NPORT-EX 2 arscgr.htm PART F HOLDINGS
North Square Advisory Research Small Cap Growth Fund
      
SCHEDULE OF INVESTMENTS
      
August 31, 2022 (Unaudited)
      
           
Number of
Shares
  
 
  
Value
  
   
COMMON STOCKS - 99.3%
      
   
BASIC MATERIALS - 1.8%
      
   
Metal Fabricating - 0.5%
      
 
971
  
Mueller Industries, Inc.
  
$
61,338.00
  
               
     
Specialty Chemicals - 1.3%
        
 
5,144
  
Livent Corp. *
    
165,534
  
               
     
TOTAL BASIC MATERIALS
    
226,872
  
               
     
CONSUMER DISCRETIONARY - 11.9%
        
     
Auto Parts - 1.2%
        
 
1,221
  
Visteon Corp. *
    
146,312
  
               
     
Education Services - 1.5%
        
 
5,028
  
Stride, Inc. *
    
191,768
  
               
     
Apparel Retailers - 0.6%
        
 
8,001
  
Farfetch Ltd. - Class A *1
    
80,250
  
               
     
Consumer Services: Misc. - 0.4%
        
 
13,616
  
Vacasa, Inc. - Class A*
    
54,464
  
               
     
Household Furnishings - 1.3%
        
 
5,352
  
The Lovesac Co.*
    
165,109
  
               
     
Recreational Products - 0.7%
        
 
3,725
  
Callaway Golf Co. *
    
82,435
  
               
     
Restaurants and Bars - 6.2%
        
 
17,865
  
Arcos Dorados Holdings, Inc. - Class A1
    
130,415
  
 
2,791
  
Kura Sushi USA, Inc. - Class A*
    
208,655
  
 
10,375
  
Portillo's Inc. - Class A *
    
228,458
  
 
5,084
  
Sweetgreen Inc. - Class A*
    
85,970
  
 
1,448
  
Texas Roadhouse, Inc.
    
128,525
  
           
782,023
  
               
     
TOTAL CONSUMER DISCRETIONAY
    
1,502,361
  
               
     
CONSUMER STAPLES - 1.3%
        
     
Food Products - 0.5%
        
 
2,211
  
The Simply Good Foods Co. *
    
67,546
  
               
     
Food Retailers and Wholesalers - 0.8%
        
 
1,930
  
Performance Food Group Co. *
    
96,461
  
               
     
TOTAL CONSUMER STAPLES
    
164,007
  
               
     
ENERGY - 4.1%
        
     
Oil Equipment and Services - 0.2%
        
 
3,163
  
RPC Inc.
    
25,146
  
               
     
Oil: Crude Producers - 3.9%
        
 
3,126
  
Denbury Inc. *
    
277,995
  
 
3,501
  
Matador Resources Co.
    
208,660
  
           
486,655
  
     
TOTAL ENERGY
    
511,801
  
               
     
FINANCIALS - 4.4%
        
     
Asset Managers and Custodians - 2.9%
        
 
11,268
  
Blucora, Inc. *
    
226,261
  
 
2,018
  
PJT Partners, Inc. - Class A
    
139,686
  
           
365,947
  
     
Diversified Financial Services - 1.5%
        
 
13,355
  
NuScale Power Corp. *
    
183,231
  
               
     
TOTAL FINANCIALS
    
549,178
  
               
     
HEALTH CARE - 31.8%
        
     
Biotechnology - 8.2%
        
 
10,414
  
AbCellera Biologics Inc. *1
    
111,222
  
 
939
  
Arcutis Biotherapeutics, Inc. *
    
25,306
  
 
3,458
  
Cytokinetics Inc. *
    
183,136
  
 
3,531
  
Halozyme Therapeutics, Inc. *
    
143,818
  
 
2,490
  
Immunocore Holdings PLC - ADR*1
    
131,497
  
 
2,343
  
Intra-Cellular Therapies, Inc.*
    
117,759
  
 
1,921
  
Krystal Biotech, Inc.*
    
134,681
  
 
10,110
  
Recursion Pharmaceuticals, LLC - Class A*
    
106,256
  
 
2,778
  
Xencor, Inc. *
    
73,311
  
           
1,026,986
  
     
Health Care Management Services - 2.2%
        
 
7,414
  
Alignment Healthcare, Inc. *
    
112,767
  
 
5,307
  
Option Care Health, Inc. *
    
164,305
  
           
277,072
  
     
Health Care Services - 8.1%
        
 
17,200
  
Evolent Health, Inc. - Class A *
    
632,100
  
 
9,813
  
Privia Health Group, Inc. *
    
390,459
  
           
1,022,559
  
     
Medical Equipment - 12.1%
        
 
2,080
  
Akoya Biosciences, Inc. *
    
23,712
  
 
3,684
  
Axonics, Inc. *
    
266,169
  
 
6,941
  
InMode Ltd. *1
    
221,696
  
 
2,676
  
Lantheus Holdings Inc. *
    
210,869
  
 
1,979
  
Olink Holding AB - ADR *1
    
29,962
  
 
641
  
Shockwave Medical Inc. *
    
190,287
  
 
5,649
  
STAAR Surgical Co. *
    
534,339
  
 
249
  
TransMedics Group, Inc. *
    
12,955
  
 
1,581
  
Treace Medical Concepts, Inc. *
    
31,667
  
           
1,521,656
  
     
Pharmaceuticals - 1.2%
        
 
4,032
  
Xenon Pharmaceuticals Inc. *1
    
156,482
  
               
     
TOTAL HEALTH CARE
    
4,004,755
  
               
     
INDUSTRIALS - 19.2%
        
     
Machinery: Agricultural - 1.6%
        
 
14,059
  
Titan International Inc. *
    
197,248
  
               
     
Aerospace - 1.2%
        
 
5,137
  
Allegheny Technologies, Inc. *
    
153,750
  
               
     
Containers and Packaging - 0.7%
        
 
728
  
Veritiv Corporation *
    
86,770
  
               
     
Electronic Equipment: Control and Filter - 1.6%
        
 
8,645
  
Energy Recovery, Inc. *
    
198,316
  
               
     
Engineering and Contracting Services - 1.9%
        
 
8,931
  
Fluor Corp. *
    
236,136
  
               
     
Machinery: Industrial - 1.4%
        
 
955
  
Kadant Inc.
    
171,356
  
               
     
Machinery: Specialty - 4.7%
        
 
2,724
  
Albany International Corp. - Class A
    
240,229
  
 
81,787
  
Velo3D, Inc. *
    
352,502
  
           
592,731
  
     
Professional Business Support Services - 5.6%
        
 
6,297
  
Donnelley Financial Solutions Inc. *
    
267,308
  
 
4,416
  
Franklin Covey Co. *
    
210,069
  
 
2,721
  
Huron Consulting Group Inc. *
    
182,035
  
 
612
  
WNS Holdings Ltd. - ADR *1
    
51,561
  
           
710,973
  
     
Transaction Processing Services - 0.5%
        
 
9,867
  
Payoneer Global Inc. *
    
65,320
  
               
     
TOTAL INDUSTRIALS
    
2,412,600
  
               
     
TECHNOLOGY - 24.1%
        
     
Computer Hardware - 0.4%
        
 
2,925
  
Stratasys Ltd. *1
    
50,485
  
               
     
Computer Services - 2.0%
        
 
5,130
  
KBR, Inc.
    
247,779
  
               
     
Consumer Digital Services - 4.8%
        
 
12,256
  
Xometry, Inc. - Class A*
    
600,667
  
               
     
Electronic Components - 0.5%
        
 
2,638
  
Enovix Corp. *
    
58,352
  
               
     
Production Technology Equipment - 4.7%
        
 
6,687
  
Impinj, Inc. *
    
597,015
  
               
     
Semiconductors - 3.3%
        
 
1,994
  
Ambarella, Inc.*1
    
135,353
  
 
10,701
  
Credo Technology Group Holding Ltd.*1
    
147,567
  
 
1,477
  
MaxLinear, Inc.*
    
53,069
  
 
791
  
Sitime Corp.*
    
84,170
  
           
420,159
  
     
Software - 8.4%
        
 
10,970
  
Box, Inc. - Class A*
    
282,477
  
 
1,923
  
Duolingo, Inc. *
    
180,800
  
 
26,718
  
Samsara, Inc. - Class A*
    
397,297
  
 
3,344
  
Sprout Social, Inc. - Class A *
    
200,774
  
           
1,061,348
  
               
     
TOTAL TECHNOLOGY
    
3,035,805
  
               
     
TELECOMMUNICATIONS - 0.7%
        
     
Telecommunication Equipment - 0.5%
        
 
1,875
  
Digi International, Inc. *
    
62,081
  
               
     
Telecommnications - 0.2%
        
 
2,102
  
Extreme Networks, Inc. *
    
30,122
  
               
     
TOTAL TELECOMMUNICATIONS
    
92,203
  
               
     
TOTAL COMMON STOCKS
        
     
(Cost $11,455,901)
    
12,499,582
  
               
     
SHORT-TERM INVESTMENT - 0.6%
        
 
67,771
  
First American Treasury Obligations Fund - Class X, 2.14% 2
    
67,771
  
     
TOTAL SHORT-TERM INVESTMENT
        
     
(Cost $67,771)
    
67,771
  
               
     
TOTAL INVESTMENTS - 99.9%
        
     
(Cost $11,523,672)
    
12,567,353
  
     
Other Assets in Excess of Liabilities - 0.1%
    
16,948
  
     
TOTAL NET ASSETS - 100.0%
  
$
12,584,301
  

   
ADR - American Depositary Receipt
      
   
PLC - Public Limited Company
      
           
 
*
Non-Income producing security.
      
 
1
Foreign security denominated in U.S. Dollars.
      
 
2
The rate is the annualized seven-day yield at period end.
      

See accompanying Notes to Schedule of Investments.
      
North Square Advisory Research Small Cap Growth Fund
  
SUMMARY OF INVESTMENTS
      
As of August 31, 2022 (Unaudited)
    
         
         
Security Type/Sector
 
 
Percent of Total
Net Assets
Common Stocks
      
Health Care
    
31.8%
Technology
    
24.1%
Industrials
      
19.2%
Consumer Discretionary
    
11.9%
Financials
      
4.4%
Energy
      
4.1%
Basic Materials
    
1.8%
Consumer Staples
    
1.3%
Telecommunications
    
0.7%
Total Common Stocks
    
99.3%
Short-Term Investment
    
0.6%
Total Investments
    
99.9%
Other Assets in Excess of Liabilities
    
0.1%
Total Net Assets
    
100.0%
North Square Advisory Research Small Cap Growth Fund
NOTES TO SCHEDULE OF INVESTMENTS
    
As of August 31, 2022 (Unaudited)
  
           
Fair Value Measurements and Disclosure

        
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad Levels as described below:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of August 31, 2022, in valuing the Fund’s assets carried at fair value:

   
Level 1
    
Level 2*
    
Level 3**
    
Total
  
Investments
                        
Common Stocks1
  
$
12,499,582
    
$
-
    
$
-
    
$
12,499,582
  
Short-Term Investment
    
67,771
      
-
      
-
      
67,771
  
Total Investments
  
$
12,567,353
    
$
-
    
$
-
    
$
12,567,353
  

1
For a detailed break-out of these securities by major sector and industry classification, please refer to the Schedule of Investments.
*
The Fund did not hold any Level 2 securities at period end.
      
**
The Fund did not hold any Level 3 securities at period end.