0001750821 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:SmallcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:ValueorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:PortfolioTurnoverRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:EtfRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:RealEstateInvestmentTrustREITRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:InitialPublicOfferingIPORiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:ConvertibleSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:RealEstateInvestmentTrustRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:InvestmentCompaniesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:PortfolioTurnoverRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:MicrocapAndSmallcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:GrowthorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:ValueorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:EmergingMarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:InitialPublicOfferingRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:LimitedOperatingHistoryRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:SmallcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:ConvertibleSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:ValueorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:ValueorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:SmallcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:InvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:ValuationRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:ConvertibleSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:HighPortfolioTurnoverRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:LargecapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:EmergingMarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:RiskDerivativesRiskYieldCurveRiskAndGapRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:MortgagebackedAndAssetbackedSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:CollateralizedLoanObligationsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:BankLoanRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:DerivativesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:YieldCurveRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:GapRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:FuturesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:OptionsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:SwapsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:DurationRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:MortgagebackedAndAssetbackedSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:NegativeConvexityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:USGovernmentObligationsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:YieldCurveRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:CreditAndSubordinationRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:HybridSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:AdditionalTier1SecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:OptionalityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:Rule144AandRegulationSSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:EmergingMarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:DerivativesAndHedgingTransactionsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:YieldCurveRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:GapRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:MortgagebackedAndAssetbackedSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:DerivativesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:ConvertibleSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:FuturesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:LargecapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:OptionsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:RealEstateInvestmentTrustREITRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:SmallcapAndMidcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:SwapsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:YieldCurveRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:InvestmentCompaniesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:GrowthorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:SmallcapAndMidcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:EmergingMarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:MortgagebackedAndAssetbackedSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:ValueorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:InflationlinkedSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:BankLoanRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:USGovernmentSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:MunicipalSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:ConvertibleSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:InitialPublicOfferingIPORiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:WarrantsAndRightsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:LargecapCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:MicrocapSmallAndMidsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:ForeignAndEmergingMarketCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:UnderlyingFundsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:BlendStyleRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:InvestmentCompaniesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:RelianceOnTechnologyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:InvestmentCompaniesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:LargecapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:PortfolioTurnoverRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:SmallcapAndMidcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:USGovernmentSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:InvestmentCompaniesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:EquityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:GrowthorientedInvestmentStrategiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:CommodityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:CurrencyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:LargecapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:SmallcapAndMidcapsizedCompanyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:USGovernmentSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:PreferredSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:CapitalSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:TaxadvantagedStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:QualifiedDividendIncomeQDIRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:MarketRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member us-gaap:CreditRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:FixedIncomeSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member us-gaap:InterestRateRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:RealEstateInvestmentTrustsREITsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:RealEstateSecuritiesRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:HighYieldJunkBondRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:ForeignInvestmentRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:YieldCurveRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:GapRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:NewFundRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:CybersecurityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:ManagementAndStrategyRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:SectorFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:SecurityFocusRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:LiquidityRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:AuthorizedParticipantConcentrationRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:EtfStructureRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:CashTransactionsRiskMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:C000205678Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063485Member cik0001750821:C000205677Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:C000250357Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000085358Member cik0001750821:C000250358Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067944Member cik0001750821:C000217840Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:C000258542Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000091143Member cik0001750821:C000258541Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member cik0001750821:C000222264Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member cik0001750821:C000224843Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:C000222266Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member cik0001750821:C000222265Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member cik0001750821:C000205685Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:C000217841Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member cik0001750821:C000217842Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:C000205681Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member cik0001750821:C000205683Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:C000205671Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member cik0001750821:C000205673Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:C000224841Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:C000224840Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member cik0001750821:C000224839Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:C000224838Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:C000224836Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member cik0001750821:C000224837Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000089356Member cik0001750821:C000255877Member 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069691Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070730Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000069692Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063488Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000067945Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063487Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000063483Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205677Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000205677Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000205677Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000205677Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000205677Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000205677Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000205677Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000205677Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000205677Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000205677Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000217840Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000217840Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000217840Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000217840Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000217840Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000217840Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000217840Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000217840Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000217840Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000258542Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000258542Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000258542Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000258542Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000258542Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000258542Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000258542Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000258542Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000258542Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222264Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000222264Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000222264Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000222264Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000224843Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000224843Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000224843Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000224843Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000224843Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000224843Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000224843Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000224843Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000224843Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222266Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000222266Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000222266Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000222266Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000205685Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000205685Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000205685Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000205685Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000205685Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000205685Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000205685Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000205685Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000205685Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000217842Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000217842Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000217842Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000217842Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000217842Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000217842Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000217842Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000217842Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000217842Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000205681Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000205681Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000205681Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000205681Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000205681Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000205681Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000205681Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000205681Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000205681Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000205673Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000205673Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000205673Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000205673Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000205673Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000205673Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000205673Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000205673Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000205673Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000224841Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000224841Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000224841Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000224841Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000224841Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000224841Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000224841Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000224841Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000224841Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member 2015-01-01 2015-12-31 0001750821 cik0001750821:C000224837Member 2016-01-01 2016-12-31 0001750821 cik0001750821:C000224837Member 2017-01-01 2017-12-31 0001750821 cik0001750821:C000224837Member 2018-01-01 2018-12-31 0001750821 cik0001750821:C000224837Member 2019-01-01 2019-12-31 0001750821 cik0001750821:C000224837Member 2020-01-01 2020-12-31 0001750821 cik0001750821:C000224837Member 2021-01-01 2021-12-31 0001750821 cik0001750821:C000224837Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000224837Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000224837Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205677Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205678Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205678Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217840Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258542Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000258541Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000258541Member cik0001750821:Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000222264Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222264Member 2020-12-04 2024-12-31 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsMember 2020-12-04 2024-12-31 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-04 2024-12-31 0001750821 cik0001750821:C000222264Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222264Member cik0001750821:MSCIEAFEIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222264Member cik0001750821:MSCIEAFEIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-12-04 2024-12-31 0001750821 cik0001750821:C000222264Member cik0001750821:MSCIEAFEIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224843Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224843Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000222266Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222265Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222266Member 2020-12-28 2024-12-31 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsMember 2020-12-28 2024-12-31 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-28 2024-12-31 0001750821 cik0001750821:C000222266Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000222265Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222265Member 2020-12-28 2024-12-31 0001750821 cik0001750821:C000222265Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000222265Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-12-28 2024-12-31 0001750821 cik0001750821:C000222265Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205685Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205685Member cik0001750821:ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217842Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000217842Member cik0001750821:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217841Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000217841Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000217841Member 2023-02-28 2024-12-31 0001750821 cik0001750821:C000205681Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205681Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205683Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205683Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205673Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000205671Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000205671Member cik0001750821:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224841Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224840Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224840Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224840Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224840Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224839Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224839Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member cik0001750821:Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member cik0001750821:MorningstarModerateTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member cik0001750821:MorningstarModerateTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224839Member cik0001750821:MorningstarModerateTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224837Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224838Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224838Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224838Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224838Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224836Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member 2025-09-26 2025-09-26 0001750821 cik0001750821:C000224836Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member cik0001750821:Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member cik0001750821:MorningstarModerateAggressiveTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member cik0001750821:MorningstarModerateAggressiveTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-01-01 2024-12-31 0001750821 cik0001750821:C000224836Member cik0001750821:MorningstarModerateAggressiveTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2015-01-01 2024-12-31 0001750821 cik0001750821:S000070729Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070729Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member oef:RiskLoseMoneyMember 2025-09-26 2025-09-26 0001750821 cik0001750821:S000070728Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-26 2025-09-26 iso4217:USD shares iso4217:USD shares pure false 485BPOS 2025-09-26 0001750821 N-1A Exchange Place Advisors Trust 2025-09-28 SUMMARY SECTION – NORTH SQUARE DYNAMIC SMALL CAP FUND Investment Objective The investment objective of the North Square Dynamic Small Cap Fund (the “Fund”) is long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zTYtTKhxbdmd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zzGanuYv5Cv5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; width: 52%; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 12%"> </td> <td id="xdx_49C_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205678Member_zy1CWIHZo7Gi" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 12%; text-align: center">Class A Shares</td> <td style="border-top: Black 1pt solid; width: 12%"> </td> <td id="xdx_491_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205677Member_z055rEfRVb8b" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 12%; text-align: center">Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zBWbozwTpQ3d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">5.75%</td> <td> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None1</td> <td> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_402_eoef--RedemptionFeeOverRedemption_dpn_zPRKYNSgOhUj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td> <td> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> 0.0575 0 0 0 0 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z26moFUjD5q1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z3MqsURO3P0c" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td colspan="2" id="xdx_49C_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205678Member_zAv7OmmW7du4" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_491_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205677Member_z5XeY5qKLMn2" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zXxPElgRm4kd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.90%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.90%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zD2CnIfpTmnc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zVkJlvA1svpf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.33%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.21%</td></tr> <tr id="xdx_40F_eoef--Component1OtherExpensesOverAssets_dpn_zbG8r1VFfMH4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 52%">Shareholder Service Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">0.03%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 12%"> </td></tr> <tr id="xdx_408_eoef--Component2OtherExpensesOverAssets_dpn_z5PjqRaUnGm5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.18%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.18%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zDFvaKkLfQO8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.48%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.11%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zmX5Os7xJpM" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.12%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zqu14Kd81xUe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">0.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td colspan="2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 8pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0%"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1</td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> 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.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif"></td><td style="font: 8pt Times New Roman, Times, Serif">2</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.24% and 0.99% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0090 0.0090 0.0025 0 0.0033 0.0021 0.0015 0.0003 0.0018 0.0018 0.0148 0.0111 -0.0024 -0.0012 0.0124 0.0099 September 30, 2029 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2029). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2029). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMa9EA4FH50c"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zRqrZjTWqAp" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zvwLusInr6Zf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z6iUETGTmpqb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zpfat8Dtiiob" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_z4WH1kZpBWz8" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41E_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205678Member_zzYhB7Qdcky6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class A shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$694</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$946</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,243</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,157</td></tr> <tr id="xdx_419_20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member__oef--ClassAxis__custom--C000205677Member_z7w5IXfq29L" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$101</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$315</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$561</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,305</td></tr> </table> 694 946 1243 2157 101 315 561 1305 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 168% of the average value of its portfolio. 1.68 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected Algert Global LLC (the “Sub-Adviser”) to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. Under normal circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of small capitalization U.S. companies. Small capitalization companies are considered to be companies with market capitalizations within the range of those companies included in the Russell 2000 Index (the “Index”) at the time of purchase. Because small capitalization companies are defined by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions and could fall outside of the Index’s current capitalization range. Investment in companies that move above or below the capitalization range of the Index may continue to be held by the Fund in the discretion of the Sub-Adviser. As of August 31, 2025, the market capitalizations of companies included in the Index were between $40 million and $20.9 billion. The Fund may at times invest a significant portion of its assets in a single sector. The equity securities in which the Fund principally invests are common stocks, but the Fund also may invest in other types of equity securities, such as exchange-traded funds (“ETFs”) that invest substantially all of their assets in equity securities, equity interests in real estate investment trusts (“REITs”), and preferred stocks. The Fund may also invest in initial public offerings (“IPOs”) of equity securities. The Fund may invest up to 20% of its total assets in equity securities of non-U.S. issuers. The Fund’s investments in non-U.S. issuers primarily are through investment in American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Sub-Adviser uses proprietary systematic models to choose stocks which will comprise the Sub-Adviser’s portfolio or “investment universe.” The Sub-Adviser generates a composite score for each stock in its investment universe based on three internal models: Relative Value (to seek to detect mispriced stocks), Quality (to assess the sustainability of a company’s operating performance), and Catalyst (to identify companies with changing financial expectations and changing levels of attention from investors). Each of these models is customized to the specifics of the underlying sector and region where they are applied. The score is intended to represent the Sub-Adviser’s view of the attractiveness of a company relative to its industry, country, and other risk factors. The Sub-Adviser uses an automated technological process that updates the ranking for each stock in its investment universe daily. A prospective trade list is generated from these rankings to construct the desired portfolio. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Small-Cap-Sized Company Risk, Market Risk, Equity Risk, Reliance on Technology Risk, Value-Oriented Investment Strategies Risk, Management and Strategy Risk, Sector Focus Risk, Liquidity Risk, Portfolio Turnover Risk, ETF Risk, Preferred Securities Risk, Foreign Investment Risk, Real Estate Investment Trust (“REIT”) Risk, and Initial Public Offering (“IPO”) Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> </div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapsizedCompanyRiskMember_zPenxeSyXy4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Small-Cap-Sized Company Risk. The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.<div> </div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally.<div> Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. </div> Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.<div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RelianceOnTechnologyRiskMember_zpURg26LYdX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance.<div> </div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueorientedInvestmentStrategiesRiskMember_zBCXVXtCzSQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive), value stocks generally may be out of favor in the markets.<div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_zHVFG6aGMOs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.<div> </div> Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. <div> </div> Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value due to a less active market.<div> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zw7T8mPP3ssk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Portfolio Turnover Risk. As a result of its trading strategies, the Fund may sell portfolio securities without regard to the length of time they have been held and will likely have a higher portfolio turnover rate than other mutual funds. Since portfolio turnover may involve paying brokerage commissions and other transaction costs, higher turnover generally results in additional Fund expenses. High rates of portfolio turnover may lower the performance of the Fund due to these increased costs and may also result in the realization of short-term capital gains. If the Fund realizes capital gains when Fund Investments are sold, the Fund must generally distribute those gains to shareholders, increasing the Fund’s taxable distributions. High rates of portfolio turnover in a given year would likely result in short-term capital gains that are taxed to shareholders at ordinary income tax rates.<div> </div> ETF Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.<div> </div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesRiskMember_zUFgiKm8wGK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Preferred Securities Risk. Preferred securities represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z2PNvQlB2JBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.<div> </div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_z9ARMLJfxK38" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Real Estate Investment Trust (“REIT”) Risk. The Fund’s investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, limited access to the credit or capital markets, and changes in cash flows of underlying real estate assets, particularly during periods of disruptions to business operations or an economic downturn. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt and erratic price movements than the overall securities market.<div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InitialPublicOfferingIPORiskMember_zRoTh1EtKAL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Initial Public Offering (“IPO”) Risk. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to many of the same risks as investing in companies with smaller market capitalizations, including equity risk and liquidity risk. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund has adopted the historical performance of the Oak Ridge Dynamic Small Cap Fund (the “Predecessor Fund”) as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the close of business on May 10, 2019, reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially the same investment strategies. Prior to the reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The performance information presented below for periods prior to September 30, 2015, is based on the performance of the Algert Global U.S. Small Cap account (the “Predecessor Account”). The Predecessor Fund commenced operations on September 30, 2015, after the conversion of the Predecessor Account, which commenced operations on November 1, 2008, into Class I shares of the Predecessor Fund. The Predecessor Fund’s and the Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. The Predecessor Account was the only fund or account managed by the Sub-Adviser with an investment objective and investment policies and restrictions substantially similar to those of the Predecessor Fund, and the Predecessor Account was managed in substantially the same way as the Sub-Adviser managed the Predecessor Fund and will manage the Fund. The returns for the Predecessor Account reflect its performance prior to the conversion into the Predecessor Fund. The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986, as amended, on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected. Returns for Class I shares reflect all charges, expenses, and fees of the Predecessor Account. The Fund’s Class A shares commenced operations on December 1, 2015. Following the close of business on May 29, 2020, the Fund’s outstanding Class A shares were converted into Class I shares and the offering of Class A shares was suspended as of that date. The Class A shares of the Fund are now available for purchase as of the date of this Prospectus. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_001.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zPmEsQbGskW6" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%"> Years</td> <td style="text-align: center; width: 50%"> Returns</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2015</td> <td id="xdx_988_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000205677Member_zLS8WpmaFYKj" style="text-align: center">1.23%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000205677Member_zpE1M4D4vgkf" style="text-align: center">18.47%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000205677Member_zkMWLfWVvMEi" style="text-align: center">15.63%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2018</td> <td id="xdx_982_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000205677Member_zDXAOuE1Lbf" style="text-align: center">-9.26%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2019</td> <td id="xdx_987_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000205677Member_znkdJeqDyAk8" style="text-align: center">27.72%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000205677Member_zJ5J043fPbfi" style="text-align: center">19.34%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000205677Member_zROWF3ASvBFd" style="text-align: center">23.70%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000205677Member_zw88G3wrLHRd" style="text-align: center">-18.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000205677Member_zwg7G7auLXI7" style="text-align: center">29.16%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000205677Member_zIUcCyTkpuy2" style="text-align: center">14.89%</td></tr> </table> 0.0123 0.1847 0.1563 -0.0926 0.2772 0.1934 0.2370 -0.1846 0.2916 0.1489 The year-to-date return as of June 30, 2025 was -3.78%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td colspan="3" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify">Class I</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_98E_eoef--HighestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member_zUpuXQahvmxg" style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member_z4nollnEnnL4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">27.20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify">Quarter ended 12/31/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member_zC7hB6GoBvKf" style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member_zMrwQDbeLpPf" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-29.76%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0378 Highest Calendar Quarter Return at NAV (non-annualized) 0.2720 2020-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.2976 2020-03-31 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zgXw8EM6kpZ8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zxlMCVJhWKdf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_98C_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000063485Member_zjawaZsmxAxi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; width: 55%">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_z5rUFJeKvdxe" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 15%">1 Year</td> <td id="xdx_49E_20200101__20241231_zpQTMtjWrxHg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 15%">5 Years</td> <td id="xdx_49F_20150101__20241231_zL8yVRdPrt4k" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%"> 10 Years </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205677Member_zy5vkRNH0THc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">14.89%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.30%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">11.12%</td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205677Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMUepFK6g2E6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.99%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.00%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.67%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205677Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0GHt5eE8TUk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.38%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.43%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return Before Taxes1</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000205678Member_fMQ_____zfsjOmtG6OJe" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.11%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000205678Member_fMQ_____zduYZ9lga561" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10.72%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">N/A</td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205678Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zqqzSUDuNdd2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.55%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205678Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zQ5fin9LOjHi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Russell 2000® Index (reflects no deduction for fees, expenses or taxes)3</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">11.54%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.82%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> During the period from May 30, 2020, through December 31, 2022, there were no Class A shares of the Fund outstanding. Had Class A shares been outstanding they would have been invested in the same portfolio as the Class I shares. Performance shown for the period from May 30, 2020, to December 31, 2022, is based on the performance of Class I shares, adjusted on a proforma basis, for the higher expenses applicable to Class A shares, which are subject to a sales load and a 12b-1 fee.</td></tr> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0in"></td> <td style="padding-bottom: 3pt; width: 0.25in; text-align: left">2 </td> <td style="padding-bottom: 3pt; text-align: justify">The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td> </tr> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left">3 </td> <td style="text-align: justify">The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.1489 0.1230 0.1112 0.1299 0.0900 0.0867 0.0938 0.0843 0.0798 Return Before Taxes 0.0811 0.1072 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses or taxes 0.1154 0.0740 0.0782 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Information for Class I shares reflect the performance of the Predecessor Fund and/or the Predecessor Account shares prior to each class’s respective inception date. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – NORTH SQUARE KENNEDY MICROCAP FUND Investment Objective The investment objective of the North Square Kennedy MicroCap Fund (the “Fund”) is to provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zZiF9aoPXgt6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zKbfGQHCdJ59" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 52%; text-align: center"> </td> <td style="border-top: Black 1pt solid; padding-top: 3pt; vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_zEU3SFXxEba6" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 12%; text-align: center">Class A Shares</td> <td style="border-top: Black 1pt solid; padding-top: 3pt; vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_zlv4RUoFiRaf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 12%; text-align: center">Class I Shares</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: bottom">Shareholder Fees (fees paid directly from your investment)</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_40D_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zSKKVkbRjEe9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.75%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_909_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_fMQ_____z6UFpIUS3plh" title="Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)">None¹</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_zTo3lFTFCXAc" title="Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)">None</td> </tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_dpn_zaxwBZtxt3Ic" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Redemption Fee (as a percentage of amount redeemed)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> 0.0575 0 0 0 0 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zvR2IvUwFbc6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zYTPFtj7MvMf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: bottom; width: 52%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_zpjrMLdm3fIk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td style="vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_zzDKDJmkOjE7" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> </tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zNQkQQR26OVb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Management Fees</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.20%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.20%</td> </tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zyOSvCtVrEe2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Distribution (12b-1) and/or Service Fees</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zEbYz2yRJBc3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Other Expenses</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.88%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.88%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top">Shareholder Service Fee</td> <td id="xdx_982_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_zO246G4aZWjc" style="text-align: center">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_980_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_z0vuft7pLHR8" style="text-align: center">0.15%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; text-align: left; vertical-align: top">All Other Expenses</td> <td id="xdx_98F_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_zkVc1OIryvg2" style="text-align: center">0.73%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_zLc6n4qe87db" style="text-align: center">0.73%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zcLAtakIXzLc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses2</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.01%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zjM55cw5Z3I4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses3</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.34%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.09%</td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZbh1gbY42z1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Fees Waived and/or Expenses Reimbursed</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.61%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.61%</td> </tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zrQyzRGmQsE2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses4</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.73%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.48%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0%"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">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.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">3 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">4 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.72% and 1.47% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0120 0.0120 0.0025 0 0.0088 0.0088 0.0015 0.0015 0.0073 0.0073 0.0001 0.0001 0.0234 0.0209 -0.0061 -0.0061 0.0173 0.0148 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwD2aEsDM4F7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zF0YjjVgTTM5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 40%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zrUuXxbSV6jj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zfqVapAqIDhb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_z6S193kVxVx6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zmkaYNJ7mSq3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41B_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250357Member_zGdJNPIyalK1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Class A shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$741</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,208</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$1,701</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$3,053</td></tr> <tr id="xdx_415_20250926__20250926__dei--LegalEntityAxis__custom--S000085358Member__oef--ClassAxis__custom--C000250358Member_z2MitDVoy7Xf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$151</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$596</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$1,068</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$2,372</td></tr> </table> 741 1208 1701 3053 151 596 1068 2372 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the period June 10, 2024 (commencement of operations), through May 31, 2025, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio. 0.67 Principal Investment Strategies Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of micro-capitalization companies. The Fund considers micro-capitalization companies to be companies with market capitalizations generally within the ranges of the Russell Microcap® Index at the time of purchase. As of August 31, 2025, the market capitalization range of the Russell Microcap® Index was between $14.11 million and $4.17 billion. The Fund’s investments in equity securities may include common and preferred stock, convertible securities, securities of real estate investment trusts (“REITs”) and shares of investment companies, including exchange-traded funds (“ETFs”) designed to track micro-cap indices. While the Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of foreign issuers, including those in emerging market countries or developing countries as defined by the World Bank, International Finance Corporation or the Morgan Stanley Capital International (MSCI) emerging market indices or other comparable indices. Investments in such foreign issuers are not expected to exceed 20% of the Fund’s net assets. The Fund follows an investing style that favors core investments. The Fund’s sub-adviser, Kennedy Capital Management LLC (“Kennedy Capital” or the “Sub-Adviser”), utilizes fundamental, bottom-up research to identify companies that are able to reinvest in their businesses at attractive rates of return, and invest in those companies when prices do not, in the view of the Sub-Adviser, adequately reflect the companies’ potential value creation from those investments, including their anticipated growth prospects. The Sub-Adviser believes that the operating cash-flow returns of a business is the best measure of a company’s performance and that the ability to reinvest cash flows into high return projects creates a powerful compounding effect, which in turn creates value for shareholders over time. The Sub-Adviser employs a research team of sector-specific analysts to perform fundamental analysis on new potential ideas for the strategy, as well as existing holdings, in order to invest across the full spectrum of opportunities. Each company under consideration for investment is initially classified by the Sub-Adviser’s research team as one of these investment types: (i) Steady Compounder, (ii) Material Positive Change (including growth prospects), (iii) Out of Favor, and (iv) Deep Value. Companies classified as Steady Compounder are established companies that are able to sustain evaluated levels of asset growth, have consistently high or expanding returns on invested capital and have high barriers to entry. Companies classified as Material Positive Change demonstrate structural change (e.g., management divesting an underperforming business segment) that improves asset growth and/or returns on invested capital (“ROIC”) or cash flow return on investment (“CFROI”) have a growth profile post-change and can be found anywhere along the growth life cycle. Companies classified as Out of Favor are those companies whose intrinsic business returns are undervalued and experience near term negative sentiment. Companies classified as Deep Value are those companies with a significant gap between intrinsic and market valuations and whose current levels of growth and ROIC/CFROI may be weak in comparison to their peers. This labor intensive, bottom-up approach, combined with discounted cash-flow valuation analysis, forms the basis of the Sub-Adviser’s investment process. The Sub-Adviser may sell all or a portion of a position of the Fund’s portfolio holding when in its opinion one or more of the following occurs, among other reasons: (i) there is a change in the Sub-Adviser’s analysis on a particular issuer; (ii) a company’s stock price is at the high end of the company’s historical range; (iii) the issuer’s fundamentals deteriorate; (iv) the Sub-Adviser identifies more attractive investment opportunities for the Fund; (v) the issuer’s market capitalization consistently exceeds the capitalization range of the Russell Microcap® Index; or (vi) the Fund requires cash to meet redemption requests. The Fund also may invest in American, European, and Global Depositary Receipts (“ADRs,” “EDRs,” and “GDRs,” respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund may also invest in initial public offerings (“IPOs”) of equity securities. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, Preferred Securities Risk, Convertible Securities Risk, Real Estate Investment Trust (“REIT”) Risk, Investment Companies Risk, Sector Focus Risk, Portfolio Turnover Risk, Market Risk, Micro-Cap and Small-Cap-Sized Company Risk, Growth-Oriented Investment Strategies Risk, Value-Oriented Investment Strategies Risk, Reliance on Technology Risk, Cybersecurity Risk, Liquidity Risk, Currency Risk, Foreign Investment Risk, Emerging Market Risk, Initial Public Offering (“IPO”) Risk, Limited Operating History Risk and Management and Strategy Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Preferred Securities Risk. Preferred securities represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible Securities Risk. Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are frequently issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. <div style="display: none"></div> Real Estate Investment Trust (“REIT”) Risk. The Fund’s investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt and erratic price movements than the overall securities market. Investment Companies Risk. The Fund’s investment in investment companies, such as ETFs and mutual funds (including other funds managed by the Adviser), generally reflects the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment companies directly. Investment in investment companies involves additional expenses based on the Fund’s pro rata share of the other investment company’s operating expenses, including the management fee of unaffiliated funds in addition to those paid by the Fund. An ETF may also trade at a discount to its net asset value. Investing in ETFs or mutual funds involves duplication of advisory fees and certain other expenses. The Fund may also pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund may invest in underlying funds which invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund.. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Health Care Sector Risk. The performance of companies in the health care sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many health care companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of these companies. Many health care companies are subject to extensive litigation based on product liability and similar claims. Portfolio Turnover Risk. High portfolio turnover (generally, turnover in excess of 100% in any given fiscal year) may result in increased transaction costs to a Portfolio, which may result in higher fund expenses and lower total return. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Micro-Cap and Small-Cap-Sized Company Risk. The securities of micro- and small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Liquidity Risk. The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs, EDRs and GDRs. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Emerging Market Risk. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. <div style="display: none"></div> Initial Public Offering (“IPO”) Risk. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. Limited Operating History Risk. The Fund is a recently organized series of an open-end management investment company and has limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Performance Because the Fund has not completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. In addition, shareholder reports containing financial and performance information will be available to shareholders semi-annually. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. Because the Fund has not completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. www.northsquareinvest.com 1-855-551-5521 SUMMARY SECTION - NORTH SQUARE SELECT SMALL CAP FUND (formerly North Square Advisory Research Small Cap Value Fund) Investment Objective The investment objective of the North Square Select Small Cap Fund (formerly North Square Advisory Research Small Cap Value Fund) (the “Fund”) is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zOIq2b0ZnHAa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zknoghG8BfBi" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: bottom; width: 76%; text-align: left"> </td> <td style="border-top: Black 1pt solid; padding-top: 3pt; vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member__oef--ClassAxis__custom--C000217840Member_zXTii5CAtIE2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; text-align: center; width: 12%"> Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zj8ivdpx7f93" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40B_eoef--MaximumDeferredSalesChargeOverOther_dpn_zJNp2kxcqvtj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40D_eoef--RedemptionFeeOverRedemption_dpn_zhMIhK6rLS64" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> 0 0 0 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zJyNVcKwTl7g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zsK8QGpaSTq5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left; width: 76%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member__oef--ClassAxis__custom--C000217840Member_zz2gLeJygLX3" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zMbQVy4f4EJd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.70%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zb4oq9pBi2Ee" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zmzdUkeMz6ri" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Shareholder Service Fee</td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member__oef--ClassAxis__custom--C000217840Member_zHNOWfSNPtFe" style="text-align: center" title="Shareholder Service Fee">0.01%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member__oef--ClassAxis__custom--C000217840Member_zUm1RlDa7y13" style="text-align: center" title="All Other Expenses">0.39%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zk5eAOgd9U13" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.10%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zc8I2Wj1IsHf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.16%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zQnvN1fcGRIc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses1</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.94%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.94% for Class I shares. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0070 0 0.0040 0.0001 0.0039 0.0110 -0.0016 0.0094 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3aCRsj9T5zj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zMoka2bJ5X9f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zle3dU54EHc9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zkaRjK9e47mk" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_z0TuwWboXAGf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_ztyLjPRiPfRf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41C_20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member__oef--ClassAxis__custom--C000217840Member_zWdbYHimvFr5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$96</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$334</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$591</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,326</td></tr> </table> 96 334 591 1326 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund changed its fiscal year end from October 31 to May 31 to align it with the other Funds advised by the Adviser. For the period November 1, 2024, through May 31, 2025, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio. 0.33 Principal Investment Strategies Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies. The Fund considers small-capitalization companies to be companies with market capitalizations generally within the ranges of the Russell 2000 Value Total Return Index at the time of purchase. As of August 31, 2025, the market capitalization range of the Russell 2000 Value Total Return Index was between $32 million and $17.8 billion. The Fund’s investments in equity securities primarily include common stock, preferred securities, and convertible securities. While the Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of foreign issuers, including those in emerging markets. In keeping with the Fund’s investment objective, investments in such foreign issuers is not expected to exceed 20% of the Fund’s net assets. The Fund follows an investing style that favors value investments. Advisory Research, Inc.’s (“ARI” or “Sub-Adviser”), the Fund’s sub-adviser, uses a bottom-up investment approach that seeks to identify companies with attractive valuations relative to their estimated full value. The Sub-Adviser employs a four-step investment process. First, the Sub-Adviser uses a quantitative screen to identify a group of what the Sub-Adviser considers to be value-oriented securities. Second, the Sub-Adviser conducts a thorough fundamental analysis of each company, focusing on key balance sheet information to determine the estimated value of the company. In the third step, the Sub-Adviser analyzes the companies’ senior management and their business plans with the goal of identifying competent senior management teams that are committed to unlocking value. Finally, the portfolio management team determines whether to buy, wait or pass on those companies that have passed the first three steps. The Sub-Adviser also considers other factors including political risk, monetary policy risk, and regulatory risk when selecting foreign (non-U.S.) securities, which may include securities of issuers located in emerging market countries. The Fund also may invest in American, European, and Global Depositary Receipts (“ADRs,” “EDRs,” and “GDRs,” respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, Sector Focus Risk, Market Risk, Small-Cap-Sized Company Risk, Preferred Securities Risk, Convertible Securities Risk, Currency Risk, Value-Oriented Investment Strategies Risk, Foreign Investment Risk, and Management and Strategy Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Consumer Discretionary Sector Risk. Companies in the consumer discretionary sector are subject to fluctuations in supply and demand. These companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Industrials Sector Risk. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by environmental damages, product liability claims and exchange rates. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Small-Cap-Sized Company Risk. The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Many small-capitalization companies may be in the early stages of development. Since equity securities of smaller companies may lack sufficient market liquidity and may not be regularly traded, it may be difficult or impossible to sell securities at an advantageous time or a desirable price. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Preferred Securities Risk. Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible Securities Risk. Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases, the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are frequently issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs, EDRs and GDRs. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index, as well as to benchmarks that the Fund’s investment adviser believes are representative of the Fund’s investment universe. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to invest, under normal circumstances, primarily in equity securities of small capitalization companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one-year period. Accordingly, the performance shown below for periods prior to January 11, 2022, is based on the Fund’s prior principal investment strategies and may not be representative of the Fund’s performance under its current principal investment strategies. The Fund has adopted the historical performance of the Advisory Research All Cap Value Fund (the “Predecessor Fund”), a former series of Investment Managers Series Trust, as a result of a reorganization consummated after the close of business on February 21, 2020 (“Reorganization”), in which the Fund acquired all of the assets, and assumed all of the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index, as well as to benchmarks that the Fund’s investment adviser believes are representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_002.jpg" style="height: 198px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_ziLceSdxmn55" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2015</td> <td id="xdx_982_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000217840Member_zQsUbkUtbf6c" style="display: none; text-align: center; width: 50%">-4.91%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000217840Member_zWt45tEYl9Nk" style="display: none; text-align: center">14.89%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000217840Member_z76tukG7R6cc" style="display: none; text-align: center">19.54%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000217840Member_zk3EcnNH7dX" style="display: none; text-align: center">-2.58%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000217840Member_zJfN2iDDlj5" style="display: none; text-align: center">27.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000217840Member_zlWX3HPOXVOl" style="display: none; text-align: center">-2.56%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000217840Member_zb7LFAiIHKl1" style="display: none; text-align: center">29.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000217840Member_zluWJvitD60e" style="display: none; text-align: center">-12.91%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000217840Member_z5ggAg4Ld2Ok" style="display: none; text-align: center">20.89%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000217840Member_zEwWPk2buZ8h" style="display: none; text-align: center">15.52%</td></tr> </table> -0.0491 0.1489 0.1954 -0.0258 0.2765 -0.0256 0.2983 -0.1291 0.2089 0.1552 The year-to-date return as of June 30, 2025 was -1.38%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_98C_eoef--HighestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member_z8QFGQMXJuj4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_983_eoef--BarChartHighestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member_zOoZtKE0bls9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: left">18.28%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member_zXiPMdu4j0Pd" style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member_zmHjdAP1lzXf" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">-29.64%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0138 Highest Calendar Quarter Return at NAV (non-annualized) 0.1828 2023-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.2964 2020-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zTaLscdcLqTi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zPBoKNt6Dtl5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td id="xdx_986_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000067944Member_zhuaYhcR4Nw3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 55%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zZAL4oHETvYb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">1 Year</td> <td id="xdx_49E_20200101__20241231_zlX9n4lzv3Yf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">5 Years</td> <td id="xdx_49F_20150101__20241231_z6J5aQuU1zGk" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member_z3naaKVeNVh2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I – Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">15.52%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.00%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.59%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zcVuAPHffEBe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I – Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">15.21%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.63%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.97%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjhoQHhJBK7d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I – Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.41%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.90%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zQaSHeMSuRoj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> Russell 3000® Index1 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.55%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zaNZbD7tWjMa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> Russell 2000® Value Index2 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.05%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.29%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.14%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217840Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPVmWVVSccQ9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> Russell 2000® Index3 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">11.54%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">In accordance with regulatory changes requiring the Fund to compare its performance over time to the performance of a benchmark that represents the overall applicable broad-based securities market, the Fund’s regulatory benchmark is the Russell 3000® Index. The Russell 3000® Index is an unmanaged index that measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">The Russell 2000® Value Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">3 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.1552 0.0900 0.0959 0.1521 0.0763 0.0697 0.0941 0.0680 0.0690 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses or taxes 0.0805 0.0729 0.0714 reflects no deduction for fees, expenses or taxes 0.1154 0.0740 0.0782 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – NORTH SQUARE SMALL CAP VALUE FUND Investment Objective The investment objective of the North Square Small Cap Value Fund (the “Fund”) is long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zM5P4irRHkNb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zmzunN3gD1Sj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; width: 64%; text-align: left"> </td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258542Member_zhclwOvIssN9" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 12%"> Investor Class Shares</td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 12%"> </td> <td id="xdx_496_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258541Member_zB8uXdKUBpA9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 12%"> Class I Shares</td></tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dn_zAUI9YIGDNL" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> 0 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zeVCWLbMk2na"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zQKuWoBs5gO8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left; width: 64%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258542Member_zEjxO4AvhL8l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 12%"> </td> <td style="text-align: center; width: 12%"> </td> <td id="xdx_496_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258541Member_zqnOxqKsom8h" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zUfddVDFVa0h" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.85%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.85%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zOMD2aW5RJT4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zkkfkuHXjU27" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses1</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.20%</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.20%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zcmJDw5XX863" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses2</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.30%</td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.05%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">“Other Expenses” are estimated for the current fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses have been restated to reflect current contractual expense caps.</td></tr> </table> 0.0085 0.0085 0.0025 0 0.0020 0.0020 0.0130 0.0105 “Other Expenses” are estimated for the current fiscal year. Total Annual Fund Operating Expenses have been restated to reflect current contractual expense caps. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z50HKtyEMKz6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zf042qOMwJJc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 40%; text-align: left"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zIpzgi6pcmk3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zvgXWaXTzSeg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">Three Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zvSawscmpwvj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">Five Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zkfhQ74oh07f" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41E_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258542Member_zRCaxwnJkpQ8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Investor Class Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$132</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$412</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$713</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,568</td></tr> <tr id="xdx_413_20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member__oef--ClassAxis__custom--C000258541Member_zfliSGdQsTt1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> Class I Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$107</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$334</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$579</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,283</td></tr> </table> 132 412 713 1568 107 334 579 1283 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund changed its fiscal year end from October 31 to May 31 to align it with the other Funds advised by the Adviser. For the period November 1, 2024, through May 31, 2025, the Predecessor Fund (as defined below) and/or Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, North Square Investments, LLC (the “Adviser”) has selected CSM Advisors, LLC (“CSM” or the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. The Fund will invest primarily in a diversified portfolio of equity securities of companies that are similar in market capitalization to those listed on the Russell 2000® Value Index. As of August 31, 2025, the range of market capitalization of companies included in the Russell 2000® Value Index was $32 million to $17.8 billion. The size of companies in the Index changes with market conditions and the composition of the Index. The Sub-Adviser seeks to find overlooked companies with low price-to-earnings (“P/E”) ratios, solid financial strength and strong management that are selling below their intrinsic value. Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in common stocks of small capitalization companies that at the time of purchase are similar in market capitalization to those listed on the Russell 2000® Value Index. The Fund may invest up to 20% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”) that are traded on U.S. markets. Small capitalization companies in which the Fund may invest include closed-end funds that invest primarily in small capitalization companies. The Fund also may invest in preferred stocks, convertible securities, such as convertible preferred stock or convertible debt securities, and warrants. The Fund intends to remain substantially invested in equity securities. However, the Fund may invest up to 20% of its net assets in investment-grade fixed income securities of any maturity issued by small capitalization companies if the Sub-Adviser believes that a company’s fixed income securities offer more potential for long-term total return with less risk than an investment in its equity securities. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Market Risk, Equity Risk, Value-Oriented Investment Strategies Risk, Management and Strategy Risk, Small-Cap-Sized Company Risk, Foreign Investment Risk, Valuation Risk, Sector Focus Risk (Financials Sector and Industrials Sector), Preferred Securities Risk, Convertible Securities Risk, Fixed Income Securities Risk, High Portfolio Turnover Risk, Cybersecurity Risk, and Reliance on Technology Risk Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Small-Cap-Sized Company Risk. The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Many small-capitalization companies may be in the early stages of development. Since equity securities of smaller companies may lack sufficient market liquidity and may not be regularly traded, it may be difficult or impossible to sell securities at an advantageous time or a desirable price. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depository Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depository Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity. Valuation Risk. The sale price that the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. These and other valuation risks could result in you paying more than the market value when buying Fund shares or receiving less than the market value when selling Fund shares. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Industrials Sector Risk. The value of companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and the introduction of new products. Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Preferred Securities Risk. Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible Securities Risk. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases, the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are frequently issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. High Portfolio Turnover Risk. The Fund may engage in active and frequent trading and may have a high portfolio turnover, which may increase the Fund’s transaction costs, may adversely affect the Fund’s performance and may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Performance Concurrently with the Fund’s commencement of operations, the Fund acquired all of the assets, subject to the liabilities, of the Foundry Partners Small Cap Value Fund, a series of Valued Advisers Trust (the “Predecessor Fund”), in a tax-free reorganization on April 25, 2025 (the “Reorganization”). The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. Further, the Predecessor Fund’s portfolio managers joined the Sub-Adviser to serve as the Fund’s portfolio managers as part of the Reorganization. The Predecessor Fund had two share classes: Investor Class shares and Institutional Class shares. In the Reorganization, the holders of the Investor Class shares and Institutional Class shares of the Predecessor Fund received Investor Class shares and Class I shares, respectively, of the Fund. The performance information presented below reflects the performance of the Predecessor Fund and, as applicable, its share classes. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Predecessor Fund’s Investor Class shares from year to year and by showing how the average annual total returns of Investor Class shares of the Predecessor Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance of Investor Class shares will differ from that of Class I shares due to, among other things, differences in fees and expenses. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Predecessor Fund’s Investor Class shares from year to year and by showing how the average annual total returns of Investor Class shares of the Predecessor Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Investor Class Shares For each calendar year at NAV <img alt="" src="pro-orsax_003.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zdcKRz0izlQa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2015</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000258542Member_ziGXXFzaJ8xk" style="display: none; text-align: center; width: 50%">-4.94%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000258542Member_zGE0ECiCTRWc" style="display: none; text-align: center">29.02%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000258542Member_zCe6SQXSS8O9" style="display: none; text-align: center">7.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_986_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000258542Member_z70GAvLlRFhi" style="display: none; text-align: center">-16.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000258542Member_zxzagGcWyvSb" style="display: none; text-align: center">22.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000258542Member_zOmbXPHNZ7Vk" style="display: none; text-align: center">-1.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000258542Member_zv5BhHc5KUR4" style="display: none; text-align: center">31.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000258542Member_zczK67W5LQOd" style="display: none; text-align: center">-3.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000258542Member_zTx4zhInoCxb" style="display: none; text-align: center">16.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000258542Member_znSCP9y3qDBj" style="display: none; text-align: center">3.82%</td></tr> </table> -0.0494 0.2902 0.0753 -0.1696 0.2252 -0.0198 0.3122 -0.0371 0.1649 0.0382 The year-to-date return as of June 30, 2025 was -2.44%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; text-align: left">Investor Class</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_982_eoef--HighestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member_zfmLPW99fIS6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member_zhJa0RUil1cg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">27.36%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_98E_eoef--LowestQuarterlyReturnLabel_c20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member_zMxaeCVP9zG9" style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturn_c20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member_zLNEAmV6wgT6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-36.62%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0244 Highest Calendar Quarter Return at NAV (non-annualized) 0.2736 2020-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.3662 2020-03-31 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zFsRY3Paokzf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zUVtw5zyPbzl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; text-align: left; width: 55%"> <p id="xdx_980_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000091143Member_zxJBMIj4DrZ8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_z0Z370vHol1l" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">1 Year</td> <td id="xdx_49E_20200101__20241231_zCzXbNWwDhJj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">5 Years</td> <td id="xdx_49F_20150101__20241231_zoJMYmupdZRg" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258542Member_zqFI4kJh3MM5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Investor Class - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">3.82%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">8.42%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.23%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258542Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2zMSU8A3RI4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Investor Class - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">-1.77%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">5.11%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.82%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258542Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwDYUEZQtFD1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Investor Class - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.30%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.98%</td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.25%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258541Member_zIqeh3RMSut6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.08%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.68%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.50%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258541Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zL2qUVmDNwZ1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.55%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000258541Member__oef--PerformanceMeasureAxis__custom--Russell2000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zLkRjU0Y2rG1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.05%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.29%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.14%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">1 </td> <td style="text-align: justify">The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">2 </td> <td style="text-align: justify">The Russell 2000® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing.</td> </tr> </table> Average Annual Total Returns Return Before Taxes 0.0382 0.0842 0.0723 -0.0177 0.0511 0.0482 0.0530 0.0598 0.0525 Return Before Taxes 0.0408 0.0868 0.0750 reflects no deduction for fees, expenses, or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses, or taxes 0.0805 0.0729 0.0714 After-tax returns are shown for the Investor Class shares only. After-tax returns for Class I shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After-tax returns are shown for the Investor Class shares only. After-tax returns for Class I shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION - NORTH SQUARE ALTRINSIC INTERNATIONAL EQUITY FUND Investment Objective The investment objective of the North Square Altrinsic International Equity Fund (the “Fund”) is to provide long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zQepeMproCsa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z6PS3TOMkQ62" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left; width: 72%"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member__oef--ClassAxis__custom--C000222264Member_zVaDeMogyafi" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 14%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 14%">Class I Shares</td> </tr> <tr id="xdx_40C_eoef--ShareholderFeeOther_dn_zWuycQgt6MT4" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; background-color: Gainsboro; text-align: left; vertical-align: top">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; text-align: center"></td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; text-align: center">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> 0 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zQMYAVKeh7z9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zYHl3IVvf1M2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; background-color: Gainsboro; text-align: left; vertical-align: top; width: 72%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; text-align: center; width: 14%"> </td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member__oef--ClassAxis__custom--C000222264Member_z7CWli49mwm4" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; text-align: center; width: 14%"> </td> </tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zxyA9V4TanSe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.80%</td> </tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zMgUZCTt8xni" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zuknKmpdu3Pi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.33%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Shareholder Service Fee</td> <td id="xdx_98B_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member__oef--ClassAxis__custom--C000222264Member_zzC4UAua8l5l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="Shareholder Service Fee">0.06%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_989_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member__oef--ClassAxis__custom--C000222264Member_zY1Z7LS017s2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.27%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zlLuzAcfPo3e" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.13%</td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zAelEEuHobzb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.15%</td> </tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zHboZiFpsgFi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.98%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expense on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.97%. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0080 0 0.0033 0.0006 0.0027 0.0113 -0.0015 0.0098 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_znkRJmzMzJU7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zIRpdq3kizW8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 40%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zMs5WiLkHSdb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zVMyCa0laGVj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z1Wo1HglPgC1" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zYbYD10AUjej" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_415_20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member__oef--ClassAxis__custom--C000222264Member_zRg6B4ri8vDh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$100</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$344</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$608</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,361</td></tr> </table> 100 344 608 1361 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund changed its fiscal year end from October 31 to May 31 to align it with the other Funds advised by the Adviser. For the period November 1, 2024, through May 31, 2025, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected Altrinsic Global Advisors, LLC (“Altrinsic” or “Sub-Adviser”) to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in non-US equity securities (including common stock, preferred stock, and depositary receipts) of companies from at least three countries other than the United States. These countries may include emerging market countries, as defined by the World Bank, International Finance Corporation or the MSCI, Inc. emerging market indices or other comparable indices. The Fund considers a non-US equity security to be one if the issuing company of the security (i) derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the US; (ii) trades on non-US exchanges or has securities that trade in the form of depositary receipts; or (iii) has been formed under the laws of non-US countries, including those of emerging markets. The Fund’s Sub-Adviser employs a disciplined bottom-up approach to investment management based on an iterative four step investment process which includes (i) investment idea generation, (ii) fundamental company and industry analysis, (iii) portfolio management and (iv) risk management and control. The Fund’s investment ideas are derived from two primary sources. The first source is a quantitative screening process to identify undervalued companies with either improving or stable return profiles. The second source is supported by step (ii) of the Fund’s investment process in which the Sub-Adviser performs an in-depth fundamental analysis of a prospective company’s attributes, including growth rate and profit potential. Once a company is identified as a potentially attractive candidate, step (ii) is finalized and risk factors, both internal and external, are identified for the company. An intrinsic valuation of the company is then determined. Ideas are then presented to the portfolio team for approval and possible investment by the Fund. In step (iii), the Sub-Adviser constructs a portfolio from the approved companies that it believes to be the most attractive on the basis of risk adjusted returns. Risk management, step (iv), is applied throughout the investment process by (a) primarily focusing on liquid securities, (b) fundamental security level return, accounting and risk analysis with an emphasis on cashflow and balance sheet as well as earnings quality analysis and (c) portfolio risk analytics which include third party risk tools as well as the Fund’s geography and industry cross sectional risk matrix. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in non-US equity securities (including common stock, preferred stock, and depositary receipts) of companies from at least three countries other than the United States. Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves certain principal risks, including, among others: Equity Risk, Large-Cap-Sized Company Risk, Market Risk, Foreign Investment Risk, Emerging Market Risk, Currency Risk, Management and Strategy Risk, and Sector Focus Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Large-Cap-Sized Company Risk. Securities of companies with market capitalizations that are larger than small- and mid-cap companies may be susceptible to slower growth during times of economic expansion. They may underperform other segments of the market due to an inability to respond as quickly to economic changes, market innovation, or changes in consumer behavior. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Emerging Market Risk. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. The legal remedies for investors in emerging markets may be more limited than remedies available in the U.S. and the ability of U.S. authorities (e.g., the SEC and U.S. Department of Justice) to bring actions against bad actors may be limited. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Consumer Staples Sector Risk. The performance of companies in the consumer staples sector may be affected by, among other things, marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Health Care Sector Risk. The performance of companies in the health care sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many health care companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of these companies. Many health care companies are subject to extensive litigation based on product liability and similar claims. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_004.jpg" style="height: 172px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z4P6BiBo9tQh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000222264Member_zzlue8rPKrHb" style="display: none; text-align: center; width: 50%">6.37%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000222264Member_zKUp5WeIerNf" style="display: none; text-align: center">-8.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000222264Member_ztqG2eLhUpn6" style="display: none; text-align: center">14.87%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000222264Member_zGKITU7OmRhc" style="display: none; text-align: center">3.62%</td></tr> </table> 0.0637 -0.0807 0.1487 0.0362 The year-to-date return as of June 30, 2025 was 16.38%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-left: 9pt; text-align: left">18.23%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2022</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 9pt; text-align: left">-10.79%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 06/30/2022</td></tr> </table> The year-to-date return 2025-06-30 0.1638 Highest Calendar Quarter Return at NAV (non-annualized) 0.1823 2022-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.1079 2022-06-30 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zRr767NbCyhg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zvKjyKzSXUzc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td id="xdx_989_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000069691Member_zl543a4sWnpb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; width: 70%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zvJTI5K6iJ26" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; width: 15%; text-align: center">1 Year</td> <td id="xdx_497_20201204__20241231_zQNIuBVivdya" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; width: 15%; text-align: center">Since Inception (12/04/2020)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222264Member_z7ghRlCCuyyg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.62%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.15%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222264Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfdVnKGb7Ou" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.50%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.67%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222264Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAnVvcqHrdxi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.33%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222264Member__oef--PerformanceMeasureAxis__custom--MSCIEAFEIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zXdMk69JpBX1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20250926__20250926__oef--ClassAxis__custom--C000222264Member__oef--PerformanceMeasureAxis__custom--MSCIEAFEIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zhLWMV4npv5j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI EAFE Index1 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">3.82%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.47%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) 2020-12-04 Class I - Return Before Taxes 0.0362 0.0415 Class I - Return After Taxes on Distributions 0.0250 0.0367 Class I - Return After Taxes on Distributions and Sale of Fund Shares 0.0325 0.0333 MSCI EAFE Index1 (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.0382 0.0447 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – NORTH SQUARE CORE PLUS BOND FUND Investment Objectives The investment objectives of the North Square Core Plus Bond Fund (the “Fund”) are to seek high current income and long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zxkQnDXR9Zo9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z2r4dkTqlNe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: bottom; text-align: center; width: 70%"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; text-align: center; width: 15%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; text-align: center; width: 15%"> Class I Shares</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: bottom">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_904_eoef--ShareholderFeeOther_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member__oef--ClassAxis__custom--C000224843Member_ziAWqZN8y1Oa" title="Shareholder Fees fees paid directly from your investment)">None</td> </tr> </table> 0 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z0VQgzNWOkm"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z3IhAhgDNDvb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: bottom; width: 70%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> <td id="xdx_491_20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member__oef--ClassAxis__custom--C000224843Member_zwdDgaSFXuyg" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zeafKnKHMQ44" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.38%</td> </tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_z1TLWIyZNhTl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zv7VBc0gPIP6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.09%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Shareholder Service Fee</td> <td id="xdx_980_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member__oef--ClassAxis__custom--C000224843Member_z7lsC1wrjzkj" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="Shareholder Service Fee">0.15%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_981_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member__oef--ClassAxis__custom--C000224843Member_zS5XQlAMrX7f" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="All Other Expenses">0.94%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zzCAhV8oT2X3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.47%</td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zgEaDfWqQlHa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.88%</td> </tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zT7uFpyaai66" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">0.59%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Restated to reflect current fees.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.58% of the average daily net assets of the Fund’s Class I shares (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0038 0 0.0109 0.0015 0.0094 0.0147 -0.0088 0.0059 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfBnfOo4x9yk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zwUycb57RcS4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: normal 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zRq0HX6SEDM4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zlGZaJQx5bH1" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zi5AZTJBEFd5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_z6cSeqlj2J5d" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_417_20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member__oef--ClassAxis__custom--C000224843Member_zu2s3ueUoALi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$60</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$378</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$718</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,680</td></tr> </table> 60 378 718 1680 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 224% of the average value of its portfolio. 2.24 Principal Investment Strategies In seeking to achieve the Fund’s investment objectives, the Adviser has selected CSM Advisors, LLC (“CSM”), an affiliate of, and under common control with, the Adviser, and Red Cedar Investment Management, LLC (“Red Cedar”) (each, a “Sub-Adviser” and together, the “Sub-Advisers”) to serve as the Fund’s investment sub-advisers and allocates the Fund’s assets to the Sub-Advisers. The Adviser is responsible for establishing the target allocation of the Fund’s assets to each Sub-Adviser and may adjust the target allocations at its discretion. As of the date of this Prospectus, the anticipated target allocations to each Sub-Adviser are indicated in the below table. The Adviser is responsible for establishing the target allocations of the Fund’s assets to each Sub-Adviser and such allocations may change in the future. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: normal 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Sub-Adviser</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">Target Asset Allocation</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"> Investment Style</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">CSM Advisors, LLC</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">65%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Core</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Red Cedar Investment Management, LLC</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">35%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Plus</td></tr> </table> To pursue its objectives, under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. Under normal market conditions, the Fund will invest at least 65% of its net assets in investment grade debt securities. Securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, investment grade preferred securities, investment grade municipal bonds, mortgage-backed (including collateralized mortgage backed-securities), asset-backed securities, collateralized loan obligations, bank loans, and below investment grade securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by CSM or Red Cedar to be of comparable quality. The Fund may invest over 25% of its net assets in the financials sector. Below investment grade securities, also known as “high yield” or “junk” securities, will not exceed 35% of the Fund’s net assets at the time of purchase. The Fund may invest in debt securities of any maturity. The Fund will seek to maintain an effective duration within 75% to 125% of that of its benchmark, the Bloomberg US Aggregate Bond Index. CSM focuses on investment in investment grade securities and attempts to diversify the Fund’s portfolio by holding debt obligations of various issuers in a variety of sectors. Red Cedar focuses on investment in below investment grade securities sourced from multiple asset classes, including preferred securities, structured credit (e.g., asset-backed securities, mortgage-backed securities and commercial backed corporate securities), traditional corporate high yield securities, bank loans and collateralized loan obligations. Red Cedar’s Plus investment strategy involves tactical and strategic allocation changes among these asset classes based on Red Cedar’s analysis of relative value. As the market and economy change, those asset classes may be rotated into more traditional high yield or “rising stars” in the corporate bond market. “Rising stars” are securities which exhibit improving fundamentals and are anticipated by Red Cedar to receive a ratings upgrade from high yield to investment grade in the foreseeable future. The Fund will utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for investment purposes for enhancing returns, hedging against market risks, or providing synthetic exposure to specific industries or securities. The Fund intends to use futures and swaps to hedge against general market risk, while it intends to use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund will use options to hedge against market risk and to enhance returns and gain synthetic exposure to a security without holding the underlying asset. Other uses of derivatives may be employed as deemed appropriate by a Sub-Adviser. The Fund may invest its assets in securities of non-U.S. issuers. The Fund’s investments in foreign securities may include non-U.S. dollar-denominated securities traded outside of the United States or U.S. dollar-denominated securities. The Fund may invest up to 20% of its net assets in non-U.S. dollar-denominated securities. Red Cedar employs a derivatives overlay strategy to, among other things, adjust the risk profile of the Fund’s portfolio. Within the Plus sleeve, Red Cedar may seek to mitigate undesired risk exposures through hedges, including, among other strategies, the purchase of credit default swap contracts and foreign currency futures. In addition, the derivatives overlay strategy may also be used for duration and currency management. Red Cedar seeks to target the desired duration and term structure exposure of the entire portfolio, both Core and Plus segments, using U.S. Treasury futures. Red Cedar may utilize currency futures to hedge non-U.S. dollar positions, as desired, of the entire portfolio, both Core and Plus segments. The Sub-Advisers seek to identify securities which they believe offer significantly higher yields than U.S. Treasury securities of comparable maturity, while striving to maintain stability of principal and preserving credit quality through extensive credit analysis and broad diversification across security types. The Sub-Advisers select preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends, among other features. In evaluating and selecting debt securities, the Sub-Advisers balance various factors, including increased yield as compared to U.S. Treasuries, maturity, call provisions and credit quality. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the Sub-Adviser’s investment thesis, if the security’s credit quality deteriorates, or if the Fund requires cash to meet redemption requests. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Market Risk, Credit Risk, Fixed Income Securities Risk, Interest Rate Risk, Preferred Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, Collateralized Loan Obligations Risk, Bank Loan Risk, High Yield (“Junk”) Bond Risk, Financials Sector Risk, Foreign Investment <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskDerivativesRiskYieldCurveRiskAndGapRiskMember_zFjfliLBDN96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risk, Derivatives Risk, Yield Curve Risk, and Gap Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Preferred Securities Risk. Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_zMz4jwOKQ5xf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed (including residential and commercial mortgage-backed) and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Collateralized Loan Obligations Risk. Collateralized loan obligations (“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market anticipation of loan defaults and investor aversion to CLO securities as a class. Bank Loan Risk. The Fund’s investment in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. In addition, the settlement of bank loans occurs on an extended (multi-week) basis, which may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe. In addition, there is the potential that bank loans and other similar instruments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims. <div style="display: none"></div> High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Derivatives Risk. The use of derivative instruments exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options (both written and purchased), swaps, forward currency exchange contracts, and mortgage dollar rolls. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Opening derivative positions also exposes the Fund to risk that the counterparty to the transaction defaults. Additionally, certain derivatives require the Fund to pledge cash or liquid securities as margin or collateral and the Fund may have to post additional margin or collateral if the value of the derivative position decreases in a manner adverse to the Fund. Yield Curve Risk. This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long- and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices. Gap Risk. The Fund is subject to the risk that the value of the Fund’s investment will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the investment. Usually, such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Advisers, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Futures Risk. The Fund may enter into a futures contract in which the Fund (acting as a buyer or seller) may be forced to make delivery (as a seller) or take delivery (as a buyer) of a specific asset at a specified future date and price. The secondary market for futures may be less liquid causing the contract to be difficult to close. Unanticipated market movements may also make delivery difficult for the seller and cause significant, potentially unlimited, losses. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Advisers about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Advisers in selecting Fund Investments may not result in an increase in the value of your investment or in overall performance equal to other investments. Options Risk. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Swaps Risk. The Fund may enter into swap transactions, including credit default swaps and index credit default swaps. Swap transactions involve the risk that the party with whom the Fund entered into the transaction with defaults on its obligation to pay or that the Fund cannot meet its obligation to pay the other party. Swaps may also be difficult to value, which in turn may cause liquidity issues. Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. Effective September 27, 2024, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to invest, under normal circumstances, primarily in investment grade debt securities. Prior to September 27, 2024, the Fund invested across multiple investment strategies and investment techniques that were designed to generate return and manage risk exposure across varying market conditions by employing three separate investment styles. Accordingly, the performance shown below for periods prior to September 27, 2024, is based on the Fund’s prior principal investment strategies and may not be representative of the Fund’s performance under its current principal investment strategies. Effective September 27, 2024, the Fund converted Class A and Class C shares into Class I shares. The Fund has adopted the historical performance of the Stadion Trilogy Alternative Return Fund (the “Predecessor Fund”), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_005.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zsfk1P6ZWmC1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2015</td> <td id="xdx_984_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000224843Member_zIGPbnC8vKo6" style="display: none; text-align: center; width: 50%">-0.09%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000224843Member_zeaLMzVEnih8" style="display: none; text-align: center">7.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000224843Member_zsNKVGTTtGfk" style="display: none; text-align: center">4.90%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000224843Member_zl6R6Jt2FJ36" style="display: none; text-align: center">-6.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000224843Member_zu4BPV7pPSng" style="display: none; text-align: center">3.44%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000224843Member_zz2bYdHvhUNh" style="display: none; text-align: center">7.18%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000224843Member_zgh6mvxVCV3k" style="display: none; text-align: center">4.57%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000224843Member_ziikjqsRC9U7" style="display: none; text-align: center">-10.52%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000224843Member_zu0exTzw6Gue" style="display: none; text-align: center">-1.89%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000224843Member_zYEkRUYiBMsd" style="display: none; text-align: center">5.91%</td></tr> </table> -0.0009 0.0722 0.0490 -0.0648 0.0344 0.0718 0.0457 -0.1052 -0.0189 0.0591 The year-to-date return as of June 30, 2025 was 4.34%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td colspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class I</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">7.17%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 09/30/2024</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-5.04%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 09/30/2023</td></tr> </table> The year-to-date return 2025-06-30 0.0434 Highest Calendar Quarter Return at NAV (non-annualized) 0.0717 2024-09-30 Lowest Calendar Quarter Return at NAV (non-annualized) -0.0504 2023-09-30 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zkULlXuFHcnd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zX6yTJ6gjHzg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DBDBDB"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%"> <p id="xdx_981_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000070730Member_zxQfFavck4z1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zlwMNo3kxXYb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_495_20200101__20241231_zdiXot0VDpi2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">5 Years</td> <td id="xdx_490_20150101__20241231_zjxHbPzMlKe5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224843Member_zRnpe1uWaS28" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">5.91%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.83%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.26%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224843Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNJA0Vj9tlm3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.70%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">-0.24%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.56%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224843Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXRwIRw52zuc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.77%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.52%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.90%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224843Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmOCd3e0kNP6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.25%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.33%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.35%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">1 </td> <td style="text-align: justify">The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td> </tr> </table> Average Annual Total Returns Return Before Taxes 0.0591 0.0083 0.0126 0.0170 -0.0024 0.0056 0.0577 0.0052 0.0090 reflects no deduction for fees, expenses, or taxes) 0.0125 -0.0033 0.0135 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. SUMMARY SECTION - NORTH SQUARE MCKEE BOND FUND Investment Objective The investment objective of the North Square McKee Bond Fund (the “Fund”) is to maximize total return and generate consistent outperformance of the Fund’s benchmark, the Bloomberg US Aggregate Bond Index (the “Bloomberg Index”), with a high quality and highly liquid, well diversified portfolio through opportunistic, risk-controlled management. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zxFqK2vrH7hj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zvxn5gGUSnhb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; width: 52%; text-align: left"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 12%; text-align: center"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 12%"> Class R6 Shares</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 12%; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 12%"> Class I Shares</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: top">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90F_eoef--ShareholderFeeOther_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222266Member_zIHnd1L6DcQ6" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_906_eoef--ShareholderFeeOther_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222265Member_z5hegHfpJeod" title="Shareholder Fees (fees paid directly from your investment)">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> 0 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zOKrJthI0Da6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzYQhCbQ6OPl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: top; width: 52%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; width: 12%"> </td> <td id="xdx_49E_20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222266Member_zFOgZQqPzGMj" style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"></td> <td id="xdx_49F_20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222265Member_zLsb3LpBVsr8" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"> </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zKQjUgzqy1Lh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.24%</td> </tr> <tr id="xdx_404_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zdvwwHZ97zd7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zt1JwVhsh847" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.29%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.32%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Shareholder Service Fee</td> <td id="xdx_98E_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222266Member_zMus3Gn0GQVg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98B_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222265Member_z5SXr2kdALV" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.01%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222266Member_zml14sLD4sY6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.29%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_985_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222265Member_zvEFsyECW6vi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.31%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zvHBGQjhEM64" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.53%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.56%</td> </tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z611JwNpHOy6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.09%</td> </tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_zZpmRq2Xn6Gh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.28%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.47%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.28% and 0.47% for Class R6 and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0024 0.0024 0 0 0.0029 0.0032 0.0000 0.0001 0.0029 0.0031 0.0053 0.0056 -0.0025 -0.0009 0.0028 0.0047 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z64QdpEefUQ7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zO35Oe9ANSWb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: left"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zIJeJGvOGXNf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zM9yiX2PDrE5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_z6fCbqUXQH0j" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z1f5fsLHixDj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_410_20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222266Member_zQ1N1Z4dn7s5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> Class R6 shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$29</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$145</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$271</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$641</td></tr> <tr id="xdx_410_20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member__oef--ClassAxis__custom--C000222265Member_zPkgbdvCgMNj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$48</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$170</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$304</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$693</td></tr> </table> 29 145 271 641 48 170 304 693 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund changed its fiscal year end from October 31 to May 31 to align it with the other Funds advised by the Adviser. For the period November 1, 2024, through May 31, 2025, the Fund’s portfolio turnover rate was 107% of the average value of its portfolio. 1.07 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected CSM Advisors, LLC (“CSM” or the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed and floating rate investment-grade securities. The Sub-Adviser seeks to create a portfolio of high quality and highly liquid securities that are intended to provide an above market yield. The Fund focuses on investments in fixed maturity and callable U.S. Government Agency securities and high-quality corporate bonds (primarily A or better), agency mortgages and other investment grade securitized holdings, seeking to minimize the potential for loss of principal due to credit risk. The Sub-Adviser believes that these securities offer favorable yields relative to specific market risks. The Sub-Adviser typically diversifies among multiple security types that it believes provide the best risk/return profile over the long term. These securities include, among others, U.S. Treasury Inflation-Protected Securities, certificates of deposit, zero coupon callable agency bonds, and mortgage-backed and other asset-backed securities (including senior, first tranche collateralized loan obligations). The Sub-Adviser seeks to consistently add value relative to the performance of the Bloomberg Index on both a nominal and risk-adjusted basis. Employing a primary focus on security selection, the Fund seeks to outperform across a range of plausible market scenarios while maintaining superior credit quality and liquidity. The Sub-Adviser’s methodology incorporates a bottom-up approach that is opportunistic, yet risk controlled. As noted above, the Sub-Adviser’s focus on active management of high-quality and highly liquid securities is designed to mitigate credit and duration risk and provide enhanced portfolio diversification. Duration is a measure of the expected price volatility of a bond to changes in interest rates. The longer the duration of a bond, the more sensitive it will be to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. The Sub-Adviser assesses a broad range of economic data to develop plausible market scenarios as inputs to portfolio construction. The Fund’s portfolio alpha is expected to result primarily from active security analysis and sector weighting decisions. The Fund’s holdings are focused on the largest and most liquid credit issuers as well as a broad array of government agency holdings in an effort to produce superior risk-adjusted returns and liquidity across market scenarios. The Sub-Adviser’s tactical approach to duration is employed as a tool primarily for principal preservation, typically operating within an 80% to 120% range versus the duration of the Bloomberg Index. The Bloomberg Index duration was 5.84 years as of August 31, 2025. The aggregate portfolio holdings are expected to generally have a maximum expected average life of 10 years or less. The Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed and floating rate investment-grade securities. Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves certain principal risks, including, among others: Fixed Income Securities Risk, Interest Rate Risk, Market Risk, Credit Risk, Liquidity Risk, Duration Risk, Mortgage-Backed and Asset-Backed Securities Risk, Negative Convexity Risk, U.S. Government Obligations Risk, Management and Strategy Risk, and Sector Focus Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Interest Rate Risk. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Risks associated with rising interest rates are heightened given that interest rates in the U.S. have risen from historically low levels in recent years. Interest rates may continue to increase in the future with unpredictable effects on the financial markets and the Fund’s investments. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Credit Risk. If an issuer or guarantor of a fixed rate or floating rate debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. Liquidity Risk. Certain debt obligations may be difficult or impossible to sell at the time and price that the Sub-Adviser would like to sell. The Sub-Adviser may have to lower the price, sell other debt obligations or forego an investment opportunity, any of which may have a negative effect on the management or performance of the Fund. Liquidity risk may be magnified in an environment of rising interest rates or widening credit spreads in which investor redemptions of fixed income securities or fixed income funds may be higher than normal. Duration Risk. Duration is a measure of the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_zF4klEQ5bDlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Negative Convexity Risk. Negative convexity risk is the risk that debt obligations, including mortgage-, asset-backed debt obligations and other callable securities, will be paid off by the borrower more slowly or quickly than anticipated, increasing or decreasing the average life of such debt obligations and the sensitivity of the prices of such debt obligations to future interest rate changes. U.S. Government Obligations Risk. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not specifically obligated to do so by law, such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). To the extent the Fund holds securities of such an issuer and that issuer defaults, the Fund might not be able to recover its investment from the U.S. government. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Yield Curve Risk. This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class R6 shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index which also serves as the Fund’s benchmark. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class R6 shares from year to year and by showing how the average annual total returns of the Fund compare with the average annual total returns of a broad-based market index which also serves as the Fund’s benchmark. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class R6 Shares For each calendar year at NAV <img alt="" src="pro-orsax_006.jpg" style="height: 166px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zEXsXhPq4hk8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000222266Member_z3D3tLskzxvb" style="display: none; text-align: center; width: 50%">-1.24%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000222266Member_zDFCzot8SPH9" style="display: none; text-align: center">-9.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000222266Member_zlg2VTfSDewc" style="display: none; text-align: center">5.96%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000222266Member_z8xMivz9brn4" style="display: none; text-align: center">1.77%</td></tr> </table> -0.0124 -0.0946 0.0596 0.0177 The year-to-date return as of June 30, 2025 was 4.01%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: left">7.16%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2023</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">-4.53%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2022</td></tr> </table> The year-to-date 2025-06-30 0.0401 Highest Calendar Quarter Return at NAV (non-annualized) 0.0716 2023-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.0453 2022-03-31 <div id="xdx_A86_eoef--PerformanceTableTextBlock_z4ZBEtqfjdil"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zTzmmW7hFyt8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td id="xdx_98B_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000069692Member_zRg1x93UyYWi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; width: 50%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zrEUuudkGCH8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom; width: 25%; text-align: center">1 Year</td> <td id="xdx_499_20201228__20241231_zjyOygomCJ65" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: center; vertical-align: bottom; width: 25%"> Since Inception1 (12/28/2020)</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222266Member_zj9NgrNbuPya" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class R6 - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.77%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.86%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222266Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zrXuhsYmijr" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class R6 - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.07%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.92%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222266Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zx2AKDldlrQa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class R6 - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.04%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-1.10%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222265Member_z0G4KgQcdlp2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.54%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.90%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000222265Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPTYYdO66THk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> <span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20250926__20250926__oef--ClassAxis__custom--C000222265Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z0kjwN6Z9nle" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Aggregate Bond Index2 (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-2.15%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Class I shares of the Fund commenced operations on May 19, 2021. The performance shown for Class I shares for periods pre-dating the commencement of operations of the class reflects the performance of the Fund’s Class R6 shares, the initial share class, calculated using the fees and expenses of Class I shares, and without the effect of any fee and expense limitations or waivers. If Class I shares of the Fund had been available during periods prior to May 19, 2021, the performance shown may have been different.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) 2020-12-28 2020-12-28 Class R6 - Return Before Taxes 0.0177 -0.0086 Class R6 - Return After Taxes on Distributions 0.0007 -0.0192 Class R6 - Return After Taxes on Distributions and Sale of Fund Shares 0.0104 -0.0110 Class I - Return Before Taxes 0.0154 -0.0090 Bloomberg US Aggregate Bond Index2 (reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.0125 -0.0215 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND Investment Objective The investment objective of the North Square Preferred and Income Securities Fund (the “Fund”) is to seek total return through current income and capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zztop8ezPzDj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zgLsWZGOLYT" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left; white-space: nowrap"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; text-align: center; white-space: nowrap"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; text-align: center; white-space: nowrap">Class I Shares</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left; width: 76%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"><span id="xdx_901_eoef--ShareholderFeeOther_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063488Member__oef--ClassAxis__custom--C000205685Member_z20gZJFrCLti" title="Shareholder Fees fees paid directly from your investment)">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zGEOVeYqSst"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zYLFIlCNBdPg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_493_20250926__20250926__dei--LegalEntityAxis__custom--S000063488Member__oef--ClassAxis__custom--C000205685Member_zWJ6yrqlpOqf" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zYxvAyq3ooV4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.75%</td> </tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zEfd8cw4nTOi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zsM0XCHMx2p7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.23%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 76%">Shareholder Service Fee</td> <td id="xdx_986_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063488Member__oef--ClassAxis__custom--C000205685Member_z1k0hJvfMGD1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%" title="Shareholder Service Fee">0.02%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063488Member__oef--ClassAxis__custom--C000205685Member_zNjQ7VeLPQyl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.21%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z1NGQY45tTxe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.98%</td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zQcJ9uQ6xlKl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.01%</td> </tr> <tr id="xdx_406_eoef--NetExpensesOverAssets_dpn_zhGYuXYIWFWj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.97%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.97% of the average daily net assets of Class I shares of the Fund, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the fiscal year ended May 31, 2025, the Adviser recouped previous fee reductions of $25,492 from the Fund’s Class I shares.</td></tr> </table> 0.0075 0 0.0023 0.0002 0.0021 0.0098 -0.0001 0.0097 September 30, 2029 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2029). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdr2YirILjOb"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zWBQ4V3BzDAd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: justify"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zHs4Caky8RZc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_z9WumMrDFs3l" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z8r7O6dKsy77" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zsGFakYzV2L6" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_413_20250926__20250926__dei--LegalEntityAxis__custom--S000063488Member__oef--ClassAxis__custom--C000205685Member_zVNItgEBqWC8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$99</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$309</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$537</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,197</td></tr> </table> 99 309 537 1197 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 92% of the average value of its portfolio. 0.92 Principal Investment Strategies The Fund pursues its investment objective by primarily investing in preferred and debt securities and other income producing securities including convertible securities, and derivatives and securities of other investment companies, such as exchange-traded funds (“ETFs”). In pursuing the Fund’s investment strategy, Red Cedar Investment Management, LLC (“Red Cedar” or, the “Sub-Adviser”) seeks to identify securities it believes are undervalued considering credit quality, optionality, security structure and other investment characteristics. More specifically, the Fund’s Sub-Adviser seeks to identify securities which it believes offer attractive income and risk adjusted return characteristics. The Sub-Adviser takes into account prevailing market factors while building a portfolio of broadly diversified issuers. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; Additional Tier 1 securities (“AT1s”), also known as contingent convertible securities, and securities of other open-end, closed-end or ETFs that invest primarily in preferred and/or debt securities. The Fund may invest over 25% of its net assets in the financials sector, which is comprised of the banking, asset management, specialty finance, institutional, financial services, and insurance industries. The Fund may also have 25% or more of its net assets invested in other sectors or industries including (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The Adviser retains broad discretion to allocate the Fund’s investments across various sectors and industries. The Fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar-denominated. The Fund may invest up to 20% in emerging market local currency. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries. The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB-or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by Red Cedar to be of comparable quality. Below investment grade securities are also known as “high yield” or “junk” securities. The Fund may utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for enhancing returns, hedging against market risks, or providing synthetic exposure to specific industries or securities. The Fund may use futures and swaps to hedge against general market risk, and may also use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund may use options to hedge against market risk or enhance returns and gain synthetic exposure to a security or sector. The Fund may sell short debt securities, equities, ETF’s or other cash securities. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Credit and Subordination Risk, Preferred Securities Risk, High Yield (“Junk”) Bond Risk, Hybrid Securities Risk, Additional Tier 1 Securities Risk, Fixed Income Security Risk, Interest Rate Risk, Optionality Risk, Sector Focus Risk, Foreign Investments Risk, Rule 144A and Regulation S Securities Risk, Currency Risk, Emerging Markets Risk, Derivatives and Hedging Transactions Risk, Yield Curve Risk, and Gap Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> </div> Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditAndSubordinationRiskMember_zwnj9zBmbiK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Credit and Subordination Risk. Credit risk is the risk that a preferred security in the Fund’s portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status. Preferred securities are generally subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.<div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesRiskMember_zOFwoXqzlHH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Preferred Securities Risk. There are various risks associated with investing in preferred securities. These risks include deferral and omission of distributions; credit risk; subordination to bonds and other debt securities in a company’s capital structure; interest rate risk; prepayment and extension risk; call, reinvestment and income risk; liquidity risk; limited voting rights; and special redemption rights.<div> </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldJunkBondRiskMember_zaVjESXVpyki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities.<div> </div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HybridSecuritiesRiskMember_zGsrEW2sZ3c2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Hybrid Securities Risk. Hybrid securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. Hybrid securities may encompass several risks compared to other securities. Credit Risk is primary among these as Hybrids are generally subordinated debt instruments. Ratings may be two to three notches below that of the company’s senior debt.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AdditionalTier1SecuritiesRiskMember_zj34uf05YiOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Additional Tier 1 Securities Risk. AT1s, also known as contingent convertible securities, are debt or preferred securities with loss absorption characteristics that provide for an automatic write-down of the principal amount or value of securities or the mandatory conversion into common shares of the issuer under certain circumstances. A mandatory conversion might be automatically triggered, for instance, if a company fails to meet the capital minimum described in the security, the company’s regulator makes a determination that the security should convert, or the company receives specified levels of extraordinary public support. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor (worsening the Fund’s standing in a bankruptcy). In addition, some AT1s provide for an automatic write-down of capital under such circumstances.<div> </div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zsR5Otg7Wwmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.<div> </div> Interest Rate Risk. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times.<div> </div> Optionality Risk. Many bonds may be redeemed at the option of the issuer, or “called,” before their stated maturity date. In general, an issuer will call its bonds if they can be refinanced by issuing new bonds which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, a bond issuer will call its high yielding bonds. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates or in securities with a higher risk of default, which may adversely impact the Fund’s performance. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover. If the called bond was purchased or is currently valued at a premium, the value of the premium may be lost in the event of prepayment. Similarly, a company may choose not to call a security. In the case of a security with a long maturity date or perpetual security this may extend duration. Extension of the securities duration could increase the price sensitivity to changes in interest rates. Also, this may limit the ability to sell this security to purchase more attractive opportunities in the Fund.<div> </div> Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more asset classes, market segments or sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The Fund may invest over 25% in the financials sector. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. Utilities Sector Risk. The Fund may invest over 25% in the utilities sector. The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in commodity and operations costs, rising costs of financing capital construction and the cost of complying with government regulations, among other factors. Deregulation may subject utility companies to greater competition and may adversely affect their profitability. As deregulation allows utility companies to diversify outside of their original geographic regions and their traditional lines of business, utility companies may engage in riskier ventures. <div> </div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zMUJUDdLRuki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards <div> than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144AandRegulationSSecuritiesRiskMember_z2GF4bOTMtdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Rule 144A and Regulation S Securities Risk. Certain securities in which the Fund may invest are Rule 144A and Regulation S Securities. Rule 144A and Regulation S Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers.<div> </div> Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad.<div> </div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zW2kSJfyHyR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Emerging Market Risk. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting, and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. The legal remedies for investors in emerging markets may be more limited than remedies available in the U.S. and the ability of U.S. authorities (e.g., the SEC and U.S. Department of Justice) to bring actions against bad actors may be limited.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesAndHedgingTransactionsRiskMember_z5sJOXSXpKw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Derivatives and Hedging Transactions Risk. The Sub-Adviser may make use of futures, forwards, forward contracts, options, swaps and other forms of derivative instruments. The use of derivative instruments exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options (both written and purchased), swaps and forward currency exchange contracts. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Opening derivative positions also exposes the Fund to risk that the counterparty to the transaction defaults. Transactions in certain derivatives are subject to clearance on a U.S. national exchange and to regulatory oversight, while other derivatives are subject to risks of trading in the OTC markets or on non-U.S. exchanges. Additional risks associated with derivatives trading include but not limited to: counterparty risk, exchange or swap execution facility risk, collateral risk and market risk.<div> </div> Yield Curve Risk. This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long-and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices.<div> </div> Gap Risk. The Fund is subject to the risk that the value of the Fund’s investment will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the investment. Usually, such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. Effective January 11, 2022, the Fund made certain changes to its investment objective and principal investment strategies, including the modification of the strategies to invest in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. Prior to January 11, 2022, the Fund invested primarily in equity securities that had a record of paying dividends over at least a trailing one year period. Effective January 11, 2022, the Fund’s sub-adviser also changed. Accordingly, the performance shown below for periods prior to January 11, 2022, is based on the Fund’s prior investment objective and principal investment strategies, as implemented by the Fund’s previous sub-adviser, and may not be representative of the Fund’s performance under its current principal investment strategies. The Fund has adopted the historical performance of the Oak Ridge Dividend Growth Fund (the “Predecessor Fund”) as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the close of business on May 10, 2019 reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially the same investment strategies. Prior to the reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_007.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zf5PqLDUH8Z4" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td style="width: 50%"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2015</td> <td id="xdx_989_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000205685Member_zcRKGP40syEe">-0.91%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000205685Member_zBGcBlXFvz3a">10.65%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2017</td> <td id="xdx_988_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000205685Member_zsHxGEKSuY8k">20.56%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2018</td> <td id="xdx_988_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000205685Member_zaFM0zAu9NC2">-0.95%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2019</td> <td id="xdx_984_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000205685Member_zoVrGLBcVRLc">30.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2020</td> <td id="xdx_982_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000205685Member_zOGT4lvSitne">12.25%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000205685Member_z5fsnPd1Iw26">27.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000205685Member_zEiOoigCiObk">-13.35%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000205685Member_zaV9Fv2YSff3">15.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000205685Member_zwFxsolKKw4f">14.81%</td></tr> </table> -0.0091 0.1065 0.2056 -0.0095 0.3048 0.1225 0.2742 -0.1335 0.1522 0.1481 The year-to-date return as of June 30, 2025 was 3.66%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 15%">18.56%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 35%">Quarter ended 06/30/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-20.17%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Quarter ended 03/31/2020</td></tr> </table> Average Annual Total Returns (for periods ended December 31, 2023) The year-to-date return 2025-06-30 0.0366 Highest Calendar Quarter Return at NAV (non-annualized) 0.1856 2020-06-30 Lowest Calendar Quarter Return at NAV (non-annualized) -0.2017 2020-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_z3bXRHDsVn5j"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zZZg3311Fld2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217); vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zj6uvXhmu3rg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_495_20200101__20241231_zJBSa10knIS6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">5 Years</td> <td id="xdx_490_20150101__20241231_zExdfmPWVwr2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205685Member_z3xZfnFk6uQ" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">14.81%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">10.39%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.85%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVCbwo4pYedc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">12.70%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">8.17%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.41%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7n2rW2VtlDl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.85%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.57%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.48%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205685Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmB9viTzr7Ji" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.25%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.33%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.35%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205685Member__oef--PerformanceMeasureAxis__custom--ICEBofAMLFixedRatePreferredSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z8lurYF5uD22" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">ICE BofA Fixed Rate Preferred Securities Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.05%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.95%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">4.21%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0%"></td> <td style="padding-bottom: 3pt; width: 0.25in">1 </td> <td style="padding-bottom: 3pt; text-align: justify">The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> <tr style="vertical-align: top"> <td></td> <td>2 </td> <td style="text-align: justify">The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. Qualifying securities must be rated investment-grade (based on an average of Moody’s, S&P and Fitch) and must have an investment-grade-rated country risk (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings.) Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Return Before Taxes 0.1481 0.1039 0.1085 0.1270 0.0817 0.0941 0.0885 0.0757 0.0848 reflects no deduction for fees, expenses or taxes 0.0125 -0.0033 0.0135 reflects no deduction for fees, expenses or taxes 0.0705 0.0195 0.0421 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION - NORTH SQUARE STRATEGIC INCOME FUND Investment Objective The investment objectives of the North Square Strategic Income Fund (the “Fund”) are to seek high current income and to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of the Fund. 100000 <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zZe5Ak8T3sM8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zGChZWPgio1k" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; width: 52%; text-align: left"> </td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 12%"> </td> <td id="xdx_491_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217841Member_zHCc9Mlxevkb" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; width: 12%"> Class A Shares</td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 12%"> </td> <td id="xdx_490_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217842Member_zukWDP4arUW8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 12%; text-align: center">Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zJ6cQu5A4JFk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.75%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_403_eoef--MaximumDeferredSalesChargeOverOther_dpn_zmRSQmaP6rA4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_400_eoef--RedemptionFeeOverRedemption_dpn_zia7EAkaQbUk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> 0.0375 0 0 0 0 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zPK2CdOZ8mre"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zK35wIUDO8ug" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left; width: 52%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 12%"> </td> <td id="xdx_49A_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217841Member_zEDVpDwnWld4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 12%"> </td> <td style="text-align: center; width: 12%"> </td> <td id="xdx_494_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217842Member_zEKD1xDnbUH7" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zAMLncCvS6ve" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees1</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.56%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.56%</td></tr> <tr id="xdx_404_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zJBggI3daw7g" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zzA0gkwjc8We" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.37%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.29%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Shareholder Service Fee</td> <td id="xdx_989_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217841Member_zvuBjrCneiR8" style="text-align: center">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98D_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217842Member_zAIcaRfqaPa8" style="text-align: center">0.07%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_98D_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217841Member_zPf2hVcOhRMk" style="text-align: center">0.22%</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217842Member_zWj2cxLeiYq2" style="text-align: center">0.22%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zHrQBgIE6qE7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.18%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.85%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zTZKrL9sBfs7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.25%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.17%</td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_zP7iBi8a7N1f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses2</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.93%</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.68%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0.25in; text-align: left">1 </td> <td style="padding-bottom: 3pt; text-align: justify">Restated to reflect current fees.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">2 </td> <td style="text-align: justify">North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.93% and 0.68% for the Class A shares and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. Prior to January 1, 2025, the Fund’s contractual expense limitations were 1.15% and 0.90% for the Class A shares and Class I shares, respectively.</td> </tr> </table> 0.0056 0.0056 0.0025 0 0.0037 0.0029 0.0015 0.0007 0.0022 0.0022 0.0118 0.0085 -0.0025 -0.0017 0.0093 0.0068 September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyUyeOvEYqT2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zS6SyrksCgh3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 40%; text-align: left"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zNAt5cbQ5lra" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_z0MLJkFJENhe" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zxzKuFT6e6t8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zLNwSn3qvqQ1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_416_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217841Member_zsXjYkYreXqg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$466</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$712</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$977</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,733</td></tr> <tr id="xdx_41B_20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member__oef--ClassAxis__custom--C000217842Member_ztguGYu5edab" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$69</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$255</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$455</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,035</td></tr> </table> 466 712 977 1733 69 255 455 1035 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund changed its fiscal year end from October 31 to May 31 to align it with the other Funds advised by the Adviser. For the period November 1, 2024, through May 31, 2025, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio. 0.53 Principal Investment Strategies The Fund pursues its investment objectives by primarily investing in preferred securities and other income producing securities, including convertible securities, debt securities, mortgage-backed securities (residential and commercial), asset-backed securities, common stocks, derivatives, real estate investment trusts (“REITs”) and securities of other investment companies such as closed-end funds (exchange-traded only) and exchange-traded funds (“ETFs”). Under normal market conditions, the Fund invests primarily in preferred securities and debt securities. Red Cedar Investment Management, LLC (“Red Cedar” or a “Sub-Adviser”), the Fund’s sub-adviser, retains broad discretion to allocate the Fund’s investments across various asset classes. Preferred securities in which the Fund may invest include traditional and convertible preferred securities, and hybrid preferred securities. From time to time, the Fund may invest a significant portion of its assets in one or more market sectors, such as the financials sector. The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, investment grade municipal bonds, mortgage-backed (including collateralized mortgage backed-securities) and asset-backed securities and below investment grade securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by Red Cedar to be of comparable quality. Below investment grade securities are also known as “high yield” or “junk” securities. The Fund may utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for enhancing returns, hedging against market risks, or providing synthetic exposure to specific industries or securities. The Fund intends to use futures and swaps to hedge against general market risk, while it intends to use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund will use options to hedge against market risk and to enhance returns and gain synthetic exposure to a security without holding the underlying asset. The Fund may invest its assets in securities of non-U.S. issuers, including those in emerging market countries. The Fund’s investments in foreign securities may include non-U.S. dollar-denominated securities traded outside of the United States, U.S. dollar-denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Fund may invest up to 20% of its net assets in securities of non-U.S. dollar-denominated securities. Red Cedar seeks to identify securities which it believes offer significantly higher yields than U.S. Treasury securities of comparable maturity, while striving to maintain stability of principal and preserving good overall credit quality through extensive credit analysis and broad diversification across security types. Red Cedar selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends, among other features. In evaluating and selecting debt securities, Red Cedar balances various factors, including the potential for increased yield as compared to U.S. Treasuries, as well as the maturity, call provisions and credit quality of the debt security. Convertible preferred securities and debt securities are additionally evaluated on various features including conversion rights, conversion ratio, likelihood of conversion, and value of the underlying security into which the convertible security may convert, among others. Red Cedar selects common stocks based on the company’s business and financial strength and dividend history and policy, as well as its ability to potentially grow dividend distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the Fund’s investment thesis, if the security’s credit quality deteriorates, or if the Fund requires cash to meet redemption requests. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Market Risk, Credit Risk, Fixed Income Securities Risk, Interest Rate Risk, Preferred Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, High Yield (“Junk”) Bond Risk, and Derivatives Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zuBcKCYekBW1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Interest Rate Risk. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more volatile than shorter-term securities. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Risks associated with rising interest rates are heightened given that interest rates in the U.S. have risen from historically low levels in recent years. Interest rates may continue to increase in the future with unpredictable effects on the financial markets and the Fund’s investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesRiskMember_zp8K6IYil1cl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Preferred Securities Risk. Preferred securities represent an equity interest in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_znSK5kMjNlIi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed (including residential and commercial mortgage-backed) and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldJunkBondRiskMember_z39SAHperp9l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities. Derivatives Risk. The Sub-Adviser may make use of futures, forwards, forward contracts, options, swaps and other forms of derivative instruments. The use of derivative instruments exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include futures contracts, options (both written and purchased), swaps, forward currency exchange contracts, and mortgage dollar rolls. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Additionally, to the extent the Fund is required to segregate or “set aside” (often referred to as “asset segregation”) liquid assets or otherwise cover open positions with respect to certain derivative instruments, the Fund may be required to sell portfolio instruments to meet these asset segregation requirements. There is a possibility that segregation involving a large percentage of the Fund’s assets could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations. Opening derivative positions also exposes the Fund to risk that the counterparty to the transaction defaults. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zk7a5yL63sHk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Convertible Securities Risk. Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases, the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are frequently issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RelianceOnTechnologyRiskMember_z96zvWcdzsFe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zUfBPBiHeDIf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Futures Risk. The Fund may enter into a futures contract in which the Fund (acting as a buyer or seller) may be forced to make delivery (as a seller) or take delivery (as a buyer) of a specific asset at a specified future date and price. The secondary market for futures may be less liquid causing the contract to be difficult to close. Unanticipated market movements may also make delivery difficult for the seller and cause significant, potentially unlimited, losses. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapsizedCompanyRiskMember_z55RA6oeG9i6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Large-Cap-Sized Company Risk. Securities of companies with market capitalizations that are larger than small- and mid-cap companies may be susceptible to slower growth during times of economic expansion. They may underperform other segments of the market due to an inability to respond as quickly to economic changes, market innovation, or changes in consumer behavior. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_zCivgIrEJ7Jg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. Options Risk. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk. <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentTrustREITRiskMember_zNtNXCJ7dq7b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Real Estate Investment Trust (“REIT”) Risk. The Fund’s investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, limited access to the credit or capital markets, and changes in cash flows of underlying real estate assets, particularly during periods of disruptions to business operations or an economic downturn. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt and erratic price movements than the overall securities market. Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapsizedCompanyRiskMember_zD4jU6f6GjDj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Small-Cap and Mid-Cap-Sized Company Risk. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Swaps Risk. The Fund may enter into swap transactions, including credit default swaps and index credit default swaps. Swap transactions involve the risk that the party with whom the Fund entered into the transaction with defaults on its obligation to pay or that the Fund cannot meet its obligation to pay the other party. Swaps may also be difficult to value, which in turn may cause liquidity issues. Yield Curve Risk. This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index. The performance for Class A shares may vary from the performance shown to the extent the classes have differing expenses. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund has adopted the historical performance of the Advisory Research Strategic Income Fund (the “Predecessor Fund”), a former series of Investment Managers Series Trust, as a result of a reorganization consummated after the close of business on February 21, 2020 (“Reorganization”), in which the Fund acquired all of the assets, and assumed all of the liabilities, of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The performance information presented below for periods prior to the Reorganization reflects the performance of the Predecessor Fund. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_008.jpg" style="height: 183px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zV5NPXzfL59b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2015</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000217842Member_zxNHy2RQrB1g" style="display: none; text-align: center; width: 50%">2.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2016</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000217842Member_zMdNKipoPFre" style="display: none; text-align: center">2.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000217842Member_zE0h6WuZRgDl" style="display: none; text-align: center">6.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000217842Member_zlBRAIokyJT8" style="display: none; text-align: center">-1.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000217842Member_zkqaJXeL0Cnd" style="display: none; text-align: center">11.04%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000217842Member_za0GASx4i1V2" style="display: none; text-align: center">11.68%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000217842Member_z3ZKvAFWamei" style="display: none; text-align: center">5.31%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000217842Member_zKig9X7xN3uj" style="display: none; text-align: center">-8.43%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000217842Member_zwCWwHJ7kDDb" style="display: none; text-align: center">5.06%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000217842Member_z0cRaLyjNZrf" style="display: none; text-align: center">9.70%</td></tr> </table> 0.0220 0.0207 0.0607 -0.0199 0.1104 0.1168 0.0531 -0.0843 0.0506 0.0970 The year-to-date return as of June 30, 2025 was 6.51%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: justify">6.73%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: justify">Quarter ended 06/30/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">-6.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">Quarter ended 06/30/2022</td></tr> </table> The year-to-date return 2025-06-30 0.0651 Highest Calendar Quarter Return at NAV (non-annualized) 0.0673 2020-06-30 Lowest Calendar Quarter Return at NAV (non-annualized) -0.0609 2022-06-30 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zVEaP7qsumG6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_z7Wnojvxuyxe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td id="xdx_981_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000067945Member_zEpO6QkpJa79" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 55%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zxlvEu1nB8Xe" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">1 Year</td> <td id="xdx_495_20200101__20241231_zok412JT116d" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">5 Years</td> <td id="xdx_496_20150101__20241231_z2Dj08WnWGQ1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000217842Member_znJ891ILZbs9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.70%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.42%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.10%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000217842Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2YqgljzzFCa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.91%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.60%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.47%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000217842Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3dafwZVaKF" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.72%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.63%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.54%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000217842Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zxOnfah4AGU7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20250926__20250926__oef--ClassAxis__custom--C000217842Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zZN0S80qL1I4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Aggregate Bond Index1(reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.25%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.33%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1 Year</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> Since Inception (02/28/2023)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Class A - Return Before Taxes</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000217841Member_z706eWb7OYg7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.32%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20230228__20241231__oef--ClassAxis__custom--C000217841Member_z1lMRh81lyJa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.02%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">N/A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">1 </td> <td style="text-align: justify">The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Class I - Return Before Taxes 0.0970 0.0442 0.0410 Class I - Return After Taxes on Distributions 0.0791 0.0260 0.0247 Class I - Return After Taxes on Distributions and Sale of Fund Shares 0.0572 0.0263 0.0254 Bloomberg US Aggregate Bond Index1(reflects no deduction for fees, expenses or taxes) reflects no deduction for fees, expenses or taxes 0.0125 -0.0033 0.0135 2023-02-28 Class A - Return Before Taxes 0.0532 0.0502 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I shares. SUMMARY SECTION – NORTH SQUARE MULTI STRATEGY FUND Investment Objective The investment objective of the North Square Multi Strategy Fund (the “Fund”) is to provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “Appendix A – Waivers and Discounts Available from Certain Intermediaries.” You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zvFnl3ySNVLc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zzVZ8QnTLNV1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center"> </td> <td id="xdx_499_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_zks0I960MbK2" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center">Class A Shares</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center"> </td> <td id="xdx_49C_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205683Member_zNdA1IHSmne1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center">Class I Shares</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; width: 52%; vertical-align: top">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%"> </td></tr> <tr id="xdx_406_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zLFGTXejlYOg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.75%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_fMQ_____zOMJGWW2KTpf" title="Maximum Deferred Sales Charge (Load)">None1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_zfXh2xDVjzeb" title="Maximum Deferred Sales Charge (Load)">None</td> </tr> <tr id="xdx_40C_eoef--RedemptionFee_dn_zS9lGhjB82h1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> </tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0575 0 0 0 0 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zDjCMrHt1ilf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zUtQXMdTz99h" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: top">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_499_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_zkg4clT8uqC6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_49C_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205683Member_zWckFetSZe06" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zKwhVeqSjUse" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.21%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.21%</td> </tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zEc70URv7r89" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_ze4pmfPna2Hg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.54%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.54%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 52%">Shareholder Service Fee</td> <td id="xdx_981_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_zlSS7YYAUkE5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%" title="Shareholder Service Fee">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_981_eoef--Component1OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205683Member_za1rwY1WLvR9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%" title="Shareholder Service Fee">0.10%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_985_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_zphh2ddAyGq6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.44%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205683Member_zBTnaXGgWxwj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.44%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> </tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z2Qt8EdnLf07" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.58%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.58%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zMcBbdAyTgwd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses4</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.58%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.33%</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> 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.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">2 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, does not receive management fees for Fund assets invested in other series of the Trust advised by North Square (“affiliated investment companies”). North Square receives management fees of 0.50% for Fund assets invested in non-affiliated investment companies. As of the date of this prospectus, North Square expects a majority of the Fund’s assets to be invested in affiliated investment companies.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">3 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 0.25in">4 </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"> The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.</td></tr> </table> 0.0021 0.0021 0.0025 0 0.0054 0.0054 0.0010 0.0010 0.0044 0.0044 0.0058 0.0058 0.0158 0.0133 The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5ewiCNSKiSl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zOtWjOvmF8Le" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 40%; text-align: justify"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zuySBrt7d42l" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">One Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_z1RzGjYi8cE6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">Three Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zZFw0ye7elj1" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">Five Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zEWWGYHxLA67" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_415_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205681Member_z90x1kLNfo6f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class A shares</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$726</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$1,045</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$1,386</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$2,345</td></tr> <tr id="xdx_411_20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member__oef--ClassAxis__custom--C000205683Member_zIOiBqVptXbe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$135</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$421</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$729</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$1,601</td></tr> </table> 726 1045 1386 2345 135 421 729 1601 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio. 0.26 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected CSM Advisors, LLC (the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. The Fund is a “fund of funds” that seeks to achieve its investment objective by primarily investing in other mutual funds (“underlying funds”). The Fund invests primarily in mutual funds managed by North Square, the Fund’s investment adviser, but may also invest in unaffiliated mutual funds or exchange-traded funds (“ETFs”) to gain exposure to asset classes not available through a fund managed by the Adviser. In addition, the Fund may also invest directly in securities when the Sub-Adviser believes doing so is more likely to increase yield or enhance returns than investing in underlying funds. The Fund is a multi-strategy fund that will invest directly or indirectly through underlying funds in the following asset classes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity securities of U.S. and foreign companies (including emerging market companies) of any market capitalization, including common stock, preferred stock, warrants, rights and initial public offerings (“IPOs”). Exposure to equity securities of foreign companies may be through American and Global Depositary Receipts (“ADRs” and “GDRs”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Fixed income securities of U.S. and foreign issuers (including emerging market issuers) of any maturity and credit quality, including high-yield debt securities (often called “junk bonds”), investment grade debt securities, mortgage-related and other asset-backed securities, municipal bonds, U.S. government securities, convertible securities, bank loans, inflation-linked investments and cash equivalents.</td></tr> </table> As part of the Sub-Adviser’s multi-strategy investment process, the Fund’s investments are allocated among underlying funds based on an evaluation of three strategies: strategic asset allocation (generally, the weighting of allocations among broad asset classes to seek to capture market returns), tactical asset allocation (generally, the weighting of allocations to various sub-categories within broad asset classes to seek to add value relative to the general strategic allocations) and fund selection. Fund assets are invested in underlying funds with equity exposure across the small to large capitalization range, as well as across value and growth styles as well as core or blend styles which exhibit both growth and value characteristics. Fund assets may also be invested in underlying funds with exposure to fixed income securities issued by a variety of issuers and across a range of maturities and credit quality. Broad economic and market factors, as well as diversification and risk management, are considered in assessing the strategic and tactical components of the allocation. The analysis in selecting underlying funds includes an assessment of a fund’s past performance, volatility and other risk characteristics, and correlation with other funds and benchmarks. It also includes an assessment of the underlying fund’s investment strategies, investment process and portfolio management team. The Fund does not have target ranges for the allocation of assets among asset classes or individual underlying funds and there is no maximum or minimum exposure that the Fund must maintain with respect to any asset class. Accordingly, the Fund’s exposure to different asset classes and underlying funds will be adjusted to take advantage of current or expected market conditions, or to manage risk. From time to time, the Fund may own a majority of the shares of an underlying fund managed by the Adviser. As of the date of this prospectus, the Fund intends to allocate substantially all of its assets among the North Square Dynamic Small Cap Fund, North Square Altrinsic International Equity Fund and North Square Preferred and Income Securities Fund, and expects to invest 25% or more of its assets in the North Square Dynamic Small Cap Fund and North Square Preferred and Income Securities Fund. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Investment Companies Risk, Equity Risk, Fixed Income Securities Risk, Market Risk, Growth-Oriented Investment Strategies Risk, Small Cap and Mid Cap-Sized Company Risk, Currency Risk, Emerging Market Risk, Interest Rate Risk, Preferred Securities Risk, Mortgage-Backed and Asset-Backed Securities Risk, Value-Oriented Investment Strategies Risk, Management and Strategy Risk, Foreign Investment Risk, High Yield (“Junk”) Bond Risk, Credit Risk, Inflation-Linked Securities Risk, Bank Loan Risk, U.S. Government Securities Risk, Municipal Securities Risk, Convertible Securities Risk, Liquidity Risk, Initial Public Offering (“IPO”) Risk, Warrants and Rights Risk, and Large-Cap-Sized Company Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompaniesRiskMember_zQ3u3rsHxPB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Investment Companies Risk. The Fund’s investment in investment companies, such as ETFs and mutual funds (including other funds managed by the Adviser), generally reflects the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expenses based on the Fund’s pro rata share of the other investment company’s operating expenses, including the management fee of unaffiliated funds in addition to those paid by the Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An ETF may also trade at a discount to its net asset value. In addition, the Fund may invest in underlying funds which invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk. <div> </div> <div> The Fund may invest in affiliated mutual funds managed by North Square. The Adviser or Sub-Adviser may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated and unaffiliated underlying funds. To the extent the Fund invests a significant percentage of its assets in any one affiliated mutual fund or across multiple affiliated mutual funds, the Fund will be subject to a greater degree to the risks particular to the investment strategies employed by the Adviser or Sub-Adviser.</div> <div> </div> Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.<div> </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zHhnsvfMwo36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.<div> </div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthorientedInvestmentStrategiesRiskMember_zekC7XYWYzSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall. Prices of these companies’ securities may be more volatile than those of other securities, particularly over the short term.<div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapsizedCompanyRiskMember_zM2BqoxZcVJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Small-Cap and Mid-Cap-Sized Company Risk. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. <div> </div> Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad.<div> </div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketRiskMember_zttjaymSZqtk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Emerging Market Risk. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company <div> </div> <div></div> Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term and lower rated securities being more volatile than shorter-term and higher-rated securities. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Risks associated with rising interest rates are heightened given that interest rates in the U.S. have risen from historically low levels in recent years. Interest rates may continue to increase in the future with unpredictable effects on the financial markets and the Fund’s investments.<div> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecuritiesRiskMember_zX0gMHBlGqH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Preferred Securities Risk. Preferred securities represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise.<div> </div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_zPb5Rk06hLr2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.<div> </div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueorientedInvestmentStrategiesRiskMember_zMNsemWqtEs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive), value stocks generally may be out of favor in the markets.<div> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_ziGEWKNMJUta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.<div> </div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zoXRtFnDPy26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Foreign Investment Risk. The Fund’s investments in underlying funds that invest in foreign stocks or the Fund’s direct investments in foreign securities can be riskier than U.S. stock investments. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs and GDRs. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldJunkBondRiskMember_zEbPs8SaJhRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities.<div> </div> <div></div> <div> </div> Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund.<div> </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationlinkedSecuritiesRiskMember_zdLtDWdCyX64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Inflation-Linked Securities Risk. Inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-linked securities such as Treasury inflation-protected securities (“TIPS”) are adjusted periodically to a specified rate of inflation (e.g., the Consumer Price Index). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.<div> </div> Bank Loan Risk. Bank loans and loan participations are subject to credit risk, including the risk of nonpayment of principal or interest. Also, substantial increases in interest rates may cause an increase in loan defaults. Although the loans may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loans are relatively illiquid or subject to restrictions on resale or assignment and may be difficult to value, which will have an adverse impact on the ability to dispose of particular bank loans in a favorable or timely fashion. Bank loans may also be subject to extension risk and prepayment risk. Transactions in bank loans are often subject to longer settlement periods (in excess of the standard T+1 days settlement cycle for most securities and often longer than seven days). As a result, sale proceeds potentially will not be available to the Fund to make additional investments or to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices, or taking other actions necessary to raise cash to meet its redemption obligations such as borrowing from a bank or holding additional cash, which could result in losses to the Fund. In addition, bank loans and other similar instruments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.<div> </div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zxfadQRsVdHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">U.S. Government Securities Risk. The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) when it is not obligated to do so.<div> </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zvYJFATinZ71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Municipal Securities Risk. Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund’s investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market. The value of municipal securities also may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues.<div> </div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zHuMvnCETSfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Convertible Securities Risk. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are frequently issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies.<div> </div> Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value due to a less active market.<div> </div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InitialPublicOfferingIPORiskMember_zmPLRfcRZUa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Initial Public Offering (“IPO”) Risk. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to many of the same risks as investing in companies with smaller market capitalizations.<div> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsAndRightsRiskMember_z38C47e9hMah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Warrants and Rights Risk. Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.<div> </div> <div></div> <div> </div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapCompanyRiskMember_zHZ0DXIAbdA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Large-Cap Company Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies, also, may not be able to attain the high growth rates of successful, smaller companies during periods of economic expansion. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class A shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund has adopted the historical performance of the Oak Ridge Multi Strategy Fund (the “Predecessor Fund”) as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the close of business on May 10, 2019 reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially identical investment strategies. Prior to the reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. On July 18, 2017, the Predecessor Fund’s investment strategy changed. Prior to July 18, 2017, the Predecessor Fund invested primarily in equity securities of large capitalization companies with above average potential for earnings growth. Accordingly, the performance information presented below for periods prior to July 18, 2017 is based on the Predecessor Fund’s prior investment strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class A shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Calendar-Year Total Return (before taxes) for Class A Shares For each calendar year at NAV <img alt="" src="pro-orsax_009.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zk2de8NmgnYh" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td style="width: 50%"> </td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2015</td> <td id="xdx_988_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000205681Member_znzR9Af41Cj">4.02%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000205681Member_zq5g1pwtyIH">0.40%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2017</td> <td id="xdx_984_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000205681Member_zCdb5Yc6OM35">26.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2018</td> <td id="xdx_985_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000205681Member_znovwjYI0c11">-8.27%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2019</td> <td id="xdx_984_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000205681Member_zR9UL6dlVVGe">25.06%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2020</td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000205681Member_z5uM9peSlgIe">17.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2021</td> <td id="xdx_981_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000205681Member_zq8M0WE2bjne">21.09%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2022</td> <td id="xdx_984_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000205681Member_zcJBHtc5U2Yb">-16.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000205681Member_z5Ft7n6fKTT">18.00%</td></tr> <tr style="vertical-align: top; text-align: left"> <td>Annual Return 2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000205681Member_zOdmaBEVok1b">12.12%</td></tr> </table> 0.0402 0.0040 0.2636 -0.0827 0.2506 0.1703 0.2109 -0.1615 0.1800 0.1212 The year-to-date return as of June 30, 2025 was -1.60%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td colspan="3" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class A</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: left">20.10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 06/30/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">-20.51%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0160 Highest Calendar Quarter Return at NAV (non-annualized) 0.2010 2020-06-30 Lowest Calendar Quarter Return at NAV (non-annualized) -0.2051 2020-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zUoGFbhypvKd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zCDug5U1G4C6" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_981_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000063487Member_zIPNZCqlkEI6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 55%">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_z1eFujpBRfS1" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">1 Year</td> <td id="xdx_495_20200101__20241231_zNt9xepJ7OBg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">5 Years</td> <td id="xdx_490_20150101__20241231_zwcoO9eLOLP" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">10 Years</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205681Member_zmSVkYdEQw71" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.67%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.17%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.41%</td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205681Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVJDoVMSmZn3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.14%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.58%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.97%</td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205681Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zuldhysHLF76" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.65%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.69%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.03%</td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205683Member_zikOENOR5MJ5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.40%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.88%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.38%</td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205683Member__oef--PerformanceMeasureAxis__custom--Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zWiO7EjcWbza" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.55%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 0.25in">1</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"> The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.0567 0.0817 0.0841 0.0514 0.0558 0.0597 0.0365 0.0569 0.0603 Return Before Taxes 0.1240 0.0988 0.0938 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for classes other than Class A will vary from returns shown for Class A shares. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for classes other than Class A will vary from returns shown for Class A shares. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. SUMMARY SECTION – NORTH SQUARE SPECTRUM ALPHA FUND Investment Objective The investment objective of the North Square Spectrum Alpha Fund (the “Fund”) is to provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zerpB5ENrBpc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zl9wrIqrs7B5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center"> </td> <td id="xdx_49E_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_zITjMunThGXf" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center">Class A Shares</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center"> </td> <td id="xdx_490_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_zavNnl5eIdrb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center">Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zaTVkgd2fGLf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left; width: 52%">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%">5.75%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_fMQ_____zAu8nukT3UDi" title="Maximum Deferred Sales Charge (Load)">None1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_fMQ_____zUsWURRXdCki" title="Maximum Deferred Sales Charge (Load)">None</td></tr> <tr id="xdx_40B_eoef--RedemptionFeeOverRedemption_dpn_zNYBhVIL1VDl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> 0.0575 0 0 0 0 0 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zrfOIFnt8U25"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zhoCpFaVTHT6" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_49E_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_zEuC4HdCa795" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_490_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_zIVWmENLd8Q9" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zrA6txEGxklj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.20%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.20%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_zr0rQ5jO8xI4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zcWlppNbXjci" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.52%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.55%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 52%">Shareholder Service Fee</td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_zw7ultvFYV5h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%" title="Shareholder Service Fee">0.12%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td> <td id="xdx_98A_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_z3Km4q2UMQN7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%" title="Shareholder Service Fee">0.15%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_zLV17v5tXiI1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.40%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_98D_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_z2Ges91VPX1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.40%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zHK270hr1ajd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.01%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zl8aWRE1J3Dh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses4</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.98%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.76%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zhfnkB2rIIcd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fee Recoupment Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.33%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.30%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zpaCmfgOCvTg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Recoupment5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.31%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> 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.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">2 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, does not receive management fees for Fund assets invested in other series of the Trust advised by North Square (“affiliated investment companies”). North Square receives management fees of 0.20% for Fund assets invested in non-affiliated investment companies. As of the date of this prospectus, North Square expects substantially all of the Fund’s assets to be invested in affiliated investment companies.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">3 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">4 </td> <td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 0.25in">5 </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"> The Adviser has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.30% and 1.05% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the fiscal year ended May 31, 2025, the Adviser recouped previous fee reductions of $159,659 and $92,112 from the Fund’s Class A and Class I shares, respectively.</td></tr> </table> 0.0020 0.0020 0.0025 0 0.0052 0.0055 0.0012 0.0015 0.0040 0.0040 0.0101 0.0101 0.0198 0.0176 0.0033 0.0030 0.0231 0.0206 The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zG9knQVrHQD2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_z38AsghztGEd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: justify"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zREiE7n2Vgh6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zuKVJLhO9pI" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zElUyLBse1b" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zFea9sFQIPjf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_419_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205671Member_zjUI53cmH7I8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class A shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$796</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,191</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,610</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,773</td></tr> <tr id="xdx_41C_20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member__oef--ClassAxis__custom--C000205673Member_zKVwLIt4sy8f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$209</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$583</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$982</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,098</td></tr> </table> 796 1191 1610 2773 209 583 982 2098 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate 19% of the average value of its portfolio. 0.19 Principal Investment Strategies The Fund is considered a “fund of funds” that invests primarily in affiliated mutual funds (the “underlying funds”) managed by the Adviser and its affiliates. Under normal conditions, through the underlying funds, the Fund is expected to indirectly invest in the equity securities of U.S. and foreign micro-cap, small, and mid-sized companies among others. The Fund uses a “blend” strategy to gain investment exposure to both growth and value stocks, or to stocks with characteristics of both. Securities in which an underlying fund may invest include, but are not limited to, common stocks, preferred stocks, securities of international companies include emerging market companies and developed countries through investments in exchange-traded funds (“ETFs”) and American Depositary Receipts (“ADRs”), and other similar depositary receipts, and other instruments with similar economic characteristics. The Fund’s portfolio management team generally employs a bottom-up investment approach emphasizing long-term value. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, Market Risk, Micro-Cap, Small, and Mid-Sized Company Risk, Foreign and Emerging Market Company Risk, Underlying Funds Risk, Blend Style Risk, Investment Companies Risk, Management Strategy Risk and Reliance on Technology Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.<div> </div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Micro-Cap, Small, and Mid-Sized Company Risk. Investments in micro-cap, small, and mid-sized companies (North Square defines this range as companies with up to $50 billion in market capitalization) may involve greater risks than investments in larger, more established companies. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of micro-cap, small, and mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of micro-cap, small, and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.<div> </div> Foreign and Emerging Market Company Risk. Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks that can cause these investments to be more volatile and increase the likelihood that the Fund will lose money. For example, as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include ADRs. ADRs may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets because such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. The legal remedies for investors in emerging markets may be more limited than remedies available in the U.S. and the ability of U.S. authorities (e.g., the SEC and U.S. Department of Justice) to bring actions against bad actors may be limited.<div> </div> Underlying Funds Risk. The Fund invests principally in underlying funds advised by North Square, which presents certain conflicts of interest. Generally, North Square will receive more revenue from investing in the underlying funds than it would if it invested in unaffiliated funds. In addition, North Square is subject to conflicts of interest in allocating portfolio assets among the various underlying funds because the fees payable to North Square by underlying funds differ. North Square may have an incentive to select underlying funds that will result in the greatest net management fee revenue to North Square and its affiliates, even if that results in increased expenses for the Fund. In addition, the Fund’s investments in affiliated underlying funds may be beneficial to North Square in managing the underlying funds, by helping the underlying funds achieve economies of scale or by enhancing cash flows to the underlying funds. In certain circumstances, North Square would have an incentive to delay or decide against the sale of interests held by the Fund in the underlying funds and may implement Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to the underlying funds. If the Fund invests in an underlying fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an underlying fund with comparable performance but lower expenses.<div> </div> Blend Style Risk. Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result. Investment Companies Risk. The Fund’s investment in investment companies, such as ETFs and mutual funds (including other funds managed by the Adviser), generally reflects the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an investment company than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expenses based on its pro rata share of other investment company’s operating expenses, including the management fee of unaffiliated funds in addition to those paid by the Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An ETF may also trade at a discount to its net asset value. In addition, the Fund may invest in underlying funds which invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk.<div> </div> <div> The Fund may invest in affiliated mutual funds managed by North Square. The Adviser or CSM Advisors, LLC, the Fund’s investment sub-adviser (“CSM” or the “Sub-Adviser”), may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated and unaffiliated underlying funds. To the extent the Fund invests a significant percentage of its assets in any one affiliated mutual fund or across multiple affiliated mutual funds, the Fund will be subject to a greater degree to the risks particular to the investment strategies employed by the Adviser or Sub-Adviser.</div> <div> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_zTBvGhTFldR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.<div> </div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RelianceOnTechnologyRiskMember_z1Ro8A8D5oQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Reliance on Technology Risk. The Fund’s trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund’s performance. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to become a “fund of funds” that invests primarily in affiliated mutual funds. Prior to January 11, 2022, the Fund invested primarily in equity securities of small capitalization companies. Effective January 11, 2022, the Fund’s sub-adviser also changed. Accordingly, the performance shown below for periods prior to January 11, 2022, is based on the Fund’s prior principal investment strategies, as implemented by the Fund’s previous sub-adviser, and may not be representative of the Fund’s performance under its current principal investment strategies. The Fund has adopted the historical performance of the Oak Ridge Small Cap Growth Fund (the “Predecessor Fund”) as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the close of business on May 10, 2019, reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially the same investment strategies. Prior to the reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_010.jpg" style="height: 263px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zunojXfqpANi" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%"> Years</td> <td style="text-align: center; width: 50%"> Returns</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2015</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000205673Member_zEpiZvgdKnPb" style="text-align: center">-4.37%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2016</td> <td id="xdx_989_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000205673Member_zxerZcO950Ga" style="text-align: center">2.52%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000205673Member_zQGxpVl2FYP1" style="text-align: center">19.35%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2018</td> <td id="xdx_981_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000205673Member_zkosptzUHPqc" style="text-align: center">-6.39%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000205673Member_zJdCHgajYmo1" style="text-align: center">22.73%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2020</td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000205673Member_zYqUMoVsGFM8" style="text-align: center">30.29%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2021</td> <td id="xdx_986_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000205673Member_zHnO87xNXJw1" style="text-align: center">10.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000205673Member_zbiyUyYTIrHi" style="text-align: center">-26.83%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000205673Member_zKlPZpc8AMxh" style="text-align: center">25.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2024</td> <td id="xdx_982_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000205673Member_zSfBGA6c7imb" style="text-align: center">15.34%</td></tr> </table> -0.0437 0.0252 0.1935 -0.0639 0.2273 0.3029 0.1036 -0.2683 0.2503 0.1534 The year-to-date return as of June 30, 2025 was -2.49%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top"> <td colspan="3" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class I</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: left">31.76%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 06/30/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">-25.10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0249 Highest Calendar Quarter Return at NAV (non-annualized) 0.3176 2020-06-30 Lowest Calendar Quarter Return at NAV (non-annualized) -0.2510 2020-03-31 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zAMEiZanKRf8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zikBWF5v7Gmg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_982_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000063483Member_zlU6tUn1qQC3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 55%">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_z3GYYAiGv28f" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">1 Year</td> <td id="xdx_495_20200101__20241231_zW1I3cURE9U3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">5 Years</td> <td id="xdx_490_20150101__20241231_zk0Olfxuz8kc" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"> 10 Years </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205673Member_zrzzRhklU75j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">15.34%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.69%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.39%</td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205673Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXBKzwUKCxqa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">15.34%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.46%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.23%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205673Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zv7zdcft7sn5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.08%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.80%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205671Member_z8MvWFrF7Lj9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.41%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.15%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.46%</td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205671Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zsSvqb6NA2Ya" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.55%</td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000205671Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zO9hY1FqhfDl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Russell 2000® Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">11.54%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.82%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in">1 </td> <td style="text-align: justify">The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in">2 </td> <td style="text-align: justify">The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.1534 0.0869 0.0739 0.1534 0.0546 0.0323 0.0908 0.0620 0.0480 Return Before Taxes 0.0841 0.0715 0.0646 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses or taxes 0.1154 0.0740 0.0782 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I shares. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I shares. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. SUMMARY SECTION – NORTH SQUARE TACTICAL DEFENSIVE FUND Investment Objective The investment objective of the North Square Tactical Defensive Fund (the “Fund”) is to seek capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zNhnWpUhSNIc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zDu6weGZKKI" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: left"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_49E_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_zc4oNaKz3QJa" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center">Class A Shares</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_499_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zJCdY4fPhhE3" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center">Class C Shares</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td id="xdx_497_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_zdRHNJxap781" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: center">Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: top">Shareholder Fees (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"> </td></tr> <tr id="xdx_408_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zERCwNaaeNPh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left; width: 40%">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%">5.75%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_fMQ_____zRDRNAbNl1G4" title="Maximum Deferred Sales Charge (Load)">None1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90B_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_fMg_____zqSm2oDim3l1" title="Maximum Deferred Sales Charge (Load)">1.00%2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90D_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_zdfx0EcK9m96" title="Maximum Deferred Sales Charge (Load)">None</td></tr> <tr id="xdx_40B_eoef--RedemptionFeeOverRedemption_dpn_zk7eYrvurN1j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> 0.0575 0 0 0 0.0100 0 0 0 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zDBr1tFasZJk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zoVowtfTfXQf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(217,217,217)"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; text-align: left; vertical-align: top">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td id="xdx_49E_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_zESzvxo1QSsl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td id="xdx_499_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zy2N7gPsPCM1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_49A_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_zJlSTFrigiHc" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"> </td> </tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_ziWXC6kvEO96" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">1.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">1.25%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_ztSrcSleJN83" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">1.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zhMoljoJ3Eu7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.49%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.54%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.54%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 40%">Shareholder Service Fee</td> <td id="xdx_98A_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_zYgcnmCt5zHh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%" title="Shareholder Service Fee">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td> <td id="xdx_981_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zFlAPJz7IaE7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%" title="Shareholder Service Fee">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td> <td id="xdx_989_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_zgBNeOFzv8mh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%" title="Shareholder Service Fee">0.15%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_zGJNwo6CMt42" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.39%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_982_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zLE5ZI7Pf14b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.39%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td id="xdx_982_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_zVp0Kmt9S5A" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center" title="All Other Expenses">0.39%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4d1mDe5bjPk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.08%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.08%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.08%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z6zuRreIcMRg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses4</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.07%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.87%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.87%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zIpsVFocWCJi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.04%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.09%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-0.09%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zQvelabCSYt9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.03%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.78%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.78%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> 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.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> 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 purchase.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under a Rule 12b-1 Distribution Plan) do not exceed 1.70%, 1.70% and 1.70% of the average daily net assets of the Fund’s Class A, Class C and Class I shares, respectively (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.</td></tr> </table> 0.0125 0.0125 0.0125 0.0025 0.0100 0 0.0049 0.0054 0.0054 0.0010 0.0015 0.0015 0.0039 0.0039 0.0039 0.0008 0.0008 0.0008 0.0207 0.0287 0.0187 -0.0004 -0.0009 -0.0009 0.0203 0.0278 0.0178 The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdVinh6MyVee"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zQobSy7mMXua" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zz08v0IkNLuc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zAFxWdOfjM6a" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zh3NW8eI9S7j" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z0TLVKmoJoXj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41B_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224841Member_zyDjrjMRhV2h" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class A shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$769</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,183</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,621</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,834</td></tr> <tr id="xdx_41E_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zNeZcYePiRb9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class C shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$381</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$880</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,506</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$3,189</td></tr> <tr id="xdx_41C_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224839Member_z6aJFQ6SQLhj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$181</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$579</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,003</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,183</td></tr> </table> 769 1183 1621 2834 381 880 1506 3189 181 579 1003 2183 For the share class listed below, you would pay the following expenses if you did not redeem your shares: <div id="xdx_A84_eoef--ExpenseExampleNoRedemptionTableTextBlock_ztSXl1cBkqX5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zRabTBithhBa" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 40%; text-align: justify"> </td> <td id="xdx_48C_eoef--ExpenseExampleNoRedemptionYear01_dn_zL4OASDKAiLj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_486_eoef--ExpenseExampleNoRedemptionYear03_dn_zU7n9gtZMvRb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear05_dn_z2Ve4TAW3eji" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear10_dn_zdddNv6crkbb" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41E_20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member__oef--ClassAxis__custom--C000224840Member_zLTpklzOSyNh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class C shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$281</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$880</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,506</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$3,189</td></tr> </table> 281 880 1506 3189 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 225% of the average value of its portfolio. 2.25 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected CSM Advisors, LLC (“CSM” or the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. To achieve its investment objective, the Fund invests primarily in and allocates its investments primarily between Fund Investments (defined below) that the Sub-Adviser believes have the potential for capital appreciation and Cash Positions (defined below). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">“Fund Investments” include actively managed and index-based exchange-traded funds (“ETFs”), mutual funds and other investment companies, groups of securities related by index or sector made available through certain brokers at a discount brokerage rate (such as stock baskets, baskets of bonds and other index-or sector-based groups of related securities) and options or futures positions (e.g., options or futures contracts on securities, securities indexes, currencies or other financial instruments) with respect to any of the foregoing intended to match or approximate their performance.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">“Cash Positions” include cash and short-term, highly liquid investments, such as money market instruments, U.S. government obligations, commercial paper, repurchase agreements, and other cash or cash equivalent positions.</td></tr> </table> In allocating the Fund’s assets, the Sub-Adviser uses a proprietary, technically driven asset allocation model to determine current risk in the broad equity markets (reflected in the Sub-Adviser’s model by a weighted average score) based on a number of technical indicators. The technical indicators examined by the Sub-Adviser are primarily focused on trend analysis, such as analysis of price trends (e.g., determining risk based on movements of market prices up or down), breadth trends (e.g., analyzing the ratio of the number of advancing stocks to declining stocks) and relative strength (e.g., comparing risk profiles of investment alternatives such as small cap vs. large cap or growth vs. value). The Sub-Adviser then seeks to participate in markets and market sectors with low risk scores, while divesting its portfolio of investments in markets and market sectors with high risk scores. To participate in markets and market sectors, the Sub-Adviser’s investment philosophy emphasizes purchasing Fund Investments, which the Sub-Adviser believes are a convenient way to invest in both broad market indexes (e.g., the S&P 500, Russell 2000, NASDAQ-100, MSCI EAFE, Barclays bond indexes, etc.) and market sector indexes (e.g., healthcare indexes, utilities indexes, real estate indexes, etc.). The Fund may invest up to 100% of its portfolio in Fund Investments that have portfolios comprised of equity securities of domestic or foreign companies of any size in any sector. The Fund may also invest up to 100% of its portfolio in fixed-income Fund Investments that have portfolios comprised of domestic or foreign corporate and/or government bonds issued by any size company, municipality or government body in any sector of any maturity or yield, provided that corporate debt obligations are “investment grade” securities rated in one of the four highest rating categories by any one or more nationally recognized rating agencies or, if not rated, are of equivalent quality in the opinion of the Sub-Adviser. The Fund will generally invest as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Core Position. Approximately 50% of the Fund’s assets will be invested in one or more broad-based equity or fixed-income Fund Investments, such as funds with investments that reflect the S&P 500 Index, the Russell 2000 Index, the S&P 400 Mid-Cap Index, the Dow Jones Industrial Index, the Bloomberg US Aggregate Bond Index, and the EAFE (Europe, Australia and Far East) Index, U.S. Treasuries (including short-term U.S. Treasuries) or market sector Fund Investments, such as those tracking healthcare, utilities, real estate, financial, technology, consumer goods or other indexes (the “Core Position”). However, through the Core Position, the Fund generally will be </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">exposed to the performance of selected U.S. or international equity or debt markets as a whole, or sector indexes. The Sub-Adviser has the ability to invest in Cash Positions if it deems it advisable or necessary which positions can, from time to time, be significant.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Satellite Position. Approximately 50% of the Fund’s assets will be invested primarily in market sector Fund Investments, fixed-income Fund Investments, or Cash Positions using an allocation model and risk-based ranking system (the “Satellite Position”). The Satellite Position is not designed to hedge the Core Position; however, some investment positions may hedge, or have the effect of hedging, a portion of the Core Position from time to time.</td></tr> </table> The mix of investments within the Fund may change frequently as the Sub-Adviser deems appropriate or necessary based upon its analysis and allocation models. Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Management and Strategy Risk, Investment Companies Risk, Fixed Income Securities Risk, Interest Rate Risk, Credit Risk, Liquidity Risk, Equity Risk, Market Risk, Currency Risk, Foreign Investment Risk, Large-Cap-Sized Company Risk, Sector Focus, Portfolio Turnover Risk, Small Cap and Mid Cap-Sized Company Risk, and U.S. Government Securities Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_zMutmZ3Ru6C3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting Fund Investments may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.<div> </div> Investment Companies Risk. The Fund may invest in underlying investment companies, such as ETFs and mutual funds (including other funds managed or sub-advised by the Adviser or its affiliates). Any such investment generally will reflect the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an investment company than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expenses based on the Fund’s pro rata share of the other investment company’s operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An ETF may also trade at a discount to its net asset value. In addition, the Fund may invest in underlying funds that invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk.<div> </div> <div style="-sec-ix-redline: true"> The Fund may invest in affiliated mutual funds and ETFs managed by the Adviser, the Sub-Adviser or their affiliates. The Adviser or Sub-Adviser may be subject to potential conflicts of interest in selecting underlying funds because, among other reasons, the fees paid to it by certain affiliated underlying funds may be higher than the fees paid by other potential underlying funds. To the extent the Fund invests a significant percentage of its assets in any one affiliated underlying fund or across multiple affiliated underlying funds, the Fund will be subject to a greater degree to the risks particular to the investment strategies employed by the Adviser or Sub-Adviser.</div> <div> </div> <div> <div></div></div> Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.<div> </div> Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term and lower rated securities being more volatile than shorter-term and higher-rated securities. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. <div> </div> Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value due to less active markets.<div> </div> Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.<div> </div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund's returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.<div> </div> Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad.<div> </div> Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.<div> </div> Large-Cap-Sized Company Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies, also, may not be able to attain the high growth rates of successful, smaller companies during periods of economic expansion.<div> </div> Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors.<div> </div> Portfolio Turnover Risk. As a result of its trading strategies, the Fund may sell portfolio securities without regard to the length of time they have been held and will likely have a higher portfolio turnover rate than other mutual funds. Since portfolio turnover may involve paying brokerage commissions and other transaction costs, higher turnover generally results in additional Fund expenses. High rates of portfolio turnover may lower the performance of the Fund due to these increased costs and may also result in the realization of short-term capital gains. If the Fund realizes capital gains when Fund Investments are sold, the Fund must generally distribute those gains to shareholders, increasing the Fund’s taxable distributions. High rates of portfolio turnover in a given year would likely result in short-term capital gains that are taxed to shareholders at ordinary income tax rates.<div> </div> Small-Cap and Mid-Cap-Sized Company Risk. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.<div> </div> U.S. Government Securities Risk. The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) when it is not obligated to do so. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class A shares from year to year and by showing how the average annual total returns of Class A shares of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund has adopted the historical performance of the Stadion Tactical Defensive Fund (the “Predecessor Fund”), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class A shares from year to year and by showing how the average annual total returns of Class A shares of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class A Shares For each calendar year at NAV <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z4INwOeB9HAd" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%">Years </td> <td style="text-align: center; width: 50%"> Returns</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2015</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000224841Member_z9QVqL2XojF5" style="text-align: center">-9.82%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2016</td> <td id="xdx_982_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000224841Member_zN0Khmg9goqh" style="text-align: center">10.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2017</td> <td id="xdx_982_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000224841Member_zWsWjY0EK5M8" style="text-align: center">15.25%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000224841Member_zED0wvWjNiwl" style="text-align: center">-2.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000224841Member_zHy4zNamxCd9" style="text-align: center">12.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000224841Member_ziJ0yFbjqYv2" style="text-align: center">3.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2021</td> <td id="xdx_984_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000224841Member_zaBopKMTlNq" style="text-align: center">13.49%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000224841Member_zh5rQCun4zdi" style="text-align: center">-8.27%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000224841Member_zNqUZttecbHe" style="text-align: center">5.65%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000224841Member_zXoKFhxoXQ3b" style="text-align: center">7.30%</td></tr> </table> <img alt="" src="pro-orsax_011.jpg" style="height: 271px; width: 500px"/> -0.0982 0.1042 0.1525 -0.0299 0.1246 0.0399 0.1349 -0.0827 0.0565 0.0730 The year-to-date return as of June 30, 2025 was -5.22%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td colspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Class A</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">9.17%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-14.37%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 03/31/2020</td></tr> </table> The year-to-date return 2025-06-30 -0.0522 Highest Calendar Quarter Return at NAV (non-annualized) 0.0917 2020-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.1437 2020-03-31 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zZuvLW29VX13"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zpjw1Xj7NFUb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_98A_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000070729Member_zgVzKpXLnz46" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 55%">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zsE7VF7P6Kwc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">1 Year</td> <td id="xdx_495_20200101__20241231_zr25hPnI7qd2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">5 Years</td> <td id="xdx_490_20150101__20241231_zuEjvgUKCtrj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">10 Years</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224841Member_zfiNhYMyCO71" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.95%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.77%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224841Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zME8JwsCn09j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.93%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.90%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.59%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224841Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zltlMm5bOtUf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class A - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.84%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.28%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.93%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224840Member_zOyarxiGD4vc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class C - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.47%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.38%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3.60%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224839Member_zLjDeyaALEX7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Class I - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.61%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.41%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.62%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224839Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zRhOodFfsgN7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.55%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224839Member__oef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1CvA6q9HVka" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.27%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.37%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">6.05%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">The Russell 3000® Total Return Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif"></td><td style="font: 8pt Times New Roman, Times, Serif">2</td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"> The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderate Target Risk Index seeks approximately 60% exposure to global equity markets. This index does not incorporate Environmental, Social, or Governance (ESG) criteria. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.0115 0.0295 0.0377 0.0093 0.0290 0.0359 0.0084 0.0228 0.0293 Return Before Taxes 0.0547 0.0338 0.0360 Return Before Taxes 0.0761 0.0441 0.0462 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses or taxes 0.0827 0.0537 0.0605 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary from returns shown for Class A shares to the extent that each class has different expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and after-tax returns for other classes will vary from returns shown for Class A shares to the extent that each class has different expenses. SUMMARY SECTION – NORTH SQUARE TACTICAL GROWTH FUND Investment Objective The investment objective of the North Square Tactical Growth Fund (the “Fund”) is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled “Class A Shares” and in “APPENDIX A – Waivers and Discounts Available from Certain Intermediaries” of the Prospectus. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zy24QioaDWc6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zdND2sZlsvRg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; width: 40%; text-align: left; white-space: nowrap"> </td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 10%"> </td> <td id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_zcPXYDiIPTTf" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 10%; text-align: center; white-space: nowrap">Class A Shares</td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 10%"> </td> <td id="xdx_497_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_zvgr0U3jfac5" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 10%; text-align: center; white-space: nowrap">Class C Shares</td> <td style="border-top: Black 1pt solid; padding-top: 3pt; text-align: center; width: 10%"> </td> <td id="xdx_494_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_z8dXuVzur5ae" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 10%; text-align: center; white-space: nowrap">Class I Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Shareholder Fees (fees paid directly from your investment)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zGIHcnij00c1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">5.75%</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the value redeemed or the amount invested)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_fMQ_____z9fNVFfaeDl7" title="Maximum Deferred Sales Charge (Load)">None1</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_fMg_____zU8hnzTtxMB5" title="Maximum Deferred Sales Charge (Load)">1.00%2</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_zew6pUgffXGd" title="Maximum Deferred Sales Charge (Load)">None</td></tr> <tr id="xdx_408_eoef--RedemptionFeeOverRedemption_dpn_zjl7ncnHI20b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Redemption Fee (as a percentage of amount redeemed)</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> 0.0575 0 0 0 0.0100 0 0 0 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z77pek0rybSi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z0gRdoAe7kMc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.04in; vertical-align: top; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td colspan="2" id="xdx_49B_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_zmWWdbd5CeQ5" style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td colspan="2" id="xdx_497_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_zFJ1Bo7tYDu2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td id="xdx_494_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_z2uQA6BSRpa7" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zY7PqTi0TTae" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.06%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.06%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.06%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_z0qMbpGiMML1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_z0ZkrIakcBb8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.26%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.26%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left; width: 40%">Shareholder Service Fee</td> <td id="xdx_988_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_zD5BZts8C6Ah" style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%" title="Shareholder Service Fee">0.07%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"> </td> <td id="xdx_98D_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_znmbfo0L4Irf" style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%" title="Shareholder Service Fee">0.07%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"> </td> <td id="xdx_98E_eoef--Component1OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_zc7sbXCS4Hdg" style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%" title="Shareholder Service Fee">0.08%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">All Other Expenses</td> <td id="xdx_98E_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_zR7C83Qz98f2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="All Other Expenses">0.19%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_ztu2PEtKGbJg" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="All Other Expenses">0.19%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dn_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_zZcMemP3KEh2" style="font: 10pt Times New Roman, Times, Serif; text-align: center" title="All Other Expenses">0.19%</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNceyMCbaLYg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.14%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.14%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.14%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zgWcWz3dugUi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses4</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.71%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">2.46%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.47%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zfz1pBoAR81l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Fees Waived and/or Expenses Reimbursed</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.02%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.02%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">-0.03%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_z2K9XRWYswh3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Waiving Fees and/or Reimbursing Expenses5</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.69%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">2.44%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">1.44%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> 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.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">2 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> 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 purchase.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">3 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">4 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5 </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.30%, 1.30% and 1.30% of the average daily net assets of the Fund’s Class A, Class C and Class I shares, respectively (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. </td></tr> </table> 0.0106 0.0106 0.0106 0.0025 0.0100 0 0.0026 0.0026 0.0027 0.0007 0.0007 0.0008 0.0019 0.0019 0.0019 0.0014 0.0014 0.0014 0.0171 0.0246 0.0147 -0.0002 -0.0002 -0.0003 0.0169 0.0244 0.0144 The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. September 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMyiL1dHiwO1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zWd9oHJX5RU1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 40%; text-align: justify"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zP8cr58zMAed" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zxRUDGPIsHve" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Three Years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_zRsPU3O9J9G7" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Five Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zYp5ioVvUzw5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Ten Years</td> </tr> <tr id="xdx_414_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224838Member_ziY1Z6NJulg4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class A shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$737</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,081</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,448</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,477</td> </tr> <tr id="xdx_41B_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_zOCQjgW15Zpe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class C shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$347</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$765</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,309</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,795</td> </tr> <tr id="xdx_417_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224837Member_ztXvlKxFc8Gi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class I shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$147</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$462</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$800</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,755</td> </tr> </table> 737 1081 1448 2477 347 765 1309 2795 147 462 800 1755 For the share class listed below, you would pay the following expenses if you did not redeem your shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zb1oWA6KT02l"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zLg0e4a0Kzj9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"> </td> <td id="xdx_48C_eoef--ExpenseExampleNoRedemptionYear01_dn_zlEONoG3kh1f" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">One Year</td> <td id="xdx_486_eoef--ExpenseExampleNoRedemptionYear03_dn_zHY68qDigY1f" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Three Years</td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear05_dn_zGoWfxiMcLrf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Five Years</td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear10_dn_zu83qKctC4s2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Ten Years</td></tr> <tr id="xdx_41B_20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member__oef--ClassAxis__custom--C000224836Member_zoQDYJWkaF8c" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Class C shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$247</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$765</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,309</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$2,795</td></tr> </table> 247 765 1309 2795 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio. 0.47 Principal Investment Strategies In seeking to achieve the Fund’s investment objective, the Adviser has selected CSM Advisors, LLC (“CSM” or the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly. To achieve its investment objective, the Fund invests primarily in actively managed or index-based exchange-traded funds (“ETFs”), mutual funds and other investment companies, groups of securities related by index or sector made available through certain brokers at a discount brokerage rate (such as stock baskets, baskets of bonds and other index-or sector-based groups of related securities) and options or futures positions (e.g., options or futures contracts on securities, securities indexes, currencies or other financial instruments) with respect to any of the foregoing intended to match or approximate their performance (collectively, “Fund Investments”) that the Sub-Adviser believes have the potential for capital appreciation. The Fund’s investment strategy, which utilizes a Sharpe Ratio approach, will emphasize growth style investing, but Fund Investments may also at times have value characteristics. In allocating the Fund’s assets, the Sub-Adviser uses a proprietary quantitative research process to determine current risk in the broad equity markets, as well as to determine the Fund’s: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">optimum cash position;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">weighting between the value and growth segments of the market;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">sector and industry allocation; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">domestic and international exposure.</td></tr> </table> The Sub-Adviser generally will search for investments that exhibit attractive valuations on several metrics, which may include, without limitation, price movement, volatility, price-to-earnings ratios, growth rates, price-to-cash flow ratios and price-to-book ratios. To participate in markets and market sectors, the Sub-Adviser’s investment philosophy emphasizes purchasing Fund Investments, which the Sub-Adviser believes are a convenient way to invest in both broad market indexes (e.g., the S&P 500, Russell 2000, NASDAQ-100, MSCI EAFE, Barclays bond indexes etc.) and market sector indexes (e.g., healthcare indexes, utilities indexes, real estate indexes, commodities-related indexes, etc.). The Sub-Adviser retains the flexibility to allocate among equity or fixed-income Fund Investments as determined to be suitable for the Fund. The Fund may invest up to 100% of its assets in Fund Investments that have portfolios comprised of equity securities (including domestic or foreign companies of any size in any sector) or fixed-income securities (including domestic or foreign corporate and/or government bonds issued by any size company, municipality or government body in any sector of any maturity, yield or quality rating, including investment grade and high yield, non-investment grade fixed income securities (commonly known as “junk bonds”)). The mix of fixed income and equity Fund Investments may be substantially over-weighted or under-weighted in favor of fixed income or equities, depending on prevailing market conditions. The Fund may participate in a limited number of industry sectors, but will not concentrate its investments in any particular sector. The Fund may invest in options or futures positions for speculative purposes, when the Sub-Adviser determines that they provide a more efficient way to increase or reduce the Fund’s overall exposure to an industry or sector than buying or selling other Fund Investments, or to hedge against risks of investments in the Fund’s portfolio or markets generally. In general, the Fund will not purchase or sell futures contracts or related options unless either (i) the futures contracts or options thereon are purchased for “bona fide hedging” purposes (as defined under regulations promulgated by the U.S. Commodity Futures Trading Commission (“CFTC”)); or (ii) if purchased for other purposes, (A) the sum of the amounts of initial margin deposits on the Fund’s existing futures and premiums required to establish non-hedging positions, less the amount by which any such options positions are “in-the-money” (as defined under CFTC regulations) would not exceed 5% of the liquidation value of the Fund’s total assets, or (B) the aggregate net notional value of commodity futures, commodity options contracts, or swaps positions, determined at the time the most recent position was established, does not exceed 100 percent of the liquidation value of the of the Fund’s total assets. The Fund may at times hold all or a portion of its assets in cash and short-term, highly liquid investments, such as money market instruments, U.S. government obligations, commercial paper, repurchase agreements, and other cash or cash equivalent positions (“Cash Positions”), either due to pending investments or when investment opportunities are limited. The Sub-Adviser generally sells a security under one or more of the following conditions: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the security reaches the Sub-Adviser’s appraised value;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">there is a more attractively priced Fund Investment or other security as an alternative;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the optimum Cash Position has changed based on the Sub-Adviser’s quantitative research;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the weighting between the value and growth segments of the market have changed based on the Sub-Adviser’s quantitative research;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the weighting between sector and industry allocations have changed based on the Sub-Adviser’s quantitative research; or</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the weighting between domestic and international exposure have changed based on the Sub-Adviser’s quantitative research.</td></tr> </table> Risk is inherent in all investing including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Management and Strategy Risk, Investment Companies Risk, Market Risk, Sector Focus Risk, Equity Risk, Growth-Oriented Investment Strategies Risk, Commodity Risk, Currency Risk, Foreign Investment Risk, Fixed Income Securities Risk, Interest Rate Risk, Credit Risk, Liquidity Risk, High Yield (“Junk”) Bond Risk, Large-Cap-Sized Company Risk, Small Cap and Mid Cap-Sized Company Risk, and U.S. Government Securities Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div> </div> Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementAndStrategyRiskMember_zo0smSmIj0ud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting Fund Investments may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.<div> </div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompaniesRiskMember_zB7MKtd18Oa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Investment Companies Risk. The Fund may invest in investment companies, such as ETFs and mutual funds (including other funds managed or sub-advised by the Adviser or its affiliates). Any such investment generally will reflect the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an ETF or mutual fund than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expense based on the Fund’s pro rata share of other investment company’s operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An ETF may also trade at a discount to its net asset value. In addition, the Fund may invest in underlying funds that invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk.<div> </div> <div> The Fund may invest in affiliated underlying funds managed by the Adviser, Sub-Adviser, or their affiliates.. The Adviser or Sub-Adviser may be subject to potential conflicts of interest in selecting underlying funds because, among other reasons, the fees paid to it by affiliated underlying funds may be higher than the fees paid by other potential underlying funds. To the extent the Fund invests a significant percentage of its assets in any one affiliated mutual fund or across multiple affiliated mutual funds, the Fund will be subject to a greater degree to the risks particular to the investment strategies employed by the Adviser or Sub-Adviser.</div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social<div></div> <div> </div> Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors.<div> </div> Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.<div> </div> Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall. Prices of these companies’ securities may be more volatile than those of other securities, particularly over the short term.<div> </div> Commodity Risk. Investing in commodities through commodity-linked ETFs and mutual funds may subject the Fund to potentially greater volatility than investments in traditional securities. The value of commodity-linked ETFs and mutual funds will be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.<div> </div> Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and political developments in the U.S. and abroad.<div> </div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zGmrZRkJXce5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.<div> </div> Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term and lower rated securities being more volatile than shorter-term and higher-rated securities. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund.<div> </div> Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value due to a less active market.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldJunkBondRiskMember_zlx07oKmZfx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities.<div> </div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapsizedCompanyRiskMember_z0NfQYDjbpOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Large-Cap-Sized Company Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies, also, may not be able to attain the high growth rates of successful, smaller companies during periods of economic expansion.<div> </div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapsizedCompanyRiskMember_zGY1ZMZkpWVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Small-Cap and Mid-Cap-Sized Company Risk. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.<div> </div> U.S. Government Securities Risk. The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) when it is not obligated to do so. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521. The Fund has adopted the historical performance of the Stadion Tactical Growth Fund (the “Predecessor Fund”), a former series of Stadion Investment Trust, as a result of a reorganization consummated after the close of business on June 11, 2021 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the Reorganization reflects the performance of the Predecessor Fund. At the time of the Reorganization, the Fund and the Predecessor Fund had substantially similar investment strategies. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Class I shares from year to year and by showing how the average annual total returns of Class I shares of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund’s investment adviser believes is representative of the Fund’s investment universe. www.northsquareinvest.com 1-855-551-5521 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Calendar-Year Total Return (before taxes) for Class I Shares For each calendar year at NAV <img alt="" src="pro-orsax_012.jpg" style="height: 271px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z8iQ2FVCa1Pk" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%"> Years</td> <td style="text-align: center; width: 50%"> Returns</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2015</td> <td id="xdx_981_eoef--AnnlRtrPct_c20150101__20151231__oef--ClassAxis__custom--C000224837Member_zTpmIr4xUmVl" style="text-align: center">-3.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2016</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000224837Member_zmgrhmT98i37" style="text-align: center">9.55%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2017</td> <td id="xdx_983_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000224837Member_ztcm6TEORx4c" style="text-align: center">12.27%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000224837Member_z2nP0vHk07ck" style="text-align: center">-4.12%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2019</td> <td id="xdx_983_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000224837Member_zJn52ydpqNT1" style="text-align: center">15.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2020</td> <td id="xdx_986_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000224837Member_zUDB0szbZz2c" style="text-align: center">15.74%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000224837Member_zUFCbA0dODZb" style="text-align: center">12.39%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000224837Member_zEmdcyGlDxai" style="text-align: center">-14.13%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000224837Member_z8VJKJ0UkPd9" style="text-align: center">16.54%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center">Annual Return 2024</td> <td id="xdx_982_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000224837Member_zY7MAhBmeiad" style="text-align: center">15.42%</td></tr> </table> -0.0319 0.0955 0.1227 -0.0412 0.1503 0.1574 0.1239 -0.1413 0.1654 0.1542 The year-to-date return as of June 30, 2025 was 5.70%. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td colspan="3" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">Class I</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; text-align: justify">Highest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">11.00%</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 35%; text-align: left">Quarter ended 12/31/2020</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Lowest Calendar Quarter Return at NAV (non-annualized)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">-11.31%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Quarter ended 06/30/2022</td> </tr> </table> The year-to-date return 2025-06-30 0.0570 Highest Calendar Quarter Return at NAV (non-annualized) 0.1100 2020-12-31 Lowest Calendar Quarter Return at NAV (non-annualized) -0.1131 2022-06-30 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zczik0OBYf5i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zDmK1p1AkrV5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_988_eoef--PerformanceTableHeading_c20250926__20250926__dei--LegalEntityAxis__custom--S000070728Member_zAmKQ9G8gEP9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 55%; text-align: left">Average Annual Total Returns (for the periods ended December 31, 2024)</td> <td id="xdx_49A_20240101__20241231_zPpMtsA7gNRa" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1 Year</td> <td id="xdx_495_20200101__20241231_zMd0bHUsSiDc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">5 Years</td> <td id="xdx_490_20150101__20241231_z7rSx8Dq7Pc1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224837Member_zbksHvQfawLk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">15.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">8.48%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.03%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224837Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z17M5QpGHc3h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">14.79%</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">7.61%</td> <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.39%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224837Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsGVj6RR6kJf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class I - Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.59%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.49%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.53%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224838Member_zEtggkecOVhd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class A - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">8.57%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.93%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">6.14%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224836Member_zKzVWSItaIxg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Class C - Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.36%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">5.97%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224836Member__oef--PerformanceMeasureAxis__custom--Russell3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z8nvM2cCcxwa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Russell 3000® Index (reflects no deduction for fees, expenses or taxes)1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">23.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">13.86%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.55%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000224836Member__oef--PerformanceMeasureAxis__custom--MorningstarModerateAggressiveTargetRiskIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zL0irmKrPDV8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Morningstar Moderate Aggressive Target Risk Index (reflects no deduction for fees, expenses or taxes)2</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">10.66%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.02%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">7.49%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify"> The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td style="font: 10pt Times New Roman, Times, Serif">2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets. This index does not incorporate Environmental, Social, or Governance (ESG) criteria. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing.</td></tr> </table> Average Annual Total Returns (for the periods ended December 31, 2024) Return Before Taxes 0.1542 0.0848 0.0703 0.1479 0.0761 0.0639 0.0959 0.0649 0.0553 Return Before Taxes 0.0857 0.0693 0.0614 Return Before Taxes 0.1336 0.0740 0.0597 reflects no deduction for fees, expenses or taxes 0.2381 0.1386 0.1255 reflects no deduction for fees, expenses or taxes 0.1066 0.0702 0.0749 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for other classes will vary from returns shown for Class I shares to the extent that each class has different expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for other classes will vary from returns shown for Class I shares to the extent that each class has different expenses. SUMMARY SECTION – NORTH SQUARE RCIM TAX-ADVANTAGED PREFERRED AND INCOME SECURITIES ETF Investment Objective The investment objective of the North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (the “Fund”) is to seek high current income and long-term capital appreciation with an emphasis on tax-advantaged qualified dividend income (“QDI”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zN4LzwLssDI5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zID5nQo3yS77" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20250926__20250926__dei--LegalEntityAxis__custom--S000089356Member__oef--ClassAxis__custom--C000255877Member_zlySZ0bQihX" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zjMHrNhZDdm3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%">Management Fees(1)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">0.60%</td></tr> <tr id="xdx_406_eoef--DistributionOrSimilarNon12b1FeesOverAssets_dpn_z09LLr1SSsw5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Distribution (12b-1) and/or Service Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_znBdSfUQrLhg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Other Expenses </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zSytksNbpD6d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.60%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left">(1)</td><td style="text-align: justify">The Fund’s adviser provides investment advisory services, and is responsible for all of the expenses and liabilities of the Fund, except for any brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto, in return for a “unitary fee.”</td> </tr></table> 0.0060 0.0000 0.0000 0.0060 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRjj9JJdfs0l"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zIxTvsLhE1x6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zjXelS01IsQf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; width: 25%; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zYG4JlX3TgEc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; width: 25%; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zC4zj2rVtGHb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; width: 25%; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_z1GgtS0RS1X3" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_419_20250926__20250926__dei--LegalEntityAxis__custom--S000089356Member__oef--ClassAxis__custom--C000255877Member_ztXloNeFyFw" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$61</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$192</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$335</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">$750</td></tr> </table> 61 192 335 750 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the period December 18, 2024 (commencement of operations), through May 31, 2025, the Fund’s portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies The Fund is an actively-managed exchange-traded fund (“ETF”) that, under normal market conditions, invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and debt securities that, at the time of issuance, are eligible to pay dividends that qualify for favorable U.S. federal income tax treatment. It is expected that such dividends will include “qualified dividend income” (“QDI”) and qualified dividends from real estate investment trusts (“REITs”) (“QRD”). The types of preferred and debt securities in which the Fund invests will include fixed rate preferred securities, variable rate preferred securities, REIT preferred securities, floating rate preferred securities, bond equivalent preferred securities, convertible preferred securities, contingent convertible securities, and other capital securities issued by financial institutions and corporate issuers for purposes of equity capital credit from Nationally Recognized Statistical Rating Organizations, and various types of junior subordinated debt. Under normal circumstances, the principal investment strategy of the Fund is to seek to maximize after-tax yield. Red Cedar Investment Management, LLC (the “Sub-Adviser”) applies a proprietary quantitative credit screen to the universe of security issuers seeking to minimize default/downgrade risk while optimizing for relative value. After narrowing down the universe of potential issuers, the Sub-Adviser’s investment team considers qualitative factors related to its determination of whether to include specific issuers in the portfolio of potential Fund investments. Next, the Sub-Adviser searches for individual securities of an issuer that has the potential to maximize QDI or QRD, and analyzes the specific security under consideration to determine if the duration and coupon structure of that security fits within the Fund’s risk framework. The Fund may invest in preferred and debt securities issued by companies located in the U.S. or outside of the United States (i.e., foreign preferred securities). The Fund may invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended (“Securities Act”) (referred to as Rule 144A Securities) and securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act (referred to as Regulation S Securities). Certain securities in which the Fund may invest are Rule 144A and Regulation S Securities. The Fund is not managed to a particular maturity or duration. The Fund concentrates its investments (invests 25% or more of its total assets) in a group of industries (i.e., banking, diversified banking, insurance, and commercial finance) within the financial services sector. Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including, the following principal risks, among others: Preferred Securities Risk, Capital Securities Risk, Tax-Advantaged Strategy Risk, Qualified Dividend Income (“QDI”) Risk, Market Risk, Credit Risk, Fixed Income Securities Risk, Interest Rate Risk, Real Estate Investment Trusts (“REITs”) Risk, Real Estate Securities Risk, High Yield (“Junk”) Bond Risk, Financials Sector Risk, Foreign Investment Risk, Yield Curve Risk, Gap Risk, New Fund Risk, Cybersecurity Risk, Management and Strategy Risk, Liquidity Risk, Authorized Participant Concentration Risk, and ETF Structure Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risks associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Preferred Securities Risk. The market value of preferred securities is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred securities, and changes in interest rates, typically declining in value if interest rates rise. Convertible preferred stock tends to be more volatile than non-convertible preferred stock, because its value is related to the price of the issuer’s common stock as well as the dividends payable on the preferred stock. The value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in issuer’s financial condition or prospects and may be less liquid than common stocks. Preferred stock prices tend to rise more slowly than common stock prices.<div> </div> Capital Securities Risk. In addition to the risks associated with other types of preferred securities and fixed-income securities, investing in capital securities includes the risk that the value of securities may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates.<div> </div> Tax-Advantaged Strategy Risk. There can be no assurance as to the portion of the Fund’s distributions that will qualify for favorable federal income tax treatment. The Fund may make investments and pay dividends that are ineligible for favorable tax treatment or that otherwise do not meet the requirements for such treatment, and shareholders must satisfy certain requirements to take advantage of beneficial tax treatment.<div> </div> Qualified Dividend Income (“QDI”) Risk. During the first year of operation of the Fund, a portion of the Fund’s dividends to shareholders may not constitute QDI due to a failure of the Fund and/or eligible shareholders to satisfy the holding period requirement for QDI treatment.<div> </div> Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund.<div> </div> Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.<div> </div> Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, generally, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times.<div> </div> Real Estate Investment Trusts (“REITs”) Risk. In addition to risks associated with investing in real estate securities, REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, risks of default by borrowers, and self-liquidation. Investment in REITs also involves risks similar to risks of investing in small market capitalization companies, such as limited financial resources, less frequent and limited volume trading, and may be subject to more abrupt or erratic price movements than larger company securities. Fund shareholders will indirectly bear their proportionate share of the expenses of REITs in which the fund invests. A REIT could fail to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended. The resulting corporate taxes could reduce the Fund’s net assets, the amount of income available for distribution and the amount of the Fund’s distributions.<div> </div> Real Estate Securities Risk. Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer.<div> </div> High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. An economic downturn or period of rising interest rates could adversely affect the value of these securities and the market for these securities and reduce the liquidity of the securities. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and differences and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.<div> </div> Yield Curve Risk. This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long- and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices. Gap Risk. The Fund is subject to the risk that the value of the Fund’s investment will change dramatically from one level to another with no trading in between and/or before the Fund can exit from the investment. Usually, such movements occur when there are adverse news announcements, which can cause a stock price or derivative value to drop substantially from the previous day’s closing price. Trading halts may lead to gap risk.<div> </div> New Fund Risk. The Fund is recently formed. Investors bear the risk that the Fund may not grow to or maintain economically viable size, may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences for shareholders.<div> </div> Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected.<div> </div> Management and Strategy Risk. The value of your investment depends on the judgment of the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Sub-Adviser in selecting Fund investments may not result in an increase in the value of your investment or in overall performance equal to other investments.<div> </div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zoPE8QZJ7CHj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Sector Focus Risk. The Fund may from time to time invest a larger portion of its assets in one or more asset classes, market segments or sectors of the economy than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. Financials Sector Risk. The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. Security Focus Risk. The Fund generally expects to invest in an approximate range of 25 to 60 securities at any given time, and as a result, the Fund’s performance may be more volatile than the performance of funds holding more securities.<div> </div> Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. As a result, the Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid investments may also be difficult to value. <div></div> Authorized Participant Concentration Risk. To the extent that authorized participants are unable or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized participant is able to create or redeem in their place, shares may trade at a discount to net asset value (“NAV”) and may face delisting.<div> </div> ETF Structure Risk. The Fund is an actively-managed ETF and as a result is subject to special risks. Unlike conventional ETFs, the Fund is not an index fund and does not seek to replicate the performance of a specified index. As an ETF, the Fund’s shares are not individually redeemable and can only be redeemed in large blocks known as “Creation Units”. Also, trading in the Fund’s shares is subject to the Exchange’s rules, which may result in such trading being halted or postponed from time to time as a result of those rules. The market price of the Fund’s shares will fluctuate in response to changes in NAV and the supply and demand for the shares. Additionally, the market price of the Fund’s shares will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. Accordingly, there may be times when the market price and the NAV vary significantly and the Fund’s shares may trade at a discount or premium to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. Generally, these ETF risks may be more pronounced in times of market stress.<div> </div> Cash Transactions Risk. The Fund may affect all or a portion of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund’s shares than for ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective. Performance Performance: Because the Fund has not completed a full calendar year of operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. In addition, shareholder reports containing financial and performance information will be available to shareholders semi-annually. Updated performance information is available at no cost by visiting https://northsquareinvest.com/strategies/tax-adv-preferred-etf, or by calling the Fund at 1-855-514-7733. Because the Fund has not completed a full calendar year of operations, no performance information is presented for the Fund at this time. https://northsquareinvest.com/strategies/tax-adv-preferred-etf 1-855-514-7733 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 Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.24% and 0.99% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the period from May 30, 2020, through December 31, 2022, there were no Class A shares of the Fund outstanding. Had Class A shares been outstanding they would have been invested in the same portfolio as the Class I shares. Performance shown for the period from May 30, 2020, to December 31, 2022, is based on the performance of Class I shares, adjusted on a proforma basis, for the higher expenses applicable to Class A shares, which are subject to a sales load and a 12b-1 fee. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. 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. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds. The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.72% and 1.47% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.94% for Class I shares. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. In accordance with regulatory changes requiring the Fund to compare its performance over time to the performance of a benchmark that represents the overall applicable broad-based securities market, the Fund’s regulatory benchmark is the Russell 3000® Index. The Russell 3000® Index is an unmanaged index that measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. The Russell 2000® Value Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. “Other Expenses” are estimated for the current fiscal year. Total Annual Fund Operating Expenses have been restated to reflect current contractual expense caps. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing. The Russell 2000® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). Investors cannot invest directly in an index. Index returns are gross of any fees, brokerage commissions or other expenses of investing. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expense on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.97%. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. Restated to reflect current fees. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.58% of the average daily net assets of the Fund’s Class I shares (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.28% and 0.47% for Class R6 and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. Class I shares of the Fund commenced operations on May 19, 2021. The performance shown for Class I shares for periods pre-dating the commencement of operations of the class reflects the performance of the Fund’s Class R6 shares, the initial share class, calculated using the fees and expenses of Class I shares, and without the effect of any fee and expense limitations or waivers. If Class I shares of the Fund had been available during periods prior to May 19, 2021, the performance shown may have been different. The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.97% of the average daily net assets of Class I shares of the Fund, respectively. This agreement is in effect until September 30, 2029, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the fiscal year ended May 31, 2025, the Adviser recouped previous fee reductions of $25,492 from the Fund’s Class I shares. The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. Qualifying securities must be rated investment-grade (based on an average of Moody’s, S&P and Fitch) and must have an investment-grade-rated country risk (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings.) Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. Restated to reflect current fees. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.93% and 0.68% for the Class A shares and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Trust’s Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. Prior to January 1, 2025, the Fund’s contractual expense limitations were 1.15% and 0.90% for the Class A shares and Class I shares, respectively. The Bloomberg US Aggregate Bond Index is a broad based, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. 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 Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, does not receive management fees for Fund assets invested in other series of the Trust advised by North Square (“affiliated investment companies”). North Square receives management fees of 0.50% for Fund assets invested in non-affiliated investment companies. As of the date of this prospectus, North Square expects a majority of the Fund’s assets to be invested in affiliated investment companies. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds. The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. 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 Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, does not receive management fees for Fund assets invested in other series of the Trust advised by North Square (“affiliated investment companies”). North Square receives management fees of 0.20% for Fund assets invested in non-affiliated investment companies. As of the date of this prospectus, North Square expects substantially all of the Fund’s assets to be invested in affiliated investment companies. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds. The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. The Adviser has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.30% and 1.05% of the average daily net assets of the Fund’s Class A and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the fiscal year ended May 31, 2025, the Adviser recouped previous fee reductions of $159,659 and $92,112 from the Fund’s Class A and Class I shares, respectively. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. 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. 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 purchase. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds. The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under a Rule 12b-1 Distribution Plan) do not exceed 1.70%, 1.70% and 1.70% of the average daily net assets of the Fund’s Class A, Class C and Class I shares, respectively (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Russell 3000® Total Return Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderate Target Risk Index seeks approximately 60% exposure to global equity markets. This index does not incorporate Environmental, Social, or Governance (ESG) criteria. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. 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. 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 purchase. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds. The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. North Square Investments, LLC (“North Square” or the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation expenses, and payments, if any, under Rule 12b-1 Distribution Plan) do not exceed 1.30%, 1.30% and 1.30% of the average daily net assets of the Fund’s Class A, Class C and Class I shares, respectively (“Expense Limitation Agreement”). The Expense Limitation Agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Russell 3000® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets. This index does not incorporate Environmental, Social, or Governance (ESG) criteria. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. The Fund’s adviser provides investment advisory services, and is responsible for all of the expenses and liabilities of the Fund, except for any brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s Board of Trustees and officers with respect thereto, in return for a “unitary fee.”