# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0001580642-25-006430
**Filing Date:** 2025-10
**Character Count:** 31551
**Document Hash:** fe90634164ccaf5db14219a1118b524c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006430.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001580642-25-006430

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Place Advisors Trust
- **CENTRAL INDEX KEY:** 0001750821

**ORGANIZATION NAME:**
- **EIN:** 462828241
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-226989
- **FILM NUMBER:** 251374881

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (312) 857-2160

**MAIL ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North Square Investments Trust
- **DATE OF NAME CHANGE:** 20180821

## Series and Classes Contracts Data

### NORTH SQUARE SPECTRUM ALPHA FUND (Series ID: S000063483)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205671 | CLASS A      | ORIGX           |
| C000205673 | CLASS I      | ORIYX           |

![(NORTH SQUARE INVESTMENTS LOGO)](ex001_v1.jpg)

North Square Spectrum Alpha Fund

TICKER: Class A: ORIGX, Class I: ORIYX

**Summary Prospectus**

September 28, 2025

Before you invest, you may want to review the North Square Spectrum Alpha Fund's (the "Fund") prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information, Reports to Shareholders and other information about the Fund online at <u>https://northsquareinvest.com/fund-etf-literature-and-morningstar-ratings/</u>. You may also obtain this information at no cost by calling 1-855-551-5521 or by e-mail at <u>info@northsquareinvest.com</u>. The Fund's Prospectus and Statement of Additional Information, both dated September 28, 2025, are incorporated by reference into this Summary Prospectus.

**<u>Investment Objective</u>**

The investment objective of the North Square Spectrum Alpha Fund (the "Fund") is to provide capital appreciation.

**<u>Fees and Expenses of the Fund</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial intermediary and in the section titled "Class A Shares" and in "APPENDIX A – Waivers and Discounts Available from Certain Intermediaries" of the Prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Class A<br> Shares** |  | **Class I<br> Shares** |
| &nbsp;&nbsp;**Shareholder Fees** <br> *(fees paid directly from your investment)* | &nbsp;&nbsp;**Shareholder Fees** <br> *(fees paid directly from your investment)* | &nbsp;&nbsp;**Shareholder Fees** <br> *(fees paid directly from your investment)* | &nbsp;&nbsp;**Shareholder Fees** <br> *(fees paid directly from your investment)* | &nbsp;&nbsp;**Shareholder Fees** <br> *(fees paid directly from your investment)* |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed On Purchases <br> (as a percentage of offering price) |  | 5.75% |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br> (as a percentage of the lesser of the value redeemed or the amount invested) |  | None¹ |  |  |
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed) |  |  |  |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;**Annual Fund Operating Expenses** <br> *(expenses that you pay each year as a percentage of the value of your investment)* |
| &nbsp;&nbsp;Management Fees<sup>2</sup> |  | 0.20% |  | 0.20% |
| &nbsp;&nbsp;Distribution (12b-1) and/or Service Fees |  | 0.25% |  |  |
| &nbsp;&nbsp;Other Expenses |  | 0.52% |  | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Service Fee | 0.12% |  | 0.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other Expenses | 0.40% |  | 0.40% |  |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>3</sup> |  | 1.01% |  | 1.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>4</sup> |  | 1.98% |  | 1.76% |
| &nbsp;&nbsp;Fee Recoupment Reimbursed |  | 0.33% |  | 0.30% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses <br> After Fee Recoupment<sup>5</sup>** |  | **2.31%** |  | **2.06%** |

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| | |
|:---|:---|
| 1 | No sales charge applies on investments of $500,000 or more, but a contingent deferred sales charge ("CDSC") of 1% will be imposed on certain redemptions of such shares within 12 months of the date of purchase. |

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| | |
|:---|:---|
| 2 | North Square Investments, LLC ("North Square" or the "Adviser"), the Fund's investment adviser, does not receive management fees for Fund assets invested in other series of the Trust advised by North Square ("affiliated investment companies"). North Square receives management fees of 0.20% for Fund assets invested in non-affiliated investment companies. As of the date of the Fund's Prospectus, North Square expects substantially all of the Fund's assets to be invested in affiliated investment companies. |

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3 Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds.

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| | |
|:---|:---|
| 4 | The total annual fund operating expenses and net operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses. |

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| | |
|:---|:---|
| 5 | The Adviser has contractually agreed to waive its fees and/or pay for or reimburse operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.30% and 1.05% of the average daily net assets of the Fund's Class A and Class I shares, respectively. This agreement is in effect until September 30, 2026, and it may be terminated before that date only by the Board of Trustees. North Square is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. During the fiscal year ended May 31, 2025, the Adviser recouped previous fee reductions of $159,659 and $92,112 from the Fund's Class A and Class I shares, respectively. |

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*Summary Prospectus* 2 *North Square Spectrum Alpha Fund*

**<u>Example</u>**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver until September 30, 2026). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Three Years** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;$796 | &nbsp;&nbsp;$1191 | &nbsp;&nbsp;$1610 | &nbsp;&nbsp;$2773 |
| &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;$209 | &nbsp;&nbsp;$583 | &nbsp;&nbsp;$982 | &nbsp;&nbsp;$2098 |

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**<u>Portfolio Turnover</u>**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate 19% of the average value of its portfolio.

**<u>Principal Investment Strategies</u>**

The Fund is considered a "fund of funds" that invests primarily in affiliated mutual funds (the "underlying funds") managed by the Adviser and its affiliates. Under normal conditions, through the underlying funds, the Fund is expected to indirectly invest in the equity securities of U.S. and foreign micro-cap, small, and mid-sized companies among others. The Fund uses a "blend" strategy to gain investment exposure to both growth and value stocks, or to stocks with characteristics of both.

Securities in which an underlying fund may invest include, but are not limited to, common stocks, preferred stocks, securities of international companies include emerging market companies and developed countries through investments in exchange-traded funds ("ETFs") and American Depositary Receipts ("ADRs"), and other similar depositary receipts, and other instruments with similar economic characteristics.

The Fund's portfolio management team generally employs a bottom-up investment approach emphasizing long-term value. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

**<u>Principal Risks of Investing</u>**

**Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Equity Risk, Market Risk, Micro-Cap, Small, and Mid-Sized Company Risk, Foreign and Emerging Market Company Risk, Underlying Funds Risk, Blend Style Risk, Investment Companies Risk, Management Strategy Risk and Reliance on Technology Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.**

**Equity Risk.** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

**Market Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, tariffs, supply chain disruptions, sanctions, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally.

*Summary Prospectus* 3 *North Square Spectrum Alpha Fund*

Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund's returns. The Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**Micro-Cap, Small, and Mid-Sized Company Risk.** Investments in micro-cap, small, and mid-sized companies (North Square defines this range as companies with up to $50 billion in market capitalization) may involve greater risks than investments in larger, more established companies. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of micro-cap, small, and mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of micro-cap, small, and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.

**Foreign and Emerging Market Company Risk.** Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks that can cause these investments to be more volatile and increase the likelihood that the Fund will lose money. For example, as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include ADRs. ADRs may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund's investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets because such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets. The legal remedies for investors in emerging markets may be more limited than remedies available in the U.S. and the ability of U.S. authorities (e.g., the SEC and U.S. Department of Justice) to bring actions against bad actors may be limited.

**Underlying Funds Risk.** The Fund invests principally in underlying funds advised by North Square, which presents certain conflicts of interest. Generally, North Square will receive more revenue from investing in the underlying funds than it would if it invested in unaffiliated funds. In addition, North Square is subject to conflicts of interest in allocating portfolio assets among the various underlying funds because the fees payable to North Square by underlying funds differ. North Square may have an incentive to select underlying funds that will result in the greatest net management fee revenue to North Square and its affiliates, even if that results in increased expenses for the Fund. In addition, the Fund's investments in affiliated underlying funds may be beneficial to North Square in managing the underlying funds, by helping the underlying funds achieve economies of scale or by enhancing cash flows to the underlying funds. In certain circumstances, North Square would have an incentive to delay or decide against the sale of interests held by the Fund in the underlying funds and may implement Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to the underlying funds. If the Fund invests in an underlying fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an underlying fund with comparable performance but lower expenses.

**Blend Style Risk.** Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company's intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result.

*Summary Prospectus* 4 *North Square Spectrum Alpha Fund*

**Investment Companies Risk.** The Fund's investment in investment companies, such as ETFs and mutual funds (including other funds managed by the Adviser), generally reflects the risks of owning the underlying securities the investment company holds. It may also be more expensive for the Fund to invest in an investment company than to own the portfolio securities of these investment companies directly. Investing in investment companies involves additional expenses based on its pro rata share of other investment company's operating expenses, including the management fee of unaffiliated funds in addition to those paid by the Fund. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An ETF may also trade at a discount to its net asset value. In addition, the Fund may invest in underlying funds which invest a larger portion of their assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors. The Fund will be indirectly exposed to the risks of the portfolio assets held by an underlying fund in which the Fund invests, including, but not limited to, derivatives, currencies and leverage risk.

The Fund may invest in affiliated mutual funds managed by North Square. The Adviser or CSM Advisors, LLC, the Fund's investment sub-adviser ("CSM" or the "Sub-Adviser"), may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to it by certain affiliated underlying funds are higher than the fees paid by other affiliated and unaffiliated underlying funds. To the extent the Fund invests a significant percentage of its assets in any one affiliated mutual fund or across multiple affiliated mutual funds, the Fund will be subject to a greater degree to the risks particular to the investment strategies employed by the Adviser or Sub-Adviser.

**Management and Strategy Risk.** The value of your investment depends on the judgment of the Adviser or the Sub-Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Adviser or the Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. To the extent that the Fund invests a significant percentage of its assets in any one underlying fund, the Fund will be subject to a greater degree to the risks particular to that underlying fund, and may experience greater volatility as a result.

**Reliance on Technology Risk.** The Fund's trading strategies are highly reliant on technology, including hardware, software and telecommunications systems. In addition, data gathering, research, forecasting, order execution, trade allocation, risk management, operational, back office and accounting systems are all highly automated and computerized. Such automation and computerization relies on an extensive amount of both proprietary software and third-party hardware and software. Any unforeseeable failures, malfunctions, errors or problems with respect to these or other technologies may have a materially adverse effect on investors in the Fund or the Fund's performance.

**<u>Performance</u>**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index as well as to a benchmark that the Fund's investment adviser believes is representative of the Fund's investment universe. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund's website, www.northsquareinvest.com, or by calling the Fund at 1-855-551-5521.

**Effective January 11, 2022, the Fund made certain changes to its principal investment strategies, including the modification of the strategies to become a "fund of funds" that invests primarily in affiliated mutual funds. Prior to January 11, 2022, the Fund invested primarily in equity securities of small capitalization companies. Effective January 11, 2022, the Fund's sub-adviser also changed. Accordingly, the performance shown below for periods prior to January 11, 2022, is based on the Fund's prior principal investment strategies, as implemented by the Fund's previous sub-adviser, and may not be representative of the Fund's performance under its current principal investment strategies.**

The Fund has adopted the historical performance of the Oak Ridge Small Cap Growth Fund (the "Predecessor Fund") as a result of a reorganization consummated after the close of business on May 10, 2019, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The performance information presented below for periods prior to the close of business on May 10, 2019, reflects the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially the same investment strategies. Prior to the reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

*Summary Prospectus* 5 *North Square Spectrum Alpha Fund*

**<u>Calendar-Year Total Return (before taxes) for Class I Shares</u>**

For each calendar year at NAV

![(BAR CHAT)](ex011_v1.jpg)

The year-to-date return as of June 30, 2025 was -2.49%.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Highest Calendar Quarter Return at NAV (non-annualized) | &nbsp;&nbsp;31.76% | &nbsp;&nbsp;Quarter ended 06/30/2020 |
| &nbsp;&nbsp;Lowest Calendar Quarter Return at NAV (non-annualized) | &nbsp;&nbsp;-25.10% | &nbsp;&nbsp;Quarter ended 03/31/2020 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns <br> *(for the periods ended December 31, 2024)*** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class I - Return Before Taxes | &nbsp;&nbsp;15.34% | &nbsp;&nbsp;8.69% | &nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;Class I - Return After Taxes on Distributions | &nbsp;&nbsp;15.34% | &nbsp;&nbsp;5.46% | &nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;Class I - Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;9.08% | &nbsp;&nbsp;6.20% | &nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;Class A - Return Before Taxes | &nbsp;&nbsp;8.41% | &nbsp;&nbsp;7.15% | &nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;Russell 3000<sup>®</sup> Index <br> (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | &nbsp;&nbsp;23.81% | &nbsp;&nbsp;13.86% | &nbsp;&nbsp;12.55% |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Index <br> (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | &nbsp;&nbsp;11.54% | &nbsp;&nbsp;7.40% | &nbsp;&nbsp;7.82% |

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|:---|:---|
| 1 | The Russell 3000<sup>®</sup> Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. |

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|:---|:---|
| 2 | The Russell 2000<sup>®</sup> Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expense of investing. |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I shares only and after-tax returns for classes other than Class I will vary from returns shown for Class I shares. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return.

*Summary Prospectus* 6 *North Square Spectrum Alpha Fund*

**<u>Investment Adviser and Sub-Adviser</u>**

North Square Investments, LLC is the Fund's investment adviser. CSM Advisors, LLC, an affiliate of, and under common control with, the Adviser, serves as the Fund's investment sub-adviser.

**<u>Portfolio Managers</u>**

The Sub-Adviser's portfolio management team is comprised of Brad A. Thompson, CFA, Clayton Wilkin, CFA, and David Appleby who are jointly and primarily responsible for the day-to-day management of the Fund's portfolio. Each has been a portfolio manager of the Fund since 2022.

**<u>Purchase and Sale of Fund Shares</u>**

Currently, the Fund offers Class A and Class I shares. To purchase shares of the Fund, you must invest at least the minimum amount shown for each class in the chart below. As described below, the minimums can be waived in certain circumstances and by certain financial institutions.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Minimum Investments** | &nbsp;&nbsp;**To Open<br> Your Account** | &nbsp;&nbsp;**To Add to<br> Your Account** |
| &nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Accounts | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Accounts | &nbsp;&nbsp;$1000000 |  |

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Fund shares are redeemable on any business day the New York Stock Exchange (the "NYSE") is open for business, by written request or by telephone.

**<u>Tax Information</u>**

The Fund's distributions are generally taxable and will ordinarily be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

**<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

*Summary Prospectus* 7 *North Square Spectrum Alpha Fund*