0001752724-23-288619.txt : 20231222 0001752724-23-288619.hdr.sgml : 20231222 20231222094221 ACCESSION NUMBER: 0001752724-23-288619 CONFORMED SUBMISSION TYPE: N-CEN/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230531 FILED AS OF DATE: 20231222 DATE AS OF CHANGE: 20231222 EFFECTIVENESS DATE: 20231222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: North Square Investments Trust CENTRAL INDEX KEY: 0001750821 ORGANIZATION NAME: IRS NUMBER: 462828241 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CEN/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-23373 FILM NUMBER: 231507584 BUSINESS ADDRESS: STREET 1: 10 SOUTH LASALLE STREET, SUITE 1925 CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: (312) 857-2160 MAIL ADDRESS: STREET 1: 10 SOUTH LASALLE STREET, SUITE 1925 CITY: CHICAGO STATE: IL ZIP: 60603

0001750821 S000063483 NORTH SQUARE SPECTRUM ALPHA FUND

C000205671 CLASS A ORIGX

C000205673 CLASS I ORIYX

0001750821 S000063485 NORTH SQUARE DYNAMIC SMALL CAP FUND

C000205677 CLASS I ORSIX

C000205678 CLASS A ORSAX

0001750821 S000063486 NORTH SQUARE ADVISORY RESEARCH SMALL CAP GROWTH FUND

C000205679 CLASS I ODGIX

C000205680 CLASS A ORDGX

0001750821 S000063487 NORTH SQUARE MULTI STRATEGY FUND

C000205681 CLASS A ORILX

C000205683 CLASS I PORYX

0001750821 S000063488 NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND

C000205685 CLASS I ORDNX

0001750821 S000070728 North Square Tactical Growth Fund

C000224836 Class C ETFCX

C000224837 Class I ETFOX

C000224838 Class A ETFAX

0001750821 S000070729 North Square Tactical Defensive Fund

C000224839 Class I ETFWX

C000224840 Class C ETFZX

C000224841 Class A ETFRX

0001750821 S000070730 North Square Trilogy Alternative Return Fund

C000224842 Class C STTCX

C000224843 Class I STTIX

C000224844 Class A STTGX

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

North Square Investments Trust

In planning and performing our audit of the financial statements of North Square Investments Trust comprising North Square Spectrum Alpha Fund, North Square Dynamic Small Cap Fund, North Square Advisory Research Small Cap Growth Fund, North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive Fund, and North Square Trilogy Alternative Return Fund (the “Funds”) as of and for the year ended May 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over 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 fund’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 (GAAP). A fund’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 fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and Trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its 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.

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 Funds’ 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 PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2023.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 28, 2023