(a)
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|
![]() |
North Square Investments | www.northsquareinvest.com
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Fund Performance
|
1
|
Schedules of Investments
|
9
|
Statements of Assets and Liabilities
|
44
|
Statements of Operations
|
48
|
Statements of Changes in Net Assets
|
50
|
Financial Highlights
|
58
|
Notes to Financial Statements
|
74
|
Supplemental Information
|
88
|
Expense Examples
|
101
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
4.36%
|
15.50%
|
13.59%
|
11.27%
|
10.46%
|
01/03/94
|
Class I2
|
4.50%
|
15.79%
|
13.90%
|
11.62%
|
12.26%
|
12/29/09
|
After deducting maximum sales charge
|
||||||
Class A1
|
-1.64%
|
8.86%
|
12.26%
|
10.62%
|
10.23%
|
01/03/94
|
Russell 2000 Growth Index
|
-1.65%
|
11.95%
|
14.74%
|
14.06%
|
8.44%
|
01/03/94
|
Russell 2000 Index
|
-2.60%
|
22.03%
|
12.14%
|
13.06%
|
9.46%
|
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, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Class I
|
2.86%
|
29.85%
|
14.85%
|
15.59%
|
14.90%
|
11/01/08
|
Russell 2000 Index
|
-2.60%
|
22.03%
|
12.14%
|
13.06%
|
12.90%
|
11/01/08
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
3 Year
|
5 Year
|
Inception
|
Date
|
Class I
|
14.21%
|
26.78%
|
25.57%
|
22.30%
|
20.19%
|
07/29/16
|
Russell 3000 Growth Index
|
16.20%
|
29.39%
|
28.31%
|
24.37%
|
22.66%
|
07/29/16
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
5.05%
|
22.12%
|
14.66%
|
12.76%
|
6.25%
|
03/01/99
|
Class I2
|
5.19%
|
22.68%
|
15.15%
|
13.04%
|
8.56%
|
08/10/04
|
After deducting maximum sales charge
|
||||||
Class A1
|
-0.99%
|
15.10%
|
13.31%
|
12.10%
|
5.97%
|
03/01/99
|
Russell 3000 Index
|
7.62%
|
26.34%
|
17.51%
|
15.95%
|
8.28%
|
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.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
3 Year
|
5 Year
|
Inception
|
Date
|
Class I
|
6.73%
|
24.35%
|
17.68%
|
16.79%
|
13.70%
|
06/28/13
|
S&P 500 Index
|
9.38%
|
27.92%
|
20.38%
|
17.90%
|
15.44%
|
06/28/13
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
2.30%
|
14.39%
|
9.58%
|
9.09%
|
8.34%
|
04/01/13
|
Class C2
|
1.95%
|
13.54%
|
8.76%
|
8.27%
|
7.52%
|
04/01/13
|
Class I3
|
2.42%
|
14.64%
|
9.85%
|
9.37%
|
7.45%
|
05/03/04
|
After deducting maximum sales charge
|
||||||
Class A1
|
-3.58%
|
7.81%
|
8.29%
|
8.45%
|
7.60%
|
04/01/13
|
Class C2
|
0.95%
|
12.54%
|
8.76%
|
8.27%
|
7.52%
|
04/01/13
|
Morningstar Moderately
|
||||||
Aggressive Target Risk Index
|
0.47%
|
14.30%
|
11.60%
|
10.21%
|
8.30%
|
05/03/04
|
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
|
A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.
|
3
|
Class I shares do not have any initial or contingent deferred sales charge.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
5 Year
|
10 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
4.82%
|
15.82%
|
8.24%
|
6.69%
|
4.66%
|
09/15/06
|
Class C2
|
4.38%
|
14.94%
|
7.41%
|
5.86%
|
5.27%
|
10/01/09
|
Class I3
|
4.88%
|
16.06%
|
8.44%
|
6.91%
|
6.22%
|
05/28/10
|
After deducting maximum sales charge
|
||||||
Class A1
|
-1.21%
|
9.16%
|
6.96%
|
6.06%
|
4.25%
|
09/15/06
|
Class C2
|
3.38%
|
13.94%
|
7.41%
|
5.86%
|
5.27%
|
10/01/09
|
Morningstar Moderate Target Risk Index
|
0.58%
|
10.46%
|
9.75%
|
8.50%
|
6.97%
|
09/15/06
|
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
|
A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.
|
3
|
Class I shares do not have any initial or contingent deferred sales charge.
|
Average Annual
|
||||||
Since
|
Inception
|
|||||
Total Returns as of November 30, 2021
|
6 Month
|
1 Year
|
3 Year
|
5 Year
|
Inception
|
Date
|
Before deducting maximum sales charge
|
||||||
Class A1
|
-0.34%
|
4.85%
|
3.44%
|
2.24%
|
2.48%
|
04/02/12
|
Class C2
|
-0.79%
|
3.99%
|
2.68%
|
1.48%
|
1.72%
|
04/02/12
|
Class I3
|
-0.22%
|
5.04%
|
3.69%
|
2.49%
|
2.73%
|
04/02/12
|
After deducting maximum sales charge
|
||||||
Class A1
|
-6.07%
|
-1.18%
|
1.42%
|
1.03%
|
1.85%
|
04/02/12
|
Class C2
|
-1.78%
|
2.99%
|
2.68%
|
1.48%
|
1.72%
|
04/02/12
|
HFRX Absolute Return Index
|
-0.70%
|
2.46%
|
2.40%
|
2.25%
|
1.96%
|
04/02/12
|
Bloomberg U.S. Aggregate Bond Index
|
1.02%
|
-1.15%
|
5.52%
|
3.65%
|
2.99%
|
04/02/12
|
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
|
A CDSC of 1.00% will be charged on Class C Shares purchases that are redeemed in whole or in part within 12 months of the date of purchase.
|
3
|
Class I shares do not have any initial or contingent deferred sales charge.
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 94.0%
|
|||||||
COMMUNICATION SERVICES – 2.1%
|
|||||||
Media – 2.1%
|
|||||||
29,982
|
TechTarget, Inc.*
|
$
|
2,897,161
|
||||
TOTAL COMMUNICATION SERVICES
|
2,897,161
|
||||||
CONSUMER DISCRETIONARY – 13.1%
|
|||||||
Distributors – 1.8%
|
|||||||
4,517
|
Pool Corp.
|
2,502,960
|
|||||
Hotels, Restaurants & Leisure – 1.4%
|
|||||||
16,024
|
NeoGames S.A.*1
|
533,920
|
|||||
9,357
|
Wingstop, Inc.
|
1,502,734
|
|||||
2,036,654
|
|||||||
Internet & Direct Marketing Retail – 0.7%
|
|||||||
64,777
|
The RealReal, Inc.*
|
1,008,578
|
|||||
Leisure Products – 2.6%
|
|||||||
39,137
|
YETI Holdings, Inc.*
|
3,606,866
|
|||||
Multiline Retail – 1.0%
|
|||||||
23,714
|
Ollie’s Bargain Outlet Holdings, Inc.*
|
1,467,659
|
|||||
Specialty Retail – 5.6%
|
|||||||
5,226
|
Burlington Stores, Inc.*
|
1,531,897
|
|||||
9,309
|
Five Below, Inc.*
|
1,893,823
|
|||||
87,881
|
Leslie’s, Inc.*
|
1,841,986
|
|||||
55,089
|
National Vision Holdings, Inc.*
|
2,646,476
|
|||||
7,914,182
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
18,536,899
|
||||||
CONSUMER STAPLES – 5.6%
|
|||||||
Food & Staples Retailing – 3.5%
|
|||||||
56,688
|
BJ’s Wholesale Club Holdings, Inc.*
|
3,749,911
|
|||||
40,178
|
Grocery Outlet Holding Corp.*
|
1,163,555
|
|||||
4,913,466
|
|||||||
Food Products – 2.1%
|
|||||||
122,524
|
Nomad Foods Ltd.*1
|
2,927,098
|
|||||
TOTAL CONSUMER STAPLES
|
7,840,564
|
||||||
FINANCIALS – 1.6%
|
|||||||
Insurance – 1.6%
|
|||||||
5,349
|
Kinsale Capital Group, Inc.
|
1,112,592
|
|||||
16,438
|
Palomar Holdings, Inc.*
|
1,201,289
|
|||||
2,313,881
|
|||||||
TOTAL FINANCIALS
|
2,313,881
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
HEALTH CARE – 25.1%
|
|||||||
Biotechnology – 9.3%
|
|||||||
4,646
|
argenx SE – ADR*1
|
$
|
1,297,210
|
||||
19,988
|
Arrowhead Pharmaceuticals, Inc.*
|
1,400,159
|
|||||
11,732
|
Biohaven Pharmaceutical Holding Co Ltd.*1
|
1,316,800
|
|||||
9,250
|
Blueprint Medicines Corp.*
|
889,850
|
|||||
54,979
|
Halozyme Therapeutics, Inc.*
|
1,807,710
|
|||||
84,767
|
Heron Therapeutics, Inc.*
|
801,048
|
|||||
14,921
|
Horizon Therapeutics PLC*1
|
1,548,203
|
|||||
28,745
|
Insmed, Inc.*
|
791,062
|
|||||
21,924
|
Oyster Point Pharma, Inc.*
|
228,667
|
|||||
54,134
|
Travere Therapeutics, Inc.*
|
1,545,526
|
|||||
37,381
|
Veracyte, Inc.*
|
1,550,564
|
|||||
13,176,799
|
|||||||
Health Care Equipment & Supplies – 9.8%
|
|||||||
34,151
|
AtriCure, Inc.*
|
2,165,173
|
|||||
38,605
|
Axonics, Inc.*
|
2,100,498
|
|||||
22,941
|
CONMED Corp.
|
3,015,824
|
|||||
3,958
|
Insulet Corp.*
|
1,141,645
|
|||||
94,477
|
Lantheus Holdings, Inc.*
|
2,530,094
|
|||||
17,537
|
OrthoPediatrics Corp.*
|
976,986
|
|||||
4,286
|
Penumbra, Inc.*
|
1,052,856
|
|||||
61,042
|
Zynex Inc.*
|
781,338
|
|||||
13,764,414
|
|||||||
Health Care Providers & Services – 1.3%
|
|||||||
75,000
|
R1 RCM, Inc.*
|
1,786,500
|
|||||
Health Care Technology – 4.7%
|
|||||||
14,407
|
Inspire Medical Systems, Inc.*
|
3,216,651
|
|||||
14,784
|
Omnicell, Inc.*
|
2,616,768
|
|||||
21,810
|
Schrodinger, LLC*
|
854,516
|
|||||
6,687,935
|
|||||||
TOTAL HEALTH CARE
|
35,415,648
|
||||||
INDUSTRIALS – 17.6%
|
|||||||
Building Products – 1.8%
|
|||||||
65,520
|
The AZEK Co Inc*
|
2,569,694
|
|||||
Commercial Services & Supplies – 2.1%
|
|||||||
34,504
|
Casella Waste Systems, Inc. – Class A*
|
2,925,249
|
|||||
Construction & Engineering – 1.5%
|
|||||||
63,262
|
Construction Partners, Inc. – Class A*
|
2,185,070
|
|||||
Electrical Equipment – 2.3%
|
|||||||
22,217
|
Vicor Corp.*
|
3,187,251
|
|||||
Machinery – 4.2%
|
|||||||
72,632
|
Colfax Corp.*
|
3,373,030
|
|||||
16,629
|
John Bean Technologies Corp.
|
2,623,557
|
|||||
5,996,587
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS (Continued)
|
|||||||
Road & Rail – 3.2%
|
|||||||
13,436
|
Saia, Inc.*
|
$
|
4,449,735
|
||||
Trading Companies & Distributors – 2.5%
|
|||||||
14,723
|
SiteOne Landscape Supply, Inc.*
|
3,538,820
|
|||||
TOTAL INDUSTRIALS
|
24,852,406
|
||||||
INFORMATION TECHNOLOGY – 28.4%
|
|||||||
Electronic Equipment, Instruments & Components – 2.0%
|
|||||||
9,408
|
Littelfuse, Inc.
|
2,808,100
|
|||||
IT Services – 10.9%
|
|||||||
30,211
|
Endava PLC – ADR*1
|
4,729,230
|
|||||
13,150
|
Euronet Worldwide, Inc.*
|
1,333,016
|
|||||
32,582
|
Maximus, Inc.
|
2,458,312
|
|||||
29,742
|
Perficient, Inc.*
|
4,075,546
|
|||||
57,587
|
Repay Holdings Corp.*
|
942,123
|
|||||
14,305
|
WEX, Inc.*
|
1,808,438
|
|||||
15,346,665
|
|||||||
Semiconductors & Semiconductor Equipment – 5.1%
|
|||||||
27,997
|
Diodes, Inc.*
|
2,977,481
|
|||||
55,213
|
Lattice Semiconductor Corp.*
|
4,192,323
|
|||||
7,169,804
|
|||||||
Software – 10.4%
|
|||||||
35,044
|
Altair Engineering Inc. – Class A*
|
2,609,026
|
|||||
36,932
|
The Descartes Systems Group Inc.*1
|
2,967,855
|
|||||
29,359
|
Envestnet, Inc.*
|
2,250,954
|
|||||
15,515
|
Everbridge, Inc.*
|
1,759,711
|
|||||
15,214
|
Five9, Inc.*
|
2,165,409
|
|||||
6,352
|
Sprout Social, Inc. – Class A*
|
709,391
|
|||||
16,045
|
SPS Commerce, Inc.*
|
2,262,185
|
|||||
14,724,531
|
|||||||
TOTAL INFORMATION TECHNOLOGY
|
40,049,100
|
||||||
REAL ESTATE – 0.5%
|
|||||||
Real Estate Management & Development – 0.5%
|
|||||||
15,704
|
Redfin Corp.*
|
638,996
|
|||||
TOTAL REAL ESTATE
|
638,996
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $81,219,404)
|
132,544,655
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 6.2%
|
|||||||
8,778,725
|
First American Treasury Obligations Fund – Class X, 0.01%2
|
$
|
8,778,725
|
||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $8,778,725)
|
8,778,725
|
||||||
TOTAL INVESTMENTS – 100.2%
|
|||||||
(Cost $89,998,129)
|
141,323,380
|
||||||
Liabilities in Excess of Other Assets – (0.2)%
|
(351,512
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
140,971,868
|
*
|
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
|
28.4
|
%
|
|||
Health Care
|
25.1
|
%
|
|||
Industrials
|
17.6
|
%
|
|||
Consumer Discretionary
|
13.1
|
%
|
|||
Consumer Staples
|
5.6
|
%
|
|||
Communication Services
|
2.1
|
%
|
|||
Financials
|
1.6
|
%
|
|||
Real Estate
|
0.5
|
%
|
|||
Total Common Stocks
|
94.0
|
%
|
|||
Short-Term Investment
|
6.2
|
%
|
|||
Total Investments
|
100.2
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.2
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 95.8%
|
|||||||
COMMUNICATION SERVICES – 4.4%
|
|||||||
Diversified Telecommunication Services – 2.6%
|
|||||||
1,190
|
Bandwidth Inc. – Class A*
|
$
|
85,275
|
||||
3,920
|
Cogent Communications Holdings, Inc.
|
293,726
|
|||||
1,020
|
Iridium Communications, Inc.*
|
39,219
|
|||||
4,120
|
Ooma, Inc.*
|
77,497
|
|||||
495,717
|
|||||||
Entertainment – 0.3%
|
|||||||
3,890
|
Cinemark Holdings, Inc.*
|
60,373
|
|||||
Media – 1.1%
|
|||||||
5,290
|
Altice USA, Inc. – Class A*
|
83,793
|
|||||
1,382
|
TechTarget, Inc.*
|
133,543
|
|||||
217,336
|
|||||||
Wireless Telecommunication Services – 0.4%
|
|||||||
5,210
|
Gogo Inc.*
|
66,792
|
|||||
860
|
Telephone and Data Systems, Inc.
|
15,205
|
|||||
81,997
|
|||||||
TOTAL COMMUNICATION SERVICES
|
855,423
|
||||||
CONSUMER DISCRETIONARY – 12.4%
|
|||||||
Auto Components – 1.7%
|
|||||||
420
|
Fox Factory Holding Corp.*
|
73,823
|
|||||
1,908
|
Patrick Industries, Inc.
|
152,201
|
|||||
1,430
|
XPEL, Inc.*
|
102,803
|
|||||
328,827
|
|||||||
Hotels, Restaurants & Leisure – 2.1%
|
|||||||
2,580
|
Bloomin’ Brands, Inc.*
|
45,589
|
|||||
7,250
|
GAN Ltd.*2
|
70,107
|
|||||
1,182
|
Monarch Casino & Resort, Inc.*
|
79,631
|
|||||
16,190
|
Playa Hotels & Resorts NV*2
|
115,273
|
|||||
1,630
|
Ruth’s Hospitality Group, Inc.*
|
27,710
|
|||||
423
|
Wingstop, Inc.
|
67,934
|
|||||
406,244
|
|||||||
Household Durables – 1.1%
|
|||||||
5,530
|
GoPro, Inc. – Class A*
|
55,300
|
|||||
2,720
|
Green Brick Partners, Inc.*
|
67,864
|
|||||
2,730
|
Sonos, Inc.*
|
86,405
|
|||||
209,569
|
|||||||
Internet & Direct Marketing Retail – 1.8%
|
|||||||
9,620
|
CarParts.Com, Inc.*
|
119,000
|
|||||
1,060
|
Revolve Group, Inc. – Class A*
|
80,740
|
|||||
1,320
|
Shutterstock, Inc.
|
150,493
|
|||||
350,233
|
|||||||
Leisure Products – 1.3%
|
|||||||
3,130
|
Nautilus, Inc.*
|
21,440
|
|||||
1,500
|
Vista Outdoor, Inc.*
|
65,505
|
|||||
1,830
|
YETI Holdings, Inc.*
|
168,653
|
|||||
255,598
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
CONSUMER DISCRETIONARY (Continued)
|
|||||||
Multiline Retail – 0.2%
|
|||||||
1,500
|
Nordstrom, Inc.*
|
$
|
31,755
|
||||
Specialty Retail – 3.0%
|
|||||||
4,180
|
GrowGeneration Corp.*
|
68,134
|
|||||
13,060
|
Leslie’s, Inc.*
|
273,737
|
|||||
2,280
|
Rent-A-Center Inc
|
100,708
|
|||||
205
|
RH*
|
119,552
|
|||||
150
|
Sleep Number Corp.*
|
11,967
|
|||||
574,098
|
|||||||
Textiles, Apparel & Luxury Goods – 1.2%
|
|||||||
350
|
Crocs, Inc.*
|
57,407
|
|||||
3,780
|
Steven Madden Ltd.
|
179,361
|
|||||
236,768
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
2,393,092
|
||||||
CONSUMER STAPLES – 6.7%
|
|||||||
Beverages – 0.5%
|
|||||||
1,220
|
MGP Ingredients, Inc.
|
95,136
|
|||||
Food & Staples Retailing – 0.3%
|
|||||||
1,839
|
The Andersons, Inc.
|
62,489
|
|||||
Food Products – 1.9%
|
|||||||
3,540
|
B&G Foods, Inc.
|
106,660
|
|||||
520
|
Sanderson Farms, Inc.
|
97,646
|
|||||
2,890
|
The Simply Good Foods Co.*
|
106,843
|
|||||
3,470
|
Vital Farms, Inc.*
|
58,678
|
|||||
369,827
|
|||||||
Personal Products – 3.3%
|
|||||||
6,738
|
e.l.f. Beauty, Inc.*
|
202,948
|
|||||
1,960
|
Herbalife Nutrition Ltd.*2
|
73,226
|
|||||
950
|
Inter Parfums, Inc.
|
83,438
|
|||||
610
|
Medifast, Inc.
|
125,501
|
|||||
1,320
|
Nu Skin Enterprises, Inc. – Class A
|
57,922
|
|||||
790
|
USANA Health Sciences, Inc.*
|
78,779
|
|||||
621,814
|
|||||||
Tobacco – 0.7%
|
|||||||
1,680
|
Turning Point Brands, Inc.
|
63,840
|
|||||
4,320
|
Vector Group Ltd.
|
67,133
|
|||||
130,973
|
|||||||
TOTAL CONSUMER STAPLES
|
1,280,239
|
||||||
ENERGY – 3.4%
|
|||||||
Energy Equipment & Services – 0.6%
|
|||||||
2,250
|
Dril-Quip, Inc.*
|
42,997
|
|||||
3,800
|
ProPetro Holding Corp.*
|
31,236
|
|||||
7,390
|
Solaris Oilfield Infrastructure, Inc. – Class A
|
50,548
|
|||||
124,781
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
ENERGY (Continued)
|
|||||||
Oil, Gas & Consumable Fuels – 2.8%
|
|||||||
340
|
Arch Resources, Inc. – Class A*
|
$
|
26,346
|
||||
3,285
|
Brigham Minerals, Inc. – Class A
|
68,197
|
|||||
1,770
|
Comstock Resources, Inc.*
|
14,319
|
|||||
7,510
|
Magnolia Oil & Gas Corp. – Class A
|
142,465
|
|||||
1,510
|
Matador Resources Co.
|
59,298
|
|||||
1,700
|
Renewable Energy Group, Inc.*
|
81,226
|
|||||
30
|
Texas Pacific Land Corp.
|
36,263
|
|||||
32,102
|
W&T Offshore, Inc.*
|
110,431
|
|||||
538,545
|
|||||||
TOTAL ENERGY
|
663,326
|
||||||
FINANCIALS – 13.9%
|
|||||||
Banks – 6.4%
|
|||||||
1,750
|
Atlantic Capital Bancshares, Inc.*
|
48,895
|
|||||
1,195
|
Bank OZK
|
53,429
|
|||||
690
|
Columbia Banking System, Inc.
|
22,674
|
|||||
5,540
|
First Commonwealth Financial Corp.
|
83,266
|
|||||
2,030
|
First Foundation, Inc.
|
51,603
|
|||||
460
|
First Merchants Corp.
|
18,349
|
|||||
5,910
|
First Midwest Bancorp, Inc.
|
116,604
|
|||||
4,651
|
Great Western Bancorp, Inc.
|
156,041
|
|||||
2,588
|
Hanmi Financial Corp.
|
58,152
|
|||||
420
|
Independent Bank Group, Inc.
|
29,161
|
|||||
2,520
|
National Bank Holdings Corp. – Class A
|
107,402
|
|||||
1,940
|
OFG Bancorp2
|
46,754
|
|||||
970
|
Pacific Premier Bancorp, Inc.
|
37,588
|
|||||
370
|
Silvergate Capital Corp. – Class A*
|
75,658
|
|||||
3,590
|
TriState Capital Holdings, Inc.*
|
107,377
|
|||||
4,120
|
United Community Banks, Inc. of Georgia
|
141,192
|
|||||
1,590
|
Univest Financial Corp.
|
43,836
|
|||||
354
|
Western Alliance Bancorp
|
38,862
|
|||||
1,236,843
|
|||||||
Capital Markets – 3.6%
|
|||||||
2,050
|
Artisan Partners Asset Management, Inc. – Class A
|
91,696
|
|||||
4,760
|
Blucora, Inc.*
|
77,064
|
|||||
3,410
|
Cowen, Inc. – Class A
|
120,646
|
|||||
570
|
Donnelley Financial Solutions, Inc.*
|
26,630
|
|||||
5,520
|
Open Lending Corp. – Class A*
|
128,285
|
|||||
1,450
|
Piper Sandler Cos
|
240,338
|
|||||
684,659
|
|||||||
Consumer Finance – 0.6%
|
|||||||
700
|
Curo Group Holdings Corp.
|
11,613
|
|||||
2,410
|
PROG Holdings, Inc.*
|
108,739
|
|||||
120,352
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
FINANCIALS (Continued)
|
|||||||
Insurance – 2.3%
|
|||||||
3,690
|
American Equity Investment Life Holding Co.
|
$
|
124,095
|
||||
2,700
|
Assured Guaranty Ltd.2
|
132,219
|
|||||
2,790
|
BRP Group, Inc. – Class A*
|
103,342
|
|||||
360
|
First American Financial Corp.
|
26,705
|
|||||
960
|
James River Group Holdings Ltd.2
|
25,382
|
|||||
2,330
|
Universal Insurance Holdings, Inc.
|
35,113
|
|||||
446,856
|
|||||||
Thrifts & Mortgage Finance – 1.0%
|
|||||||
1,620
|
Flagstar Bancorp, Inc.
|
75,395
|
|||||
761
|
Walker & Dunlop, Inc.
|
107,065
|
|||||
182,460
|
|||||||
TOTAL FINANCIALS
|
2,671,170
|
||||||
HEALTH CARE – 16.6%
|
|||||||
Biotechnology – 6.4%
|
|||||||
26,143
|
Adverum Biotechnologies, Inc.*
|
45,489
|
|||||
5,505
|
Aeglea BioTherapeutics, Inc.*
|
34,351
|
|||||
1,730
|
Aligos Therapeutics, Inc.*
|
26,504
|
|||||
460
|
Arrowhead Pharmaceuticals, Inc.*
|
32,223
|
|||||
340
|
Blueprint Medicines Corp.*
|
32,708
|
|||||
1,940
|
CareDx, Inc.*
|
83,692
|
|||||
770
|
Celldex Therapeutics, Inc.*
|
29,337
|
|||||
1,870
|
Dynavax Technologies Corp.*
|
30,200
|
|||||
3,197
|
Eiger BioPharmaceuticals, Inc.*
|
19,662
|
|||||
2,590
|
Exelixis, Inc.*
|
43,486
|
|||||
1,180
|
Halozyme Therapeutics, Inc.*
|
38,798
|
|||||
7,470
|
Homology Medicines, Inc.1*
|
37,723
|
|||||
230
|
Intellia Therapeutics, Inc.*
|
26,452
|
|||||
1,330
|
Invitae Corp.*
|
22,610
|
|||||
1,450
|
Iovance Biotherapeutics, Inc.*
|
27,144
|
|||||
4,148
|
IVERIC bio, Inc.*
|
60,644
|
|||||
2,120
|
Jounce Therapeutics, Inc.*
|
16,260
|
|||||
5,020
|
Karyopharm Therapeutics Inc.*
|
34,889
|
|||||
6,360
|
Kura Oncology, Inc.*
|
88,786
|
|||||
1,290
|
Merus N.V.*2
|
33,553
|
|||||
1,530
|
Nurix Therapeutics, Inc.*
|
44,095
|
|||||
7,820
|
Passage Bio, Inc.*
|
57,008
|
|||||
1,580
|
RAPT Therapeutics, Inc.*
|
51,587
|
|||||
4,350
|
Sutro Biopharma, Inc.*
|
74,298
|
|||||
8,090
|
Syndax Pharmaceuticals, Inc.*
|
129,197
|
|||||
4,500
|
TCR2 Therapeutics, Inc.*
|
23,175
|
|||||
870
|
Twist Bioscience Corp.*
|
83,085
|
|||||
1,226,956
|
|||||||
Health Care Equipment & Supplies – 3.7%
|
|||||||
3,090
|
Cardiovascular Systems, Inc.*
|
61,800
|
|||||
2,520
|
Cutera, Inc.*
|
87,847
|
|||||
1,822
|
InMode Ltd.*2
|
138,472
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
HEALTH CARE (Continued)
|
|||||||
Health Care Equipment & Supplies (Continued)
|
|||||||
970
|
iRadimed Corp.*
|
$
|
43,650
|
||||
910
|
STAAR Surgical Co.*
|
86,623
|
|||||
800
|
Surmodics, Inc.*
|
35,144
|
|||||
2,029
|
Tandem Diabetes Care, Inc.*
|
260,767
|
|||||
714,303
|
|||||||
Health Care Providers & Services – 1.7%
|
|||||||
1,030
|
AMN Healthcare Services, Inc.*
|
117,430
|
|||||
447
|
CorVel Corp.*
|
84,036
|
|||||
3,880
|
Covetrus, Inc.*
|
69,762
|
|||||
279
|
The Joint Corp.*
|
22,298
|
|||||
819
|
Progyny, Inc.*
|
41,581
|
|||||
335,107
|
|||||||
Health Care Technology – 1.1%
|
|||||||
700
|
GoodRx Holdings, Inc. – Class A*
|
27,944
|
|||||
380
|
Inspire Medical Systems, Inc.*
|
84,843
|
|||||
6,662
|
NextGen Healthcare, Inc.*
|
103,261
|
|||||
216,048
|
|||||||
Life Sciences Tools & Services – 2.6%
|
|||||||
2,230
|
Berkeley Lights, Inc.*
|
46,540
|
|||||
700
|
Bruker Corp.
|
56,693
|
|||||
6,537
|
Codexis, Inc.*
|
226,900
|
|||||
520
|
Medpace Holdings, Inc.*
|
107,853
|
|||||
2,020
|
Personalis, Inc.*
|
27,371
|
|||||
860
|
Quanterix Corp.*
|
34,374
|
|||||
499,731
|
|||||||
Pharmaceuticals – 1.1%
|
|||||||
2,760
|
Amneal Pharmaceuticals, Inc. – Class A*
|
11,537
|
|||||
7,850
|
Antares Pharma, Inc.*
|
25,355
|
|||||
1,770
|
Athira Pharma, Inc.*
|
23,860
|
|||||
33,900
|
BioDelivery Sciences International, Inc.*
|
94,242
|
|||||
2,480
|
Phibro Animal Health Corp. – Class A
|
48,583
|
|||||
203,577
|
|||||||
TOTAL HEALTH CARE
|
3,195,722
|
||||||
INDUSTRIALS – 18.1%
|
|||||||
Aerospace & Defense – 0.2%
|
|||||||
810
|
Maxar Technologies Inc.
|
22,299
|
|||||
800
|
Triumph Group, Inc.*
|
13,408
|
|||||
35,707
|
|||||||
Airlines – 0.3%
|
|||||||
220
|
Allegiant Travel Co.*
|
38,108
|
|||||
570
|
Spirit Airlines, Inc.*
|
11,919
|
|||||
50,027
|
|||||||
Building Products – 0.4%
|
|||||||
840
|
UFP Industries, Inc.
|
69,955
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS (Continued)
|
|||||||
Construction & Engineering – 0.9%
|
|||||||
1,179
|
Ameresco Inc. – Class A*
|
$
|
106,499
|
||||
449
|
NV5 Global, Inc.*
|
59,044
|
|||||
165,543
|
|||||||
Electrical Equipment – 3.7%
|
|||||||
910
|
Atkore, Inc.*
|
96,915
|
|||||
3,160
|
Encore Wire Corp.
|
443,854
|
|||||
15,290
|
GrafTech International Ltd.
|
178,128
|
|||||
718,897
|
|||||||
Machinery – 0.8%
|
|||||||
2,830
|
Mueller Industries, Inc.
|
156,584
|
|||||
Professional Services – 5.7%
|
|||||||
1,550
|
ASGN, Inc.*
|
188,604
|
|||||
1,750
|
Exponent, Inc.
|
203,875
|
|||||
1,310
|
Heidrick & Struggles International, Inc.
|
56,553
|
|||||
390
|
Insperity, Inc.
|
45,139
|
|||||
2,630
|
Kforce, Inc.
|
201,537
|
|||||
1,240
|
ManpowerGroup, Inc.
|
111,141
|
|||||
2,450
|
TriNet Group, Inc.*
|
245,735
|
|||||
870
|
TrueBlue, Inc.*
|
22,637
|
|||||
820
|
Upwork Inc.*
|
30,553
|
|||||
1,105,774
|
|||||||
Trading Companies & Distributors – 6.1%
|
|||||||
2,314
|
BlueLinx Holdings Inc.*
|
163,230
|
|||||
1,170
|
Boise Cascade Co.
|
75,851
|
|||||
2,090
|
GMS Inc.*
|
116,768
|
|||||
2,850
|
H&E Equipment Services, Inc.
|
119,985
|
|||||
1,383
|
McGrath RentCorp
|
106,906
|
|||||
1,790
|
NOW, Inc.*
|
14,964
|
|||||
60
|
SiteOne Landscape Supply, Inc.*
|
14,422
|
|||||
2,790
|
Textainer Group Holdings Ltd.*2
|
91,149
|
|||||
12,950
|
Univar Solutions, Inc.*
|
335,535
|
|||||
1,160
|
Veritiv Corp.*
|
146,206
|
|||||
1,185,016
|
|||||||
TOTAL INDUSTRIALS
|
3,487,503
|
||||||
INFORMATION TECHNOLOGY – 17.7%
|
|||||||
Communications Equipment – 1.3%
|
|||||||
11,610
|
Extreme Networks, Inc.*
|
156,735
|
|||||
3,070
|
Radware Ltd.*2
|
88,938
|
|||||
245,673
|
|||||||
Electronic Equipment, Instruments & Components – 1.4%
|
|||||||
11,750
|
Arlo Technologies, Inc.*
|
91,063
|
|||||
4,790
|
Avnet, Inc.
|
173,733
|
|||||
264,796
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INFORMATION TECHNOLOGY (Continued)
|
|||||||
IT Services – 0.8%
|
|||||||
920
|
BigCommerce Holdings, Inc.*
|
$
|
41,648
|
||||
610
|
ExlService Holdings, Inc.*
|
79,221
|
|||||
800
|
LiveRamp Holdings, Inc.*
|
37,544
|
|||||
158,413
|
|||||||
Semiconductors & Semiconductor Equipment – 2.6%
|
|||||||
3,360
|
Axcelis Technologies, Inc.*
|
207,715
|
|||||
1,670
|
Camtek Ltd*2
|
77,020
|
|||||
520
|
Cirrus Logic, Inc.*
|
41,694
|
|||||
280
|
Impinj, Inc.*
|
20,992
|
|||||
540
|
SiTime Corp.*
|
161,179
|
|||||
508,600
|
|||||||
Software – 7.7%
|
|||||||
13,210
|
A10 Networks, Inc.
|
203,698
|
|||||
4,120
|
Avaya Holdings Corp.*
|
80,216
|
|||||
7,670
|
Box, Inc. – Class A*
|
179,555
|
|||||
810
|
CommVault Systems, Inc.*
|
50,933
|
|||||
1,310
|
Dolby Laboratories, Inc. – Class A
|
109,267
|
|||||
1,250
|
Domo, Inc. – Class B*
|
90,438
|
|||||
3,130
|
Dropbox, Inc. – Class A*
|
77,029
|
|||||
1,610
|
eGain Corp.*
|
16,905
|
|||||
1,040
|
Manhattan Associates, Inc.*
|
162,406
|
|||||
6,390
|
Nutanix, Inc. – Class A*
|
212,276
|
|||||
4,700
|
Tenable Holdings, Inc.*
|
232,180
|
|||||
720
|
Vertex, Inc. – Class A*
|
13,162
|
|||||
4,640
|
Yext, Inc.*
|
44,822
|
|||||
1,472,887
|
|||||||
Technology Hardware, Storage & Peripherals – 3.9%
|
|||||||
6,940
|
Avid Technology, Inc.*
|
222,496
|
|||||
7,960
|
Pure Storage, Inc. – Class A*
|
246,521
|
|||||
6,810
|
Quantum Corp.*
|
37,251
|
|||||
5,250
|
Super Micro Computer, Inc.*
|
217,350
|
|||||
1,070
|
Turtle Beach Corp.*
|
28,676
|
|||||
752,294
|
|||||||
TOTAL INFORMATION TECHNOLOGY
|
3,402,663
|
||||||
MATERIALS – 2.2%
|
|||||||
Chemicals – 1.9%
|
|||||||
3,610
|
Amyris, Inc.*
|
24,765
|
|||||
3,000
|
Livent Corp.*
|
90,870
|
|||||
5,550
|
Orion Engineered Carbons SA*2
|
97,402
|
|||||
1,130
|
The Scotts Miracle-Gro Co
|
163,726
|
|||||
376,763
|
|||||||
Metals & Mining – 0.3%
|
|||||||
2,900
|
Coeur Mining, Inc.*
|
16,240
|
|||||
1,570
|
Warrior Met Coal, Inc.
|
33,739
|
|||||
49,979
|
|||||||
TOTAL MATERIALS
|
426,742
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
UTILITIES – 0.4%
|
|||||||
Water Utilities – 0.4%
|
|||||||
830
|
American States Water Co.
|
$
|
78,169
|
||||
TOTAL UTILITIES
|
78,169
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $17,058,410)
|
18,454,049
|
||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 4.3%
|
|||||||
200
|
Centerspace
|
20,438
|
|||||
1,911
|
Community Healthcare Trust, Inc.
|
82,230
|
|||||
1,950
|
Easterly Government Properties, Inc.
|
40,891
|
|||||
1,810
|
Essential Properties Realty Trust, Inc.
|
48,924
|
|||||
7,344
|
Hersha Hospitality Trust*
|
64,848
|
|||||
749
|
Innovative Industrial Properties, Inc.
|
192,366
|
|||||
250
|
Life Storage, Inc.
|
33,035
|
|||||
1,430
|
The Macerich Co.
|
26,970
|
|||||
1,910
|
National Storage Affiliates Trust
|
117,236
|
|||||
4,980
|
OUTFRONT Media Inc.
|
124,450
|
|||||
1,390
|
RPT Realty
|
17,681
|
|||||
630
|
Safehold Inc.
|
45,070
|
|||||
2,040
|
Whitestone REIT
|
18,890
|
|||||
TOTAL REITS
|
|||||||
(Cost $744,531)
|
833,029
|
||||||
RIGHTS – 0.0%
|
|||||||
7,920
|
NewStar Financial, Inc. CVR*1
|
818
|
|||||
TOTAL RIGHTS
|
|||||||
(Cost $—)
|
818
|
||||||
SHORT-TERM INVESTMENT – 1.3%
|
|||||||
237,331
|
First American Treasury Obligations Fund – Class X, 0.01%3
|
237,331
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $237,331)
|
237,331
|
||||||
TOTAL INVESTMENTS – 101.4%
|
|||||||
(Cost $18,040,272)
|
19,525,227
|
||||||
Liabilities in Excess of Other Assets – (1.4)%
|
(266,430
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
19,258,797
|
*
|
Non-Income producing security
|
1
|
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.
|
2
|
Foreign security denominated in U.S. Dollars.
|
3
|
The rate is the annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Industrials
|
18.1
|
%
|
|||
Information Technology
|
17.7
|
%
|
|||
Health Care
|
16.6
|
%
|
|||
Financials
|
13.9
|
%
|
|||
Consumer Discretionary
|
12.4
|
%
|
|||
Consumer Staples
|
6.7
|
%
|
|||
Communication Services
|
4.4
|
%
|
|||
Energy
|
3.4
|
%
|
|||
Materials
|
2.2
|
%
|
|||
Utilities
|
0.4
|
%
|
|||
Total Common Stocks
|
95.8
|
%
|
|||
REITs
|
4.3
|
%
|
|||
Rights
|
0.0
|
%
|
|||
Short-Term Investment
|
1.3
|
%
|
|||
Total Investments
|
101.4
|
%
|
|||
Liabilities in Excess of Other Assets
|
(1.4
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 94.8%
|
|||||||
COMMUNICATION SERVICES – 13.6%
|
|||||||
Entertainment – 1.5%
|
|||||||
530
|
Activision Blizzard, Inc.
|
$
|
31,058
|
||||
216
|
Netflix Inc.*
|
138,650
|
|||||
169,708
|
|||||||
Interactive Media & Services – 11.5%
|
|||||||
102
|
Alphabet Inc. – Class A*
|
289,471
|
|||||
165
|
Alphabet Inc. – Class C*
|
470,092
|
|||||
1,551
|
Meta Platforms, Inc. – Class A*
|
503,237
|
|||||
1,262,800
|
|||||||
Media – 0.6%
|
|||||||
102
|
Charter Communications, Inc. – Class A*
|
65,921
|
|||||
TOTAL COMMUNICATION SERVICES
|
1,498,429
|
||||||
CONSUMER DISCRETIONARY – 11.7%
|
|||||||
Internet & Direct Marketing Retail – 6.5%
|
|||||||
615
|
Alibaba Group Holding Ltd. – ADR*1
|
78,431
|
|||||
179
|
Amazon.com, Inc.*
|
627,766
|
|||||
706,197
|
|||||||
Leisure Products – 0.9%
|
|||||||
1,053
|
YETI Holdings, Inc.*
|
97,045
|
|||||
Specialty Retail – 3.1%
|
|||||||
314
|
Five Below, Inc.*
|
63,880
|
|||||
165
|
O’Reilly Automotive, Inc.*
|
105,296
|
|||||
1,597
|
Ross Stores, Inc.
|
174,217
|
|||||
343,393
|
|||||||
Textiles, Apparel & Luxury Goods – 1.2%
|
|||||||
125
|
Lululemon Athletica, Inc.*
|
56,801
|
|||||
458
|
NIKE, Inc. – Class B
|
77,512
|
|||||
134,313
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
1,280,948
|
||||||
CONSUMER STAPLES – 3.5%
|
|||||||
Food & Staples Retailing – 3.1%
|
|||||||
631
|
Costco Wholesale Corp.
|
340,349
|
|||||
Personal Products – 0.4%
|
|||||||
916
|
Unilever PLC – ADR1
|
46,578
|
|||||
TOTAL CONSUMER STAPLES
|
386,927
|
||||||
FINANCIALS – 2.3%
|
|||||||
Capital Markets – 1.6%
|
|||||||
1,370
|
Intercontinental Exchange, Inc.
|
179,086
|
|||||
Insurance – 0.7%
|
|||||||
449
|
Marsh & McLennan Cos, Inc.
|
73,645
|
|||||
TOTAL FINANCIALS
|
252,731
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
HEALTH CARE – 11.1%
|
|||||||
Biotechnology – 0.5%
|
|||||||
536
|
Horizon Therapeutics PLC*1
|
$
|
55,615
|
||||
Health Care Equipment & Supplies – 2.4%
|
|||||||
756
|
Abbott Laboratories
|
95,082
|
|||||
631
|
Edwards Lifesciences Corp.*
|
67,713
|
|||||
438
|
Stryker Corp.
|
103,644
|
|||||
266,439
|
|||||||
Health Care Providers & Services – 2.4%
|
|||||||
600
|
UnitedHealth Group Inc.
|
266,532
|
|||||
Health Care Technology – 0.7%
|
|||||||
319
|
Inspire Medical Systems, Inc.*
|
71,223
|
|||||
Life Sciences Tools & Services – 2.4%
|
|||||||
821
|
Danaher Corp.
|
264,066
|
|||||
Pharmaceuticals – 2.7%
|
|||||||
1,001
|
AstraZeneca PLC – ADR1
|
54,885
|
|||||
947
|
Eli Lilly & Co.
|
234,894
|
|||||
289,779
|
|||||||
TOTAL HEALTH CARE
|
1,213,654
|
||||||
INDUSTRIALS – 5.5%
|
|||||||
Aerospace & Defense – 1.3%
|
|||||||
207
|
Axon Enterprise, Inc.*
|
34,940
|
|||||
182
|
TransDigm Group, Inc.*
|
105,205
|
|||||
140,145
|
|||||||
Electrical Equipment – 0.7%
|
|||||||
575
|
AMETEK, Inc.
|
78,488
|
|||||
Industrial Conglomerates – 0.8%
|
|||||||
195
|
Roper Technologies, Inc.
|
90,509
|
|||||
Professional Services – 1.7%
|
|||||||
558
|
TransUnion
|
62,044
|
|||||
552
|
Verisk Analytics, Inc.
|
124,128
|
|||||
186,172
|
|||||||
Road & Rail – 0.6%
|
|||||||
206
|
Saia, Inc.*
|
68,223
|
|||||
Trading Companies & Distributors – 0.4%
|
|||||||
112
|
United Rentals, Inc.*
|
37,939
|
|||||
TOTAL INDUSTRIALS
|
601,476
|
||||||
INFORMATION TECHNOLOGY – 45.6%
|
|||||||
IT Services – 7.5%
|
|||||||
454
|
EPAM Systems, Inc.*
|
276,282
|
|||||
506
|
Fidelity National Information Services, Inc.
|
52,877
|
|||||
517
|
Mastercard Inc. – Class A
|
162,814
|
|||||
679
|
PayPal Holdings, Inc.*
|
125,540
|
|||||
1,064
|
Visa Inc. – Class A
|
206,171
|
|||||
823,684
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INFORMATION TECHNOLOGY (Continued)
|
|||||||
Semiconductors & Semiconductor Equipment – 6.5%
|
|||||||
573
|
Advanced Micro Devices, Inc.*
|
$
|
90,746
|
||||
177
|
Broadcom Inc.
|
98,001
|
|||||
322
|
KLA Corp.
|
131,418
|
|||||
1,202
|
NVIDIA Corp.
|
392,766
|
|||||
712,931
|
|||||||
Software – 18.7%
|
|||||||
299
|
Adobe, Inc.*
|
200,285
|
|||||
251
|
ANSYS, Inc.*
|
98,261
|
|||||
395
|
Five9, Inc.*
|
56,220
|
|||||
579
|
Fortinet, Inc.*
|
192,292
|
|||||
224
|
Intuit, Inc.
|
146,115
|
|||||
3,262
|
Microsoft Corp.
|
1,078,385
|
|||||
650
|
salesforce.com, Inc.*
|
185,224
|
|||||
160
|
ServiceNow, Inc.*
|
103,632
|
|||||
2,060,414
|
|||||||
Technology Hardware, Storage & Peripherals – 12.9%
|
|||||||
8,552
|
Apple Inc.
|
1,413,646
|
|||||
TOTAL INFORMATION TECHNOLOGY
|
5,010,675
|
||||||
MATERIALS – 1.5%
|
|||||||
Chemicals – 1.5%
|
|||||||
741
|
Ecolab Inc.
|
164,109
|
|||||
TOTAL MATERIALS
|
164,109
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $4,395,298)
|
10,408,949
|
||||||
REAL ESTATE INVESTMENT TRUST (REIT) – 0.8%
|
|||||||
116
|
Equinix, Inc.
|
94,215
|
|||||
TOTAL REIT
|
|||||||
(Cost $61,621)
|
94,215
|
||||||
SHORT-TERM INVESTMENT – 4.5%
|
|||||||
490,226
|
First American Treasury Obligations Fund – Class X, 0.01%2
|
490,226
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $490,226)
|
490,226
|
||||||
TOTAL INVESTMENTS – 100.1%
|
|||||||
(Cost $4,947,145)
|
10,993,390
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(14,967
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
10,978,423
|
*
|
Non-Income producing security
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Information Technology
|
45.6
|
%
|
|||
Communication Services
|
13.6
|
%
|
|||
Consumer Discretionary
|
11.7
|
%
|
|||
Health Care
|
11.1
|
%
|
|||
Industrials
|
5.5
|
%
|
|||
Consumer Staples
|
3.5
|
%
|
|||
Financials
|
2.3
|
%
|
|||
Materials
|
1.5
|
%
|
|||
Total Common Stocks
|
94.8
|
%
|
|||
REIT
|
0.8
|
%
|
|||
Short-Term Investment
|
4.5
|
%
|
|||
Total Investments
|
100.1
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.1
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
EXCHANGE TRADED FUNDS (ETFS) – 3.4%
|
|||||||
35,000
|
AdvisorShares North Square McKee ESG Core Bond ETF
|
$
|
900,900
|
||||
7,285
|
Vanguard® Value ETF
|
1,008,244
|
|||||
TOTAL ETFS
|
|||||||
(Cost $1,902,638)
|
1,909,144
|
||||||
MUTUAL FUNDS – 96.5%
|
|||||||
559,061
|
North Square Advisory Research All Cap Value Fund – Class I1
|
6,603,512
|
|||||
100,109
|
North Square Altrinsic International Equity Fund – Class I1
|
1,021,563
|
|||||
903,447
|
North Square Dynamic Small Cap Fund – Class I1
|
16,981,469
|
|||||
151,105
|
North Square McKee Bond Fund – Class I1
|
1,486,408
|
|||||
431,706
|
North Square Oak Ridge All Cap Growth Fund – Class I1
|
10,308,791
|
|||||
579,780
|
North Square Oak Ridge Dividend Growth Fund – Class I1
|
14,367,180
|
|||||
222,311
|
North Square Strategic Income Fund – Class I1
|
2,226,022
|
|||||
106,809
|
Wavelength Interest Rate Neutral Fund
|
1,172,759
|
|||||
TOTAL MUTUAL FUNDS
|
|||||||
(Cost $35,788,958)
|
54,167,704
|
||||||
SHORT-TERM INVESTMENT – 0.6%
|
|||||||
314,654
|
First American Treasury Obligations Fund – Class X, 0.01%2
|
314,654
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $314,654)
|
314,654
|
||||||
TOTAL INVESTMENTS – 100.5%
|
|||||||
(Cost $38,006,250)
|
56,391,502
|
||||||
Liabilities in Excess of Other Assets – (0.5)%
|
(254,739
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
56,136,763
|
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
|
||||
ETFs
|
3.4
|
%
|
|||
Mutual Funds
|
96.5
|
%
|
|||
Short-Term Investment
|
0.6
|
%
|
|||
Total Investments
|
100.5
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.5
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 93.8%
|
|||||||
CONSUMER DISCRETIONARY – 12.9%
|
|||||||
Distributors – 2.8%
|
|||||||
8,008
|
LKQ Corp.
|
$
|
447,647
|
||||
Multiline Retail – 3.7%
|
|||||||
2,483
|
Target Corp.
|
605,455
|
|||||
Specialty Retail – 6.4%
|
|||||||
1,682
|
The Home Depot, Inc.
|
673,826
|
|||||
5,188
|
The TJX Co., Inc.
|
360,047
|
|||||
1,033,873
|
|||||||
TOTAL CONSUMER DISCRETIONARY
|
2,086,975
|
||||||
CONSUMER STAPLES – 3.7%
|
|||||||
Food Products – 2.4%
|
|||||||
6,579
|
Mondelez International, Inc. – Class A
|
387,766
|
|||||
Personal Products – 1.3%
|
|||||||
4,171
|
Unilever PLC – ADR1
|
212,096
|
|||||
TOTAL CONSUMER STAPLES
|
599,862
|
||||||
ENERGY – 5.0%
|
|||||||
Oil, Gas & Consumable Fuels – 5.0%
|
|||||||
19,526
|
Enterprise Products Partners LP
|
417,661
|
|||||
25,092
|
Kinder Morgan, Inc.
|
387,922
|
|||||
TOTAL ENERGY
|
805,583
|
||||||
FINANCIALS – 15.8%
|
|||||||
Banks – 4.0%
|
|||||||
4,093
|
JPMorgan Chase & Co.
|
650,091
|
|||||
Capital Markets – 11.8%
|
|||||||
769
|
BlackRock, Inc.
|
695,645
|
|||||
5,649
|
The Blackstone Group Inc. – Class A
|
799,051
|
|||||
1,812
|
CME Group Inc. – Class A
|
399,583
|
|||||
1,894,279
|
|||||||
TOTAL FINANCIALS
|
2,544,370
|
||||||
HEALTH CARE – 13.1%
|
|||||||
Biotechnology – 2.7%
|
|||||||
3,793
|
AbbVie Inc.
|
437,257
|
|||||
Health Care Providers & Services – 3.8%
|
|||||||
1,369
|
UnitedHealth Group Inc.
|
608,137
|
|||||
Pharmaceuticals – 6.6%
|
|||||||
7,094
|
AstraZeneca PLC – ADR1
|
388,964
|
|||||
2,737
|
Eli Lilly & Co.
|
678,886
|
|||||
1,067,850
|
|||||||
TOTAL HEALTH CARE
|
2,113,244
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS – 8.4%
|
|||||||
Machinery – 5.2%
|
|||||||
1,890
|
Illinois Tool Works, Inc.
|
$
|
438,764
|
||||
2,294
|
Stanley Black & Decker, Inc.
|
400,899
|
|||||
839,663
|
|||||||
Trading Companies & Distributors – 3.2%
|
|||||||
1,734
|
Watsco, Inc.
|
507,559
|
|||||
TOTAL INDUSTRIALS
|
1,347,222
|
||||||
INFORMATION TECHNOLOGY – 30.8%
|
|||||||
Electronic Equipment, Instruments & Components – 2.5%
|
|||||||
11,119
|
Corning, Inc.
|
412,404
|
|||||
IT Services – 3.7%
|
|||||||
2,685
|
Fidelity National Information Services, Inc.
|
280,583
|
|||||
1,642
|
Visa Inc. – Class A
|
318,170
|
|||||
598,753
|
|||||||
Semiconductors & Semiconductor Equipment – 10.7%
|
|||||||
1,290
|
Broadcom Inc.
|
714,247
|
|||||
3,956
|
QUALCOMM, Inc.
|
714,296
|
|||||
1,955
|
Skyworks Solutions, Inc.
|
296,495
|
|||||
1,725,038
|
|||||||
Software – 8.8%
|
|||||||
4,275
|
Microsoft Corp.
|
1,413,272
|
|||||
Technology Hardware, Storage & Peripherals – 5.1%
|
|||||||
4,992
|
Apple Inc.
|
825,177
|
|||||
TOTAL INFORMATION TECHNOLOGY
|
4,974,644
|
||||||
MATERIALS – 4.1%
|
|||||||
Chemicals – 2.4%
|
|||||||
1,225
|
Linde PLC1
|
389,721
|
|||||
Metals & Mining – 1.7%
|
|||||||
4,979
|
Newmont Corp.
|
273,447
|
|||||
TOTAL MATERIALS
|
663,168
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $8,855,928)
|
15,135,068
|
||||||
REAL ESTATE INVESTMENT TRUST (REIT) – 3.6%
|
|||||||
3,871
|
Prologis, Inc.
|
583,553
|
|||||
TOTAL REIT
|
|||||||
(Cost $362,378)
|
583,553
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 2.6%
|
|||||||
414,515
|
First American Treasury Obligations Fund – Class X, 0.01%2
|
$
|
414,515
|
||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $414,515)
|
414,515
|
||||||
TOTAL INVESTMENTS – 100.0%
|
|||||||
(Cost $9,632,821)
|
16,133,136
|
||||||
Liabilities in Excess of Other Assets – (0.0)%
|
(6,632
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
16,126,504
|
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
|
30.8
|
%
|
|||
Financials
|
15.8
|
%
|
|||
Health Care
|
13.1
|
%
|
|||
Consumer Discretionary
|
12.9
|
%
|
|||
Industrials
|
8.4
|
%
|
|||
Energy
|
5.0
|
%
|
|||
Materials
|
4.1
|
%
|
|||
Consumer Staples
|
3.7
|
%
|
|||
Total Common Stocks
|
93.8
|
%
|
|||
REIT
|
3.6
|
%
|
|||
Short-Term Investment
|
2.6
|
%
|
|||
Total Investments
|
100.0
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.0
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
EXCHANGE TRADED FUNDS (ETFS) – 90.5%
|
|||||||
744,317
|
Financial Select Sector SPDR® Fund
|
$
|
28,254,273
|
||||
277,987
|
Invesco QQQ Trust, Series 1
|
109,476,840
|
|||||
860,709
|
iShares® MSCI Canada ETF
|
32,173,303
|
|||||
115,993
|
iShares® Russell 2000® Growth ETF
|
33,880,395
|
|||||
476,313
|
iShares® Russell 2000® Value ETF
|
76,433,947
|
|||||
129,440
|
SPDR® S&P 500® ETF Trust
|
58,967,687
|
|||||
281,887
|
Vanguard® Growth ETF
|
89,186,228
|
|||||
796,135
|
Vanguard® Short-Term Inflation-Protected Securities ETF
|
41,494,556
|
|||||
490,498
|
Vanguard® Value ETF
|
67,884,923
|
|||||
TOTAL ETFS
|
|||||||
(Cost $348,404,493)
|
537,752,152
|
||||||
SHORT-TERM INVESTMENT – 9.3%
|
|||||||
55,041,626
|
First American Treasury Obligations Fund – Class X, 0.01%1
|
55,041,626
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $55,041,626)
|
55,041,626
|
||||||
TOTAL INVESTMENTS – 99.8%
|
|||||||
(Cost $403,446,119)
|
592,793,778
|
||||||
Other Assets in Excess of Liabilities – 0.2%
|
1,370,605
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
594,164,383
|
1
|
The rate is annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
ETFs
|
90.5
|
%
|
|||
Short-Term Investment
|
9.3
|
%
|
|||
Total Investments
|
99.8
|
%
|
|||
Other Assets in Excess of Liabilities
|
0.2
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
EXCHANGE TRADED FUNDS (ETFS) – 74.8%
|
|||||||
24,374
|
Invesco QQQ Trust, Series 1
|
$
|
9,598,969
|
||||
20,818
|
iShares® Core S&P 500® ETF
|
9,526,941
|
|||||
310,012
|
SPDR® Portfolio Developed World ex-US ETF
|
11,042,627
|
|||||
35,464
|
SPDR® Portfolio Emerging Markets ETF
|
1,477,430
|
|||||
436,966
|
SPDR® Portfolio S&P 500® ETF
|
23,430,117
|
|||||
52,936
|
SPDR® Portfolio S&P 600® Small Cap ETF
|
2,277,307
|
|||||
TOTAL ETFS
|
|||||||
(Cost $45,468,885)
|
57,353,391
|
||||||
SHORT-TERM INVESTMENT – 1.6%
|
|||||||
1,185,960
|
First American Treasury Obligations Fund – Class X, 0.01%1
|
1,185,960
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $1,185,960)
|
1,185,960
|
||||||
TOTAL INVESTMENTS – 76.4%
|
|||||||
(Cost $46,654,845)
|
58,539,351
|
||||||
Other Assets in Excess of Liabilities – 23.6%
|
18,096,851
|
||||||
TOTAL NET ASSETS – 100.0%
|
$
|
76,636,202
|
1
|
The rate is annualized seven-day yield at period end.
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
ETFs
|
74.8
|
%
|
|||
Short-Term Investment
|
1.6
|
%
|
|||
Total Investments
|
76.4
|
%
|
|||
Other Assets in Excess of Liabilities
|
23.6
|
%
|
|||
Total Net Assets
|
100.0
|
%
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS – 33.3%
|
|||||||
CONSUMER DISCRETIONARY – 6.0%
|
|||||||
Hotels, Restaurants & Leisure – 1.3%
|
|||||||
2,403
|
McDonald’s Corp.
|
$
|
587,774
|
||||
Household Durables – 1.6%
|
|||||||
5,295
|
Garmin Ltd.1
|
707,094
|
|||||
Multiline Retail – 1.5%
|
|||||||
2,663
|
Target Corp.
|
649,346
|
|||||
Specialty Retail – 1.6%
|
|||||||
1,825
|
The Home Depot, Inc.
|
731,113
|
|||||
TOTAL CONSUMER DISCRETIONARY
|
2,675,327
|
||||||
CONSUMER STAPLES – 3.1%
|
|||||||
Food & Staples Retailing – 1.8%
|
|||||||
4,523
|
Sysco Corp.
|
316,791
|
|||||
3,413
|
Walmart Inc.
|
479,970
|
|||||
796,761
|
|||||||
Food Products – 0.5%
|
|||||||
3,744
|
General Mills, Inc.
|
231,267
|
|||||
Household Products – 0.8%
|
|||||||
2,298
|
The Procter & Gamble Co
|
332,245
|
|||||
TOTAL CONSUMER STAPLES
|
1,360,273
|
||||||
FINANCIALS – 4.4%
|
|||||||
Banks – 3.3%
|
|||||||
19,787
|
Fifth Third Bancorp
|
834,022
|
|||||
10,791
|
Truist Financial Corp.
|
640,014
|
|||||
1,474,036
|
|||||||
Insurance – 1.1%
|
|||||||
8,647
|
Aflac, Inc.
|
468,149
|
|||||
TOTAL FINANCIALS
|
1,942,185
|
||||||
HEALTH CARE – 6.5%
|
|||||||
Health Care Equipment & Supplies – 1.3%
|
|||||||
4,481
|
Abbott Laboratories
|
563,575
|
|||||
Pharmaceuticals – 5.2%
|
|||||||
4,207
|
Eli Lilly & Co.
|
1,043,504
|
|||||
2,097
|
Johnson & Johnson
|
326,985
|
|||||
5,288
|
Merck & Co., Inc.
|
396,124
|
|||||
10,369
|
Pfizer Inc.
|
557,127
|
|||||
2,323,740
|
|||||||
TOTAL HEALTH CARE
|
2,887,315
|
||||||
INDUSTRIALS – 4.5%
|
|||||||
Aerospace & Defense – 0.9%
|
|||||||
1,910
|
L3Harris Technologies, Inc.
|
399,343
|
Number
|
|||||||
of Shares
|
Value
|
||||||
COMMON STOCKS (Continued)
|
|||||||
INDUSTRIALS (Continued)
|
|||||||
Commercial Services & Supplies – 1.7%
|
|||||||
4,719
|
Waste Management, Inc.
|
$
|
758,201
|
||||
Machinery – 1.1%
|
|||||||
2,033
|
Illinois Tool Works, Inc.
|
471,961
|
|||||
Trading Companies & Distributors – 0.8%
|
|||||||
756
|
W.W. Grainger, Inc.
|
363,946
|
|||||
TOTAL INDUSTRIALS
|
1,993,451
|
||||||
INFORMATION TECHNOLOGY – 6.7%
|
|||||||
Communications Equipment – 1.6%
|
|||||||
12,699
|
Cisco Systems, Inc.
|
696,413
|
|||||
Software – 2.4%
|
|||||||
3,202
|
Microsoft Corp.
|
1,058,549
|
|||||
Technology Hardware, Storage & Peripherals – 2.7%
|
|||||||
7,416
|
Apple Inc.
|
1,225,865
|
|||||
TOTAL INFORMATION TECHNOLOGY
|
2,980,827
|
||||||
UTILITIES – 2.1%
|
|||||||
Electric Utilities – 1.8%
|
|||||||
3,195
|
Eversource Energy
|
262,853
|
|||||
8,526
|
The Southern Co.
|
520,939
|
|||||
783,792
|
|||||||
Multi-Utilities – 0.3%
|
|||||||
2,211
|
Dominion Energy, Inc.
|
157,423
|
|||||
TOTAL UTILITIES
|
941,215
|
||||||
TOTAL COMMON STOCKS
|
|||||||
(Cost $6,022,833)
|
14,780,593
|
||||||
EXCHANGE TRADED FUNDS (ETFS) – 56.2%
|
|||||||
25,250
|
iShares® Broad USD High Yield Corporate Bond ETF
|
1,025,403
|
|||||
26,320
|
iShares® Core Dividend Growth ETF
|
1,378,115
|
|||||
38,500
|
iShares® MBS ETF
|
4,141,445
|
|||||
17,382
|
Schwab® US Dividend Equity ETF
|
1,319,641
|
|||||
200,900
|
SPDR® Portfolio Intermediate Term Corporate Bond ETF
|
7,272,580
|
|||||
65,900
|
SPDR® Portfolio Long-Term Corporate Bond ETF
|
2,101,551
|
|||||
133,700
|
SPDR® Portfolio Short-Term Corporate Bond ETF
|
4,147,374
|
|||||
65,100
|
VanEck Fallen Angel High Yield Bond ETF
|
2,110,542
|
|||||
8,734
|
Vanguard® Dividend Appreciation ETF
|
1,414,821
|
|||||
TOTAL ETFS
|
|||||||
(Cost $22,671,694)
|
24,911,472
|
Notional
|
|||||||||||
Contracts
|
Amount
|
Value
|
|||||||||
PURCHASED OPTIONS – 13.7%
|
|||||||||||
CALL OPTIONS – 7.6%
|
|||||||||||
S&P 500® Index
|
|||||||||||
5
|
Expiration: December 2021, Exercise Price $3,100.00
|
$
|
2,283,500
|
$
|
739,850
|
||||||
5
|
Expiration: December 2021, Exercise Price $4,450.00
|
2,283,500
|
89,450
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,850.00
|
4,567,000
|
1,700
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,850.00
|
4,567,000
|
100
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,800.00
|
4,567,000
|
1,375
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,800.00
|
4,567,000
|
7,100
|
||||||||
10
|
Expiration: December 2022, Exercise Price $4,600.00
|
4,567,000
|
372,700
|
||||||||
10
|
Expiration: December 2022, Exercise Price $2,400.00
|
4,567,000
|
2,176,100
|
||||||||
3,388,375
|
|||||||||||
PUT OPTIONS – 6.1%
|
|||||||||||
S&P 500® Index
|
|||||||||||
10
|
Expiration: December 2021, Exercise Price $4,450.00
|
4,567,000
|
62,100
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,525.00
|
4,567,000
|
51,650
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,450.00
|
4,567,000
|
34,950
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,600.00
|
4,567,000
|
49,250
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,500.00
|
4,567,000
|
18,100
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,500.00
|
4,567,000
|
61,900
|
||||||||
10
|
Expiration: December 2021, Exercise Price $4,575.00
|
4,567,000
|
84,200
|
||||||||
15
|
Expiration: December 2021, Exercise Price $2,825.00
|
6,850,500
|
1,350
|
||||||||
5
|
Expiration: December 2021, Exercise Price $3,200.00
|
2,283,500
|
1,000
|
||||||||
5
|
Expiration: December 2021, Exercise Price $3,150.00
|
2,283,500
|
900
|
||||||||
10
|
Expiration: December 2021, Exercise Price $3,050.00
|
4,567,000
|
1,450
|
||||||||
10
|
Expiration: December 2021, Exercise Price $3,000.00
|
4,567,000
|
1,300
|
||||||||
10
|
Expiration: December 2021, Exercise Price $2,900.00
|
4,567,000
|
1,050
|
||||||||
10
|
Expiration: June 2022, Exercise Price $3,750.00
|
4,567,000
|
102,650
|
||||||||
10
|
Expiration: June 2022, Exercise Price $3,400.00
|
4,567,000
|
65,700
|
||||||||
15
|
Expiration: June 2022, Exercise Price $3,325.00
|
6,850,500
|
89,625
|
||||||||
20
|
Expiration: June 2022, Exercise Price $3,525.00
|
9,134,000
|
154,100
|
||||||||
5
|
Expiration: December 2022, Exercise Price $4,225.00
|
2,283,500
|
147,400
|
||||||||
10
|
Expiration: December 2022, Exercise Price $4,025.00
|
4,567,000
|
242,200
|
||||||||
20
|
Expiration: December 2022, Exercise Price $4,000.00
|
9,134,000
|
472,400
|
||||||||
SPDR® S&P 500® ETF Trust
|
|||||||||||
50
|
Expiration: June 2023, Exercise Price $395.00
|
2,277,800
|
147,200
|
||||||||
100
|
Expiration: June 2023, Exercise Price $365.00
|
4,555,600
|
223,500
|
||||||||
100
|
Expiration: June 2023, Exercise Price $385.00
|
4,555,600
|
269,200
|
||||||||
50
|
Expiration: June 2023, Exercise Price $400.00
|
2,277,800
|
153,800
|
||||||||
100
|
Expiration: June 2023, Exercise Price $375.00
|
4,555,600
|
245,600
|
||||||||
2,682,575
|
|||||||||||
TOTAL PURCHASED OPTIONS
|
|||||||||||
(Cost $5,846,652)
|
6,070,950
|
Number
|
|||||||
of Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT – 1.7%
|
|||||||
739,035
|
First American Treasury Obligations Fund – Class X, 0.01%2
|
739,035
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
|||||||
(Cost $739,035)
|
739,035
|
||||||
TOTAL INVESTMENTS – 104.9%
|
|||||||
(Cost $35,280,214)
|
46,502,050
|
||||||
Liabilities in Excess of Other Assets – (4.9)%
|
(2,164,258
|
)
|
|||||
TOTAL NET ASSETS – 100.0%
|
$
|
44,337,792
|
1
|
Foreign security denominated in U.S. Dollars.
|
2
|
The rate is annualized seven-day yield at period end.
|
Notional
|
|||||||||||
Contracts
|
Amount
|
Value
|
|||||||||
CALL OPTIONS
|
|||||||||||
S&P 500® Index
|
|||||||||||
10
|
Expiration: December 2021, Exercise Price: $4,700.00
|
$
|
4,700,000
|
$
|
22,500
|
||||||
10
|
Expiration: December 2021, Exercise Price: $4,700.00
|
4,700,000
|
2,250
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,650.00
|
4,650,000
|
29,900
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,650.00
|
4,650,000
|
55,150
|
||||||||
20
|
Expiration: June 2023, Exercise Price: $4,850.00
|
9,700,000
|
641,200
|
||||||||
20
|
Expiration: June 2023, Exercise Price: $5,000.00
|
10,000,000
|
501,300
|
||||||||
1,252,300
|
|||||||||||
PUT OPTIONS
|
|||||||||||
S&P 500® Index
|
|||||||||||
10
|
Expiration: December 2021, Exercise Price: $4,475.00
|
4,475,000
|
55,850
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,700.00
|
4,700,000
|
143,550
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,475.00
|
4,475,000
|
13,950
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,700.00
|
4,700,000
|
121,450
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,425.00
|
4,425,000
|
30,650
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,650.00
|
4,650,000
|
100,200
|
||||||||
10
|
Expiration: December 2021, Exercise Price: $4,650.00
|
4,650,000
|
126,450
|
||||||||
20
|
Expiration: December 2022, Exercise Price: $3,550.00
|
7,100,000
|
297,700
|
||||||||
10
|
Expiration: December 2022, Exercise Price: $3,575.00
|
3,575,000
|
152,250
|
||||||||
5
|
Expiration: December 2022, Exercise Price: $3,750.00
|
1,875,000
|
91,525
|
||||||||
1,133,575
|
|||||||||||
TOTAL WRITTEN OPTIONS
|
|||||||||||
(Premium received $1,847,580)
|
$
|
2,385,875
|
Percent of Total
|
|||||
Security Type/Sector
|
Net Assets
|
||||
Common Stocks
|
|||||
Information Technology
|
6.7
|
%
|
|||
Health Care
|
6.5
|
%
|
|||
Consumer Discretionary
|
6.0
|
%
|
|||
Industrials
|
4.5
|
%
|
|||
Financials
|
4.4
|
%
|
|||
Consumer Staples
|
3.1
|
%
|
|||
Utilities
|
2.1
|
%
|
|||
Total Common Stocks
|
33.3
|
%
|
|||
ETFs
|
56.2
|
%
|
|||
Purchased Options
|
|||||
Call Options
|
7.6
|
%
|
|||
Put Options
|
6.1
|
%
|
|||
Total Purchased Options
|
13.7
|
%
|
|||
Short-Term Investment
|
1.7
|
%
|
|||
Total Investments
|
104.9
|
%
|
|||
Liabilities in Excess of Other Assets
|
(4.9
|
)%
|
|||
Total Net Assets
|
100.0
|
%
|
North Square
|
North Square
|
North Square
|
||||||||||||||
Oak Ridge
|
Dynamic
|
Oak Ridge
|
North Square
|
|||||||||||||
Small Cap
|
Small Cap
|
All Cap
|
Multi Strategy
|
|||||||||||||
Growth Fund
|
Fund
|
Growth Fund
|
Fund
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments, at cost
|
$
|
89,998,129
|
$
|
18,040,272
|
$
|
4,947,145
|
$
|
3,318,791
|
||||||||
Investments in affiliated issuers, at cost
|
—
|
—
|
—
|
34,687,459
|
||||||||||||
Investments, at value
|
$
|
141,323,380
|
$
|
19,525,227
|
$
|
10,993,390
|
$
|
3,396,557
|
||||||||
Investments in affiliated issuers, at value
|
—
|
—
|
—
|
52,994,945
|
||||||||||||
Receivables:
|
||||||||||||||||
Fund shares sold
|
50,024
|
52,459
|
—
|
1,874
|
||||||||||||
Dividends and interest
|
7,232
|
24,657
|
4,411
|
8
|
||||||||||||
Investment securities sold
|
—
|
694,754
|
—
|
—
|
||||||||||||
Prepaid expenses
|
33,929
|
14,185
|
10,144
|
25,775
|
||||||||||||
Total assets
|
141,414,565
|
20,311,282
|
11,007,945
|
56,419,159
|
||||||||||||
Liabilities:
|
||||||||||||||||
Payables:
|
||||||||||||||||
Fund shares redeemed
|
98,006
|
—
|
—
|
21,991
|
||||||||||||
Payable for investment securities purchased
|
—
|
1,008,587
|
—
|
—
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Due to Advisor (Note 4)
|
106,022
|
7,518
|
3,246
|
174,472
|
||||||||||||
Fund administration fees
|
65,786
|
9,858
|
6,153
|
24,309
|
||||||||||||
Legal fees
|
65,658
|
9,361
|
5,442
|
24,474
|
||||||||||||
Transfer agent fees
|
30,461
|
4,556
|
2,809
|
11,096
|
||||||||||||
Auditing fees
|
28,660
|
4,237
|
6,410
|
8,267
|
||||||||||||
Distribution fees (Note 8)
|
18,383
|
—
|
—
|
9,585
|
||||||||||||
Shareholder servicing fees (Note 7)
|
11,387
|
3,485
|
1,848
|
4,476
|
||||||||||||
Chief Compliance Officer fees (Note 4)
|
5,293
|
545
|
336
|
1,122
|
||||||||||||
Custody fees
|
1,174
|
3,134
|
976
|
976
|
||||||||||||
Due to Trustees
|
—
|
—
|
2,036
|
—
|
||||||||||||
Accrued other expenses
|
11,867
|
1,204
|
266
|
1,628
|
||||||||||||
Total liabilities
|
442,697
|
1,052,485
|
29,522
|
282,396
|
||||||||||||
Net Assets
|
$
|
140,971,868
|
$
|
19,258,797
|
$
|
10,978,423
|
$
|
56,136,763
|
||||||||
Components of Net Assets:
|
||||||||||||||||
Paid-in capital (par value of $0.01 per share
|
||||||||||||||||
with an unlimited number of shares authorized)
|
$
|
62,618,815
|
$
|
10,555,856
|
$
|
1,205,757
|
$
|
32,086,891
|
||||||||
Total distributable earnings
|
78,353,053
|
8,702,941
|
9,772,666
|
24,049,872
|
||||||||||||
Net Assets
|
$
|
140,971,868
|
$
|
19,258,797
|
$
|
10,978,423
|
$
|
56,136,763
|
North Square
|
North Square
|
North Square
|
||||||||||||||
Oak Ridge
|
Dynamic
|
Oak Ridge
|
North Square
|
|||||||||||||
Small Cap
|
Small Cap
|
All Cap
|
Multi Strategy
|
|||||||||||||
Growth Fund
|
Fund
|
Growth Fund
|
Fund
|
|||||||||||||
Maximum Offering Price per Share:
|
||||||||||||||||
Class A Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
83,190,963
|
$
|
—
|
$
|
—
|
$
|
44,823,452
|
||||||||
Shares of beneficial interest
|
||||||||||||||||
issued and outstanding
|
5,188,049
|
—
|
—
|
1,810,530
|
||||||||||||
Redemption price
|
16.04
|
—
|
—
|
24.76
|
||||||||||||
Maximum sales charge
|
||||||||||||||||
(5.75% of offering price)*
|
0.97
|
—
|
—
|
1.51
|
||||||||||||
Maximum offering price to public
|
$
|
17.01
|
$
|
—
|
$
|
—
|
$
|
26.27
|
||||||||
Class I Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
57,780,905
|
$
|
19,258,797
|
$
|
10,978,423
|
$
|
11,313,311
|
||||||||
Shares of beneficial interest
|
||||||||||||||||
issued and outstanding
|
3,146,020
|
1,024,639
|
459,749
|
433,754
|
||||||||||||
Redemption price
|
$
|
18.37
|
$
|
18.80
|
$
|
23.88
|
$
|
26.08
|
*
|
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
|
North Square
|
Trilogy
|
|||||||||||||
Dividend
|
Tactical
|
Tactical
|
Alternative
|
|||||||||||||
Growth Fund
|
Growth Fund
|
Defensive Fund
|
Return Fund
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments, at cost
|
$
|
9,632,821
|
$
|
403,446,119
|
$
|
46,654,845
|
$
|
35,280,214
|
||||||||
Investments, at value
|
$
|
16,133,136
|
$
|
592,793,778
|
$
|
58,539,351
|
$
|
46,502,050
|
||||||||
Receivables:
|
||||||||||||||||
Dividends and interest
|
18,834
|
581
|
6
|
34,383
|
||||||||||||
Fund shares sold
|
—
|
2,485,197
|
29,982
|
20,990
|
||||||||||||
Investment securities sold
|
—
|
—
|
18,208,788
|
—
|
||||||||||||
Deposit at broker for securities sold short
|
—
|
—
|
—
|
209,675
|
||||||||||||
Prepaid expenses
|
4,204
|
64,964
|
32,909
|
27,706
|
||||||||||||
Total assets
|
16,156,174
|
595,344,520
|
76,811,036
|
46,794,804
|
||||||||||||
Liabilities:
|
||||||||||||||||
Payables:
|
||||||||||||||||
Fund shares redeemed
|
—
|
251,230
|
29,402
|
1,874
|
||||||||||||
Broker interest and fees payable
|
—
|
—
|
—
|
94
|
||||||||||||
Written options contracts, at value
|
||||||||||||||||
(proceeds $1,847,580)
|
—
|
—
|
—
|
2,385,875
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Due to Advisor (Note 4)
|
8,237
|
441,833
|
80,416
|
33,621
|
||||||||||||
Legal fees
|
7,084
|
147,010
|
19,668
|
11,617
|
||||||||||||
Fund administration fees
|
6,568
|
45,350
|
8,207
|
5,625
|
||||||||||||
Auditing fees
|
4,078
|
43,387
|
6,052
|
3,727
|
||||||||||||
Transfer agent fees
|
2,228
|
41,019
|
6,469
|
4,136
|
||||||||||||
Custody fees
|
635
|
2,109
|
983
|
—
|
||||||||||||
Chief Compliance Officer fees (Note 4)
|
343
|
—
|
—
|
—
|
||||||||||||
Distribution fees (Note 8)
|
—
|
104,231
|
12,202
|
4,038
|
||||||||||||
Shareholder servicing fees (Note 7)
|
—
|
91,588
|
9,478
|
5,557
|
||||||||||||
Due to Trustees
|
—
|
9,461
|
1,318
|
848
|
||||||||||||
Accrued other expenses
|
497
|
2,919
|
639
|
—
|
||||||||||||
Total liabilities
|
29,670
|
1,180,137
|
174,834
|
2,457,012
|
||||||||||||
Net Assets
|
$
|
16,126,504
|
$
|
594,164,383
|
$
|
76,636,202
|
$
|
44,337,792
|
||||||||
Components of Net Assets:
|
||||||||||||||||
Paid-in capital (par value of
|
||||||||||||||||
$0.01 per share with an unlimited
|
||||||||||||||||
number of shares authorized)
|
$
|
8,479,281
|
$
|
390,556,390
|
$
|
84,161,856
|
$
|
37,442,986
|
||||||||
Total distributable earnings
|
||||||||||||||||
(accumulated deficit)
|
7,647,223
|
203,607,993
|
(7,525,654
|
)
|
6,894,806
|
|||||||||||
Net Assets
|
$
|
16,126,504
|
$
|
594,164,383
|
$
|
76,636,202
|
$
|
44,337,792
|
North Square
|
North Square
|
|||||||||||||||
Oak Ridge
|
North Square
|
North Square
|
Trilogy
|
|||||||||||||
Dividend
|
Tactical
|
Tactical
|
Alternative
|
|||||||||||||
Growth Fund
|
Growth Fund
|
Defensive Fund
|
Return Fund
|
|||||||||||||
Maximum Offering Price per Share:
|
||||||||||||||||
Class A Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
—
|
$
|
99,513,845
|
$
|
24,309,638
|
$
|
2,517,867
|
||||||||
Shares of beneficial interest
|
||||||||||||||||
issued and outstanding
|
—
|
6,420,599
|
1,449,514
|
216,488
|
||||||||||||
Redemption price
|
—
|
15.50
|
16.77
|
11.63
|
||||||||||||
Maximum sales charge
|
||||||||||||||||
(5.75% of offering price)*
|
—
|
0.94
|
1.02
|
0.71
|
||||||||||||
Maximum offering price to public
|
$
|
—
|
$
|
16.44
|
$
|
17.79
|
$
|
12.34
|
||||||||
Class C Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
—
|
$
|
98,513,531
|
$
|
8,412,503
|
$
|
4,243,766
|
||||||||
Shares of beneficial interest
|
||||||||||||||||
issued and outstanding
|
—
|
6,757,518
|
552,389
|
375,870
|
||||||||||||
Redemption price
|
$
|
—
|
$
|
14.58
|
$
|
15.23
|
$
|
11.29
|
||||||||
Class I Shares:
|
||||||||||||||||
Net assets applicable to shares outstanding
|
$
|
16,126,504
|
$
|
396,137,007
|
$
|
43,914,061
|
$
|
37,576,159
|
||||||||
Shares of beneficial interest
|
||||||||||||||||
issued and outstanding
|
650,776
|
25,081,924
|
2,554,757
|
3,216,042
|
||||||||||||
Redemption price
|
$
|
24.78
|
$
|
15.79
|
$
|
17.19
|
$
|
11.68
|
*
|
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
|
North Square
|
||||||||||||||
Oak Ridge
|
Dynamic
|
Oak Ridge
|
North Square
|
|||||||||||||
Small Cap
|
Small Cap
|
All Cap
|
Multi Strategy
|
|||||||||||||
Growth Fund
|
Fund
|
Growth Fund
|
Fund
|
|||||||||||||
Investment Income:
|
||||||||||||||||
Dividends from unaffiliated investments
|
||||||||||||||||
(net of foreign withholding taxes and/or issuance
|
||||||||||||||||
fees of $0, $43, and $0, respectively)
|
$
|
53,208
|
$
|
94,518
|
$
|
32,142
|
$
|
15,373
|
||||||||
Dividends from affiliated
|
||||||||||||||||
regulated investment companies
|
—
|
—
|
—
|
90,595
|
||||||||||||
Interest
|
310
|
22
|
32
|
49
|
||||||||||||
Total investment income
|
53,518
|
94,540
|
32,174
|
106,017
|
||||||||||||
Expenses:
|
||||||||||||||||
Advisory fees (Note 4)
|
636,431
|
92,956
|
44,514
|
142,638
|
||||||||||||
Distribution fees – Class A (Note 8)
|
111,111
|
—
|
—
|
57,640
|
||||||||||||
Fund administration fees
|
102,481
|
13,419
|
8,136
|
36,909
|
||||||||||||
Shareholder servicing fees – Class A (Note 7)
|
36,202
|
—
|
—
|
13,874
|
||||||||||||
Shareholder servicing fees – Class I (Note 7)
|
28,860
|
10,496
|
6,322
|
3,380
|
||||||||||||
Transfer agent fees and expenses
|
56,049
|
7,533
|
4,454
|
21,339
|
||||||||||||
Legal fees
|
50,188
|
6,484
|
4,912
|
18,757
|
||||||||||||
Trustees’ fees and expenses
|
20,857
|
2,837
|
3,945
|
7,988
|
||||||||||||
Registration fees
|
20,728
|
10,526
|
10,865
|
18,746
|
||||||||||||
Chief Compliance Officer fees (Note 4)
|
16,678
|
2,304
|
1,450
|
6,648
|
||||||||||||
Fund accounting fees
|
11,167
|
1,490
|
924
|
4,159
|
||||||||||||
Auditing fees
|
10,464
|
1,587
|
957
|
5,231
|
||||||||||||
Custody fees
|
3,620
|
6,968
|
2,732
|
2,486
|
||||||||||||
Shareholder reporting fees
|
3,584
|
631
|
502
|
2,109
|
||||||||||||
Other expenses
|
12,554
|
1,579
|
1,345
|
2,807
|
||||||||||||
Total expenses
|
1,120,974
|
158,810
|
91,058
|
344,711
|
||||||||||||
Affiliated fund fees waived (Note 4)
|
—
|
—
|
—
|
(135,690
|
)
|
|||||||||||
Less advisory fees waived & expenses reimbursed
|
||||||||||||||||
Class A
|
(90,461
|
)
|
—
|
—
|
1,388
|
|||||||||||
Class I
|
(65,835
|
)
|
(53,847
|
)
|
(30,646
|
)
|
—
|
|||||||||
Net expenses
|
964,678
|
104,963
|
60,412
|
210,409
|
||||||||||||
Net investment loss
|
(911,160
|
)
|
(10,423
|
)
|
(28,238
|
)
|
(104,392
|
)
|
||||||||
Net Realized and Unrealized Gain:
|
||||||||||||||||
Net realized gain on:
|
||||||||||||||||
Investments
|
9,847,259
|
1,748,589
|
1,844,017
|
29,334
|
||||||||||||
Affiliated issuers
|
—
|
—
|
—
|
2,680,463
|
||||||||||||
Net realized gain
|
9,847,259
|
1,748,589
|
1,844,017
|
2,709,797
|
||||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation on:
|
||||||||||||||||
Investments
|
(2,339,559
|
)
|
(1,089,674
|
)
|
(296,101
|
)
|
(22,827
|
)
|
||||||||
Affiliated issuers
|
—
|
—
|
—
|
168,177
|
||||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation
|
(2,339,559
|
)
|
(1,089,674
|
)
|
(296,101
|
)
|
145,350
|
|||||||||
Net realized and unrealized gain
|
7,507,700
|
658,915
|
1,547,916
|
2,855,147
|
||||||||||||
Net increase in net assets from operations
|
$
|
6,596,540
|
$
|
648,492
|
$
|
1,519,678
|
$
|
2,750,755
|
North Square
|
North Square
|
|||||||||||||||
Oak Ridge
|
North Square
|
North Square
|
Trilogy
|
|||||||||||||
Dividend
|
Tactical
|
Tactical
|
Alternative
|
|||||||||||||
Growth Fund
|
Growth Fund
|
Defensive Fund
|
Return Fund
|
|||||||||||||
Investment Income:
|
||||||||||||||||
Dividends
|
$
|
149,058
|
$
|
3,543,220
|
$
|
512,562
|
$
|
395,489
|
||||||||
Interest
|
11
|
3,625
|
511
|
33
|
||||||||||||
Total investment income
|
149,069
|
3,546,845
|
513,073
|
395,522
|
||||||||||||
Expenses:
|
||||||||||||||||
Advisory fees (Note 4)
|
61,692
|
3,119,201
|
494,335
|
289,035
|
||||||||||||
Fund administration fees
|
10,652
|
196,976
|
28,383
|
17,478
|
||||||||||||
Shareholder servicing fees – Class A (Note 7)
|
—
|
22,887
|
6,490
|
407
|
||||||||||||
Shareholder servicing fees – Class C (Note 7)
|
—
|
34,855
|
3,569
|
1,677
|
||||||||||||
Shareholder servicing fees – Class I (Note 7)
|
8,092
|
185,380
|
26,035
|
21,396
|
||||||||||||
Transfer agent fees and expenses
|
6,253
|
140,091
|
21,422
|
13,615
|
||||||||||||
Legal fees
|
5,392
|
173,132
|
23,068
|
13,609
|
||||||||||||
Registration fees
|
2,838
|
10,233
|
10,586
|
9,692
|
||||||||||||
Custody fees
|
2,689
|
7,370
|
2,122
|
2,341
|
||||||||||||
Trustees’ fees and expenses
|
2,348
|
58,458
|
7,799
|
4,650
|
||||||||||||
Chief Compliance Officer fees (Note 4)
|
1,831
|
20,806
|
3,264
|
1,968
|
||||||||||||
Fund accounting fees
|
1,231
|
31,863
|
4,598
|
3,217
|
||||||||||||
Auditing fees
|
986
|
43,887
|
6,552
|
4,227
|
||||||||||||
Shareholder reporting fees
|
604
|
16,158
|
2,319
|
1,431
|
||||||||||||
Distribution fees – Class A (Note 8)
|
—
|
124,702
|
30,330
|
3,145
|
||||||||||||
Distribution fees – Class C (Note 8)
|
—
|
507,081
|
47,097
|
23,053
|
||||||||||||
Interest expense
|
—
|
—
|
—
|
179
|
||||||||||||
Other expenses
|
1,338
|
14,774
|
2,390
|
2,298
|
||||||||||||
Total expenses
|
105,946
|
4,707,854
|
720,359
|
413,418
|
||||||||||||
Less advisory fees waived & expenses reimbursed
|
||||||||||||||||
Class A
|
—
|
(10,323
|
)
|
—
|
(2,836
|
)
|
||||||||||
Class C
|
—
|
(21,936
|
)
|
—
|
(6,091
|
)
|
||||||||||
Class I
|
(23,691
|
)
|
(136,543
|
)
|
(274
|
)
|
(59,020
|
)
|
||||||||
Net expenses
|
82,255
|
4,539,052
|
720,085
|
345,471
|
||||||||||||
Net investment income (loss)
|
66,814
|
(992,207
|
)
|
(207,012
|
)
|
50,051
|
||||||||||
Net Realized and Unrealized Gain:
|
||||||||||||||||
Net realized gain on:
|
||||||||||||||||
Investments
|
741,450
|
(9,081,374
|
)
|
3,875,990
|
958,024
|
|||||||||||
Written options
|
—
|
—
|
—
|
(2,697,670
|
)
|
|||||||||||
Purchased options
|
—
|
—
|
—
|
200,495
|
||||||||||||
Net realized gain (loss)
|
741,450
|
(9,081,374
|
)
|
3,875,990
|
(1,539,151
|
)
|
||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation on:
|
||||||||||||||||
Investments
|
190,522
|
23,908,545
|
67,422
|
8,865
|
||||||||||||
Written options
|
—
|
—
|
—
|
(2,229,010
|
)
|
|||||||||||
Purchased options
|
—
|
—
|
—
|
1,915,013
|
||||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation
|
190,522
|
23,908,545
|
67,422
|
1,385,579
|
||||||||||||
Net realized and unrealized gain
|
931,972
|
14,827,171
|
3,943,412
|
(153,572
|
)
|
|||||||||||
Net increase (decrease) in net assets from operations
|
$
|
998,786
|
$
|
13,834,964
|
$
|
3,736,400
|
$
|
(103,521
|
)
|
North Square Oak Ridge
|
North Square Dynamic
|
|||||||||||||||
Small Cap Growth Fund
|
Small Cap Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021*
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment loss
|
$
|
(911,160
|
)
|
$
|
(1,577,208
|
)
|
$
|
(10,423
|
)
|
$
|
(55,627
|
)
|
||||
Net realized gain on investments
|
||||||||||||||||
and foreign currency translations
|
9,847,259
|
32,671,779
|
1,748,589
|
6,975,800
|
||||||||||||
Net change in unrealized appreciation/depreciation
|
||||||||||||||||
on investments and foreign currency translations
|
(2,339,559
|
)
|
20,502,102
|
(1,089,674
|
)
|
2,013,661
|
||||||||||
Net increase in net assets
|
||||||||||||||||
resulting from operations
|
6,596,540
|
51,596,673
|
648,492
|
8,933,834
|
||||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
(10,715,503
|
)
|
—
|
—
|
|||||||||||
Class I
|
—
|
(6,326,766
|
)
|
—
|
(360,974
|
)
|
||||||||||
Total
|
—
|
(17,042,269
|
)
|
—
|
(360,974
|
)
|
||||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
871,878
|
6,635,455
|
—
|
—
|
||||||||||||
Class C
|
—
|
140,654
|
—
|
—
|
||||||||||||
Class I
|
1,421,277
|
19,574,442
|
845,053
|
458,063
|
||||||||||||
Class K
|
—
|
821,418
|
—
|
—
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Class A
|
—
|
10,275,309
|
—
|
—
|
||||||||||||
Class I
|
—
|
6,135,604
|
—
|
360,974
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
(8,891,252
|
)
|
(23,410,067
|
)
|
—
|
—
|
||||||||||
Class C
|
—
|
(10,888,219
|
)
|
—
|
—
|
|||||||||||
Class I
|
(7,438,573
|
)
|
(16,947,193
|
)
|
(2,603,755
|
)
|
(4,522,752
|
)
|
||||||||
Class K
|
—
|
(7,907,186
|
)
|
—
|
—
|
|||||||||||
Net decrease in net assets
|
||||||||||||||||
from capital transactions
|
(14,036,670
|
)
|
(15,569,783
|
)
|
(1,758,702
|
)
|
(3,703,715
|
)
|
||||||||
Total increase (decrease) in net assets
|
(7,440,130
|
)
|
18,984,621
|
(1,110,210
|
)
|
4,869,145
|
||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
148,411,998
|
129,427,377
|
20,369,007
|
15,499,862
|
||||||||||||
End of Period
|
$
|
140,971,868
|
$
|
148,411,998
|
$
|
19,258,797
|
$
|
20,369,007
|
*
|
At the close of business on October 9, 2020, Class C and Class K shares converted into Class I shares.
|
North Square Oak Ridge
|
North Square Dynamic
|
|||||||||||||||
Small Cap Growth Fund
|
Small Cap Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021*
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
54,284
|
454,711
|
—
|
—
|
||||||||||||
Class C
|
—
|
51,042
|
—
|
—
|
||||||||||||
Class I
|
76,190
|
1,190,853
|
44,352
|
28,862
|
||||||||||||
Class K
|
—
|
56,114
|
—
|
—
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
692,901
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
—
|
362,083
|
—
|
22,822
|
||||||||||||
Class K
|
—
|
—
|
—
|
—
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
(547,553
|
)
|
(1,595,558
|
)
|
—
|
—
|
||||||||||
Class C
|
—
|
(3,598,192
|
)
|
—
|
—
|
|||||||||||
Class I
|
(405,725
|
)
|
(1,035,753
|
)
|
(134,419
|
)
|
(288,973
|
)
|
||||||||
Class K
|
—
|
(529,547
|
)
|
—
|
—
|
|||||||||||
Net decrease in
|
||||||||||||||||
capital share transactions
|
(822,804
|
)
|
(3,951,346
|
)
|
(90,067
|
)
|
(237,289
|
)
|
*
|
At the close of business on October 9, 2020, Class C and Class K shares converted into Class I shares.
|
North Square Oak Ridge
|
North Square
|
|||||||||||||||
All Cap Growth Fund
|
Multi Strategy Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021*
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment loss
|
$
|
(28,238
|
)
|
$
|
(39,940
|
)
|
$
|
(104,392
|
)
|
$
|
(175,977
|
)
|
||||
Net realized gain on investments
|
||||||||||||||||
and foreign currency translations
|
1,844,017
|
2,127,491
|
2,709,797
|
2,119,225
|
||||||||||||
Capital gain distributions from
|
||||||||||||||||
regulated investment companies
|
—
|
—
|
—
|
1,341,947
|
||||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation on investments
|
||||||||||||||||
and foreign currency translations
|
(296,101
|
)
|
1,982,882
|
145,350
|
13,507,961
|
|||||||||||
Net increase in net assets
|
||||||||||||||||
resulting from operations
|
1,519,678
|
4,070,433
|
2,750,755
|
16,793,156
|
||||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
—
|
(775,050
|
)
|
—
|
—
|
|||||||||||
Total
|
—
|
(775,050
|
)
|
—
|
—
|
|||||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
907,085
|
1,491,365
|
||||||||||||
Class C
|
—
|
—
|
—
|
16,998
|
||||||||||||
Class I
|
1,696
|
58,913
|
926,076
|
3,857,218
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
—
|
775,050
|
—
|
—
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(3,434,669
|
)
|
(5,027,549
|
)
|
||||||||||
Class C
|
—
|
—
|
—
|
(4,034,136
|
)
|
|||||||||||
Class I
|
(3,005,957
|
)
|
(3,857,036
|
)
|
(744,814
|
)
|
(2,024,440
|
)
|
||||||||
Net decrease in net assets
|
||||||||||||||||
from capital transactions
|
(3,004,261
|
)
|
(3,023,073
|
)
|
(2,346,322
|
)
|
(5,720,544
|
)
|
||||||||
Total increase (decrease) in net assets
|
(1,484,583
|
)
|
272,310
|
404,433
|
11,072,612
|
|||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
12,463,006
|
12,190,696
|
55,732,330
|
44,659,718
|
||||||||||||
End of Period
|
$
|
10,978,423
|
$
|
12,463,006
|
$
|
56,136,763
|
$
|
55,732,330
|
*
|
At 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
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021*
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
36,816
|
73,292
|
||||||||||||
Class C
|
—
|
—
|
—
|
1,210
|
||||||||||||
Class I
|
72
|
2,940
|
35,820
|
188,700
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
—
|
39,968
|
—
|
—
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(141,278
|
)
|
(241,640
|
)
|
||||||||||
Class C
|
—
|
—
|
—
|
(258,716
|
)
|
|||||||||||
Class I
|
(136,417
|
)
|
(197,381
|
)
|
(28,693
|
)
|
(92,145
|
)
|
||||||||
Net decrease in capital
|
||||||||||||||||
share transactions
|
(136,345
|
)
|
(154,473
|
)
|
(97,335
|
)
|
(329,299
|
)
|
*
|
At the close of business on October 9, 2020, Class C shares converted into Class I shares.
|
North Square Oak Ridge
|
North Square Tactical
|
|||||||||||||||
Dividend Growth Fund
|
Growth Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income (loss)
|
$
|
66,814
|
$
|
143,886
|
$
|
(992,207
|
)
|
$
|
(3,697,670
|
)
|
||||||
Net realized gain (loss) on investments
|
||||||||||||||||
and foreign currency translations
|
741,450
|
664,556
|
(9,081,374
|
)
|
36,306,302
|
|||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation on investments
|
||||||||||||||||
and foreign currency translations
|
190,522
|
3,592,288
|
23,908,545
|
101,472,682
|
||||||||||||
Net increase in net assets
|
||||||||||||||||
resulting from operations
|
998,786
|
4,400,730
|
13,834,964
|
134,081,314
|
||||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
(71,652
|
)
|
(369,429
|
)
|
—
|
(76,516
|
)
|
|||||||||
Total
|
(71,652
|
)
|
(369,429
|
)
|
—
|
(76,516
|
)
|
|||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
10,266,940
|
10,986,542
|
||||||||||||
Class C
|
—
|
—
|
2,724,848
|
7,496,249
|
||||||||||||
Class I
|
34,000
|
878,900
|
27,543,219
|
62,970,845
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
71,652
|
369,429
|
—
|
65,650
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(10,194,200
|
)
|
(16,927,016
|
)
|
||||||||||
Class C
|
—
|
—
|
(12,492,806
|
)
|
(20,850,022
|
)
|
||||||||||
Class I
|
(1,092,610
|
)
|
(238,986
|
)
|
(32,952,971
|
)
|
(73,760,825
|
)
|
||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
from capital transactions
|
(986,958
|
)
|
1,009,343
|
(15,104,970
|
)
|
(30,018,577
|
)
|
|||||||||
Total increase (decrease) in net assets
|
(59,824
|
)
|
5,040,644
|
(1,270,006
|
)
|
103,986,221
|
||||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
16,186,328
|
11,145,684
|
595,434,389
|
491,448,168
|
||||||||||||
End of Period
|
$
|
16,126,504
|
$
|
16,186,328
|
$
|
594,164,383
|
$
|
595,434,389
|
North Square Oak Ridge
|
North Square Tactical
|
|||||||||||||||
Dividend Growth Fund
|
Growth Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
—
|
—
|
665,942
|
801,246
|
||||||||||||
Class C
|
—
|
—
|
186,418
|
575,511
|
||||||||||||
Class I
|
1,398
|
49,284
|
1,749,021
|
4,556,239
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
—
|
||||||||||||
Class C
|
—
|
—
|
—
|
—
|
||||||||||||
Class I
|
3,078
|
18,325
|
—
|
4,578
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
—
|
—
|
(660,462
|
)
|
(1,285,728
|
)
|
||||||||||
Class C
|
—
|
—
|
(860,538
|
)
|
(1,623,365
|
)
|
||||||||||
Class I
|
(47,747
|
)
|
(11,455
|
)
|
(2,090,944
|
)
|
(5,366,351
|
)
|
||||||||
Net increase (decrease) in
|
||||||||||||||||
capital share transactions
|
(43,271
|
)
|
56,154
|
(1,010,563
|
)
|
(2,337,870
|
)
|
North Square Tactical
|
North Square Trilogy
|
|||||||||||||||
Defensive Fund
|
Alternative Return Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Increase (Decrease) in Net Assets from:
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income (loss)
|
$
|
(207,012
|
)
|
$
|
(566,053
|
)
|
$
|
50,051
|
$
|
342,523
|
||||||
Net realized gain (loss) on investments
|
||||||||||||||||
and foreign currency translations
|
3,875,990
|
10,857,938
|
(1,539,151
|
)
|
1,322,888
|
|||||||||||
Net change in unrealized
|
||||||||||||||||
appreciation/depreciation on investments
|
||||||||||||||||
and foreign currency translations
|
67,422
|
10,359,937
|
1,385,579
|
2,861,240
|
||||||||||||
Net increase (decrease) in net assets
|
||||||||||||||||
resulting from operations
|
3,736,400
|
20,651,822
|
(103,521
|
)
|
4,526,651
|
|||||||||||
Distributions to shareholders:
|
||||||||||||||||
Distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
(21,638
|
)
|
|||||||||||
Class C
|
—
|
—
|
—
|
(14,520
|
)
|
|||||||||||
Class I
|
—
|
—
|
—
|
(428,954
|
)
|
|||||||||||
Total
|
—
|
—
|
—
|
(465,112
|
)
|
|||||||||||
Capital Transactions:
|
||||||||||||||||
Net proceeds from shares sold:
|
||||||||||||||||
Class A
|
3,863,818
|
2,452,935
|
323,056
|
569,284
|
||||||||||||
Class C
|
170,544
|
554,748
|
40,317
|
345,710
|
||||||||||||
Class I
|
1,622,320
|
3,388,648
|
2,082,824
|
5,491,488
|
||||||||||||
Reinvestment of distributions:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
19,432
|
||||||||||||
Class C
|
—
|
—
|
—
|
14,089
|
||||||||||||
Class I
|
—
|
—
|
—
|
419,858
|
||||||||||||
Cost of shares redeemed:
|
||||||||||||||||
Class A
|
(2,213,189
|
)
|
(4,581,244
|
)
|
(504,620
|
)
|
(772,998
|
)
|
||||||||
Class C
|
(3,895,250
|
)
|
(5,685,353
|
)
|
(560,393
|
)
|
(1,397,555
|
)
|
||||||||
Class I
|
(4,900,072
|
)
|
(16,953,384
|
)
|
(3,989,168
|
)
|
(12,366,573
|
)
|
||||||||
Net decrease in net assets
|
||||||||||||||||
from capital transactions
|
(5,351,829
|
)
|
(20,823,650
|
)
|
(2,607,984
|
)
|
(7,677,265
|
)
|
||||||||
Total decrease in net assets
|
(1,615,429
|
)
|
(171,828
|
)
|
(2,711,505
|
)
|
(3,615,726
|
)
|
||||||||
Net Assets:
|
||||||||||||||||
Beginning of Period
|
78,251,631
|
78,423,459
|
47,049,297
|
50,665,023
|
||||||||||||
End of Period
|
$
|
76,636,202
|
$
|
78,251,631
|
$
|
44,337,792
|
$
|
47,049,297
|
North Square Tactical
|
North Square Trilogy
|
|||||||||||||||
Defensive Fund
|
Alternative Return Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
Period Ended
|
Period Ended
|
|||||||||||||||
November 30,
|
November 30,
|
|||||||||||||||
2021
|
Year Ended
|
2021
|
Year Ended
|
|||||||||||||
(Unaudited)
|
May 31, 2021
|
(Unaudited)
|
May 31, 2021
|
|||||||||||||
Capital Share Transactions:
|
||||||||||||||||
Shares sold:
|
||||||||||||||||
Class A
|
236,794
|
172,123
|
27,415
|
50,787
|
||||||||||||
Class C
|
11,285
|
40,693
|
3,481
|
32,675
|
||||||||||||
Class I
|
94,714
|
232,382
|
175,177
|
488,813
|
||||||||||||
Shares reinvested:
|
||||||||||||||||
Class A
|
—
|
—
|
—
|
1,755
|
||||||||||||
Class C
|
—
|
—
|
—
|
1,330
|
||||||||||||
Class I
|
—
|
—
|
—
|
37,646
|
||||||||||||
Shares redeemed:
|
||||||||||||||||
Class A
|
(133,297
|
)
|
(318,633
|
)
|
(42,910
|
)
|
(68,468
|
)
|
||||||||
Class C
|
(261,536
|
)
|
(429,755
|
)
|
(48,569
|
)
|
(127,286
|
)
|
||||||||
Class I
|
(285,875
|
)
|
(1,137,019
|
)
|
(335,877
|
)
|
(1,111,480
|
)
|
||||||||
Net decrease in capital
|
||||||||||||||||
share transactions
|
(337,915
|
)
|
(1,440,209
|
)
|
(221,283
|
)
|
(694,228
|
)
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
15.36
|
$
|
12.07
|
$
|
13.89
|
$
|
16.85
|
$
|
34.16
|
$
|
34.02
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1
|
(0.11
|
)
|
(0.17
|
)
|
(0.15
|
)
|
(0.16
|
)2
|
(0.23
|
)2
|
(0.33
|
)2
|
||||||||||||
Net realized and unrealized gain (loss)
|
0.79
|
5.34
|
0.44
|
(0.34
|
)
|
5.69
|
2.62
|
|||||||||||||||||
Total from investment operations
|
0.68
|
5.17
|
0.29
|
(0.50
|
)
|
5.46
|
2.29
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net realized gain
|
—
|
(1.88
|
)
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
|||||||||||||
Total distributions
|
—
|
(1.88
|
)
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
16.04
|
$
|
15.36
|
$
|
12.07
|
$
|
13.89
|
$
|
16.85
|
$
|
34.16
|
||||||||||||
Total return3
|
4.36
|
%6
|
43.47
|
%
|
1.16
|
%
|
(1.96
|
)%
|
23.85
|
%
|
6.82
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
83,191
|
$
|
87,291
|
$
|
73,973
|
$
|
109,749
|
$
|
162,714
|
$
|
242,299
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed4
|
1.59
|
%7
|
1.75
|
%
|
2.06
|
%
|
1.46
|
%
|
1.40
|
%
|
1.44
|
%
|
||||||||||||
After fees waived and expenses absorbed4
|
1.39
|
%7
|
1.39
|
%
|
1.39
|
%
|
1.38
|
%
|
1.38
|
%5
|
1.39
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed4
|
(1.52
|
)%7
|
(1.54
|
)%
|
(1.78
|
)%
|
(1.08
|
)%
|
(0.97
|
)%
|
(1.02
|
)%
|
||||||||||||
After fees waived and expenses absorbed4
|
(1.32
|
)%7
|
(1.18
|
)%
|
(1.11
|
)%
|
(1.00
|
)%
|
(0.95
|
)%
|
(0.97
|
)%
|
||||||||||||
Portfolio turnover rate
|
8
|
%6
|
33
|
%
|
38
|
%
|
31
|
%
|
39
|
%
|
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, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
17.59
|
$
|
13.58
|
$
|
15.35
|
$
|
18.29
|
$
|
35.25
|
$
|
34.92
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1
|
(0.10
|
)
|
(0.15
|
)
|
(0.13
|
)
|
(0.13
|
)2
|
(0.19
|
)2
|
(0.22
|
)2
|
||||||||||||
Net realized and unrealized gain (loss)
|
0.88
|
6.04
|
0.47
|
(0.35
|
)
|
6.00
|
2.70
|
|||||||||||||||||
Total from investment operations
|
0.78
|
5.89
|
0.34
|
(0.48
|
)
|
5.81
|
2.48
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net realized gain
|
—
|
(1.88
|
)
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
|||||||||||||
Total distributions
|
—
|
(1.88
|
)
|
(2.11
|
)
|
(2.46
|
)
|
(22.77
|
)
|
(2.15
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
18.37
|
$
|
17.59
|
$
|
13.58
|
$
|
15.35
|
$
|
18.29
|
$
|
35.25
|
||||||||||||
Total return3
|
4.50
|
%7
|
43.92
|
%
|
1.41
|
%
|
(1.67
|
)%
|
24.19
|
%
|
7.23
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
57,781
|
$
|
61,121
|
$
|
40,165
|
$
|
64,501
|
$
|
172,935
|
$
|
1,040,256
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed4
|
1.36
|
%8
|
1.51
|
%6
|
1.78
|
%
|
1.22
|
%
|
1.05
|
%
|
1.09
|
%
|
||||||||||||
After fees waived and expenses absorbed4
|
1.14
|
%8
|
1.08
|
%
|
1.14
|
%
|
1.14
|
%
|
1.06
|
%5
|
1.04
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed4
|
(1.29
|
)%8
|
(1.31
|
)%6
|
(1.50
|
)%
|
(0.84
|
)%
|
(0.63
|
)%
|
(0.67
|
)%
|
||||||||||||
After fees waived and expenses absorbed4
|
(1.07
|
)%8
|
(0.87
|
)%
|
(0.86
|
)%
|
(0.75
|
)%
|
(0.64
|
)%
|
(0.62
|
)%
|
||||||||||||
Portfolio turnover rate
|
8
|
%7
|
33
|
%
|
38
|
%
|
31
|
%
|
39
|
%
|
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 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 or in connection with any merger 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
|
Ratios exclude the 12b-1 refund.
|
7
|
Not annualized.
|
8
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
18.27
|
$
|
11.46
|
$
|
11.54
|
$
|
15.14
|
$
|
12.07
|
$
|
9.98
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1
|
(0.00
|
)2
|
(0.04
|
)
|
0.02
|
(0.01
|
)
|
—
|
2
|
(0.03
|
)
|
|||||||||||||
Net realized and unrealized gain (loss)
|
0.53
|
7.14
|
(0.07
|
)
|
(1.31
|
)
|
3.11
|
2.15
|
||||||||||||||||
Total from investment operations
|
0.53
|
7.10
|
(0.05
|
)
|
(1.32
|
)
|
3.11
|
2.12
|
||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.01
|
)
|
(0.03
|
)
|
—
|
—
|
—
|
||||||||||||||||
From net realized gain
|
—
|
(0.28
|
)
|
—
|
(2.28
|
)
|
(0.04
|
)
|
(0.03
|
)
|
||||||||||||||
Total distributions
|
—
|
(0.29
|
)
|
(0.03
|
)
|
(2.28
|
)
|
(0.04
|
)
|
(0.03
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
18.80
|
$
|
18.27
|
$
|
11.46
|
$
|
11.54
|
$
|
15.14
|
$
|
12.07
|
||||||||||||
Total return3
|
2.86
|
%4
|
62.34
|
%
|
(0.44
|
)%
|
(8.42
|
)%
|
25.83
|
%
|
21.29
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
19,259
|
$
|
20,369
|
$
|
15,500
|
$
|
20,389
|
$
|
28,279
|
$
|
1,167
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.54
|
%5
|
1.67
|
%
|
2.23
|
%
|
2.02
|
%
|
1.89
|
%
|
19.89
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.02
|
%5,6
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(0.62
|
)%5
|
(0.82
|
)%
|
(0.91
|
)%
|
(0.91
|
)%
|
(0.71
|
)%
|
(18.97
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
(0.10
|
)%5
|
(0.30
|
)%
|
0.17
|
%
|
(0.04
|
)%
|
0.03
|
%
|
(0.22
|
)%
|
||||||||||||
Portfolio turnover rate
|
83
|
%4
|
179
|
%
|
170
|
%
|
133
|
%
|
170
|
%
|
181
|
%
|
*
|
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.
|
6
|
Effective July 1, 2021, the expense cap decreased from 1.15% to 0.99%.
|
For the
|
For the Period
|
|||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
July 29, 2016*
|
||||||||||||||||||||||
November 30, 2021
|
through
|
|||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
May 31, 2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
20.91
|
$
|
16.24
|
$
|
13.94
|
$
|
13.16
|
$
|
11.03
|
$
|
10.00
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1
|
(0.05
|
)
|
(0.06
|
)
|
0.03
|
(0.00
|
)2
|
0.01
|
0.03
|
|||||||||||||||
Net realized and unrealized gain
|
3.02
|
5.82
|
3.00
|
0.88
|
2.12
|
1.02
|
||||||||||||||||||
Total from investment operations
|
2.97
|
5.76
|
3.03
|
0.88
|
2.13
|
1.05
|
||||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.03
|
)
|
(0.01
|
)
|
—
|
(0.00
|
)2
|
(0.02
|
)
|
||||||||||||||
From net realized gain
|
—
|
(1.06
|
)
|
(0.72
|
)
|
(0.10
|
)
|
—
|
—
|
|||||||||||||||
Total distributions
|
—
|
(1.09
|
)
|
(0.73
|
)
|
(0.10
|
)
|
(0.00
|
)
|
(0.02
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
23.88
|
$
|
20.91
|
$
|
16.24
|
$
|
13.94
|
$
|
13.16
|
$
|
11.03
|
||||||||||||
Total return3
|
14.21
|
%4
|
35.93
|
%
|
22.05
|
%
|
6.80
|
%
|
19.31
|
%
|
10.58
|
%4
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
10,978
|
$
|
12,463
|
$
|
12,191
|
$
|
13,823
|
$
|
14,285
|
$
|
281
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.43
|
%5
|
1.45
|
%
|
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
|
%
|
0.95
|
%5
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
(0.93
|
)%5
|
(0.79
|
)%
|
(0.74
|
)%
|
(1.10
|
)%
|
(0.96
|
)%
|
(44.13
|
)%5
|
||||||||||||
After fees waived and expenses absorbed
|
(0.45
|
)%5
|
(0.29
|
)%
|
0.19
|
%
|
(0.01
|
)%
|
0.08
|
%
|
0.32
|
%5
|
||||||||||||
Portfolio turnover rate
|
6
|
%4
|
9
|
%
|
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, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
23.57
|
$
|
16.93
|
$
|
16.92
|
$
|
26.95
|
$
|
22.81
|
$
|
19.77
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,5
|
(0.05
|
)
|
(0.09
|
)
|
(0.05
|
)
|
(0.06
|
)
|
(0.16
|
)
|
—
|
2
|
||||||||||||
Net realized and unrealized gain (loss)
|
1.24
|
6.73
|
1.25
|
(1.60
|
)
|
4.30
|
3.04
|
|||||||||||||||||
Total from investment operations
|
1.19
|
6.64
|
1.20
|
(1.66
|
)
|
4.14
|
3.04
|
|||||||||||||||||
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
|
$
|
24.76
|
$
|
23.57
|
$
|
16.93
|
$
|
16.92
|
$
|
26.95
|
$
|
22.81
|
||||||||||||
Total return3
|
5.05
|
%7
|
39.20
|
%
|
6.63
|
%
|
(4.88
|
)%
|
18.15
|
%
|
15.38
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
44,823
|
$
|
45,140
|
$
|
35,278
|
$
|
33,287
|
$
|
41,570
|
$
|
40,399
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4
|
0.78
|
%6,8
|
0.92
|
%6
|
1.34
|
%6
|
0.82
|
%6
|
0.93
|
%6
|
1.63
|
%
|
||||||||||||
After fees waived/recovered4
|
0.79
|
%6,8
|
1.13
|
%6
|
1.20
|
%6
|
1.00
|
%6
|
1.13
|
%6
|
1.20
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered4,5
|
(0.41
|
)%8
|
(0.23
|
)%
|
(0.40
|
)%
|
(0.09
|
)%
|
(0.43
|
)%
|
(0.43
|
)%
|
||||||||||||
After fees waived/recovered4,5
|
(0.42
|
)%8
|
(0.44
|
)%
|
(0.26
|
)%
|
(0.27
|
)%
|
(0.63
|
)%
|
0.00
|
%
|
||||||||||||
Portfolio turnover rate
|
11
|
%7
|
15
|
%
|
7
|
%
|
17
|
%
|
117
|
%
|
17
|
%
|
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, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
24.83
|
$
|
17.73
|
$
|
17.59
|
$
|
27.53
|
$
|
23.24
|
$
|
20.14
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,4
|
(0.02
|
)
|
0.06
|
(0.01
|
)
|
0.02
|
(0.10
|
)
|
0.01
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
1.27
|
7.04
|
1.36
|
(1.59
|
)
|
4.39
|
3.09
|
|||||||||||||||||
Total from investment operations
|
1.25
|
7.10
|
1.35
|
(1.57
|
)
|
4.29
|
3.10
|
|||||||||||||||||
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
|
$
|
26.08
|
$
|
24.83
|
$
|
17.73
|
$
|
17.59
|
$
|
27.53
|
$
|
23.24
|
||||||||||||
Total return2
|
5.19
|
%7
|
40.07
|
%
|
7.17
|
%
|
(4.23
|
)%
|
18.46
|
%
|
15.39
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
11,313
|
$
|
10,592
|
$
|
5,851
|
$
|
12,919
|
$
|
12,434
|
$
|
13,561
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered3
|
0.53
|
%5,8
|
0.67
|
%5,6
|
0.92
|
%5
|
0.44
|
%5
|
0.72
|
%5
|
1.26
|
%
|
||||||||||||
After fees waived/recovered3
|
0.53
|
%5,8
|
0.43
|
%5
|
0.90
|
%5
|
0.62
|
%5
|
0.88
|
%5
|
1.17
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived/recovered3,4
|
(0.16
|
)%8
|
0.05
|
%6
|
(0.10
|
)%
|
0.29
|
%
|
(0.22
|
)%
|
(0.06
|
)%
|
||||||||||||
After fees waived/recovered3,4
|
(0.16
|
)%8
|
0.29
|
%
|
(0.08
|
)%
|
0.10
|
%
|
(0.38
|
)%
|
0.03
|
%
|
||||||||||||
Portfolio turnover rate
|
11
|
%7
|
15
|
%
|
7
|
%
|
17
|
%
|
117
|
%
|
17
|
%
|
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
|
Does not include expenses of investment companies in which the Fund invests.
|
4
|
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.
|
5
|
The Advisor does not receive management fees for Fund assets invested in other series of the Trust advised by the Advisor (affiliated investments).
|
6
|
Ratios exclude the 12b-1 refund.
|
7
|
Not annualized.
|
8
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
23.32
|
$
|
17.47
|
$
|
16.25
|
$
|
15.65
|
$
|
13.69
|
$
|
12.08
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.10
|
0.21
|
0.24
|
0.24
|
0.24
|
0.21
|
||||||||||||||||||
Net realized and unrealized gain
|
1.46
|
6.18
|
1.28
|
0.82
|
1.93
|
1.73
|
||||||||||||||||||
Total from investment operations
|
1.56
|
6.39
|
1.52
|
1.06
|
2.17
|
1.94
|
||||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.10
|
)
|
(0.18
|
)
|
(0.25
|
)
|
(0.24
|
)
|
(0.20
|
)
|
(0.19
|
)
|
||||||||||||
From net realized gain
|
—
|
(0.36
|
)
|
(0.05
|
)
|
(0.22
|
)
|
(0.01
|
)
|
(0.14
|
)
|
|||||||||||||
Total distributions
|
(0.10
|
)
|
(0.54
|
)
|
(0.30
|
)
|
(0.46
|
)
|
(0.21
|
)
|
(0.33
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
24.78
|
$
|
23.32
|
$
|
17.47
|
$
|
16.25
|
$
|
15.65
|
$
|
13.69
|
||||||||||||
Total return2
|
6.73
|
%4
|
37.06
|
%
|
9.35
|
%
|
6.94
|
%
|
15.89
|
%
|
16.25
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
16,127
|
$
|
16,186
|
$
|
11,146
|
$
|
12,014
|
$
|
10,036
|
$
|
372
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.29
|
%5
|
1.44
|
%3
|
1.89
|
%
|
2.38
|
%
|
2.93
|
%
|
36.24
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.00
|
%5
|
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
|
%5
|
0.59
|
%3
|
0.47
|
%
|
0.18
|
%
|
(0.33
|
)%
|
(33.57
|
)%
|
||||||||||||
After fees waived and expenses absorbed
|
0.81
|
%5
|
1.03
|
%
|
1.36
|
%
|
1.56
|
%
|
1.60
|
%
|
1.67
|
%
|
||||||||||||
Portfolio turnover rate
|
8
|
%4
|
28
|
%
|
18
|
%
|
15
|
%
|
30
|
%
|
22
|
%
|
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
|
Ratios exclude the 12b-1 refund.
|
4
|
Not Annualized.
|
5
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
15.15
|
$
|
11.81
|
$
|
11.62
|
$
|
12.33
|
$
|
11.03
|
$
|
9.82
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.03
|
)
|
(0.09
|
)
|
0.05
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
|||||||||||||
Net realized and unrealized gain (loss)
|
0.38
|
3.43
|
0.72
|
(0.40
|
)
|
1.31
|
1.23
|
|||||||||||||||||
Total from investment operations
|
0.35
|
3.34
|
0.77
|
(0.41
|
)
|
1.30
|
1.22
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
—
|
(0.06
|
)
|
—
|
(0.00
|
)4
|
(0.01
|
)
|
|||||||||||||||
From net realized gain
|
—
|
—
|
(0.52
|
)
|
(0.30
|
)
|
—
|
—
|
||||||||||||||||
Total distributions
|
—
|
—
|
(0.58
|
)
|
(0.30
|
)
|
—
|
(0.01
|
)
|
|||||||||||||||
Net asset value, end of period
|
$
|
15.50
|
$
|
15.15
|
$
|
11.81
|
$
|
11.62
|
$
|
12.33
|
$
|
11.03
|
||||||||||||
Total return3
|
2.30
|
%5
|
28.28
|
%
|
6.53
|
%
|
(3.22
|
)%
|
11.80
|
%
|
12.48
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
99,514
|
$
|
97,180
|
$
|
81,511
|
$
|
85,250
|
$
|
109,707
|
$
|
105,141
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.57
|
%6
|
1.55
|
%
|
1.56
|
%
|
1.57
|
%
|
1.61
|
%
|
1.65
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.55
|
%6
|
1.55
|
%
|
1.55
|
%
|
1.55
|
%
|
1.55
|
%
|
1.55
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.39
|
)%6
|
(0.70
|
)%
|
0.39
|
%
|
(0.07
|
)%
|
(0.15
|
)%
|
(0.22
|
)%
|
||||||||||||
After fees waived and expenses absorbed2
|
(0.37
|
)%6
|
(0.70
|
)%
|
0.40
|
%
|
(0.05
|
)%
|
(0.09
|
)%
|
(0.12
|
)%
|
||||||||||||
Portfolio turnover rate
|
30
|
%5
|
79
|
%
|
128
|
%
|
120
|
%
|
82
|
%
|
96
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
Amount represents less than $0.005 per share.
|
5
|
Not annualized.
|
6
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
14.30
|
$
|
11.24
|
$
|
11.14
|
$
|
11.92
|
$
|
10.74
|
$
|
9.62
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment loss1,2
|
(0.08
|
)
|
(0.19
|
)
|
(0.04
|
)4
|
(0.10
|
)4
|
(0.10
|
)
|
(0.09
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
|
0.36
|
3.25
|
0.69
|
(0.38
|
)
|
1.28
|
1.21
|
|||||||||||||||||
Total from investment operations
|
0.28
|
3.06
|
0.65
|
(0.48
|
)
|
1.18
|
1.12
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
—
|
(0.03
|
)
|
—
|
—
|
—
|
|||||||||||||||||
From net realized gain
|
—
|
—
|
(0.52
|
)
|
(0.30
|
)
|
—
|
—
|
||||||||||||||||
Total distributions
|
—
|
—
|
(0.55
|
)
|
(0.30
|
)
|
—
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
14.58
|
$
|
14.30
|
$
|
11.24
|
$
|
11.14
|
$
|
11.92
|
$
|
10.74
|
||||||||||||
Total return3
|
1.95
|
%5
|
27.22
|
%
|
5.73
|
%
|
(3.92
|
)%
|
10.99
|
%
|
11.64
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
98,514
|
$
|
106,291
|
$
|
95,291
|
$
|
104,812
|
$
|
99,286
|
$
|
96,506
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.34
|
%6
|
2.31
|
%
|
2.33
|
%
|
2.32
|
%
|
2.35
|
%
|
2.41
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
2.30
|
%6
|
2.30
|
%
|
2.30
|
%
|
2.30
|
%
|
2.30
|
%
|
2.30
|
%
|
||||||||||||
Ratio of net investment loss to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(1.16
|
)%6
|
(1.46
|
)%
|
(0.36
|
)%
|
(0.85
|
)%
|
(0.88
|
)%
|
(0.99
|
)%
|
||||||||||||
After fees waived and expenses absorbed2
|
(1.12
|
)%6
|
(1.45
|
)%
|
(0.33
|
)%
|
(0.83
|
)%
|
(0.83
|
)%
|
(0.88
|
)%
|
||||||||||||
Portfolio turnover rate
|
30
|
%5
|
79
|
%
|
128
|
%
|
120
|
%
|
82
|
%
|
96
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation
to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.
|
5
|
Not annualized.
|
6
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
15.42
|
$
|
12.00
|
$
|
11.77
|
$
|
12.46
|
$
|
11.12
|
$
|
9.88
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.01
|
)
|
(0.06
|
)
|
0.08
|
0.02
|
5
|
0.02
|
5
|
0.01
|
5
|
|||||||||||||
Net realized and unrealized gain (loss)
|
0.38
|
3.48
|
0.74
|
(0.41
|
)
|
1.32
|
1.25
|
|||||||||||||||||
Total from investment operations
|
0.37
|
3.42
|
0.82
|
(0.39
|
)
|
1.34
|
1.26
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.00
|
)4
|
(0.07
|
)
|
—
|
(0.00
|
)4
|
(0.02
|
)
|
||||||||||||||
From net realized gain
|
—
|
—
|
(0.52
|
)
|
(0.30
|
)
|
—
|
—
|
||||||||||||||||
Total distributions
|
—
|
—
|
(0.59
|
)
|
(0.30
|
)
|
—
|
(0.02
|
)
|
|||||||||||||||
Net asset value, end of period
|
$
|
15.79
|
$
|
15.42
|
$
|
12.00
|
$
|
11.77
|
$
|
12.46
|
$
|
11.12
|
||||||||||||
Total return3
|
2.42
|
%6
|
28.53
|
%
|
6.88
|
%
|
(3.02
|
)%
|
12.09
|
%
|
12.79
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
396,137
|
$
|
391,964
|
$
|
314,646
|
$
|
337,265
|
$
|
238,052
|
$
|
179,979
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.37
|
%7
|
1.33
|
%
|
1.34
|
%
|
1.33
|
%
|
1.36
|
%
|
1.42
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.30
|
%7
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.19
|
)%7
|
(0.48
|
)%
|
0.62
|
%
|
0.13
|
%
|
0.07
|
%
|
0.00
|
%
|
||||||||||||
After fees waived and expenses absorbed2
|
(0.12
|
)%7
|
(0.45
|
)%
|
0.66
|
%
|
0.16
|
%
|
0.13
|
%
|
0.12
|
%
|
||||||||||||
Portfolio turnover rate
|
30
|
%6
|
79
|
%
|
128
|
%
|
120
|
%
|
82
|
%
|
96
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
Amount represents less than $0.005 per share.
|
5
|
The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation
to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.
|
6
|
Not annualized.
|
7
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
16.00
|
$
|
12.41
|
$
|
13.52
|
$
|
13.26
|
$
|
12.58
|
$
|
11.08
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.05
|
)
|
(0.10
|
)
|
0.07
|
0.03
|
(0.03
|
)
|
(0.07
|
)
|
||||||||||||||
Net realized and unrealized gain (loss)
|
0.82
|
3.69
|
(1.12
|
)
|
0.23
|
1.01
|
1.57
|
|||||||||||||||||
Total from investment operations
|
0.77
|
3.59
|
(1.05
|
)
|
0.26
|
0.98
|
1.50
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
—
|
(0.06
|
)
|
—
|
(0.02
|
)
|
—
|
||||||||||||||||
From net realized gain
|
—
|
—
|
—
|
—
|
(0.28
|
)
|
—
|
|||||||||||||||||
Total distributions
|
—
|
—
|
(0.06
|
)
|
—
|
(0.30
|
)
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
16.77
|
$
|
16.00
|
$
|
12.41
|
$
|
13.52
|
$
|
13.26
|
$
|
12.58
|
||||||||||||
Total return
|
4.82
|
%3
|
28.93
|
%
|
(7.85
|
)%
|
1.96
|
%
|
7.77
|
%
|
13.54
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
24,310
|
$
|
21,542
|
$
|
18,526
|
$
|
24,231
|
$
|
47,888
|
$
|
52,978
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.84
|
%4
|
1.87
|
%
|
1.85
|
%
|
1.84
|
%
|
1.85
|
%
|
1.94
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.84
|
%4
|
1.87
|
%
|
1.85
|
%
|
1.84
|
%
|
1.85
|
%
|
1.94
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.55
|
)%4
|
(0.71
|
)%
|
0.47
|
%
|
0.26
|
%
|
(0.23
|
)%
|
(0.56
|
)%
|
||||||||||||
After fees waived and expenses absorbed2
|
(0.55
|
)%4
|
(0.71
|
)%
|
0.47
|
%
|
0.26
|
%
|
(0.23
|
)%
|
(0.56
|
)%
|
||||||||||||
Portfolio turnover rate
|
111
|
%3
|
350
|
%
|
522
|
%
|
396
|
%
|
335
|
%
|
196
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
3
|
Not annualized.
|
4
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
14.59
|
$
|
11.40
|
$
|
12.51
|
$
|
12.36
|
$
|
11.81
|
$
|
10.48
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.10
|
)
|
(0.19
|
)
|
(0.03
|
)4
|
(0.08
|
)4
|
(0.12
|
)
|
(0.15
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
|
0.74
|
3.38
|
(1.03
|
)
|
0.23
|
0.95
|
1.48
|
|||||||||||||||||
Total from investment operations
|
0.64
|
3.19
|
(1.06
|
)
|
0.15
|
0.83
|
1.33
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
—
|
(0.05
|
)
|
—
|
(0.28
|
)
|
—
|
||||||||||||||||
From net realized gain
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total distributions
|
—
|
—
|
(0.05
|
)
|
—
|
(0.28
|
)
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
15.23
|
$
|
14.59
|
$
|
11.40
|
$
|
12.51
|
$
|
12.36
|
$
|
11.81
|
||||||||||||
Total return
|
4.38
|
%5
|
27.98
|
%
|
(8.54
|
)%
|
1.21
|
%
|
6.97
|
%
|
12.69
|
%3
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
8,413
|
$
|
11,711
|
$
|
13,586
|
$
|
19,151
|
$
|
23,178
|
$
|
26,058
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.61
|
%6
|
2.62
|
%
|
2.61
|
%
|
2.59
|
%
|
2.59
|
%
|
2.71
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
2.61
|
%6
|
2.62
|
%
|
2.61
|
%
|
2.59
|
%
|
2.59
|
%
|
2.70
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(1.29
|
)%6
|
(1.42
|
)%
|
(0.24
|
)%
|
(0.64
|
)%
|
(0.97
|
)%
|
(1.31
|
)%
|
||||||||||||
After fees waived and expenses absorbed2
|
(1.29
|
)%6
|
(1.42
|
)%
|
(0.24
|
)%
|
(0.64
|
)%
|
(0.97
|
)%
|
(1.30
|
)%
|
||||||||||||
Portfolio turnover rate
|
111
|
%5
|
350
|
%
|
522
|
%
|
396
|
%
|
335
|
%
|
196
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
The amount shown for a share outstanding throughout the year may not correlate with the Statement of Operations for the year due to the timing of sales and redemptions of Fund shares in relation
to income earned, class specific expense structure, and/or fluctuating market value of the investments of the Fund.
|
5
|
Not annualized.
|
6
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
16.39
|
$
|
12.69
|
$
|
13.79
|
$
|
13.50
|
$
|
12.78
|
$
|
11.23
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.03
|
)
|
(0.07
|
)
|
0.09
|
0.03
|
(0.00
|
)4
|
(0.03
|
)
|
||||||||||||||
Net realized and unrealized gain (loss)
|
0.83
|
3.77
|
(1.13
|
)
|
0.26
|
1.03
|
1.58
|
|||||||||||||||||
Total from investment operations
|
0.80
|
3.70
|
(1.04
|
)
|
0.29
|
1.03
|
1.55
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
—
|
(0.06
|
)
|
—
|
(0.03
|
)
|
—
|
||||||||||||||||
From net realized gain
|
—
|
—
|
—
|
—
|
(0.28
|
)
|
—
|
|||||||||||||||||
Total distributions
|
—
|
—
|
(0.06
|
)
|
—
|
(0.31
|
)
|
—
|
||||||||||||||||
Net asset value, end of period
|
$
|
17.19
|
$
|
16.39
|
$
|
12.69
|
$
|
13.79
|
$
|
13.50
|
$
|
12.78
|
||||||||||||
Total return
|
4.88
|
%3,5
|
29.16
|
%
|
(7.61
|
)%
|
2.15
|
%
|
8.03
|
%
|
13.80
|
%3
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
43,914
|
$
|
44,999
|
$
|
46,311
|
$
|
54,684
|
$
|
28,953
|
$
|
28,338
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.65
|
%6
|
1.68
|
%
|
1.66
|
%
|
1.64
|
%
|
1.62
|
%
|
1.75
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.65
|
%6
|
1.68
|
%
|
1.66
|
%
|
1.64
|
%
|
1.62
|
%
|
1.70
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.35
|
)%6
|
(0.50
|
)%
|
0.65
|
%
|
0.21
|
%
|
(0.01
|
)%
|
(0.33
|
)%
|
||||||||||||
After fees waived and expenses absorbed2
|
(0.35
|
)%6
|
(0.50
|
)%
|
0.65
|
%
|
0.21
|
%
|
(0.01
|
)%
|
(0.28
|
)%
|
||||||||||||
Portfolio turnover rate
|
111
|
%5
|
350
|
%
|
522
|
%
|
396
|
%
|
335
|
%
|
196
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
Amount represents less than $0.005 per share.
|
5
|
Not annualized.
|
6
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
11.67
|
$
|
10.72
|
$
|
10.37
|
$
|
10.94
|
$
|
11.17
|
$
|
10.49
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1,2
|
—
|
5
|
0.06
|
0.13
|
0.17
|
0.11
|
0.09
|
|||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.04
|
)
|
0.98
|
0.39
|
(0.62
|
)
|
(0.22
|
)
|
0.68
|
|||||||||||||||
Total from investment operations
|
(0.04
|
)
|
1.04
|
0.52
|
(0.45
|
)
|
(0.11
|
)
|
0.77
|
|||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.08
|
)
|
(0.17
|
)
|
(0.12
|
)
|
(0.12
|
)
|
(0.09
|
)
|
|||||||||||||
From net realized gain
|
—
|
(0.01
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
—
|
(0.09
|
)
|
(0.17
|
)
|
(0.12
|
)
|
(0.12
|
)
|
(0.09
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
11.63
|
$
|
11.67
|
$
|
10.72
|
$
|
10.37
|
$
|
10.94
|
$
|
11.17
|
||||||||||||
Total return3
|
(0.34
|
)%6
|
9.74
|
%
|
5.04
|
%
|
(4.13
|
)%
|
(1.02
|
)%
|
7.37
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
2,518
|
$
|
2,708
|
$
|
2,659
|
$
|
4,733
|
$
|
23,289
|
$
|
30,818
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.85
|
%7
|
1.97
|
%
|
1.89
|
%
|
1.94
|
%
|
1.84
|
%
|
1.82
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.63
|
%7
|
1.63
|
%
|
1.63
|
%
|
1.63
|
%
|
1.72
|
%4
|
1.82
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.14
|
)%7
|
0.22
|
%
|
0.95
|
%
|
1.27
|
%
|
0.90
|
%
|
0.86
|
%
|
||||||||||||
After fees waived and expenses absorbed2
|
0.08
|
%7
|
0.56
|
%
|
1.21
|
%
|
1.58
|
%
|
1.02
|
%
|
0.86
|
%
|
||||||||||||
Portfolio turnover rate
|
7
|
%6
|
11
|
%
|
21
|
%
|
5
|
%
|
55
|
%
|
18
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and
payments, if any, under the Rule 12b-1 Plan).
|
5
|
Amount represents less than $0.005 per share.
|
6
|
Not annualized.
|
7
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
11.38
|
$
|
10.47
|
$
|
10.14
|
$
|
10.73
|
$
|
10.95
|
$
|
10.31
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income (loss)1,2
|
(0.04
|
)
|
(0.02
|
)
|
0.04
|
0.07
|
0.03
|
0.01
|
||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.05
|
)
|
0.96
|
0.40
|
(0.59
|
)
|
(0.22
|
)
|
0.66
|
|||||||||||||||
Total from investment operations
|
(0.09
|
)
|
0.94
|
0.44
|
(0.52
|
)
|
(0.19
|
)
|
0.67
|
|||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.03
|
)
|
(0.11
|
)
|
(0.07
|
)
|
(0.03
|
)
|
(0.03
|
)
|
|||||||||||||
From net realized gain
|
—
|
(0.00
|
)3
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
—
|
(0.03
|
)
|
(0.11
|
)
|
(0.07
|
)
|
(0.03
|
)
|
(0.03
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
11.29
|
$
|
11.38
|
$
|
10.47
|
$
|
10.14
|
$
|
10.73
|
$
|
10.95
|
||||||||||||
Total return4
|
(0.79
|
)%6
|
8.97
|
%
|
4.34
|
%
|
(4.84
|
)%
|
(1.75
|
)%
|
6.46
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
4,244
|
$
|
4,789
|
$
|
5,384
|
$
|
7,460
|
$
|
11,660
|
$
|
11,592
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.65
|
%2
|
2.73
|
%
|
2.68
|
%
|
2.63
|
%
|
2.56
|
%5
|
2.60
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
2.38
|
%2
|
2.38
|
%
|
2.38
|
%
|
2.38
|
%
|
2.47
|
%
|
2.60
|
%
|
||||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
(0.93
|
)%2
|
(0.52
|
)%
|
0.13
|
%
|
0.43
|
%
|
0.17
|
%
|
0.08
|
%
|
||||||||||||
After fees waived and expenses absorbed2
|
(0.66
|
)%2
|
(0.17
|
)%
|
0.43
|
%
|
0.68
|
%
|
0.26
|
%
|
0.08
|
%
|
||||||||||||
Portfolio turnover rate
|
7
|
%6
|
11
|
%
|
21
|
%
|
5
|
%
|
55
|
%
|
18
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
3
|
Amount represents less than $0.005 per share.
|
4
|
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.
|
5
|
Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and
payments, if any, under the Rule 12b-1 Plan).
|
6
|
Not annualized.
|
7
|
Annualized.
|
For the
|
||||||||||||||||||||||||
Six Months Ended
|
For the Year Ended May 31,
|
|||||||||||||||||||||||
November 30, 2021
|
||||||||||||||||||||||||
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
11.71
|
$
|
10.76
|
$
|
10.40
|
$
|
10.97
|
$
|
11.20
|
$
|
10.52
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1,2
|
0.02
|
0.09
|
0.15
|
0.18
|
0.14
|
0.12
|
||||||||||||||||||
Net realized and unrealized gain (loss)
|
(0.05
|
)
|
0.98
|
0.41
|
(0.60
|
)
|
(0.22
|
)
|
0.67
|
|||||||||||||||
Total from investment operations
|
(0.03
|
)
|
1.07
|
0.56
|
(0.42
|
)
|
(0.08
|
)
|
0.79
|
|||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.11
|
)
|
(0.20
|
)
|
(0.15
|
)
|
(0.15
|
)
|
(0.11
|
)
|
|||||||||||||
From net realized gain
|
—
|
(0.01
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
—
|
(0.12
|
)
|
(0.20
|
)
|
(0.15
|
)
|
(0.15
|
)
|
(0.11
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
11.68
|
$
|
11.71
|
$
|
10.76
|
$
|
10.40
|
$
|
10.97
|
$
|
11.20
|
||||||||||||
Total return3
|
(0.22
|
)%5
|
9.98
|
%
|
5.39
|
%
|
(3.90
|
)%
|
(0.72
|
)%
|
7.53
|
%
|
||||||||||||
Ratios and Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
37,576
|
$
|
39,552
|
$
|
42,622
|
$
|
52,330
|
$
|
67,545
|
$
|
62,571
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.68
|
%6
|
1.79
|
%
|
1.72
|
%
|
1.65
|
%
|
1.57
|
%4
|
1.62
|
%
|
||||||||||||
After fees waived and expenses absorbed
|
1.38
|
%6
|
1.38
|
%
|
1.38
|
%
|
1.38
|
%
|
1.47
|
%
|
1.62
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before fees waived and expenses absorbed2
|
0.03
|
%6
|
0.43
|
%
|
1.09
|
%
|
1.39
|
%
|
1.15
|
%
|
1.06
|
%
|
||||||||||||
After fees waived and expenses absorbed2
|
0.33
|
%6
|
0.84
|
%
|
1.43
|
%
|
1.66
|
%
|
1.25
|
%
|
1.06
|
%
|
||||||||||||
Portfolio turnover rate
|
7
|
%5
|
11
|
%
|
21
|
%
|
5
|
%
|
55
|
%
|
18
|
%
|
1
|
Based on average shares outstanding for the period.
|
2
|
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invested.
|
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
|
Effective December 31, 2017, the Expense Limitation changed from 1.70% to 1.38% (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and
payments, if any, under the Rule 12b-1 Plan).
|
5
|
Not annualized.
|
6
|
Annualized.
|
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
|
105,492
|
$
|
1,719,425
|
$
|
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%
|
||
Tactical Growth Fund
|
|||
First $150 million
|
1.25%
|
||
$150 million up to $500 million
|
1.00%
|
||
Thereafter
|
0.85%
|
||
Tactical Defensive Fund
|
|||
First $150 million
|
1.25%
|
||
$150 million up to $500 million
|
1.00%
|
||
Thereafter
|
0.85%
|
||
Trilogy Alternative Return Fund
|
|||
First $150 million
|
1.25%
|
||
$150 million up to $500 million
|
1.00%
|
||
Thereafter
|
0.85%
|
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, 2021, the amount of advisory fees waived due to affiliated investments is reported under “Affiliated fund fee waived” on the Statements of Operations.
|
Total Limit on Annual Operating Expenses
|
||||
Class A
|
Class C
|
Class I
|
||
Agreement Expires
|
Shares†
|
Shares†
|
Shares†
|
|
Small Cap Growth Fund
|
September 30, 2022
|
1.39%
|
—
|
1.14%
|
Dynamic Small Cap Fund
|
September 30, 2029
|
—
|
—
|
0.99%
|
All Cap Growth Fund
|
September 30, 2029
|
1.20%*
|
—
|
0.95%
|
Multi Strategy Fund
|
September 30, 2029
|
1.20%
|
—
|
1.17%
|
Dividend Growth Fund
|
September 30, 2029
|
—
|
—
|
1.00%
|
Tactical Growth Fund
|
January 19, 2023
|
1.30%°
|
1.30%°
|
1.30%
|
Tactical Defensive Fund
|
January 19, 2023
|
1.70%°
|
1.70%°
|
1.70%
|
Trilogy Alternative Return Fund
|
January 19, 2023
|
1.38%°
|
1.38%°
|
1.38%
|
†
|
The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.
|
*
|
This class is currently not available for purchase.
|
°
|
Exclusive of payments under a Rule 12b-1 Distribution Plan.
|
Small Cap Growth Fund
|
||||||||||||||||
Class A
|
Class I
|
Total
|
||||||||||||||
May 31, 2022
|
$
|
53,634
|
$
|
43,407
|
$
|
97,041
|
||||||||||
May 31, 2023
|
$
|
642,383
|
$
|
341,572
|
$
|
983,955
|
||||||||||
May 31, 2024
|
$
|
312,918
|
$
|
166,395
|
$
|
479,313
|
||||||||||
May 31, 2025
|
$
|
90,462
|
$
|
65,834
|
$
|
156,296
|
||||||||||
$
|
1,099,397
|
$
|
617,208
|
$
|
1,716,605
|
|||||||||||
Dynamic
|
Dividend
|
|||||||||||||||
Small
|
All Cap
|
Growth
|
||||||||||||||
Cap Fund
|
Growth Fund
|
Fund
|
||||||||||||||
May 31, 2022
|
$
|
139,126
|
$
|
97,323
|
$
|
98,273
|
||||||||||
May 31, 2023
|
$
|
206,505
|
$
|
120,773
|
$
|
119,996
|
||||||||||
May 31, 2024
|
$
|
98,584
|
$
|
68,724
|
$
|
60,057
|
||||||||||
May 31, 2025
|
$
|
53,847
|
$
|
30,646
|
$
|
23,691
|
||||||||||
$
|
498,062
|
$
|
317,466
|
$
|
302,017
|
|||||||||||
Tactical Growth Fund
|
||||||||||||||||
Class A
|
Class C
|
Class I
|
Total
|
|||||||||||||
May 31, 2022
|
$
|
2,758
|
$
|
13,159
|
$
|
59,614
|
$
|
75,531
|
||||||||
May 31, 2023
|
$
|
12,533
|
$
|
28,665
|
$
|
117,696
|
$
|
158,894
|
||||||||
May 31, 2024
|
$
|
6,786
|
$
|
20,306
|
$
|
100,719
|
$
|
127,811
|
||||||||
May 31, 2025
|
$
|
17,785
|
$
|
24,528
|
$
|
147,703
|
$
|
190,016
|
||||||||
$
|
39,862
|
$
|
86,658
|
$
|
425,732
|
$
|
552,252
|
Tactical Defensive Fund
|
||||||||||||||||
Class A
|
Class C
|
Class I
|
Total
|
|||||||||||||
May 31, 2022
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
May 31, 2023
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
May 31, 2024
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
May 31, 2025
|
$
|
—
|
$
|
—
|
$
|
274
|
$
|
274
|
||||||||
$
|
—
|
$
|
—
|
$
|
274
|
$
|
274
|
|||||||||
Trilogy Alternative Return Fund
|
||||||||||||||||
Class A
|
Class C
|
Class I
|
Total
|
|||||||||||||
May 31, 2022
|
$
|
7,534
|
$
|
13,310
|
$
|
105,065
|
$
|
125,909
|
||||||||
May 31, 2023
|
$
|
8,412
|
$
|
19,058
|
$
|
161,222
|
$
|
188,692
|
||||||||
May 31, 2024
|
$
|
9,091
|
$
|
18,532
|
$
|
166,572
|
$
|
194,195
|
||||||||
May 31, 2025
|
$
|
2,836
|
$
|
6,092
|
$
|
59,020
|
$
|
67,948
|
||||||||
$
|
27,873
|
$
|
56,992
|
$
|
491,879
|
$
|
576,744
|
Small Cap
|
Dynamic
|
Disciplined
|
||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
||||||||||
Cost of investments
|
$
|
95,094,906
|
$
|
17,870,488
|
$
|
6,129,952
|
||||||
Gross unrealized appreciation
|
$
|
57,554,173
|
$
|
3,199,076
|
$
|
6,378,111
|
||||||
Gross unrealized depreciation
|
(3,899,518
|
)
|
(747,296
|
)
|
(31,287
|
)
|
||||||
Net unrealized appreciation on investments
|
$
|
53,654,655
|
$
|
2,451,780
|
$
|
6,346,824
|
||||||
Multi Strategy
|
Dividend
|
Tactical
|
||||||||||
Fund
|
Growth Fund
|
Growth Fund
|
||||||||||
Cost of investments
|
$
|
37,852,940
|
$
|
9,885,670
|
$
|
434,032,577
|
||||||
Gross unrealized appreciation
|
$
|
18,251,959
|
$
|
6,314,266
|
$
|
162,542,863
|
||||||
Gross unrealized depreciation
|
(126,333
|
)
|
(10,777
|
)
|
(40,905
|
)
|
||||||
Net unrealized appreciation on investments
|
$
|
18,125,626
|
$
|
6,303,489
|
$
|
162,501,958
|
||||||
Tactical
|
Trilogy Alternative
|
|||||||||||
Defensive Fund
|
Return Fund
|
|||||||||||
Cost of investments
|
$
|
85,453,434
|
$
|
37,110,316
|
||||||||
Gross unrealized appreciation
|
$
|
10,960,441
|
$
|
14,797,594
|
||||||||
Gross unrealized depreciation
|
—
|
(4,835,344
|
)
|
|||||||||
Net unrealized appreciation on investments
|
$
|
10,960,441
|
$
|
9,962,250
|
Increase (Decrease)
|
||||||||
Total
|
||||||||
Distributable
|
||||||||
Paid In Capital
|
Earnings
|
|||||||
Small Cap Growth Fund
|
$
|
5,735,994
|
$
|
(5,735,994
|
)
|
|||
Dynamic Small Cap Fund
|
$
|
436,050
|
$
|
(436,050
|
)
|
|||
All Cap Growth Fund
|
$
|
172,734
|
$
|
(172,734
|
)
|
|||
Multi Strategy Fund
|
$
|
20,299
|
$
|
(20,299
|
)
|
|||
Dividend Growth Fund
|
$
|
—
|
$
|
—
|
||||
Tactical Growth Fund
|
$
|
—
|
$
|
—
|
||||
Tactical Defensive Fund
|
$
|
(259,996
|
)
|
$
|
259,996
|
|||
Trilogy Alternative Return Fund
|
$
|
—
|
$
|
—
|
Small Cap
|
Dynamic
|
All Cap
|
Multi Strategy
|
|||||||||||||
Growth Fund
|
Small Cap Fund
|
Growth Fund
|
Fund
|
|||||||||||||
Undistributed ordinary income
|
$
|
2,234,366
|
$
|
4,543,870
|
$
|
10,604
|
$
|
—
|
||||||||
Undistributed long-term gains
|
10,131,497
|
622,750
|
1,722,827
|
3,299,525
|
||||||||||||
Accumulated earnings
|
$
|
12,365,863
|
$
|
5,166,620
|
$
|
1,733,431
|
$
|
3,299,525
|
||||||||
Accumulated capital and other losses
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(146,333
|
)
|
|||||||
Net unrealized appreciation on investments
|
53,654,655
|
2,451,780
|
6,346,824
|
18,125,626
|
||||||||||||
Total accumulated earnings
|
$
|
66,020,518
|
$
|
7,618,400
|
$
|
8,080,255
|
$
|
21,278,818
|
||||||||
Dividend
|
Tactical
|
Tactical
|
Trilogy Alternative
|
|||||||||||||
Growth Fund
|
Growth Fund
|
Defensive Fund
|
Return Fund
|
|||||||||||||
Undistributed ordinary income
|
$
|
18,169
|
$
|
19,279,146
|
$
|
—
|
$
|
—
|
||||||||
Undistributed long-term gains
|
397,951
|
—
|
—
|
—
|
||||||||||||
Accumulated earnings
|
$
|
416,120
|
$
|
19,279,146
|
$
|
—
|
$
|
—
|
||||||||
Accumulated capital and other losses
|
$
|
—
|
$
|
8,624,965
|
$
|
(21,223,105
|
)
|
$
|
(2,921,468
|
)
|
||||||
Net unrealized appreciation on investments
|
6,303,489
|
162,501,958
|
10,960,441
|
9,962,250
|
||||||||||||
Other cumulative effect of timing differences
|
—
|
—
|
(496,296
|
)
|
—
|
|||||||||||
Total accumulated earnings
|
$
|
6,719,609
|
$
|
190,406,069
|
$
|
(10,758,960
|
)
|
$
|
7,040,782
|
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:
|
2021
|
2021
|
2021
|
2021
|
2021
|
2021
|
||||||||||||||||||
Ordinary income
|
$
|
—
|
$
|
2,283,449
|
$
|
—
|
$
|
72,357
|
$
|
—
|
$
|
16,524
|
||||||||||||
Net long-term capital gains
|
—
|
14,758,820
|
—
|
288,617
|
—
|
758,526
|
||||||||||||||||||
Total distributions paid
|
$
|
—
|
$
|
17,042,269
|
$
|
—
|
$
|
360,974
|
$
|
—
|
$
|
775,050
|
||||||||||||
Multi Strategy
|
Dividend
|
Tactical
|
||||||||||||||||||||||
Fund
|
Growth Fund
|
Growth Fund
|
||||||||||||||||||||||
November 30,
|
May 31,
|
November 30,
|
May 31,
|
November 30,
|
May 31,
|
|||||||||||||||||||
Distributions paid from:
|
2021
|
2021
|
2021
|
2021
|
2021
|
2021
|
||||||||||||||||||
Ordinary income
|
$
|
—
|
$
|
—
|
$
|
71,652
|
$
|
125,884
|
$
|
—
|
$
|
76,516
|
||||||||||||
Net long-term capital gains
|
—
|
—
|
—
|
243,545
|
—
|
—
|
||||||||||||||||||
Total distributions paid
|
$
|
—
|
$
|
—
|
$
|
71,652
|
$
|
369,429
|
$
|
—
|
$
|
76,516
|
Tactical
|
Trilogy Alternative
|
|||||||||||||||
Defensive Fund
|
Return Fund
|
|||||||||||||||
November 30,
|
May 31,
|
November 30,
|
May 31,
|
|||||||||||||
Distributions paid from:
|
2021
|
2021
|
2021
|
2021
|
||||||||||||
Ordinary income
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
422,627
|
||||||||
Net long-term capital gains
|
—
|
—
|
—
|
—
|
||||||||||||
Tax Return of Capital
|
—
|
—
|
—
|
42,485
|
||||||||||||
Total distributions paid
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
465,112
|
Late Year Losses
|
Post October Losses
|
||||||||
Small Cap Growth Fund
|
$
|
—
|
$
|
—
|
|||||
Dynamic Small Cap Fund
|
$
|
—
|
$
|
—
|
|||||
All Cap Growth Fund
|
$
|
—
|
$
|
—
|
|||||
Multi Strategy Fund
|
$
|
(146,333
|
)
|
$
|
—
|
||||
Dividend Growth Fund
|
$
|
—
|
$
|
—
|
|||||
Tactical Growth Fund
|
$
|
—
|
$
|
—
|
|||||
Tactical Defensive Fund
|
$
|
(496,296
|
)
|
$
|
(554,762
|
)
|
|||
Trilogy Alternative Return Fund
|
$
|
—
|
$
|
—
|
Purchases
|
Sales
|
||||||||
Small Cap Growth Fund
|
$
|
11,626,661
|
$
|
34,613,241
|
|||||
Dynamic Small Cap Fund
|
$
|
16,702,477
|
$
|
18,100,631
|
|||||
All Cap Growth Fund
|
$
|
677,562
|
$
|
3,523,858
|
|||||
Multi Strategy Fund
|
$
|
6,008,606
|
$
|
7,500,000
|
|||||
Dividend Growth Fund
|
$
|
1,340,523
|
$
|
2,654,046
|
|||||
Tactical Growth Fund
|
$
|
162,468,484
|
$
|
195,150,504
|
|||||
Tactical Defensive Fund
|
$
|
77,381,029
|
$
|
102,325,044
|
|||||
Trilogy Alternative Return Fund
|
$
|
3,437,800
|
$
|
4,931,484
|
Fees Returned
|
||||
Dividend Growth Fund
|
$
|
1,007
|
||
Small Cap Growth Fund
|
79,654
|
|||
Multi Strategy Fund
|
20,501
|
Ratio of Net
|
Ratio of Net
|
|||
Ratio of
|
Ratio of
|
Investment
|
Investment
|
|
Expenses to Average
|
Expenses to average
|
Income/(Loss) to
|
Income/(Loss) to
|
|
Net Assets Before
|
Net Assets After
|
Average Net Assets
|
Average Net Assets
|
|
Fees Waived and
|
Fees Waived and
|
Before Fees Waived and
|
After Fees Waived and
|
|
Expenses Absorbed
|
Expenses Absorbed
|
Expenses Absorbed
|
Expenses Absorbed
|
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|
May 31, 2021
|
May 31, 2021
|
May 31, 2021
|
May 31, 2021
|
|
Dividend Growth Fund Class I
|
1.44%
|
1.01%
|
0.59%
|
1.02%
|
Small Cap Growth Fund Class I
|
1.51%
|
1.23%
|
(1.31)%
|
(1.02)%
|
Multi Strategy Fund Class I
|
0.66%
|
0.66%
|
0.05%
|
0.05%
|
Year Ended May 31, 2021
|
|
Small Cap Growth Fund Class I
|
43.73%
|
Multi Strategy Fund Class I
|
39.80%
|
•
|
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
|
$
|
132,544,655
|
$
|
—
|
$
|
—
|
$
|
132,544,655
|
||||||||
Short-Term Investment
|
8,778,725
|
—
|
—
|
8,778,725
|
||||||||||||
Total
|
$
|
141,323,380
|
$
|
—
|
$
|
—
|
$
|
141,323,380
|
||||||||
Dynamic Small Cap Fund
|
Level 1
|
Level 2*
|
Level 3
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
18,454,049
|
$
|
—
|
$
|
—
|
$
|
18,454,049
|
||||||||
REITs
|
833,029
|
—
|
—
|
833,029
|
||||||||||||
Rights
|
—
|
—
|
818
|
818
|
||||||||||||
Short-Term Investment
|
237,331
|
—
|
—
|
237,331
|
||||||||||||
Total
|
$
|
19,524,409
|
$
|
—
|
$
|
818
|
$
|
19,525,227
|
||||||||
All Cap Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
10,408,949
|
$
|
—
|
$
|
—
|
$
|
10,408,949
|
||||||||
REIT
|
94,215
|
—
|
—
|
94,215
|
||||||||||||
Short-Term Investment
|
490,226
|
—
|
—
|
490,226
|
||||||||||||
Total
|
$
|
10,993,390
|
$
|
—
|
$
|
—
|
$
|
10,993,390
|
||||||||
Multi Strategy Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
ETFs
|
$
|
1,909,144
|
$
|
—
|
$
|
—
|
$
|
1,909,144
|
||||||||
Mutual Funds
|
54,167,704
|
—
|
—
|
54,167,704
|
||||||||||||
Short-Term Investment
|
314,654
|
—
|
—
|
314,654
|
||||||||||||
Total
|
$
|
56,391,502
|
$
|
—
|
$
|
—
|
$
|
56,391,502
|
||||||||
Dividend Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
15,135,068
|
$
|
—
|
$
|
—
|
$
|
15,135,068
|
||||||||
REIT
|
583,553
|
—
|
—
|
583,553
|
||||||||||||
Short-Term Investment
|
414,515
|
—
|
—
|
414,515
|
||||||||||||
Total
|
$
|
16,133,136
|
$
|
—
|
$
|
—
|
$
|
16,133,136
|
||||||||
Tactical Growth Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
ETFs
|
$
|
537,752,152
|
$
|
—
|
$
|
—
|
$
|
537,752,152
|
||||||||
Short-Term Investment
|
55,041,626
|
—
|
—
|
55,041,626
|
||||||||||||
Total
|
$
|
592,793,778
|
$
|
—
|
$
|
—
|
$
|
592,793,778
|
||||||||
Tactical Defensive Fund
|
Level 1
|
Level 2*
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
ETFs
|
$
|
57,353,391
|
$
|
—
|
$
|
—
|
$
|
57,353,391
|
||||||||
Short-Term Investment
|
1,185,960
|
—
|
—
|
1,185,960
|
||||||||||||
Total
|
$
|
58,539,351
|
$
|
—
|
$
|
—
|
$
|
58,539,351
|
Trilogy Alternative Return Fund
|
Level 1
|
Level 2
|
Level 3**
|
Total
|
||||||||||||
Investments
|
||||||||||||||||
Common Stocks1
|
$
|
14,780,593
|
$
|
—
|
$
|
—
|
$
|
14,780,593
|
||||||||
ETFs
|
24,911,472
|
—
|
—
|
24,911,472
|
||||||||||||
Purchased Options
|
—
|
6,070,950
|
—
|
6,070,950
|
||||||||||||
Short-Term Investment
|
739,035
|
—
|
—
|
739,035
|
||||||||||||
Total
|
$
|
40,431,100
|
$
|
6,070,950
|
$
|
—
|
$
|
46,502,050
|
||||||||
Written Options
|
$
|
—
|
$
|
2,385,875
|
$
|
—
|
$
|
2,385,875
|
1
|
For a detailed break-out of these securities by major sector and industry 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, 2021
|
$
|
818
|
||
Transfers into Level 3 during the period
|
—
|
|||
Transfers out of Level 3 during the period
|
—
|
|||
Total realized gain (loss)
|
—
|
|||
Total unrealized appreciation (depreciation)
|
—
|
|||
Net purchases
|
—
|
|||
Net sales
|
—
|
|||
Balance as of November 30, 2021
|
$
|
818
|
Impact to
|
|||||
Valuation from
|
|||||
Fair Value
|
Valuation
|
Unobservable
|
Input
|
an increase
|
|
November 30, 2021
|
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
|
||||||||||||||||||
North Square Advisory
|
|||||||||||||||||||||||||
Research All Cap
|
|||||||||||||||||||||||||
Value Fund – Class I
|
$
|
3,508,534
|
$
|
3,000,000
|
$
|
—
|
$
|
—
|
$
|
94,978
|
$
|
6,603,512
|
$
|
—
|
$
|
—
|
|||||||||
North Square Altrinsic
|
|||||||||||||||||||||||||
International Equity
|
|||||||||||||||||||||||||
Fund – Class I
|
1,114,354
|
—
|
—
|
—
|
(92,791
|
)
|
1,021,563
|
—
|
—
|
||||||||||||||||
North Square Dynamic
|
|||||||||||||||||||||||||
Small Cap Fund – Class I
|
18,865,796
|
—
|
(2,500,000
|
)
|
890,159
|
(274,486
|
)
|
16,981,469
|
—
|
—
|
|||||||||||||||
North Square McKee
|
|||||||||||||||||||||||||
Bond Fund – Class I*
|
1,491,593
|
6,578
|
—
|
—
|
(11,763
|
)
|
1,486,408
|
6,578
|
—
|
||||||||||||||||
North Square All Cap
|
|||||||||||||||||||||||||
Growth Fund – Class I
|
11,873,010
|
—
|
(3,000,000
|
)
|
1,474,910
|
(39,129
|
)
|
10,308,791
|
—
|
—
|
|||||||||||||||
North Square Dividend
|
|||||||||||||||||||||||||
Growth Fund – Class I
|
14,480,760
|
64,270
|
(1,000,000
|
)
|
315,394
|
506,756
|
14,367,180
|
64,270
|
—
|
||||||||||||||||
North Square Strategic
|
|||||||||||||||||||||||||
Income Fund – Class I
|
1,221,663
|
1,019,747
|
—
|
—
|
(15,388
|
)
|
2,226,022
|
19,747
|
—
|
||||||||||||||||
$
|
52,555,710
|
$
|
4,090,595
|
$
|
(6,500,000
|
)
|
$
|
2,680,463
|
$
|
168,177
|
$
|
52,994,945
|
$
|
90,595
|
$
|
—
|
Shares,
|
Shares,
|
|||||||||||||||
Beginning
|
End
|
|||||||||||||||
of Period
|
Purchases
|
Sales
|
of Period
|
|||||||||||||
North Square Advisory
|
||||||||||||||||
Research All Cap
|
||||||||||||||||
Value Fund – Class I
|
304,971
|
254,090
|
—
|
559,061
|
||||||||||||
North Square Altrinsic
|
||||||||||||||||
International Equity
|
||||||||||||||||
Fund – Class I
|
100,109
|
—
|
—
|
100,109
|
||||||||||||
North Square Dynamic Small
|
||||||||||||||||
Cap Fund – Class I
|
1,032,441
|
—
|
(128,994
|
)
|
903,447
|
|||||||||||
North Square McKee Bond
|
||||||||||||||||
Fund – Class I*
|
150,441
|
664
|
—
|
151,105
|
||||||||||||
North Square All Cap
|
||||||||||||||||
Growth Fund – Class I
|
567,875
|
—
|
(136,169
|
)
|
431,706
|
|||||||||||
North Square Dividend
|
||||||||||||||||
Growth Fund – Class I
|
620,914
|
2,761
|
(43,895
|
)
|
579,780
|
|||||||||||
North Square Strategic
|
||||||||||||||||
Income Fund – Class I
|
121,291
|
101,020
|
—
|
222,311
|
||||||||||||
2,947,519
|
*
|
Effective 12/01/2021, North Square McKee Bond Fund renamed its Class I share as Class R6.
|
Liabilities:
|
Gross Amounts not
offset in the Statement
of Assets and Liabilities
|
||||||||||||||||||
Gross Amounts
|
Net Amounts
|
||||||||||||||||||
Gross Amounts
|
Offset in the
|
Presented in the
|
Collateral
|
||||||||||||||||
of Recognized
|
Statement of Assets
|
Statement of Assets
|
Financial
|
Received
|
|||||||||||||||
Description
|
Liabilities
|
and Liabilities
|
and Liabilities
|
Instruments
|
(Pledged)
|
Net Amount
|
|||||||||||||
Written option contracts
|
$
|
2,385,875
|
$
|
—
|
$
|
2,385,875
|
$
|
2,385,875
|
$
|
—
|
$
|
—
|
|||||||
Total
|
$
|
2,385,875
|
$
|
—
|
$
|
2,385,875
|
$
|
2,385,875
|
$
|
—
|
$
|
—
|
Fair Value
|
Net Unrealized
|
|||||||||||
Gain (Loss) on
|
||||||||||||
Derivatives Not Accounted for as Hedging Instruments
|
Assets
|
Liabilities
|
Open Positions
|
|||||||||
North Square Trilogy Alternative Return Fund
|
||||||||||||
Option Contracts
|
||||||||||||
Purchased Option Contracts
|
$
|
6,070,950
|
$
|
—
|
$
|
1,915,013
|
||||||
Written Option Contracts
|
—
|
2,385,875
|
(538,299
|
)
|
||||||||
Total Option Contracts
|
$
|
6,070,950
|
$
|
2,385,875
|
$
|
1,376,714
|
Gain (Loss) from Trading
|
||||||||
Net Change
|
||||||||
Fund and Type of Derivative Instrument
|
Net Realized
|
in Unrealized
|
||||||
North Square Trilogy Alternative Return Fund
|
||||||||
Option Contracts
|
||||||||
Purchased Option Contracts*
|
$
|
200,495
|
$
|
1,915,013
|
||||
Written Option Contracts
|
(2,697,670
|
)
|
(538,299
|
)
|
||||
Total Option Contracts
|
$
|
(2,497,175
|
)
|
$
|
1,376,714
|
*
|
Purchased options are included in the net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments.
|
Average Notional
|
||
Long
|
Short
|
|
Option contracts
|
$6,320,999
|
$(1,746,315)
|
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
|
12
|
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,
|
12
|
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,
|
12
|
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
|
12
|
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
|
(July 2018 – March 2021), General Counsel and
|
||||
Secretary
|
Senior Managing Director, 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 twelve portfolios that currently comprise the Trust, which consists of the eight Funds, the North Square Advisory Research All Cap Value Fund, and 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
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,043.60
|
$7.12
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,018.10
|
$7.03
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,045.00
|
$5.84
|
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
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,028.60
|
$5.19
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,019.95
|
$5.16
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.02%, 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
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,142.10
|
$5.10
|
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
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,050.50
|
$4.11
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,021.06
|
$4.05
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,051.90
|
$2.73
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,022.41
|
$2.69
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 0.80% and 0.53% 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
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,067.30
|
$5.18
|
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.
|
Beginning
|
Ending
|
Expense Paid
|
||
Account
|
Account
|
During
|
||
Value
|
Value
|
Period*
|
||
Tactical Growth Fund
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,023.00
|
$ 7.86
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,017.30
|
$ 7.84
|
|
Class C
|
Actual Performance
|
$1,000.00
|
$1,019.50
|
$11.64
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,013.54
|
$11.61
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,024.20
|
$ 6.60
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,018.55
|
$ 6.58
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 1.55%, 2.30% and 1.30% for Class A, Class C 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*
|
||
Tactical Defensive Fund
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$1,048.20
|
$ 9.45
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,015.84
|
$ 9.30
|
|
Class C
|
Actual Performance
|
$1,000.00
|
$1,043.80
|
$13.37
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,011.98
|
$13.16
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$1,048.80
|
$ 8.47
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,016.80
|
$ 8.34
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 1.84%, 2.61% and 1.65% for Class A, Class C 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*
|
||
Trilogy Alternative Return Fund
|
6/1/21
|
11/30/21
|
6/1/21 – 11/30/21
|
|
Class A
|
Actual Performance
|
$1,000.00
|
$ 996.60
|
$ 8.16
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,016.90
|
$ 8.24
|
|
Class C
|
Actual Performance
|
$1,000.00
|
$ 992.10
|
$11.89
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,013.14
|
$12.01
|
|
Class I
|
Actual Performance
|
$1,000.00
|
$ 997.80
|
$ 6.91
|
Hypothetical (5% annual return before expenses)
|
$1,000.00
|
$1,018.15
|
$ 6.98
|
*
|
Expenses are equal to the Fund’s annualized expense ratios of 1.63%, 2.38% and 1.38% for Class A, Class C 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.
|
Sub-Advisor
|
Sub-Advisor
|
Sub-Advisor
|
Algert Global LLC
|
NSI Retail Advisors, LLC
|
Oak Ridge Investments, LLC
|
101 California Street, Suite 4225
|
One Gateway Center
|
10 South LaSalle Street, Suite 1900
|
San Francisco, California 94111
|
Pittsburgh, Pennsylvania 15222
|
Chicago, Illinois 60603
|
Fund Name
|
Ticker
|
CUSIP
|
|
North Square Oak Ridge Small Cap Growth Fund
|
Class A
|
ORIGX
|
66263L304
|
North Square Oak Ridge Small Cap Growth Fund
|
Class I
|
ORIYX
|
66263L858
|
North Square Dynamic Small Cap Fund
|
Class I
|
ORSIX
|
66263L825
|
North Square Oak Ridge All Cap Growth Fund
|
Class I
|
ODGIX
|
66263L601
|
North Square Multi Strategy Fund
|
Class A
|
ORILX
|
66263L700
|
North Square Multi Strategy Fund
|
Class I
|
PORYX
|
66263L833
|
North Square Oak Ridge Dividend Growth Fund
|
Class I
|
ORDNX
|
66263L882
|
North Square Tactical Growth Fund
|
Class A
|
ETFAX
|
66263L734
|
North Square Tactical Growth Fund
|
Class C
|
ETFCX
|
66263L742
|
North Square Tactical Growth Fund
|
Class I
|
ETFOX
|
66263L726
|
North Square Tactical Defensive Fund
|
Class A
|
ETFRX
|
66263L718
|
North Square Tactical Defensive Fund
|
Class C
|
ETFZX
|
66263L692
|
North Square Tactical Defensive Fund
|
Class I
|
ETFWX
|
66263L684
|
North Square Trilogy Alternative Return Fund
|
Class A
|
STTGX
|
66263L650
|
North Square Trilogy Alternative Return Fund
|
Class C
|
STTCX
|
66263L668
|
North Square Trilogy Alternative Return Fund
|
Class I
|
STTIX
|
66263L676
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(a)
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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.
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(b)
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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.
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(a)
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(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
|
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By: |
/s/Mark D. Goodwin |
|
|
Mark D. Goodwin, |
|
|
President |
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|
|
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Date: |
February 4, 2022 |
|
By: |
/s/Mark D. Goodwin |
|
|
Mark D. Goodwin, |
|
|
President |
|
|
|
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Date: |
February 4, 2022 |
|
By: |
/s/Alan E. Molotsky |
|
|
Alan E. Molotsky, |
|
|
Treasurer |
|
|
|
|
Date: |
February 4, 2022 |
1.
|
I have reviewed this report on Form N-CSR of North Square Investments Trust;
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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;
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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 4, 2022
|
/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 4, 2022
|
/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 4, 2022
|
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