			—
Net change in unrealized appreciation/depreciation		(3,856,800	)		(5,787,017	)		(8,580,330	)		(7,941,869	)
Net realized and unrealized gain (loss)		(2,211,973	)		(5,310,765	)		(10,578,054	)		(6,637,506	)
Net increase (decrease) in net assets from operations	$	(2,220,047	)	$	(4,817,384	)	$	(9,970,787	)	$	(5,484,743	)

See accompanying Notes to Financial Statements.

41

STATEMENTS OF CHANGES IN NET ASSETS

	North Square Advisory Research						North Square Altrinsic
	Small Cap Value Fund						International Equity Fund
										For the Period
	For the			For the			For the			December 4,
	Period Ended			Year Ended			Period Ended			2020* through
	April 30,			October 31,			April 30,			October 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	(8,074	)	$	20,862		$	493,381		$	372,003
Net realized gain on investments and
foreign currency translations		1,644,827			784,340			476,252			435,463
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		(3,856,800	)		1,342,207			(5,787,017	)		1,592,898
Net increase (decrease) in net assets
resulting from operations		(2,220,047	)		2,147,409			(4,817,384	)		2,400,364
Distributions to shareholders		(727,531	)		(514,487	)		(831,136	)		(22,954	)
Capital Transactions:
Net proceeds from shares sold		19,153,406			5,221,139			28,875,000			42,332,562
Reinvestment of distributions		727,530			514,487			831,136			22,954
Cost of shares redeemed		(4,774,116	)		(1,635,227	)		(1,000,000	)		—
Net increase in net assets
from capital transactions		15,106,820			4,100,399			28,706,136			42,355,516
Total increase (decrease) in net assets		12,159,242			5,733,321			23,057,616			44,732,926
Net Assets:
Beginning of Period		10,111,422			4,378,101			44,732,926			—
End of Period	$	22,270,664		$	10,111,422		$	67,790,542		$	44,732,926
Capital Share Transactions:
Shares sold		1,643,880			460,973			2,855,999			4,110,516
Shares reinvested		63,892			53,827			79,806			2,323
Shares redeemed		(412,744	)		(155,852	)		(95,217	)		—
Net increase (decrease) in capital share transactions		1,295,028			358,948			2,840,588			4,112,839

* Commencement of Operations

See accompanying Notes to Financial Statements.

42

STATEMENTS OF CHANGES IN NET ASSETS – Continued

	North Square						North Square
	McKee Bond Fund						Strategic Income Fund
				For the Period
	For the			December 28,			For the			For the
	Period Ended			2020* through			Period Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	607,267		$	225,812		$	1,152,763		$	1,814,677
Net realized gain (loss) on investments and
foreign currency translations		(1,997,724	)		(160,681	)		1,304,363			2,325,327
Net change in unrealized appreciation/depreciation
on investments and foreign currency translations		(8,580,330	)		(995,789	)		(7,941,869	)		1,973,179
Net increase (decrease) in net assets
resulting from operations		(9,970,787	)		(930,658	)		(5,484,743	)		6,113,183
Distributions to shareholders:
Distributions:
Class I**		(60	)		(38	)		(3,050,075	)		(5,504,517	)
Class R6***		(835,542	)		(472,810	)		—			—
Total		(835,602	)		(472,848	)		(3,050,075	)		(5,504,517	)
Capital Transactions:
Net proceeds from shares sold:
Class I**		—			10,000			37,985,655			19,060,975
Class R6***		4,852,890			147,553,321			—			—
Reinvestment of distributions:
Class I**		60			38			2,999,624			5,465,425
Class R6***		745,482			372,220			—			—
Cost of shares redeemed:
Class I**		—			—			(10,760,060	)		(19,962,307	)
Class R6***		(5,863,197	)		(7,240,662	)		—			—
Net increase in net assets from capital transactions		(264,765	)		140,694,917			30,225,219			4,564,093
Total increase in net assets		(11,071,154	)		139,291,411			21,690,401			5,172,759
Net Assets:
Beginning of Period		139,291,411			—			79,460,162			74,287,403
End of Period	$	128,220,257		$	139,291,411		$	101,150,563		$	79,460,162
Capital Share Transactions:
Shares sold:
Class I**		—			1,011			3,889,318			1,888,568
Class R6***		502,869			14,843,011			—			—
Shares reinvested:
Class I**		6			4			306,618			551,632
Class R6***		78,703			37,556			—			—
Shares redeemed:
Class I**		—			—			(1,107,495	)		(1,998,562	)
Class R6***		(613,196	)		(731,368	)		—			—
Net increase (decrease) in capital share transactions		(31,618	)		14,150,214			3,088,441			441,638

*	Commencement of Operations for Class R6.
**	This share class of North Square McKee Bond Fund was converted from “Class Y” to “Class I” effective December 1, 2021. The commencement of operations for this class was May 19, 2021.
***	This share class of North Square McKee Bond Fund was converted from “Class I” to “Class R6” effective December 1, 2021.

See accompanying Notes to Financial Statements.

43

North Square Advisory Research Small Cap Value Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the
	Six Months Ended			For the Year Ended October 31,
	April 30, 2022
	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.21		$	9.33		$	11.63		$	14.73		$	14.77		$	12.99
Income from Investment Operations:
Net investment income1		(0.01	)		0.04	��		0.08			0.07			0.06			0.06
Net realized and unrealized gain (loss)		(0.83	)		3.95			(1.11	)		0.85			1.27			2.68
Total from investment operations		(0.84	)		3.99			(1.03	)		0.92			1.33			2.74
Less Distributions:
From net investment income		(0.03	)		(0.10	)		(0.07	)		(0.07	)		(0.05	)		(0.09	)
From net realized gain		(0.85	)		(1.01	)		(1.20	)		(3.95	)		(1.32	)		(0.87	)
Total distributions		(0.88	)		(1.11	)		(1.27	)		(4.02	)		(1.37	)		(0.96	)
Redemption Fee Proceeds1		—			—			—			—	2		—	2		—	2
Net asset value, end of period	$	10.49		$	12.21		$	9.33		$	11.63		$	14.73		$	14.77
Total return3		(7.45	)%4		46.09	%		(10.63	)%		12.95	%		9.33	%		21.93	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	22,271		$	10,111		$	4,378		$	9,385		$	10,575		$	15,603
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.13	%5		1.63	%		1.97	%		1.76	%		1.78	%		1.74	%
After fees waived and expenses absorbed		0.94	%5		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		(0.28	)%5		(0.34	)%		(0.21	)%		(0.17	)%		(0.39	)%		(0.29	)%
After fees waived and expenses absorbed		(0.09	)%5		0.34	%		0.79	%		0.59	%		0.39	%		0.45	%
Portfolio turnover rate		36	%4		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.
5	Not annualized.
6	Annualized.

See accompanying Notes to Financial Statements.

44

North Square Altrinsic International Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the			For the Period
	Six Months Ended			December 4,
	April 30, 2022			2020* through
	(Unaudited)			October 31, 2021
Net asset value, beginning of period	$	10.88		$	10.00
Income from Investment Operations:
Net investment income1		0.10			0.13
Net realized and unrealized gain (loss)		(1.03	)		0.76
Total from investment operations		(0.93	)		0.89
Less Distributions:
From net investment income		(0.09	)		(0.01	)
From net realized gain		(0.11	)		—
Total distributions		(0.20	)		(0.01	)
Net asset value, end of period	$	9.75		$	10.88
Total return2		(8.62	)%3		8.88	%3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	67,791		$	44,733
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.27	%4		1.43	%4
After fees waived and expenses absorbed		0.97	%4		0.97	%4
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		1.57	%4		0.92	%4
After fees waived and expenses absorbed		1.87	%4		1.38	%4
Portfolio turnover rate		22	%3		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.

45

North Square McKee Bond Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the			For the Period
	Six Months Ended			May 19, 2021*
	April 30, 2022			through
	(Unaudited)			October 31, 2021
Net asset value, beginning of period	$	9.84		$	9.89
Income from Investment Operations:
Net investment income1		0.03			0.01
Net realized and unrealized gain (loss)		(0.74	)		(0.02	)
Total from investment operations		(0.71	)		(0.01	)
Less Distributions:
From net investment income		(0.06	)		(0.04	)
Total distributions		(0.06	)		(0.04	)
Net asset value, end of period	$	9.07		$	9.84
Total return2		(7.26	)%3		(0.12	)%3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9		$	10
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.56	%4		0.64	%4
After fees waived and expenses absorbed		0.47	%4		0.47	%4
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.60	%4		0.13	%4
After fees waived and expenses absorbed		0.69	%4		0.30	%4
Portfolio turnover rate		78	%3		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.

46

North Square McKee Bond Fund

FINANCIAL HIGHLIGHTS

Class R6

Per share operating performance.

For a capital share outstanding throughout each period.

	For the			For the Period
	Six Months Ended			December 28,
	April 30, 2022			2020* through
	(Unaudited)			October 31, 2021
Net asset value, beginning of period	$	9.84		$	10.00
Income from Investment Operations:
Net investment income1		0.04			0.03
Net realized and unrealized gain (loss)		(0.74	)		(0.13	)
Total from investment operations		(0.70	)		(0.10	)
Less Distributions:
From net investment income		(0.06	)		(0.06	)
Total distributions		(0.06	)		(0.06	)
Net asset value, end of period	$	9.08		$	9.84
Total return2		(7.17	)%3		(0.91	)%3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	128,211		$	139,281
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.59	%4		0.73	%4
After fees waived and expenses absorbed		0.28	%4		0.28	%4
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		0.58	%4		(0.04	)%4
After fees waived and expenses absorbed		0.89	%4		0.41	%4
Portfolio turnover rate		78	%3		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.

47

North Square Strategic Income Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the
	Six Months Ended			For the Year Ended October 31,
	April 30, 2022
	(Unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.09		$	9.99		$	9.53		$	8.97		$	9.46		$	9.47
Income from Investment Operations:
Net investment income1		0.12			0.24			0.23			0.32			0.35			0.39
Net realized and unrealized gain (loss)		(0.62	)		0.60			0.48			0.56			(0.49	)		(0.04	)
Total from investment operations		(0.50	)		0.84			0.71			0.88			(0.14	)		0.35
Less Distributions:
From net investment income		(0.12	)		(0.28	)		(0.25	)		(0.32	)		(0.34	)		(0.36	)
From net realized gain		(0.24	)		(0.46	)		—			—			(0.01	)		—
Total distributions		(0.36	)		(0.74	)		(0.25	)		(0.32	)		(0.35	)		(0.36	)
Redemption Fee Proceeds1		—			—			—			0.00	2		0.00	2		0.00	2
Net asset value, end of period	$	9.23		$	10.09		$	9.99		$	9.53		$	8.97		$	9.46
Total return3		(5.14	)%4		8.63	%		7.56	%		10.00	%		(1.43	)%		3.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	101,151		$	79,460		$	74,287		$	10,641		$	10,403		$	10,806
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.09	%5		1.28	%		1.48	%		1.76	%		2.27	%		2.49	%
After fees waived and expenses absorbed		0.90	%5		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		2.31	%5		2.06	%		1.75	%		2.56	%		2.41	%		2.53	%
After fees waived and expenses absorbed		2.50	%5		2.44	%		2.33	%		3.42	%		3.78	%		4.12	%
Portfolio turnover rate		34	%4		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.
4	Not annualized.
5	Annualized.

See accompanying Notes to Financial Statements.

48

North Square Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2022 (Unaudited)

Note 1 – Organization

The North Square Advisory Research Small Cap Value Fund (“Small Cap Value” or “Small 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 Small Cap Value Fund’s primary investment objective is to seek long-term capital appreciation. Effective the close of business on February 21, 2020, the Small Cap Value Fund (the “Successor Fund”) acquired the assets and assumed the liabilities of the Advisory Research Small 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.

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 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.

49

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service or from a brokerage firm. The pricing service or broker will use a statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.

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

(b)  Deposits with Broker

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

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

At April 30, 2022, the Strategic Income Fund had $949,654 in cash and cash equivalents on deposit with brokers for futures.

(c)  Investment Transactions, Investment Income and Expenses

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

(d)  Federal Income Taxes

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

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

50

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open years ended October 31, 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 Small 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 April 30, 2022 are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

Fund	Investment Advisory Fees
Small 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 Small 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 R6
Fund	Agreement Expires	Shares	Shares	Shares
Small Cap Value Fund	February 28, 2023	—	0.94%	—
International Equity Fund	February 28, 2023	—	0.97%	—
McKee Bond Fund	February 28, 2023	—	0.47%	0.28%
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

51

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

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 April 30, 2022, the McKee Bond Fund recouped less than $1 in the Class I shares. The Advisor may recapture all or a portion of this amount no later than the dates stated below:

	Small Cap Value		International Equity		McKee Bond – R6		McKee Bond – I		Strategic Income
October 31, 2022	$	75,274	$	—	$	—	$	—	$	92,526
October 31, 2023	$	75,703	$	—	$	—	$	—	$	273,154
October 31, 2024	$	41,636	$	124,314	$	245,194	$	7	$	296,122
October 31, 2025	$	17,061	$	79,355	$	211,925	$	4	$	90,859
Total	$	209,674	$	203,669	$	457,119	$	11	$	752,661

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 April 30, 2022 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 April 30, 2022 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:

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

52

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

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

	Small 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 (losses)	$	(1,400,656	)	$	6,579,176

The tax character of distributions paid during the period ended April 30, 2022 and fiscal year ended October 31, 2021 were as follows:

	Small Cap Value				International Equity
	April 30,		October 31,		April 30,		October 31,
Distributions paid from:	2022		2021		2022		2021
Ordinary income	$	93,686	$	47,928	$	831,136	$	22,954
Net long-term capital gains		633,845		466,559		—		—
Total distributions paid	$	727,531	$	514,487	$	831,136	$	22,954
	McKee Bond				Strategic Income
	April 30,		October 31,		April 30,		October 31,
Distributions paid from:	2022		2021		2022		2021
Ordinary income	$	835,602	$	472,848	$	2,519,215	$	5,252,612
Net long-term capital gains		—		—		530,861		251,905
Total distributions paid	$	835,602	$	472,848	$	3,050,076	$	5,504,517

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 period ended April 30, 2022, purchases and sales of investments were as follows:

	Purchases		Sales
Small Cap Value Fund	$	25,865,595	$	11,306,371
International Equity Fund	$	32,948,792	$	5,709,018
McKee Bond Fund	$	123,248,818	$	119,257,446
Strategic Income Fund	$	106,063,642	$	78,601,464

Note 6 – Shareholder Servicing Plan

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

For the period ended April 30, 2022, shareholder servicing fees incurred are disclosed on the Statements of Operations.

53

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

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.

54

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of April 30, 2022, in valuing the Funds’ assets carried at fair value:

Small Cap Value Fund	Level 1		Level 2*		Level 3**		Total
Investments
Common Stocks1	$	22,118,655	$	—	$	—	$	22,118,655
Short-Term Investment		147,277		—		—		147,277
Total Investments	$	22,265,932	$	—	$	—	$	22,265,932
International Equity Fund	Level 1		Level 2		Level 3**		Total
Investments
Common Stocks
Bermuda	$	1,716,113	$	—	$	—	$	1,716,113
Canada		1,108,212		—		—		1,108,212
China		668,892		1,917,134		—		2,586,026
France		—		8,275,642		—		8,275,642
Germany		—		5,005,125		—		5,005,125
India		726,398		—		—		726,398
Ireland		3,645,054		602,121		—		4,247,175
Israel		1,454,987		—		—		1,454,987
Japan		—		9,950,803		—		9,950,803
Netherlands		—		4,574,094		—		4,574,094
Republic of Korea		—		2,359,593		—		2,359,593
Singapore		—		1,242,133		—		1,242,133
Spain		—		983,010		—		983,010
Sweden		—		628,291		—		628,291
Switzerland		2,051,907		7,135,483		—		9,187,390
United Kingdom		4,349,201		4,939,258		—		9,288,459
United States		475,530		—		—		475,530
Preferred Stock
Germany		—		831,346		—		831,346
Short-Term Investment		2,882,518		—		—		2,882,518
Total Investments	$	19,078,812	$	48,444,033	$	—	$	67,522,845
McKee Bond Fund	Level 1		Level 2		Level 3		Total
Investments
Asset Backed Securities	$	—	$	9,753,781	$	—	$	9,753,781
Corporate Bonds1		—		34,174,723		—		34,174,723
Mortgage Backed Securities		—		50,707,106		572,593		51,279,699
U.S. Government Agency Issues		—		23,446,217		—		23,446,217
U.S. Government Notes/Bonds		—		5,290,163		—		5,290,163
Foreign Government Agency Issues		—		1,979,690		—		1,979,690
Certificates of Deposit		—		1,535,237		—		1,535,237
Short-Term Investment		946,931		—		—		946,931
Total Investments	$	946,931	$	126,886,917	$	572,593	$	128,406,441

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.

55

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

Strategic Income Fund	Level 1			Level 2		Level 3*		Total
Investments
Common Stocks1,2	$	3,943,896		$	—	$	—	$	3,943,896
Purchased Call Option		519,375			—		—		519,375
Asset Backed Securities		—			14,782,597		—		14,782,597
Corporate Bonds2		—			52,627,706		—		52,627,706
U.S. Government Notes/Bonds		—			2,827,059		—		2,827,059
Foreign Government Notes/Bonds		—			1,303,506		—		1,303,506
Mortgage Backed Securities		—			17,525,440		—		17,525,440
Short-Term Investment		6,289,265			—		���		6,289,265
Total Investments	$	10,752,536		$	89,066,308	$	—	$	99,818,844
Futures Contracts**
Long	$	(1,112,021	)	$	—	$	—	$	(1,112,021	)
Short		2,061,675			—		—		2,061,675
Total Futures Contracts	$	949,654		$	—	$	—	$	949,654

1	All common stocks held in the Fund are Level 1 securities.
2	For a detailed break-out of common stocks and corporate bonds by major sector and industry classification, please refer to the Schedule of Investments.
*	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 October 31, 2021	$	597,433			$	655,358
Transfers into Level 3 during the period		—				—
Transfers out of Level 3 during the period		(585,828	)			—
Total realized gain (loss)		—				(4,247	)
Total unrealized appreciation (depreciation)		(15,088	)			(279	)
Net purchases		576,076				—
Net sales		—				(650,832	)
Balance as of April 30, 2022	$	572,593			$	—

Note 9 – Derivative and Other Financial Instruments

At April 30, 2022, 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:

Assets:							Gross Amounts not offset in the Statement of Assets and Liabilities
			Gross Amounts		Net Amounts
	Gross Amounts		Offset in the		Presented in the				Collateral
	of Recognized		Statement of Assets		Statement of Assets		Financial		Received
Description	Assets		and Liabilities		and Liabilities		Instruments		(Pledged)			Net Amount
Futures contracts*	$	445,292	$	—	$	445,292	$	—	$	(445,292	)	$	—
Total	$	445,292	$	—	$	445,292	$	—	$	(445,292	)	$	—

56

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

Liabilities:							Gross Amounts not offset in the Statement of Assets and Liabilities
			Gross Amounts		Net Amounts
	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*	$	119,000	$	—	$	119,000	$	—	$	(119,000	)	$	—
Total	$	119,000	$	—	$	119,000	$	—	$	(119,000	)	$	—

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

The following table presents the fair value of derivative instruments for the North Square Strategic Income Fund as of April 30, 2022 as presented on the Fund’s statement of assets and liabilities:

	Fair Value				Net Unrealized
					Gain (Loss) on
Derivatives Not Accounted for as Hedging Instruments	Assets		Liabilities		Open Positions
North Square Strategic Income Fund
Futures Contracts*
Long Contracts
Interest Rate	$	—	$	1,112,021	$	(1,112,021	)
Total Long Contracts		—		1,112,021		(1,112,021	)
Short Contracts
Equity	$	720,736	$	—	$	720,736
Foreign Exchange		156,059		—		156,059
Interest Rate		1,184,880		—		1,184,880
Total Short Contracts		2,061,675		—		2,061,675
Total Futures Contracts	$	2,061,675	$	1,112,021	$	949,654
Option Contracts
Purchased Option Contracts	$	519,375	$	—	$	(446,523	)
Total Option Contracts	$	519,375	$	—	$	(446,523	)

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

The following table presents the results of the derivative trading and information related to volume for the six months ended April 30, 2022 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	$	3,005,106		$	1,131,106
Foreign Exchange		(22,042	)		156,059
Interest rate		835,130			(13,427	)
Total Futures Contracts	$	3,818,194		$	1,273,738
Option Contracts
Purchased Option Contracts*	$	(2,807,868	)	$	(446,523	)
Total Option Contracts	$	(2,807,868	)	$	(446,523	)

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

57

North Square Funds

NOTES TO FINANCIAL STATEMENTS – Continued

April 30, 2022 (Unaudited)

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 period ended April 30, 2022 were:

	Average Notional
	Long		Short
Futures contracts	$	8,867,444	$	57,216,907
Options		13,337		(82,313	)

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

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, 2022.

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.

58

North Square Funds

SUPPLEMENTAL INFORMATION

Trustees and Officers Information

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

				Number of
				Portfolios
				in Fund	Other Directorship/
Name, Addressa,				Complex	Trusteeship
Year of Birth and		Term of Office		Overseen	Positions held by
Position(s) with	Position with	and Length of	Principal Occupations During	by	Trustee During
the Trust	the Trust	Time Servedb	the Past Five Years or Longer	Trusteec	the Past 5 Years
Independent Trustees
David B. Boon	Trustee	08/2018 to present	Chief Financial Officer and Managing	12	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,	12	Chairman and Director
(1952)	Board and Trustee		Independent Life Insurance Company		Emeritus, TD Funds
			(since 2018); Financial Services Executive,		USA (2009 – 2019);
			Advisor and Founder of BlackSterling		Director, Abel Noser
			Partners, LLC (private investments and		Holdings, LLC (since
			advisory firm) (since 2004); Executive Vice		2016); Member, USC
			Chairman and Senior Advisor at Kennedy		Marshall Business School
			Wilson (real estate investment company)		Board (since 2010);
			(2009 – 2016).		President and Trustee,
					Christ Church
					(2008 – 2016); Director,
					Lepercq de Neuflize
					(2009 – 2016); Chairman
					and Trustee Emeritus
					(since 2014), Director,
					FEG Investment Advisors
					(since 2017); Director,
					Independent Life
					Insurance Company
					(since 2018).
Catherine A. Zaharis	Trustee	08/2018 to present	Professor of Practice (since 2019), Director,	12	Director, The
(1960)			Professional/Employer Development,		Vantagepoint Funds
			Finance Department (2015 – 2019), Adjunct		(2015 – 2016).
			Lecturer (2010 – 2019), and Business Director,
			MBA Finance Career Academy (2008 – 2015),
			University of Iowa, Tippie College of Business;
			Chair (2013 – 2016), Director (1999 – 2016),
			and Investment Committee Member
			(1999 – 2013) and Chair (2003 – 2013),
			University of Iowa Foundation.
Interested Trusteesd
Mark D. Goodwin	Trustee and	08/2018 to present	Chief Executive Officer, North Square	12	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.

59

North Square Funds

SUPPLEMENTAL INFORMATION – Continued

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

a.	The business address of each Trustee and officer is c/o North Square Investments, LLC, 10 South LaSalle Street, Suite 1925, Chicago, Illinois 60603.
b.	Trustees and officers serve until their successors are duly elected and qualified.
c.	The term “Fund Complex” applies to the twelve portfolios that currently comprise the Trust, which consists of the four Funds, the North Square Spectrum Alpha Fund, the North Square Advisory Research Small Cap Growth Fund, the North Square Preferred and Income Securities 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.

60

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.

61

North Square Funds

EXPENSE EXAMPLES

For the Six Months Ended April 30, 2022 (Unaudited)

Expense Examples

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees; and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period from November 1, 2021 to April 30, 2022.

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*
Small Cap Value Fund		11/1/21	4/30/22	11/1/21 – 4/30/22
Class I	Actual Performance	$1,000.00	$   925.50	$4.51
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.11	$4.73

* Expenses are equal to the Fund’s annualized expense ratios of 0.94% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the sixth month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
International Equity Fund		11/1/21	4/30/22	11/1/21 – 4/30/22
Class I	Actual Performance	$1,000.00	$   913.80	$4.60
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,019.98	$4.86

* Expenses are equal to the Fund’s annualized expense ratios of 0.97% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period since the commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

62

North Square Funds

EXPENSE EXAMPLES – Continued

For the Six Months Ended April 30, 2022 (Unaudited)

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
McKee Bond Fund		11/1/21	4/30/22	11/1/21 – 4/30/22
Class I	Actual Performance	$1,000.00	$   927.40	$2.25
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,022.46	$2.36
Class R6	Actual Performance	$1,000.00	$   928.30	$1.34
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,023.41	$1.40

* Expenses are equal to the Fund’s annualized expense ratios of 0.47% and 0.28% for Class I and Class R6, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period since the commencement of operations). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

		Beginning	Ending	Expense Paid
		Account	Account	During
		Value	Value	Period*
Strategic Income Fund		11/1/21	4/30/22	11/1/21 – 4/30/22
Class I	Actual Performance	$1,000.00	$   948.60	$4.35
	Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.33	$4.51

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

63

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North Square Funds

Advisor

North Square Investments, LLC

10 South LaSalle Street, Suite 1925

Chicago, Illinois 60603

Sub-Advisor	Sub-Advisor
Advisory Research, Inc.	Red Cedar Investment Management, LLC
Two Prudential Plaza	333 Bridge Street NW, Suite 601
180 North 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 North 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 R6	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.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b) Not Applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

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

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

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

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

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

SIGNATURES

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

North Square Investments Trust

By:          /s/Mark D. Goodwin

Mark D. Goodwin,

President

Date:      July 5, 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:      July 5, 2022

By:          /s/Alan E. Molotsky

Alan E. Molotsky,

Treasurer

Date:      July 5, 2022