North Square

Strategic Income Fund

Multi Sector Bond

The investment objectives of the North Square Strategic Income Fund are to seek high current income and to seek long-term capital appreciation. The strategy is predominantly a high-quality diversified mix of global assets structured to achieve high current income and excess returns with reduced correlation to traditional asset classes and managed to outperform its benchmark the Bloomberg U.S. Aggregate Index.

Learn from Red Cedar’s Portfolio Managers with the following videos:

Red Cedar Investment Management’s Director of Portfolio Management David Withrow and Chief Investment Officer John Cassady talk about the history of their firm.

Red Cedar’s David Withrow discusses Red Cedar’s investment process.

Red Cedar’s David Withrow discusses how strategic income fits into investor portfolios.

Red Cedar’s David Withrow explains why we consider North Square Strategic Income Fund an “all weather” fund.

Asset TV’s Fixed Income Masterclass Review

In this Video, David Withrow, CFA®, Managing Partner and Senior Market Strategist at Red Cedar Investment Management, explores strategies for maximizing yield and controlling duration by leveraging inefficiencies in preferred, hybrid, and securitized markets.

HOW TO INVEST

Availability

Class	Ticker	Net Expense	Gross Expense
A	ADVAX	0.94%	1.22%
I	ADVNX	0.69%	0.89%

The expense ratios are as shown in the Fund’s most recent prospectus. The difference between gross and net operating expenses reflects contractual fee waivers and/or expense reimbursements in place until February 28, 2026. Please see the Fund’s prospectus for more details.

Strategy Overview

As of March 31, 2025

Vehicle

Mutual Fund

Objective

Current income & capital appreciation

Investment Category

Multisector Bond

Benchmark

Bloomberg U.S. Aggregate Index

Inception Date

12/31/2012

Fund AUM

$323.1 Million

Equity Holdings

5.09%

Cash/Equivalents

1.84%

Number of Holdings

212

Portfolio Managers

John L. Cassady III, CFA

Red Cedar Investment Management
Managing Partner, Chief Executive Officer and Co-Investment Officer, CFA

David L. Withrow, CFA

Red Cedar Investment Management
Managing Partner and Senior Market Strategist, CFA

Jason M. Schwartz, CFA

Red Cedar Investment Management
Partner and Director of Portfolio Management, CFA

Julia M. Batchenko, CFA

Red Cedar Investment Management
Senior Portfolio Manager, CFA

Brandon F. Bajema, CFA, CPA

Red Cedar Investment Management
Partner and Co-Chief Investment Officer, CFA, CPA

Performance and Risk

Average Annual Total Returns (%)

As of 3/31/2025

	Latest Quarter	Year to Date	1 Year	3 Years	5 Years	10 Years	Since Inception*
Class I	3.06%	3.06%	9.82%	4.13%	5.48%	4.20%	4.35%
Class A (Load)	-0.84%	-0.84%	5.38%				5.90%
Class A (No Load)	2.98%	2.98%	9.47%				7.83%
Bloomberg U.S. Aggregate Bond Index	2.78%	2.78%	4.88%	0.52%	-0.40%	1.46%	1.64%
Bloomberg Intermediate Government/Credit Index	2.42%	2.42%	5.65%	2.18%	0.86%	1.81%	1.78%
Morningstar Multisector Bond Category	1.82%	1.82%	6.36%	3.20%	4.86%	3.18%	2.93%

*Inception date Class I Shares: 12/31/2012; Inception date Class A Shares: 2/28/2023. The since inception returns for the Indexes and Morningstar Category returns correspond to the Class I Shares Inception date.

The Bloomberg U.S. Aggregate Bond Index, the Fund’s primary regulatory benchmark, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.

Morningstar Multisector bond portfolios seek income by diversifying their assets among several fixed income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets insecurities that are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB (considered speculative for taxable bonds) and below.

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.

*The fund has adopted the historical performance of the Advisory Research Strategic Income Fund (the “Predecessor Fund”), a former series of Investment Managers Series Trust, as a result of a reorganization consummated after the close of business on February 21, 2020 (“Reorganization”), in which the Fund acquired all the assets, subject to the liabilities, of the Predecessor Fund.

Distributed by Foreside Fund Services, LLC. Member FINRA.

Characteristics

Portfolio Characteristics

As of 3/31/2025

Class I Shares:

30 Day SEC Yield (as of 3/31/25) – Subsidized: 4.55%

30 Day SEC Yield (as of 3/31/25) – Unsubsidized: 4.45%

Yield to Effective Maturity (as of 3/31/25): 6.16%

Non-U.S. Allocation (as of 3/31/25): 17.65%

Effective Duration of Bonds and Preferreds (as of 3/31/25): 4.52 years

Top 10 Holdings

As of 3/31/2025

Top 10 Holdings	(% of Portfolio)
ING Groep 3 ⅞ PERP	1.27
Rogers Communication Inc. 7 ⅛ 04/15/55	1.24
Kapitus Asset Securitization LLC 2024-1A 1A	1.12
Discover Financial Services 5 ½ PERP	1.08
Government National Mortgage Association 2020-179 IO	1.08
UBS Group AG 4 ⅜ PERP	1.08
Morgan Stanley BAML Trust 2012-C5 E	1.04
Government National Mortgage Association 2021-170 IO	1.00
CYRUSONE Data Centers 2024-2A A2	0.96
Southern Co. 6 ⅜ 03/15/55	0.96

Bond Quality Rating

As of 3/31/2025

Bond Quality Rating	(Total Portfolio Rating)
AAA	42.18%
AA	0.73%
AA-	1.21%
A	5.32%
BBB	32.36%
BBB-	0.84%
BB	13.93%
B	2.59%
Below B	0.85%

Preferred Quality Rating
BBB	71.04%
BB	27.14%
B	1.82%
Below B	0.0%

Asset Allocation

As of 3/31/25

Asset Allocation
	ADVNX
Bonds	62.47%
ABS	2.83%
CMBS	16.99%
Corporate	9.55%
Mortgage	29.91%
CLO	0.63%
Treasury and Agency	1.62%
Non-Dollar	0.94%

Preferreds	30.39%
Institutional Preferreds	8.54%
Corporate Hybrids	15.92%
AT1	5.15%
$25	0.00%
Other	0.78%

REIT	0.00
Equity	5.09
Cash	1.84
Options	0.22

The Portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or sell any particular security listed. The holdings identified do not represent all of the securities purchased and sold. Actual portfolio investments may vary when actually invested. A complete list of holding is available upon request.

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, Credit Risk, Fixed Income Securities Risk, Interest Rate Risk, Preferred Securities Risk, Mortgage Backed and Asset Backed Securities Risk, High Yield (“Junk”) Bond Risk and Derivatives Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund’s prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.