North Square Investments Trust N-CSR/ACertified annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

[The Registrant is amending this filing to revise the change in independent public accountant exhibit (EX-99.IND PUB ACCT) to include the letter from the prior independent public accountant.]

Alan E. Molotsky, Esq.

North Square Investments Trust

200 West Madison Street, Suite 2610

Chicago, Illinois 60606

(Name and address of agent for service)

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

North Square Investments | www.northsquareinvest.com

North Square Funds

Table of Contents

This report and the financial statements contained herein are provided for the general information of the shareholders of the North Square Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

www.northsquareinvest.com

Discussion of Fund Performance

A letter from David Appleby, Vice President - Risk, Quantitative Analysis and Portfolio Construction of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Spectrum Alpha Fund.

Dear Shareholder,

The headline return of 9.7% for the S&P 500 in the leading 5 months of 2023 is not representative of the experience of the average stock in the US equity market. After a tumultuous year for both equity and fixed income in 2022, Big Tech and companies associated with the nascent AI movement have pushed the index higher while the S&P 500 equal weight index has declined. Though inflation has eased meaningfully with the CPI declining from a year over year rate of 9.1% in June 2022 to 4% in May 2023, it remains uncomfortably elevated and the ongoing message from the Federal Reserve is to expect higher interest rates for longer. As interest rates have risen in response to inflation and the post COVID rebound in economic growth has waned, companies have been forced to adapt to a new operating environment. Investment banks are suddenly dealing with a drop in M&A activity as the strategy of acquisition through low-cost debt becomes less tenable. Within an evolving investment landscape, compelling valuation and growth opportunities exist for the discerning investor. The small cap universe, while often more volatile than large cap indexes, offers the potential to differentiate as the market shifts away from a regime of low interest rates and accommodative policy through its diverse selection of companies.

The North Square Spectrum Alpha Fund is an allocation strategy designed to bring together experienced active managers that can provide distinctive approaches within the smaller capitalization equity marketplace. The strategy combines differentiated funds across style and smaller capitalizations seeking to improve alpha generating potential in an allocation with a similar risk profile to the Russell 2000. For the fiscal year ending May 31, 2023, the North Square Spectrum Alpha Fund (Class I Shares) returned -2.08%. By comparison, the Russell 2000 index returned -6.14%.

Recent equity market volatility from the rapid change in inflation and interest rates regime has allowed small cap managers to opportunistically invest across a much broader selection of companies and feel less encumbered by the need to hold a handful of specific index names. A near banking crisis from the collapse of specialty banks focused on the venture capital and cryptocurrency industries was particularly detrimental to small cap banks and drove significant underperformance in the small value index (Russell 2000 Value: -11.50%) relative to the core index. The North Square Advisory Research Small Cap Value Fund (Cl I: -8.00%) outperformed the small value index for the fiscal year, but was the largest detractor to the overall returns for the Spectrum Alpha Fund. The largest holding within the Fund, the North Square Dynamic Small Cap Fund (Cl I: 0.76%), had positive returns for the year and was the largest contributor to the Fund’s outperformance for the year. Small caps in general underperformed the large cap indexes for the fiscal year, but the unique combination of managers within the Spectrum Alpha Fund allowed the Fund to not only outperform the Russell 2000 Index but also the S&P 500 equal weighted index (-4.31%).

Though the investment climate may continue to be difficult, the current selection of managers inspires confidence in our ability to navigate its impact on the small cap universe. North Square and NSI Retail Advisors continue to seek additional managers and strategies that would further enhance the portfolio’s opportunity set. We appreciate your confidence in North Square Investments.

Sincerely,

David Appleby 

Vice President – Risk, Quantitative Analysis and Portfolio Construction & Portfolio Manager 

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, Micro-Cap, Small, and Mid-Sized Company Risk, Foreign and Emerging Market Company Risk, Affiliated Underlying Funds Risk, Blend Style Risk, Derivatives Risk, and ETF and Mutual Funds Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. 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. Please see the Fund’s prospectus for additional risk disclosures.

Effective January 11, 2022, the Russell 2000® Index has replaced the Russell 2000 Total Return Index as the Fund’s primary benchmark as the Russell 2000 Index is more closely aligned with the Fund’s principal investment strategies and portfolio holdings.

The Russell 2000 Index, the Fund’s benchmark, is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The volatility (beta) of an account may be greater or less than its respective benchmark. It is not possible to invest directly in an index.

All indexes are shown for comparative purposes only. One cannot invest directly in an index. A market “drawdown” measures the percentage decline from a peak to a trough.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks. 

Discussion of Fund Performance

A letter from Peter Algert, Chief Investment Officer of Algert Global LLC and Portfolio Manager of the North Square Dynamic Small Cap Fund.

Dear Shareholders,

U.S. small-cap stocks continued to exhibit a volatile return pattern over the 12-months ending May 31, 2023. Significant global inflationary pressures, the war in Ukraine and concerns regarding the viability of several U.S. regional banks were among factors contributing to the volatility. After posting poor returns for much of 2022, U.S. small cap stocks rebounded strongly at the beginning of the year however gave up much of their gains in the subsequent months. For the trailing 12-month period, the North Square Dynamic Small Cap Fund (Class I Shares) returned 0.76%, outperforming its benchmark, Russell 2000 Total Return index, which returned -4.68%.

Stock Selection Designed to be the Primary Source of Benchmark Outperformance

For the trailing 12-month period, stock selection contributed positively to Fund performance. The Fund also benefitted from portfolio exposures to various risk factors (e.g. a company’s industry, leverage, liquidity and beta characteristics).

Catalyst

The Fund’s Catalyst-related insights were the primary positive contributor to performance for the year. Catalyst insights seek to gather sentiment from a variety of market participants including investors, company management and sell-side analysts. Given the rapid shift in sentiment during much of the 12-month period, Catalyst insights relatively short investment horizon were better positioned to navigate the volatile environment compared to other types of investment insights.

Quality

Quality-related insights also contributed positively to the performance of the Fund. Quality insights measure a variety of fundamental characteristics to assess a company’s resilience and ability to operate efficiently regardless of its external environment. These types of insights performed relatively well during the U.S. regional banking crisis in the early part of 2023, as investors risk appetite diminished.

Relative Value

Relative Value-related insights detracted modestly from the Fund’s performance over the trailing 12-month period despite exhibiting periods of strong performance. Relative Value insights were in and out of favor with investors as sentiment shifted in terms of potential for further tightening. Historically, valuation-oriented insights tend to perform better coming out of an economic slowdown than going into one. As a result, these types of insights have struggled to maintain a sustained period of outperformance as markets have been undecided on the direction of the economy.

Risk Factors

Active exposures to various risk factors contributed positively to performance over the trailing 12-month period driven primarily by the Fund’s industry positioning. Other risk factors including leverage, volatility and liquidity detracted from performance. While the Fund’s various risk exposures were beneficial over the measurement period, we expect them to have minimal impact on the Fund’s relative performance over a full market cycle.

Fund Positioning for the Future

The Fund aims to be diversified across its three main investment themes, Relative Value, Quality and Catalyst. While it appears that the pace of inflation is easing in the U.S., current levels are higher than stated targets and we believe elevated rates and inflation may persist. Given this economic backdrop we expect the Fund’s Quality-driven positioning will be beneficial for the portfolio and should be the dominant theme in the near term. We continue to favor Catalyst- driven positions relative to Value due in part to the expectation of outperformance of firms with attractive trends in underlying business fundamentals.

Sincerely,

Peter Algert 

Chief Investment Officer 

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, ETF Risk, Foreign Investment Risk, IPO Risk, Liquidity Risk, Management and Strategy Risk, Market Risk, Portfolio Turnover Risk, Preferred Stock Risk, Real Estate Investment Trust (“REIT”) Risk, Reliance on Technology Risk, Small Cap Company Risk, and Value-Oriented Investment Strategies Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the prospectus. 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. Please see the Fund’s prospectus for additional risk disclosures.

The Russell 2000 Index, the Fund’s benchmark, is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is shown for comparative purposes only. One cannot invest directly in an index.

Cash flow is the amount of cash that comes in and goes out of a business. Companies take in money from sales as revenues and spend money on expenses. 

Discussion of Fund Performance

A letter from Andrew Cupps, Managing Director of Advisory Research, Inc. and Portfolio Manager of the North Square Advisory Research Small Cap Growth Fund.

Dear Shareholder,

The investment environment for the fiscal year ending May 31, 2023 was defined by a resilient economy that moved only very slowly past peak inflation such that the Fed remained committed to rate increases through the period and into the summer of 2023. Over the course of the 12 months there were three distinct market rallies as investors positioned for more optimistic scenarios on the inflation and interest rate front, but each rally reversed in investor frustration as the economy showed more strength and the Fed showed more resolve than expected. By the end of the back and forth volatility, the benchmark Russell 2000 Growth¹ barely budged, but the economy did make important strides in returning to health as supply chains steadily recovered from the turmoil created by government COVID shutdowns, and excess demand created by aggressive government COVID spending finally wound down toward pre-COVID levels. The sideways movement by small cap growth stocks, commonly known as market consolidation, may ultimately prove to be constructive for investors as periods of consolidation often serve as a foundation for more durable advances.

For the period June 2022 through May 2023, the benchmark Russell 2000 Growth Total Return Index was up 2.68% while the North Square Advisory Research Small Cap Growth Fund (the “Fund”) was down -1.74%. The group behavior of this period has been unusual. Most corrections have a cyclical orientation as rate increases choke off economic activity and reduce demand for discretionary goods and larger ticket financed products such as autos, housing and big industrial products. That pattern often results in poor performance by retail, housing, construction, and industrial companies as lower demand leads to lower earnings. This market cycle has been nearly the opposite as the industrial sector has been one of the strongest performers and the consumer discretionary group has been led higher by housing-related stocks that have been among the leading groups straight through the interest rate hikes that typically weigh on those stocks. One of the homebuilders that has delivered tremendous results even as rates have increased, and which generated strong results for the Fund, is GreenBrick Partners. The company focuses its development in strong housing markets including Dallas, Austin and Atlanta and has seen resilient demand as those areas benefit from migration from other states. Elsewhere, the technology sector was flat overall, but contained many winners and losers. Big technology contributors for the Fund included Impinj, the leader in RFID technology which retail companies use to track inventory, and Symbotics, a disruptor in the warehouse automation market, which has developed an integrated system of robots to manage inventory throughout a warehouse. Two detractors in the sector were hurt by the COVID supply chain disruptions. SiTime, an innovator in electronic components has developed an inexpensive silicon-based solution for the timing function in computers and handsets that has been rapidly taking market share against the more expensive traditional quartz solution, but missed revenue after customers accumulated too much inventory. Velo3D is a 3D printer with a unique ability to print complex shaped industrial parts in metal, especially for the rapidly growing space and aerospace industries. Like SiTime, Velo3D suffered from COVID supply chain disruptions that pressured its revenue. The COVID supply chain issues affected industrial companies too, and Titan International, which dominates the market for mining and agricultural tires and wheels and was a good performer for the fund last year, was a detractor this year as customers paused to right-size their inventory.

The year ahead features the known risk of inflation, which while falling, is still above acceptable levels, and the accompanying risk of the Fed navigating decisions around the timing and magnitude of hikes or cuts. Among positive harbingers for the small cap growth universe is the fact that larger growth stocks, which often move before smaller growth stocks, have rocketed to new highs mid-way through 2023. Additionally, the economy continues to show resiliency, perhaps as a function of “rolling recession” that has reset various sectors at different times rather than the more typical scenario in which the broader economy suffers simultaneously. Our team sees potential in a number of attractive company-specific opportunities, and we suspect that if inflation continues on its path lower, the Fed can end its hiking cycle and stocks will perform better, though if inflation proves to be sticky, returns will likely be more muted. 

On behalf of all the dedicated members of the Advisory Research team, I thank you for investing in the North Square Advisory Research Small Cap Growth Fund.

Sincerely,

Andrew Cupps

Managing Director

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, Portfolio Turnover Risk, Market Risk, Small-Cap Company Risk, Cybersecurity Risk, Preferred Securities Risk, Convertible Securities Risk, ETF Risk, Currency Risk, Emerging Market Risk, Growth-Style Investing 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 in the Fund’s prospectus. 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. Please see the Fund’s prospectus for additional risk disclosures.

The Russell 2000 Growth Index is unmanaged, its return assumes reinvestment of dividends and, unlike mutual funds returns, does not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. 

Discussion of Fund Performance

A letter from David Appleby, Vice President - Risk, Quantitative Analysis and Portfolio Construction of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Multi Strategy Fund.

Dear Shareholder,

Upon first glance at the headline 9.7% return for the S&P 500 equity index in the leading 5 months of 2023, one would expect to read about a positive economic outlook and improving conditions for financial markets. These results appear distantly removed from the reality of elevated levels of inflation and a near bank crisis that required swift government intervention. Closer examination of the drivers of performance for the period, however, shows that Big Tech made a strong recovery during the period while multiple sectors posted negative returns. Additionally, companies affiliated with the nascent artificial intelligence movement have captured an euphoria reminiscent of the hype ridden acceleration in late 2020/early 2021 related to technical companies. The advance in this select group of companies has propelled the S&P 500 (+2.92%) and most distinctly the Russell 1000 Growth (+9.55%) to recover from the broad market drawdowns in the second half of 2022 into positive returns for the fiscal year ending May 31, 2023. The Russell 1000 Value Total Return, on the other hand, experienced losses of 4.55% over the same period. This divergence between technology companies and more economically sensitive segments within the US equity market is symptomatic of the unresolved economic uncertainties caused by the exigent factors affecting the economy over the previous 3 years.

The collapse of specialty banks focused on the venture capital and cryptocurrency industries renewed concerns for the ramifications of elongated monetary accommodation followed but a dramatic shift in interest rates. These specialty banking institutions, however, rested on fault lines in the financial infrastructure built through an extended period of low interest rates. It is reasonable to presume that the greatest beneficiaries of the past decade+ would be the areas of greatest friction when the operating environment shifted. As lower rates continued over time, a paucity of safe return opportunities drove investors to tolerate greater levels of risk. Without disruption, the process mutes the ability to recognize the level of risk taken and the scale to which risk accumulates within the financial system as a whole. While the catalyst for the crisis was unrealized losses in the bank’s capital due to a rapid change in interest rates, the mechanism was continuously lending to businesses that rely on regular cash infusion and unsustainable asset price inflation to remain going concerns. While the specter of crisis appears contained at present, it should act as a warning that there are other opaque markets that expanded significantly with the aid of low-cost debt. Furthermore, the concern remains that the shock to the banking system could encourage further tightening in credit conditions due to higher risk aversion by regional banks, which intensifies the effect of higher interest rates on the economy. As the flow of debt is often the fuel for new economic growth, the probability that this rate hike cycle will end without an economic contraction declines.

The North Square Multi-Strategy Fund (Class I Shares) returned -0.38% for the fiscal year ending May 31, 2023. Comparatively, the Russell 3000 Total Return Index returned 2.03%, and the Bloomberg US Aggregate Bond Index declined by -2.14%. Growth equities have led the recovery in US equity markets from the lows in 2022. While overall valuations within growth equities did moderate in 2022, the lack of breadth in the current rally has encouraged patience in our core-value allocation across equities. Given the uncertain economic environment, equity markets remain sensitive to further drawdowns that could sharply impact the stocks that have seen the strongest gains in recent months. On the other hand, if the economy avoids further setbacks our equity allocation should benefit from a more broad-based recovery, particularly our selection of small cap equity holdings. While our overall allocation to small-cap detracted from performance for the fiscal year, we believe the lack of concentration risk and the valuation opportunity relative to larger capitalization stocks makes the small cap market uniquely poised for long term outperformance.

While the results for the aggregate bond index have not been positive during the fiscal year, the yield opportunity has improved appreciably since the onset of the Federal Reserve rate hike cycle. The effective Federal Funds Rate has risen from 0.05% on May 31st, 2020 to 5.06% as of May 31st, 2023, translating into higher yields across the US treasury yield curve. Furthermore, corporate spreads meaningfully expanded in 2022 and have since begun to taper as the market internalizes the shift in interest rate regime. Low quality, high yield corporate debt, however, remains the sharpest area of concern, particularly as a large volume of debt financed at exceptionally low rates during the COVID crisis mature over the next 2 years. This environment appears particularly favorable to our investments across fixed income and flexible income solutions. The North Square McKee Bond Fund (Cl I: -1.33%) focuses on high quality fixed income investments across Treasuries, government agencies and investment grade debt. Our largest income-focused holding, the North Square 

Preferred & Income Securities Fund (CL I: 1.25%), invests primarily in a variety of preferred securities to enhance yield opportunity on a risk-adjusted basis. The combination of the two holdings allows us to capture the current yield opportunity through a variety of income producing securities while limiting our exposure to lower credit quality.

In general, we continue to believe this environment to be most conducive to flexible active managers with a focus on evaluating the relative merits of fundamental opportunities. The current holdings within the Multi Strategy Fund provide a diverse cross-section of investment strategies, and we believe the Multi Strategy Fund is well-equipped to meet a variety of market environments; nevertheless, North Square and NSI Retail Advisors continue to seek new managers and strategies that further enhance the portfolio’s opportunity set. We appreciate your continued confidence in North Square Investments.

Sincerely,

David Appleby

Vice President – Risk, Quantitative Analysis and Portfolio Construction & Portfolio Manager

*Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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: Bank Loan Risk, Convertible Securities Risk, Credit Risk, Currency Risk, Emerging Market Risk, Equity Risk, ETF and Mutual Funds Risk, Fixed Income Securities Risk, Foreign Investment Risk, Government-Sponsored Entities Risk, Growth-Oriented Investment Strategies Risk, High Yield (“Junk”) Bond Risk, Inflation- Linked Securities Risk, Interest Rate Risk, IPO Risk, Large Cap Company Risk, Liquidity Risk, Management and Strategy Risk, Market Risk, Mortgage-Backed and Asset-Backed Securities Risk, Municipal Securities Risk, Preferred Stock Risk, Small and Mid Cap Company Risk, Value-Oriented Investment Strategies Risk, and Warrants and Rights 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. Please see the Fund’s prospectus for additional risk disclosures.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The 10-year Treasury yield is the yield that the U.S. government pays investors that purchase the Treasury’s 10-year note. Purchase of the 10-year note is essentially a loan made to the U.S. government.

The Russell 3000® Index is a capitalization-weighted stock market index that seeks to be a benchmark of the entire U.S stock market.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used by investors as a “stand-in” for measuring the performance of the US bond market.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks. 

Discussion of Fund Performance

A letter from John L. Cassady III, CFA, Chief Investment Officer, and Brandon Bajema CFA, CPA, Sr. Portfolio Manager, Portfolio Managers of the North Square Preferred and Income Securities Fund.

Dear Shareholders,

The economic events during the North Square Preferred and Income Securities Fund’s (the “Fund”) fiscal year ended May 31, 2023, have been truly extraordinary. The June 2022 U.S Consumer Price Index came in at 9.1% year over year, non-seasonally adjusted. Economic historians would need to look back to the year 1981 to see comparable inflation rates. For its part, the Federal Reserve (“Fed”) had just embarked on a rate hike cycle, but the upper bound of the Fed Funds target rate was still at 1.0%. Across the US Treasury yield curve, investors had to look to maturities beyond 10 years to find any yields above 3%. By the end of the fiscal year, the Fed had increased the Fed Funds rate to 5.25%, the yield curve was deeply inverted, and all U.S. Treasury maturities had yields above 3.5%. Additionally, the 6-month Treasury Bill yield stood at an eye-popping 5.42%.

Those events in themselves were certainly enough to keep fund managers pre-occupied, but during the month of March, the banking system and preferred securities experienced a spasm that reverberated across financial markets. In the United States, some banks experienced deposit flight as customers began to seek higher money market rates and began to question the safety of their deposits in certain financial institutions. In the capital markets, investors began to question which banks would be next to experience a bank run, insufficient capital requirements, or insolvency. Ultimately, regulators shut down Signature Bank, Silicon Valley Bank, and First Republic Bank.

Meanwhile, across the Atlantic, Credit Suisse (CS) had been facing capital shortfalls of its own after repeated attempts at restructuring the bank. When one of its flagship investors, the Saudi National Bank, announced that it had no intentions of providing fresh capital, its stock price and Additional Tier 1 (AT1) securities began to plummet. Ultimately, the Swiss regulators determined that CS had reached the point of non-viability and orchestrated a take over by UBS. The regulator also announced the CS AT1 securities would be completely written off, leaving its AT1 investors with nothing. These actions weighed heavily on the broader AT1 market as investors began to question the viability of the entire asset class.

The Fund provided investors with a total return of 1.25% for the fiscal year, while its benchmark (the ICE BofA Fixed Rate Preferred Securities Index) returned -1.38%. During the first part of the fiscal year, Red Cedar Investment Management (“RCIM”) sought out corporate hybrids of issuers that no longer needed rating agency credit for capital and would be calling their securities soon. As valuations of preferred securities continued to climb through December 2022, RCIM made the decision to position the fund more defensively with regard to higher credit quality and more conservative option structures. As the events of March 2023 unfolded, the Fund did not hold any preferreds of the failed bank issuers and had a rather small allocation to AT1s in general. After careful analysis, it was RCIM’s belief that the banking troubles were not a systemic problem but rather an idiosyncratic issue to a handful of banks. Because the preferred structure was now being called into question, prices of many issuers fell to deep discounts as market participants believed they would never be called. RCIM believed that most of these structures would ultimately be called and began adding aggressively to AT1s and US regional bank preferreds. As we ended the fiscal year, these investment decisions have been value added to the fund.

Throughout the market turmoil of FY 2023, Red Cedar believes it has added value for the Fund’s investors. The ability to move quickly and respond rapidly to changing conditions while actively managing the Fund’s risk and reward was a key tenant of the Fund’s performance. As always, we remain committed to this same vigilance moving forward as we strive to add value for the Fund’s investors.

Regards,

Brandon Bajema CFA, CPA 

Senior Portfolio Manager 

John L. Cassady III, CFA 

CIO

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 

Principal Risks of Investing: Risk is inherent in all investing, including an in-vestment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Credit and Subordination Risk, Preferred Securities Risk, Hybrid Security Risk, Additional Tier 1 Securities Risk, Optionality Risk, Foreign Investments Risk, Rule 144A and Regulation S Securities Risk, Currency Risk, Emerging Markets Risk, Derivatives and Hedging Transactions Risk, and LIBOR Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. 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. Please see the Fund’s prospectus for additional risk disclosures.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

A basis point (bp) is a standard measure for interest rates and other percentages in finance, representing one-one hundredth of one percent. 100 basis points = 1.0 percent.

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. 

Discussion of Fund Performance

A letter from Paul Frank of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Tactical Growth Fund.

Dear Shareholder,

The North Square Tactical Growth Fund follows a rules-based, disciplined, proprietary model that guides us in building a multi-asset class portfolio of Exchange Traded Funds (“ETFs”). We quantitatively rank all ETFs that pass our initial fundamental review for their ability to compensate for their risk. The Tactical Growth Fund will purchase and hold ETFs showing strength, and it will sell or not consider for purchase ETFs showing weakness. The Tactical Growth Fund’s objective is to produce long-term equity-like returns with less volatility than passive equity investments.

For the year ending May 31, 2023, the Tactical Growth Fund (Class I Shares) returned 1.33%. The Fund’s benchmark, the Morningstar Moderately Aggressive Target Risk Index, returned -1.26%. The S&P 500 Index returned 2.92% and the NASDAQ Composite Index gained 8.04%.

The Bloomberg U.S. Agg Total Return Index returned -2.14%.

The Fund started the fiscal year on June 1, 2022, with a slightly conservative portfolio. We had 60% of the Fund invested in equity ETFs, 8% in a fixed-income ETF, and 32% in cash.

The first five months of 2022 were very volatile, and our goal was to protect capital. The Fund moved to a more conservative stance later in the Spring when we sold the fixed-income and a core U.S. equity holding. A stock market rally failed in the summer and in the fall the markets were making new multi-year lows. The Fund stayed static during these months with a portfolio split evenly between U.S. equities and cash.

The market appears to have made a bottom in October 2022. Our Sharpe ratio process had us add equities and by October 31 we held 65% U.S. equity and 35% cash. In January we added two asset classes to the portfolio with additions in international equity and metals & mining. We added more international exposure in March and ended the quarter with 62% invested in U.S. equities, 10% international equities, and 28% cash. May saw us add positions in international fixed income while keeping our equity positions unchanged.

We ended the fiscal year on May 31, 2023, with multiple asset classes. Our ETFs represented U.S. equity (64%), International equity (10%), International fixed-income developed markets (5%) and emerging market fixed-income (5%), and cash (16%).

The Tactical Growth Fund followed its process during the year and our allocation changes helped limit losses and volatility. Our goal is to build a diversified multi-asset portfolio that compensates its investors for market risk.

Sincerely,

Paul Frank 

Portfolio Manager 

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, ETF and Mutual Funds Risk, Derivatives Risk, Market Risk, Equity Risk, Fixed Income Securities Risk and Growth-Oriented Investment Strategies 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. Please see the Fund’s prospectus for additional risk disclosures.

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 77.5% global equity exposure.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The NASDAQ Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used by investors as a “stand-in” for measuring the performance of the US bond market.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks.

Discussion of Fund Performance

A letter from Brad Thompson, Director - Multi Asset Class Solutions of NSI Retail Advisors, LLC and Portfolio Manager of the North Square Tactical Defensive Fund.

Dear Shareholder,

Over the past twelve months ending in May 2023, we have witnessed two distinct investment environments. From May 2022 through mid-October, equity markets experienced a significant downturn, with major US market indices plunging further into bear market territory. Between May 31st, 2022, and October 14th, 2022, the S&P 500 declined by -12.74%, the Bloomberg US Aggregate Bond index fell by -7.60%, and the Fund’s benchmark, the Morningstar Moderate Target Risk index, decreased by -12.17%. However, the Tactical Defensive Fund performed relatively well during this market weakness, with only a modest decline of -1.71%. During that period, the fund strategically allocated into cash instead of fixed income for its defensive positioning due to bond weakness and rising rates. Several geopolitical and economic events contributed to the market downturn, including the escalation of the conflict between Russia and Ukraine, record-high gasoline prices, surging oil prices, sanctions on Russia, halted wheat production in Ukraine, and COVID-19 lockdowns in China.

By November 2022, equity markets appeared to have reached a bottom and started to recover from the bear market. The Federal Reserve implemented tighter monetary policies with higher interest rates, and market sentiment reflected a slowdown in inflation. However, from November 15th, 2022, to March 15th, 2023, the S&P 500 traded sideways with substantial volatility, resulting in a decline of -1.89%. The US equity markets then experienced a rally from March to May 2023, primarily driven by a few large-cap technology companies. It is important to note that this rally exhibited weak market breadth, with only a handful of stocks leading the upward movement.

For the fiscal year ending on May 31, 2023, the North Square Tactical Defensive Fund (Class I Shares) delivered a return of -3.70%, compared to a decline of -1.54% for its benchmark, the Morningstar Moderate Target Risk Index. In contrast, the S&P 500 Total Return Index posted a positive return of 2.92%.

The Tactical Defensive Fund employs a strategy that attempts to balance safety and return by analyzing long and short-term market trends. The portfolio’s core allocation is governed by the longer-term Cyclical Trend (CT) measure, while the satellite allocation is influenced by the shorter-term Dynamic Trend (DT) measure, which prioritizes safety. During the reviewed period, the long-term measure remained fully defensive from May 2022 until January 23rd, 2023 when the long term measure called for full equity exposure. There were slight weakening signals on March 27th to April 17th and again from May 11th until the end of the period. The Dynamic Trend measure, on the other hand, switched on and off multiple times throughout the period. Although most of the trades were routine, an exception occurred during the banking crisis when Silicon Valley Bank failed. The model had signaled full equity exposure on March 6th, but the bank’s failure sent shockwaves through risk markets, resulting in a painful whipsaw trade that significantly impacted the fund’s negative return for the period. From then until the end of the fiscal year, which concluded on May 31, 2023, the fund maintained a moderate equity allocation of 50 to 75% coinciding with the ongoing debt ceiling debate in Washington DC.

There are several issues that have the potential to impact markets over the next 6 to 12 months. While markets are pricing in two Federal Reserve rate cuts by the end of the year, the Federal Reserve has indicated that it does not intend to reduce rates in 2023. If the Fed maintains its current stance, it could have implications for market pricing action. The probability of a recession remains high, and market valuations have reached concerning levels. Inflation continues to pose a risk, as current levels remain significantly higher than the Fed’s 2% target. Global inflationary pressures, the aftermath of the regional banking crisis, potential credit tightening, and the narrow leadership and weak market breadth of performing stocks in the first five months of 2023 are all causes for concern. It remains uncertain whether the narrow leadership will uplift other stocks or if corrective price action will ensue.

Given the economic outlook for the next six months, characterized by uncertainty, active management plays a vital role in an overall portfolio strategy. Our systematic approach allows us to make allocation decisions during periods of uncertainty. The Tactical Defensive Fund aims to deliver long-term returns comparable to equities while mitigating drawdowns and volatility compared to typical long-only passive strategies. This approach provides the necessary diversification to weather market turbulence.

Sincerely,

Brad Thompson 

Director – Multi Asset Class Solutions & Portfolio Manager 

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, ETF and Mutual Funds Risk, Derivatives Risk, Fixed Income Securities Risk, Equity Risk, Market Risk, Currency Risk, Foreign Investment Risk, and Portfolio Turnover 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. Please see the Fund’s prospectus for additional risk disclosures.

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, the Fund’s benchmark, seeks approximately 60% global equity exposure.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.

The NASDAQ Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used by investors as a “stand-in” for measuring the performance of the US bond market.

All indexes are shown for comparative purposes only. One cannot invest directly in an index.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks. 

Discussion of Fund Performance

A letter from Clayton Wilkin of NSI Retail Advisors, LLC and portfolio manager of the North Square Trilogy Alternative Return Fund.

Dear Shareholder,

2022 presented a difficult market landscape unlike any other in recent years: rampant inflation, stringent Federal Reserve monetary policy, global economic slowdowns, and geopolitical conflicts. Consequently, it led to a bear market throughout the year. However, the beginning of 2023 has witnessed a contrasting scenario. While the market still faces the same headline risks as in 2022, the prospect of the Federal Reserve nearing the end of its rate hikes has sparked a bull market in the NASDAQ Composite Index and S&P 500 Index. Nonetheless, numerous indicators continue to signal an impending recession. We cannot predict the timing, extent, or impact of a potential recession on the market, which is why we believe active management is imperative for your portfolio.

From May 31, 2022 until the end of June 2022, both equities and fixed income experienced negative performance. The Bloomberg U.S. Aggregate Bond Index recorded a loss of -1.57%, while the S&P 500 Index declined by -8.25%. The enduring correlation between equities and fixed income persisted as Fixed Income failed to serve as the usual safe haven during periods of heightened volatility. The unfavorable performance in both asset classes significantly impacted our portfolio, particularly the Equity and Income Positions. Fortunately, the Trilogy Alternative Return Fund incorporates option strategies that provided downside protection, mitigating some of the negative performance. The Equity Position utilized an option collar, while the Market Movement position employed long-put spreads to provide this downside protection.

During the third quarter of 2022, the option strategies that safeguard against downward movements were the primary contributors to the Trilogy Alternative Return Fund’s performance. The inclusion of put options in the Hedged Equity and Market Movement segments buoyed the Fund’s performance, particularly in September, which marked the worst performing month since March 2020. Conversely, the Equity and Fixed Income holdings within the portfolio detracted the most from the Trilogy Alternative Return Fund’s performance in Q3. The positive correlation between risk assets (Equities) and Fixed Income persisted, with the S&P 500 Index declining by -4.88% compared to the Bloomberg U.S. Aggregate Bond Index’s -4.75%. This absence of flight to safety in both asset classes negatively impacted the overall performance of the Trilogy Fund.

The Hedged Equity and Option Income buckets emerged as the primary contributors to the Trilogy Alternative Return Fund’s performance in the fourth quarter of 2022. It was a challenging year for Trilogy Alternative Return Fund as the persistent positive correlation between equities and fixed income adversely affected the Fund, resulting in negative returns for both asset classes. This correlation continued into the fourth quarter, with equities and fixed income delivering positive returns. Among the Hedged Equity holdings, Merck (+29.67%) and Aflac (+28.74%) were the best performing stocks during the quarter. Additionally, all six fixed income ETFs in the Option Income bucket yielded positive gains in Q4, with the iShares Broad USD High Yield Corporate Bond ETF (+4.87%) and the SPDR Portfolio Long Term Corporate Bond ETF (+4.83%) being the most significant contributors. Conversely, the option strategies in the Option Income and Market Movement buckets faced challenges in the fourth quarter due to subdued volatility, which had a detrimental effect on option premiums. Nevertheless, the Fund realized gains from long-dated put spreads that were positively influenced by the market drawdown of 2022. Despite being Trilogy Alternative Return Fund’s worst year since inception, the Fund’s design as an alternative to equity and fixed income markets, encompassing diversification in asset classes with equities, fixed income, and option strategies, enabled Trilogy Alternative Return Fund (-10.48%) to outperform both the S&P 500 Index (-18.11%) and the Bloomberg U.S. Aggregate Bond Index (-13.01%) in 2022.

The first quarter of 2023 witnessed the Hedged Equity strategy as the major contributor to the Trilogy Alternative Return Fund’s performance. Comprised of 25 stocks and equity ETFs fortified by an option collar strategy, the strategy achieved positive results with notable contributions from Apple (+27.11%), WW Grainger (24.16%), and Microsoft (20.52%). Equities as a whole performed well, with the S&P 500 Index concluding the quarter with a total return of +7.50%. The Option Income strategy also added value, with the best performing Fixed Income ETFs being the SPDR Portfolio Long Term Corporate Bond ETF (+6.04%), the VanEck Fallen Angel High Yield Bond ETF (+4.55%), and the iShares Broad USD High Yield Corporate Bond ETF (+4.24%). 

Between March 31, 2023 and May 31, 2023, equity markets rebounded primarily led by Mega cap technology names, albeit with narrow breadth. Unfortunately, our dividend-paying large-cap equity names underperformed the overall market due to the Trilogy Alternative Return Fund’s inclination towards value and dividend stocks. During these two months, market volatility remained relatively subdued, with the VIX Index witnessing only two instances of spikes above 20. Consequently, option premiums remained suppressed, limiting the income we could generate through the Option Income strategy.

For the fiscal year ending May 31, 2023, the North Square Trilogy Alternative Return Fund (Class I Shares) delivered a return of -5.56%, while the Bloomberg US Aggregate Bond Index experienced a loss of -2.14%, and the S&P 500 Index gained 2.92%.

As we navigate the ongoing uncertainties, we adhere to a systematic approach that facilitates decision-making. We are confident that the blend of equities, fixed income, and options in our portfolio will provide the necessary diversification for the Trilogy Alternative Return Fund and your portfolio, enabling us to weather a potential prevailing storm.

Sincerely,

Clayton Wilkin 

Portfolio Manager

* Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Principal Risks of Investing: 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, ETF and Mutual Funds Risk, Derivatives Risk, Fixed Income Securities Risk, Equity Risk, Market Risk, Currency Risk, Foreign Investment Risk and High Yield (“Junk”) Bond 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. Please see the Fund’s prospectus for additional risk disclosures.

The S&P 500 Index is the Standard & Poor’s Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. One cannot invest directly in an index.

The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is frequently used by investors as a “stand-in” for measuring the performance of the US bond market. This index is shown for comparative purposes only.

A market “drawdown” measures the percentage decline from a peak to a trough.

The views in this letter are those of the Fund’s direct advisor and were as of May 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any date thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Investment in equity securities involves substantial risks and may be subject to wide and sudden fluctuations in market value. Investing in small and mid-cap 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 companies. International investments are subject to unique risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. In addition, changes in exchange rates and interest rates may adversely affect the value of the fund’s foreign investments. Please see the prospectus for a more complete discussion of the fund’s risks.

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Index and the Russell 2000 Total Return Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Index and the Russell 2000 Total Return Index are representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns 

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Small Cap Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Spectrum Alpha Fund (formerly, North Square Oak Ridge Small Cap Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to NSI Retail Advisors, LLC (formerly, Oak Ridge Investments, LLC). 

Gross and net expense ratios for Class A shares were 1.20% and 1.60%, for Class I shares were 0.97% and 1.35%, which were the amounts stated in the current prospectus dated May 1, 2023. The net expense ratio is higher than the gross as a result of fee recoupment. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating 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, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Total Return Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for less than one year are not annualized.

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Dynamic Small Cap Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. The Predecessor Fund commenced operations on September 30, 2015 after the conversion of the Algert Global U.S. Small Cap account (the “Predecessor Account”). As a result of each reorganization, the Fund is the accounting successor of each the Predecessor Fund and Predecessor Account. Performance results shown in the performance table above between May 10, 2019 and September 30, 2015 represent the performance of the Predecessor Fund, and performance results shown prior to September 30, 2015 represent the performance of the Predecessor Account. 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 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.

Gross and net expense ratios for Class A shares were 1.61% and 1.24%, for Class I shares were 1.36% and 0.99%, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating 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, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 2000 Growth Total Return Index. Results include the reinvestment of all dividends and capital gains.

The Russell 2000 Growth Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns 

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Disciplined Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Advisory Research Small Cap Growth Fund (formerly, North Square Oak Ridge All Cap Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to Advisory Research, Inc. (formerly, Oak Ridge Investments, LLC).

Gross and net expense ratios Class I shares were 1.36% and 0.94%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.94% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Russell 3000 Total Return Index. The performance graph above is shown for the Fund’s Class A shares; Class I shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 3000 Total Return Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for less than one year are not annualized.

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Multi Strategy Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective September 30, 2021, the Fund changed Sub-Advisors to NSI Retail Advisors, LLC (formerly, Oak Ridge Investments, LLC). 

Gross expense ratio for Class A shares was 1.61% and for Class I shares was 1.36%, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.20% and 1.17% 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, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the ICE BofAML Fixed Rate Preferred Securities Index. Results include the reinvestment of all dividends and capital gains.

The ICE BofAML Fixed Rate Preferred Securities Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund acquired all assets and assumed the liabilities of the Oak Ridge Dividend Growth Fund (the “Predecessor Fund”) effective the close of business on May 10, 2019. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on May 10, 2019 reflect the performance of the Predecessor Fund. Effective January 11, 2022, the Fund changed names to the North Square Preferred and Income Securities Fund (formerly, North Square Oak Ridge Dividend Growth Fund), changed investment strategy (Note 1), and changed Sub-Advisors to Red Cedar Investment Management, LLC (formerly, Oak Ridge Investments, LLC).

Gross and net expense ratios Class I shares were 1.27% and 0.97%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.97% of the average daily net assets of the Fund’s Class I shares. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower. 

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Morningstar Moderate Aggressive Target Risk Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

The Morningstar Moderate Aggressive Target Risk Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns 

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Growth Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. The Predecessor Fund commenced operations on March 23, 2013 after the conversion of the ETF Market Opportunity Fund (the “Acquired Fund”), a series of Aviemore Trust. As a result of each reorganization, the Fund is the accounting 

successor of each the Predecessor Fund and Acquired Fund. Performance results shown in the performance table above between June 11, 2021 and March 23, 2013 reflect the performance of the Predecessor Fund, and performance results shown prior to March 23, 2013 represent the performance of the Acquired Fund.

Gross expense ratios for Class A, C and I shares were 1.75%, 2.51% and 1.51%, respectively, and net expense ratios for Class A, C, and I shares were 1.69%, 2.44% and 1.44%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of 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% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the Morningstar Moderate Target Risk Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

The Morningstar Moderate Target Risk Index is representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns 

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Defensive Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on June 11, 2021 reflect the performance of the Predecessor Fund.

Gross expense ratios for Class A, C and I shares were 2.02%, 2.77% and 1.77%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of 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 1.70% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521. 

This graph compares a hypothetical $1,000,000 investment in the Fund’s Class I shares with a similar investment in the HFRX Absolute Return Index and the Bloomberg US Aggregate Bond Index. The performance graph above is shown for the Fund’s Class I shares; Class A shares and Class C performance may vary. Results include the reinvestment of all dividends and capital gains.

The HFRX Absolute Return Index and Bloomberg US Aggregate Bond Index are representative of a broader market and range of securities than is found in the Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual may invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

Average Annual Total Returns 

(for the periods ended May 31, 2023)

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 

The Fund acquired all assets and assumed the liabilities of the Stadion Tactical Trilogy Alternative Return Fund (the “Predecessor Fund”) effective the close of business on June 11, 2021. As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the table above for periods prior to the close of business on June 11, 2021 reflect the performance of the Predecessor Fund.

Gross expense ratios for Class A, C and I shares were 1.91%, 2.69% and 1.72%, respectively, and net expense ratios for Class A, C, and I shares were 1.68%, 2.43% and 1.43%, respectively, which were the amounts stated in the current prospectus dated May 1, 2023. Expense ratios reported for other periods in the Financial Highlights section of this report may differ. The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (exclusive of 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 1.38% of the average daily net assets of the each class of the Fund. This agreement is in effect until September 30, 2024, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would have been lower.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1-855-551-5521.

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

 See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.