North Square Investments | www.northsquareinvest.com
|
Fund Performance
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1
|
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Schedules of Investments
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6
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Statements of Assets and Liabilities
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26
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Statements of Operations
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28
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Statements of Changes in Net Assets
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30
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Financial Highlights
|
35
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Notes to Financial Statements
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42
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Supplemental Information
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52
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Expense Examples
|
59
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Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2020
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
29.63%
|
22.28%
|
10.42%
|
10.88%
|
10.28%
|
01/03/94
|
Class I2
|
29.81%
|
22.60%
|
10.74%
|
11.24%
|
11.94%
|
12/29/09
|
After deducting maximum sales charge
|
||||||
Class A1
|
22.18%
|
15.25%
|
9.12%
|
10.23%
|
10.03%
|
01/03/94
|
Russell 2000 Growth Total Return Index
|
31.89%
|
25.95%
|
13.19%
|
13.30%
|
8.31%
|
01/03/94
|
Russell 2000 Total Return Index
|
31.36%
|
13.59%
|
10.25%
|
11.13%
|
9.02%
|
01/03/94
|
1
|
Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge (“CDSC”) of 1.00% will be imposed on
certain redemptions of such shares within 12 months of the date of purchase.
|
2
|
Class I shares do not have any initial or contingent deferred sales charge.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2020
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I
|
28.60%
|
12.37%
|
10.42%
|
13.48%
|
13.74%
|
11/01/08
|
Russell 2000 Total Return Index
|
31.36%
|
13.59%
|
10.25%
|
11.13%
|
12.17%
|
11/01/08
|
Average Annual
|
|||||
Since
|
Inception
|
||||
Total Returns as of November 30, 2020
|
6 Month
|
1 Year
|
3 Year
|
Inception
|
Date
|
Class I
|
22.46%
|
32.01%
|
20.69%
|
18.72%
|
07/29/16
|
Russell 3000 Growth Total Return Index
|
26.18%
|
35.73%
|
20.86%
|
21.16%
|
07/29/16
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2020
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
19.71%
|
14.23%
|
9.68%
|
10.94%
|
5.57%
|
03/01/99
|
Class I2
|
19.95%
|
15.03%
|
10.06%
|
11.17%
|
7.75%
|
08/10/04
|
After deducting maximum sales charge
|
||||||
Class A1
|
12.82%
|
7.66%
|
8.39%
|
10.28%
|
5.29%
|
03/01/99
|
Russell 3000 Total Return Index3
|
22.59%
|
19.02%
|
13.95%
|
14.04%
|
7.52%
|
03/01/99
|
Russell 3000 Growth Total Return Index
|
26.18%
|
35.73%
|
19.11%
|
17.02%
|
7.52%
|
03/01/99
|
1
|
Maximum sales charge for Class A shares is 5.75%. No initial sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge (“CDSC”) of 1.00% will be imposed on
certain redemptions of such shares within 12 months of the date of purchase.
|
2
|
Class I shares do not have any initial or contingent deferred sales charge.
|
3
|
The Russell 3000 Total Return Index has replaced the Russell 3000 Growth Total Return Index as the Fund’s primary benchmark. The Advisor believes the new index better reflects the Fund’s
investments.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2020
|
6 Month
|
1 Year
|
3 Year
|
5 Year
|
Inception
|
Date
|
Class I
|
17.63%
|
12.33%
|
12.54%
|
12.97%
|
12.33%
|
06/28/13
|
S&P 500 Total Return Index
|
19.98%
|
17.46%
|
13.17%
|
13.99%
|
13.86%
|
06/28/13
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 94.1%
|
|||||||
CONSUMER DISCRETIONARY – 12.4%
|
|||||||
6,728
|
Burlington Stores, Inc.*
|
$
|
1,470,337
|
||||
11,565
|
Five Below, Inc.*
|
1,808,766
|
|||||
45,161
|
frontdoor, inc.*
|
2,137,922
|
|||||
67,681
|
National Vision Holdings, Inc.*
|
2,897,424
|
|||||
39,493
|
Ollie’s Bargain Outlet Holdings, Inc.*
|
3,477,753
|
|||||
10,221
|
Pool Corp.
|
3,537,590
|
|||||
49,239
|
YETI Holdings, Inc.*
|
3,110,428
|
|||||
18,440,220
|
|||||||
CONSUMER STAPLES – 5.9%
|
|||||||
74,344
|
BJ’s Wholesale Club Holdings, Inc.*
|
3,047,360
|
|||||
51,172
|
Grocery Outlet Holding Corp.*
|
1,976,263
|
|||||
157,198
|
Nomad Foods Ltd.*1
|
3,796,332
|
|||||
8,819,955
|
|||||||
FINANCIALS – 2.1%
|
|||||||
7,487
|
Kinsale Capital Group, Inc.
|
1,798,078
|
|||||
20,255
|
Palomar Holdings, Inc.*
|
1,338,855
|
|||||
3,136,933
|
|||||||
HEALTH CARE – 34.6%
|
|||||||
12,025
|
Acceleron Pharma, Inc.*
|
1,419,792
|
|||||
5,370
|
argenx SE – ADR*1
|
1,540,223
|
|||||
31,203
|
Arrowhead Pharmaceuticals, Inc.*
|
1,951,124
|
|||||
42,679
|
AtriCure, Inc.*
|
1,855,683
|
|||||
27,912
|
Axonics Modulation Technologies, Inc.*
|
1,225,058
|
|||||
14,587
|
Axsome Therapeutics, Inc.*
|
1,057,412
|
|||||
13,690
|
Biohaven Pharmaceutical Holding Co Ltd.*1
|
1,217,725
|
|||||
11,131
|
Blueprint Medicines Corp.*
|
1,203,038
|
|||||
27,893
|
CONMED Corp.
|
2,842,018
|
|||||
23,335
|
Emergent BioSolutions, Inc.*
|
1,911,836
|
|||||
64,656
|
Halozyme Therapeutics, Inc.*
|
2,528,050
|
|||||
97,277
|
Heron Therapeutics, Inc.*
|
1,685,810
|
|||||
19,401
|
Horizon Therapeutics Plc*1
|
1,366,412
|
|||||
36,525
|
Insmed Inc.*
|
1,424,840
|
|||||
18,151
|
Inspire Medical Systems, Inc.*
|
3,371,367
|
|||||
5,142
|
Insulet Corp.*
|
1,325,145
|
|||||
17,683
|
LHC Group, Inc. *
|
3,471,526
|
|||||
11,372
|
Ligand Pharmaceuticals Inc.*
|
959,456
|
|||||
4,860
|
Mesa Laboratories, Inc.
|
1,320,754
|
|||||
94,931
|
NeoGenomics, Inc.*
|
4,516,817
|
|||||
30,321
|
Omnicell, Inc.*
|
3,179,157
|
|||||
21,156
|
OrthoPediatrics Corp.*
|
968,099
|
|||||
26,474
|
Oyster Point Pharma, Inc.*
|
580,575
|
|||||
9,636
|
Penumbra, Inc.*
|
2,138,228
|
|||||
29,000
|
Schrodinger, LLC*
|
2,017,820
|
|||||
43,265
|
Travere Therapeutics, Inc.*
|
992,066
|
|||||
44,600
|
Veracyte, Inc.*
|
2,431,146
|
|||||
76,153
|
Zynex Inc.*
|
1,063,096
|
|||||
51,564,273
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS – 15.6%
|
|||||||
48,115
|
The AZEK Co. Inc.*
|
$
|
1,718,668
|
||||
62,622
|
Casella Waste Systems, Inc. – Class A*
|
3,768,592
|
|||||
45,023
|
Colfax Corp.*
|
1,624,430
|
|||||
48,058
|
Construction Partners, Inc. – Class A*
|
1,263,925
|
|||||
36,183
|
Cubic Corp.
|
2,118,876
|
|||||
19,677
|
John Bean Technologies Corp.
|
2,175,489
|
|||||
22,932
|
Mercury Systems, Inc.*
|
1,633,217
|
|||||
11,420
|
RBC Bearings, Inc.*
|
1,928,153
|
|||||
16,488
|
Saia, Inc.*
|
2,877,816
|
|||||
18,601
|
SiteOne Landscape Supply, Inc.*
|
2,568,798
|
|||||
17,900
|
Vicor Corp.*
|
1,467,084
|
|||||
23,145,048
|
|||||||
INFORMATION TECHNOLOGY – 22.8%
|
|||||||
35,180
|
Cerence Inc.*
|
3,192,585
|
|||||
44,311
|
The Descartes Systems Group Inc.*1
|
2,627,199
|
|||||
33,874
|
Envestnet, Inc.*
|
2,718,727
|
|||||
8,166
|
EPAM Systems, Inc.*
|
2,632,147
|
|||||
17,555
|
Euronet Worldwide, Inc.*
|
2,360,094
|
|||||
8,344
|
Everbridge, Inc.*
|
1,059,187
|
|||||
28,393
|
Five9, Inc.*
|
4,406,594
|
|||||
72,430
|
Lattice Semiconductor Corp.*
|
3,031,196
|
|||||
11,245
|
Littelfuse, Inc.
|
2,704,760
|
|||||
52,414
|
Perficient, Inc.*
|
2,386,409
|
|||||
71,658
|
Repay Holdings Corp.*
|
1,729,108
|
|||||
54,763
|
Upland Software Inc.*
|
2,505,407
|
|||||
15,306
|
WEX Inc.*
|
2,651,611
|
|||||
34,005,024
|
|||||||
REAL ESTATE – 0.7%
|
|||||||
20,605
|
Redfin Corp.*
|
986,774
|
|||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $87,218,564)
|
140,098,227
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 3.2%
|
|||||||
17,232
|
CoreSite Realty Corp.
|
2,160,721
|
|||||
45,200
|
Terreno Realty Corp.
|
2,618,888
|
|||||
TOTAL REITS
|
|||||||
(Cost $3,737,371)
|
4,779,609
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 2.9%
|
|||||||
4,245,981
|
First American Treasury Obligations Fund – Class X, 0.05%2
|
$
|
4,245,981
|
||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $4,245,981)
|
4,245,981
|
||||||
TOTAL INVESTMENTS – 100.2%
|
|||||||
(Cost $95,201,916)
|
149,123,817
|
||||||
Liabilities in Excess of Other Assets – (0.2)%
|
(225,994
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
148,897,823
|
*
|
Non-Income producing security.
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Health Care
|
34.6
|
%
|
|||
Information Technology
|
22.8
|
%
|
|||
Industrials
|
15.6
|
%
|
|||
Consumer Discretionary
|
12.4
|
%
|
|||
Consumer Staples
|
5.9
|
%
|
|||
Financials
|
2.1
|
%
|
|||
Real Estate
|
0.7
|
%
|
|||
Total Common Stocks
|
94.1
|
%
|
|||
REITs
|
3.2
|
%
|
|||
Short-Term Investment
|
2.9
|
%
|
|||
Total Investments
|
100.2
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.2
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 92.0%
|
|||||||
COMMUNICATION SERVICES – 4.0%
|
|||||||
1,410
|
Bandwidth Inc. – Class A*
|
$
|
214,010
|
||||
2,450
|
Cogent Communications Holdings, Inc.
|
142,443
|
|||||
4,112
|
Eventbrite, Inc. – Class A*
|
68,958
|
|||||
6,790
|
Ooma, Inc.*
|
105,992
|
|||||
4,256
|
Scholastic Corp.
|
100,952
|
|||||
4,130
|
Vonage Holdings Corp.*
|
53,112
|
|||||
1,060
|
World Wrestling Entertainment, Inc. – Class A
|
45,622
|
|||||
731,089
|
|||||||
CONSUMER DISCRETIONARY – 16.3%
|
|||||||
510
|
Aaron’s Holdings Co., Inc.
|
32,094
|
|||||
552
|
America’s Car-Mart, Inc.*
|
57,684
|
|||||
5,210
|
Core-Mark Holding Co., Inc.
|
162,500
|
|||||
2,490
|
Duluth Holdings, Inc. – Class B*
|
36,603
|
|||||
1,450
|
Floor & Decor Holdings, Inc. – Class A*
|
116,130
|
|||||
920
|
Fox Factory Holding Corp.*
|
80,288
|
|||||
1,040
|
frontdoor, inc.*
|
49,234
|
|||||
11,070
|
Green Brick Partners, Inc.*
|
240,994
|
|||||
310
|
Helen of Troy Ltd.*1
|
62,617
|
|||||
1,060
|
LCI Industries
|
133,327
|
|||||
550
|
LGI Homes, Inc.*
|
59,427
|
|||||
9,540
|
Magnite, Inc.*
|
181,260
|
|||||
3,270
|
MarineMax, Inc.*
|
107,387
|
|||||
3,230
|
MDC Holdings, Inc.
|
155,912
|
|||||
1,040
|
Monarch Casino & Resort, Inc.*
|
57,429
|
|||||
740
|
Ollie’s Bargain Outlet Holdings, Inc.*
|
65,164
|
|||||
2,358
|
Patrick Industries, Inc.
|
148,648
|
|||||
2,329
|
Perdoceo Education Corp.*
|
26,411
|
|||||
2,590
|
PetMed Express, Inc.
|
79,513
|
|||||
2,330
|
The RealReal Inc.*
|
32,271
|
|||||
9,370
|
Red Rock Resorts, Inc. – Class A
|
203,751
|
|||||
390
|
Scientific Games Corp.*
|
14,539
|
|||||
230
|
Stamps.com, Inc.*
|
43,116
|
|||||
1,670
|
Stitch Fix, Inc. – Class A*
|
67,635
|
|||||
8,900
|
Veoneer, Inc.*
|
177,377
|
|||||
1,043
|
Wingstop Inc.
|
132,784
|
|||||
300
|
Winnebago Industries, Inc.
|
15,879
|
|||||
6,370
|
WW International, Inc.*
|
187,979
|
|||||
4,310
|
YETI Holdings, Inc.*
|
272,263
|
|||||
3,000,216
|
|||||||
CONSUMER STAPLES – 4.5%
|
|||||||
1,613
|
Celsius Holdings, Inc.*
|
52,019
|
|||||
720
|
Freshpet, Inc.*
|
98,554
|
|||||
1,080
|
Lancaster Colony Corp.
|
182,876
|
|||||
530
|
Medifast, Inc.
|
108,194
|
|||||
2,620
|
MGP Ingredients, Inc.
|
114,258
|
|||||
2,560
|
Nu Skin Enterprises, Inc. – Class A
|
131,866
|
|||||
1,630
|
The Simply Good Foods Co.*
|
35,436
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
CONSUMER STAPLES (Continued)
|
|||||||
920
|
USANA Health Sciences, Inc.*
|
$
|
69,166
|
||||
690
|
Weis Markets, Inc.
|
32,865
|
|||||
825,234
|
|||||||
ENERGY – 2.8%
|
|||||||
4,314
|
Cactus, Inc. – Class A
|
100,085
|
|||||
760
|
Dril-Quip, Inc.*
|
21,599
|
|||||
9,150
|
GasLog Ltd.1
|
26,993
|
|||||
7,270
|
Magnolia Oil & Gas Corp. – Class A*
|
45,437
|
|||||
2,210
|
New Fortress Energy, Inc.
|
95,273
|
|||||
5,560
|
NexTier Oilfield Solutions, Inc.*
|
15,568
|
|||||
220
|
Renewable Energy Group Inc.*
|
12,778
|
|||||
268
|
REX American Resources Corp.*
|
21,038
|
|||||
25,320
|
RPC, Inc.*
|
78,492
|
|||||
14,320
|
WPX Energy, Inc.*
|
101,958
|
|||||
519,221
|
|||||||
FINANCIALS – 11.7%
|
|||||||
2,580
|
American Equity Investment Life Holding Co.
|
67,802
|
|||||
3,165
|
Bank OZK
|
88,493
|
|||||
380
|
Cullen/Frost Bankers, Inc.
|
31,886
|
|||||
1,769
|
Customers Bancorp, Inc.*
|
29,878
|
|||||
2,390
|
eHealth, Inc.*
|
181,616
|
|||||
3,162
|
Encore Capital Group, Inc.*
|
107,951
|
|||||
1,510
|
Federated Hermes, Inc.
|
40,528
|
|||||
5,010
|
Flagstar Bancorp, Inc.
|
175,550
|
|||||
530
|
Goosehead Insurance, Inc. – Class A
|
65,248
|
|||||
5,690
|
Great Western Bancorp, Inc.
|
93,487
|
|||||
2,285
|
International Bancshares Corp.
|
74,057
|
|||||
1,230
|
National Bank Holdings Corp. – Class A
|
39,581
|
|||||
1,770
|
OFG Bancorp1
|
29,648
|
|||||
1,410
|
PRA Group, Inc.*
|
58,698
|
|||||
780
|
Primerica, Inc.
|
101,611
|
|||||
560
|
ServisFirst Bancshares, Inc.
|
21,157
|
|||||
2,390
|
Synovus Financial Corp.
|
75,452
|
|||||
4,740
|
TriState Capital Holdings, Inc.*
|
70,579
|
|||||
6,350
|
United Community Banks Inc. of Georgia
|
151,829
|
|||||
2,070
|
Univest Financial Corp.
|
37,902
|
|||||
7,570
|
Unum Group
|
168,281
|
|||||
2,841
|
Walker & Dunlop, Inc.
|
227,308
|
|||||
4,054
|
Western Alliance Bancorp
|
207,849
|
|||||
2,146,391
|
|||||||
HEALTH CARE – 19.2%
|
|||||||
1,255
|
Addus HomeCare Corp.*
|
124,559
|
|||||
10,693
|
Adverum Biotechnologies, Inc.*
|
145,318
|
|||||
12,105
|
Aeglea BioTherapeutics, Inc.*
|
103,619
|
|||||
4,290
|
Agenus Inc.*
|
15,873
|
|||||
1,030
|
Alector, Inc.*
|
13,503
|
|||||
1,990
|
AnaptysBio, Inc.*
|
51,322
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
HEALTH CARE (Continued)
|
|||||||
5,110
|
Antares Pharma, Inc.*
|
$
|
15,943
|
||||
2,440
|
Apellis Pharmaceuticals, Inc.*
|
115,022
|
|||||
12,974
|
Ardelyx, Inc.*
|
81,736
|
|||||
200
|
Ascendis Pharma A/S – ADR*1
|
33,746
|
|||||
15,130
|
BioDelivery Sciences International, Inc.*
|
57,494
|
|||||
920
|
Biohaven Pharmaceutical Holding Co Ltd.*1
|
81,834
|
|||||
1,550
|
BioTelemetry, Inc.*
|
85,885
|
|||||
1,530
|
Celldex Therapeutics Inc.*
|
34,425
|
|||||
6,281
|
Constellation Pharmaceuticals, Inc.*
|
159,161
|
|||||
2,806
|
Cytokinetics, Inc.*
|
47,141
|
|||||
380
|
Deciphera Pharmaceuticals, Inc.*
|
23,484
|
|||||
8,547
|
Eiger BioPharmaceuticals, Inc.*
|
78,120
|
|||||
2,260
|
HealthEquity, Inc.*
|
162,019
|
|||||
2,590
|
Homology Medicines, Inc.*
|
25,486
|
|||||
700
|
Iovance Biotherapeutics, Inc.*
|
27,167
|
|||||
22,768
|
IVERIC bio, Inc.*
|
155,278
|
|||||
1,020
|
Jazz Pharmaceuticals Plc*1
|
143,524
|
|||||
690
|
The Joint Corp.*
|
17,319
|
|||||
3,170
|
Kiniksa Pharmaceuticals, Ltd. – Class A*1
|
59,152
|
|||||
5,670
|
Kura Oncology, Inc.*
|
205,821
|
|||||
1,820
|
Luminex Corp.
|
43,189
|
|||||
2,490
|
Magenta Therapeutics, Inc.*
|
17,803
|
|||||
1,150
|
Mersana Therapeutics, Inc.*
|
29,302
|
|||||
13,160
|
Molecular Templates, Inc.*
|
117,782
|
|||||
1,710
|
Natera, Inc.*
|
150,942
|
|||||
800
|
National Research Corp.
|
41,048
|
|||||
9,582
|
NextGen Healthcare, Inc.*
|
169,985
|
|||||
410
|
Ontrak, Inc.*
|
20,356
|
|||||
3,960
|
REGENXBIO, Inc.*
|
137,966
|
|||||
1,160
|
Rhythm Pharmaceuticals, Inc.*
|
35,902
|
|||||
1,160
|
Rocket Pharmaceuticals, Inc.*
|
35,914
|
|||||
1,110
|
Sage Therapeutics, Inc.*
|
82,240
|
|||||
730
|
STAAR Surgical Co.*
|
52,027
|
|||||
1,180
|
Sutro Biopharma, Inc.*
|
20,178
|
|||||
2,350
|
Syndax Pharmaceuticals, Inc.*
|
54,450
|
|||||
1,640
|
Tactile Systems Technology, Inc.*
|
70,700
|
|||||
1,780
|
Tandem Diabetes Care, Inc.*
|
167,106
|
|||||
1,240
|
TG Therapeutics, Inc.*
|
36,382
|
|||||
2,960
|
Tilray, Inc. – Class 2*
|
26,758
|
|||||
400
|
uniQure NV*1
|
19,232
|
|||||
9,073
|
Zynex Inc.*
|
126,659
|
|||||
3,519,872
|
|||||||
INDUSTRIALS – 15.8%
|
|||||||
1,998
|
AAR Corp.
|
56,683
|
|||||
680
|
Advanced Drainage Systems, Inc.
|
47,430
|
|||||
2,870
|
AeroVironment, Inc.*
|
245,069
|
|||||
6,790
|
Air Lease Corp.
|
248,310
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS (Continued)
|
|||||||
779
|
Alamo Group Inc.
|
$
|
105,726
|
||||
1,680
|
Axon Enterprise, Inc.*
|
211,159
|
|||||
2,020
|
Encore Wire Corp.
|
104,373
|
|||||
560
|
Exponent, Inc.
|
46,486
|
|||||
6,730
|
H&E Equipment Services, Inc.
|
180,902
|
|||||
440
|
HEICO Corp.
|
54,375
|
|||||
970
|
Insperity, Inc.
|
82,935
|
|||||
5,860
|
Knoll, Inc.
|
80,048
|
|||||
350
|
Lindsay Corp.
|
40,537
|
|||||
10,060
|
Marten Transport Ltd.
|
177,358
|
|||||
4,423
|
McGrath RentCorp
|
281,480
|
|||||
1,899
|
NV5 Global, Inc.*
|
138,817
|
|||||
620
|
RBC Bearings, Inc.*
|
104,681
|
|||||
860
|
Robert Half International, Inc.
|
55,195
|
|||||
330
|
SiteOne Landscape Supply, Inc.*
|
45,573
|
|||||
2,980
|
Spirit Airlines, Inc.*
|
67,437
|
|||||
3,811
|
Sunrun Inc.*
|
244,209
|
|||||
895
|
Systemax Inc.
|
27,539
|
|||||
1,760
|
Trex Co, Inc.*
|
131,683
|
|||||
1,090
|
UFP Industries, Inc.
|
58,479
|
|||||
810
|
Vicor Corp.*
|
66,388
|
|||||
2,902,872
|
|||||||
INFORMATION TECHNOLOGY – 13.2%
|
|||||||
11,530
|
8x8, Inc.*
|
227,948
|
|||||
7,070
|
A10 Networks Inc.*
|
56,419
|
|||||
300
|
Alarm.com Holdings, Inc.*
|
22,773
|
|||||
480
|
AppFolio, Inc. – Class A*
|
78,206
|
|||||
2,660
|
Avid Technology, Inc.*
|
32,319
|
|||||
2,190
|
Axcelis Technologies, Inc.*
|
59,086
|
|||||
18,030
|
Box, Inc. – Class A*
|
336,981
|
|||||
1,920
|
CEVA, Inc.*
|
75,418
|
|||||
2,070
|
Dolby Laboratories, Inc. – Class A
|
183,091
|
|||||
1,340
|
DSP Group, Inc.*
|
22,552
|
|||||
3,589
|
ePlus, Inc.*
|
302,589
|
|||||
10,360
|
Fitbit, Inc. – Class A*
|
74,385
|
|||||
1,791
|
Harmonic Inc.*
|
11,695
|
|||||
5,920
|
Inseego Corp.*
|
58,786
|
|||||
3,470
|
LivePerson, Inc.*
|
202,717
|
|||||
1,070
|
Manhattan Associates, Inc.*
|
109,397
|
|||||
13,800
|
NeoPhotonics Corp.*
|
111,228
|
|||||
4,660
|
nLight, Inc.*
|
139,893
|
|||||
640
|
Nutanix, Inc. – Class A*
|
17,530
|
|||||
3,770
|
Paysign, Inc.*
|
18,435
|
|||||
4,100
|
Perficient, Inc.*
|
186,673
|
|||||
4,790
|
Pure Storage, Inc. – Class A*
|
87,513
|
|||||
2,415,634
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
MATERIALS – 1.7%
|
|||||||
3,840
|
Boise Cascade Co.
|
$
|
166,080
|
||||
4,100
|
Louisiana-Pacific Corp.
|
140,343
|
|||||
306,423
|
|||||||
REAL ESTATE – 1.8%
|
|||||||
7,342
|
Newmark Group, Inc. – Class A
|
51,541
|
|||||
1,080
|
RE/MAX Holdings, Inc. – Class A
|
33,804
|
|||||
11,610
|
Realogy Holdings Corp.*
|
142,919
|
|||||
2,310
|
Redfin Corp.*
|
110,626
|
|||||
338,890
|
|||||||
UTILITIES – 1.0%
|
|||||||
1,090
|
American States Water Co.
|
80,464
|
|||||
3,810
|
Clearway Energy, Inc. – Class C
|
111,518
|
|||||
191,982
|
|||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $13,685,369)
|
16,897,824
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 7.0%
|
|||||||
14,250
|
CareTrust REIT, Inc.
|
276,878
|
|||||
5,030
|
Easterly Government Properties, Inc.
|
108,950
|
|||||
6,780
|
Four Corners Property Trust, Inc.
|
189,908
|
|||||
6,030
|
Independence Realty Trust, Inc.
|
77,666
|
|||||
1,400
|
Industrial Logistics Properties Trust
|
30,422
|
|||||
1,300
|
Innovative Industrial Properties, Inc.
|
199,758
|
|||||
8,730
|
Invesco Mortgage Capital, Inc.
|
28,984
|
|||||
1,840
|
National Storage Affiliates Trust
|
62,523
|
|||||
1,490
|
Physicians Realty Trust
|
25,851
|
|||||
4,560
|
QTS Realty Trust, Inc. – Class A
|
270,910
|
|||||
320
|
Rexford Industrial Realty, Inc.
|
15,334
|
|||||
TOTAL REITS
|
|||||||
(Cost $1,242,447)
|
1,287,184
|
||||||
RIGHT – 0.0%
|
|||||||
7,920
|
NewStar Financial, Inc. CVR*2
|
818
|
|||||
TOTAL RIGHT
|
|||||||
(Cost $0)
|
818
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 1.1%
|
|||||||
195,857
|
First American Treasury Obligations Fund – Class X, 0.05%3
|
$
|
195,857
|
||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $195,857)
|
195,857
|
||||||
TOTAL INVESTMENTS – 100.1%
|
|||||||
(Cost $15,123,673)
|
18,381,683
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(13,710
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
18,367,973
|
*
|
Non-Income producing security.
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.004% of Net Assets. The total value of these securities is $818.
|
3
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Health Care
|
19.2
|
%
|
|||
Consumer Discretionary
|
16.3
|
%
|
|||
Industrials
|
15.8
|
%
|
|||
Information Technology
|
13.2
|
%
|
|||
Financials
|
11.7
|
%
|
|||
Consumer Staples
|
4.5
|
%
|
|||
Communication Services
|
4.0
|
%
|
|||
Energy
|
2.8
|
%
|
|||
Real Estate
|
1.8
|
%
|
|||
Materials
|
1.7
|
%
|
|||
Utilities
|
1.0
|
%
|
|||
Total Common Stocks
|
92.0
|
%
|
|||
REITs
|
7.0
|
%
|
|||
Right
|
0.0
|
%
|
|||
Short-Term Investment
|
1.1
|
%
|
|||
Total Investments
|
100.1
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.1
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 95.2%
|
|||||||
COMMUNICATION SERVICES – 13.8%
|
|||||||
906
|
Activision Blizzard, Inc.
|
$
|
72,009
|
||||
175
|
Alphabet Inc. – Class A*
|
307,020
|
|||||
282
|
Alphabet Inc. – Class C*
|
496,529
|
|||||
173
|
Charter Communications, Inc. – Class A*
|
112,794
|
|||||
2,652
|
Facebook, Inc. – Class A*
|
734,524
|
|||||
369
|
Netflix Inc.*
|
181,068
|
|||||
2,175
|
Pinterest, Inc. – Class A*
|
152,294
|
|||||
2,056,238
|
|||||||
CONSUMER DISCRETIONARY – 12.1%
|
|||||||
1,050
|
Alibaba Group Holding Ltd. – ADR*1
|
276,528
|
|||||
306
|
Amazon.com, Inc.*
|
969,420
|
|||||
2,732
|
Ross Stores, Inc.
|
293,745
|
|||||
1,906
|
VF Corp.
|
158,960
|
|||||
1,799
|
YETI Holdings, Inc.*
|
113,643
|
|||||
1,812,296
|
|||||||
CONSUMER STAPLES – 3.5%
|
|||||||
1,080
|
Costco Wholesale Corp.
|
423,112
|
|||||
1,566
|
Unilever PLC – ADR1
|
95,620
|
|||||
518,732
|
|||||||
FINANCIALS – 2.2%
|
|||||||
2,344
|
Intercontinental Exchange, Inc.
|
247,315
|
|||||
768
|
Marsh & McLennan Cos, Inc.
|
88,044
|
|||||
335,359
|
|||||||
HEALTH CARE – 13.3%
|
|||||||
1,293
|
Abbott Laboratories
|
139,928
|
|||||
807
|
Alexion Pharmaceuticals, Inc.*
|
98,543
|
|||||
2,335
|
Bristol-Myers Squibb Co.
|
145,704
|
|||||
1,406
|
Danaher Corp.
|
315,830
|
|||||
1,080
|
Edwards Lifesciences Corp.*
|
90,601
|
|||||
1,620
|
Eli Lilly and Co.
|
235,953
|
|||||
520
|
Incyte Corp.*
|
43,961
|
|||||
546
|
Inspire Medical Systems, Inc.*
|
101,414
|
|||||
661
|
LHC Group, Inc.*
|
129,767
|
|||||
1,404
|
NeoGenomics, Inc.*
|
66,802
|
|||||
750
|
Stryker Corp.
|
175,050
|
|||||
1,026
|
UnitedHealth Group Inc.
|
345,085
|
|||||
409
|
Vertex Pharmaceuticals Inc.*
|
93,150
|
|||||
1,981,788
|
|||||||
INDUSTRIALS – 4.3%
|
|||||||
333
|
Roper Technologies, Inc.
|
142,191
|
|||||
312
|
TransDigm Group, Inc.
|
180,707
|
|||||
944
|
Verisk Analytics, Inc.
|
187,205
|
|||||
1,345
|
Waste Connections, Inc.1
|
139,853
|
|||||
649,956
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INFORMATION TECHNOLOGY – 44.1%
|
|||||||
512
|
Adobe, Inc.*
|
$
|
244,977
|
||||
1,114
|
ANSYS, Inc.*
|
376,599
|
|||||
14,628
|
Apple Inc.
|
1,741,463
|
|||||
302
|
Broadcom Inc.
|
121,277
|
|||||
1,241
|
EPAM Systems, Inc.*
|
400,012
|
|||||
866
|
Fidelity National Information Services, Inc.
|
128,523
|
|||||
1,002
|
Five9, Inc.*
|
155,510
|
|||||
992
|
Fortinet, Inc.*
|
122,244
|
|||||
384
|
Intuit, Inc.
|
135,176
|
|||||
550
|
KLA Corp.
|
138,583
|
|||||
884
|
Mastercard Inc. – Class A
|
297,475
|
|||||
5,578
|
Microsoft Corp.
|
1,194,082
|
|||||
514
|
NVIDIA Corp.
|
275,535
|
|||||
1,163
|
PayPal Holdings, Inc.*
|
249,022
|
|||||
1,374
|
Qualcomm Inc.
|
202,212
|
|||||
1,114
|
salesforce.com, Inc.*
|
273,821
|
|||||
273
|
ServiceNow, Inc.*
|
145,932
|
|||||
1,819
|
Visa Inc. – Class A
|
382,627
|
|||||
6,585,070
|
|||||||
MATERIALS – 1.9%
|
|||||||
1,269
|
Ecolab Inc.
|
281,908
|
|||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $7,316,328)
|
14,221,347
|
||||||
REAL ESTATE INVESTMENT TRUST (REIT) – 0.9%
|
|||||||
198
|
Equinix, Inc.
|
138,163
|
|||||
TOTAL REIT
|
|||||||
(Cost $105,181)
|
138,163
|
||||||
SHORT-TERM INVESTMENT – 4.0%
|
|||||||
590,912
|
First American Treasury Obligations Fund – Class X, 0.05%2
|
590,912
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $590,912)
|
590,912
|
||||||
TOTAL INVESTMENTS – 100.1%
|
|||||||
(Cost $8,012,421)
|
14,950,422
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(18,911
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
14,931,511
|
*
|
Non-Income producing security.
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Information Technology
|
44.1
|
%
|
|||
Communication Services
|
13.8
|
%
|
|||
Health Care
|
13.3
|
%
|
|||
Consumer Discretionary
|
12.1
|
%
|
|||
Industrials
|
4.3
|
%
|
|||
Consumer Staples
|
3.5
|
%
|
|||
Financials
|
2.2
|
%
|
|||
Materials
|
1.9
|
%
|
|||
Total Common Stocks
|
95.2
|
%
|
|||
REIT
|
0.9
|
%
|
|||
Short-Term Investment
|
4.0
|
%
|
|||
Total Investments
|
100.1
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.1
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
MUTUAL FUNDS – 94.9%
|
|||||||
110,391
|
North Square Advisory Research All Cap Value Fund – Class I1
|
$
|
1,148,587
|
||||
1,177,222
|
North Square Dynamic Small Cap Fund – Class I1
|
17,354,378
|
|||||
725,126
|
North Square Oak Ridge All Cap Growth Fund – Class I1
|
14,422,329
|
|||||
607,164
|
North Square Oak Ridge Dividend Growth Fund – Class I1
|
12,428,341
|
|||||
114,251
|
North Square Strategic Income Fund – Class I1
|
1,170,787
|
|||||
199,690
|
Wavelength Interest Rate Neutral Fund
|
2,192,601
|
|||||
TOTAL MUTUAL FUNDS
|
|||||||
(Cost $35,232,823)
|
48,717,023
|
||||||
SHORT-TERM INVESTMENT – 5.6%
|
|||||||
2,893,084
|
First American Treasury Obligations Fund – Class X, 0.05%2
|
2,893,084
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $2,893,084)
|
2,893,084
|
||||||
TOTAL INVESTMENTS – 100.5%
|
|||||||
(Cost $38,125,907)
|
51,610,107
|
||||||
Liabilities in Excess of Other Assets – (0.5)%
|
(257,678
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
51,352,429
|
1
|
Affiliated company. See Note 11.
|
2
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Mutual Funds
|
94.9
|
%
|
|||
Short-Term Investment
|
5.6
|
%
|
|||
Total Investments
|
100.5
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.5
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 93.0%
|
|||||||
COMMUNICATION SERVICES – 2.8%
|
|||||||
6,572
|
Verizon Communications Inc.
|
$
|
397,014
|
||||
CONSUMER DISCRETIONARY – 12.9%
|
|||||||
1,839
|
The Home Depot, Inc.
|
510,157
|
|||||
4,006
|
Target Corp.
|
719,197
|
|||||
5,674
|
The TJX Co., Inc.
|
360,356
|
|||||
2,752
|
VF Corp.
|
229,517
|
|||||
1,819,227
|
|||||||
CONSUMER STAPLES – 2.0%
|
|||||||
4,562
|
Unilever PLC – ADR1
|
278,556
|
|||||
ENERGY – 2.8%
|
|||||||
27,376
|
Kinder Morgan, Inc. of Delaware
|
393,667
|
|||||
FINANCIALS – 13.5%
|
|||||||
781
|
BlackRock, Inc.
|
545,411
|
|||||
8,012
|
The Blackstone Group Inc. – Class A
|
477,115
|
|||||
1,982
|
CME Group Inc.
|
346,909
|
|||||
4,477
|
JPMorgan Chase & Co.
|
527,749
|
|||||
1,897,184
|
|||||||
HEALTH CARE – 11.8%
|
|||||||
2,965
|
AbbVie Inc.
|
310,080
|
|||||
6,581
|
Bristol-Myers Squibb Co.
|
410,654
|
|||||
2,994
|
Eli Lilly and Co.
|
436,076
|
|||||
1,497
|
UnitedHealth Group Inc.
|
503,501
|
|||||
1,660,311
|
|||||||
INDUSTRIALS – 9.6%
|
|||||||
2,509
|
Stanley Black & Decker Inc.
|
462,434
|
|||||
3,835
|
Waste Management, Inc.
|
456,863
|
|||||
1,896
|
Watsco, Inc.
|
431,075
|
|||||
1,350,372
|
|||||||
INFORMATION TECHNOLOGY – 32.9%
|
|||||||
7,460
|
Apple Inc.
|
888,113
|
|||||
2,110
|
Automatic Data Processing, Inc.
|
366,887
|
|||||
1,411
|
Broadcom Inc.
|
566,629
|
|||||
2,937
|
Fidelity National Information Services, Inc.
|
435,880
|
|||||
6,517
|
Intel Corp.
|
315,097
|
|||||
4,344
|
Microsoft Corp.
|
929,920
|
|||||
5,646
|
Qualcomm Inc.
|
830,922
|
|||||
2,133
|
Skyworks Solutions, Inc.
|
301,116
|
|||||
4,634,564
|
|||||||
MATERIALS – 4.7%
|
|||||||
1,340
|
Linde PLC1
|
343,603
|
|||||
5,439
|
Newmont Corp.
|
319,922
|
|||||
663,525
|
|||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $8,619,158)
|
13,094,420
|
Number
|
|||||||
of Shares
|
Value
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 5.1%
|
|||||||
1,269
|
American Tower Corp.
|
$
|
293,393
|
||||
4,234
|
Prologis, Inc.
|
423,611
|
|||||
TOTAL REITS
|
|||||||
(Cost $705,738)
|
717,004
|
||||||
SHORT-TERM INVESTMENT – 2.0%
|
|||||||
280,676
|
First American Treasury Obligations Fund – Class X, 0.05%2
|
280,676
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $280,676)
|
280,676
|
||||||
TOTAL INVESTMENTS – 100.1%
|
|||||||
(Cost $9,605,572)
|
14,092,100
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(7,328
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
14,084,772
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Information Technology
|
32.9
|
%
|
|||
Financials
|
13.5
|
%
|
|||
Consumer Discretionary
|
12.9
|
%
|
|||
Health Care
|
11.8
|
%
|
|||
Industrials
|
9.6
|
%
|
|||
Materials
|
4.7
|
%
|
|||
Communication Services
|
2.8
|
%
|
|||
Energy
|
2.8
|
%
|
|||
Consumer Staples
|
2.0
|
%
|
|||
Total Common Stocks
|
93.0
|
%
|
|||
REITs
|
5.1
|
%
|
|||
Short-Term Investment
|
2.0
|
%
|
|||
Total Investments
|
100.1
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.1
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
North Square
|
North Square
|
|||||||||||
Oak Ridge
|
North Square
|
Oak Ridge
|
||||||||||
Small Cap
|
Dynamic
|
All Cap
|
||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
||||||||||
Assets:
|
||||||||||||
Investments, at cost
|
$
|
95,201,916
|
$
|
15,123,673
|
$
|
8,012,421
|
||||||
Investments, at value
|
$
|
149,123,817
|
$
|
18,381,683
|
$
|
14,950,422
|
||||||
Receivables:
|
||||||||||||
Fund shares sold
|
39,355
|
2,669
|
—
|
|||||||||
Dividends and interest
|
7,042
|
19,690
|
5,977
|
|||||||||
Prepaid expenses
|
52,711
|
16,354
|
14,134
|
|||||||||
Total assets
|
149,222,925
|
18,420,396
|
14,970,533
|
|||||||||
Liabilities:
|
||||||||||||
Payables:
|
||||||||||||
Fund shares redeemed
|
70,478
|
—
|
—
|
|||||||||
Accrued expenses:
|
||||||||||||
Due to Advisor (Note 4)
|
64,766
|
4,495
|
3,042
|
|||||||||
Distribution fees (Note 8)
|
17,856
|
—
|
—
|
|||||||||
Auditing fees
|
80,567
|
17,796
|
14,840
|
|||||||||
Due to Trustees
|
25,764
|
2,620
|
1,877
|
|||||||||
Fund administration fees
|
20,475
|
2,862
|
1,218
|
|||||||||
Transfer agent fees
|
20,474
|
5,997
|
3,269
|
|||||||||
Shareholder servicing fees (Note 7)
|
9,339
|
10,416
|
8,573
|
|||||||||
Chief Compliance Officer fees (Note 4)
|
637
|
—
|
—
|
|||||||||
Accrued other expenses
|
14,746
|
8,237
|
6,203
|
|||||||||
Total liabilities
|
325,102
|
52,423
|
39,022
|
|||||||||
Net Assets
|
$
|
148,897,823
|
$
|
18,367,973
|
$
|
14,931,511
|
||||||
Components of Net Assets:
|
||||||||||||
Paid-in capital (par value of $0.01 per share
|
||||||||||||
with an unlimited number of shares authorized)
|
$
|
75,983,356
|
$
|
14,680,863
|
$
|
7,235,968
|
||||||
Total distributable earnings
|
72,914,467
|
3,687,110
|
7,695,543
|
|||||||||
Net Assets
|
$
|
148,897,823
|
$
|
18,367,973
|
$
|
14,931,511
|
||||||
Maximum Offering Price per Share:
|
||||||||||||
Class A Shares:
|
||||||||||||
Net assets applicable to shares outstanding
|
$
|
89,485,184
|
$
|
—
|
$
|
—
|
||||||
Shares of beneficial interest issued and outstanding
|
5,719,692
|
—
|
—
|
|||||||||
Redemption price
|
15.65
|
—
|
—
|
|||||||||
Maximum sales charge (5.75% of offering price)*
|
0.95
|
—
|
—
|
|||||||||
Maximum offering price to public
|
$
|
16.60
|
$
|
—
|
$
|
—
|
||||||
|
||||||||||||
Class I Shares:
|
||||||||||||
Net assets applicable to shares outstanding
|
$
|
59,412,639
|
$
|
18,367,973
|
$
|
14,931,511
|
||||||
Shares of beneficial interest issued and outstanding
|
3,371,237
|
1,245,978
|
750,727
|
|||||||||
Redemption price
|
$
|
17.62
|
$
|
14.74
|
$
|
19.89
|
*
|
No sales charge applies on investments of $500,000 or more, but a Contingent Deferred Sales Charge (“CDSC”) of 1% will be imposed on certain redemptions of such shares within 12 months of the
date of purchase.
|
North Square
|
||||||||
North Square
|
Oak Ridge
|
|||||||
Multi Strategy
|
Dividend
|
|||||||
Fund
|
Growth Fund
|
|||||||
Assets:
|
||||||||
Investments, at cost
|
$
|
4,985,889
|
$
|
9,605,572
|
||||
Investments in affiliated issuers, at cost
|
33,140,018
|
—
|
||||||
Investments, at value
|
$
|
5,085,685
|
$
|
14,092,100
|
||||
Investments in affiliated issuers, at value
|
46,524,422
|
—
|
||||||
Receivables:
|
||||||||
Fund shares sold
|
3,784
|
—
|
||||||
Dividends and interest
|
115
|
12,356
|
||||||
Prepaid expenses
|
36,714
|
14,090
|
||||||
Total assets
|
51,650,720
|
14,118,546
|
||||||
Liabilities:
|
||||||||
Payables:
|
||||||||
Fund shares redeemed
|
23,308
|
—
|
||||||
Accrued expenses:
|
||||||||
Due to Advisor (Note 4)
|
182,965
|
3,805
|
||||||
Distribution fees (Note 8)
|
8,257
|
—
|
||||||
Auditing fees
|
32,048
|
15,385
|
||||||
Due to Trustees
|
7,326
|
1,670
|
||||||
Fund administration fees
|
3,411
|
2,566
|
||||||
Transfer agent fees
|
11,100
|
4,886
|
||||||
Shareholder servicing fees (Note 7)
|
16,640
|
—
|
||||||
Chief Compliance Officer fees (Note 4)
|
1,857
|
—
|
||||||
Accrued other expenses
|
11,379
|
5,462
|
||||||
Total liabilities
|
298,291
|
33,774
|
||||||
Net Assets
|
$
|
51,352,429
|
$
|
14,084,772
|
||||
Components of Net Assets:
|
||||||||
Paid-in capital (par value of $0.01 per share
|
||||||||
with an unlimited number of shares authorized)
|
$
|
38,212,389
|
$
|
9,349,633
|
||||
Total distributable earnings
|
13,140,040
|
4,735,139
|
||||||
Net Assets
|
$
|
51,352,429
|
$
|
14,084,772
|
||||
Maximum Offering Price per Share:
|
||||||||
Class A Shares:
|
||||||||
Net assets applicable to shares outstanding
|
$
|
41,116,097
|
$
|
—
|
||||
Shares of beneficial interest issued and outstanding
|
2,028,368
|
—
|
||||||
Redemption price
|
20.27
|
—
|
||||||
Maximum sales charge (5.75% of offering price)*
|
1.24
|
—
|
||||||
Maximum offering price to public
|
$
|
21.51
|
$
|
—
|
||||
|
||||||||
Class I Shares:
|
||||||||
Net assets applicable to shares outstanding
|
$
|
10,236,332
|
$
|
14,084,772
|
||||
Shares of beneficial interest issued and outstanding
|
481,472
|
688,084
|
||||||
Redemption price
|
$
|
21.26
|
$
|
20.47
|
*
|
No sales charge applies on investments of $500,000 or more, but a Contingent Deferred Sales Charge (“CDSC”) of 1% will be imposed on certain redemptions of such shares within 12 months of the
date of purchase.˚
|
North Square
|
North Square
|
|||||||||||
Oak Ridge
|
North Square
|
Oak Ridge
|
||||||||||
Small Cap
|
Dynamic
|
All Cap
|
||||||||||
Growth Fund*
|
Small Cap Fund
|
Growth Fund
|
||||||||||
Investment Income:
|
||||||||||||
Dividends (net of foreign withholding taxes
|
||||||||||||
of $0, $0 and $176, respectively)
|
$
|
212,154
|
$
|
103,456
|
$
|
42,420
|
||||||
Interest
|
1,549
|
94
|
209
|
|||||||||
Total investment income
|
213,703
|
103,550
|
42,629
|
|||||||||
Expenses:
|
||||||||||||
Advisory fees
|
583,241
|
76,680
|
48,404
|
|||||||||
Fund administration fees
|
140,780
|
16,052
|
13,656
|
|||||||||
Distribution fees – Class A (Note 8)
|
101,824
|
—
|
—
|
|||||||||
Distribution fees – Class C (Note 8)
|
34,209
|
—
|
—
|
|||||||||
Transfer agent fees and expenses
|
99,548
|
11,544
|
9,390
|
|||||||||
Shareholder servicing fees – Class A (Note 7)
|
42,924
|
—
|
—
|
|||||||||
Shareholder servicing fees – Class C (Note 7)
|
3,775
|
—
|
—
|
|||||||||
Shareholder servicing fees – Class I (Note 7)
|
20,075
|
8,316
|
6,597
|
|||||||||
Legal fees
|
27,350
|
3,378
|
2,591
|
|||||||||
Auditing fees
|
27,132
|
5,172
|
4,302
|
|||||||||
Registration fees
|
22,848
|
19,188
|
9,675
|
|||||||||
Shareholder reporting fees
|
18,583
|
1,836
|
1,543
|
|||||||||
Chief Compliance Officer fees
|
18,216
|
2,212
|
1,777
|
|||||||||
Trustees’ fees and expenses
|
12,911
|
1,695
|
1,362
|
|||||||||
Insurance fees
|
10,040
|
1,244
|
953
|
|||||||||
Fund accounting fees
|
7,838
|
920
|
840
|
|||||||||
Custody fees
|
4,203
|
5,911
|
2,641
|
|||||||||
Miscellaneous
|
1,050
|
105
|
105
|
|||||||||
Total expenses
|
1,176,547
|
154,253
|
103,836
|
|||||||||
Less advisory fees waived & expenses reimbursed
|
||||||||||||
Class A
|
(156,853
|
)
|
—
|
—
|
||||||||
Class C
|
(13,379
|
)
|
—
|
—
|
||||||||
Class I
|
(85,045
|
)
|
(56,272
|
)
|
(38,145
|
)
|
||||||
Class K
|
(5,310
|
)
|
—
|
—
|
||||||||
Net expenses
|
915,960
|
97,981
|
65,691
|
|||||||||
Net investment income (loss)
|
(702,257
|
)
|
5,569
|
(23,062
|
)
|
|||||||
Net Realized and Unrealized Gain:
|
||||||||||||
Net realized gain on:
|
||||||||||||
Investments
|
15,655,421
|
1,502,057
|
182,463
|
|||||||||
Net realized gain
|
15,655,421
|
1,502,057
|
182,463
|
|||||||||
Net change in unrealized appreciation/depreciation on:
|
||||||||||||
Investments
|
20,759,195
|
2,697,894
|
2,578,536
|
|||||||||
Net change in unrealized appreciation/depreciation
|
20,759,195
|
2,697,894
|
2,578,536
|
|||||||||
Net realized and unrealized gain
|
36,414,616
|
4,199,951
|
2,760,999
|
|||||||||
Net increase in net assets resulting from operations
|
$
|
35,712,359
|
$
|
4,205,520
|
$
|
2,737,937
|
*
|
As of the close of business on October 9, 2020, Class C shares and Class K shares converted into Class I shares.
|
North Square
|
||||||||
North Square
|
Oak Ridge
|
|||||||
Multi Strategy
|
Dividend
|
|||||||
Fund*
|
Growth Fund
|
|||||||
Investment Income:
|
||||||||
Dividends from unaffiliated investments
|
$
|
30,515
|
$
|
128,241
|
||||
Dividends from affiliated regulated investment companies
|
57,853
|
—
|
||||||
Interest
|
551
|
254
|
||||||
Total investment income
|
88,919
|
128,495
|
||||||
Expenses:
|
||||||||
Advisory fees
|
119,770
|
48,743
|
||||||
Fund administration fees
|
47,526
|
12,825
|
||||||
Distribution fees – Class A (Note 8)
|
47,699
|
—
|
||||||
Distribution fees – Class C (Note 8)
|
12,901
|
—
|
||||||
Transfer agent fees and expenses
|
34,255
|
8,829
|
||||||
Shareholder servicing fees – Class A (Note 7)
|
11,622
|
—
|
||||||
Shareholder servicing fees – Class C (Note 7)
|
622
|
—
|
||||||
Shareholder servicing fees – Class I (Note 7)
|
2,592
|
3,623
|
||||||
Legal fees
|
9,593
|
2,575
|
||||||
Auditing fees
|
9,760
|
4,561
|
||||||
Registration fees
|
17,208
|
4,467
|
||||||
Shareholder reporting fees
|
5,605
|
1,428
|
||||||
Chief Compliance Officer fees
|
8,974
|
1,768
|
||||||
Trustees’ fees and expenses
|
4,807
|
1,359
|
||||||
Insurance fees
|
3,511
|
894
|
||||||
Fund accounting fees
|
2,836
|
767
|
||||||
Custody fees
|
2,662
|
2,883
|
||||||
Miscellaneous
|
201
|
105
|
||||||
Total expenses
|
342,144
|
94,827
|
||||||
Affiliated fund fees waived (Note 4)
|
(107,710
|
)
|
—
|
|||||
Less advisory fees waived & expenses reimbursed
|
||||||||
Class A
|
43,094
|
—
|
||||||
Class C
|
4,935
|
—
|
||||||
Class I
|
—
|
(29,857
|
)
|
|||||
Net expenses
|
282,463
|
64,970
|
||||||
Net investment income (loss)
|
(193,544
|
)
|
63,525
|
|||||
Net Realized and Unrealized Gain:
|
||||||||
Net realized gain on:
|
||||||||
Investments
|
55,615
|
265,793
|
||||||
Affiliated issuers
|
18,998
|
—
|
||||||
Net realized gain
|
74,613
|
265,793
|
||||||
Net change in unrealized appreciation/depreciation on:
|
||||||||
Investments
|
131,468
|
1,769,023
|
||||||
Affiliated issuers
|
8,621,542
|
—
|
||||||
Net change in unrealized appreciation/depreciation
|
8,753,010
|
1,769,023
|
||||||
Net realized and unrealized gain
|
8,827,623
|
2,034,816
|
||||||
Net increase in net assets resulting from operations
|
$
|
8,634,079
|
$
|
2,098,341
|
*
|
As of the close of business on October 9, 2020, Class C shares converted into Class I shares.
|
North Square
|
||||||||||||||||
Oak Ridge
|
North Square
|
|||||||||||||||
Small Cap
|
Dynamic
|
|||||||||||||||
Growth Fund*
|
Small Cap Fund**
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2020
|
Year Ended
|
2020
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2020
|
(Unaudited)
|
May 31, 2020
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income (loss)
|
$
|
(702,257
|
)
|
$
|
(1,790,028
|
)
|
$
|
5,569
|
$
|
33,014
|
||||||
Net realized gain (loss) on investments
|
||||||||||||||||
and foreign currency transactions
|
15,655,421
|
17,098,431
|
1,502,057
|
(516,330
|
)
|
|||||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||||||
on investments and foreign currency translations
|
20,759,195
|
(12,777,330
|
)
|
2,697,894
|
935,861
|
|||||||||||
Net increase in net assets resulting from operations
|
35,712,359
|
2,531,073
|
4,205,520
|
452,545
|
||||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
(13,192,375
|
)
|
—
|
(24
|
)
|
||||||||||
Class C
|
—
|
(6,840,656
|
)
|
—
|
—
|
|||||||||||
Class I
|
—
|
(6,578,301
|
)
|
—
|
(51,889
|
)
|
||||||||||
Class K
|
—
|
(1,070,578
|
)
|
—
|
—
|
|||||||||||
Total
|
—
|
(27,681,910
|
)
|
—
|
(51,913
|
)
|
||||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
2,917,858
|
8,458,392
|
—
|
10,524
|
||||||||||||
Class C
|
140,654
|
266,434
|
—
|
—
|
||||||||||||
Class I
|
15,805,160
|
4,460,414
|
184,940
|
599,316
|
||||||||||||
Class K
|
821,418
|
2,669,364
|
—
|
—
|
||||||||||||
Reinvestment of Distributions:
|
||||||||||||||||
Class A
|
—
|
12,417,644
|
—
|
19
|
||||||||||||
Class C
|
—
|
6,296,227
|
—
|
—
|
||||||||||||
Class I
|
—
|
6,393,431
|
—
|
51,889
|
||||||||||||
Class K
|
—
|
1,070,578
|
—
|
—
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
(8,510,136
|
)
|
(45,471,440
|
)
|
—
|
(326,032
|
)
|
|||||||||
Class C
|
(10,888,219
|
)
|
(9,677,044
|
)
|
—
|
—
|
||||||||||
Class I
|
(8,621,462
|
)
|
(29,407,971
|
)
|
(1,522,349
|
)
|
(5,929,127
|
)
|
||||||||
Class K
|
(7,907,186
|
)
|
(6,861,211
|
)
|
—
|
—
|
||||||||||
Net decrease in net assets
|
||||||||||||||||
from capital transactions
|
(16,241,913
|
)
|
(49,385,182
|
)
|
(1,337,409
|
)
|
(5,593,411
|
)
|
||||||||
Total increase (decrease) in net assets
|
19,470,446
|
(74,536,019
|
)
|
2,868,111
|
(5,192,779
|
)
|
||||||||||
Net Assets:
|
||||||||||||||||
Beginning of period
|
129,427,377
|
203,963,396
|
15,499,862
|
20,692,641
|
||||||||||||
End of period
|
$
|
148,897,823
|
$
|
129,427,377
|
$
|
18,367,973
|
$
|
15,499,862
|
*
|
As of the close of business on October 9, 2020, Class C shares and Class K shares converted into Class I shares.
|
|
**
|
As of the close of business on May 29, 2020, Class A shares converted into Class I shares.
|
North Square
|
||||||||||||||||
Oak Ridge
|
North Square
|
|||||||||||||||
Small Cap
|
Dynamic
|
|||||||||||||||
Growth Fund*
|
Small Cap Fund**
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2020
|
Year Ended
|
2020
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2020
|
(Unaudited)
|
May 31, 2020
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
216,163
|
703,797
|
—
|
854
|
||||||||||||
Class C
|
51,042
|
90,147
|
—
|
—
|
||||||||||||
Class I
|
974,173
|
323,532
|
13,762
|
50,444
|
||||||||||||
Class K
|
56,114
|
192,284
|
—
|
—
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
966,624
|
—
|
1
|
||||||||||||
Class C
|
—
|
2,335,742
|
—
|
—
|
||||||||||||
Class I
|
—
|
442,887
|
—
|
3,839
|
||||||||||||
Class K
|
—
|
75,282
|
—
|
—
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
(625,735
|
)
|
(3,440,586
|
)
|
—
|
(27,419
|
)
|
|||||||||
Class C
|
(3,598,192
|
)
|
(3,183,348
|
)
|
—
|
—
|
||||||||||
Class I
|
(561,309
|
)
|
(2,010,794
|
)
|
(119,779
|
)
|
(468,649
|
)
|
||||||||
Class K
|
(529,548
|
)
|
(481,601
|
)
|
—
|
—
|
||||||||||
Net decrease in capital share transactions
|
(4,017,292
|
)
|
(3,986,034
|
)
|
(106,017
|
)
|
(440,930
|
)
|
*
|
As of the close of business on October 9, 2020, Class C shares and Class K shares converted into Class I shares.
|
|
**
|
As of the close of business on May 29, 2020, Class A shares converted into Class I shares.
|
North Square
|
||||||||||||||||
Oak Ridge
|
North Square
|
|||||||||||||||
All Cap Growth Fund
|
Multi Strategy Fund*
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2020
|
Year Ended
|
2020
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2020
|
(Unaudited)
|
May 31, 2020
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income (loss)
|
$
|
(23,062
|
)
|
$
|
25,176
|
$
|
(193,544
|
)
|
$
|
(175,705
|
)
|
|||||
Net realized gain (loss) on investments, affiliated
|
||||||||||||||||
issuers and foreign currency transactions
|
182,463
|
1,058,634
|
74,613
|
(53,582
|
)
|
|||||||||||
Capital gain distributions from
|
||||||||||||||||
regulated investment companies
|
—
|
—
|
—
|
639,230
|
||||||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||||||
on investments and foreign currency translations
|
2,578,536
|
1,578,824
|
8,753,010
|
3,304,450
|
||||||||||||
Net increase in net assets resulting from operations
|
2,737,937
|
2,662,634
|
8,634,079
|
3,714,393
|
||||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
(2,346,535
|
)
|
|||||||||||
Class C
|
—
|
—
|
—
|
(449,855
|
)
|
|||||||||||
Class I
|
—
|
(600,962
|
)
|
—
|
(529,026
|
)
|
||||||||||
Total
|
—
|
(600,962
|
)
|
—
|
(3,325,416
|
)
|
||||||||||
|
||||||||||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
733,940
|
6,088,259
|
||||||||||||
Class C
|
—
|
—
|
16,997
|
48,969
|
||||||||||||
Class I
|
10,803
|
5,465
|
3,722,961
|
610,000
|
||||||||||||
Reinvestment of Distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
2,185,152
|
||||||||||||
Class C
|
—
|
—
|
—
|
420,421
|
||||||||||||
Class I
|
—
|
600,962
|
—
|
471,672
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(1,766,356
|
)
|
(6,199,393
|
)
|
||||||||||
Class C
|
—
|
—
|
(4,034,136
|
)
|
(6,375,487
|
)
|
||||||||||
Class I
|
(7,925
|
)
|
(4,300,030
|
)
|
(614,774
|
)
|
(8,688,130
|
)
|
||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
from capital transactions
|
2,878
|
(3,693,603
|
)
|
(1,941,368
|
)
|
(11,438,537
|
)
|
|||||||||
Total increase (decrease) in net assets
|
2,740,815
|
(1,631,931
|
)
|
6,692,711
|
(11,049,560
|
)
|
||||||||||
Net Assets:
|
||||||||||||||||
Beginning of period
|
12,190,696
|
13,822,627
|
44,659,718
|
55,709,278
|
||||||||||||
End of period
|
$
|
14,931,511
|
$
|
12,190,696
|
$
|
51,352,429
|
$
|
44,659,718
|
*
|
As of the close of business on October 9, 2020, Class C shares converted into Class I shares.
|
North Square
|
||||||||||||||||
Oak Ridge
|
North Square
|
|||||||||||||||
All Cap Growth Fund
|
Multi Strategy Fund*
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2020
|
Year Ended
|
2020
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2020
|
(Unaudited)
|
May 31, 2020
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
39,856
|
356,598
|
||||||||||||
Class C
|
—
|
—
|
1,210
|
3,361
|
||||||||||||
Class I
|
567
|
374
|
183,018
|
32,814
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
120,071
|
||||||||||||
Class C
|
—
|
—
|
—
|
28,415
|
||||||||||||
Class I
|
—
|
39,187
|
—
|
24,882
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(94,827
|
)
|
(360,745
|
)
|
||||||||||
Class C
|
—
|
—
|
(258,716
|
)
|
(456,848
|
)
|
||||||||||
Class I
|
(407
|
)
|
(280,666
|
)
|
(31,618
|
)
|
(461,870
|
)
|
||||||||
|
||||||||||||||||
Net increase (decrease) in
|
||||||||||||||||
capital share transactions
|
160
|
(241,105
|
)
|
(161,077
|
)
|
(713,322
|
)
|
*
|
As of the close of business on October 9, 2020, Class C shares converted into Class I shares.
|
North Square Oak Ridge
|
||||||||
Dividend Growth Fund*
|
||||||||
Period Ended
|
||||||||
November 30,
|
||||||||
2020
|
Year Ended
|
|||||||
(Unaudited)
|
May 31, 2020
|
|||||||
Increase (Decrease) in Net Assets from:
|
||||||||
Operations:
|
||||||||
Net investment income
|
$
|
63,525
|
$
|
174,074
|
||||
Net realized gain (loss) on investments and foreign currency transactions
|
265,793
|
(1,124
|
)
|
|||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments and foreign currency translations
|
1,769,023
|
1,087,604
|
||||||
Net increase in net assets resulting from operations
|
2,098,341
|
1,260,554
|
||||||
Distributions to shareholders:
|
||||||||
Distributions:
|
||||||||
Class A
|
—
|
(16,267
|
)
|
|||||
Class I
|
(51,510
|
)
|
(200,482
|
)
|
||||
Total
|
(51,510
|
)
|
(216,749
|
)
|
||||
Capital Transactions:
|
||||||||
Net proceeds from shares sold:
|
||||||||
Class A
|
—
|
258,921
|
||||||
Class I
|
873,900
|
497,850
|
||||||
Reinvestment of Distributions:
|
||||||||
Class A
|
—
|
16,267
|
||||||
Class I
|
51,510
|
200,482
|
||||||
Cost of shares redeemed:
|
||||||||
Class A
|
—
|
(1,238,515
|
)
|
|||||
Class I
|
(33,153
|
)
|
(2,553,713
|
)
|
||||
Net increase (decrease) in net assets from capital transactions
|
892,257
|
(2,818,708
|
)
|
|||||
Total increase (decrease) in net assets
|
2,939,088
|
(1,774,903
|
)
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
11,145,684
|
12,920,587
|
||||||
End of period
|
$
|
14,084,772
|
$
|
11,145,684
|
||||
Capital Share Transactions:
|
||||||||
Shares sold:
|
||||||||
Class A
|
—
|
15,122
|
||||||
Class I
|
49,053
|
28,103
|
||||||
Shares reinvested:
|
||||||||
Class A
|
—
|
929
|
||||||
Class I
|
2,819
|
11,328
|
||||||
Shares redeemed:
|
||||||||
Class A
|
—
|
(72,254
|
)
|
|||||
Class I
|
(1,681
|
)
|
(140,725
|
)
|
||||
Net increase (decrease) in capital share transactions
|
50,191
|
(157,497
|
)
|
*
|
As of the close of business on May 29, 2020, Class A shares converted into Class I shares.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2020
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
12.07
|
$
|
13.89
|
$
|
16.85
|
$
|
34.16
|
$
|
34.02
|
$
|
41.23
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment loss1
|
(0.07
|
)
|
(0.15
|
)
|
(0.16
|
)2
|
(0.23
|
)2
|
(0.33
|
)2
|
(0.37
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
|
3.65
|
0.44
|
(0.34
|
)
|
5.69
|
2.62
|
(4.54
|
)
|
||||||||||||||||
Total from investment operations
|
3.58
|
0.29
|
(0.50
|
)
|
5.46
|
2.29
|
(4.91
|
)
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net realized gain
|
—
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
(2.30
|
)
|
|||||||||||||
Total distributions
|
—
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
(2.30
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
15.65
|
$
|
12.07
|
$
|
13.89
|
$
|
16.85
|
$
|
34.16
|
$
|
34.02
|
||||||||||||
Total return3
|
29.63
|
%6
|
1.16
|
%
|
(1.96
|
)%
|
23.85
|
%
|
6.82
|
%
|
(12.00
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
89,485
|
$
|
73,973
|
$
|
109,749
|
$
|
162,714
|
$
|
242,299
|
$
|
357,215
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.77
|
%7
|
2.06
|
%
|
1.46
|
%4
|
1.40
|
%4
|
1.44
|
%4
|
1.38
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.39
|
%7
|
1.39
|
%
|
1.38
|
%4
|
1.38
|
%4,5
|
1.39
|
%4
|
1.38
|
%
|
||||||||||||
Ratio of net investment loss to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(1.46
|
)%7
|
(1.78
|
)%
|
(1.08
|
)%2,4
|
(0.97
|
)%2,4
|
(1.02
|
)%2,4
|
(1.02
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
(1.08
|
)%7
|
(1.11
|
)%
|
(1.00
|
)%2,4
|
(0.95
|
)%2,4
|
(0.97
|
)%2,4
|
(1.02
|
)%
|
||||||||||||
Portfolio turnover rate
|
15
|
%6
|
38
|
%
|
31
|
%
|
39
|
%
|
30
|
%
|
30
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not
include net investment income of the investment companies in which the Fund invests.
|
3
|
Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not include payment of a sales load of 5.75% of offering price, which is reduced on
sales of $50,000 or more. Returns shown do not include payment of a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of the date of purchase. If the sales load and CDSC were included, total returns
would be lower. These returns include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
4
|
Does not include expenses of the investment companies in which the Fund invests.
|
5
|
Effective October 5, 2017, the Advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses (excluding taxes, leverage
interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses
such as litigation) do not exceed 1.39% of average daily net assets of the Fund. Prior to October 5, 2017, the annual fund operating expense limitation was 1.40%.
|
6
|
Not annualized.
|
7
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2020
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
13.58
|
$
|
15.35
|
$
|
18.29
|
$
|
35.25
|
$
|
34.92
|
$
|
42.12
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment loss1
|
(0.06
|
)
|
(0.13
|
)
|
(0.13
|
)2
|
(0.19
|
)2
|
(0.22
|
)2
|
(0.25
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
|
4.10
|
0.47
|
(0.35
|
)
|
6.00
|
2.70
|
(4.65
|
)
|
||||||||||||||||
Total from investment operations
|
4.04
|
0.34
|
(0.48
|
)
|
5.81
|
2.48
|
(4.90
|
)
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net realized gain
|
—
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
(2.30
|
)
|
|||||||||||||
Total distributions
|
—
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
(2.30
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
17.62
|
$
|
13.58
|
$
|
15.35
|
$
|
18.29
|
$
|
35.25
|
$
|
34.92
|
||||||||||||
Total return3
|
29.81
|
%7
|
1.41
|
%
|
(1.67
|
)%
|
24.19
|
%
|
7.23
|
%
|
(11.74
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
59,413
|
$
|
40,165
|
$
|
64,501
|
$
|
172,935
|
$
|
1,040,256
|
$
|
1,657,047
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.51
|
%8
|
1.78
|
%
|
1.22
|
%4
|
1.05
|
%4
|
1.09
|
%4
|
1.10
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.14
|
%8
|
1.14
|
%
|
1.14
|
%4
|
1.06
|
%4,6
|
1.04
|
%4
|
1.04
|
%
|
||||||||||||
Ratio of net investment loss to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(1.14
|
)%8
|
(1.50
|
)%
|
(0.84
|
)%2,4
|
(0.63
|
)%2,4
|
(0.67
|
)%2,4
|
(0.75
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
(0.77
|
)%8
|
(0.86
|
)%
|
(0.75
|
)%2,4
|
(0.64
|
)%2,4
|
(0.62
|
)%2,4
|
(0.69
|
)%
|
||||||||||||
Portfolio turnover rate
|
15
|
%7
|
38
|
%
|
31
|
%
|
39
|
%
|
30
|
%
|
30
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not
include net investment income of the investment companies in which the Fund invests.
|
3
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
4
|
Does not include expenses of the investment companies in which the Fund invests.
|
5
|
Effective September 30, 2015, the Class Y shares were re-designated as Class I shares.
|
6
|
Effective October 5, 2017, the Advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses (excluding taxes, leverage
interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses
such as litigation) do not exceed 1.14% of average daily net assets of the Fund. Prior to October 5, 2017, the annual fund operating expense limitation was 1.05%.
|
7
|
Not annualized.
|
8
|
Annualized.
|
For the
|
For the Period
|
|||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
September 30, 2015*
|
||||||||||||||||||||||
November 30, 2020
|
through
|
|||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
May 31, 2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
11.46
|
$
|
11.54
|
$
|
15.14
|
$
|
12.07
|
$
|
9.98
|
$
|
10.00
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1
|
—
|
0.02
|
(0.01
|
)
|
0.00
|
2
|
(0.03
|
)
|
0.00
|
2
|
||||||||||||||
Net realized and unrealized gain (loss)
|
3.28
|
(0.07
|
)
|
(1.31
|
)
|
3.11
|
2.15
|
0.01
|
||||||||||||||||
Total from investment operations
|
3.28
|
(0.05
|
)
|
(1.32
|
)
|
3.11
|
2.12
|
0.01
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.03
|
)
|
—
|
—
|
—
|
(0.01
|
)
|
||||||||||||||||
From net realized gain
|
—
|
—
|
(2.28
|
)
|
(0.04
|
)
|
(0.03
|
)
|
(0.02
|
)
|
||||||||||||||
Total distributions
|
—
|
(0.03
|
)
|
(2.28
|
)
|
(0.04
|
)
|
(0.03
|
)
|
(0.03
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
14.74
|
$
|
11.46
|
$
|
11.54
|
$
|
15.14
|
$
|
12.07
|
$
|
9.98
|
||||||||||||
Total return3
|
28.60
|
%4
|
(0.44
|
)%
|
(8.42
|
)%
|
25.83
|
%
|
21.29
|
%
|
0.16
|
%4
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
18,368
|
$
|
15,500
|
$
|
20,389
|
$
|
28,279
|
$
|
1,167
|
$
|
799
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.81
|
%5
|
2.23
|
%
|
2.02
|
%
|
1.89
|
%
|
19.89
|
%
|
36.44
|
%5
|
||||||||||||
After fees waived and expenses absorbed
|
1.15
|
%5
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%5
|
||||||||||||
Ratio of net investment income (loss)
to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(0.59
|
)%5
|
(0.91
|
)%
|
(0.91
|
)%
|
(0.71
|
)%
|
(18.97
|
)%
|
(35.29
|
)%5
|
||||||||||||
After fees waived and expenses absorbed
|
0.07
|
%5
|
0.17
|
%
|
(0.04
|
)%
|
0.03
|
%
|
(0.22
|
)%
|
0.00
|
%5
|
||||||||||||
Portfolio turnover rate
|
72
|
%4
|
170
|
%
|
133
|
%
|
170
|
%
|
181
|
%
|
78
|
%4
|
*
|
Commencement of operations.
|
1
|
Based on average shares outstanding for the period.
|
2
|
Amount represents less than $0.005 per share.
|
3
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
4
|
Not annualized.
|
5
|
Annualized.
|
For the
|
For the Period
|
|||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
July 29, 2016*
|
||||||||||||||||||
November 30, 2020
|
through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
May 31, 2017
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
16.24
|
$
|
13.94
|
$
|
13.16
|
$
|
11.03
|
$
|
10.00
|
||||||||||
Income from Investment Operations:
|
||||||||||||||||||||
Net investment income (loss)1
|
(0.03
|
)
|
0.03
|
0.00
|
2
|
0.01
|
0.03
|
|||||||||||||
Net realized and unrealized gain
|
3.68
|
3.00
|
0.88
|
2.12
|
1.02
|
|||||||||||||||
Total from investment operations
|
3.65
|
3.03
|
0.88
|
2.13
|
1.05
|
|||||||||||||||
Less Distributions:
|
||||||||||||||||||||
From net investment income
|
—
|
(0.01
|
)
|
—
|
(0.00
|
)2
|
(0.02
|
)
|
||||||||||||
From net realized gain
|
—
|
(0.72
|
)
|
(0.10
|
)
|
—
|
—
|
|||||||||||||
Total distributions
|
—
|
(0.73
|
)
|
(0.10
|
)
|
(0.00
|
)2
|
(0.02
|
)
|
|||||||||||
Net asset value, end of period
|
$
|
19.89
|
$
|
16.24
|
$
|
13.94
|
$
|
13.16
|
$
|
11.03
|
||||||||||
Total return3
|
22.46
|
%4
|
22.05
|
%
|
6.80
|
%
|
19.31
|
%
|
10.58
|
%4
|
||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
14,932
|
$
|
12,191
|
$
|
13,823
|
$
|
14,285
|
$
|
281
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.50
|
%5
|
1.88
|
%
|
2.04
|
%
|
1.99
|
%
|
45.40
|
%5
|
||||||||||
After fees waived and expenses absorbed
|
0.95
|
%5
|
0.95
|
%
|
0.95
|
%
|
0.95
|
%
|
0.95
|
%5
|
||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before fees waived and expenses absorbed
|
(0.88
|
)%5
|
(0.74
|
)%
|
(1.10
|
)%
|
(0.96
|
)%
|
(44.13
|
)%5
|
||||||||||
After fees waived and expenses absorbed
|
(0.33
|
)%5
|
0.19
|
%
|
(0.01
|
)%
|
0.08
|
%
|
0.32
|
%5
|
||||||||||
Portfolio turnover rate
|
7
|
%4
|
18
|
%
|
18
|
%
|
74
|
%
|
116
|
%4
|
*
|
Commencement of operations.
|
1
|
Based on average shares outstanding for the period.
|
2
|
Amount represents less than $0.005 per share.
|
3
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
4
|
Not annualized.
|
5
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2020
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
16.93
|
$
|
16.92
|
$
|
26.95
|
$
|
22.81
|
$
|
19.77
|
$
|
20.35
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,5
|
(0.08
|
)
|
(0.05
|
)
|
(0.06
|
)
|
(0.16
|
)
|
0.00
|
2
|
(0.02
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
|
3.42
|
1.25
|
(1.60
|
)
|
4.30
|
3.04
|
(0.56
|
)
|
||||||||||||||||
Total from investment operations
|
3.34
|
1.20
|
(1.66
|
)
|
4.14
|
3.04
|
(0.58
|
)
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(1.19
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
From net realized gain
|
—
|
—
|
(8.37
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
—
|
(1.19
|
)
|
(8.37
|
)
|
—
|
—
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
20.27
|
$
|
16.93
|
$
|
16.92
|
$
|
26.95
|
$
|
22.81
|
$
|
19.77
|
||||||||||||
Total return3
|
19.71
|
%7
|
6.63
|
%
|
(4.88
|
)%
|
18.15
|
%
|
15.38
|
%
|
(2.85
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
41,116
|
$
|
35,278
|
$
|
33,287
|
$
|
41,570
|
$
|
40,399
|
$
|
39,346
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4
|
1.42
|
%6,8
|
1.80
|
%6
|
0.82
|
%6
|
0.93
|
%6
|
1.63
|
%
|
1.54
|
%
|
||||||||||||
After fees waived/recovered4
|
1.20
|
%6,8
|
1.20
|
%6
|
1.00
|
%6
|
1.13
|
%6
|
1.20
|
%
|
1.20
|
%
|
||||||||||||
Ratio of net investment income (loss)
to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4,5
|
(1.05
|
)%8
|
(0.86
|
)%
|
(0.09
|
)%
|
(0.43
|
)%
|
(0.43
|
)%
|
(0.45
|
)%
|
||||||||||||
After fees waived/recovered4,5
|
(0.83
|
)%8
|
(0.26
|
)%
|
(0.27
|
)%
|
(0.63
|
)%
|
0.00
|
%
|
(0.11
|
)%
|
||||||||||||
Portfolio turnover rate
|
2
|
%7
|
7
|
%
|
17
|
%
|
117
|
%
|
17
|
%
|
23
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Amount represents less than $0.005 per share.
|
3
|
Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown do not include payment of a sales load of 5.75% of offering price, which is reduced on
sales of $50,000 or more. Returns shown do not include payment of a Contingent Deferred Sales Charge (“CDSC”) of 1% on certain redemptions made within 12 months of the date of purchase. If the sales load and CDSC were included, total returns
would be lower. These returns include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
4
|
Does not include expenses of the investment companies in which the Fund invests.
|
5
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not
include net investment income of the investment companies in which the Fund invests.
|
6
|
The Advisor does not receive management fees for Fund assets invested in other series of the Trust advised by the Advisor (affiliated investments).
|
7
|
Not annualized.
|
8
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2020
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
17.73
|
$
|
17.59
|
$
|
27.53
|
$
|
23.24
|
$
|
20.14
|
$
|
20.72
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,5
|
(0.02
|
)
|
(0.01
|
)
|
0.02
|
(0.10
|
)
|
0.01
|
(0.02
|
)
|
||||||||||||||
Net realized and unrealized gain (loss)
|
3.55
|
1.36
|
(1.59
|
)
|
4.39
|
3.09
|
(0.56
|
)
|
||||||||||||||||
Total from investment operations
|
3.53
|
1.35
|
(1.57
|
)
|
4.29
|
3.10
|
(0.58
|
)
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(1.21
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
From net realized gain
|
—
|
—
|
(8.37
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
—
|
(1.21
|
)
|
(8.37
|
)
|
—
|
—
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
21.26
|
$
|
17.73
|
$
|
17.59
|
$
|
27.53
|
$
|
23.24
|
$
|
20.14
|
||||||||||||
Total return2
|
19.95
|
%7
|
7.17
|
%
|
(4.23
|
)%
|
18.46
|
%
|
15.39
|
%
|
(2.80
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
10,236
|
$
|
5,851
|
$
|
12,919
|
$
|
12,434
|
$
|
13,561
|
$
|
14,172
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4
|
1.19
|
%6,8
|
1.38
|
%6
|
0.44
|
%6
|
0.72
|
%6
|
1.26
|
%
|
1.22
|
%
|
||||||||||||
After fees waived/recovered4
|
0.74
|
%6,8
|
0.90
|
%6
|
0.62
|
%6
|
0.88
|
%6
|
1.17
|
%
|
1.17
|
%
|
||||||||||||
Ratio of net investment income (loss)
to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4,5
|
(0.68
|
)%8
|
(0.56
|
)%
|
0.29
|
%
|
(0.22
|
)%
|
(0.06
|
)%
|
(0.13
|
)%
|
||||||||||||
After fees waived/recovered4,5
|
(0.23
|
)%8
|
(0.08
|
)%
|
0.10
|
%
|
(0.38
|
)%
|
0.03
|
%
|
(0.08
|
)%
|
||||||||||||
Portfolio turnover rate
|
2
|
%7
|
7
|
%
|
17
|
%
|
117
|
%
|
17
|
%
|
23
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
3
|
Effective September 30, 2015, Class Y shares were re-designated as Class I shares.
|
4
|
Does not include expenses of investment companies in which the Fund invests.
|
5
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not
include net investment income of the investment companies in which the Fund invests.
|
6
|
The Advisor does not receive management fees for Fund assets invested in other series of the Trust advised by the Advisor (affiliated investments).
|
7
|
Not annualized.
|
8
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2020
|
||||||||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
17.47
|
$
|
16.25
|
$
|
15.65
|
$
|
13.69
|
$
|
12.08
|
$
|
12.84
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.09
|
0.24
|
0.24
|
0.24
|
0.21
|
0.20
|
||||||||||||||||||
Net realized and unrealized gain (loss)
|
2.99
|
1.28
|
0.82
|
1.93
|
1.73
|
(0.58
|
)
|
|||||||||||||||||
Total from investment operations
|
3.08
|
1.52
|
1.06
|
2.17
|
1.94
|
(0.38
|
)
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.08
|
)
|
(0.25
|
)
|
(0.24
|
)
|
(0.20
|
)
|
(0.19
|
)
|
(0.20
|
)
|
||||||||||||
From net realized gain
|
—
|
(0.05
|
)
|
(0.22
|
)
|
(0.01
|
)
|
(0.14
|
)
|
(0.18
|
)
|
|||||||||||||
Total distributions
|
(0.08
|
)
|
(0.30
|
)
|
(0.46
|
)
|
(0.21
|
)
|
(0.33
|
)
|
(0.38
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
20.47
|
$
|
17.47
|
$
|
16.25
|
$
|
15.65
|
$
|
13.69
|
$
|
12.08
|
||||||||||||
Total return2
|
17.63
|
%3
|
9.35
|
%
|
6.94
|
%
|
15.89
|
%
|
16.25
|
%
|
(2.92
|
)%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
14,085
|
$
|
11,146
|
$
|
12,014
|
$
|
10,036
|
$
|
372
|
$
|
320
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.46
|
%4
|
1.89
|
%
|
2.38
|
%
|
2.93
|
%
|
36.24
|
%
|
42.43
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.00
|
%4
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
||||||||||||
Ratio of net investment income (loss)
to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
0.52
|
%4
|
0.47
|
%
|
0.18
|
%
|
(0.33
|
)%
|
(33.57
|
)%
|
(39.73
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
0.98
|
%4
|
1.36
|
%
|
1.56
|
%
|
1.60
|
%
|
1.67
|
%
|
1.70
|
%
|
||||||||||||
Portfolio turnover rate
|
18
|
%3
|
18
|
%
|
15
|
%
|
30
|
%
|
22
|
%
|
11
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
|
3
|
Not Annualized.
|
4
|
Annualized.
|
Shares
|
Net
|
NAV
|
Share
|
||||||||||||
Dynamic Small Cap Fund
|
Outstanding
|
Assets
|
per Share
|
Conversion Ratio
|
|||||||||||
Class A
|
6,302
|
$
|
71,729
|
$
|
11.3825
|
0.9929
|
|||||||||
Class I (before conversion)
|
1,345,847
|
$
|
15,429,378
|
$
|
11.4644
|
||||||||||
Class I (after conversion)
|
1,351,995
|
$
|
15,499,862
|
$
|
11.4644
|
||||||||||
Shares
|
Net
|
NAV
|
Share
|
||||||||||||
Dividend Growth Fund
|
Outstanding
|
Assets
|
per Share
|
Conversion Ratio
|
|||||||||||
Class A
|
58,551
|
$
|
1,015,389
|
$
|
17.3420
|
0.9925
|
|||||||||
Class I (before conversion)
|
629,655
|
$
|
11,001,753
|
$
|
17.4727
|
||||||||||
Class I (after conversion)
|
637,893
|
$
|
11,145,684
|
$
|
17.4727
|
||||||||||
Shares
|
Net
|
NAV
|
Share
|
||||||||||||
Small Cap Growth Fund
|
Outstanding
|
Assets
|
per Share
|
Conversion Ratio
|
|||||||||||
Class C
|
3,147,304
|
$
|
9,634,212
|
$
|
3.0611
|
0.1852
|
|||||||||
Class K
|
107,826
|
$
|
1,757,464
|
$
|
16.2991
|
0.9862
|
|||||||||
Class I (before conversion)
|
2,729,370
|
$
|
45,107,746
|
$
|
16.5268
|
||||||||||
Class I (after conversion)
|
3,416,353
|
$
|
56,461,383
|
$
|
16.5268
|
||||||||||
Shares
|
Net
|
NAV
|
Share
|
||||||||||||
Multi Strategy Fund
|
Outstanding
|
Assets
|
per Share
|
Conversion Ratio
|
|||||||||||
Class C
|
218,468
|
$
|
3,433,793
|
$
|
15.7176
|
0.7701
|
|||||||||
Class I (before conversion)
|
319,524
|
$
|
6,521,801
|
$
|
20.4110
|
||||||||||
Class I (after conversion)
|
487,756
|
$
|
9,955,594
|
$
|
20.4110
|
Investment
|
|||
Advisory Fees
|
|||
Small Cap Growth Fund
|
|||
First $1 billion
|
0.85%
|
||
Thereafter
|
0.80%
|
||
Dynamic Small Cap Fund
|
0.90%
|
||
All Cap Growth Fund
|
0.70%
|
||
Multi Strategy Fund
|
0.00% – 0.50%1
|
||
Dividend Growth Fund
|
0.75%
|
1
|
The annual advisory fee is calculated as follows: (i) 0.00% for Fund assets invested in other series of the Trust advised by the Advisor (“affiliated investments”) and (ii) 0.50% for Fund assets
invested in non-affiliated investments. For the period ended November 30, 2020, the amount of advisory fees waived due to affiliated investments is reported under “Affiliated fund fees waived” on the Statements of Operations.
|
Total Limit on Annual Operating Expenses
|
|||||
Class A
|
Class C
|
Class I
|
Class K
|
||
Agreement Expires
|
Shares†
|
Shares†
|
Shares†
|
Shares†
|
|
Small Cap Growth Fund
|
September 30, 2021
|
1.39%
|
2.14%
|
1.14%
|
0.99%
|
Dynamic Small Cap Fund
|
September 30, 2029
|
—
|
—
|
1.15%
|
—
|
All Cap Growth Fund
|
September 30, 2029
|
1.20%
|
—
|
0.95%
|
—
|
Multi Strategy Fund
|
September 30, 2029
|
1.20%
|
2.10%
|
1.17%
|
—
|
Dividend Growth Fund
|
September 30, 2029
|
—
|
—
|
1.00%
|
—
|
†
|
The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.
|
Small Cap Growth Fund
|
|||||||||||||
Class A
|
Class I
|
Total
|
|||||||||||
May 31, 2021
|
$
|
12,733
|
$
|
—
|
$
|
12,733
|
|||||||
May 31, 2022
|
$
|
115,146
|
$
|
127,530
|
$
|
242,676
|
|||||||
May 31, 2023
|
$
|
642,383
|
$
|
341,572
|
$
|
983,955
|
|||||||
May 31, 2024
|
$
|
156,853
|
$
|
85,045
|
$
|
241,898
|
|||||||
$
|
927,115
|
$
|
554,147
|
$
|
1,481,262
|
Multi Strategy Fund
|
|||||||||||||
Class A
|
Class I
|
Total
|
|||||||||||
May 31, 2021
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
May 31, 2022
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
May 31, 2023
|
$
|
45,387
|
$
|
—
|
$
|
45,387
|
|||||||
May 31, 2024
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||
$
|
45,387
|
$
|
—
|
$
|
45,387
|
||||||||
Dynamic
|
All Cap
|
Dividend
|
|||||||||||
Small
|
Growth
|
Growth
|
|||||||||||
Cap Fund
|
Fund
|
Fund
|
|||||||||||
May 31, 2021
|
$
|
174,858
|
$
|
134,755
|
$
|
152,015
|
|||||||
May 31, 2022
|
$
|
221,364
|
$
|
162,758
|
$
|
166,469
|
|||||||
May 31, 2023
|
$
|
206,505
|
$
|
120,773
|
$
|
119,996
|
|||||||
May 31, 2024
|
$
|
56,272
|
$
|
38,145
|
$
|
29,857
|
|||||||
$
|
658,999
|
$
|
456,431
|
$
|
468,337
|
Small Cap
|
Dynamic
|
All Cap
|
||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
||||||||||
Cost of investments
|
$
|
99,310,321
|
$
|
15,145,375
|
$
|
7,846,423
|
||||||
Gross unrealized appreciation
|
$
|
38,469,951
|
$
|
2,041,194
|
$
|
4,412,724
|
||||||
Gross unrealized depreciation
|
(5,354,667
|
)
|
(1,649,283
|
)
|
(44,820
|
)
|
||||||
Net unrealized appreciation on investments
|
$
|
33,115,284
|
$
|
391,911
|
$
|
4,367,904
|
||||||
Multi Strategy
|
Dividend
|
|||||||||||
Fund
|
Growth Fund
|
|||||||||||
Cost of investments
|
$
|
40,241,608
|
$
|
9,311,763
|
||||||||
Gross unrealized appreciation
|
$
|
5,734,317
|
$
|
2,841,145
|
||||||||
Gross unrealized depreciation
|
(1,116,663
|
)
|
(116,757
|
)
|
||||||||
Net unrealized appreciation on investments
|
$
|
4,617,654
|
$
|
2,724,388
|
Increase (Decrease)
|
||||||||
Total
|
||||||||
Distributable
|
||||||||
Paid In Capital
|
Earnings
|
|||||||
Small Cap Growth Fund
|
$
|
18,512,073
|
$
|
(18,512,073
|
)
|
|||
Dynamic Small Cap Fund
|
$
|
—
|
$
|
—
|
||||
All Cap Growth Fund
|
$
|
124,742
|
$
|
(124,742
|
)
|
|||
Multi Strategy Fund
|
$
|
1,605,923
|
$
|
(1,605,923
|
)
|
|||
Dividend Growth Fund
|
$
|
—
|
$
|
—
|
Small Cap
|
Dynamic
|
All Cap
|
||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
||||||||||
Undistributed ordinary income
|
$
|
—
|
$
|
—
|
$
|
15,967
|
||||||
Undistributed long-term gains
|
4,719,440
|
—
|
573,735
|
|||||||||
Accumulated earnings
|
$
|
4,719,440
|
$
|
—
|
$
|
589,702
|
||||||
Accumulated capital and other losses
|
$
|
(632,616
|
)
|
$
|
(910,321
|
)
|
$
|
—
|
||||
Net unrealized appreciation on investments
|
33,115,284
|
391,911
|
4,367,904
|
|||||||||
Total accumulated earnings
|
$
|
37,202,108
|
$
|
(518,410
|
)
|
$
|
4,957,606
|
|||||
Multi Strategy
|
Dividend
|
|||||||||||
Fund
|
Growth Fund
|
|||||||||||
Undistributed ordinary income
|
$
|
—
|
$
|
—
|
||||||||
Undistributed long-term gains
|
—
|
—
|
||||||||||
Accumulated earnings
|
$
|
—
|
$
|
—
|
||||||||
Accumulated capital and other losses
|
$
|
(111,693
|
)
|
$
|
(36,080
|
)
|
||||||
Net unrealized appreciation on investments
|
4,617,654
|
2,724,388
|
||||||||||
Total accumulated earnings
|
$
|
4,505,961
|
$
|
2,688,308
|
Small Cap
|
Dynamic
|
All Cap
|
||||||||||||||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
||||||||||||||||||||||
November 30,
|
May 31,
|
November 30,
|
May 31,
|
November 30,
|
May 31,
|
|||||||||||||||||||
Distributions paid from:
|
2020
|
2020
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||
Ordinary income
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
51,913
|
$
|
—
|
$
|
5,773
|
||||||||||||
Net long-term capital gains
|
—
|
27,681,910
|
—
|
—
|
—
|
595,189
|
||||||||||||||||||
Total distributions paid
|
$
|
—
|
$
|
27,681,910
|
$
|
—
|
$
|
51,913
|
$
|
—
|
$
|
600,962
|
||||||||||||
Multi Strategy
|
Dividend
|
|||||||||||||||||||||||
Fund
|
Growth Fund
|
|||||||||||||||||||||||
November 30,
|
May 31,
|
November 30,
|
May 31,
|
|||||||||||||||||||||
Distributions paid from:
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||
Ordinary income
|
$
|
—
|
$
|
3,325,416
|
$
|
51,510
|
$
|
216,749
|
||||||||||||||||
Net long-term capital gains
|
—
|
—
|
—
|
—
|
||||||||||||||||||||
Total distributions paid
|
$
|
—
|
$
|
3,325,416
|
$
|
51,510
|
$
|
216,749
|
Late Year Losses
|
Post October Losses
|
|||||||
Small Cap Growth Fund
|
$
|
(632,616
|
)
|
$
|
—
|
|||
Dynamic Small Cap Fund
|
$
|
—
|
$
|
(910,321
|
)
|
|||
All Cap Growth Fund
|
$
|
—
|
$
|
—
|
||||
Multi Strategy Fund
|
$
|
(111,693
|
)
|
$
|
—
|
|||
Dividend Growth Fund
|
$
|
(36,080
|
)
|
$
|
—
|
Purchases
|
Sales
|
|||||||
Small Cap Growth Fund
|
$
|
20,255,167
|
$
|
35,040,764
|
||||
Dynamic Small Cap Fund
|
$
|
11,789,138
|
$
|
13,084,978
|
||||
All Cap Growth Fund
|
$
|
948,753
|
$
|
884,733
|
||||
Multi Strategy Fund
|
$
|
1,088,482
|
$
|
2,959,015
|
||||
Dividend Growth Fund
|
$
|
2,260,992
|
$
|
2,171,039
|
•
|
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
•
|
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for
the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
•
|
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market
participant would use in valuing the asset or liability, and would be based on the best information available.
|
Small Cap Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
140,098,227
|
$
|
—
|
$
|
—
|
$
|
140,098,227
|
||||||||
REITs
|
4,779,609
|
—
|
—
|
4,779,609
|
||||||||||||
Short-Term Investment
|
4,245,981
|
—
|
—
|
4,245,981
|
||||||||||||
Total
|
$
|
149,123,817
|
$
|
—
|
$
|
—
|
$
|
149,123,817
|
||||||||
Dynamic Small Cap Fund
|
Level 1
|
Level 2*
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
16,897,824
|
$
|
—
|
$
|
—
|
$
|
16,897,824
|
||||||||
REITs
|
1,287,184
|
—
|
—
|
1,287,184
|
||||||||||||
Right
|
—
|
—
|
818
|
818
|
||||||||||||
Short-Term Investment
|
195,857
|
—
|
—
|
195,857
|
||||||||||||
Total
|
$
|
18,380,865
|
$
|
—
|
$
|
818
|
$
|
18,381,683
|
||||||||
All Cap Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
14,221,347
|
$
|
—
|
$
|
—
|
$
|
14,221,347
|
||||||||
REIT
|
138,163
|
—
|
—
|
138,163
|
||||||||||||
Short-Term Investment
|
590,912
|
—
|
—
|
590,912
|
||||||||||||
Total
|
$
|
14,950,422
|
$
|
—
|
$
|
—
|
$
|
14,950,422
|
||||||||
Multi Strategy Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Mutual Funds
|
$
|
48,717,023
|
$
|
—
|
$
|
—
|
$
|
48,717,023
|
||||||||
Short-Term Investment
|
2,893,084
|
—
|
—
|
2,893,084
|
||||||||||||
Total
|
$
|
51,610,107
|
$
|
—
|
$
|
—
|
$
|
51,610,107
|
||||||||
Dividend Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
13,094,420
|
$
|
—
|
$
|
—
|
$
|
13,094,420
|
||||||||
REITs
|
717,004
|
—
|
—
|
717,004
|
||||||||||||
Short-Term Investment
|
280,676
|
—
|
—
|
280,676
|
||||||||||||
Total
|
$
|
14,092,100
|
$
|
—
|
$
|
—
|
$
|
14,092,100
|
1
|
All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major sector classification, please refer to the Schedule of Investments.
|
|
*
|
The Fund did not hold any Level 2 securities at period end.
|
|
**
|
The Fund did not hold any Level 3 securities at period end.
|
Dynamic Small Cap Fund
|
||||
Beginning balance May 31, 2020
|
$
|
5,544
|
||
Transfers into Level 3 during the period
|
—
|
|||
Transfers out of Level 3 during the period
|
—
|
|||
Total realized gain (loss)
|
—
|
|||
Total unrealized appreciation (depreciation)
|
(4,726
|
)
|
||
Net purchases
|
—
|
|||
Net sales
|
—
|
|||
Balance as of November 30, 2020
|
$
|
818
|
Impact to
|
|||||
Valuation from
|
|||||
Fair Value
|
Valuation
|
Unobservable
|
Input
|
an increase
|
|
November 30, 2020
|
Methodologies
|
Input1
|
Range/Value
|
in Input2
|
|
Dynamic
|
Adjusted by management
|
||||
Small Cap Fund –
|
Fair Value
|
to reflect
|
|||
Rights
|
$818
|
Pricing
|
current conditions
|
—
|
Increase
|
1
|
The investment advisor considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the
type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related
corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net
asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized
upon the sale of that security.
|
2
|
This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the
unobservable input would have the opposite effect.
|
Multi Strategy Fund
|
||||||||||||||||||||||||
Change in
|
||||||||||||||||||||||||
Value,
|
Net
|
Unrealized
|
Value,
|
Capital
|
||||||||||||||||||||
Beginning
|
Sales
|
Realized
|
Appreciation
|
End
|
Dividend
|
Gain
|
||||||||||||||||||
of Period
|
Purchases
|
Proceeds
|
Gain (Loss)
|
(Depreciation)
|
of Period
|
Income
|
Distributions
|
|||||||||||||||||
Advisory Research All Cap
|
||||||||||||||||||||||||
Value Fund – Class I
|
$
|
—
|
$
|
1,000,000
|
$
|
—
|
$
|
—
|
$
|
148,587
|
$
|
1,148,587
|
$
|
—
|
$
|
—
|
||||||||
Dynamic Small Cap
|
||||||||||||||||||||||||
Fund – Class I
|
14,625,699
|
—
|
1,250,000
|
18,998
|
3,959,681
|
17,354,378
|
—
|
—
|
||||||||||||||||
All Cap Growth
|
||||||||||||||||||||||||
Fund – Class I
|
11,777,503
|
—
|
—
|
—
|
2,644,826
|
14,422,329
|
—
|
—
|
||||||||||||||||
Dividend Growth
|
||||||||||||||||||||||||
Fund – Class I
|
10,565,429
|
45,348
|
—
|
—
|
1,817,564
|
12,428,341
|
45,348
|
—
|
||||||||||||||||
Strategic Income
|
||||||||||||||||||||||||
Fund – Class I
|
1,107,398
|
12,505
|
—
|
—
|
50,884
|
1,170,787
|
12,505
|
—
|
||||||||||||||||
$
|
38,076,029
|
$
|
1,057,853
|
$
|
1,250,000
|
$
|
18,998
|
$
|
8,621,542
|
$
|
46,524,422
|
$
|
57,853
|
$
|
—
|
Shares,
|
Shares,
|
|||||||||||||||
Beginning
|
End
|
|||||||||||||||
of Period
|
Purchases
|
Sales
|
of Period
|
|||||||||||||
Advisory Research All Cap
|
||||||||||||||||
Value Fund – Class I
|
—
|
110,391
|
—
|
110,391
|
||||||||||||
Dynamic Small Cap
|
||||||||||||||||
Fund – Class I
|
1,275,860
|
—
|
(98,638
|
)
|
1,177,222
|
|||||||||||
All Cap Growth
|
||||||||||||||||
Fund – Class I
|
725,126
|
—
|
—
|
725,126
|
||||||||||||
Dividend Growth
|
||||||||||||||||
Fund – Class I
|
604,682
|
2,482
|
—
|
607,164
|
||||||||||||
Strategic Income
|
||||||||||||||||
Fund – Class I
|
113,000
|
1,251
|
—
|
114,251
|
||||||||||||
2,734,154
|
•
|
The Board noted that the Fund’s performance was below the median performance of the Peer Group for the 3-, 5-, 7- and 10-year periods. The Board also noted that the Fund’s performance was above
its benchmark for the 3-year period and below its benchmark for the 1-, 5- and 10-year periods.
|
|
•
|
The Board noted that the Fund’s management fee rate was equal to the median rate of the Peer Group. The Board noted that the Fund’s total net expense ratio was below the median rate of the Peer
Group.
|
•
|
The Board noted that the Fund’s performance was above the median performance of the Peer Group for the 3-year period. The Board also noted that the Fund’s performance was below its benchmark for
the 1- and 3-year periods.
|
|
•
|
The Board noted that the Fund’s management fee rate was above the median rate of the Peer Group. The Board noted that the Fund’s total net expense ratio was above the median rate of the Peer
Group.
|
•
|
The Board noted that the Fund’s performance was above the median performance of the Peer Group for the 3-, 5- and 7-year periods. The Board also noted that the Fund’s performance was above its
benchmark for the 3-year period and below its benchmark for the 1- and 5-year periods.
|
|
•
|
The Board noted that the Fund’s management fee rate was above the median rate of the Peer Group. The Board noted that the Fund’s total net expense ratio was above the median rate of the Peer
Group.
|
•
|
The Board noted that the Fund’s performance was above the median performance of the Peer Group for the 3-, 5-, 7- and 10-year periods. The Board also noted that the Fund’s performance was below
its benchmark for the 1-, 3-, 5- and 10-year periods.
|
|
•
|
The Board noted that the Fund’s management fee rate was below the median rate of the Peer Group. The Board noted that the Fund’s total net expense ratio was above the median rate of the Peer
Group. The Board considered that the Adviser does not receive management fees from the Fund with respect to assets that are invested in underlying funds advised by the Adviser.
|
•
|
The Board noted that the Fund’s performance was above the median performance of the Peer Group for the 3-year period. The Board also noted that the Fund’s performance was above its benchmark for
the 1-, 3-, 5- and 10-year periods.
|
|
•
|
The Board noted that the Fund’s management fee rate was above the median rate of the Peer Group. The Board noted that the Fund’s total net expense ratio was above the median rate of the Peer
Group.
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other Directorship/
|
||||
Name, Addressa,
|
Complex
|
Trusteeship
|
|||
Year of Birth and
|
Term of Office
|
Overseen
|
Positions held by
|
||
Position(s) with
|
Position with
|
and Length of
|
Principal Occupations During
|
by
|
Trustee During
|
the Trust
|
the Trust
|
Time Servedb
|
the Past Five Years or Longer
|
Trusteec
|
the Past 5 Years
|
Independent Trustees
|
|||||
David B. Boon
|
Trustee
|
08/2018 to present
|
Chief Financial Officer and Managing
|
9
|
None
|
(1960)
|
Director, Eagle Capital Management, LLC
|
||||
(since 2018); Chief Financial Officer and
|
|||||
Partner, Cedar Capital, LLC (2013 – 2018).
|
|||||
Donald J. Herrema
|
Chairman of the
|
08/2018 to present
|
Vice Chair and Chief Investment Officer,
|
9
|
Chairman and Director
|
(1952)
|
Board and Trustee
|
Independent Life Insurance Company
|
Emeritus, TD Funds
|
||
(since 2018); Financial Services Executive,
|
USA (2009 – 2019);
|
||||
Advisor and Founder of BlackSterling
|
Director, Abel Noser
|
||||
Partners, LLC (private investments and
|
Holdings, LLC (since
|
||||
advisory firm) (since 2004); Executive Vice
|
2016); Member, USC
|
||||
Chairman and Senior Advisor at Kennedy
|
Marshall Business School
|
||||
Wilson (real estate investment company)
|
Board (since 2010);
|
||||
(2009 – 2016).
|
President and Trustee,
|
||||
Christ Church
|
|||||
(2008 – 2016); Director,
|
|||||
Lepercq de Neuflize
|
|||||
(2009 – 2016); Chairman
|
|||||
and Trustee Emeritus
|
|||||
(since 2014), Director,
|
|||||
FEG Investment Advisors
|
|||||
(since 2017); Director,
|
|||||
Independent Life
|
|||||
Insurance Company
|
|||||
(since 2018).
|
|||||
Catherine A. Zaharis
|
Trustee
|
08/2018 to present
|
Professor of Practice (since 2019), Director,
|
9
|
Director, The
|
(1960)
|
Professional/Employer Development,
|
Vantagepoint Funds
|
|||
Finance Department (2015 – 2019), Adjunct
|
(2015 – 2016).
|
||||
Lecturer (2010 – 2019), and Business Director,
|
|||||
MBA Finance Career Academy (2008 – 2015),
|
|||||
University of Iowa, Tippie College of Business;
|
|||||
Chair (2013 – 2016), Director (1999 – 2016),
|
|||||
and Investment Committee Member (1999 –
|
|||||
2013) and Chair (2003 – 2013),
|
|||||
University of Iowa Foundation.
|
|||||
Interested Trusteesd
|
|||||
Mark D. Goodwin
|
Trustee and
|
08/2018 to present
|
Chief Executive Officer, North Square
|
9
|
None
|
(1964)
|
President
|
Investments LLC (since July 2018); President
|
|||
and Chief Operating Officer (2015 – July 2018)
|
|||||
and Executive Vice President (2014 – 2015),
|
|||||
Oak Ridge Investments, LLC.
|
Number of
|
|||||
Portfolios
|
|||||
in Fund
|
Other Directorship/
|
||||
Name, Addressa,
|
Complex
|
Trusteeship
|
|||
Year of Birth and
|
Term of Office
|
Overseen
|
Positions held by
|
||
Position(s) with
|
Position with
|
and Length of
|
Principal Occupations During
|
by
|
Trustee During
|
the Trust
|
the Trust
|
Time Servedb
|
the Past Five Years or Longer
|
Trusteec
|
the Past 5 Years
|
Officers of the Trust:
|
|||||
Alan E. Molotsky
|
Treasurer
|
08/2018 to present
|
Chief Financial Officer, Chief Compliance Officer,
|
N/A
|
N/A
|
(1956)
|
and
|
General Counsel and Senior Managing Director,
|
|
||
Secretary
|
North Square Investments, LLC (since July 2018);
|
|
|||
Chief Financial Officer, Chief Compliance Officer,
|
|
||||
General Counsel and Executive Vice President,
|
|
||||
Oak Ridge Investments LLC (2004 – July 2018).
|
|
||||
David J. Gaspar
|
Vice
|
08/2018 to present
|
Chief Operations and Information Officer and
|
N/A
|
N/A
|
(1954)
|
President
|
Senior Managing Director, North Square
|
|
||
Investments, LLC (since July 2018); Chief
|
|
||||
Operations Officer, Chief Information Officer,
|
|
||||
Chief Information Security Officer and Executive
|
|
||||
Vice President, Oak Ridge Investments, LLC
|
|
||||
(2000 – July 2018).
|
|
||||
Douglas N. Tyre
|
Chief
|
09/2018 to present
|
Assistant Compliance Director, Cipperman
|
N/A
|
N/A
|
(1980)
|
Compliance
|
Compliance Services, LLC (since 2014).
|
|||
Officer
|
a.
|
The business address of each Trustee and officer is c/o North Square Investments, LLC, 10 South LaSalle Street, Suite 1925, Chicago, Illinois 60603.
|
b.
|
Trustees and officers serve until their successors are duly elected and qualified.
|
c.
|
The term “Fund Complex” applies to the nine portfolios that currently comprise the Trust, which consists of the five Funds, the North Square Advisory Research All Cap Value Fund, the North
Square Strategic Income Fund, the North Square Altrinsic International Equity Fund, and the North Square McKee Bond Fund.
|
d.
|
Mr. Goodwin is considered to be an “interested person” of the Trust as that term is defined in the 1940 Act by virtue of his positions with the Adviser.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Small Cap Growth Fund
|
6/1/20
|
11/30/20
|
6/1/20 – 11/30/20
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,296.30
|
$8.00
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,018.10
|
$7.03
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,298.10
|
$6.57
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,019.35
|
$5.77
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 1.39%, and 1.14% for Class A and Class I, respectively, multiplied by the average account values over the period, multiplied by
183/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Dynamic Small Cap Fund
|
6/1/20
|
11/30/20
|
6/1/20 – 11/30/20
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,286.00
|
$6.59
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,019.30
|
$5.82
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense
ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
All Cap Growth Fund
|
6/1/20
|
11/30/20
|
6/1/20 – 11/30/20
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,224.60
|
$5.30
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,020.31
|
$4.81
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.95%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense
ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Multi Strategy Fund
|
6/1/20
|
11/30/20
|
6/1/20 – 11/30/20
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,197.10
|
$6.61
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,019.05
|
$6.07
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,199.50
|
$4.08
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,021.36
|
$3.75
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 1.20% and 0.74% for Class A and Class I, respectively, multiplied by the average account values over the period, multiplied by
183/365 (to reflect the six month period). The expense ratios reflect a recovery of previously waived fees. Assumes all dividends and distributions were reinvested.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Dividend Growth Fund
|
6/1/20
|
11/30/20
|
6/1/20 – 11/30/20
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,176.30
|
$5.46
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,020.05
|
$5.06
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.00%, multiplied by the average account values over the period, multiplied by 183/365 (to reflect the six month period). The expense
ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.
|
Sub-Advisor
|
Sub-Advisor
|
Algert Global LLC
|
Oak Ridge Investments, LLC
|
101 California Street, Suite 4225
|
10 South La Salle Street, Suite 1900
|
San Francisco, California 94111
|
Chicago, Illinois 60603
|
Fund Name
|
Ticker
|
CUSIP
|
|
North Square Oak Ridge Small Cap Growth Fund
|
Class A
|
ORIGX
|
66263L 304
|
North Square Oak Ridge Small Cap Growth Fund
|
Class I
|
ORIYX
|
66263L 858
|
North Square Dynamic Small Cap Fund
|
Class I
|
ORSIX
|
66263L 825
|
North Square Oak Ridge All Cap Growth Fund
|
Class I
|
ODGIX
|
66263L 601
|
North Square Multi Strategy Fund
|
Class A
|
ORILX
|
66263L 700
|
North Square Multi Strategy Fund
|
Class I
|
PORYX
|
66263L 833
|
North Square Oak Ridge Dividend Growth Fund
|
Class I
|
ORDNX
|
66263L 882
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not Applicable
|
1.
|
I have reviewed this report on Form N-CSR of North Square Investments Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
Date: February 5, 2021
|
/s/Mark D. Goodwin
Mark D. Goodwin President |
1.
|
I have reviewed this report on Form N-CSR of North Square Investments Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
Date: February 5, 2021
|
/s/Alan E. Molotsky
Alan E. Molotsky Treasurer |
/s/Mark D. Goodwin
Mark D. Goodwin
President,
North Square Investments Trust
|
/s/Alan E. Molotsky
Alan E. Molotsky
Treasurer,
North Square Investments Trust
|
Dated: February 5, 2021
|
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