Advisory Research, Inc. (“ARI”), a Delaware corporation, was founded in 1974 and is located in Chicago, Illinois. ARI is a wholly-owned subsidiary of Ostara Inc. Matthew K. Swaim—who is ARI CEO and also Ostara Inc. CEO—owns in excess of 25% of Ostara Inc. For more information concerning ARI, please visit www.advisoryresearch.com. As of December 31, 2022, ARI had assets under advisement of approximately $1.4 billion which includes approximately $1.3 billion in regulatory assets under discretionary management. As used in this Brochure, the words “we”, “our” and “us” or “ARI” refer to Advisory Research, Inc. The words “you”, “your” and “client” refer to you as either a client or prospective client of Advisory Research, Inc. Advisory Services We provide discretionary investment management services to institutional and high net worth clients through separately managed accounts, unregistered pooled investment vehicles, and model-based accounts. Sub-advisory services are provided to registered mutual funds, wrap fee programs, and model programs. ARI also provides nondiscretionary management of advisory accounts pursuant to model UMA agreements. ARI primarily invests client funds in domestic equity securities (including common stocks of micro, small, mid, and large capitalization companies) and American depository receipts (ADRs). These securities may include stocks traded on a U.S. national exchange, over-the-counter, or other applicable venues. Additionally, we sometimes invest client funds in other securities such as securities convertible to common stock, preferred stock, real estate investment trusts, exchange- traded funds, warrants, covered calls, long puts, restricted securities, private placements and bonds (including corporate, municipal, and government issued). When purchasing or selling a security on a foreign exchange, the transaction is generally settled in local currency. Therefore, spot foreign currency transactions will be placed in your account for the purpose of trade settlement. ARI seeks to provide advisory services that are tailored to the individual needs of each client. As a result, such clients may impose restrictions on investing in certain securities or types of securities by contacting their relationship manager and/or notifying ARI in writing. We manage such client portfolios in accordance with their investment policies and use reasonably available resources to comply with investment restrictions, when applicable. We reserve the right to reject or to terminate an account if we believe the restrictions or constraints imposed are not reasonable or prohibit effective management of the account. You should understand that the account restrictions or constraints may affect the performance of your account, either positively or negatively. Furthermore, accounts with restrictions may result in performance dispersion due to security holdings and cash levels differing from other accounts in the same investment strategy. The portfolio manager works to maintain dispersion at a minimum among the accounts; therefore, accounts with restrictions may receive an allocation of a similar non-restricted security and/or may contain higher or lower cash levels than other accounts in the same strategy. Wrap Fee Programs ARI serves as a manager in various wrap fee programs sponsored by unaffiliated broker-dealers (program sponsor). The wrap fee sponsor typically is responsible for assisting the client in selecting managers, investment strategies, and handles most aspects of the client relationship including identifying individual circumstances of the client.

ARI receives a portion of the wrap fees paid by clients for its services. Portfolio management advice provided by ARI to clients in wrap fee programs does not differ materially from that provided to its other separately managed accounts, however, one area which may differ is that trades in such programs are typically placed with the program's sponsoring broker-dealer as the wrap-fee arrangement covers brokerage commissions effected through the program sponsor. Wrap program clients should be aware that because they effectively direct ARI to execute most trades through the program sponsor or the broker-dealer designated by the program sponsor through the terms of each program, execution quality may be adversely affected by various factors associated with client directed brokerage as noted in Item 12. ARI may direct that trade orders for wrap accounts and other accounts that direct the use of a particular broker-dealer be executed following the completion of trades for ARI’s other accounts that do not impose such restrictions. This could have potential adverse effects or beneficial effects because of changes that may occur in the market price for affected securities or other changes, particularly in volatile markets. Model Programs As part of our services, ARI provides certain unaffiliated third-party investment advisers with model portfolios and updates to those model portfolios in accordance with a specified investment style for a fee. In turn, the third-party investment adviser, at its sole discretion, uses the model portfolios’ recommendations to implement investment strategies to invest certain clients’ assets. ARI does not manage or have discretion over any of the clients’ assets. ARI does not execute any security transactions and does not assume any fiduciary duties associated with these tasks. Investment Manager Services ARI serves as a sub-advisor to the North Square Advisory Research Small Cap Value Fund and the North Square Advisory Research Small Cap Growth Fund, which are a series of the North Square Investments Trust, and may service other unaffiliated sub-advised investment companies, all registered under the Investment Company Act of 1940 (collectively “Registered Mutual Funds”). With respect to the Registered Mutual Funds, we manage the assets of each Registered Mutual Fund based on their specific investment objectives and restrictions, as outlined in each Registered Mutual Fund’s prospectus and statement of additional information, rather than on the individual needs and objectives of the individual shareholders in the Registered Mutual Funds. Prior to investing, shareholders should carefully review the applicable prospectus to fully understand the investment objectives and risks pertaining to the Registered Mutual Funds. ARI also serves as the general partner or managing member to several private funds sponsored by ARI (“Private Funds”). ARI operates each of the Private Funds in reliance upon an exclusion from the definition of an “investment company” described in either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940. Investors in the Private Funds must be “accredited investors” as defined in Regulation D of the Securities Act of 1933, as amended, and must also be “qualified purchasers” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940 with respect to Private Funds relying on Section 3(c)(7) of that Act. Prospective investors are provided with a confidential Offering Memorandum and other documentation that detail the investment objectives, risks, fees, and other important information about the selected Private Fund. It is important that each potential qualified investor fully read the offering materials.