Form N-CEN North Square Investments For: May 31
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E-mailX0404 N-CEN LIVE 0001750821 XXXXXXXX false false false N-1A S000063486 true S000063485 true S000063487 true S000063488 true S000063483 true S000070729 true S000070728 true S000070730 true North Square Investments Trust 811-23373 0001750821 549300K2CKCXH4E67T58 10 South LaSalle Street Suite 1925 Chicago 60603 US-IL US 312-857-2160 North Square Investments, LLC 10 South Lasalle Street Suite 1925 Chicago 60603 3128572160 Records related to the registrant's investments adviser U.S. BANCORP FUND SERVICES, LLC 615 EAST MICHIGAN STREET MILWAUKEE 53202 18336121912 Records relating to the registrant's fund administrator, fund accountant, and transfer agent U.S. BANK NATIONAL ASSOCIATION 1555 NORTH RIVER CENTER DRIVE SUITE 302 MILWAUKEE 53212 18336121912 Records relating to the registrant's custodian Foreside Funds Distributors LLC 899 Cassatt Road 400 Berwyn Park, Suite 110 Berwyn 19312 18662516920 Records relating to the registrant's distributor Algert Global LLC 101 California Street Suite 4225 San Francisco 94111 14156757300 Records relating to the registrant's sub-adviser for the Dynamic Small Cap Fund Advisory Research Inc 180 North Stetson Avenue Suite 5500 Chicago 60601 13125651414 Records relating to the registrant's sub-adviser for the Advisory Research Small Cap Growth Fund and Advisory Research Small Cap Value Fund Red Cedar Investment Management LLC 333 Bridge Street NW Suite 601 Grand Rapids 49504 16163786894 Records relating to the registrant's sub-adviser for the Strategic Income Fund and Preferred and Income Securities Fund Altrinsic Global Advisors, LLC 8 Sound Shore Drive 3rd Floor Greenwich 06830 12036610030 Records relating to the registrant's sub-adviser for the Altrinsic International Fund CSM Advisors, LLC One Gateway Center, 8th Floor Pittsburgh 15222 14125661234 Records relating to the registrant's sub-adviser for the McKee Bond Fund NSI Retail Advisors, LLC One Gateway Center, 8th Floor Pittsburgh 15222 14125661234 Records relating to the registrant's sub-adviser for the Spectrum Alpha Fund, Multi Strategy Fund, Tactical Defensive Fund, Tactical Growth Fund, and Trilogy Alternative Return Fund N N N N-1A 12 Y Mark Goodwin N/A Y Catherine A. Zaharis N/A N Donald J. Herrema N/A N David B. Boon N/A N Douglas Tyre N/A 480 E. Swedesford Road Suite 220 Wayne 19087 XXXXXX N N N N N N Compass Distributors, LLC 8-69518 000172662 N/A N N Tait, Weller & Baker LLP 00445 N/A N N N N N N N North Square Advisory Research Small Cap Growth Fund S000063486 5493002SJPUDOVV82U09 N 1 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N North Square Investments, LLC 801-115238 000294355 N/A N Advisory Research, Inc. 801-14172 000108254 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Thomson Reuters Pricing Service N/A CA N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Bloomberg L.P. 549300B56MD0ZC402L06 N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N ROBERT W. BAIRD & CO. INCORPORATED 8-497 000008158 549300772UJAHRD6LO53 7700.160000000000 BTIG LLC 8-65473 000122225 549300GTG9PL6WO3EC51 2716.020000000000 CANACCORD GENUITY LLC 8-3271 000001020 WTX5X269IUOQ9YMI7R44 4670.550000000000 JEFFERIES LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 8301.480000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 1635.790000000000 OPPENHEIMER & CO. INC. 8-4077 000000249 254900VH02JQR2L8XD64 4368.360000000000 PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC 8-68637 000145876 N/A 1088.450000000000 WILLIAM BLAIR & COMPANY L.L.C. 8-2698 000001252 549300J0P7XYE8BMZ775 6608.490000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 747.130000000000 STEPHENS INC. 8-1927 000003496 213800LH6T9XDYZCA534 3155.460000000000 41545.960000000000 0.000000000000 N 13731493.462000000000 Uncommitted 50000000.000000000000 N N N North Square Dynamic Small Cap Fund S000063485 549300UFTW8Q6ZS1LI66 N 1 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N North Square Investments, LLC 801-115238 000294355 N/A N Algert Global LLC 801-61878 000125523 549300HH7ZKU17SIO079 N N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N BOFA SECURITIES INC. 8-69787 000283942 549300HN4UKV1E2R3U73 766.800000000000 CREDIT SUISSE SECURITIES (USA) LLC 8-422 000000816 1V8Y6QCX6YMJ2OELII46 3528.300000000000 GOLDMAN SACHS & CO. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 6418.840000000000 INSTINET LLC 8-23669 000007897 549300MGMN3RKMU8FT57 19284.890000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 4461.980000000000 KCG SECURITIES, LLC 8-68357 000151300 N/A 509.290000000000 VIRTU FINANCIAL CAPITAL MARKETS LLC 8-51262 000045986 5493006FX0HRYU3G2R47 40.720000000000 35010.820000000000 0.000000000000 N 44848530.399000000000 Uncommitted 50000000.000000000000 N N N N North Square Multi Strategy Fund S000063487 5493001OZ4NHYY86GK88 N 2 0 0 Fund of Funds N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y N Y Y North Square Investments, LLC 801-115238 000294355 N/A N NSI Retail 801-120192 000312148 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 433.930000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 350.000000000000 783.930000000000 U.S. BANCORP INVESTMENTS INC. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 600000.000000000000 600000.000000000000 N 54671368.318000000000 Uncommitted 50000000.000000000000 N N N North Square Preferred & Income Securities Fund S000063488 549300CG4Z7YIUY16D47 N 1 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N North Square Investments, LLC 801-115238 000294355 N/A N Red Cedar Investment Management, LLC 801-79728 000170939 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Thomson Reuters Pricing Service N/A CA N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Bloomberg L.P. 549300B56MD0ZC402L06 N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N COWEN EXECUTION SERVICES LLC 8-46838 000035693 5493005RJDJD18OPUP27 4016.790000000000 PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC 8-68637 000145876 N/A 1310.600000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 2022.750000000000 7350.140000000000 SG AMERICAS SECURITIES LLC 8-66125 000128351 549300F35UE0BOM1WJ55 10230239.533800000000 CITIGROUP GLOBAL MARKETS INC. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 9061830.090000000000 BNP PARIBAS SECURITIES CORP. 8-32682 000015794 RCNB6OTYUAMMP879YW96 7964516.836500000000 WELLS FARGO SECURITIES LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 5718996.100000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 5606964.311000000000 BOFA SECURITIES INC. 8-69787 000283942 549300HN4UKV1E2R3U73 4935163.680000000000 MARKET AXESS INC. 8-52564 000104103 N/A 2555445.000000000000 JANNEY MONTGOMERY SCOTT LLC 8-462 000000463 549300QQRY1JCFQHYS08 2466588.770000000000 UBS ASSET MANAGEMENT (US) INC. 8-21901 000000583 F88SLSBEMHN5FUSNRO91 2444000.000000000000 PERSHING LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 1768025.000000000000 59452366.270000000000 N 19828985.072000000000 Uncommitted 50000000.000000000000 N N N North Square Spectrum Alpha Fund S000063483 549300JXKCHBIT53Y608 N 2 0 0 Fund of Funds N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y North Square Investments, LLC 801-115238 000294355 N/A N NSI Retail 801-120192 000312148 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N ROBERT W. BAIRD & CO. INCORPORATED 8-497 000008158 549300772UJAHRD6LO53 29823.100000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 30.520000000000 SVB SECURITIES LLC 8-48535 000039011 549300AAH7U76CEUBI94 6244.100000000000 PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC 8-68637 000145876 N/A 31493.650000000000 RAYMOND JAMES & ASSOCIATES INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 26577.550000000000 STIFEL NICOLAUS & COMPANY INCORPORATED 8-1447 000000793 5WUVMA08EYG4KEUPW589 29900.000000000000 WILLIAM BLAIR & COMPANY L.L.C. 8-2698 000001252 549300J0P7XYE8BMZ775 29418.100000000000 153487.020000000000 0.000000000000 N 130928303.253000000000 Uncommitted 50000000.000000000000 N N N N North Square Tactical Defensive Fund S000070729 54930083RF3KOGEDZU32 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y N Y Y North Square Investments, LLC 801-115238 000294355 N/A N NSI Retail 801-120192 000312148 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N Y U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N Y J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 6380.230000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 2936.890000000000 PERSHING LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 680.350000000000 9997.470000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 34922.000000000000 34922.000000000000 N 76736300.681000000000 Uncommitted 50000000.000000000000 N N N N North Square Tactical Growth Fund S000070728 549300RLZ8OFZAGS4U90 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y Y North Square Investments, LLC 801-115238 000294355 N/A N NSI Retail 801-120192 000312148 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N Y U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N Y J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 17730.990000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 145189.120000000000 162920.110000000000 0.000000000000 N 579525978.816000000000 Uncommitted 50000000.000000000000 N N N N North Square Trilogy Alternative Return Fund S000070730 549300XN0VPVSODO6I72 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 10f-3 (17 CFR 270.10f-3) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N North Square Investments, LLC 801-115238 000294355 N/A N NSI Retail 801-120192 000312148 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Bloomberg L.P. 549300B56MD0ZC402L06 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Thomson Reuters Pricing Service N/A CA N Y U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N Y INTERACTIVE BROKERS LLC 8-47257 000036418 50OBSE5T5521O6SMZR28 3058.850000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 153.220000000000 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 11.250000000000 3223.320000000000 INTERACTIVE BROKERS LLC 8-47257 000036418 50OBSE5T5521O6SMZR28 1125960.000000000000 1125960.000000000000 N 44573251.296000000000 Uncommitted 50000000.000000000000 N N N true
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and
Board of Trustees of
North Square Investments Trust
Chicago, IL 60603
In planning and performing our audits of the financial statements of the North Square Spectrum Alpha Fund (Formerly, North Square Oak Ridge Small Cap
Growth Fund), North Square Dynamic Small Cap Fund, North Square Advisory Research Small Cap Growth Fund (Formerly, North Square Oak Ridge All Cap Growth Fund), North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund
(Formerly, North Square Oak Ridge Dividend Growth Fund), North Square Tactical Growth Fund, North Square Tactical Defensive Fund and North Square Trilogy Alternative Return Fund (the “Funds”), each a series of North Square Investments Trust, as of
and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding
securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
To the Shareholders and
Board of Trustees of
North Square Investments Trust
Page Two
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal
control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of May 31, 2022.
This report is intended solely for the information and use of management, Shareholders and Board of Trustees of North Square Investments Trust and the
Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
|
/s/ TAIT, WELLER & BAKER LLP
TAIT, WELLER & BAKER LLP
|
Philadelphia, Pennsylvania
July 29, 2022
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