North Square Small Cap Value Fund - North Square Investments

Small Cap Value Fund

Formerly the Foundry Partners Small Cap Value Fund

The investment objective of the North Square Small Cap Value Fund is long-term capital appreciation.

Philosophy and Stock Selection Process

Behavioral biases of market participants lead stock prices to deviate from their fair value, creating investment opportunities. Our process is guided by four key tenets that help us identify undervalued stocks and seeks to capitalize on these opportunities.

Valuation – The first tenet used in identifying out-of-favor stocks encompasses a valuation-focused prism, emphasizing low price-to-earnings (P/E) ratios.
Momentum – To avoid value traps potentially present with low P/E stocks, we use price momentum to help identify companies with positive market trends.
Fundamental Research – We seek to identify quality companies through in-depth fundamental research, with the majority of insights generated internally.
Narrative – Our final tenet examines the market’s view of these stocks via our narrative process, helping provide additional insights into the broader perspective.

Strategy Overview

Vehicle

Mutual Fund

Objective

Long-Term Capital Appreciation

Inception Date

Class I: 8/22/2007, Investor Class: 12/31/2003

Fund AUM

$263.4 Million

Equity Holdings

97.63%

Cash/Equivalents

2.39%

Number of Holdings

Turnover (1Y)

142.44%

	Latest Quarter	Year to Date	1 Year	3 Years	5 Years	10 Years	Since Inception*
Class I	-5.47%	-5.47%	-7.56%	4.32%	17.72%	6.48%	7.05%
Investor Class Shares	-5.50%	-5.50%	-7.77	4.06%	17.43%	6.21%	8.79%
Russell 3000 Total Return Index	-4.72%	-4.72%	7.22%	8.22%	18.18%	11.80%	9.83%
Russell 2000 Value Total Return Index	-7.74%	-7.74%	-3.12%	0.05%	15.31%	6.07%	6.08%

* Inception date for Class I is 8/22/2007, Investor Class Shares is 12/31/2003. Index inception date returns are matched to Class I shares.

The Fund has adopted the historical performance of the Foundry Partners Small Cap Value Fund (the “Predecessor Fund”), a former series of Valued Advisers Trust, as a result of a reorganization consummated after the close of business on April 25, 2025 (“Reorganization”), in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented above 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 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 Russell 3000^® Total Return Index, the Fund’s primary regulatory benchmark index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equities.

The Russell 2000® Value Total Return Index measures the performance of the small cap value segment of the US 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). One cannot invest directly in an index. The Index is shown for comparative purposes only.

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. Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Performance would have been lower without expense limitations in effect.

Distributed by Foreside Fund Services, LLC. Member FINRA.

Class	Ticker	Net Expense*	Gross Expense
I	DRISX	1.05%	1.05%
Investor Class Shares	DRSVX	1.30%	1.30%

Small Cap Value Fund

Availability

Strategy Overview

Portfolio Managers

Performance and Risk

Average Annual Total Returns (%)

Characteristics

Top Ten Holdings

Sector Weightings

Literature