UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23373

Exchange Place Advisors Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices)

(Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Stacy H. Louizos, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 885-5147

Registrant’s telephone number, including area code: (513) 587-3400

Date of fiscal year end: September 30

Date of reporting period: March 31, 2025

Item 1. Reports to Stockholders.

(a)

Sphere 500 Climate Fund 

(SPFFX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Sphere 500 Climate Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025.  You can find additional information about the Fund at https://www.oursphere.org/fund. You can also request this information by contacting us at 1-844-2SPHERE.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sphere 500 Climate Fund	$3	0.07%

What did the Fund invest in? 

Fund Statistics 

Net Assets	$28,577,185
Number of Portfolio Holdings	406
Advisory Fee	$9,078
Portfolio Turnover	34%

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.6%
Utilities	0.1%
Materials	2.2%
Real Estate	2.5%
Consumer Staples	5.0%
Industrials	5.4%
Communications	10.8%
Consumer Discretionary	12.3%
Health Care	12.8%
Financials	13.6%
Technology	34.7%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025. 

Where can I find additional information about the Fund? 

Additional information is available on the Fund's website (https://www.oursphere.org/fund), including its:

• Prospectus

• Financial information

• Holdings

• Proxy voting information

Sphere 500 Climate Fund (SPFFX)

Semi-Annual Shareholder Report - March 31, 2025

TSR-SAR 033125-SPFFX

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable – disclosed with annual report

Item 3. Audit Committee Financial Expert.

Not applicable – disclosed with annual report

Item 5. Audit Committee of Listed Registrants.

Not applicable – disclosed with annual report

Item 6. Investments.

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.

(a)

Sphere 500 Climate Fund

Semi-Annual Financial Statements & Additional Information

March 31, 2025

Sphere 500 Climate Fund

Table of Contents

Schedule of Investments	2
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	19
Additional Information	27

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40%	Shares		Fair Value
Communications — 10.76%
Alphabet, Inc., Class C		3,496	$	546,180
Alphabet, Inc., Class A		3,983		615,931
AppLovin Corp., Class A(a)		143		37,891
AT&T, Inc.		4,909		138,826
Charter Communications, Inc., Class A(a)		66		24,323
Comcast Corp., Class A		2,564		94,612
Electronic Arts, Inc.		161		23,268
Liberty Media Corp., Class C(a)		149		13,411
Live Nation Entertainment, Inc.(a)		106		13,841
Meta Platforms, Inc., Class A		1,497		862,812
Netflix, Inc.(a)		291		271,366
Omnicom Group, Inc.		133		11,027
Pinterest, Inc., Class A(a)		401		12,431
Reddit, Inc., Class A(a)		75		7,868
Roblox Corp., Class A(a)		379		22,092
Take-Two Interactive Software, Inc.(a)		111		23,005
T-Mobile US, Inc.		325		86,681
Verizon Communications, Inc.		2,882		130,728
Walt Disney Co. (The)		1,237		122,091
Warner Bros. Discovery, Inc.(a)		1,521		16,320
				3,074,704
Consumer Discretionary — 12.33%
Airbnb, Inc., Class A(a)		285		34,046
Amazon.com, Inc.(a)		6,636		1,262,566
Aptiv Holdings Ltd.(a)		156		9,282
AutoZone, Inc.(a)		11		41,941
Best Buy Co., Inc.		135		9,937
Booking Holdings, Inc.		22		101,351
Builders FirstSource, Inc.(a)		76		9,495
Burlington Stores, Inc.(a)		43		10,248
Carnival Corp.(a)		709		13,847
Carvana Co.(a)		83		17,354
Chipotle Mexican Grill, Inc.(a)		921		46,243
Copart, Inc.(a)		605		34,237
Coupang, Inc.(a)		852		18,685
D.R. Horton, Inc.		191		24,282

The accompanying notes are an integral part of these financial statements.

2

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Consumer Discretionary — 12.33% (Continued)
Darden Restaurants, Inc.		80	$	16,621
Deckers Outdoor Corp.(a)		103		11,516
Domino’s Pizza, Inc.		23		10,567
DoorDash, Inc., Class A(a)		228		41,672
DraftKings, Inc., Class A(a)		322		10,694
eBay, Inc.		318		21,538
Expedia Group, Inc.(a)		84		14,120
Ford Motor Co.		2,659		26,670
General Motors Co.		680		31,980
Genuine Parts Co.		95		11,318
Hilton Worldwide Holdings, Inc.		161		36,636
Home Depot, Inc. (The)		680		249,213
Kellogg Co.		201		16,580
Las Vegas Sands Corp.		258		9,967
Lennar Corp., Class A		155		17,791
Lowe’s Companies., Inc.		386		90,027
Lululemon Athletica, Inc.(a)		73		20,663
Marriott International, Inc., Class A		165		39,303
Masco Corp.		145		10,083
McDonald’s Corp.		489		152,749
Nike, Inc., Class B		795		50,467
NVR, Inc.(a)		2		14,489
O’Reilly Automotive, Inc.(a)		39		55,871
PulteGroup, Inc.		138		14,186
Ross Stores, Inc.		221		28,242
Royal Caribbean Cruises Ltd.		168		34,514
Starbucks Corp.		777		76,215
Tapestry, Inc.		141		9,928
Tesla, Inc.(a)		1,919		497,328
TJX Companies, Inc. (The)		769		93,665
Tractor Supply Co.		363		20,001
Uber Technologies, Inc.(a)		1,374		100,110
Ulta Beauty, Inc.(a)		32		11,729
Williams-Sonoma, Inc.		81		12,806
Yum! Brands, Inc.		191		30,056
				3,522,829

The accompanying notes are an integral part of these financial statements.

3

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Consumer Staples — 4.99%
BJ’s Wholesale Club Holdings, Inc.(a)		90	$	10,269
Casey’s General Stores, Inc.		25		10,851
Clorox Co. (The)		84		12,369
Coca-Cola Co. (The)		2,923		209,345
Colgate-Palmolive Co.		555		52,004
Constellation Brands, Inc., Class A		95		17,434
Costco Wholesale Corp.		303		286,571
Dollar General Corp.		150		13,190
Dollar Tree, Inc.(a)		147		11,035
Estee Lauder Companies, Inc. (The), Class A		160		10,560
General Mills, Inc.		376		22,481
Hershey Co. (The)		101		17,274
Kenvue Inc.		1,308		31,366
Keurig Dr Pepper, Inc.		769		26,315
Kimberly-Clark Corp.		227		32,284
Kraft Heinz Co. (The)		814		24,770
Kroger Co. (The)		492		33,303
McCormick & Co., Inc.		173		14,240
Mondelez International, Inc., Class A		884		59,979
Monster Beverage Corp.(a)		473		27,680
Pentair PLC		112		9,798
PepsiCo, Inc.		937		140,494
Procter & Gamble Co. (The)		1,604		273,353
Sprouts Farmers Market, Inc.(a)		67		10,227
Sysco Corp.		334		25,064
Target Corp.		313		32,665
US Foods Holding Corp.(a)		157		10,277
				1,425,198
Financials — 13.58%
Aflac, Inc.		336		37,360
Allstate Corp. (The)		181		37,480
American Express Co.		480		129,144
American International Group, Inc.		405		35,211
Ameriprise Financial, Inc.		68		32,919
Aon PLC, Class A		143		57,070

The accompanying notes are an integral part of these financial statements.

4

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Financials — 13.58% (Continued)
Apollo Global Management, Inc.		274	$	37,522
Arthur J. Gallagher & Co.		173		59,726
Bank of America Corp.		5,198		216,913
Bank of New York Mellon Corp. (The)		490		41,096
BlackRock, Inc.		99		93,701
Brown & Brown, Inc.		162		20,153
Capital One Financial Corp.		258		46,259
Charles Schwab Corp. (The)		1,168		91,431
Chubb Ltd.		273		82,443
Church & Dwight Co., Inc.		168		18,495
Cincinnati Financial Corp.		105		15,511
CME Group, Inc.		246		65,261
Coinbase Global, Inc., Class A(a)		137		23,596
Discover Financial Services		171		29,190
Equitable Holdings, Inc.		210		10,939
Fidelity National Financial, Inc.		178		11,584
Fifth Third Bancorp		455		17,836
First Citizens BancShares, Inc., Class A		7		12,979
First Republic Bank(a)		26		—
Goldman Sachs Group, Inc. (The)		213		116,359
Hartford Financial Services Group, Inc. (The)		195		24,127
Huntington Bancshares, Inc.		989		14,845
Interactive Brokers Group, Inc., Class A		72		11,922
Intercontinental Exchange, Inc.		391		67,448
JPMorgan Chase & Co.		1,905		467,297
KeyCorp		754		12,056
Loews Corp.		121		11,121
LPL Financial Holdings, Inc.		51		16,684
M&T Bank Corp.		112		20,020
Markel Group Inc.(a)		9		16,826
Marsh & McLennan Companies., Inc.		336		81,994
MasterCard, Inc., Class A		561		307,495
MetLife, Inc.		391		31,393
Moody’s Corp.		123		57,280
Morgan Stanley		843		98,353

The accompanying notes are an integral part of these financial statements.

5

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Financials — 13.58% (Continued)
MSCI, Inc.		51	$	28,841
Nasdaq, Inc.		282		21,393
Northern Trust Corp.		132		13,022
Otis Worldwide Corp.		271		27,967
PayPal Holdings, Inc.(a)		675		44,044
PNC Financial Services Group, Inc. (The)		270		47,458
Principal Financial Group, Inc.		153		12,909
Progressive Corp. (The)		400		113,204
Prudential Financial, Inc.		242		27,027
Raymond James Financial, Inc.		126		17,503
Robinhood Markets, Inc., Class A(a)		505		21,018
S&P Global, Inc.		211		107,209
State Street Corp.		196		17,548
Synchrony Financial		265		14,029
T. Rowe Price Group, Inc.		149		13,689
Toast, Inc., Class A(a)		302		10,017
Tradeweb Markets, Inc., Class A		79		11,728
TransUnion		133		11,038
Travelers Companies, Inc. (The)		155		40,991
Truist Financial Corp.		892		36,706
U.S. Bancorp		1,065		44,964
Unum Group		120		9,775
Visa, Inc., Class A		1,177		412,491
W.R. Berkley Corp.		198		14,090
Wells Fargo & Co.		2,248		161,384
Willis Towers Watson PLC		68		22,981
				3,882,065
Health Care — 12.84%
Abbott Laboratories		1,181		156,660
AbbVie, Inc.		1,207		252,890
Agilent Technologies, Inc.		194		22,694
Alnylam Pharmaceuticals, Inc.(a)		85		22,952
AmerisourceBergen Corp.		124		34,483
Amgen, Inc.		367		114,338
Baxter International, Inc.		349		11,946

The accompanying notes are an integral part of these financial statements.

6

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Health Care — 12.84% (Continued)
Becton, Dickinson and Co.		196	$	44,896
Biogen, Inc.(a)		100		13,684
BioMarin Pharmaceutical, Inc.(a)		129		9,119
Boston Scientific Corp.(a)		1,006		101,485
Bristol-Myers Squibb Co.		1,389		84,715
Cardinal Health, Inc.		165		22,732
Centene Corp.(a)		336		20,399
Cigna Corp.		184		60,536
Cooper Companies, Inc. (The)(a)		136		11,472
CVS Health Corp.		862		58,401
Danaher Corp.		470		96,350
DexCom, Inc.(a)		264		18,029
Edwards LifeSciences Corp.(a)		395		28,630
Elevance Health, Inc.		155		67,419
Eli Lilly & Co.		582		480,679
GE HealthCare Technologies, Inc.		312		25,182
Gilead Sciences, Inc.		851		95,355
HCA Healthcare, Inc.		120		41,466
Hologic, Inc.(a)		152		9,389
Humana, Inc.		82		21,697
IDEXX Laboratories, Inc.(a)		55		23,097
Illumina, Inc.(a)		108		8,569
Insulet Corp.(a)		48		12,605
Intuitive Surgical, Inc.(a)		243		120,350
IQVIA Holdings, Inc.(a)		120		21,156
Johnson & Johnson		1,647		273,138
Labcorp Holdings, Inc.		57		13,266
McKesson Corp.		86		57,877
Medtronic PLC		877		78,807
Merck & Co., Inc.		1,728		155,105
Mettler-Toledo International, Inc.(a)		14		16,533
Molina Healthcare, Inc.(a)		38		12,517
Natera, Inc.(a)		87		12,303
PerkinElmer, Inc.		82		8,676
Pfizer, Inc.		3,875		98,193

The accompanying notes are an integral part of these financial statements.

7

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Health Care — 12.84% (Continued)
Quest Diagnostics, Inc.		76	$	12,859
Regeneron Pharmaceuticals, Inc.(a)		72		45,665
ResMed, Inc.		100		22,385
Steris PLC		67		15,186
Stryker Corp.		244		90,829
Thermo Fisher Scientific, Inc.		258		128,380
United Therapeutics Corp.(a)		30		9,248
UnitedHealth Group, Inc.		625		327,344
Vertex Pharmaceuticals, Inc.(a)		175		84,844
Waters Corp.(a)		41		15,111
West Pharmaceutical Services, Inc.		49		10,970
Zimmer Biomet Holdings, Inc.		136		15,392
Zoetis, Inc., Class A		306		50,383
				3,668,386
Industrials — 5.38%
3M Co.		371		54,485
Carrier Global Corp.		552		34,997
Caterpillar, Inc.		327		107,845
Cintas Corp.		235		48,300
Citigroup, Inc.		1,276		90,583
Cummins, Inc.		93		29,150
Deere & Co.		172		80,728
Delta Air Lines, Inc.		441		19,228
Dover Corp.		94		16,514
EMCOR Group, Inc.		31		11,459
Emerson Electric Co.		385		42,211
Expeditors International of Washington, Inc.		94		11,304
Fastenal Co.		392		30,400
FedEx Corp.		151		36,811
Graco, Inc.		115		9,604
Hubbell, Inc.		37		12,244
IDEX Corp.		52		9,410
Illinois Tool Works, Inc.		200		49,602
Ingersoll Rand, Inc.		275		22,008
Johnson Controls International PLC		448		35,889

The accompanying notes are an integral part of these financial statements.

8

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Industrials — 5.38% (Continued)
Lennox International, Inc.		22	$	12,338
Norfolk Southern Corp.		155		36,712
Old Dominion Freight Line, Inc.		126		20,847
PACCAR, Inc.		353		34,371
Paychex, Inc.		221		34,096
Quanta Services, Inc.		100		25,418
Republic Services, Inc.		138		33,418
Rockwell Automation, Inc.		77		19,895
Rollins, Inc.		201		10,860
Roper Technologies, Inc.		73		43,039
Snap-on, Inc.		35		11,795
Southwest Airlines Co.		401		13,466
TE Connectivity PLC		204		28,829
Trane Technologies PLC		153		51,550
Union Pacific Corp.		416		98,275
United Airlines Holdings, Inc.(a)		223		15,398
United Parcel Service, Inc., Class B		507		55,764
United Rentals, Inc.		44		27,575
Veralto Corp.		163		15,884
Verisk Analytics, Inc.		96		28,572
Vertiv Holdings Co., Class A		256		18,483
W.W. Grainger, Inc.		31		30,622
Waste Management, Inc.		275		63,665
Watsco, Inc.		24		12,199
Westinghouse Air Brake Technologies Corp.		116		21,037
Xylem, Inc.		165		19,711
				1,536,591
Materials — 2.16%
Air Products & Chemicals, Inc.		151		44,533
Amcor PLC		986		9,564
AngloGold Ashanti PLC		345		12,806
Avery Dennison Corp.		53		9,432
Ball Corp.		193		10,050
Carlisle Companies, Inc.		30		10,215
Corteva, Inc.		469		29,514

The accompanying notes are an integral part of these financial statements.

9

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Materials — 2.16% (Continued)
DuPont de Nemours, Inc.		285	$	21,284
Ecolab, Inc.		174		44,112
Freeport-McMoRan, Inc.		978		37,027
International Flavors & Fragrances, Inc.		172		13,349
Linde PLC		322		149,937
LyondellBasell Industries NV, Class A		176		12,390
Martin Marietta Materials, Inc.		41		19,603
Newmont Corp.		771		37,224
Nucor Corp.		157		18,893
Packaging Corporation of America		60		11,881
PPG Industries, Inc.		155		16,949
Reliance Steel & Aluminum Co.		36		10,395
RPM International, Inc.		87		10,064
Sherwin-Williams Co. (The)		158		55,173
Steel Dynamics, Inc.		96		12,008
Vulcan Materials Co.		90		20,997
				617,400
Real Estate — 2.55%
Alexandria Real Estate Equities, Inc.		117		10,824
American Tower Corp.		319		69,415
AvalonBay Communities, Inc.		97		20,818
CBRE Group, Inc., Class A(a)		204		26,679
Crown Castle International Corp.		297		30,956
Digital Realty Trust, Inc.		230		32,957
Equinix, Inc.		66		53,813
Equity Residential		258		18,468
Essex Property Trust, Inc.		44		13,489
Extra Space Storage, Inc.		143		21,234
Gaming and Leisure Properties, Inc.		180		9,162
Healthpeak Properties, Inc.		477		9,645
Invitation Homes, Inc.		418		14,567
Iron Mountain, Inc.		200		17,208
Kimco Realty Corp.		455		9,664
Mid-America Apartment Communities, Inc.		79		13,239
Prologis, Inc.		632		70,652

The accompanying notes are an integral part of these financial statements.

10

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Real Estate — 2.55% (Continued)
Public Storage		108	$	32,323
Realty Income Corp.		610		35,386
Regency Centers Corp.		123		9,072
SBA Communications Corp., Class A		73		16,061
Simon Property Group, Inc.		222		36,870
Sun Communities, Inc.		86		11,063
UDR, Inc.		226		10,208
Ventas, Inc.		298		20,490
VICI Properties, Inc.		721		23,519
Welltower, Inc.		439		67,259
Weyerhaeuser Co.		495		14,494
WP Carey, Inc.		148		9,340
				728,875
Technology — 34.74%
Accenture PLC, Class A		427		133,241
Adobe, Inc.(a)		297		113,908
Advanced Micro Devices, Inc.(a)		1,103		113,322
Analog Devices, Inc.		339		68,366
ANSYS, Inc.(a)		60		18,994
Apple, Inc.		10,401		2,310,373
Applied Materials, Inc.		555		80,542
Arista Networks Inc(a)		708		54,856
Atlassian Corp., Class A(a)		110		23,343
Autodesk, Inc.(a)		146		38,223
Automatic Data Processing, Inc.		278		84,937
Block, Inc.(a)		373		20,265
Broadcom, Inc.		3,156		528,409
Broadridge Financial Solutions, Inc.		80		19,397
Cadence Design Systems, Inc.(a)		187		47,560
CDW Corp.		90		14,423
Cisco Systems, Inc.		2,721		167,912
Cloudflare, Inc., Class A(a)		207		23,327
Cognizant Technology Solutions Corp., Class A		337		25,781
Corning, Inc.		534		24,447
Corpay, Inc.(a)		46		16,041

The accompanying notes are an integral part of these financial statements.

11

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Technology — 34.74% (Continued)
CoStar Group, Inc.(a)		285	$	22,581
Crowdstrike Holdings, Inc., Class A(a)		164		57,823
CyberArk Software, Ltd.(a)		33		11,154
Datadog, Inc., Class A(a)		209		20,735
Dell Technologies, Inc., Class C		212		19,324
DocuSign, Inc.(a)		137		11,152
Dynatrace, Inc.(a)		200		9,430
Entegris, Inc.		102		8,923
Equifax, Inc.		84		20,459
F5, Inc.(a)		39		10,385
FactSet Research Systems, Inc.		26		11,821
Fair Isaac Corp.(a)		16		29,507
Fidelity National Information Services, Inc.		362		27,034
First Solar, Inc.(a)		68		8,597
Fiserv, Inc.(a)		381		84,136
Fortinet, Inc.(a)		437		42,066
Garmin Ltd.		106		23,016
Gartner, Inc.(a)		51		21,407
Gen Digital, Inc.		382		10,138
Global Payments, Inc.		168		16,451
GoDaddy, Inc., Class A(a)		96		17,293
Guidewire Software, Inc.(a)		57		10,680
Hewlett Packard Enterprise Co.		894		13,794
HP, Inc.		644		17,832
HubSpot, Inc.(a)		34		19,424
Intel Corp.		2,961		67,244
International Business Machines Corp.		634		157,649
Intuit, Inc.		187		114,815
Jabil, Inc.		73		9,933
KLA Corp.		91		61,862
Lam Research Corp.		875		63,613
Marvell Technology, Inc.		590		36,326
Microchip Technology, Inc.		360		17,428
Micron Technology, Inc.		760		66,036
Microsoft Corp.		5,092		1,911,485

The accompanying notes are an integral part of these financial statements.

12

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Technology — 34.74% (Continued)
MicroStrategy, Inc., Class A(a)		163	$	46,988
MongoDB, Inc.(a)		49		8,595
Monolithic Power Systems, Inc.		31		17,979
NetApp, Inc.		139		12,210
Nutanix, Inc., Class A(a)		170		11,868
Nvidia Corp.		16,303		1,766,920
Okta, Inc.(a)		113		11,890
ON Semiconductor Corp.(a)		287		11,678
Oracle Corp.		1,126		157,426
Palo Alto Networks, Inc.(a)		448		76,447
PTC, Inc.(a)		81		12,551
Pure Storage, Inc., Class A(a)		211		9,341
Qualcomm, Inc.		757		116,283
Salesforce, Inc.		641		172,018
Seagate Technology PLC		144		12,233
ServiceNow, Inc.(a)		140		111,460
Snowflake, Inc., Class A(a)		211		30,840
SS&C Technologies Holdings, Inc.		147		12,279
Super Micro Computer, Inc.(a)		348		11,916
Synopsys, Inc.(a)		105		45,029
Teradyne, Inc.		110		9,086
Texas Instruments, Inc.		622		111,773
Trade Desk, Inc. (The), Class A(a)		308		16,854
Trimble, Inc.(a)		168		11,029
Twilio, Inc., Class A(a)		98		9,595
Tyler Technologies, Inc.(a)		29		16,860
Veeva Systems, Inc., Class A(a)		101		23,395
VeriSign, Inc.(a)		64		16,248
Western Digital Corp.(a)		237		9,582
Workday, Inc., Class A(a)		145		33,862
Zebra Technologies Corp., Class A(a)		35		9,890
Zoom Video Communications(a)		180		13,279
Zscaler, Inc.(a)		65		12,897
				9,929,521

The accompanying notes are an integral part of these financial statements.

13

Sphere 500 Climate Fund

SCHEDULE OF INVESTMENTS (Continued)

at March 31, 2025 (Unaudited)

COMMON STOCKS — 99.40% (Continued)	Shares		Fair Value
Utilities — 0.07%
American Water Works Company, Inc.		133	$	19,620
Total Common Stocks (Cost $28,358,340)				28,405,189
Total Investments — 99.40% (Cost $28,358,340)				28,405,189
Other Assets in Excess of Liabilities — 0.60%				171,996
NET ASSETS — 100.00%			$	28,577,185

(a) Non-income producing security.

The accompanying notes are an integral part of these financial statements.

14

Sphere 500 Climate Fund

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2025 (Unaudited)

Assets
Investments, at value (cost of $28,357,826)	$	28,405,189
Receivable for fund shares sold		30,006
Cash and Cash equivalents		283,128
Dividends and interest receivable		12,757
Total Assets		28,731,080
Liabilities
Payable to Adviser		1,749
Payable for fund shares redeemed		42,313
Payable for investments purchased		109,833
Total Liabilities		153,895
Net Assets	$	28,577,185
Net Assets consist of:
Paid-in capital		27,044,954
Accumulated earnings		1,532,231
Net Assets	$	28,577,185
Net Assets		28,577,185
Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value)		1,099,895
Net asset value, offering price and redemption price per share	$	25.98

The accompanying notes are an integral part of these financial statements.

15

Sphere 500 Climate Fund

STATEMENT OF OPERATIONS

For the Period Ended March 31, 2025 (Unaudited)

Investment Income
Dividend income	$	159,885
Interest income		10,185
Total investment income		170,070
Expenses
Adviser Fees		9,078
Net operating expenses		9,078
Net investment income	$	160,992
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investment securities	$	1,575,415
Change in unrealized depreciation on:
Investment securities		(2,510,056	)
Net realized and change in unrealized gain (loss) on investment securities		(934,641	)
Net increase in net assets resulting from operations	$	(773,649	)

The accompanying notes are an integral part of these financial statements.

16

Sphere 500 Climate Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended March 31, 2025 (Unaudited)			For the Year Ended September 30, 2024
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	160,992		$	119,107
Net realized gain/(loss) on investment securities		1,575,415			20,365
Change in unrealized depreciation on investment securities		(2,510,056	)		2,268,461
Net increase in net assets resulting from operations		(773,649	)		2,407,933
Distributions
From distributable earnings		(290,480	)		(79,986	)
Total distributions		(290,480	)		(79,986	)
Capital Transactions
Proceeds from shares sold		17,868,186			7,980,203
Reinvestment of distributions		261,598			73,443
Amount paid for shares redeemed		(2,114,768	)		(2,285,898	)
Net increase in net assets resulting from capital transactions		16,015,016			5,767,748
Total Increase in Net Assets		14,950,887			8,095,695
Net Assets
Beginning of period		13,626,298			5,530,603
End of period	$	28,577,185		$	13,626,298
Share Transactions
Shares sold		655,751			329,463
Shares issued in reinvestment of distributions		9,478			3,358
Shares redeemed		(78,139	)		(98,252	)
Net increase in shares outstanding		587,090			234,569

The accompanying notes are an integral part of these financial statements.

17

Sphere 500 Climate Fund

FINANCIAL HIGHLIGHTS

Institutional Shares

For a capital share outstanding throughout each period

	For the Period Ended March 31, 2025 (Unaudited)			For the Year Ended September 30, 2024			For the Year Ended September 30, 2023			For the Period Ended September 30, 2022(a)
Per Share Operating Performance
Net asset value, beginning of period	$	26.57		$	19.88		$	16.55		$	20.00
Investment operations:
Net investment income		0.17	(b)		0.33	(b)		0.31	(b)		0.22	(b)
Net realized and unrealized gain (loss) on investments		(0.46	)		6.65			3.15			(3.66	)
Net change in net assets resulting from operations		(0.29	)		6.98			3.46			(3.44	)
Less distributions
Net investment income		(0.17	)		(0.29	)		(0.13	)		(0.01	)
Net realized losses		(0.13	)		—			—			—
Total Distributions		(0.30	)		(0.29	)		(0.13	)		(0.01	)
Net asset value, end of period	$	25.98		$	26.57		$	19.88		$	16.55
Total return		(1.19	)%(c)		35.58	%		20.98	%		(17.20	)%(c)
Ratios and Supplemental Data:
Net assets, end of period	$	28,577		$	13,626		$	5,531		$	1,444
Ratio of expenses to average net assets:		0.07	%(d)		0.07	%		0.07	%		2.25	%(d)
Ratio of net investment income to average net assets:		1.24	%(d)		1.39	%		1.59	%		(2.25	)%(d)
Portfolio turnover rate		34	%(c)		33	%		16	%		14	%(c)

(a)	For the period October 4, 2021 (commencement of operations) to September 30, 2022
(b)	The net investment income per share was calculated using the average shares outstanding method.
(c)	Not annualized.
(d)	Annualized.

The accompanying notes are an integral part of these financial statements.

18

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS

at March 31, 2025 (Unaudited)

NOTE 1 – ORGANIZATION

The Sphere 500 Climate Fund (the “Fund”) is organized as a diversified 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 Amended and Restated Agreement and Declaration of Trust, dated June 24, 2024, as amended permits the Board of Trustees each member a “Trustee,” collectively (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board.

The Fund is the successor to the Sphere 500 Climate Fund (the “Predecessor Fund”), which commenced operations on October 4, 2021, as a series of Manager Directed Portfolios. The Fund has substantially the same investment objectives and strategies as did the Predecessor Fund. Effective as of the close of business on April 12, 2024, all the assets, subject to the liabilities of the Predecessor Fund, were transferred to the Fund in exchange for 349,444 shares at a net asset value per share (“NAV”) of $23.69 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 12, 2024, after the reorganization, was $8,278,830 including net unrealized appreciation of $1,434,514; undistributed net investment income of $33,933 undistributed realized loss of $(70,217) and investment cost of $6,830,223. 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 Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. The Fund’s performance for periods prior to April 12, 2024, is that of the Predecessor Fund. The Predecessor Fund is the accounting survivor.

Reflection Asset Management, LLC (the “Adviser”) serves as the investment adviser to the Fund. The investment objective of the Fund is to track the performance, before fees and expenses, of the Sphere 500 Fossil Free Index (the “Index”).

The Fund operates as a single operating segment. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The Fund is an investment company and accordingly follows the

19

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.

Federal Income Taxes – It is the Fund’s policy 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 taxable income to its shareholders. Therefore, no federal income or excise tax provisions are required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The tax returns for the Fund for the prior three fiscal years are open for examination. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Fund does not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Fund did not incur any interest or penalties for the six months ended March 31, 2025.

Securities Transactions, Income and Distributions – Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

The Fund distributes substantially all of its net investment income, if any, and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

20

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents – 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.

Reclassification of Capital Accounts – GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

NOTE 3 – SECURITIES VALUATION

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement.

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).

Level 3 – Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.

21

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

Equity Securities – Equity securities, including common stocks and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 or Level 2 of the fair value hierarchy.

Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.

In the absence of prices from a pricing service, or if market quotations are not readily available, fair value will be determined under the Fund’s valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Adviser has established procedures for its fair valuation of the Fund’s portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

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 fair valuation hierarchy of the Fund’s securities as of March 31, 2025:

	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	28,405,189	$	—	$	—	$	28,405,189
Total	$	28,405,189	$	—	$	—	$	28,405,189

^(a) Refer to Schedule of Investments for sector classifications.

22

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

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

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

For the six months ended March 31, 2025, the Adviser provided the Fund with investment management services under an Investment Advisory Agreement (the “Agreement”). The Adviser furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at an annual rate of 0.07% of the average daily net assets of the Fund. For the six months ended March 31, 2025, the Adviser earned fees of $9,078 from the Fund. At March 31, 2025, the Fund owed the Adviser $1,749.

Pursuant to it’s Agreement between the Trust, on behalf of the Fund, and Reflection Asset Management, the Fund pays a management fee to the Adviser, which is calculated daily and paid monthly. Under the Agreement, the Adviser has agreed to pay all expenses of the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, shareholder servicing, and the advisory fee payable to the Adviser.

Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Fund’s fund accountant, transfer agent and administrator. Prior to April 12, 2024, U.S. Bank Global Fund Services, LLC (“U.S. Bank”) provided administrative, transfer agent and fund accounting services to the Fund.

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. Prior to April 12, 2024, U.S. Bank provided the Chief Compliance Officer services to the Trust.

Ultimus Fund Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.

Effective January 1, 2025, each Independent Trustee receives from the Trust an annual retainer of $50,000, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board (the “Chairperson”) receives an additional annual retainer of $18,750, and each of the Chairs of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. Prior to January 1, 2025, each Independent Trustee received from the Trust an annual

23

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

retainer of $50,000, plus an annual fee per Fund of $1,666.67, plus reimbursement of related expenses. Prior to January 1, 2025, the Chairperson of the Board received an additional annual retainer of $6,250, and each of the Chairs of the Audit Committee and the Governance Committee received an additional annual retainer of $2,500 and $1,250, respectively. Effective November 3, 2023, each Independent Trustee receives $2,000 for each special in-person or telephonic meeting attended. The Independent Trustees may waive part of the annual retainer fees from time to time. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees. The Trust does not pay any compensation to the Trust’s officers.

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.

NOTE 5 – SECURITIES TRANSACTIONS

For the six months ended March 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

Purchases		Sales
$	24,488,203	$	8,474,958

There were no purchases or sales of long-term U.S. Government securities.

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

At March 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

Gross unrealized appreciation	$	1,145,812
Gross unrealized depreciation		(1,254,964	)
Net unrealized appreciation on investments	$	(109,152	)
Tax cost of investments	$	28,514,341

As of September 30, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows:

Undistributed ordinary income	$	95,830
Undistributed long-term capital gains		99,626
Unrealized appreciation on investments		2,400,904
Total accumulated earnings	$	2,596,360

24

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

For the year ended September 30, 2024, the Fund utilized short-term capital loss carryforwards of $30,708.

The tax character of distributions paid during the fiscal year ended September 30, 2024, was as follows:

	2024
Distributions paid from:
Ordinary income(a)	$	79,986
Total distributions paid	$	79,986

NOTE 7 – PRINCIPAL RISKS

Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund’s NAV, market price, yield, and total return. Further information about the Fund’s investment objective, principal investment strategies and principal risks is available in the Fund’s prospectus and Statement of Additional Information.

Sector Risk – 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 March 31, 2025, the Fund had 34.74% of the value of its net assets invested in stocks within the Technology sector.

Climate Investing Considerations Risk – Considerations to mitigate climate risk, such as environmental criteria (e.g., fossil fuel screens), applied to the Index’s construction may limit the number of investment opportunities available to the Fund, and as a result, at times, the Fund may underperform funds that are not subject to similar investment considerations. For example, the Index may exclude certain securities due to climate friendly considerations when other investment considerations would suggest that investing in such securities would be advantageous. The Fund may also underperform funds that invest in the energy and utilities sectors, particularly in times of rising oil, gas and energy prices.

25

Sphere 500 Climate Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

at March 31, 2025 (Unaudited)

NOTE 8 – GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and 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, based on experience, the Fund expects the risk of loss to be remote.

NOTE 9 – CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, Vanguard Brokerage Services held 66% of the outstanding Shares of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by Vanguard Brokerage Services are also owned beneficially.

NOTE 10 – COMMITMENTS AND CONTINGENCIES

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 sand 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.

NOTE 11 – SUBSEQUENT EVENTS

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 of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

26

Sphere 500 Climate Fund

ADDITIONAL INFORMATION

(Unaudited)

Changes in and Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

27

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1)	Not Applicable – disclosed with annual report
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

SIGNATURES

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

(Registrant)	Exchange Place Advisors Trust
By (Signature and Title)	/s/ Ian Martin
	Ian Martin, President and Principal Executive Officer
Date	6/9/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Ian Martin
	Ian Martin, President and Principal Executive Officer
Date	6/9/2025
By (Signature and Title)	/s/ Zachary P. Richmond
	Zachary P. Richmond, Treasurer and Principal Financial Officer
Date	6/9/2025