North Square Small Cap Value Fund

Class I (DRISX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Small Cap Value Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$126	1.07%

How did the Fund perform during the reporting period?

The fiscal year ended May 31, 2026 was dominated by one of the most powerful low-quality rallies in years. Small caps rebounded sharply off the April 2025 tariff-driven lows, led by the market’s most speculative corners amid surging AI enthusiasm. In November, the market started favoring quality and commodity-linked names amid AI-disruption fears, geopolitical tension, and commodity supply concerns. That held until April, when hopes for an Iran resolution and strong earnings reignited AI speculation, driving markets to new highs. For a quality-focused, valuation-disciplined strategy, this proved a persistent headwind, and the Fund trailed its benchmark the Russell 2000^® Value Index (the “Index”).

Key Contributors to Relative Performance:

• Materials: The Fund’s overweight and selection drove the space to more than double the Index. Precious and industrial metals holdings, including Century Aluminum and Pan American Silver, soared amid persistent inflation and commodity strength.

• Energy: The Fund’s overweight added value, as Energy was the Index’s second-best sector on rising oil prices tied to Strait of Hormuz disruption.

• Select Winners: Several quality AI-infrastructure holdings delivered exceptional gains, notably EnerSys and Penguin Solutions.

Areas of Underperformance:

• Technology: The epicenter of the rally and the Fund’s largest detractor, over half of the Fund’s underperformance. The Index’s tech holdings returned roughly 150%, led by semiconductors and unprofitable names tied to the AI thesis. The Fund’s quality holdings rose well on this tailwind, but could not match that pace.

• Health Care: A similar dynamic in speculative biotech and pharmaceutical names drove most of the rest. The Fund’s lack of exposure to these unprofitable industries was a significant detractor.

We remain committed to owning high-quality businesses at attractive valuations with a genuine narrative tailwind. Junk rallies are, by nature, a headwind for this discipline and historically a transient one. We remain convinced that durable competitive advantages, strong balance sheets, and compelling return potential are the surest path to long-term capital appreciation.

How has the Fund performed over the last ten years?

Total Return Based on $100,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	North Square Small Cap Value Fund - Class I	Russell 2000^® Value Index	Russell 3000^® Index
May-2016	$100,000	$100,000	$100,000
May-2017	$118,835	$121,004	$117,691
May-2018	$130,247	$140,789	$135,417
May-2019	$114,431	$124,857	$138,797
May-2020	$98,792	$106,515	$154,708
May-2021	$169,333	$191,070	$222,643
May-2022	$163,367	$176,422	$214,441
May-2023	$159,742	$156,142	$218,805
May-2024	$209,405	$190,113	$279,158
May-2025	$188,710	$187,955	$315,778
May-2026	$255,121	$271,325	$408,760

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Small Cap Value Fund - Class I	35.19%	8.54%	9.82%
Russell 2000^® Value Index	44.36%	7.27%	10.50%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), a former series of Valued Advisers Trust, which was reorganized after the close of business on April 25, 2025 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Institutional Class shares of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. Performance of Investor Class shares will differ from that of Class I shares due to, among other things, differences in fees and expenses.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/north-square-small-cap-value-fund/ for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Short-Term Investments	4.5%
Real Estate	5.2%
Utilities	5.4%
Health Care	6.1%
Consumer Discretionary	8.5%
Materials	9.0%
Energy	11.0%
Technology	12.7%
Industrials	17.9%
Financials	19.7%

Fund Statistics

Net Assets$209,080,414
Number of Portfolio Holdings78
Advisory Fee $1,587,248
Portfolio Turnover50%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Government Obligations Fund, Class X	4.5%
Hancock Whitney Corp.	2.7%
Cathay General Bancorp	2.5%
OFG Bancorp	2.5%
NetScout Systems, Inc.	2.4%
Avnet, Inc.	2.3%
Whitecap Resources, Inc.	2.2%
Ameris Bancorp	2.2%
International Bancshares Corp.	2.1%
Knowles Corp.	2.1%

Material Fund Changes

This is a summary of certain Fund changes to the Fund since June 1, 2025. For more information, you may review the Fund’s next prospectus, which we expect to be available by September 28, 2026, at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/ or upon request at 1-855-551-5521.

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser's affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the following website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Small Cap Value Fund - Class I (DRISX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-DRISX

North Square Small Cap Value Fund

Investor Class (DRSVX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$156	1.33%

How did the Fund perform during the reporting period?

Key Contributors to Relative Performance:

• Energy: The Fund’s overweight added value, as Energy was the Index’s second-best sector on rising oil prices tied to Strait of Hormuz disruption.

• Select Winners: Several quality AI-infrastructure holdings delivered exceptional gains, notably EnerSys and Penguin Solutions.

Areas of Underperformance:

• Health Care: A similar dynamic in speculative biotech and pharmaceutical names drove most of the rest. The Fund’s lack of exposure to these unprofitable industries was a significant detractor.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Small Cap Value Fund - Investor Class	Russell 2000^® Value Index	Russell 3000^® Index
May-2016	$10,000	$10,000	$10,000
May-2017	$11,858	$12,100	$11,769
May-2018	$12,964	$14,079	$13,542
May-2019	$11,358	$12,486	$13,880
May-2020	$9,780	$10,651	$15,471
May-2021	$16,722	$19,107	$22,264
May-2022	$16,100	$17,642	$21,444
May-2023	$15,699	$15,614	$21,880
May-2024	$20,522	$19,011	$27,916
May-2025	$18,455	$18,795	$31,578
May-2026	$24,883	$27,132	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Small Cap Value Fund - Investor Class	34.83%	8.27%	9.54%
Russell 2000^® Value Index	44.36%	7.27%	10.50%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), a former series of Valued Advisers Trust, which was reorganized after the close of business on April 25, 2025 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above for periods prior to the Reorganization reflects the performance of the Investor Class shares of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. Performance of Investor Class shares will differ from that of Class I shares due to, among other things, differences in fees and expenses.

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Short-Term Investments	4.5%
Real Estate	5.2%
Utilities	5.4%
Health Care	6.1%
Consumer Discretionary	8.5%
Materials	9.0%
Energy	11.0%
Technology	12.7%
Industrials	17.9%
Financials	19.7%

Fund Statistics

Net Assets$209,080,414
Number of Portfolio Holdings78
Advisory Fee $1,587,248
Portfolio Turnover50%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Government Obligations Fund, Class X	4.5%
Hancock Whitney Corp.	2.7%
Cathay General Bancorp	2.5%
OFG Bancorp	2.5%
NetScout Systems, Inc.	2.4%
Avnet, Inc.	2.3%
Whitecap Resources, Inc.	2.2%
Ameris Bancorp	2.2%
International Bancshares Corp.	2.1%
Knowles Corp.	2.1%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the following website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Small Cap Value Fund - Investor Class (DRSVX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-DRSVX

North Square Altrinsic International Equity Fund

Class I (NSIVX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Altrinsic International Equity Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$104	0.97%

How did the Fund perform during the reporting period?

Enthusiasm around artificial intelligence and resilient economic growth drove strong performance in international equities over the 12-month period ended May 31, 2026, even as escalating conflict in the Middle East pushed energy prices upward and disrupted supply chains.

Against this backdrop, the following exposures weighed on the Fund’s relative performance:

• Financials: Aon Consulting, Inc. declined on growth concerns, but rising global risks underpin strong expansion prospects ahead. Oil price pressures and the Chairman’s departure drove HDFC Bank lower, but the sell-off has made this time-tested company more attractively valued.

• Consumer Staples: The sector was out of favor as global consumers faced rising costs and an uncertain economic outlook. We expect even a modest improvement in sales growth to prompt improving returns.

• Materials: The Fund’s underweight exposure to mining detracted from performance, as returns in the sector were driven more by commodity prices than operational improvements the Fund’s holdings are positioned to deliver.

Sources of positive attribution include:

• Technology: Two of the Fund’s holdings, Murata Manufacturing and Samsung, benefited from a tangible demand lift driven by the accelerating pace of AI infrastructure investment.

• Communications: The Fund’s underweight exposure to the sector was a benefit as it was pressured by growth-to-value rotation and concerns about AI monetization timelines and advertising cyclicality.

• Industrials: Sandvik benefited from a recovery in mining equipment demand driven by sustained high commodity prices. Kubota’s new CEO signaled encouraging progress on its medium-term growth strategy.

Looking ahead, geopolitical tensions, AI disruption risk, and stagflationary pressures present the greatest risks to markets, while high government debt and deficits may constrain policymakers’ ability to respond. We believe well-managed companies with durable competitive strengths can innovate and adapt in the face of uncertainty. As such, we maintain a long-term perspective and are capitalizing on mispriced opportunities.

How has the Fund performed since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Altrinsic International Equity Fund - Class I	MSCI EAFE Index
Dec-2020	$1,000,000	$1,000,000
May-2021	$1,114,214	$1,125,801
May-2022	$1,014,401	$1,008,948
May-2023	$1,032,803	$1,039,832
May-2024	$1,194,608	$1,232,475
May-2025	$1,363,440	$1,396,754
May-2026	$1,547,328	$1,715,208

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 4, 2020)
North Square Altrinsic International Equity Fund - Class I	13.49%	6.79%	8.28%
MSCI EAFE Index	22.80%	8.79%	10.33%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/altrinsic-international-equity-fund/ for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Real Estate	1.2%
Communications	1.9%
Short-Term Investments	3.3%
Materials	3.7%
Energy	4.2%
Consumer Discretionary	7.1%
Health Care	9.5%
Technology	9.6%
Consumer Staples	10.6%
Industrials	13.9%
Financials	35.2%

Fund Statistics

Table Summary
Net Assets	$82,700,417
Number of Portfolio Holdings	69
Advisory Fee (net of waivers)	$584,693
Portfolio Turnover	31%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Chubb Ltd.	3.4%
Murata Manufacturing Co. Ltd.	3.2%
Deutsche Boerse AG	3.0%
TotalEnergies SE	2.8%
Everest Re Group, Ltd.	2.6%
SMC Corp.	2.5%
GSK PLC	2.2%
Sony Group Corp.	2.2%
Suzuki Motor Corp.	2.1%
Aon PLC - Class A	2.1%

Country Weighting (% of net assets)

Table Summary
Value	Value
Sweden	0.7%
Thailand	0.8%
Hong Kong	0.9%
Indonesia	0.9%
Belgium	1.0%
Spain	1.1%
India	1.2%
China	1.4%
Italy	1.5%
Canada	1.5%
Norway	1.6%
Israel	1.7%
Korea (Republic Of)	2.4%
United States	3.1%
Mexico	3.8%
Bermuda	4.2%
Switzerland	5.9%
Netherlands	6.2%
Germany	10.5%
France	10.5%
Ireland	10.7%
United Kingdom	12.0%
Japan	16.4%

Material Fund Changes

This is a summary of certain Fund changes to the Fund since June 1, 2025. For more information, you may review the Fund's next prospectus, which we expect to be available by September 28, 2026, at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/ or upon request at 1-855-551-5521.

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund's then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in the automatic termination of the agreement with respect the Fund, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Altrinsic International Equity Fund - Class I (NSIVX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-NSIVX

North Square Core Plus Bond Fund

Class I (STTIX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Core Plus Bond Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$59	0.58%

How did the Fund perform during the reporting period?

The Fund underperformed the Bloomberg U.S. Aggregate Bond Index (the “Index”) for the fiscal year ended May 31, 2026. Consistent with our investment philosophy, relative performance was driven primarily by security and sector efforts, while duration and yield-curve positioning detracted.

Within the investment-grade portfolio, corporate bond security selection contributed 6 basis points (“bps”), agency sector management added 7 bps, and an overweight allocation to agency mortgages contributed 3 bps.

Performance within the Plus allocation benefited from a strategic shift away from traditional corporate credit toward preferred and hybrid securities and securitized bonds. The preferred and hybrid sleeve, the portfolio’s largest active overweight, was the strongest contributor. Below-investment-grade CMBS and RMBS also added value through targeted security selection, including stressed loans expected to benefit from restructuring. High-yield corporates contributed positively through security selection in the Capital Goods, Energy, and Retail sub-industries.

Offsetting these gains, the Fund’s long volatility exposure and short high-yield credit futures positions detracted from performance. Despite geopolitical uncertainty, realized volatility remained below levels implied by options pricing, while high-yield markets outperformed both the Index and investment-grade markets.

With the outcome of the Iran conflict still uncertain and oil supplies constrained, higher energy prices have intensified inflationary pressures that remain above the Federal Reserve’s 2% target. Consensus forecasts call for consumer inflation of nearly 3.5% in 2026 and GDP growth of approximately 2.5%. While economists anticipate some demand destruction from higher prices, higher-income consumers continue to benefit from strong equity markets and the wealth effect. Lower savings rates and rising auto and home mortgage delinquencies highlight the financial strain inflation continues to place on middle- and lower-income households.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Core Plus Bond Fund - Class I	Bloomberg U.S. Aggregate Bond Index
May-2016	$10,000	$10,000
May-2017	$10,753	$10,158
May-2018	$10,675	$10,120
May-2019	$10,258	$10,768
May-2020	$10,811	$11,781
May-2021	$11,891	$11,734
May-2022	$11,250	$10,769
May-2023	$10,624	$10,538
May-2024	$10,659	$10,676
May-2025	$11,498	$11,258
May-2026	$11,988	$11,836

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Core Plus Bond Fund - Class I	4.26%	0.16%	1.83%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	1.70%

The performance results shown above in the line chart and the average annual total returns table for periods prior to September 27, 2024, represent the performance of the Trilogy Alternative Return Fund (the “Predecessor Fund”) which converted into the Fund and is attributable to the Fund moving forward. The Fund’s performance has not been restated to reflect any differences paid by the Predecessor Fund and those paid by the Fund.

Effective September 27, 2024, the Fund made changes to its principal investment strategies. Accordingly, the performance shown for periods prior to September 27, 2024, is based on the Fund’s prior principal investment strategies and may not be representative of the Fund’s performance under its current principal investment strategies. In connection with changes to the Fund’s investment objectives and principal investment strategies, the Fund’s primary benchmark index changed from the HFRX Absolute Return Index to the Bloomberg U.S. Aggregate Bond Index.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/core-plus-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.4%
Real Estate	0.4%
Supranational	0.8%
Short-Term Investments	0.8%
Purchased Options	0.8%
Materials	1.4%
Consumer Staples	1.4%
Industrials	1.9%
Technology	2.0%
Health Care	2.2%
Consumer Discretionary	3.0%
Utilities	5.1%
Communications	5.4%
Energy	5.5%
Asset Backed Securities	11.3%
Financials	14.8%
Mortgage Backed Securities	19.2%
U.S. Government & Agencies	21.6%

Fund Statistics

Net Assets$23,384,123
Number of Portfolio Holdings293
Advisory Fee (net of waivers)$0
Portfolio Turnover180%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Inflation Indexed Bonds	1.3%
United States Treasury Note/Bond	1.3%
United States Treasury Note/Bond	1.3%
United States Treasury Note/Bond	1.3%
United States Treasury Note	1.3%
United States Treasury Note/Bond	1.2%
Ginnie Mae II Pool	1.2%
United States Treasury Note/Bond	1.2%
United States Treasury Note/Bond	1.1%
United States Treasury Note/Bond	1.1%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Core Plus Bond Fund - Class I (STTIX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-STTIX

North Square Dynamic Small Cap Fund

Class A (ORSAX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Dynamic Small Cap Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$149	1.24%

How did the Fund perform during the reporting period?

For the fiscal year ended May 31, 2026, the Fund returned 40.08% underperforming its benchmark, Russell 2000^® Index, which returned 43.08%. We attribute the main drivers of returns into three categories of alpha insights:

Catalyst-related exposures were modestly positive for the measurement period. Catalyst insights seek to gather sentiment and actions by a variety of market participants and position the portfolio accordingly. Quality related exposures were a detractor during the period. The significant outperformance of lower quality and higher risk stocks for several months during 2025 was a challenging period for the Fund given its tilt towards higher quality features. Relative Value related exposures were modestly positive during the period. The willingness for market participants to buy riskier and sometime cheaper stocks was at times a modest tailwind for the Fund.

Additionally, the Russell 2000^® Index itself saw strong positive returns during the period. Part of this was explained by outsized price moves in a subset of stocks related to the AI ecosystem during this period. Most of these large moves were truly stock-specific and cannot be captured by factors or industry characteristics.

The Fund aims to be diversified across its three main investment themes and is currently tilted towards Catalyst and Quality exposures. Given the macro-backdrop, we continue to believe there will be shifting sentiment amongst investors, best captured by our Catalyst theme. Furthermore, the Quality theme should benefit if investors seek safe-haven type features during a period of market volatility and macro-uncertainty.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	North Square Dynamic Small Cap Fund - Class A	Russell 2000^® Index	Russell 3000^® Index
May-2023	$9,423	$10,000	$10,000
May-2023	$9,331	$9,906	$10,042
May-2024	$12,305	$11,899	$12,811
May-2025	$12,288	$12,040	$14,492
May-2026	$17,214	$17,227	$18,759

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (May 1, 2023)
North Square Dynamic Small Cap Fund - Class A
Without Load	40.08%	21.59%
With Load	32.02%	19.27%
Russell 2000^® Index	43.08%	19.30%
Russell 3000^® Index	29.45%	22.64%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/dynamic-small-cap/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.0%
Exchange-Traded Funds	0.1%
Short-Term Investments	0.4%
Communications	1.7%
Consumer Staples	1.8%
Utilities	2.8%
Real Estate	5.4%
Materials	5.8%
Energy	7.9%
Consumer Discretionary	12.7%
Financials	14.5%
Health Care	17.9%
Technology	19.1%
Industrials	22.9%

Fund Statistics

Net Assets$691,257,539
Number of Portfolio Holdings300
Advisory Fee (net of waivers)$4,646,816
Portfolio Turnover216%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned until January 7, 2026, further adjourned until January 23, 2026, whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Dynamic Small Cap Fund - Class A (ORSAX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORSAX

North Square Dynamic Small Cap Fund

Class I (ORSIX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$119	0.99%

How did the Fund perform during the reporting period?

For the fiscal year ended May 31, 2026, the Fund returned 40.40% underperforming its benchmark, Russell 2000^® Index, which returned 43.08%. We attribute the main drivers of returns into three categories of alpha insights:

How has the Fund performed over the last 10 years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Dynamic Small Cap Fund - Class I	Russell 2000^® Index	Russell 3000^® Index
May-2016	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,212,878	$1,203,613	$1,176,911
May-2018	$1,526,213	$1,453,539	$1,354,171
May-2019	$1,397,741	$1,322,066	$1,387,975
May-2020	$1,391,570	$1,276,604	$1,547,084
May-2021	$2,259,324	$2,100,836	$2,226,434
May-2022	$2,024,137	$1,745,477	$2,144,414
May-2023	$2,039,466	$1,663,800	$2,188,046
May-2024	$2,694,902	$1,998,474	$2,791,575
May-2025	$2,698,753	$2,022,164	$3,157,783
May-2026	$3,789,136	$2,893,380	$4,087,601

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Dynamic Small Cap Fund - Class I	40.40%	10.90%	14.25%
Russell 2000^® Index	43.08%	6.61%	11.21%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/dynamic-small-cap/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.0%
Exchange-Traded Funds	0.1%
Short-Term Investments	0.4%
Communications	1.7%
Consumer Staples	1.8%
Utilities	2.8%
Real Estate	5.4%
Materials	5.8%
Energy	7.9%
Consumer Discretionary	12.7%
Financials	14.5%
Health Care	17.9%
Technology	19.1%
Industrials	22.9%

Fund Statistics

Net Assets$691,257,539
Number of Portfolio Holdings300
Advisory Fee (net of waivers)$4,646,816
Portfolio Turnover216%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Dynamic Small Cap Fund - Class I (ORSIX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORSIX

North Square Kennedy MicroCap Fund

Class I (NKMCX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Kennedy MicroCap Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$178	1.47%

How did the Fund perform during the reporting period?

For the fiscal year ended May 31, 2026, the Fund returned 41.74% versus 62.51% for the Russell Microcap^® Index, an underperformance of 20.77%. At the sector level, the few positive contributors were modest – Communications at 1.14%, Materials at 0.90%, and Financials at 0.63% – and were overwhelmed by two large detractors. Health Care cost 12.18% of relative return, almost entirely on stock selection, as the portfolio's holdings returned 36.68% against a benchmark Health Care return of 92.31%; Technology detracted a further 4.91% and Industrials 2.79%. In short, the entire shortfall traces to selection within the benchmark's biggest winners – speculative biotech and AI-levered technology micro-caps – where the Fund’s more selective positioning could not keep pace with an index turbocharged by a handful of explosive names.

At the stock level, the largest detractors were both names tied to the AI data-center build-out that the Fund did not fully own. TeraWulf (WULF), a 0.82% benchmark position the portfolio did not hold, surged 624.08% and cost 1.61% of relative return after the bitcoin miner expanded its focus into AI/HPC hosting – signing a 25-year, roughly $9.5 billion joint venture with Fluidstack and securing expanded backing from Google. A significant underweight to Applied Digital (APLD) – held at 0.39% versus 1.22% in the benchmark – cost 1.59% as the shares increased significantly on a series of large AI data-center leases with CoreWeave at its Ellendale, North Dakota campus, ultimately reaching up to 400 MW and roughly $11 billion in contracted revenue. The standout positive was Materion (MTRN), an off-benchmark holding at 1.45%, which added 1.29% as the shares rose 183.07% on strong specialty-materials results and a $65 million customer investment from a defense prime to expand U.S. beryllium capacity.

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

Table Summary
	North Square Kennedy MicroCap Fund - Class I	Russell 3000^® Index	Russell Microcap^® Index
Jun-2024	$100,000	$100,000	$100,001
May-2025	$120,906	$111,696	$105,546
May-2026	$171,370	$144,585	$171,541

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (June 10, 2024)
North Square Kennedy MicroCap Fund - Class I	41.74%	31.40%
Russell 3000^® Index	29.45%	20.55%
Russell Microcap^® Index	62.51%	31.47%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/kennedy-microcap-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Exchange-Traded Funds	1.0%
Communications	1.5%
Consumer Staples	2.4%
Consumer Discretionary	2.7%
Real Estate	3.0%
Short-Term Investments	4.4%
Energy	5.9%
Materials	6.0%
Industrials	12.9%
Technology	17.5%
Financials	20.9%
Health Care	21.9%

Fund Statistics

Net Assets$32,952,197
Number of Portfolio Holdings151
Advisory Fee (net of waivers)$262,211
Portfolio Turnover89%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	4.4%
Northeast Bank	2.2%
Materion Corp.	2.2%
Applied Optoelectronics, Inc.	1.8%
Veeco Instruments, Inc.	1.7%
QCR Holdings, Inc.	1.5%
Third Coast Bancshares, Inc.	1.5%
Red Violet, Inc.	1.4%
LSI Industries, Inc.	1.4%
Solaris Energy Infrastructure, Inc., Class A	1.3%

Material Fund Changes

This is a summary of certain changes to the Fund since June 1, 2025. For more complete information you may review the Fund’s next prospectus which we expect to be available by September 28, 2026, at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/ or upon request at 1-855-551-5521.

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in the automatic termination of the agreement with respect the Fund, effective as of the closing of the Transaction. As a result of the Transaction, sub-adviser Kennedy Capital Management LLC (“Kennedy Capital”), which is majority-owned by Azimut U.S. Holdings Inc., became an affiliate of the Adviser. The Transaction also resulted in the termination of the then current sub-advisory agreements (the “Prior Sub-Advisory Agreement”) between the Adviser and Kennedy Capital.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Kennedy MicroCap Fund - Class I (NKMCX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-NKMCX

North Square McKee Bond Fund

Class I (NMKYX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square McKee Bond Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$48	0.47%

How did the Fund perform during the reporting period?

The Fund for the fiscal year ended May 31, 2026, outperformed the Bloomberg U.S. Aggregate Bond Index’s return. Consistent with our investment philosophy and long-term results, excess returns primarily came from active security selection and sector allocation. At the same time, duration and yield-curve positioning effects had no net impact on performance.

Leading contributors to performance included security selection in the corporate sector, adding 7 bps. Value was also gained from managing the agency sector, contributing an additional 9 bps.

Agency mortgage sector allocation decisions (overweights) added 4 bps to performance, while the overweight to the securitized sector added 1 bps.

With the conclusion of the Iran conflict still in question and oil reserves running low, energy prices have magnified pre-existing inflationary pressures that continue to exceed the Federal Reserve’s long-term target of 2%. The consensus view now looks for nearly 3.5% consumer inflation in 2026, with GDP growth approximating 2.5%. As a result, the early expectation for two to three funds rate reductions this year has given way to a 25 bps rate hike. Despite expectations that higher prices would curb consumer demand, the upper tier of the "K-shaped" economy continues to spend freely, buoyed by a strong stock market and the resulting wealth effect. Lower savings rates and rising auto loan and home mortgage delinquencies highlight the stress on median and lower income households from inflation.

How has the Fund performed since inception?

Total Return Based on $50,000 Investment

Table Summary
	North Square McKee Bond Fund - Class I	Bloomberg U.S. Aggregate Bond Index
May-2021	$50,000	$50,000
May-2021	$50,152	$50,331
May-2022	$46,639	$46,193
May-2023	$46,018	$45,203
May-2024	$46,960	$45,793
May-2025	$49,475	$48,293
May-2026	$51,997	$50,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (May 19, 2021)
North Square McKee Bond Fund - Class I	5.10%	0.73%	0.56%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	0.30%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/mckee-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.5%
Sovereign	0.3%
Real Estate	0.4%
Short-Term Investments	0.5%
Supranational	0.7%
Consumer Staples	1.0%
Industrials	1.6%
Health Care	1.7%
Technology	2.6%
Utilities	2.7%
Consumer Discretionary	2.9%
Communications	3.0%
Energy	3.2%
Asset Backed Securities	4.1%
Financials	12.6%
Mortgage Backed Securities	28.8%
U.S. Government & Agencies	32.4%

Fund Statistics

Net Assets$264,022,185
Number of Portfolio Holdings356
Advisory Fee (net of waivers)$247,052
Portfolio Turnover225%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note/Bond, 4.375%	2.0%
United States Treasury Inflation Indexed Bonds, 2.375%	2.0%
United States Treasury Note/Bond, 3.500%	2.0%
United States Treasury Note/Bond, 3.500%	1.9%
United States Treasury Note/Bond, 3.875%	1.9%
United States Treasury Note, 4.125%	1.9%
Federal Home Loan Mortgage Corp., 4.850%	1.8%
United States Treasury Note/Bond, 5.000%	1.7%
United States Treasury Note/Bond, 3.625%	1.7%
United States Treasury Note/Bond, 3.875%	1.6%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square McKee Bond Fund - Class I (NMKYX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-NMKYX

North Square McKee Bond Fund

Class R6 (NMKBX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$29	0.28%

How did the Fund perform during the reporting period?

Leading contributors to performance included security selection in the corporate sector, adding 7 bps. Value was also gained from managing the agency sector, contributing an additional 9 bps.

Agency mortgage sector allocation decisions (overweights) added 4 bps to performance, while the overweight to the securitized sector added 1 bps.

How has the Fund performed since inception?

Total Return Based on $5,000,000 Investment

Table Summary
	North Square McKee Bond Fund - Class R6	Bloomberg U.S. Aggregate Bond Index
Dec-2020	$5,000,000	$5,000,000
May-2021	$4,969,573	$4,894,087
May-2022	$4,630,563	$4,491,687
May-2023	$4,579,187	$4,395,448
May-2024	$4,688,691	$4,452,823
May-2025	$4,943,857	$4,695,913
May-2026	$5,212,238	$4,936,971

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 28, 2020)
North Square McKee Bond Fund - Class R6	5.43%	0.96%	0.77%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	-0.23%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/mckee-bond-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.5%
Sovereign	0.3%
Real Estate	0.4%
Short-Term Investments	0.5%
Supranational	0.7%
Consumer Staples	1.0%
Industrials	1.6%
Health Care	1.7%
Technology	2.6%
Utilities	2.7%
Consumer Discretionary	2.9%
Communications	3.0%
Energy	3.2%
Asset Backed Securities	4.1%
Financials	12.6%
Mortgage Backed Securities	28.8%
U.S. Government & Agencies	32.4%

Fund Statistics

Net Assets$264,022,185
Number of Portfolio Holdings356
Advisory Fee (net of waivers)$247,052
Portfolio Turnover225%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note/Bond, 4.375%	2.0%
United States Treasury Inflation Indexed Bonds, 2.375%	2.0%
United States Treasury Note/Bond, 3.500%	2.0%
United States Treasury Note/Bond, 3.500%	1.9%
United States Treasury Note/Bond, 3.875%	1.9%
United States Treasury Note, 4.125%	1.9%
Federal Home Loan Mortgage Corp., 4.850%	1.8%
United States Treasury Note/Bond, 5.000%	1.7%
United States Treasury Note/Bond, 3.625%	1.7%
United States Treasury Note/Bond, 3.875%	1.6%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square McKee Bond Fund - Class R6 (NMKBX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-NMKBX

North Square Multi Strategy Fund

Class A (ORILX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Multi Strategy Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$102	0.96%

How did the Fund perform during the reporting period?

The Fund combines investments in growth and income strategies to construct a thoughtfully diversified, actively managed strategic allocation portfolio.

Global equity markets stumbled in the early months of 2026, disrupted by the developing AI narrative and the eruption of hostilities within the Middle East into a military conflict. The potential capabilities and optimism for the pace of development for more advanced AI based tools, had a dramatic effect on the perceived competitiveness of established, richly-valued software firms. Heightened tension in Iran further unsettled global markets as the halt in traffic through the Strait of Hormuz sent oil prices higher and renewed inflationary pressures after consumer prices had finally begun to stabilize. The drawdown was short-lived as enthusiasm for expanded AI infrastructure spending and hopes of a quick resolution to the geopolitical standoff outweighed the immediate obstacle of limited oil supplies. Diversification aided the Fund in navigating the volatility in the early months of 2026 but a modest allocation to U.S. growth equity did not allow the portfolio to fully participate in the recovery during the final two months of the fiscal year. The Fund’s allocation to U.S. small cap equity was a healthy contributor to returns for the year but was offset by selection within international equity holdings. The Fund has been skeptical of the valuations assigned to the AI trade and has not fully participated in the narrative’s momentum, which has led to underperformance of the broad international indexes. Nevertheless, a focus on diversification has allowed the Fund to weather the significant disturbances affecting markets over the past two years and leaves the portfolio well positioned to adapt as the competing influences affecting markets unfold.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Multi Strategy Fund - Class A	Russell 3000^® Index
May-2016	$9,423	$10,000
May-2017	$10,872	$11,769
May-2018	$12,846	$13,542
May-2019	$12,219	$13,880
May-2020	$13,025	$15,471
May-2021	$18,134	$22,264
May-2022	$17,236	$21,444
May-2023	$17,138	$21,880
May-2024	$20,736	$27,916
May-2025	$22,288	$31,578
May-2026	$26,579	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Multi Strategy Fund - Class A
Without Load	19.25%	7.95%	10.93%
With Load	12.40%	6.67%	10.27%
Russell 3000^® Index	29.45%	12.92%	15.12%

The performance results shown above in the line chart and the average annual total returns table for periods prior to May 10, 2019, represent the performance of the Oak Ridge Multi Strategy Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

Effective July 18, 2017, the Predecessor Fund made certain changes to its principal investment strategies. Accordingly, the Predecessor Fund's performance for the periods prior to July 18, 2017, is based on the Predecessor Fund's prior principal investment strategies and may not be representative of the Predecessor Fund's performance with its amended investment strategies, which are substantially identical to that of the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/multi-strategy/.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	1.0%
Fixed Income	11.0%
Equity	88.0%

Fund Statistics

Net Assets$39,110,673
Number of Portfolio Holdings14
Advisory Fee (net of waivers)$65,843
Portfolio Turnover16%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	16.0%
Vanguard^® Dividend Appreciation ETF	12.2%
Vanguard^® Growth ETF	11.6%
North Square Altrinsic International Equity Fund, Class I	11.6%
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	11.1%
North Square McKee Bond, Class I	8.0%
Vanguard^® Value ETF	6.8%
iShares^® MSCI EAFE ETF	5.4%
Invesco^® S&P 500^® GARP ETF	4.2%
North Square Kennedy MicroCap Fund, Class I	3.5%

Material Fund Changes

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement") with substantially identical terms to the Prior Advisory Agreement, excluding the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement except that, similar to the advisory fee structure and rate change in the New Advisory Agreement, the sub advisory fee rate for the Fund that will be paid by the Adviser to the sub-adviser pursuant to the New Sub-Advisory Agreement will change, the advisory fee payable by the Fund under the Prior Sub-Advisory Agreement was 0.50% for Fund assets invested in non-affiliated investments and 0.00% for Fund assets invested in affiliated investments, the advisory fee payable under the New Advisory Agreement is 0.20% for all Fund assets, regardless of whether they are invested in non-affiliated or affiliated investments, were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned and reconvened from time to time until May 29, 2026, whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Effective upon approval of the New Advisory Agreement, the advisory fee payable to the Adviser changed to 0.20% for all Fund assets regardless of whether they are invested in non-affiliated or affiliated investments. Additionally, a new expense limitation agreement took effect with the approval of the New Advisory Agreement. The total annual fund operating expense changed from 1.20% to 1.15% for Class A Shares and from 1.17% to 1.12% for Class I Shares.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Multi Strategy Fund - Class A (ORILX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORILX

North Square Multi Strategy Fund

Class I (PORYX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$85	0.77%

How did the Fund perform during the reporting period?

The Fund combines investments in growth and income strategies to construct a thoughtfully diversified, actively managed strategic allocation portfolio.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Multi Strategy Fund - Class I	Russell 3000^® Index
May-2016	$1,000,000	$1,000,000
May-2017	$1,153,923	$1,176,911
May-2018	$1,366,931	$1,354,171
May-2019	$1,308,758	$1,387,975
May-2020	$1,403,352	$1,547,084
May-2021	$1,962,951	$2,226,434
May-2022	$1,870,720	$2,144,414
May-2023	$1,863,562	$2,188,046
May-2024	$2,261,218	$2,791,575
May-2025	$2,436,419	$3,157,783
May-2026	$2,911,745	$4,087,601

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Multi Strategy Fund - Class I	19.51%	8.21%	11.28%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/multi-strategy/.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	1.0%
Fixed Income	11.0%
Equity	88.0%

Fund Statistics

Net Assets$39,110,673
Number of Portfolio Holdings14
Advisory Fee (net of waivers)$65,843
Portfolio Turnover16%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	16.0%
Vanguard^® Dividend Appreciation ETF	12.2%
Vanguard^® Growth ETF	11.6%
North Square Altrinsic International Equity Fund, Class I	11.6%
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	11.1%
North Square McKee Bond, Class I	8.0%
Vanguard^® Value ETF	6.8%
iShares^® MSCI EAFE ETF	5.4%
Invesco^® S&P 500^® GARP ETF	4.2%
North Square Kennedy MicroCap Fund, Class I	3.5%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Multi Strategy Fund - Class I (PORYX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-PORYX

North Square Preferred and Income Securities Fund

Class I (ORDNX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Preferred and Income Securities Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$101	0.97%

How did the Fund perform during the reporting period?

Over the past twelve months, the Fund outperformed the ICE BofAML Fixed Rate Preferred Securities Index by 51 basis points (“bps”). Preferred and Hybrid spreads peaked in April 2025 with administration changes introducing uncertainty into the market for risk assets, though the sell-off proved short-lived —with most subsectors finishing the second quarter more than 15 bps tighter. Within the portfolio, the Fund maintains a large overweight to the corporate hybrid space, where negative convexity is viewed as less of a concern given the 10-year call protection, the prevalence of floors, loss of equity credit at first call, and the non-cyclical nature of the issuing sectors, such as utilities and telecom. Conversely, the Fund carries a large underweight to the insurance sector, private credit, and California wildfire risk. Exchange-traded preferred securities largely underperformed the broader hybrid universe over the past year and given that spreads on similarly rated issuers in the institutional $1,000 preferred market are higher — combined with the negatively convex profile of exchange traded preferreds — the Fund remains materially underweight to that segment. Over the period, duration was increased, and the overall quality of the Fund improved.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Preferred and Income Securities Fund - Class I	Bloomberg U.S. Aggregate Bond Index	ICE BofAML Fixed Rate Preferred Securities Index
May-2016	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,162,545	$1,015,784	$1,059,801
May-2018	$1,347,267	$1,011,979	$1,079,698
May-2019	$1,440,780	$1,076,751	$1,150,577
May-2020	$1,575,414	$1,178,131	$1,200,319
May-2021	$2,159,413	$1,173,362	$1,319,513
May-2022	$2,127,481	$1,076,886	$1,202,338
May-2023	$2,153,982	$1,053,813	$1,185,702
May-2024	$2,617,332	$1,067,569	$1,306,582
May-2025	$2,846,172	$1,125,850	$1,342,152
May-2026	$3,036,749	$1,183,644	$1,425,276

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Preferred and Income Securities Fund - Class I	6.70%	7.06%	11.75%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	1.70%
ICE BofAML Fixed Rate Preferred Securities Index	6.19%	1.55%	3.61%

The Fund adopted the historical performance of the Oak Ridge Dividend Growth Fund (the “Predecessor Fund”), which was reorganized into the Fund on May 10, 2019. Fund performance results above for the period prior to that date represent the performance of the Predecessor Fund. Effective January 11, 2022, the Fund made changes to its investment objective and principal investment strategies. Accordingly, the performance prior to January 11, 2022, is based on the Fund's prior investment objective and principal investment strategies and may not be representative of the Fund's performance under its current principal investment strategies.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855- 551-5521 or visit https://northsquareinvest.com/strategies/preferred-and-income-securities-fund/for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.7%
Fixed Income	1.3%
Materials	1.6%
U.S. Government & Agencies	2.1%
Health Care	2.5%
Short-Term Investments	3.9%
Communications	10.9%
Energy	15.7%
Financials	28.3%
Utilities	32.0%

Fund Statistics

Net Assets$380,898,534
Number of Portfolio Holdings63
Advisory Fee (net of waivers)$2,529,298
Portfolio Turnover72%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X, 3.560%,	3.9%
Nordea Bank Abp, 6.750%, 11/10/88	3.2%
Energy Transfer LP, 6.625%, 02/15/72	3.1%
Rogers Communications, Inc., 7.125%, 04/15/55	3.0%
NiSource, Inc., 6.375%, 03/31/55	2.9%
Vistra Corp., 8.875%, 12/31/49	2.8%
Exelon Corp., 6.500%, 03/15/55	2.7%
Citigroup, Inc., 6.950%, 02/15/80	2.7%
Royal Bank of Canada, 6.500%, 11/24/85	2.6%
American Electric Power Co., Inc., 6.050%, 03/15/56	2.5%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement with respect to the Fund and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned and reconvened from time to time until February 25, 2026, at which time shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement. The Special Shareholder Meeting was then further adjourned until March 11, 2026, whereby shareholders of the North Square Preferred and Income Securities Fund approved an amendment to the Fund’s fundamental concentration policy to provide that, under normal circumstances, the North Square Preferred and Income Securities Fund will invest, directly or indirectly, at least 25% of its total assets in the banking, financial services, and insurance group of industries.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Preferred and Income Securities Fund - Class I (ORDNX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORDNX

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF

(QTPI) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-514-7733. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the period since inception?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF	$62	0.60%

How did the Fund perform during the reporting period?

From June 1, 2025 to May 31, 2026, the Fund outperformed the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the "Index") both by allocation and selection effect. A large portion of the outperformance came from owning Additional Tier 1 (AT1) securities, making up roughly 20% of the portfolio which is a 20% overweight to the Index since it is entirely made up of exchange traded preferreds, leaving any allocation to other sub-sets within the preferred market off the Index.

Preferred and Hybrid spreads peaked in April 2025 with administration changes introducing uncertainty into the market for risk assets, though the sell-off proved short-lived — with most subsectors finishing the second quarter more than 15 bps tighter. The Fund has a large overweight to the banking sector and conversely, the Fund carried a large underweight to the insurance sector. Minimal turnover remains a priority in this strategy. There is currently a large underweight to duration while prioritizing high current yield. When applicable, corporate hybrid securities are the preferred hybrid structure where negative convexity is viewed as less of a concern given the 10-year call protection, the prevalence of floors, loss of equity credit at first call, and the non-cyclical nature of the issuing sectors, such as utilities and telecom. Corporate hybrid securities are being issued at a rapid pace, with more issuers stepping into this universe that do not typically issue these types of securities. Corporate hybrids typically mature in 30 years and have call protection for five or ten years and are increasingly being issued with floors to compensate investors for the very low back-end coupon reset spreads the new issues have. While majority of the corporate hybrid securities are not qualified dividend income (QDI) eligible, Red Cedar likes to highlight our preferred structure within the preferred universe. In terms of current positioning for this fund, Red Cedar continues to exercise a high level of diligence in security selection and geographic allocation by avoiding California wildfire exposure, Japanese banks, minimal holdings within the insurance sector, and heightened diligence around private credit risk. There is naturally a large overweight to the financial sector due to the QDI eligibility being most prevalent there.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF - NAV	ICE BofA Core Plus Fixed Rate Preferred Securities Index	Bloomberg U.S. Aggregate Bond Index
Dec-2024	$10,000	$10,000	$10,000
May-2025	$10,231	$9,716	$10,231
May-2026	$10,899	$10,345	$10,756

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (December 18, 2024)
North Square RCIM Tax-Advantaged Preferred and Income Securities ETF - NAV	6.52%	6.12%
ICE BofA Core Plus Fixed Rate Preferred Securities Index	6.48%	2.37%
Bloomberg U.S. Aggregate Bond Index	5.13%	5.16%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.9%
Communications	2.3%
Consumer Discretionary	2.5%
Utilities	3.7%
Energy	6.9%
Financials	80.7%

Fund Statistics

Net Assets$77,259,109
Number of Portfolio Holdings56
Advisory Fee $248,406
Portfolio Turnover22%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Bank of America Corp., 6.625%, 08/01/73	2.9%
Goldman Sachs Group, Inc. (The), 7.500%, 08/18/70	2.9%
Citigroup, Inc., 7.625%, 02/15/72	2.9%
JPMorgan Chase & Co., 6.875%, 03/01/74	2.9%
Wells Fargo & Co., 7.625%, 09/15/73	2.9%
BP Capital Markets PLC, 6.450%, 03/01/74	2.8%
PNC Financial Services Group, Inc. (The), 6.250%, 06/15/73	2.8%
US Bancorp, 5.300%, 12/29/49	2.8%
Toronto-Dominion Bank (The), 8.125%, 10/31/82	2.8%
Bank of New York Mellon Corp. (The), 6.300%, 03/20/74	2.8%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund's investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-QTPI

North Square Select Small Cap Fund

Class I (ADVGX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Select Small Cap Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$108	0.94%

How did the Fund perform during the reporting period?

For the annual period ended May 31, 2026, the Fund had a net return of 29.17% versus 44.36% for the Fund’s primary benchmark the Russell 2000^® Value Index and 43.08% for the Fund’s secondary benchmark the Russell 2000^® Index. This sharp upswing in the markets over the 1-year period is a rebound from a market selloff that was precipitated by the announcement of a broad U.S. Tariff policy in the spring of 2025. As details and adjustment emerged, the markets recovered.

Taking out this short-term market volatility, the Fund has outperformed both its primary and secondary benchmarks over the 3 and 5 year periods, which the advisor sees as a more aligned investment horizon given the funds approach.

The Fund’s outperformance versus its benchmark indices over longer periods was primarily due to individual stock selection. The Fund’s management focuses on fundamental research and company specific execution with a goal of generating excess returns for the Fund’s shareholders.

Going forward, we believe small U.S. businesses with solid balance sheets, profitability, and plans for growth continue to be an attractive part of the market to generate returns. The Fund’s team continues to work with individual companies on execution and to take advantage of attractive prices for the Fund’s investors.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Select Small Cap Fund - Class I	Russell 2000^® Index	Russell 2000^® Value Index	Russell 3000^® Index
May-2016	$1,000,000	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,162,957	$1,203,613	$1,210,036	$1,176,911
May-2018	$1,312,437	$1,453,539	$1,407,892	$1,354,171
May-2019	$1,428,269	$1,322,066	$1,248,574	$1,387,975
May-2020	$1,331,561	$1,276,604	$1,065,147	$1,547,084
May-2021	$1,918,381	$2,100,836	$1,910,697	$2,226,434
May-2022	$1,913,581	$1,745,477	$1,764,216	$2,144,414
May-2023	$1,760,504	$1,663,800	$1,561,416	$2,188,046
May-2024	$2,331,731	$1,998,474	$1,901,134	$2,791,575
May-2025	$2,372,173	$2,022,164	$1,879,545	$3,157,783
May-2026	$3,064,071	$2,893,380	$2,713,246	$4,087,601

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Select Small Cap Fund - Class I	29.17%	9.82%	11.85%
Russell 2000^® Index	43.08%	6.61%	11.21%
Russell 2000^® Value Index	44.36%	7.27%	10.50%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/select-small-cap-fund/for updated performance information.

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.1%
Short-Term Investments	2.5%
Health Care	3.1%
Real Estate	3.8%
Consumer Staples	5.5%
Technology	11.2%
Materials	12.6%
Financials	16.3%
Consumer Discretionary	19.3%
Industrials	25.6%

Fund Statistics

Net Assets$21,188,089
Number of Portfolio Holdings32
Advisory Fee (net of waivers)$125,671
Portfolio Turnover43%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Openlane, Inc.	6.4%
M-Tron Industries, Inc.	5.9%
Myers Industries, Inc.	4.8%
Pursuit Attractions and Hospitality, Inc.	4.7%
TriMas Corp.	4.7%
Arcosa, Inc.	4.3%
Bel Fuse, Inc., Class B	4.2%
Legacy Housing Corp.	3.8%
JBT Marel Corp.	3.7%
National Presto Industries, Inc.	3.6%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Select Small Cap Fund - Class I (ADVGX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ADVGX

North Square Spectrum Alpha Fund

Class A (ORIGX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Spectrum Alpha Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$112	0.95%

How did the Fund perform during the reporting period?

The Fund is an allocation strategy designed to bring together best in class active managers that can provide distinctive insights within the smaller capitalization equity marketplace. The strategy combines differentiated funds across style and smaller capitalizations to improve alpha generating potential in an allocation with a similar risk profile to the Russell 2000^{^®} Index.

After years of lagging behind the headline indexes, U.S. small cap equities outperformed larger counterparts for the fiscal year. Though many sectors contributed to the strong relative performance, a handful of more thematic companies, such as those related to AI infrastructure, made an outsized contribution to returns within the Russell 2000^{^®} Index. Small cap managers as a whole had trouble competing with an index driven higher by the exceptional returns for these select companies. Within the Fund for the year ended May 31, 2026, the North Square Kennedy MicroCap Fund, Class I, returned 41.74%, and the North Square Dynamic Small Cap Fund, Class I, returned 40.40%, had strong absolute returns and performed well versus peers despite underperforming the Russell 2000^{^®} Index returns of 43.08%.

We currently view small cap growth as higher risk within the small cap universe and maintain a reduced exposure to the segment. Though the investment climate may continue to be difficult, the current selection of managers inspires confidence in our ability to navigate its impact on the small cap universe.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Spectrum Alpha Fund - Class A	Russell 2000^® Index	Russell 3000^® Index
May-2017	$9,426	$10,000	$10,000
May-2018	$11,674	$12,076	$11,506
May-2019	$11,446	$10,984	$11,793
May-2020	$11,583	$10,606	$13,145
May-2021	$16,611	$17,454	$18,918
May-2022	$13,451	$14,502	$18,221
May-2023	$13,149	$13,823	$18,591
May-2024	$16,861	$16,604	$23,720
May-2025	$17,174	$16,801	$26,831
May-2026	$23,345	$24,039	$34,732

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Spectrum Alpha Fund - Class A
Without Load	35.93%	7.04%	10.22%
With Load	28.09%	5.78%	9.57%
Russell 2000^® Index	43.08%	6.61%	11.21%
Russell 3000^® Index	29.45%	12.92%	15.12%

The performance results shown above in the line chart and the average annual total returns table for periods prior to May 10, 2019, represent the performance of the Oak Ridge Small Cap Growth Fund (the "Predecessor Fund") which converted into the Fund and is attributable to the Fund moving

forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

Effective January 11, 2022, the Fund made certain changes to its principal investment strategies. Accordingly, the Fund's performance for the periods prior to January 11, 2022, is based on the prior principal investment strategies and may not be representative of the Fund's performance under its current principal investment strategies.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/spectrum-alpha-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Short-Term Investments	1.0%
Exchange-Traded Funds	1.4%
Mutual Funds	98.5%

Fund Statistics

Net Assets$71,994,305
Number of Portfolio Holdings5
Advisory Fee $146,627
Portfolio Turnover10%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	54.4%
North Square Select Small Cap Fund, Class I	22.9%
North Square Kennedy MicroCap Fund, Class I	21.2%
iShares^® Russell 2000 ETF	1.4%
First American Treasury Obligations Fund, Class X	1.0%

Material Fund Changes

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned and reconvened from time to time until June 5, 2026, whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Spectrum Alpha Fund - Class A (ORIGX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORIGX

North Square Spectrum Alpha Fund

Class I (ORIYX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$81	0.69%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Spectrum Alpha Fund - Class I	Russell 2000^® Index	Russell 3000^® Index
May-2017	$1,000,000	$1,000,000	$1,000,000
May-2018	$1,241,859	$1,207,646	$1,150,615
May-2019	$1,221,155	$1,098,415	$1,179,337
May-2020	$1,238,520	$1,060,643	$1,314,530
May-2021	$1,781,409	$1,745,441	$1,891,762
May-2022	$1,444,914	$1,450,197	$1,822,071
May-2023	$1,414,884	$1,382,338	$1,859,144
May-2024	$1,822,032	$1,660,395	$2,371,952
May-2025	$1,858,878	$1,680,077	$2,683,112
May-2026	$2,534,628	$2,403,912	$3,473,162

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Spectrum Alpha Fund - Class I	36.35%	7.31%	10.52%
Russell 2000^® Index	43.08%	6.61%	11.21%
Russell 3000^® Index	29.45%	12.92%	15.12%

forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/spectrum-alpha-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.9%
Short-Term Investments	1.0%
Exchange-Traded Funds	1.4%
Mutual Funds	98.5%

Fund Statistics

Net Assets$71,994,305
Number of Portfolio Holdings5
Advisory Fee $146,627
Portfolio Turnover10%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
North Square Dynamic Small Cap Fund, Class I	54.4%
North Square Select Small Cap Fund, Class I	22.9%
North Square Kennedy MicroCap Fund, Class I	21.2%
iShares^® Russell 2000 ETF	1.4%
First American Treasury Obligations Fund, Class X	1.0%

Material Fund Changes

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned and reconvened from time to time until June 5, 2026, whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Spectrum Alpha Fund - Class I (ORIYX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ORIYX

North Square Strategic Income Fund

Class A (ADVAX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Strategic Income Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$96	0.93%

How did the Fund perform during the reporting period?

During the period June 1, 2025 – May 31, 2026, financial markets transitioned through two contrasting regimes. A risk-on rally driven by AI optimism and Federal Reserve rate cuts gave way to a sharp reversal in early 2026, as the unwinding of the AI trade and conflict in the Middle East revived fears of stagflation. Throughout, Red Cedar Investment Management (RCIM) maintained a defensive but opportunistic approach, emphasizing income and security selection. By fiscal year-end, risk sentiment had stabilized and credit-sensitive sectors had recovered.

Equity holdings were the Fund’s largest contributor to performance. Gold mining shares benefited from a powerful rally in gold prices, supported by central bank buying, persistent inflation, and growing unease with fiat currencies. The addition of energy producers early in 2026 captured rising energy prices, driven by Middle East tensions.

Preferred securities were a strong contributor despite mid-period volatility, weakening during the early-2026 risk-off before rebounding sharply into fiscal year-end. Corporate hybrids drove the outperformance, while institutional preferreds also delivered strong results.

Security selection within securitized products was a primary driver of fixed income returns. The largest contribution came from agency Commercial Mortgage-Backed Securities (CMBS) interest-only tranches backed by loans originated at historically low rates, which generated reliable income as slow prepayments preserved their carry. Non-agency CMBS positions enhanced results as select credit situations resolved favorably and realized their anticipated upside.

The Fund’s long volatility exposure, a meaningful contributor in the prior period, was a modest drag for the year given the persistent risk-on environment. Credit hedges provided meaningful protection during the early-2026 stress period but weighed on performance thereafter. Duration impact was mixed, and the Fund maintained a significant underweight to long-maturity Treasuries throughout.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	North Square Strategic Income Fund - Class A	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg U.S. Aggregate Bond Index
Feb-2023	$9,630	$10,000	$10,000
May-2023	$9,460	$10,216	$10,204
May-2024	$10,335	$10,488	$10,337
May-2025	$11,496	$11,165	$10,901
May-2026	$12,320	$11,626	$11,461

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (February 28, 2023)
North Square Strategic Income Fund - Class A	7.17%	7.87%
Bloomberg Intermediate U.S. Government/Credit Bond Index	4.13%	4.74%
Bloomberg U.S. Aggregate Bond Index	5.13%	4.28%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/strategic-income-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.4%
Exchange-Traded Funds	0.6%
Health Care	0.6%
Sovereign	0.7%
Consumer Discretionary	0.7%
Materials	1.3%
Purchased Options	1.5%
Non U.S. Treasury	1.6%
Communications	5.5%
Energy	5.8%
Financials	10.4%
U.S. Government & Agencies	10.4%
Asset Backed Securities	10.7%
Utilities	12.4%
Mortgage Backed Securities	35.4%

Fund Statistics

Net Assets$1,249,828,109
Number of Portfolio Holdings231
Advisory Fee (net of waivers)$3,328,724
Portfolio Turnover97%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note/Bond, 4.000%	4.8%
United States Treasury Note/Bond, 3.500%	3.1%
Meta Platforms, Inc., 5.625%	2.0%
Mexican Bonos, 7.750%	1.6%
Freddie Mac Pool, 5.000%	1.3%
Freddie Mac Pool, 5.000%	1.3%
United States Treasury Note/Bond, 3.750%	1.3%
United States Treasury Note/Bond, 4.625%	1.3%
Fannie Mae Pool, 4.000%	1.2%
Fannie Mae Pool, 3.000%	1.1%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025 and adjourned until January 7, 2026 whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Strategic Income Fund - Class A (ADVAX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ADVAX

North Square Strategic Income Fund

Class I (ADVNX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$70	0.68%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Strategic Income Fund - Class I	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg U.S. Aggregate Bond Index
May-2016	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,045,736	$1,013,990	$1,015,784
May-2018	$1,044,423	$1,006,963	$1,011,979
May-2019	$1,100,359	$1,064,656	$1,076,751
May-2020	$1,200,179	$1,145,569	$1,178,131
May-2021	$1,323,718	$1,153,908	$1,173,362
May-2022	$1,263,010	$1,082,808	$1,076,886
May-2023	$1,232,177	$1,077,069	$1,053,813
May-2024	$1,349,672	$1,105,778	$1,067,569
May-2025	$1,506,308	$1,177,152	$1,125,850
May-2026	$1,618,466	$1,225,737	$1,183,644

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Strategic Income Fund - Class I	7.45%	4.10%	4.93%
Bloomberg Intermediate U.S. Government/Credit Bond Index	4.13%	1.22%	2.06%
Bloomberg U.S. Aggregate Bond Index	5.13%	0.17%	1.70%

The performance results shown above in the line chart and the average annual total returns table for periods prior to February 21, 2020 represent the performance of the Advisory Research Strategic Income Fund (the "Predecessor Fund") which converted into the Fund and is attributable to Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/strategic-income-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.4%
Exchange-Traded Funds	0.6%
Health Care	0.6%
Sovereign	0.7%
Consumer Discretionary	0.7%
Materials	1.3%
Purchased Options	1.5%
Non U.S. Treasury	1.6%
Communications	5.5%
Energy	5.8%
Financials	10.4%
U.S. Government & Agencies	10.4%
Asset Backed Securities	10.7%
Utilities	12.4%
Mortgage Backed Securities	35.4%

Fund Statistics

Net Assets$1,249,828,109
Number of Portfolio Holdings231
Advisory Fee (net of waivers)$3,328,724
Portfolio Turnover97%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Note/Bond, 4.000%	4.8%
United States Treasury Note/Bond, 3.500%	3.1%
Meta Platforms, Inc., 5.625%	2.0%
Mexican Bonos, 7.750%	1.6%
Freddie Mac Pool, 5.000%	1.3%
Freddie Mac Pool, 5.000%	1.3%
United States Treasury Note/Bond, 3.750%	1.3%
United States Treasury Note/Bond, 4.625%	1.3%
Fannie Mae Pool, 4.000%	1.2%
Fannie Mae Pool, 3.000%	1.1%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and the sub-adviser to the Fund.

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025 and adjourned until January 7, 2026 whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Strategic Income Fund - Class I (ADVNX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ADVNX

North Square Tactical Defensive Fund

Class A (ETFRX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Tactical Defensive Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$214	1.95%

How did the Fund perform during the reporting period?

The Fund seeks to balance capital preservation and return by utilizing technical models that respond to both long- and short-term market trends. The longer-term Cyclical Trend model governs approximately half of the portfolio, representing the Fund’s core allocation, while the shorter-term Dynamic Trend model governs the remaining half, representing the Fund’s satellite allocation.

The Fund benefited from the diversification of these two model signals during the fiscal year, which supported solid performance. The longer-term Cyclical Trend model shifted to 100% equity exposure in early July and remained fully invested for the balance of the fiscal year. As a result, the core allocation participated meaningfully in the market advance, and all core holdings contributed positively to relative performance.

The more risk-sensitive Dynamic Trend model moved defensively during brief periods of market volatility. Most notably, it added value during the sharp market pullback associated with the market’s initial reaction to the U.S. military conflict with Iran. During that period, the model positioned approximately 50% of the Fund defensively, which helped reduce downside volatility.

The core allocation also participated in the market’s rapid recovery in April and May, while the Dynamic Trend model improved by mid-April and allowed the Fund to participate in much of the rebound. This combination allowed the Fund to remain meaningfully engaged during favorable market environments while retaining the flexibility to reduce risk when shorter-term conditions deteriorated.

We remain committed to the Fund’s disciplined, model-driven investment process and believe that, over time, it can offer meaningful risk-adjusted returns across market cycles.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Tactical Defensive Fund - Class A	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2016	$9,422	$10,000	$10,000
May-2017	$10,697	$11,146	$11,769
May-2018	$11,529	$11,981	$13,542
May-2019	$11,755	$12,282	$13,880
May-2020	$10,833	$13,028	$15,471
May-2021	$13,966	$16,355	$22,264
May-2022	$14,010	$15,141	$21,444
May-2023	$13,460	$14,908	$21,880
May-2024	$15,380	$16,859	$27,916
May-2025	$15,108	$18,632	$31,578
May-2026	$18,147	$22,053	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class A
Without Load	20.11%	5.38%	6.77%
With Load	13.18%	4.13%	6.14%
Morningstar Moderate Target Risk Index	18.36%	6.16%	8.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021, represent the performance of the Stadion Tactical Defensive Fund (the “Predecessor Fund”) which converted into the Fund and is attributable to the Fund moving forward. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

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

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	19.9%
Exchange-Traded Funds	80.1%

Fund Statistics

Net Assets$51,364,909
Number of Portfolio Holdings6
Advisory Fee (net of waivers)$646,928
Portfolio Turnover111%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street^® SPDR^® Portfolio S&P 500^® ETF	29.7%
State Street^® SPDR^® S&P 500^® ETF Trust	26.1%
First American Treasury Obligations Fund, Class X	19.9%
SPDR^® Portfolio Developed World ex-US ETF	15.9%
SPDR^® Portfolio Emerging Markets ETF	5.3%
SPDR^® Portfolio S&P 600^® Small Cap ETF	3.1%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

A new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement’) with substantially identical terms to the Prior Advisory Agreement, including the advisory fee rate, and a new sub-advisory agreement between the Adviser and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement were approved by the Trust’s Board of Trustees on October 7, 2025. The Board also approved interim investment advisory and sub-advisory agreements and an interim expense limitation agreement to permit continuity of management upon termination of the Prior Advisory Agreement and until shareholders approved the New Advisory Agreement. A joint special meeting of shareholders of the Fund (the “Special Shareholder Meeting”) was initially held on December 19, 2025, adjourned and reconvened from time to time until March 11, 2026, whereby shareholders of the Fund approved the New Advisory Agreement. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund's investment objective and principal investment strategies or to its portfolio management. Additionally, a new expense limitation agreement with substantially the same terms as the prior expense limitation agreement with respect to the Fund, including the contractual expense cap, took effect with the approval of the New Advisory Agreement.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class A (ETFRX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFRX

North Square Tactical Defensive Fund

Class C (ETFZX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$296	2.70%

How did the Fund perform during the reporting period?

We remain committed to the Fund’s disciplined, model-driven investment process and believe that, over time, it can offer meaningful risk-adjusted returns across market cycles.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Tactical Defensive Fund - Class C	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2016	$10,000	$10,000	$10,000
May-2017	$11,269	$11,146	$11,769
May-2018	$12,055	$11,981	$13,542
May-2019	$12,201	$12,282	$13,880
May-2020	$11,159	$13,028	$15,471
May-2021	$14,282	$16,355	$22,264
May-2022	$14,214	$15,141	$21,444
May-2023	$13,548	$14,908	$21,880
May-2024	$15,369	$16,859	$27,916
May-2025	$14,978	$18,632	$31,578
May-2026	$17,862	$22,053	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class C
Without Load	19.25%	4.57%	5.97%
With Load	18.25%	4.57%	5.97%
Morningstar Moderate Target Risk Index	18.36%	6.16%	8.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	19.9%
Exchange-Traded Funds	80.1%

Fund Statistics

Net Assets$51,364,909
Number of Portfolio Holdings6
Advisory Fee (net of waivers)$646,928
Portfolio Turnover111%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street^® SPDR^® Portfolio S&P 500^® ETF	29.7%
State Street^® SPDR^® S&P 500^® ETF Trust	26.1%
First American Treasury Obligations Fund, Class X	19.9%
SPDR^® Portfolio Developed World ex-US ETF	15.9%
SPDR^® Portfolio Emerging Markets ETF	5.3%
SPDR^® Portfolio S&P 600^® Small Cap ETF	3.1%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class C (ETFZX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFZX

North Square Tactical Defensive Fund

Class I (ETFWX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$187	1.70%

How did the Fund perform during the reporting period?

We remain committed to the Fund’s disciplined, model-driven investment process and believe that, over time, it can offer meaningful risk-adjusted returns across market cycles.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Tactical Defensive Fund - Class I	Morningstar Moderate Target Risk Index	Russell 3000^® Index
May-2016	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,138,023	$1,114,573	$1,176,911
May-2018	$1,229,387	$1,198,098	$1,354,171
May-2019	$1,255,796	$1,228,239	$1,387,975
May-2020	$1,160,246	$1,302,770	$1,547,084
May-2021	$1,498,537	$1,635,548	$2,226,434
May-2022	$1,505,851	$1,514,120	$2,144,414
May-2023	$1,450,079	$1,490,787	$2,188,046
May-2024	$1,661,282	$1,685,924	$2,791,575
May-2025	$1,635,352	$1,863,211	$3,157,783
May-2026	$1,969,330	$2,205,291	$4,087,601

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Defensive Fund - Class I	20.42%	5.62%	7.01%
Morningstar Moderate Target Risk Index	18.36%	6.16%	8.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-defensive-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	19.9%
Exchange-Traded Funds	80.1%

Fund Statistics

Net Assets$51,364,909
Number of Portfolio Holdings6
Advisory Fee (net of waivers)$646,928
Portfolio Turnover111%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street^® SPDR^® Portfolio S&P 500^® ETF	29.7%
State Street^® SPDR^® S&P 500^® ETF Trust	26.1%
First American Treasury Obligations Fund, Class X	19.9%
SPDR^® Portfolio Developed World ex-US ETF	15.9%
SPDR^® Portfolio Emerging Markets ETF	5.3%
SPDR^® Portfolio S&P 600^® Small Cap ETF	3.1%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Defensive Fund - Class I (ETFWX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFWX

North Square Tactical Growth Fund

Class A (ETFAX)

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about North Square Tactical Growth Fund (the “Fund”) for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/. You can also request this information by contacting us at 1-855-551-5521. This report describes changes to the Fund that occurred during the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$172	1.55%

How did the Fund perform during the reporting period?

The Fund uses a proprietary model to quantitatively rank Exchange-Traded Funds (ETFs) on a risk-adjusted basis, constructing a diversified portfolio that reflects model strength. The goal is to deliver equity-like returns with lower volatility than equity indices over a full market cycle.

The Fund held four distinct asset classes at the start of the fiscal year. The allocation was 62.3% domestic equity, 8% international equity, 9.4% fixed income, 3.8% precious metals, and 16.5% in cash.

Multiple international ETFs showed strength in our model during the summer of 2025, and we increased the Fund’s international allocation to approximately 24% while dropping the Fund’s cash holdings to 2%. We slowly trimmed the international position down to roughly 12% when strength wavered in the fall and early 2026. The Fund’s domestic equity position held close to its starting value of 62.3% throughout the twelve months covered in this report. We had 70.3% of the Fund in domestic equity in early 2026 but quickly cut it to below 60% in March 2026. The Fund’s precious metals position did very well during the fiscal year but volatility and its decline in our model had us close out the Fund’s position in February. We closed out the Fund’s position in U.S. Treasury bonds in May. Although the Fund’s cash position hit a low of 1.77% in August, it slowly increased due to derisking the portfolio across all the asset classes.

The Fund ended the fiscal year with a conservative portfolio, with 63.4% in domestic equity, 11.4% in international equity, and 25.2% cash.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Tactical Growth Fund - Class A	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2016	$9,424	$10,000	$10,000
May-2017	$10,600	$11,491	$11,769
May-2018	$11,850	$12,668	$13,542
May-2019	$11,469	$12,792	$13,880
May-2020	$12,218	$13,364	$15,471
May-2021	$15,673	$18,009	$22,264
May-2022	$14,747	$16,669	$21,444
May-2023	$14,901	$16,460	$21,880
May-2024	$17,433	$19,281	$27,916
May-2025	$19,100	$21,587	$31,578
May-2026	$23,363	$26,481	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class A
Without Load	22.32%	8.31%	9.50%
With Load	15.27%	7.04%	8.86%
Morningstar Moderately Aggressive Target Risk Index	22.67%	8.02%	10.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The performance results shown above in the line chart and the average annual total returns table for periods prior to June 11, 2021 represent the performance of the Stadion Tactical Growth Fund (the “Predecessor Fund”) which converted into the Fund and is attributable to the Fund moving forward. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.

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

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	25.2%
Exchange-Traded Funds	74.8%

Fund Statistics

Net Assets$616,473,701
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$6,042,259
Portfolio Turnover30%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	25.2%
Invesco QQQ Trust, Series 1	18.3%
Vanguard Growth ETF	17.0%
State Street^® SPDR^® S&P 500^® ETF Trust	15.9%
Vanguard Value ETF	12.2%
iShares^® MSCI Eurozone ETF	8.0%
iShares^® MSCI Canada ETF	3.4%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class A (ETFAX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFAX

North Square Tactical Growth Fund

Class C (ETFCX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$255	2.30%

How did the Fund perform during the reporting period?

The Fund ended the fiscal year with a conservative portfolio, with 63.4% in domestic equity, 11.4% in international equity, and 25.2% cash.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	North Square Tactical Growth Fund - Class C	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2016	$10,000	$10,000	$10,000
May-2017	$11,164	$11,491	$11,769
May-2018	$12,391	$12,668	$13,542
May-2019	$11,905	$12,792	$13,880
May-2020	$12,587	$13,364	$15,471
May-2021	$16,014	$18,009	$22,264
May-2022	$14,953	$16,669	$21,444
May-2023	$15,000	$16,460	$21,880
May-2024	$17,415	$19,281	$27,916
May-2025	$18,940	$21,587	$31,578
May-2026	$23,001	$26,481	$40,876

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class C
Without Load	21.44%	7.51%	8.69%
With Load	20.44%	7.51%	8.69%
Morningstar Moderately Aggressive Target Risk Index	22.67%	8.02%	10.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	25.2%
Exchange-Traded Funds	74.8%

Fund Statistics

Net Assets$616,473,701
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$6,042,259
Portfolio Turnover30%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	25.2%
Invesco QQQ Trust, Series 1	18.3%
Vanguard Growth ETF	17.0%
State Street^® SPDR^® S&P 500^® ETF Trust	15.9%
Vanguard Value ETF	12.2%
iShares^® MSCI Eurozone ETF	8.0%
iShares^® MSCI Canada ETF	3.4%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class C (ETFCX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFCX

North Square Tactical Growth Fund

Class I (ETFOX)

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$145	1.30%

How did the Fund perform during the reporting period?

The Fund ended the fiscal year with a conservative portfolio, with 63.4% in domestic equity, 11.4% in international equity, and 25.2% cash.

How has the Fund performed over the last ten years?

Total Return Based on $1,000,000 Investment

Table Summary
	North Square Tactical Growth Fund - Class I	Morningstar Moderately Aggressive Target Risk Index	Russell 3000^® Index
May-2016	$1,000,000	$1,000,000	$1,000,000
May-2017	$1,127,880	$1,149,075	$1,176,911
May-2018	$1,264,195	$1,266,764	$1,354,171
May-2019	$1,225,989	$1,279,239	$1,387,975
May-2020	$1,310,360	$1,336,358	$1,547,084
May-2021	$1,684,163	$1,800,863	$2,226,434
May-2022	$1,587,562	$1,666,909	$2,144,414
May-2023	$1,608,638	$1,645,967	$2,188,046
May-2024	$1,886,136	$1,928,146	$2,791,575
May-2025	$2,073,120	$2,158,677	$3,157,783
May-2026	$2,542,876	$2,648,145	$4,087,601

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
North Square Tactical Growth Fund - Class I	22.66%	8.59%	9.78%
Morningstar Moderately Aggressive Target Risk Index	22.67%	8.02%	10.23%
Russell 3000^® Index	29.45%	12.92%	15.12%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Call 1-855-551-5521 or visit https://northsquareinvest.com/strategies/tactical-growth-fund/ for updated performance information.

What did the Fund invest in?

Composition of Net Assets (% of net assets)

Table Summary
Value	Value
Short-Term Investments	25.2%
Exchange-Traded Funds	74.8%

Fund Statistics

Net Assets$616,473,701
Number of Portfolio Holdings7
Advisory Fee (net of waivers)$6,042,259
Portfolio Turnover30%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	25.2%
Invesco QQQ Trust, Series 1	18.3%
Vanguard Growth ETF	17.0%
State Street^® SPDR^® S&P 500^® ETF Trust	15.9%
Vanguard Value ETF	12.2%
iShares^® MSCI Eurozone ETF	8.0%
iShares^® MSCI Canada ETF	3.4%

Material Fund Changes

On January 8, 2026, Azimut Group, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), the Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Fund, or the Adviser or to the Fund’s investment objective and principal investment strategies. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the Investment Company Act of 1940, as amended, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in its automatic termination, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and CSM.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

North Square Tactical Growth Fund - Class I (ETFOX)

Annual Shareholder Report - May 31, 2026

TSR-AR 053126-ETFOX

(a)(1) The Registrant’s Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee.

(a)(2) David B. Boon and Donald J. Herrema are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are David B. Boon and Donald J. Herrema.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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.

North Square Spectrum Alpha Fund (“Spectrum Alpha” or “Spectrum Alpha Fund”), North Square Dynamic Small Cap Fund (“Dynamic Small Cap” or “Dynamic Small Cap Fund”), North Square Multi Strategy Fund (“Multi Strategy” or “Multi Strategy Fund”), North Square Preferred and Income Securities Fund (“Preferred and Income Securities” or “Preferred and Income Securities Fund”), North Square Tactical Growth Fund (“Tactical Growth” or “Tactical Growth Fund”), North Square Tactical Defensive Fund (“Tactical Defensive” or “Tactical Defensive Fund”), North Square Core Plus Bond Fund (formerly known as North Square Trilogy Alternative Return Fund) (“Core Plus Bond” or “Core Plus Bond Fund”), North Square Kennedy MicroCap Fund (“Kennedy MicroCap” or “Kennedy MicroCap Fund”), North Square Select Small Cap Fund (formerly, the North Square Advisory Research Small Cap Value Fund) (“Select Small Cap” or “Select Small Cap Fund”), North Square Altrinsic International Equity Fund (“International Equity” or “International Equity Fund”), North Square McKee Bond Fund (“McKee Bond” or “McKee Bond Fund”), North Square Strategic Income Fund (“Strategic Income” or “Strategic Income Fund”), and North Square Small Cap Value Fund (“Small Cap Value” or “Small Cap Value Fund”) (each a “Fund” and collectively the “Funds”) each organized as a series of the Exchange Place Advisors Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are diversified funds. The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is a series currently authorized by the Board.

The Spectrum Alpha Fund’s primary investment objective is to provide capital appreciation. The Spectrum Alpha Fund is considered a “fund of funds” that invests primarily in exchange-traded funds and affiliated mutual funds.

The Dynamic Small Cap Fund’s primary investment objective is long-term capital appreciation.

The Multi Strategy Fund’s primary investment objective is to provide capital appreciation. The Multi Strategy Fund is considered a “fund of funds” that invests primarily in exchange-traded funds and affiliated mutual funds.

The Preferred and Income Securities Fund’s primary investment objective is to seek total return through current income and capital appreciation. A joint special meeting of shareholders of the Funds (the “Special Shareholder Meeting”) was initially held on December 19, 2025, and adjourned and reconvened from time to time including until March 11, 2026, whereby Shareholders of the Fund voted to approve an amendment to the Fund’s fundamental concentration policy. Effective April 10, 2026, the Fund may not invest 25% or more of its total assets, calculated at the time of purchase and taken at market value, in any one industry or group of industries (other than securities issued by the U.S. government, its agencies or instrumentalities), provided, however, that, under normal circumstances, the Fund will invest, directly or indirectly, at least 25% of its total assets in the banking, financial services, and insurance group of industries. For purposes of this fundamental investment policy, with respect to concentration, the industries comprising the (i) banking, (ii) financial services (i.e., asset management, specialty finance, institutional financial services industries) and (iii) insurance (i.e., life insurance, property and casualty insurance, Islamic insurance, reinsurance, insurance brokers and services, and health insurance) groups of industries within the financial services sector are considered to be a single “group of industries.”

The Tactical Growth Fund’s primary investment objective is to seek long-term capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Growth Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of Stadion Tactical Growth Fund. The Tactical Growth Fund is considered a “fund of funds” that invests primarily in exchange-traded funds.

The Tactical Defensive Fund’s primary investment objective is to seek capital appreciation. The Fund has adopted the historical performance of the Stadion Tactical Defensive Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of Stadion Tactical Defensive Fund. The Tactical Defensive Fund is considered a “fund of funds” that invests primarily in exchange-traded funds.

The Core Plus Bond Fund’s primary investment objective is to seek high current income and long-term capital appreciation. Effective September 27, 2024, the Fund changed its name from the North Square Trilogy Alternative Return Fund and made certain changes to its investment objective and principal investment strategies, including the modification of the strategies to invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds and at least 65% of its net assets in investment grade debt securities. The Fund may also invest in non-investment grade debt securities, and may employ a derivatives overlay strategy to, among other things, adjust the risk profile of the Fund’s portfolio. In addition, effective September 27, 2024, the Fund converted Class A and Class C shares into Class I shares. The Fund has adopted the historical performance of the Stadion

Trilogy Alternative Return Fund, a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021, in which the Fund acquired all of the assets, subject to the liabilities, of the Stadion Trilogy Alternative Return Fund.

The Kennedy MicroCap Fund’s primary investment objective is to provide capital appreciation. The Fund commenced operations on June 10, 2024.

The Select Small Cap Fund’s primary investment objective is to seek long-term capital appreciation. Effective as of the close of business on February 21, 2020, the Small Cap Value Fund acquired the assets and assumed the liabilities of the Advisory Research All Cap Value Fund, a series of Investment Managers Series Trust. Effective February 28, 2025, the North Square Advisory Research Small Cap Value Fund changed its name to the North Square Select Small Cap Fund.

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

The McKee Bond Fund’s primary investment objective is to maximize total return and generate consistent outperformance of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. The Fund’s R6 shares commenced operations on December 28, 2020, and Class I shares commenced operations on May 19, 2021.

The Strategic Income Fund’s primary investment objectives are to seek high current income and to seek long-term capital appreciation. Effective as of the close of business on February 21, 2020, the Strategic Income Fund acquired the assets and assumed the liabilities of the Advisory Research Strategic Income Fund, a series of Investment Managers Series Trust.

The Small Cap Value Fund’s primary investment objective is long-term capital appreciation. Concurrently with the Fund’s commencement of operations, the Fund acquired all of the assets and liabilities of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”), in a tax-free reorganization on April 25, 2025. In connection with the Reorganization, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Small Cap Value Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Small Cap Value Fund. Further, the Predecessor Fund’s portfolio managers joined CSM Advisors, LLC (“CSM”) to serve as the Fund’s portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The Predecessor Fund is the accounting survivor. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations.

At the quarterly meeting of the Board on December 3-4, 2024, the Board approved a change in the fiscal year end for the Strategic Income Fund, Select Small Cap Fund, International Equity Fund, and the McKee Bond Fund from October 31 to May 31.

The shares of each class represent an interest in the same portfolio of investments of their respective Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

On January 8, 2026, Azimut Group, an independent global asset manager based in Milan, Italy, via its U.S. subsidiary, Azimut U.S. Holdings Inc., acquired North Square Investments, LLC (the “Adviser”), each Fund’s investment adviser (the “Transaction”). The Transaction did not result in any material changes in the day-to-day management of the Funds or the Adviser or to the Funds’ respective investment objectives and principal investment strategies. In connection with the Transaction, the Adviser’s parent company, NSI Holdco, LLC, was renamed Azimut NSI, LLC. The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the 1940 Act, of each Fund’s then current investment advisory agreement between the Trust, on behalf of each of the Funds, and the Adviser (the “Prior Advisory Agreement”) and resulted in the automatic termination of such agreement with respect to each of the Funds, effective as of the closing of the Transaction. The Transaction also resulted in a change of control of the Adviser’s affiliated sub-adviser, CSM Advisors, LLC (“CSM”). The Transaction also resulted in the termination of the then current sub-advisory

agreements (the “Prior Sub-Advisory Agreements”) between the Adviser and the sub-advisers to the Funds. As a result of the Transaction, sub-adviser Kennedy Capital Management LLC (“Kennedy Capital”), which is majority owned by Azimut U.S. Holdings Inc., became an affiliate of the Adviser and of CSM, and the Adviser, CSM and Kennedy Capital are under the common control of Azimut NSI, LLC.

At a meeting held on October 7, 2025, the Trust’s Board of Trustees (the “Board”) considered and approved a new investment advisory agreement between the Trust, on behalf of each Fund, and the Adviser (the “New Advisory Agreement), with substantially identical terms to the Prior Advisory Agreement with respect to each of the Funds, except that for the North Square Multi Strategy Fund (“the Multi Strategy Fund”) the advisory fee payable under the New Advisory Agreement changed to 0.20% for all fund assets regardless of whether they are invested in non-affiliated or affiliated investments. Under the Prior Advisory Agreement, the advisory fee payable by the Multi Strategy Fund was 0.50% for fund assets invested in non-affiliated investments and 0.00% for fund assets invested in affiliated investments. The Board also considered and approved a new sub-advisory agreement between the Adviser, on behalf of each Fund, and the respective sub-adviser (the “New Sub-Advisory Agreements”), with substantially identical terms to the Prior Sub-Advisory Agreements with respect to each of the Funds, except that for the Multi Strategy Fund, similar to the advisory fee structure and rate change in the New Advisory Agreement, the sub-advisory fee rate for the Fund that is paid by the Adviser to the sub-adviser pursuant to the New Sub-Advisory Agreement also changed.

In addition, the Board approved interim investment advisory and sub-advisory agreements to permit continuity of management, if necessary, until shareholders of each of the Funds approved the New Advisory Agreement with respect to that Fund at a special shareholder meeting of the Funds. The terms of the interim investment advisory and sub-advisory agreements were substantially identical to those of the corresponding Prior Advisory Agreement and Prior Sub-Advisory Agreements except for their date, duration and, in the case of the interim advisory agreement, escrow provisions required by applicable law and with respect to the interim sub-advisory agreements that the sub-advisers would not be paid by the Adviser until the Adviser received its payment under the corresponding interim investment advisory agreement.

At a Special Shareholder Meeting that was initially held on December 19, 2025, shareholders of each of the following Funds approved the New Advisory Agreement with respect to the applicable Fund: North Square Altrinsic International Equity Fund, North Square Core Plus Bond Fund, North Square Kennedy MicroCap Fund, North Square McKee Bond Fund, North Square Select Small Cap Fund, and North Square Small Cap Value Fund. In connection with the change of control of the Adviser, the New Advisory Agreement and New Sub-Advisory Agreements took effect on January 8, 2026 with respect to each of these Funds. With respect to each of the other Funds, the New Advisory Agreement took affect upon shareholder approval. The Special Shareholder Meeting was adjourned until January 7, 2026, whereby shareholders of the North Square Strategic Income Fund approved the New Advisory Agreement for that Fund; and further adjourned until January 23, 2026, whereby shareholders of the North Square Dynamic Small Cap Fund approved the New Advisory Agreement for that Fund; and further adjourned until February 11, 2026, whereby shareholders of the North Square Tactical Defensive Fund approved the New Advisory Agreement for that Fund. The Special Shareholder Meeting was then adjourned until February 25, 2026, whereby shareholders of the North Square Preferred and Income Securities Fund approved the New Advisory Agreement for that Fund and further adjourned until March 11, 2026, whereby shareholders of the North Square Tactical Growth Fund approved the New Advisory Agreement for that Fund and shareholders of the North Square Preferred and Income Securities Fund approved an amendment to that Fund’s fundamental concentration policy (see below). The Special Shareholder Meeting was re-convened on May 14, 2026, and was adjourned until May 29, 2026, whereby shareholders of the North Square Multi Strategy Fund approved the new advisory agreement for that Fund and further adjourned until June 5, 2026, whereby shareholders of the North Square Spectrum Alpha Fund approved the New Advisory Agreement for that Fund. The New Sub-Advisory agreements with the applicable sub-advisers took effect with respect to each of these Funds at the same time as the New Advisory Agreement with respect to such Fund, following shareholder approval.

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards “FASB” Accounting Standard Codification Topic 946 “Financial Services - Investment Companies”.

The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over-the-counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the Nasdaq Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value (“NAV”) of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Exchange-traded options on securities and indices purchased or sold by the Funds generally will be valued at the mean of the last bid and ask prices. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the North Square Investments, LLC (the “Adviser” or “NSI”), as Valuation Designee, for all fair value determinations and responsibilities, with respect to the Fund, pursuant to procedures approved by the Board.

Options contracts are valued at the mean of the National Best Bid and Offer (NBBO) prices as determined by the Options Pricing Reporting Authority (ORPA) (which is the best bid and offer price across all of the option exchanges). If no bid price is readily available, the option shall be valued at the mean of the last quoted ask price and $0.00. If (i) no bid price is readily available, and (ii) no ask price is readily available, the option will be valued at the last valid NBBO mean price and are generally categorized as Level 2.

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

Fair value pricing may be applied to foreign securities held by the Funds upon the occurrence of an event after the close of trading on non-U.S. markets but before the close of trading on the NYSE when each Fund’s NAV is determined. If the event may result in a material adjustment to the price of the Fund’s foreign securities once non-U.S. markets open on the following business day (such as, for example, a significant surge or decline in the U.S. market), the Fund may value such foreign securities at fair value, taking into account the effect of such event, in order to calculate the Fund’s NAV. The pricing service will use a statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Fund calculates the NAVs. The Board receives a report on all securities that were fair valued by the Adviser during the quarter.

Other types of portfolio securities that the Fund may fair value include, but are not limited to: (1) investments that are illiquid or traded infrequently, including “restricted” securities and private placements for which there is no public market; (2) investments for which, in the judgment of the Adviser, the market price is stale; (3) securities of an issuer that has entered into a restructuring; (4) securities for which trading has been halted or suspended; and (5) fixed income securities for which there is not a current market value quotation.

Certain of the Funds may write or purchase option contracts to adjust risk and return of its overall investment positions. When a Fund writes or purchases an option, an amount equal to the premium received or paid by such Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or

purchasing options that expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to or subtracted from the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or loss on investment transactions. Investing in purchased and written options contracts exposes the Funds to equity price risk. For the fiscal year ended May 31, 2026, only the Core Plus Bond Fund and the Strategic Income Fund engaged in option contracts. Additional information regarding such activity may be found in Note 11.

Certain of the Funds may invest in futures contracts to hedge or manage risks associated with the Fund’s securities investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and such Fund’s basis in the contract. If a Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, such Fund would continue to be subject to market risk with respect to the value of the contracts. For the fiscal year ended May 31, 2026, the Preferred and Income Securities Fund, Core Plus Bond Fund and Strategic Income Fund engaged in futures contracts. Additional information regarding such activity may be found in Note 11.

For valuation purposes, all assets and liabilities initially expressed in foreign currency will be converted into U.S. dollars at the mean between the bid and offered quotations of such currencies against U.S. dollars as last quoted by the New York Stock Exchange. Such conversion shall take place at the time that a Fund’s net asset value is calculated. If such quotations are not available, a fair value rate of exchange will be determined in good faith by the Funds’ Valuation Designee. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments.

Certain of the Funds may enter into credit default swap transactions for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by a Fund. A Fund may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is five years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. The notional value of the credit default swap will be used to segregate liquid investments for selling protection on credit default swaps. If a Fund were a buyer and no credit event occurs, such Fund would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value in upfront payments. When a Fund buys credit default swaps it will segregate an amount at least equal to the amount of any accrued premium payment obligations including amounts for early terminations. The use of swap transactions by a Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swap transaction. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap transactions have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

Certain of the Funds may also purchase credit default swap contracts in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case such Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to a Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce a Fund’s return. For the fiscal year ended May 31, 2026, the Preferred and Income Securities Fund and the Strategic Income Fund entered into credit default swap contracts. Additional information regarding such activity may be found in Note 11.

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

Upon entering into a futures contract (with the exception of futures contracts traded on the London Metal Exchange (“LME”)), and to maintain a Fund’s open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, 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 May 31, 2026, the Preferred and Income Securities Fund, Core Plus Bond Fund and Strategic Income Fund had cash at broker for futures contracts of $6,943; $248,046; and $2,236,689, respectively.

Upon entering into a swap contract a Fund would be required to maintain required collateral with its custodian or swap broker in a segregated account in the name of the swap broker consisting of U.S. Government securities or cash or cash equivalents. At May 31, 2026, the Preferred and Income Securities Fund and the Strategic Income Fund had cash at broker for swap contracts of $3,960,262 and $18,981,671, respectively.

Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Realized gains and losses on paydowns of asset-backed securities are reflected in interest income on the Statements of Operations. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

Income and expenses of the Funds are allocated on a pro rata basis to each class of shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made. Expenses such as distribution and service fees pursuant to Rule 12b-1, transfer agent fees and expenses with respect to the Funds, that are specific to individual share classes, are accrued directly to the respective share class.

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

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 Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the previous three tax year ends, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations 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 deemed dividends on redemptions accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

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

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

During the fiscal year ended May 31, 2026, the Trust, on behalf of the Funds, entered into a short-term credit agreement (“Line of Credit”) with U.S. Bank, N.A., expiring on June 10, 2026, extended through June 7, 2027. The Line of Credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. Under the terms of the agreement, The Trust may borrow up to the lesser of $50,000,000 or 15% of each Fund’s daily market value (10% for Core Plus Bond Fund and Select Small Cap Fund) at an interest rate equal to the Prime Rate.

As of May 31, 2026, the Funds had no outstanding borrowings under this Line of Credit.

The Prior Investment Advisory Agreements with respect to the Funds were automatically terminated due to a change of control of the Adviser on January 8, 2026, upon the acquisition of the Adviser by the Azimut Group. The Trust, on behalf of each Fund, and the Adviser, entered into a new investment advisory agreement (the “New Advisory Agreement”) with the Adviser, with substantially identical terms to the then current investment advisory agreement (the “Prior Advisory Agreement”), except that for the Multi Strategy Fund, the advisory fee payable by the Fund under the Prior Advisory Agreement was 0.50% for fund assets invested in non-affiliated investments and 0.00% for fund assets invested in affiliated investments but effective May 29, 2026, under the New Advisory Agreement, with respect to the Fund, the advisory fee payable is 0.20% for all fund assets, regardless of whether they are invested in nonaffiliated or affiliated investments. See Note 1 with respect to the effective date of the New Advisory Agreement with respect to each Fund.

Under the terms of the New Advisory Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund’s average daily net assets. Fees paid to the Adviser for the fiscal year ended May 31, 2026, are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

The Adviser has appointed one or more Sub-Advisers to perform management services with respect to the Funds. Below are the Sub-Advisers engaged by Adviser as of May 31, 2026. The Adviser pays the Sub-Advisers from its advisory fees.

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

The Adviser is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Funds for a period ending thirty-six months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Funds if the reimbursement will not cause the Funds’ annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. For the fiscal year ended May 31, 2026, the Tactical Growth Fund recouped $59,375.

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

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Funds’ fund accountant, transfer agent and administrator. The Funds’ allocated fees incurred for fund accounting, transfer agency and fund administration for the fiscal year ended May 31, 2026, are reported on the Statements of Operations.

Foreside Fund Services, LLC a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Adviser pays the Distributor a fee for its distribution-related services.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. The Funds’ allocated fees incurred for compliance services for the fiscal year ended May 31, 2026, are reported on the Statements of Operations.

Each Independent Trustee receives from the Trust an annual retainer of $52,500, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board receives an additional annual retainer of $18,750, and each of the Chairpersons of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. In addition, effective November 3, 2023, each Independent Trustee receives from the Trust a fee of $2,000 for a meeting of the Board other than a regularly scheduled meeting. Prior to January 1, 2026, the annual retainer was $50,000.

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

At May 31, 2026, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

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.

For the fiscal year ended May 31, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital, accumulated net investment income/loss and accumulated net realized gain/loss as follows:

As of May 31, 2026, the components of accumulated earnings (deficit) on a tax basis for the Funds were as follows:

The unrealized appreciation/depreciation in the table above includes unrealized foreign currency gains (losses) of $32,000 and $6,014 for the International Equity Fund and Strategic Income Fund, respectively.

The character of dividends paid to shareholders of the Funds for federal income tax purposes during the year ended May 31, 2026, the year ended May 31, 2025, period ended May 31, 2025, seven months ended May 31, 2025, and year October 31, 2024, if applicable, was as follows:

As of May 31, 2026, the following Funds have non-expiring 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. During the fiscal year ended May 31, 2026, the Funds utilized capital loss carryforwards as follows:

As of May 31, 2026, the Funds had the following qualified late-year ordinary losses and post-October losses which are deferred until fiscal year 2026 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. Capital losses incurred after October 31 within that taxable year are deemed to arise on the first day of the Fund’s next taxable year.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the fiscal year ended May 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Funds were immaterial.

For the fiscal year ended May 31, 2026, purchases and sales of investments (excluding in-kind transactions, U.S government obligations, and short-term investments) were as follows:

For the fiscal year ended May 31, 2026, purchases and sales of long-term U.S. government obligations were as follows:

The Trust, on behalf of the Funds, except with respect to the North Square Small Cap Value Fund, has adopted a Shareholder Service Plan (the “Shareholder Service Plan”) with respect to each of the Fund’s Class A shares, Class C and Class I shares, as applicable. Under the Shareholder Service Plan, the Funds may pay a fee at an annual rate of up to 0.15% of its average daily net assets attributable to Class A shares, Class C shares and Class I shares, as applicable, to shareholder servicing agents. Shareholder servicing agents provide non-distribution administrative and support services to their customers, which may include establishing and maintaining accounts and records relating to shareholders, processing dividend and distribution payments from the Funds on behalf of shareholders, responding to routine inquiries from shareholders concerning their investments, assisting shareholders in changing dividend options, account designations and addresses, and other similar services.

For the fiscal year ended May 31, 2026, shareholder servicing fees incurred are disclosed on the Statements of Operations.

The Trust, on behalf of each Fund, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Class A, Class C and Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund’s average daily net assets attributable to Class A and Investor Class shares and up to 1.00% of each Fund’s average daily net assets attributable to Class C shares, respectively.

For the fiscal year ended May 31, 2026, distribution fees incurred with respect to Class A and Class C shares are disclosed on the Statements of Operations.

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.

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:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of May 31, 2026, in valuing the Funds’ assets carried at fair value:

The Funds did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment in a North Square Fund. Issuers that are affiliates of a Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of May 31, 2026, and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

At May 31, 2026, the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income Fund held derivative and other financial instruments which are not subject to a master netting arrangement.

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of May 31, 2026:

The following table presents the fair value of derivative instruments for the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income as of May 31, 2026, as presented on the Fund’s Statement of Assets and Liabilities:

The following table presents the results of the derivative trading and information related to volume for the fiscal year ended May 31, 2026, for the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.

The average monthly market value amount is shown as an indicator of volume. The average monthly market value amounts held in the Preferred and Income Securities Fund, the Core Plus Bond Fund and the Strategic Income during the fiscal year ended May 31, 2026, were:

Certain of the Funds may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end and closed-end mutual funds and money market mutual funds. Such Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of May 31, 2026, the Spectrum Alpha Fund had 98.5% of the value of its net assets invested in open-end mutual funds. As of May 31, 2026, the Multi Strategy Fund had 53.9% and

45.1% of the value of its net assets invested in ETFs and open-end mutual funds, respectively. As of May 31, 2026, the Tactical Growth Fund had 74.8% of the value of its net assets invested in ETFs. As of May 31, 2026, the Tactical Defensive Fund had 80.1% of the value of its net assets invested in ETFs. The financial statements of these ETFs and money market mutual funds can be found at www.sec.gov and should be read in conjunction with the Funds’ financial statements.

If a Fund has significant investments in the securities of issuers within a particular sector or industry, any development affecting that sector or industry will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector or industry. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector or industry, and therefore the value of the Fund’s portfolio will be adversely affected. As of May 31, 2026, the Preferred and Income Securities Fund had 27.1% and 31.6% of the value of its net assets invested in securities within the Financials and Utilities sectors, respectively.

Risk is inherent in all investing, including an investment in the Funds. Below are summaries of some, but not all, of the principal risks of investing in a Fund, each of which could adversely affect a Fund’s NAV, market price, yield, and total return. Certain Funds, which invest in other mutual funds, exchange-traded funds, or closed-end funds, will be exposed to these risks both directly and indirectly, through their investment in underlying funds. Further information about investment risks is available in each Fund’s prospectus and Statement of Additional Information.

Equity Risk. (International Equity Fund, Strategic Income Fund, Select Small Cap Fund, Spectrum Alpha Fund, Multi-Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, Dynamic Small Cap Fund, Small Cap Value Fund, and Kennedy Microcap Fund). The value of the equity securities held by a Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by a Fund participate, or factors relating to specific companies in which a Fund invests.

Preferred Securities Risk. (Preferred and Income Securities Fund, Core Plus Bond Fund, Strategic Income Fund, Select Small Cap Fund, Small Cap Value Fund, and Kennedy Microcap Fund). Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise.

Fixed Income Securities Risk. (Strategic Income Fund, McKee Bond Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, Core Plus Bond Fund, and Small Cap Value Fund). The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Typically, a rise in interest rates will cause a decline in the value of a fixed income security owned by a Fund. Generally, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for a Fund.

Mortgage-Backed and Asset-Backed Securities Risk. (Strategic Income Fund, McKee Bond Fund, Multi Strategy Fund, and Core Plus Bond Fund). Mortgage-backed (including residential and commercial mortgage-backed) and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If a Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, a Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to a Fund, reducing the values of those securities or in some cases rendering them worthless. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Sector Focus Risk. (All Funds). A Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. For example, industries in the financials segment, such as banks, insurance companies, and broker-dealers, may be sensitive to changes in interest rates and general economic activity and are generally subject to extensive government regulation.

Small Cap Company Risk. (Strategic Income Fund, Select Small Cap Fund, Dynamic Small Cap Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, Small Cap Value Fund, and Kennedy Microcap Fund). The securities of small capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

Foreign Investment Risk. (All Funds). The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of a Fund’s foreign investments.

Currency Risk. (Strategic Income Fund, Select Small Cap Fund, International Equity Fund, Multi Strategy Fund, Preferred and Income Securities Fund, Tactical Growth Fund, Tactical Defensive Fund, Core Plus Bond Fund, and Kennedy Microcap Fund). The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. Dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and speculation.

Micro-Cap, Small, and Mid-Sized Company Risk. (Spectrum Alpha Fund) Investments in micro-cap, small, and mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of micro-cap, small, and mid-sized

companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of micro-cap, small, and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.

Growth-Oriented Investment Strategies Risk. (Multi Strategy Fund, Tactical Growth Fund, and Kennedy Microcap Fund) Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall.

Value-Oriented Investment Strategies Risk. (Select Small Cap Fund, International Equity Fund, Dynamic Small Cap Fund, Multi Strategy Fund, Small Cap Value Fund, and Kennedy Microcap Fund) Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets.

Investment Companies Risk. (Strategic Income Fund, Spectrum Alpha Fund, Dynamic Small Cap Fund, Multi Strategy Fund, Tactical Growth Fund, Tactical Defensive Fund, and Kennedy Microcap Fund). A Fund may invest in investment companies, such as ETFs and mutual funds (including other funds managed or sub-advised by the Adviser or its affiliates (“North Square-Related Funds”)). Any such investment generally will reflect the risks of owning the underlying securities the investment company holds. It may also be more expensive for a Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expense based on a Fund’s pro rata share of other investment company’s operating expenses, including the management fees of unaffiliated funds in addition to those paid by a Fund. A Fund may pay brokerage commissions in connection with the purchase and sale of shares of investment companies. In addition, a Fund may invest in underlying funds that invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. A Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which a Fund invests, including, but not limited to, derivatives, currencies and leverage risk.

In addition to the risks associated with the underlying assets held by an ETF, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) trading an ETF’s shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; or underlying managed index and (5) a passively managed ETF may hold troubled securities. A Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Certain money market mutual funds are not required to preserve the value of a Fund’s investment at $1.00 per share.

Effective as of the close of business April 25, 2025, the Small Cap Value Fund acquired all of the assets, subject to the liabilities, of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”) pursuant to a Board-approved plan of reorganization dated April 25, 2025 (the “Reorganization”).

The acquisition was accomplished by a tax-free exchange for 15,751,064 shares at a net asset value per share (“NAV”) of $16.20 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from these tax-free transactions on the close of business April 25, 2025, after the reorganization, was $255,167,626 including net unrealized depreciation of $(35,795,608), undistributed net investment income of $5,008,575, undistributed realized gain of $2,172,252 and investment cost of $291,070,774.

For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Small Cap Value Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The Small Cap Value Fund’s performance for periods prior to April 25, 2025, is that of the Predecessor Fund. The Predecessor Fund is the accounting survivor. After the Reorganization the Small Cap Value Fund changed its fiscal year end from October 31 to May 31.

Each Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosures.

After the close of the fiscal year ended May 31, 2026, at the Special Shareholder Meeting initially held on December 19, 2025, adjourned and reconvened from time to time until June 5, 2026, shareholders of the North Square Spectrum Alpha Fund approved the New Advisory Agreement between the Trust, on behalf of the Fund, and the Adviser, at which time the New Advisory Agreement went into effect for the Fund.

For a discussion of the approvals that occurred during the fiscal period ended May 31, 2026, see the information contained in the “Additional Information - Proxy Disclosures” section of this report.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts (as applicable), and credit default swap contracts (as applicable) comprising the funds listed below (the “Funds”), each a series of Exchange Place Advisors Trust, as of May 31, 2026, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as auditor of one or more of the Funds advised by North Square Investments, LLC since 2023. We have served as the auditor of the predecessor fund to North Square Small Cap Value Fund since 2006.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended May 31, 2026, was as follows:

For the fiscal year ended May 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

For the fiscal year ended May 31, 2026, the Funds designate a portion of distributions as 20.00% rate gain distributions for the purposed of the dividends paid deduction. The dollar amount by fund was as follows:

The International Equity Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The Fund’s foreign source income per share was $0.4458 and the foreign tax expense per share was $0.0248.

There were no changes in or disagreements with accountants during the period covered by this report.

At a Special Shareholder Meeting (the “Special Shareholder Meeting”) held on December 19, 2025, shareholders of the North Square Altrinsic International Equity Fund, North Square Core Plus Bond Fund, North Square Kennedy MicroCap Fund, North Square McKee Bond Fund, North Square Select Small Cap Fund, and the North Square Small Cap Value Fund as of the close of business on October 23, 2025 voted to approve Proposal 1 with respect to each Fund. The Special Shareholder Meeting was adjourned until January 7, 2026, whereby shareholders of the North Square Strategic Income Fund as of the close of business on October 23, 2025 voted to approve Proposal 1 with respect to each Fund. The Special Shareholder Meeting was further adjourned until January 23, 2026, whereby shareholders of the North Square Dynamic Small Cap Fund as of the close of business on October 23, 2025 voted to approve Proposal 1 with respect to each Fund. The Special Shareholder Meeting was further adjourned until February 11, 2026, whereby shareholders of the North Square Tactical Defensive Fund as of the close of business on October 23, 2025 voted to approve Proposal 1 with respect to each Fund. The Special Shareholder Meeting was further adjourned until February 25, 2026 whereby shareholders of the North Square Preferred and Income Securities Fund voted to approve Proposal 1, and then further adjourned until March 11, 2026, whereby shareholders of the North Square Tactical Growth Fund as of the close of business on October 23, 2025 voted to approve Proposal 1 with respect to each Fund and shareholders of the North Square Preferred and Income Securities Fund voted to approve Proposal 2 with respect to each Fund. The Special Shareholder Meeting was further adjourned until March 30, 2026, and then further adjourned until April 17, 2026, April 30, 2026, May 7, 2026, May 14, 2026, and May 29, 2026, whereby shareholders of the North Square Multi Strategy Fund as of the close of business on October 23, 2025 voted to approve Proposal 3 with respect to each Fund. The Special Shareholder Meeting was further adjourned until June 5, 2026, whereby shareholders of the North Square Spectrum Alpha Fund as of the close of business on October 23, 2025 were asked to vote on Proposal 1.

Proposal 1: To approve a new investment advisory agreement between Exchange Place Advisors Trust, on behalf of the above-listed Funds, and North Square Investments, LLC (“NSI”).

Proposal 2: To approve an amendment to the fundamental concentration policy of the North Square Preferred and Income Securities Fund.

Proposal 3: To approve a new investment advisory agreement between Exchange Place Advisors Trust, on behalf of the North Square Multi Strategy Fund, and NSI, including a change to the fee payable by the Fund to NSI thereunder.

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

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”) is organized as a series of Exchange Place Advisors Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is a diversified fund. The Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, permits the Board of Trustees (the “Board”) to issue an unlimited number of shares of beneficial interest of each separate series of the Trust, including the Fund. The Fund is one of a series of funds currently authorized by the Board. The investment objective of the Fund is to seek high current income and long-term capital appreciation with an emphasis on tax-advantaged qualified dividend income (“QDI”).

The closing of the Transaction resulted in a change of control of the Adviser, which caused an “assignment” under the 1940 Act, of the Fund’s then current investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “Prior Advisory Agreement”) and resulted in the automatic termination of such agreement with respect to the Fund, effective as of the closing of the Transaction. The Transaction also resulted in the termination of the then current sub-advisory agreement (the “Prior Sub-Advisory Agreement”) between the Adviser and sub-adviser to the Fund.

At a meeting held on October 7, 2025, the Board of Trustees (the “Board”) considered and approved a new investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the “New Advisory Agreement”) with substantially identical terms to the Prior Advisory Agreement with respect to the Fund, including the advisory fee rate, and a new sub-advisory agreement between the Adviser, on behalf of the Fund, and the sub-adviser (the “New Sub-Advisory Agreement”), with substantially identical terms to the Prior Sub-Advisory Agreement with respect to the Fund.

In addition, the Board approved an interim investment advisory and sub-advisory agreement to permit continuity of management, if necessary, until shareholders of the Fund approved the New Advisory Agreement with respect to the Fund at a special shareholder meeting of the Fund. The terms of the interim investment advisory and sub-advisory agreement were substantially identical to those of the Prior Advisory Agreement and Prior Sub-Advisory Agreement except for their date, duration and, in the case of the interim advisory agreement, escrow provisions required by applicable law and with respect to the interim sub-advisory agreement that the sub-adviser would not be paid by the Adviser until the Adviser received its payment under the corresponding interim investment advisory agreement.

At a joint special meeting of shareholders (the “Special Shareholder Meeting”) held on December 19, 2025, shareholders of the Fund approved the New Advisory Agreement for the Fund. The New Sub-Advisory Agreement with the sub-adviser was entered into with respect to the Fund. Shareholder approval was not required for the New Sub-Advisory Agreement pursuant to the Fund’s “manager-of-managers” exemptive relief from the Securities and Exchange Commission (the “SEC”). In connection with the change of control of the Adviser, the New Advisory Agreement and New Sub-Advisory Agreement took effect on January 8, 2026. The New Advisory Agreement and New Sub-Advisory Agreement did not result in any material changes to the Fund’s investment objective and principal investment strategies or to its portfolio management.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”. The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

The Fund has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over-the-counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the Nasdaq Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value (“NAV”) of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Exchange-traded options on securities and indices purchased or sold by the Fund generally will be valued at the mean of the last bid and ask prices. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Adviser, as Valuation Designee, for all fair value determinations and responsibilities, with respect to the Fund, pursuant to procedures approved by the Board. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board’s ability to effectively oversee the Valuation Designee’s fair value determination. The actions of the Adviser’s Valuation Committee and the Valuation Designee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed.

Futures contracts that the Fund invests in are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

In certain circumstances, the Fund employs fair value pricing to ensure greater accuracy in determining daily NAVs and to prevent dilution by frequent traders or market timers who seek to exploit temporary market anomalies. The use of fair valuation in pricing a security involves the consideration of a number of subjective factors and therefore, is susceptible to the unavoidable risk that the valuation may be higher or lower than the price at which the security might actually trade if a reliable market price were readily available. The Board received a report on all securities that were fair valued by the Adviser during the year ended May 31, 2026.

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

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

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. This evaluation requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the current tax year, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is 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 Fund will make distributions of all or substantially all of its net investment income, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

The Prior Advisory Agreement with respect to the Fund was automatically terminated due to a change of control of the Adviser on January 8, 2026, upon the acquisition of the Adviser by the Azimut Group. The Trust, on behalf of the Fund, entered into a New Advisory Agreement with the Adviser with substantially identical terms to the Prior Advisory Agreement and was effective as of January 8, 2026. Under the terms of the Prior Advisory Agreement and the New Advisory Agreement, the Fund pays a monthly investment advisory fee to the Adviser based on the Fund’s average daily net assets at an annual rate of 0.60% of the Fund’s average daily net assets. Fees paid to the Adviser for the fiscal year ended May 31, 2026, are reported on the Statement of Operations.

The Adviser engages Red Cedar Investment Management, LLC (“Red Cedar” or the “Sub-Adviser”) to manage the Fund. The Adviser pays the Sub-Adviser from its advisory fees.

The Fund’s management fee is a “unitary” fee that includes all of the expenses and liabilities of the Fund, except for any brokerage fees and commissions, taxes, borrowing costs (such as dividend expenses on securities sold short and interest), acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto.

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Fund’s fund accountant, transfer agent and administrator. The Adviser pays the Administrator in accordance with the agreements for such services.

Foreside Fund Services, LLC a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) serves as the Fund’s distributor (the “Distributor”). The Distributor does not receive compensation from the Fund for its distribution services; the Adviser pays the Distributor a fee for its distribution-related services.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Adviser, which are approved annually by the Board.

Each Independent Trustee receives from the Trust an annual retainer of $52,500, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board receives an additional annual retainer of $18,750, and each of the Chairpersons of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. Each Independent Trustee receives from the Trust a fee of $2,000 for a meeting of the Board other than a regularly scheduled meeting. Prior to January 1, 2026, the annual retainer was $50,000. The Adviser pays the Independent Trustees.

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

At May 31, 2026, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. Reclassifications are caused primarily by the utilization of earnings and profits distributed to shareholders on redemption of shares, net operating losses, return of capital, and taxable overdistributions. For the year ended May 31, 2026, permanent differences in book and tax accounting have been reclassified to paid in capital, accumulated net investment income/ loss and accumulated net realized gain/loss as follows:

As of May 31, 2026, the components of accumulated earnings (deficit) on a tax basis for the Fund were as follows:

The tax character of distributions paid for the fiscal years ended May 31, 2026, and May 31, 2025, were as follows:

At May 31, 2026, the Fund utilized $31,616 of short-term capital loss carryforwards.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the period ended May 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund were immaterial.

For the fiscal year ended May 31, 2026, purchases and sales of investment securities, other than short-term investments, were $71,816,964 and $8,916,528, respectively.

For the fiscal year ended May 31, 2026, there were no purchases and sales for in-kind transactions. For the fiscal year ended May 31, 2026, the Fund had no in-kind net realized gains.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended May 31, 2026.

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units”. Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge”, and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets. For the fiscal year ended May 31, 2026, the Fund received $11,400 and $0 in Fixed Fees and Variable Charges, respectively. The Transaction Fees for the Fund are listed in the table below:

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

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

The Fund did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

Risk is inherent in all investing, including an investment in the Fund. Below are summaries of some, but not all, of the principal risks of investing in the Fund. The Fund may be subject to other risks in addition to these identified risks. Further information about investment risks is available in the Fund’s prospectus and Statement of Additional Information.

Preferred Securities Risk. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible preferred stock tends to be more volatile than non-convertible preferred stock, because its value is related to the price of the issuer’s common stock as well as the dividends payable on the preferred stock. The value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in issuer’s financial condition or prospects and may be less liquid than common stocks. Preferred stock prices tend to move more slowly upwards than common stock prices.

ETF Risks. The Fund is an actively-managed ETF and as a result is subject to special risks. Unlike conventional ETFs, the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index. As an ETF, the Fund’s shares are not individually redeemable and can only be redeemed in large blocks known as “Creation Units”. Also, trading in the Fund’s shares is subject to the Exchange rules, which may result in such trading being halted or postponed from time to time as a result of those rules. Finally, the market price of the Fund’s shares will fluctuate in response to changes in NAV and supply and demand for the shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. Accordingly, there may be times when the market price and the NAV vary significantly and the Fund’s shares may trade at a discount or premium to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. Generally, these ETF risks may be more pronounced in times of market stress.

Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund’s portfolio will be adversely affected. As of May 31, 2026, the Fund had 81% of the value of its net assets invested in stocks within the Financials sector.

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosures.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”), a series of Exchange Place Advisors Trust, as of May 31, 2026, the related statement of operations for the year ended, the statements of changes in net assets and financial highlights for the year then ended and for the period December 18, 2024 (commencement of operations) to May 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2026, the results of its operations, the changes in net assets and the financial highlights for the year ended May 31, 2026 and for the period December 18, 2024 (commencement of operations) to May 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as auditor of one or more of the Funds advised by North Square Investments, LLC since 2023.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended May 31, 2026 was 100%

For the fiscal period ended May 31, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100%.

There were no changes in or disagreements with accountants during the period covered by this report.

At a Special Shareholder Meeting held on December 19, 2025, Fund shareholders of record as of the close of business on October 23, 2025, voted to approve the following proposal:

Proposal 1: To approve a new investment advisory agreement between Exchange Place Advisors Trust, on behalf of the Fund, and North Square Investments, LLC.

Schedules of Investments	1

Statements of Assets and Liabilities	73

Statements of Operations	78

Statements of Changes in Net Assets	82

Financial Highlights	92

Notes to Financial Statements	115

Report of Independent Registered Public Accounting Firm	144

Supplemental Information	146

Additional Information	147

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 1.4%
	3,500	iShares^® Russell 2000 ETF	$	1,016,505
		TOTAL EXCHANGE-TRADED FUNDS (Cost $965,686)		1,016,505

		MUTUAL FUNDS — 98.5%
	2,052,161	North Square Dynamic Small Cap Fund, Class I^(a)(b)		39,134,703
	1,014,675	North Square Kennedy MicroCap Fund, Class I^(a)		15,280,998
	1,112,968	North Square Select Small Cap Fund, Class I^(a)		16,483,059
		TOTAL MUTUAL FUNDS (Cost $49,720,021)		70,898,760

		SHORT-TERM INVESTMENTS — 1.0%
	708,785	First American Treasury Obligations Fund, Class X, 3.56%^(c)		708,785
		TOTAL SHORT-TERM INVESTMENTS (Cost $708,785)		708,785
		TOTAL INVESTMENTS — 100.9% (Cost $51,394,492)	$	72,624,050
		Liabilities in Excess of Other Assets — (0.9)%		(629,745	)
		NET ASSETS — 100.0%	$	71,994,305

Shares			Fair Value
		COMMON STOCKS — 112.5%
		COMMUNICATIONS — 1.7%
		ADVERTISING & MARKETING — 0.1%
	64,300	Entravision Communications Corp., Class A	$	583,844

		ENTERTAINMENT CONTENT — 0.6%
	28,360	Sphere Entertainment Co.^(a)		3,927,293

		INTERNET MEDIA & SERVICES — 0.3%
	966,552	Nextdoor Holdings, Inc.^(a)		2,039,425

		TELECOMMUNICATIONS — 0.7%
	30,490	EchoStar Corp., Class A^(a)		3,939,003
	161,690	Gogo, Inc.^(a)		738,923
	8,663	IDT Corp., Class B		477,851
				5,155,777
		TOTAL COMMUNICATIONS		11,706,339

		CONSUMER DISCRETIONARY — 12.7%
		APPAREL & TEXTILE PRODUCTS — 0.5%
	61,790	Levi Strauss & Co., Class A		1,433,528
	21,314	Rocky Brands, Inc.		823,999
	29,580	Steven Madden Ltd.		1,284,955
				3,542,482
		AUTOMOTIVE — 2.4%
	211,083	Garrett Motion, Inc.		6,915,079
	142,319	Holley, Inc.^(a)		388,531
	22,940	Lear Corp.		3,283,173
	12,160	Modine Manufacturing Co.^(a)		3,391,546
	37,375	Motorcar Parts of America, Inc.^(a)		413,367
	61,814	Standard Motor Products, Inc.		2,422,491
				16,814,187
		CONSUMER SERVICES — 3.5%
	40,590	Adtalem Global Education, Inc.^(a)		4,781,502
	46,920	Bright Horizons Family Solutions, Inc.^(a)		2,938,131
	28,127	Grand Canyon Education, Inc.^(a)		4,214,831
	121,917	Laureate Education, Inc., Class A^(a)		3,900,125
	13,550	Lincoln Educational Services Corp.^(a)		627,636
	35,267	Strategic Education, Inc.		2,706,742
	53,045	Stride, Inc.^(a)		4,900,297
				24,069,264
		E-COMMERCE DISCRETIONARY — 0.7%
	89,230	FIGS, Inc., Class A^(a)		1,049,345
	194,521	Revolve Group, Inc.^(a)		3,812,611
				4,861,956

Shares			Fair Value
		COMMON STOCKS (continued)
		CONSUMER DISCRETIONARY (continued)
		HOME CONSTRUCTION — 1.2%
	144,635	Taylor Morrison Home Corp.^(a)	$	8,461,148

		LEISURE FACILITIES & SERVICES — 2.2%
	161,332	Accel Entertainment, Inc.^(a)		1,918,238
	102,299	Madison Square Garden Entertainment Corp.^(a)		7,215,148
	12,617	Monarch Casino & Resort, Inc.		1,517,320
	376,250	Super Group (SGHC) Ltd.		4,684,313
				15,335,019
		RETAIL - DISCRETIONARY — 2.2%
	16,270	Abercrombie & Fitch Co., Class A^(a)		1,256,369
	142,170	American Eagle Outfitters, Inc.		2,246,286
	18,180	Signet Jewelers Ltd.		1,588,750
	74,449	Urban Outfitters, Inc.^(a)		5,408,720
	79,720	Victoria’s Secret & Co.^(a)		4,384,600
				14,884,725
		TOTAL CONSUMER DISCRETIONARY		87,968,781

		CONSUMER STAPLES — 1.8%
		BEVERAGES — 0.7%
	10,610	Coca-Cola Consolidated, Inc.		1,838,289
	33,972	Vita Coco Co., Inc. (The)^(a)		2,552,316
	65,803	Westrock Coffee Co.^(a)		528,398
				4,919,003
		FOOD — 1.1%
	384,764	Dole PLC		5,382,848
	6,536	John B Sanfilippo & Son, Inc.		489,612
	53,683	Nature’s Sunshine Products, Inc.^(a)		1,142,374
	27,715	USANA Health Sciences, Inc.^(a)		507,185
				7,522,019
		TOTAL CONSUMER STAPLES		12,441,022

		ENERGY — 7.9%
		OIL & GAS PRODUCERS — 2.8%
	176,170	CNX Resources Corp.^(a)		5,935,167
	347,739	Kimbell Royalty Partners, L.P.		5,219,562
	193,180	Kosmos Energy Ltd.^(a)		540,904
	7,940	Par Pacific Holdings, Inc.^(a)		445,911
	85,283	PBF Energy, Inc., Class A		3,471,018
	21,728	Summit Midstream Corp.^(a)		579,051
	785,554	W&T Offshore, Inc.		2,890,839
				19,082,452
		OIL & GAS SERVICES & EQUIPMENT — 2.7%
	110,660	Bristow Group, Inc.		4,607,882

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 0.1%
	3,322	iShares^® Russell 2000 ETF	$	964,808
		TOTAL EXCHANGE-TRADED FUNDS (Cost $915,323)		964,808

		RIGHTS — 0.0%^(b)
		HEALTH CARE — 0.0%^(b)
	29,400	Novartis A.G. CVR^(a)		—
		TOTAL RIGHTS (Cost $–)		—

		SHORT-TERM INVESTMENTS — 0.4%
	2,818,512	First American Treasury Obligations Fund, Class X, 3.56%^(c)		2,818,512
		TOTAL SHORT-TERM INVESTMENTS (Cost $2,818,512)		2,818,512
		TOTAL INVESTMENTS — 113.0% (Cost $647,599,136)	$	781,322,420
		Liabilities in Excess of Other Assets — (13.0)%		(90,064,881	)
		NET ASSETS — 100.0%	$	691,257,539

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 53.9%
	13,500	Invesco^® S&P 500^® GARP ETF	$	1,621,890
	20,200	iShares^® MSCI EAFE ETF		2,116,960
	15,000	iShares^® MSCI Emerging Markets ETF		1,029,000
	168,931	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF^(a)		4,319,093
	20,400	Vanguard^® Dividend Appreciation ETF		4,786,860
	50,800	Vanguard^® Growth ETF		4,551,680
	12,485	Vanguard^® Value ETF		2,644,947
		TOTAL EXCHANGE-TRADED FUNDS (Cost $15,862,129)		21,070,430

		MUTUAL FUNDS — 45.1%
	361,758	North Square Altrinsic International Equity Fund, Class I^(a)		4,536,441
	327,986	North Square Dynamic Small Cap Fund, Class I^(a)		6,254,693
	90,491	North Square Kennedy MicroCap Fund, Class I^(a)		1,362,790
	354,336	North Square McKee Bond, Class I^(a)		3,132,327
	80,293	North Square Select Small Cap Fund, Class I^(a)		1,189,146
	117,700	North Square Strategic Income Fund, Class I^(a)		1,164,049
		TOTAL MUTUAL FUNDS (Cost $13,412,594)		17,639,446

		SHORT-TERM INVESTMENTS — 1.0%
	408,111	First American Treasury Obligations Fund, Class X, 3.56%^(b)		408,111
		TOTAL SHORT-TERM INVESTMENTS (Cost $408,111)		408,111
		TOTAL INVESTMENTS — 100.0% (Cost $29,682,834)	$	39,117,987
		Liabilities in Excess of Other Assets — 0.0%^(c)		(7,314	)
		NET ASSETS — 100.0%	$	39,110,673

Shares			Fair Value
		PREFERRED STOCKS — 1.6%
		FINANCIALS — 1.2%
		BANKING — 1.2%
	1,532	Bank Of America Corp., Series L, 7.25%	$	1,848,036
	2,368	Wells Fargo & Co., Series L, 7.50%^(a)		2,778,422
				4,626,458
		TOTAL FINANCIALS		4,626,458

		UTILITIES — 0.4%
		ELECTRIC UTILITIES — 0.4%
	18,373	NextEra Energy, Inc., 7.30%		972,116
	10,837	Southern Co. (The), Series A, 7.13%		545,101
				1,517,217
		TOTAL UTILITIES		1,517,217
		TOTAL PREFERRED STOCKS (Cost $6,368,092)		6,143,675

		EXCHANGE-TRADED FUNDS — 1.3%
	189,692	North Square RCIM Tax-Advantaged Preferred and Income Securities ETF^(b)		4,849,893
		TOTAL EXCHANGE-TRADED FUNDS (Cost $4,800,323)		4,849,893

Principal
Amount ($)
		CORPORATE BONDS — 89.4%
		COMMUNICATIONS — 10.9%
		ENTERTAINMENT CONTENT — 1.1%
	5,000,000	Paramount Global, 6.25%, 2/28/57^(c)		4,100,000

		TELECOMMUNICATIONS — 9.8%
	4,800,000	Bell Canada, 7.00%, 9/15/55 (H15T5Y + 236bps)^(c)		4,960,771
	11,000,000	Rogers Communications, Inc., 7.13%, 4/15/55 (H15T5Y + 262bps)^(c)		11,410,404
	8,000,000	TELUS Corp., 7.00%, 10/15/55^(c)		8,239,816
	8,800,000	Verizon Communications, Inc., 6.05%, 5/14/58 (H15T5Y + 181bps)^(c)		8,917,973
	5,000,000	Vodafone Group PLC, 5.13%, 6/04/81 (H15T5Y + 307bps)^(c)		3,921,472
				37,450,436
		TOTAL COMMUNICATIONS		41,550,436

		ENERGY — 15.7%
		OIL & GAS PRODUCERS — 15.7%
	5,000,000	BP Capital Markets PLC, 6.13%, 6/18/55 (H15T5Y + 167bps)^(a)(c)		5,110,270
	5,500,000	Enbridge, Inc., 7.20%, 6/27/54 (H15T5Y + 297bps)^(c)		5,873,697
	2,000,000	Enbridge, Inc., 5.50%, 7/15/77 (TSFR1M + 368bps)^(c)		1,996,323
	1,000,000	Enbridge, Inc., 5.75%, 7/15/80^(c)		1,009,821
	11,815,000	Energy Transfer LP, 6.63%, 2/15/72 (SOFR + 416bps)^(a)(c)		11,959,816
	6,000,000	Petroleos Mexicanos, 6.63%, 9/28/99^(a)		4,628,550
	3,000,000	Phillips 66 Co., 5.88%, 3/15/56 (H15T5Y + 228bps)^(c)		2,983,586

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.9%
	14,682,252	First American Treasury Obligations Fund, Class X, 3.56%^(e)	$	14,682,252
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,682,252)		14,682,252
		TOTAL INVESTMENTS — 98.3% (Cost $369,365,801)	$	374,421,155
		Other Assets in Excess of Liabilities — 1.7%		6,477,379
		NET ASSETS — 100.0%	$	380,898,534

								Amortized
								Upfront
								Payments			Unrealized
	Fixed Deal	Maturity	Notional					Paid/			Appreciation
Description	(Pay) Rate	Date	Value		Fair Value			(Received)			(Depreciation)
CDX.NA.IG Series 46*	1.00%	6/20/2031	$	115,000,000		(2,576,200	)		(2,252,080	)	$	(324,120	)
											$	(324,120	)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 74.8%
	153,075	Invesco QQQ Trust, Series 1	$	113,016,803
	357,500	iShares^® MSCI Canada ETF		21,024,575
	720,600	iShares^® MSCI Eurozone ETF		49,562,868
	129,440	State Street SPDR^® S&P 500^® ETF		97,918,771
	1,165,722	Vanguard Growth ETF		104,448,691
	354,498	Vanguard Value ETF		75,100,402
		TOTAL EXCHANGE-TRADED FUNDS (Cost $168,101,368)		461,072,110

		SHORT-TERM INVESTMENTS — 25.2%
	155,531,558	First American Treasury Obligations Fund, Class X, 3.56%^(a)(b)		155,531,558
		TOTAL SHORT-TERM INVESTMENTS (Cost $155,531,558)		155,531,558
		TOTAL INVESTMENTS — 100.0% (Cost $323,632,926)	$	616,603,668
		Liabilities in Excess of Other Assets — 0.0%^(c)		(129,967	)
		NET ASSETS — 100.0%	$	616,473,701

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 80.1%
	160,000	SPDR^® Portfolio Developed World ex-US ETF	$	8,184,000
	52,000	SPDR^® Portfolio Emerging Markets ETF		2,721,160
	30,100	SPDR^® Portfolio S&P 600^® Small Cap ETF		1,623,293
	171,200	State Street^® SPDR^® Portfolio S&P 500^® ETF^(a)		15,245,360
	17,700	State Street^® SPDR^® S&P 500^® ETF Trust^(a)		13,389,696
		TOTAL EXCHANGE-TRADED FUNDS (Cost $34,682,834)		41,163,509

		SHORT-TERM INVESTMENTS — 19.9%
	10,223,960	First American Treasury Obligations Fund, Class X, 3.56%^(b)		10,223,960
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,223,960)		10,223,960
		TOTAL INVESTMENTS — 100.0% (Cost $44,906,794)	$	51,387,469
		Liabilities in Excess of Other Assets — 0.0%^(c)		(22,560	)
		NET ASSETS — 100.0%	$	51,364,909

Shares			Fair Value
		PREFERRED STOCKS — 0.9%
		FINANCIALS — 0.9%
		BANKING — 0.3%
	3,658	Webster Financial Corp., 5.25%^(a)	$	75,904

		SPECIALTY FINANCE — 0.6%
	4,750	Synchrony Financial, Series B, 8.25%^(a)		122,835
		TOTAL FINANCIALS		198,739
		TOTAL PREFERRED STOCKS (Cost $201,515)		198,739

Principal
Amount ($)
		ASSET BACKED SECURITIES — 11.3%
	96,036	Alternative Loan Trust 2003-22CB 1A1, 5.75%, 12/25/33		97,441
	80,000	Applebee’s Funding LLC / IHOP Funding LLC 2025-1A A2, 6.72%, 6/07/55^(b)		80,399
	111,285	Bear Stearns Asset Backed Securities I Trust 2004-HE7 M1, 4.67%, 8/25/34 (TSFR1M + 101bps)^(c)		109,741
	123,000	CarMax Auto Owner Trust 2026-2, 4.22%, 6/16/31		122,623
	3,500,000	Citigroup Commercial Mortgage Trust 2020-555 X, 0.86%, 12/10/29^(b)(c)		83,944
	127,628	Citigroup Mortgage Loan Trust Inc., 4.20%, 11/25/36^(c)		127,720
	41,067	Citigroup Mortgage Loan Trust Series 2004-OPT1, 4.64%, 10/25/34 (TSFR1M + 11bps)^(c)		40,479
	60,985	Citigroup Mortgage Loan Trust, Inc. 2007-WFH3 M1, 4.16%, 6/25/37 (TSFR1M + 50bps)^(c)		61,193
	132,811	COMM 2010-C1 Mortgage Trust, 5.99%, 7/10/46^(b)(c)		132,064
	100,000	COMM 2013-CCRE7 Mortgage Trust, 4.39%, 3/10/46^(b)(c)		95,127
	100,000	Credit Suisse Mortgage Trust 2021-Gate C, 6.45%, 12/15/36^(b)(c)		98,915
	53,501	CSAIL 2016-C5 Commercial Mortgage Trust, 4.55%, 11/15/48^(c)		52,591
	9,242,000	CSMC Series 2019-UVIL, 0.23%, 12/01/41^(b)(c)		45,403
	13,180	Dell Equipment Finance Trust 2023-3 A3, 5.93%, 6/22/26^(b)		13,195
	31,000	GM Financial Consumer Automobile Receivables 2026-2 A3, 4.15%, 8/18/31		30,906
	71,913	GS Mortgage Securities Corp. Trust 2012-BWTR, 2.95%, 11/05/34^(b)		66,403
	88,977	HomeBanc Mortgage Trust 2005-3 M4, 4.70%, 7/25/35^(c)		89,629
	24,000	Honda Auto Receivables 2026-2 A3 Owner Trust, 4.13%, 11/15/30		24,011
	25,000	Hyundai Auto Receivables Trust 2024-C A3, 4.41%, 5/15/29		25,087
	105,457	Impac CMB Trust Series 2005-4 IMI, 4.41%, 5/25/35 (TSFR1M + 54bps)^(c)		102,863
	50,000	Morgan Stanley Bank of America Merrill Lynch, 4.50%, 8/15/45^(b)		49,520
	18,043	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 C, 4.31%, 2/15/46^(c)		16,927
	86,975	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.06%, 10/01/48^(b)		83,545
	65,843	Morgan Stanley Bank of America Merrill Lynch Trust, 2012-C5, 4.82%, 8/15/45^(b)(c)		65,557
	60,042	Morgan Stanley Bank of America Merrill Lynch, 2013-C11, 4.21%, 8/15/46^(c)		58,143
	100,000	Morgan Stanley Capital I Trust 2014-150E A, 3.91%, 9/09/32^(b)		94,288
	130,125	Morgan Stanley Capital I Trust, 2011-C2, 5.39%, 6/15/44^(b)(c)		129,204
	79,806	MSBAM Commercial Mortgage Securities Trust 2012-CKSV A2, 3.28%, 10/15/30^(b)		77,234
	38,000	Nissan Auto Receivables 2026-A A3 Owner Trust, 4.47%, 12/16/30		38,092
	74,813	SEB Funding LLC 2024-1A A2, 7.39%, 4/30/54^(b)		76,068

Shares			Fair Value
		CERTIFICATE OF DEPOSIT — 0.3%
		FINANCIALS
		BANKING — 0.3%
	76,000	JPMorgan Chase Bank NA	$	76,869
		TOTAL CERTIFICATE OF DEPOSIT (Cost $76,000)		76,869

Contracts		Description	Expiration Date	Exercise Price		Notional Value		Fair Value
		PURCHASED CALL OPTIONS — 0.80%
	21	E-Mini S&P 500^®	9/18/2026	$	7,800.00	$	16,080,750	$	183,750
		TOTAL PURCHASED CALL OPTIONS (Cost $81,637)							183,750

		SHORT-TERM INVESTMENTS — 0.8%
	183,940	First American Treasury Obligations Fund, Class X, 3.56%^(d)							183,940
		TOTAL SHORT-TERM INVESTMENTS (Cost $183,940)							183,940
		TOTAL INVESTMENTS — 97.6% (Cost $22,895,630)						$	22,815,379
		Other Assets in Excess of Liabilities — 2.4%							568,744
		NET ASSETS — 100.0%						$	23,384,123

						Value and
						Unrealized
		Expiration	Notional			Appreciation
Contracts	Long Contracts	Date	Amount			(Depreciation)
5	10-Year U.S. Treasury Note Future	09/22/2026	$	549,141		$	781
14	2-Year U.S. Treasury Note Future	09/30/2026		2,891,874			984
20	5-Year U.S. Treasury Note Future	09/30/2026		2,144,219			2,031
4	U.S. Treasury Bond Future	09/22/2026		448,875			1,000
4	Ultra 10-Year U.S. Treasury Note Future	09/22/2026		448,313			813
3	Ultra U.S. Treasury Bond Future	09/22/2026		343,219			938
						$	6,547

	Short Contracts
(42)	Bloomberg U.S. Corporate High Yield Very Liquid Future	06/17/2026	$	(4,769,100	)	$	(59,730	)
(9)	E-Mini S&P 500^® Index Future	06/22/2026		(3,418,088	)		(93,675	)
						$	(153,405	)

Shares			Fair Value
		COMMON STOCKS — 94.7%
		COMMUNICATIONS — 1.5%
		ADVERTISING & MARKETING — 0.3%
	5,810	Magnite, Inc.^(a)	$	83,257

		ENTERTAINMENT CONTENT — 0.2%
	9,991	Inspired Entertainment, Inc.^(a)		76,931

		INTERNET MEDIA & SERVICES — 1.0%
	51,193	DHI Group, Inc.^(a)		180,711
	9,817	LiveOne, Inc.^(a)		64,989
	18,177	OptimizeRx Corp.^(a)		94,339
				340,039
		TOTAL COMMUNICATIONS		500,227

		CONSUMER DISCRETIONARY — 2.7%
		AUTOMOTIVE — 0.1%
	5,401	Goodyear Tire & Rubber Co. (The)^(a)		32,946

		CONSUMER SERVICES — 2.0%
	29,345	Legacy Education, Inc.^(a)		326,023
	3,556	Matthews International Corp., Class A		94,376
	4,408	Universal Technical Institute, Inc.^(a)		164,903
	3,550	Upbound Group, Inc.		68,196
				653,498
		LEISURE FACILITIES & SERVICES — 0.3%
	8,705	First Watch Restaurant Group, Inc.^(a)		101,239

		WHOLESALE - DISCRETIONARY — 0.3%
	4,974	Climb Global Solutions, Inc.		107,687

		TOTAL CONSUMER DISCRETIONARY		895,370

		CONSUMER STAPLES — 2.4%
		FOOD — 1.3%
	190	BranchOut Food, Inc.^(a)		656
	19,622	Nature’s Sunshine Products, Inc.^(a)		417,556
				418,212
		WHOLESALE - CONSUMER STAPLES — 1.1%
	4,736	Chefs’ Warehouse, Inc. (The)^(a)		362,493
		TOTAL CONSUMER STAPLES		780,705

Shares			Fair Value
		COMMON STOCKS — 97.4%
		CONSUMER DISCRETIONARY — 19.3%
		AUTOMOTIVE — 2.5%
	74,911	Holley, Inc.^(a)	$	204,507
	4,189	Phinia, Inc.		323,642
				528,149
		LEISURE FACILITIES & SERVICES — 6.5%
	22,253	Pursuit Attractions and Hospitality, Inc.^(a)		996,267
	2,881	Vail Resorts, Inc.		384,902
				1,381,169
		RETAIL - DISCRETIONARY — 3.9%
	742	Asbury Automotive Group, Inc.^(a)		139,281
	20,302	Valvoline, Inc.^(a)		685,192
				824,473
		WHOLESALE - DISCRETIONARY — 6.4%
	35,540	Openlane, Inc.^(a)		1,354,074
		TOTAL CONSUMER DISCRETIONARY		4,087,865

		CONSUMER STAPLES — 5.5%
		FOOD — 2.5%
	7,091	Cal-Maine Foods, Inc.		529,839

		WHOLESALE - CONSUMER STAPLES — 3.0%
	6,546	Performance Food Group Co.^(a)		642,752
		TOTAL CONSUMER STAPLES		1,172,591

		FINANCIALS — 16.3%
		BANKING — 10.4%
	14,374	First Merchants Corp.		579,272
	4,642	Nicolet Bankshares, Inc.		651,134
	5,935	Southstate Bank Corp.		562,341
	5,584	Stock Yards Bancorp, Inc.		400,596
				2,193,343
		INSTITUTIONAL FINANCIAL SERVICES — 3.2%
	13,033	Jefferies Financial Group, Inc.		687,100

		INSURANCE — 2.7%
	21,430	Bowhead Specialty Holdings, Inc.^(a)		570,467
		TOTAL FINANCIALS		3,450,910

		HEALTH CARE — 3.1%
		HEALTH CARE FACILITIES & SERVICES — 3.1%
	7,392	HealthEquity, Inc.^(a)		650,422
		TOTAL HEALTH CARE		650,422

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.5%
	534,413	First American Treasury Obligations Fund, Class X, 3.56%^(b)	$	534,413
		TOTAL SHORT-TERM INVESTMENTS (Cost $534,413)		534,413
		TOTAL INVESTMENTS — 99.9% (Cost $15,803,222)	$	21,175,093
		Other Assets in Excess of Liabilities — 0.1%		12,996
		NET ASSETS — 100.0%	$	21,188,089

Shares			Fair Value
		COMMON STOCKS — 96.9%
		Belgium — 1.0%
	6,137	KBC Groupe N.V.	$	814,518

		Bermuda — 4.2%
	13,852	Axis Capital Holdings Ltd.		1,314,970
	6,697	Everest Re Group, Ltd.		2,170,029
				3,484,999
		Canada — 1.5%
	3,386	Agnico Eagle Mines Ltd.		620,146
	3,298	Intact Financial Corp.		647,823
				1,267,969
		China — 1.4%
	73,332	Alibaba Group Holding Ltd.		1,136,955

		France — 10.5%
	2,576	Airbus SE		540,022
	51,777	Bureau Veritas SA		1,566,370
	6,716	Capgemini SE		798,023
	22,475	Cia Generale de Establissements Michelin SCA		820,497
	14,551	Danone SA		1,034,744
	18,621	Sanofi		1,632,565
	26,731	TotalEnergies SE		2,345,835
				8,738,056
		Germany — 10.5%
	8,115	Adidas AG		1,567,712
	6,644	Bayerische Motoren Werke AG		578,188
	12,862	Daimler Truck Holding AG		629,458
	8,524	Deutsche Boerse AG		2,456,263
	22,052	Deutsche Post AG		1,313,572
	12,484	GEA Group AG		804,883
	2,393	Siemens AG		750,423
	14,150	Siemens Healthineers AG		574,945
				8,675,444
		Hong Kong — 0.9%
	47,638	Techtronic Industries Co. Ltd.		707,217

		India — 1.2%
	41,294	HDFC Bank Ltd. - ADR		981,971

		Indonesia — 0.9%
	3,411,847	PT Bank Mandiri (Persero) Tbk		778,515

Shares			Fair Value
		CERTIFICATE OF DEPOSIT — 1.1%
		BANKING — 1.1%
	2,750,000	JPMorgan Chase Bank NA, 5.00%, 5/22/31	$	2,781,453
		TOTAL CERTIFICATE OF DEPOSIT (Cost $2,750,000)		2,781,453

		SHORT-TERM INVESTMENTS — 0.5%
	1,396,214	First American Treasury Obligations Fund, Class X, 3.56%^(d)		1,396,214
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,396,215)		1,396,214
		TOTAL INVESTMENTS — 98.5% (Cost $262,635,869)	$	260,110,415
		Other Assets in Excess of Liabilities — 1.5%		3,911,770
		NET ASSETS — 100.0%	$	264,022,185

Shares			Fair Value
		COMMON STOCKS — 2.0%
		ENERGY — 1.0%
		OIL & GAS PRODUCERS — 0.3%
	21,080	Exxon Mobil Corp.	$	3,152,725

		OIL & GAS SERVICES & EQUIPMENT — 0.7%
	73,387	Halliburton Co.		2,851,085
	58,015	SLB Ltd.		3,164,718
	458,838	Transocean Ltd.^(a)		2,840,207
				8,856,010
		TOTAL ENERGY		12,008,735

		MATERIALS — 1.0%
		METALS & MINING — 1.0%
	17,285	Agnico Eagle Mines Ltd.		3,092,978
	71,468	Alamos Gold, Inc., Class A		2,830,847
	41,993	BHP Group Ltd. - ADR		3,911,649
	100,876	Kinross Gold Corp.		2,924,395
				12,759,869
		TOTAL MATERIALS		12,759,869
		TOTAL COMMON STOCKS (Cost $25,986,920)		24,768,604

		EXCHANGE-TRADED FUNDS — 0.6%
	276,501	North Square RCIM Tax-Advantaged Preferred & Income Securities ETF^(b)		7,069,356
		TOTAL EXCHANGE-TRADED FUNDS (Cost $7,008,814)		7,069,356

Principal
Amount ($)
		ASSET BACKED SECURITIES — 10.7%
	468,146	Aegis Asset Backed Securities Trust 2005-2, 4.49%, 6/25/35 (TSFR1M + 83bps)^(c)		456,454
	10,425,000	Applebee’s Funding LLC / IHOP Funding LLC 2025-1A A2, 6.72%, 6/07/55^(d)		10,477,021
	5,325,000	Canon Music Issuer Trust, 5.52%, 5/01/76^(d)		5,334,230
	26,130,000	Citigroup Commercial Mortgage Trust 2015-101A, 1.25%, 1/14/43^(c)(d)		1,890,085
	3,550,000	Citigroup Commercial Mortgage Trust 2015-GC27, 3.00%, 2/01/48^(d)		3,329,747
	72,000,000	Citigroup Commercial Mortgage Trust 2020-555 X, 0.86%, 12/10/29^(c)(d)		1,726,848
	5,940,953	COMM 2010-C1 Mortgage Trust, 5.99%, 7/10/46^(c)(d)		5,907,522
	350,000	COMM 2013-CCRE7 Mortgage Trust, 4.39%, 3/10/46^(c)(d)		332,944
	5,686,000	Credit Suisse Mortgage Trust 2021-Gate C, 6.45%, 12/15/36^(c)(d)		5,624,318
	411,224	FBR Securitization Trust 2005-5 M2, 4.47%, 11/26/35 (TSFR1M + 82bps)^(c)		408,217
	7,358,089	GS Mortgage Securities Corp. Trust 2012-BWTR, 2.95%, 11/05/34^(d)		6,794,327
	2,619,502	GS Mortgage Securities Corp. Trust 2015-GC32, 4.48%, 7/10/48^(c)(d)		2,549,353
	8,016,000	HI-FI Music IP Issuer LP 2022-1A A2, 3.94%, 2/01/62^(d)		7,964,558
	3,460,843	HomeBanc Mortgage Trust 2005-3 M4, 4.70%, 7/25/35^(c)		3,486,227
	65,264	HSI Asset Securitization Corp. Trust 2006-OPT3, 4.31%, 2/25/36 (TSFR1M + 65bps)^(c)		64,901
	736,449	Impac CMB Trust Series 2005-4, 4.41%, 5/25/35 (TSFR1M + 54bps)^(c)		718,332

Shares			Fair Value
		COMMON STOCKS — 95.5%
		CONSUMER DISCRETIONARY — 8.5%
		APPAREL & TEXTILE PRODUCTS — 1.3%
	37,793	Kontoor Brands, Inc.	$	2,712,404

		AUTOMOTIVE — 2.1%
	227,239	Goodyear Tire & Rubber Co. (The)^(a)		1,386,158
	20,821	Lear Corp.		2,979,901
				4,366,059
		CONSUMER SERVICES — 1.0%
	111,845	Upbound Group, Inc.		2,148,542

		HOME CONSTRUCTION — 2.0%
	72,081	Interface, Inc.		2,133,598
	34,340	Taylor Morrison Home Corp.^(a)		2,008,890
				4,142,488
		RETAIL - DISCRETIONARY — 2.1%
	44,001	Advance Auto Parts, Inc.		2,650,620
	135,487	Sally Beauty Holdings, Inc.^(a)		1,799,268
				4,449,888
		TOTAL CONSUMER DISCRETIONARY		17,819,381

		ENERGY — 11.0%
		OIL & GAS PRODUCERS — 7.6%
	8,526	Chord Energy Corp.		1,124,324
	13,329	Gulfport Energy Corp.^(a)		2,247,136
	99,829	Murphy Oil Corp.		3,612,811
	105,105	SM Energy Co.		3,227,774
	73,592	Talos Energy, Inc.^(a)		1,079,595
	401,013	Whitecap Resources, Inc.		4,603,629
				15,895,269
		OIL & GAS SERVICES & EQUIPMENT — 1.4%
	159,071	DNOW, Inc.^(a)		2,034,518
	32,591	Innovex International, Inc.^(a)		870,506
				2,905,024
		RENEWABLE ENERGY — 2.0%
	18,395	EnerSys		4,193,508
		TOTAL ENERGY		22,993,801

		FINANCIALS — 19.7%
		BANKING — 13.1%
	53,542	Ameris Bancorp		4,514,126
	91,257	Cathay General Bancorp		5,261,878
	83,274	Hancock Whitney Corp.		5,672,625

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 4.5%
	9,459,100	First American Government Obligations Fund, Class X, 3.56%^(b)	$	9,459,100
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,459,100)		9,459,100
		TOTAL INVESTMENTS — 100.0% (Cost $175,027,724)	$	209,024,714
		Other Assets in Excess of Liabilities — 0.0%^(c)		55,700
		NET ASSETS — 100.0%	$	209,080,414

							North Square
	North Square		North Square		North Square		Preferred
	Spectrum		Dynamic Small		Multi Strategy		and Income
	Alpha Fund		Cap Fund		Fund		Securities Fund
Assets
Investments, at cost	$	1,674,471	$	647,599,136	$	12,038,518	$	364,565,478
Investments in affiliated issuers, at cost		49,720,021		—		17,644,316		4,800,323
Investments, at value	$	1,725,290	$	781,322,420	$	17,159,448	$	369,571,262
Investments in affiliated issuers, at value		70,898,760		—		21,958,539		4,849,893
Cash at Broker for futures contracts		—		—		—		6,943
Cash at Broker for swap contracts		—		—		—		3,960,262
Receivable for fund shares sold		2,263		300,859		299		429,772
Receivable for investments sold		—		2,311,436		—		—
Dividends and interest receivable		1,351		305,181		18,060		5,052,438
Prepaid expenses		24,848		33,620		15,853		371,793
Total Assets		72,652,512		784,273,516		39,152,199		384,242,363

Liabilities
Unrealized depreciation from swap contracts		—		—		—		324,120
Premiums received from swaps		—		—		—		2,252,080
Swap interest payable		—		—		—		233,194
Payable for fund shares redeemed		543,314		91,683,142		710		230,476
Payable for investments purchased		—		609,413		—		—
Due to Adviser (Note 3)		24,955		500,200		9,918		208,771
Distribution fees (Note 7)		10,114		13,805		6,447		—
Shareholder servicing fees (Note 6)		45,498		29,675		9,310		—
Fund administration fees		18,097		60,212		8,441		30,717
Due to Trustees		822		12,680		482		5,675
Other accrued expenses		15,407		106,850		6,218		58,796
Total Liabilities		658,207		93,015,977		41,526		3,343,829

Net Assets	$	71,994,305	$	691,257,539	$	39,110,673	$	380,898,534

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	45,572,204	$	498,371,585		28,180,292		370,152,497
Accumulated earnings (deficits)		26,422,101		192,885,954		10,930,381		10,746,037
Net Assets	$	71,994,305	$	691,257,539	$	39,110,673	$	380,898,534

Class A:^(a)
Net assets applicable to shares outstanding	$	47,764,978	$	66,104,589		30,656,671
Shares of beneficial interest issued and outstanding		4,602,106		3,484,770		1,603,228
Net asset value, redemption and offering price per share		10.38		18.97		19.12
Maximum offering price to public	$	11.01	$	20.13	$	20.29

Class I:
Net assets applicable to shares outstanding	$	24,229,327	$	625,152,950	$	8,454,002	$	380,898,534
Shares of beneficial interest issued and outstanding		1,771,620		32,780,244		400,730		17,944,205
Net asset value, redemption and offering price per share	$	13.68	$	19.07	$	21.10	$	21.23

			North Square
	North Square		Altrinsic		North Square			North Square		North Square
	Select Small		International		McKee Bond			Strategic		Small Cap
	Cap Fund		Equity Fund		Fund			Income Fund		Value Fund
Assets
Investments, at cost	$	15,803,222	$	68,414,240	$	262,635,869		$	1,208,950,705	$	175,027,724
Investments in affiliated issuers, at cost		—		—		—			7,008,814		—
Investments, at value	$	21,175,093	$	82,947,961	$	260,110,415		$	1,214,460,258	$	209,024,714
Investments in affiliated issuers, at value		—		—		—			7,069,356		—
Cash at Broker for futures contracts		—		—		—			2,236,689		—
Cash at Broker for swap contracts		—		—		—			18,981,671		—
Receivable for fund shares sold		—		196		537,414			2,975,284		99,673
Receivable for investments sold		—		323,365		21,530,968			—		—
Cash and cash equivalents		—		—		—			9,776,060		—
Dividends and interest receivable		3,103		413,462		1,950,745			11,317,588		359,932
Tax reclaims receivable		—		436,755		—			13,349		—
Prepaid expenses		22,396		17,770		65,472			130,269		31,366
Total Assets		21,200,592		84,139,509		284,195,014			1,266,960,524		209,515,685

Liabilities
Unrealized depreciation from swap contracts		—		—		—			2,281,181		—
Premiums received from swaps		—		—		—			10,039,775		—
Swap interest payable		—		—		—			1,115,278		—
Payable for fund shares redeemed		—		—		13,928			343,790		258,883
Payable for investments purchased		—		1,355,176		20,049,257			1,942,273		—
Payable for net variation margin on futures contracts		—		—		—			511,669		—
Due to Adviser (Note 3)		6,008		42,069		44,783			381,806		120,457
Distribution fees (Note 7)		—		—		—			1,556		1,994
Shareholder servicing fees (Note 6)		—		8,860		—			229,755		—
Fund administration fees		2,950		8,140		17,499			96,882		26,270
Due to Trustees		171		1,044		3,177			27,266		3,212
Other accrued expenses		3,374		23,803		44,185			161,184		24,455
Total Liabilities		12,503		1,439,092		20,172,829			17,132,415		435,271

Net Assets	$	21,188,089	$	82,700,417	$	264,022,185		$	1,249,828,109	$	209,080,414

Net Assets consist of:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	14,260,544	$	60,974,666	$	280,334,617		$	1,229,733,945	$	176,953,374
Accumulated earnings (deficits)		6,927,545		21,725,751		(16,312,432	)		20,094,164		32,127,040
Net Assets	$	21,188,089	$	82,700,417	$	264,022,185		$	1,249,828,109	$	209,080,414

							North Square Dynamic
	North Square Spectrum Alpha Fund						Small Cap Fund						North Square Multi Strategy Fund
	For the			For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			May 31,			May 31,			May 31,			May 31,			May 31,
	2026			2025			2026			2025			2026			2025
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	395,089		$	793,207		$	(1,046,747	)	$	261,487		$	499,765		$	597,875
Net realized gain (loss) on investments		6,065,165			4,485,448			90,305,709			7,962,789			1,384,234			3,892,875
Net change in unrealized appreciation (depreciation) on investments		15,845,226			(3,151,090	)		123,292,613			(17,860,686	)		4,924,323			(1,566,832	)
Net increase (decrease) in net assets resulting from operations		22,305,480			2,127,565			212,551,575			(9,636,410	)		6,808,322			2,923,918

Distributions to Shareholders
Class A		(254,166	)		—			(1,628,225	)		(2,527,626	)		(3,159,640	)		(625,150	)
Class I		(154,948	)		—			(15,479,290	)		(18,375,432	)		(836,769	)		(160,917	)
Total distributions		(409,114	)		—			(17,107,515	)		(20,903,058	)		(3,996,409	)		(786,067	)

Capital Transactions - Class A
Proceeds from shares sold		1,151,205			1,475,821			11,761,247			7,692,189			192,353			282,505
Reinvestment of distributions		249,415			—			1,619,647			2,522,486			3,028,017			604,281
Amount paid for shares redeemed		(9,906,748	)		(8,624,247	)		(9,355,337	)		(7,821,381	)		(4,011,496	)		(5,368,800	)
Total Class A		(8,506,128	)		(7,148,426	)		4,025,557			2,393,294			(791,126	)		(4,482,014	)

Capital Transactions - Class I
Proceeds from shares sold		981,035			673,587			213,821,366			343,434,650			838,667			1,800,160
Reinvestment of distributions		152,888			—			15,103,808			18,030,719			802,126			154,836
Amount paid for shares redeemed		(11,264,027	)		(8,518,563	)		(223,522,194	)		(95,825,740	)		(1,968,435	)		(2,681,590	)
Total Class I		(10,130,104	)		(7,844,976	)		5,402,980			265,639,629			(327,642	)		(726,594	)
Net increase (decrease) in net assets resulting from capital transactions		(18,636,232	)		(14,993,402	)		9,428,537			268,032,923			(1,118,768	)		(5,208,608	)
Total Increase (Decrease) in Net Assets		3,260,134			(12,865,837	)		204,872,597			237,493,455			1,693,145			(3,070,757	)

Net Assets
Beginning of year		68,734,171			81,600,008			486,384,942			248,891,487			37,417,528			40,488,285
End of year	$	71,994,305		$	68,734,171		$	691,257,539		$	486,384,942		$	39,110,673		$	37,417,528

	North Square Preferred and												North Square Tactical
	Income Securities Fund						North Square Tactical Growth Fund						Defensive Fund
	For the			For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			May 31,			May 31,			May 31,			May 31,			May 31,
	2026			2025			2026			2025			2026			2025
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	17,577,846		$	11,407,902		$	856,096		$	1,949,783		$	(31,435	)	$	309,292
Net realized gain (loss) on investments and foreign currency transactions		8,363,119			8,196,679			24,393,617			8,994,961			5,069,572			(126,310	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(3,559,402	)		(846,518	)		90,933,691			37,854,237			4,380,966			(1,007,148	)
Net increase (decrease) in net assets resulting from operations		22,381,563			18,758,063			116,183,404			48,798,981			9,419,103			(824,166	)

Distributions to Shareholders
From Earnings
Class A								(1,189,171	)		(2,172,276	)		(91,463	)		(174,955	)
Class C								(563,243	)		(919,073	)		—			(6,183	)
Class I		(23,589,652	)		(14,185,775	)		(5,294,363	)		(8,760,252	)		(217,946	)		(363,265	)
Total distributions		(23,589,652	)		(14,185,775	)		(7,046,777	)		(11,851,601	)		(309,409	)		(544,403	)

Capital Transactions - Class A
Proceeds from shares sold								17,484,064			17,258,047			641,338			349,278
Proceeds from redemption fees								—			—			—			—
Reinvestment of distributions								1,039,697			1,914,890			88,373			168,007
Amount paid for shares redeemed								(22,112,832	)		(20,034,760	)		(2,098,167	)		(3,011,965	)
Total Class A								(3,589,071	)		(861,823	)		(1,368,456	)		(2,494,680	)

Capital Transactions - Class C
Proceeds from shares sold								2,623,938			3,998,447			61,100			109,687
Reinvestment of distributions								545,921			897,024			—			6,183
Amount paid for shares redeemed								(17,045,447	)		(15,090,059	)		(551,396	)		(671,184	)
Total Class C								(13,875,588	)		(10,194,588	)		(490,296	)		(555,314	)

Capital Transactions - Class I
Proceeds from shares sold		200,850,129			273,440,370			50,103,590			46,332,829			1,644,825			3,014,908
Reinvestment of distributions		23,522,116			14,181,999			4,850,084			7,906,772			216,129			360,751
Amount paid for shares redeemed		(163,307,888	)		(115,538,294	)		(62,017,312	)		(63,697,452	)		(8,351,992	)		(4,048,382	)
Total Class I		61,064,357			172,084,075			(7,063,638	)		(9,457,851	)		(6,491,038	)		(672,723	)
Net increase (decrease) in net assets resulting from capital transactions		61,064,357			172,084,075			(24,528,297	)		(20,514,262	)		(8,349,790	)		(3,722,717	)
Total Increase (Decrease) in Net Assets		59,856,268			176,656,363			84,608,330			16,433,118			759,904			(5,091,286	)
Net Assets
Beginning of year	$	321,042,266		$	144,385,903		$	531,865,371		$	515,432,253		$	50,605,005		$	55,696,291

	North Square Core						North Square Kennedy
	Plus Bond Fund						MicroCap Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			May 31,			May 31,			May 31,
	2026			2025			2026			2025^(a)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	1,078,411		$	823,790		$	(132,915	)	$	(47,127	)
Net realized gain (loss) on investments		(232,923	)		5,114,239			4,467,155			1,284,718
Net change in unrealized appreciation (depreciation) on investments		130,873			(4,399,642	)		5,218,263			1,333,374
Net increase (decrease) in net assets resulting from operations		976,361			1,538,387			9,552,503			2,570,965

Distributions to Shareholders
Class A					—
Class C					—
Class I		(1,070,044	)		(3,728,049	)		(2,468,223	)		(347,205	)
Total distributions		(1,070,044	)		(3,728,049	)		(2,468,223	)		(347,205	)

Capital Transactions - Class A
Proceeds from shares sold					471
Reinvestment of distributions					—
Amount paid for shares redeemed					(133,631	)
Shares exchanged for Class I					(1,086,580	)
Total Class A					(1,219,740	)
Capital Transactions - Class C
Proceeds from shares sold					—
Reinvestment of distributions					—
Amount paid for shares redeemed					(27,757	)
Shares exchanged for Class I					(1,493,321	)
Total Class C					(1,521,078	)
Capital Transactions - Class I
Proceeds from shares sold		2,247,103			8,475,784			10,166,983			19,284,733
Shares exchanged from Class A		—			1,086,580
Shares exchanged from Class C		—			1,493,321
Reinvestment of distributions		850,825			3,056,675			2,460,589			347,205
Amount paid for shares redeemed		(2,993,586	)		(4,441,257	)		(8,539,650	)		(75,703	)
Total Class I		104,342			9,671,103			4,087,922			19,556,235
Net decrease in net assets resulting from capital transactions		104,342			6,930,285			4,087,922			19,556,235
Total Decrease in Net Assets		10,659			4,740,623			11,172,202			21,779,995

Net Assets
Beginning of year		23,373,464			18,632,841			21,779,995			—
End of year	$	23,384,123		$	23,373,464		$	32,952,197		$	21,779,995

	For the Years Ended May 31,
	2026			2025			2024			2023			2022
Selected Per Share Data:
Net asset value, beginning of year	$	7.68		$	7.54		$	5.88		$	10.78		$	15.36

Investment operations:
Net investment income (loss)^(a)		0.04	^(b)		0.07	^(b)		(0.06	) ^(b)		(0.09	) ^(b)		(0.19	) ^(b)
Net realized and unrealized gain (loss)		2.71			0.07			1.72			(0.28	)		(2.26	)
Total from investment operations		2.75			0.14			1.66			(0.37	)		(2.45	)

Less distributions:
From net realized gains		(0.05	)		—			—			(4.53	)		(2.13	)
Total distributions		(0.05	)		—			—			(4.53	)		(2.13	)

Net asset value, end of year	$	10.38		$	7.68		$	7.54		$	5.88		$	10.78

Total Return^(c)		35.93	%		1.86	%		28.23	%		(2.25	)%		(19.05	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	47,765		$	42,526		$	48,531		$	44,532		$	56,319
Ratio of expenses to average net assets:
Before fees waived and expenses reimbursed^(d)		0.95	%		0.97	%		0.94	%		0.92	%		1.34	%
After fees waived and expenses reimbursed^(d)		0.95	%		1.30	%		1.30	%		1.30	%		1.36	% ^(e)
Ratio of net investment loss to average net assets:
Before fees waived and expenses reimbursed^(d)		0.42	%		1.26	%		(0.56	)%		(0.70	)%		(1.29	)%
After fees waived and expenses reimbursed^(d)		0.42	%		0.93	%		(0.93	)%		(1.07	)%		(1.31	)%
Portfolio turnover rate^(f)		10	%		19	%		11	%		7	%		104	%

				For the
	For the			Seven Months
	Year Ended			Ended			For the Years Ended October 31,
	May 31, 2026			May 31, 2025*			2024			2023			2022			2021
Selected Per Share Data:
Net asset value, beginning of year/period	$	12.10		$	12.88		$	9.30		$	10.31		$	12.21		$	9.33

Investment operations:
Net investment income^(a)		0.01			0.01			0.02			0.09			—	^(b)		0.04
Net realized and unrealized gain (loss)		3.45			(0.63	)		3.66			(0.45	)		(1.02	)		3.95
Total from investment operations		3.46			(0.62	)		3.68			(0.36	)		(1.02	)		3.99

Less distributions:
Net investment income		(0.02	)		(0.02	)		(0.10	)		(0.01	)		(0.03	)		(0.10	)
From net realized gains		(0.73	)		(0.14	)		—			(0.64	)		(0.85	)		(1.01	)
Total distributions		(0.75	)		(0.16	)		(0.10	)		(0.65	)		(0.88	)		(1.11	)

Net asset value, end of year/period	$	14.81		$	12.10		$	12.88		$	9.30		$	10.31		$	12.21

Total Return^(c)		29.17	%		(4.98	)% ^(d)		39.67	%		(3.51	)%		(9.05	)%		46.09	%

Ratios and Supplemental Data:
Net assets, end of year/period (in thousands)	$	21,188		$	23,716		$	25,499		$	17,086		$	20,867		$	10,111
Ratio of expenses to average net assets:
Before fees waived		1.12	%		1.10	% ^(e)		1.14	%		1.25	%		1.24	%		1.63	%
After fees waived		0.94	%		0.94	% ^(e)		0.94	%		0.94	%		0.94	%		0.95	%
Ratio of net investment income (loss) to average net assets:
Before fees waived		(0.12	)%		0.00	% ^(b)(e)		(0.06	)%		0.60	%		(0.29	)%		(0.34	)%
After fees waived		0.07	%		0.16	% ^(e)		0.14	%		0.90	%		0.01	%		0.34	%
Portfolio turnover rate		43	%		33	% ^(d)		52	%		45	%		107	%		45	%