NPORT-EX 2 adara.htm NPORT-EX

ADARA SMALLER COMPANIES FUND
            
PORTFOLIO OF INVESTMENTS
            
November 30, 2022 (UNAUDITED)
            
               
      
Number
        
      
of Shares
    
Value
  
COMMON STOCKS - 92.6%
            
Advertising — 0.0%
            
Advantage Solutions, Inc.*
    
15,806
    
$
39,199
  
                   
Aerospace/Defense — 0.4%
                
AAR Corp.*
    
11,755
      
547,313
  
Aerovironment, Inc.*
    
1,433
      
131,821
  
Curtiss-Wright Corp.
    
2,004
      
354,006
  
Hexcel Corp.
    
10,681
      
640,326
  
Mercury Systems, Inc.*
    
2,290
      
116,378
  
Moog, Inc., Class A
    
1,762
      
153,347
  
National Presto Industries, Inc.
    
615
      
42,509
  
               
1,985,700
  
Agriculture — 0.9%
                
Alico, Inc.
    
64,320
      
1,989,417
  
Darling Ingredients, Inc.*
    
8,943
      
642,376
  
Universal Corp.
    
3,026
      
172,210
  
Vector Group Ltd.
    
9,371
      
104,018
  
Vital Farms, Inc.*
    
75,730
      
1,080,667
  
               
3,988,688
  
Airlines — 0.2%
                
Allegiant Travel Co.*
    
4,118
      
340,188
  
Frontier Group Holdings, Inc.*
    
3,540
      
46,161
  
Hawaiian Holdings, Inc.*
    
6,353
      
88,307
  
SkyWest, Inc.*
    
8,137
      
150,128
  
Sun Country Airlines Holdings, Inc.*
    
9,410
      
190,082
  
               
814,866
  
Apparel — 0.8%
                
Capri Holdings, Ltd.*
    
5,836
      
334,695
  
Crocs, Inc.*
    
3,786
      
382,386
  
Deckers Outdoor Corp.*
    
906
      
361,385
  
Kontoor Brands, Inc.
    
4,168
      
181,099
  
Lakeland Industries, Inc.*
    
169,290
      
2,256,636
  
Skechers U.S.A., Inc., Class A*
    
3,666
      
154,595
  
               
3,670,796
  
Auto Manufacturers — 0.3%
                
Wabash National Corp.
    
49,275
      
1,235,324
  
                   
Auto Parts & Equipment — 1.7%
                
Cooper-Standard Holdings, Inc.*
    
125,320
      
886,012
  
Dorman Products, Inc.*
    
1,452
      
130,157
  
Fox Factory Holding Corp.*
    
2,807
      
297,823
  
Gentherm, Inc.*
    
12,893
      
923,010
  
Methode Electronics, Inc.
    
2,370
      
108,262
  
Miller Industries Inc/TN
    
35,640
      
983,308
  
Motorcar Parts of America, Inc.*
    
124,620
      
1,404,467
  
Shyft Group Inc., (The)
    
31,933
      
783,316
  
Standard Motor Products, Inc.
    
5,590
      
214,712
  
Titan International, Inc.*
    
57,548
      
824,663
  
XPEL, Inc.*
    
17,704
      
1,213,609
  
               
7,769,339
  
Banks — 8.6%
                
Ameris Bancorp
    
2,245
      
118,716
  
Bank of Marin Bancorp
    
912
      
32,732
  
Banner Corp.
    
1,733
      
122,384
  
Cadence Bank
    
22,282
      
642,613
  
Capital Bancorp, Inc.
    
62,030
      
1,539,585
  
Capital City Bank Group, Inc.
    
876
      
30,835
  
Central Pacific Financial Corp.
    
3,784
      
80,183
  
City Holding Co.
    
10,054
      
1,024,704
  
Civista Bancshares, Inc.
    
71,380
      
1,631,747
  
Colony Bankcorp, Inc.
    
97,737
      
1,339,974
  
Community Bank System, Inc.
    
1,997
      
130,085
  
Community Trust Bancorp, Inc.
    
3,554
      
170,272
  
Customers Bancorp, Inc.*
    
13,377
      
431,676
  
CVB Financial Corp.
    
8,715
      
249,946
  
Dime Community Bancshares, Inc.
    
2,193
      
78,224
  
Eagle Bancorp, Inc.
    
2,728
      
128,652
  
Esquire Financial Holdings, Inc.
    
52,565
      
2,357,015
  
Farmers National Bancorp
    
113,640
      
1,728,464
  
First BanCorp
    
41,247
      
634,379
  
First Business Financial Services, Inc.
    
44,549
      
1,707,118
  
First Commonwealth Financial Corp.
    
18,699
      
275,249
  
First Financial Bancorp
    
24,036
      
635,271
  
First Financial Bankshares, Inc.
    
13,162
      
486,336
  
First Financial Corp, Inc.
    
3,691
      
177,426
  
First Hawaiian, Inc.
    
13,502
      
358,478
  
First Interstate BancSystem, Inc., Class A
    
2,950
      
128,679
  
First Merchants Corp.
    
11,680
      
516,373
  
First Northwest Bancorp
    
82,210
      
1,202,732
  
Flagstar Bancorp, Inc.
    
2,203
      
82,701
  
German American Bancorp, Inc.
    
1,217
      
48,510
  
Glacier Bancorp, Inc.
    
13,357
      
773,370
  
Heritage Financial Corp.
    
16,955
      
557,820
  
HomeStreet, Inc.
    
2,233
      
60,961
  
Hope Bancorp, Inc.
    
27,648
      
376,566
  
Horizon Bancorp
    
61,647
      
1,002,380
  
Independent Bank Corp.
    
1,193
      
107,990
  
Independent Bank Group, Inc.
    
581
      
38,311
  
Metropolitan Bank Holding Corp.*
    
23,626
      
1,501,196
  
NBT Bancorp, Inc.
    
1,326
      
61,208
  
Northeast Bank
    
59,640
      
2,525,158
  
OFG Bancorp
    
7,960
      
230,601
  
Old National Bancorp
    
10,450
      
199,700
  
Orrstown Financial Services, Inc.
    
59,950
      
1,613,255
  
Parke Bancorp, Inc.
    
99,591
      
2,166,104
  
Peoples Financial Services Corp.
    
19,760
      
1,125,134
  
Preferred Bank
    
1,379
      
104,239
  
S&T Bancorp, Inc.
    
8,702
      
325,629
  
Seacoast Banking Corp. of Florida
    
16,488
      
566,857
  
Simmons First National Corp., Class A
    
4,453
      
103,354
  
South Plains Financial, Inc.
    
1,276
      
39,505
  
Southside Bancshares, Inc.
    
4,513
      
164,002
  
Stellar Bancorp, Inc.
    
2,051
      
69,344
  
SVB Financial Group*
    
1
      
232
  
Tompkins Financial Corp.
    
1,660
      
138,676
  
TrustCo Bank Corp. NY
    
1,864
      
72,398
  
UMB Financial Corp.
    
3,164
      
270,585
  
United Community Banks, Inc.
    
12,730
      
496,088
  
Unity Bancorp, Inc.
    
72,830
      
2,076,383
  
Univest Financial Corp.
    
1,395
      
39,353
  
USCB Financial Holdings, Inc.*
    
108,660
      
1,443,005
  
Veritex Holdings, Inc.
    
11,815
      
385,878
  
Walker & Dunlop, Inc.
    
1,239
      
110,655
  
West Bancorporation, Inc.
    
78,870
      
1,896,035
  
Westamerica Bancorp
    
2,361
      
145,792
  
               
38,878,823
  
Beverages — 1.0%
                
Celsius Holdings, Inc.*
    
7,425
      
826,699
  
Coca-Cola Consolidated, Inc.
    
279
      
137,212
  
Duckhorn Portfolio Inc., (The)*
    
71,259
      
1,144,420
  
MGP Ingredients, Inc.
    
16,752
      
2,095,005
  
Vita Coco Co Inc., (The)*
    
38,487
      
455,686
  
               
4,659,022
  
Biotechnology — 5.2%
                
2seventy bio, Inc.*
    
2,799
      
43,860
  
Acumen Pharmaceuticals, Inc.*
    
38,316
      
217,635
  
Akero Therapeutics, Inc.*
    
4,302
      
200,043
  
Albireo Pharma, Inc.*
    
1,908
      
42,129
  
Allogene Therapeutics, Inc.*
    
12,657
      
124,798
  
ALX Oncology Holdings, Inc.*
    
13,037
      
144,711
  
Anavex Life Sciences Corp.*
    
13,742
      
121,204
  
ANI Pharmaceuticals, Inc.*
    
5,276
      
221,328
  
Apellis Pharmaceuticals, Inc.*
    
8,381
      
418,463
  
Arcus Biosciences, Inc.*
    
3,194
      
112,333
  
Astria Therapeutics, Inc.*
    
33,038
      
332,032
  
Atea Pharmaceuticals, Inc.*
    
7,521
      
35,273
  
BELLUS Health, Inc.*
    
24,866
      
245,427
  
Biohaven Ltd.*
    
29,224
      
462,324
  
Biomea Fusion, Inc.*
    
26,755
      
192,368
  
C4 Therapeutics, Inc.*
    
33,996
      
291,346
  
Cara Therapeutics, Inc.*
    
4,074
      
48,073
  
Chinook Therapeutics, Inc.*
    
49,181
      
1,113,950
  
CinCor Pharma, Inc.*
    
20,979
      
247,552
  
Crinetics Pharmaceuticals, Inc.*
    
95,979
      
1,715,145
  
Cullinan Oncology, Inc.*
    
3,244
      
40,323
  
Cytokinetics, Inc.*
    
22,681
      
963,943
  
Day One Biopharmaceuticals, Inc., Class I*
    
33,152
      
703,817
  
DICE Therapeutics, Inc.*
    
40,698
      
1,416,697
  
Dynavax Technologies Corp.*
    
70,528
      
875,252
  
Emergent BioSolutions, Inc.*
    
2,409
      
29,631
  
Halozyme Therapeutics, Inc.*
    
8,514
      
487,512
  
Immunocore Holdings PLC, ADR*
    
3,333
      
209,346
  
Innoviva, Inc.*
    
3,076
      
40,388
  
Intra-Cellular Therapies, Inc.*
    
6,957
      
377,209
  
IVERIC bio, Inc.*
    
37,015
      
874,294
  
Kinnate Biopharma, Inc.*
    
4,487
      
35,537
  
Ligand Pharmaceuticals, Inc.*
    
978
      
71,296
  
Myriad Genetics, Inc.*
    
6,426
      
130,191
  
Nektar Therapeutics*
    
19,103
      
53,488
  
Nuvalent, Inc.*
    
47,812
      
1,572,059
  
Organogenesis Holdings, Inc.*
    
12,664
      
34,699
  
REGENXBIO, Inc.*
    
1,850
      
44,215
  
Relay Therapeutics, Inc.*
    
34,216
      
635,733
  
REVOLUTION Medicines, Inc.*
    
14,690
      
346,537
  
Seer, Inc.*
    
6,023
      
38,909
  
SpringWorks Therapeutics, Inc.*
    
13,339
      
322,537
  
Tarsus Pharmaceuticals, Inc.*
    
1,802
      
30,292
  
Theravance Biopharma, Inc.*
    
6,387
      
68,724
  
TransMedics Group, Inc.*
    
37,564
      
2,324,085
  
Ventyx Biosciences, Inc.*
    
42,085
      
1,220,044
  
Veracyte, Inc.*
    
20,097
      
557,491
  
Vir Biotechnology, Inc.*
    
4,966
      
140,141
  
Viridian Therapeutics, Inc.*
    
17,559
      
443,716
  
Xencor, Inc.*
    
6,611
      
196,479
  
Xenon Pharmaceuticals, Inc.*
    
75,021
      
2,766,774
  
               
23,381,353
  
Building Materials — 1.2%
                
AAON, Inc.
    
4,120
      
326,551
  
American Woodmark Corp.*
    
1,043
      
56,531
  
Apogee Enterprises, Inc.
    
7,722
      
372,586
  
Armstrong World Industries, Inc.
    
18,178
      
1,388,981
  
Boise Cascade Co.
    
3,571
      
264,397
  
Gibraltar Industries, Inc.*
    
4,141
      
209,576
  
Modine Manufacturing Co.*
    
14,507
      
307,113
  
PGT Innovations, Inc.*
    
6,101
      
120,739
  
Simpson Manufacturing Co., Inc.
    
2,069
      
192,520
  
SPX Technologies, Inc.*
    
4,521
      
302,455
  
Summit Materials, Inc., Class A*
    
32,690
      
990,180
  
UFP Industries, Inc.
    
8,103
      
663,312
  
               
5,194,941
  
Chemicals — 0.6%
                
AdvanSix, Inc.
    
3,917
      
161,224
  
Axalta Coating Systems Ltd.*
    
37,613
      
1,009,533
  
Balchem Corp.
    
1,846
      
259,917
  
Chemours Co., (The)
    
9,276
      
288,020
  
Innospec, Inc.
    
1,121
      
124,308
  
Koppers Holdings, Inc.
    
7,974
      
237,545
  
Rogers Corp.*
    
1,868
      
203,687
  
Stepan Co.
    
2,701
      
301,350
  
               
2,585,584
  
Coal — 0.1%
                
Warrior Met Coal, Inc.
    
9,551
      
351,668
  
                   
Commercial Services — 7.7%
                
Acacia Research Corp.*
    
320,940
      
1,325,482
  
Adtalem Global Education, Inc.*
    
3,449
      
143,478
  
AirSculpt Technologies, Inc.
    
42,840
      
153,367
  
Alight, Inc.*
    
118,030
      
1,018,599
  
AMN Healthcare Services, Inc.*
    
3,294
      
407,468
  
ARC Document Solutions, Inc.
    
599,380
      
1,762,177
  
Arlo Technologies, Inc.*
    
9,774
      
37,337
  
ASGN, Inc.*
    
2,386
      
216,172
  
Barrett Business Services, Inc.
    
41,978
      
4,127,697
  
BGSF, Inc.
    
165,900
      
2,191,539
  
Brink's Co., (The)
    
4,054
      
242,227
  
Cass Information Systems, Inc.
    
1,866
      
81,134
  
CoreCivic, Inc.*
    
166,044
      
2,205,064
  
CRA International, Inc.
    
23,790
      
2,932,355
  
Cross Country Healthcare, Inc.*
    
69,821
      
2,498,195
  
Deluxe Corp.
    
7,148
      
138,242
  
Ennis, Inc.
    
2,365
      
54,939
  
European Wax Center, Inc.
    
24,878
      
360,731
  
EVERTEC, Inc.
    
35,125
      
1,186,171
  
Forrester Research, Inc.*
    
2,003
      
70,466
  
FTI Consulting, Inc.*
    
1,865
      
322,309
  
Green Dot Corp., Class A*
    
4,948
      
100,840
  
HealthEquity, Inc.*
    
1,801
      
114,327
  
Heidrick & Struggles International, Inc.
    
2,031
      
60,321
  
Huron Consulting Group, Inc.*
    
15,258
      
1,187,988
  
I3 Verticals, Inc., Class A*
    
23,829
      
626,464
  
ICF International, Inc.
    
4,495
      
487,123
  
Insperity, Inc.
    
2,292
      
271,717
  
Kelly Services, Inc., Class A
    
46,617
      
792,023
  
Landec Corp.*
    
135,618
      
1,154,109
  
MarketAxess Holdings, Inc.
    
1,203
      
322,308
  
Medifast, Inc.
    
1,970
      
248,319
  
National Research Corp.
    
1,212
      
46,953
  
Payoneer Global, Inc.*
    
234,174
      
1,264,540
  
Perdoceo Education Corp.*
    
10,039
      
144,060
  
Performant Financial Corp.*
    
95,690
      
228,699
  
Progyny, Inc.*
    
5,684
      
208,205
  
Rent-A-Center, Inc.
    
3,409
      
82,123
  
Resources Connection, Inc.
    
5,457
      
105,320
  
Shift4 Payments, Inc.*
    
9,452
      
438,006
  
ShotSpotter, Inc.*
    
1,126
      
37,755
  
SP Plus Corp.*
    
48,678
      
1,698,375
  
Strategic Education, Inc.
    
1,789
      
146,340
  
Stride, Inc.*
    
27,567
      
976,147
  
Udemy, Inc.*
    
63,522
      
901,377
  
Viad Corp.*
    
33,341
      
987,227
  
WillScot Mobile Mini Holdings Corp., Class A*
    
18,119
      
873,517
  
               
34,979,332
  
Computers — 1.7%
                
3D Systems Corp.*
    
9,382
      
95,133
  
CACI International, Inc., Class A*
    
1,145
      
357,584
  
DXC Technology Co.*
    
26,040
      
772,607
  
ExlService Holdings, Inc.*
    
1,497
      
280,238
  
Grid Dynamics Holdings, Inc.*
    
31,875
      
406,088
  
Insight Enterprises, Inc.*
    
2,176
      
226,108
  
MAXIMUS, Inc.
    
8,627
      
606,478
  
NCR Corp.*
    
45,851
      
1,094,463
  
NetScout Systems, Inc.*
    
1,238
      
46,153
  
One Stop Systems, Inc.*
    
185,588
      
582,746
  
OneSpan, Inc.*
    
4,506
      
56,640
  
Quantum Corp.*
    
447,440
      
568,249
  
Rimini Street, Inc.*
    
394,650
      
1,657,530
  
Science Applications International Corp.
    
1,681
      
185,095
  
TTEC Holdings, Inc.
    
3,501
      
167,873
  
WNS Holdings, Ltd., ADR*
    
5,516
      
465,109
  
               
7,568,094
  
Cosmetics/Personal Care — 0.9%
                
Beauty Health Co., (The)*
    
19,488
      
209,496
  
Edgewell Personal Care Co.
    
4,692
      
202,741
  
elf Beauty, Inc.*
    
53,172
      
2,922,333
  
Honest Co Inc/The*
    
12,013
      
34,598
  
Inter Parfums, Inc.
    
7,844
      
747,455
  
               
4,116,623
  
Distribution/Wholesale — 1.0%
                
G-III Apparel Group Ltd.*
    
19,012
      
411,230
  
H&E Equipment Services, Inc.
    
10,931
      
458,337
  
Manitex International, Inc.*
    
311,230
      
1,475,230
  
MRC Global, Inc.*
    
7,000
      
82,320
  
Pool Corp.
    
2,106
      
693,738
  
Resideo Technologies, Inc.*
    
6,662
      
107,924
  
SiteOne Landscape Supply, Inc.*
    
2,723
      
341,818
  
Univar Solutions, Inc.*
    
32,023
      
1,060,922
  
WESCO International, Inc.*
    
371
      
47,829
  
               
4,679,348
  
Diversified Financial Services — 1.5%
                
Encore Capital Group, Inc.*
    
3,458
      
174,283
  
Enova International, Inc.*
    
3,612
      
145,708
  
Evercore Partners, Inc., Class A
    
6,091
      
701,562
  
Flywire Corp.*
    
24,387
      
528,954
  
Houlihan Lokey, Inc.
    
5,900
      
580,265
  
Interactive Brokers Group, Inc., Class A
    
3,063
      
245,959
  
International Money Express, Inc.*
    
45,263
      
983,112
  
Radian Group, Inc.
    
33,704
      
659,587
  
Silvercrest Asset Management Group, Inc., Class A
    
113,746
      
2,149,800
  
Sunlight Financial Holdings, Inc.*
    
263,130
      
476,265
  
Virtus Investment Partners, Inc.
    
807
      
156,510
  
World Acceptance Corp.*
    
2,155
      
152,811
  
               
6,954,816
  
Electric — 0.2%
                
Altus Power, Inc.*
    
56,949
      
407,186
  
Unitil Corp.
    
6,637
      
363,840
  
               
771,026
  
Electrical Components & Equipment — 0.1%
                
Encore Wire Corp.
    
1,278
      
186,729
  
Littelfuse, Inc.
    
1,079
      
265,973
  
               
452,702
  
Electronics — 2.4%
                
Atkore International Group, Inc.*
    
15,424
      
1,884,042
  
Benchmark Electronics, Inc.
    
6,603
      
190,629
  
Brady Corp., Class A
    
2,928
      
140,251
  
Coherent Corp.*
    
3,416
      
125,265
  
Comtech Telecommunications Corp.
    
119,350
      
1,392,815
  
CTS Corp.
    
8,512
      
361,760
  
FARO Technologies, Inc.*
    
615
      
18,401
  
Itron, Inc.*
    
11,780
      
626,460
  
Ituran Location and Control Ltd.
    
27,351
      
639,193
  
Kimball Electronics, Inc.*
    
122,800
      
2,835,452
  
Knowles Corp.*
    
7,352
      
114,691
  
OSI Systems, Inc.*
    
1,136
      
100,513
  
Plexus Corp.*
    
8,499
      
936,760
  
Sanmina Corp.*
    
6,648
      
439,366
  
SYNNEX Corp.
    
830
      
84,909
  
TTM Technologies, Inc.*
    
8,548
      
137,366
  
Vontier Corp.
    
52,037
      
1,021,486
  
               
11,049,359
  
Energy-Alternate Sources — 0.4%
                
Eneti, Inc.
    
5,572
      
51,040
  
Green Plains, Inc.*
    
20,790
      
718,502
  
Maxeon Solar Technologies Ltd.*
    
22,098
      
508,696
  
REX American Resources Corp.*
    
2,520
      
74,365
  
Shoals Technologies Group, Inc.*
    
5,886
      
170,517
  
SolarEdge Technologies, Inc.*
    
1,052
      
314,401
  
               
1,837,521
  
Engineering & Construction — 3.3%
                
Arcosa, Inc.
    
17,398
      
1,063,018
  
Bowman Consulting Group Ltd.*
    
107,210
      
2,105,604
  
Comfort Systems USA, Inc.
    
14,733
      
1,867,555
  
Dycom Industries, Inc.*
    
12,096
      
1,102,430
  
EMCOR Group, Inc.
    
4,741
      
734,381
  
Exponent, Inc.
    
7,123
      
736,589
  
Latham Group, Inc.*
    
62,964
      
217,226
  
MasTec, Inc.*
    
4,399
      
399,561
  
Mistras Group, Inc.*
    
86,870
      
342,268
  
MYR Group, Inc.*
    
12,342
      
1,179,031
  
NV5 Global, Inc.*
    
10,790
      
1,559,263
  
Sterling Construction Co., Inc.*
    
97,384
      
3,189,326
  
TopBuild Corp.*
    
2,707
      
417,095
  
               
14,913,347
  
Entertainment — 0.4%
                
Everi Holdings, Inc.*
    
59,871
      
1,001,043
  
Liberty Media Corp-Liberty Braves*
    
1,183
      
39,181
  
Monarch Casino & Resort, Inc.*
    
3,215
      
272,793
  
Scientific Games Corp.*
    
6,167
      
399,436
  
               
1,712,453
  
Environmental Control — 0.6%
                
Energy Recovery, Inc.*
    
37,273
      
863,988
  
Harsco Corp.*
    
3,525
      
26,367
  
Montrose Environmental Group, Inc.*
    
32,347
      
1,493,137
  
Tetra Tech, Inc.
    
3,198
      
494,379
  
               
2,877,871
  
Food — 2.0%
                
B&G Foods, Inc.
    
10,026
      
133,145
  
Calavo Growers, Inc.
    
2,383
      
83,310
  
Chefs' Warehouse, Inc. (The)*
    
21,357
      
829,719
  
Grocery Outlet Holding Corp.*
    
5,767
      
174,567
  
Hostess Brands, Inc.*
    
11,540
      
304,656
  
Ingles Markets, Inc., Class A
    
14,569
      
1,472,926
  
J&J Snack Foods Corp.
    
2,130
      
349,363
  
John B Sanfilippo & Son, Inc.
    
1,789
      
151,510
  
Real Good Food Co Inc., (The)*
    
49,685
      
355,248
  
SpartanNash Co.
    
7,719
      
253,569
  
SunOpta, Inc.*
    
170,476
      
1,593,951
  
TreeHouse Foods, Inc.*
    
2,674
      
132,176
  
United Natural Foods, Inc.*
    
8,258
      
393,741
  
Utz Brands, Inc.
    
52,260
      
996,076
  
Weis Markets, Inc.
    
1,995
      
173,984
  
Whole Earth Brands, Inc.*
    
355,109
      
1,537,622
  
               
8,935,563
  
Food Service — 0.3%
                
Healthcare Services Group, Inc.
    
6,962
      
97,120
  
Sovos Brands, Inc.*
    
87,772
      
1,263,039
  
               
1,360,159
  
Forest Products & Paper — 0.0%
                
Clearwater Paper Corp., Class A*
    
2,737
      
106,825
  
Mercer International, Inc.
    
7,834
      
108,109
  
               
214,934
  
Gas — 0.4%
                
Chesapeake Utilities Corp.
    
1,307
      
156,487
  
Northwest Natural Holding, Co.
    
5,018
      
251,452
  
South Jersey Industries, Inc.
    
6,472
      
224,578
  
Southwest Gas Holdings, Inc.
    
17,376
      
1,189,561
  
               
1,822,078
  
Hand/Machine Tools — 0.4%
                
Franklin Electric Co., Inc.
    
1,896
      
157,937
  
Hurco Cos., Inc.
    
50,680
      
1,263,959
  
MSA Safety, Inc.
    
2,547
      
359,152
  
               
1,781,048
  
Healthcare-Products — 3.6%
                
ABIOMED, Inc.*
    
1,453
      
548,929
  
Adaptive Biotechnologies Corp.*
    
49,723
      
436,568
  
Alphatec Holdings, Inc.*
    
121,463
      
1,246,210
  
BioLife Solutions, Inc.*
    
7,650
      
161,950
  
Brooks Automation, Inc.
    
6,329
      
381,069
  
Cerus Corp.*
    
62,738
      
250,952
  
Cutera, Inc.*
    
17,338
      
824,942
  
EDAP TMS SA, ADR*
    
53,616
      
606,933
  
Establishment Labs Holdings, Inc.*
    
10,203
      
650,543
  
Glaukos Corp.*
    
2,779
      
129,418
  
Haemonetics Corp.*
    
3,260
      
278,111
  
ICU Medical, Inc.*
    
4,803
      
764,782
  
Inari Medical, Inc.*
    
5,244
      
385,854
  
Inspire Medical Systems, Inc.*
    
4,650
      
1,123,300
  
Integra LifeSciences Holdings Corp.*
    
3,088
      
169,655
  
Lantheus Holdings, Inc.*
    
18,944
      
1,176,044
  
Masimo Corp.*
    
2,530
      
366,698
  
MaxCyte, Inc.*
    
54,266
      
325,053
  
Meridian Bioscience, Inc.*
    
2,767
      
88,544
  
Merit Medical Systems, Inc.*
    
3,088
      
222,336
  
NuVasive, Inc.*
    
789
      
30,645
  
OmniAb, Inc.*
    
4,792
      
16,964
  
OmniAb, Inc. Old*
    
370
      
–
  
OmniAb, Inc. Old*
    
370
      
–
  
Omnicell, Inc.*
    
4,226
      
218,104
  
Patterson Cos., Inc.
    
32,899
      
935,648
  
PROCEPT BioRobotics Corp.*
    
31,410
      
1,347,489
  
Quanterix Corp.*
    
4,610
      
61,313
  
Repligen Corp.*
    
4,162
      
744,332
  
SI-BONE, Inc.*
    
11,648
      
143,037
  
Silk Road Medical, Inc.*
    
7,372
      
392,559
  
Treace Medical Concepts, Inc.*
    
52,349
      
1,211,879
  
Varex Imaging Corp.*
    
7,739
      
164,376
  
West Pharmaceutical Services, Inc.
    
2,836
      
665,496
  
               
16,069,733
  
Healthcare-Services — 0.8%
                
Addus HomeCare Corp.*
    
1,574
      
173,581
  
Amedisys, Inc.*
    
4,986
      
454,175
  
Chemed Corp.
    
621
      
322,920
  
Ensign Group, Inc., (The)
    
2,982
      
283,290
  
LHC Group, Inc.*
    
2,720
      
444,475
  
MEDNAX, Inc.*
    
36,784
      
587,808
  
ModivCare, Inc.*
    
2,212
      
170,324
  
National HealthCare Corp.
    
2,639
      
162,668
  
RadNet, Inc.*
    
24,013
      
474,737
  
Surgery Partners, Inc.*
    
13,351
      
377,967
  
US Physical Therapy, Inc.
    
1,754
      
151,563
  
               
3,603,508
  
Home Builders — 0.5%
                
Cavco Industries, Inc.*
    
624
      
143,289
  
Century Communities, Inc.
    
9,495
      
457,279
  
Installed Building Products, Inc.
    
3,100
      
263,283
  
LCI Industries
    
2,012
      
198,907
  
LGI Homes, Inc.*
    
2,657
      
263,947
  
M/I Homes, Inc.*
    
5,874
      
265,387
  
MDC Holdings, Inc.
    
4,389
      
142,335
  
Winnebago Industries, Inc.
    
5,231
      
306,484
  
               
2,040,911
  
Home Furnishings — 0.8%
                
Ethan Allen Interiors, Inc.
    
3,342
      
95,080
  
Hamilton Beach Brand, Class A
    
130,070
      
1,846,994
  
iRobot Corp.*
    
819
      
42,662
  
Sleep Number Corp.*
    
13,940
      
407,745
  
Universal Electronics, Inc.*
    
52,200
      
1,141,614
  
               
3,534,095
  
Household Products/Wares — 0.1%
                
Central Garden & Pet Co.*
    
2,380
      
97,699
  
Quanex Building Products Corp.
    
1,957
      
46,518
  
WD-40 Co.
    
995
      
166,662
  
               
310,879
  
Housewares — 0.3%
                
Lifetime Brands, Inc.
    
175,183
      
1,473,289
  
Tupperware Brands Corp.*
    
20,372
      
94,322
  
               
1,567,611
  
Insurance — 2.7%
                
American Equity Investment Life Holding Co.
    
49,708
      
2,013,671
  
Argo Group International Holdings Ltd.
    
2,322
      
63,112
  
Axis Capital Holdings Ltd.
    
28,437
      
1,636,834
  
BRP Group, Inc., Class A*
    
30,836
      
926,313
  
Donegal Group, Inc.
    
2,108
      
31,346
  
Employers Holdings, Inc.
    
3,627
      
168,547
  
Genworth Financial, Inc., Class A*
    
281,044
      
1,413,651
  
HCI Group, Inc.
    
1,031
      
38,580
  
Heritage Insurance Holdings, Inc.
    
209,380
      
345,477
  
Horace Mann Educators Corp.
    
1,864
      
71,932
  
James River Group Holdings Ltd.
    
17,313
      
415,858
  
NMI Holdings, Inc., Class A*
    
39,935
      
859,801
  
Palomar Holdings, Inc.*
    
12,851
      
806,272
  
RLI Corp.
    
1,478
      
192,243
  
Safety Insurance Group, Inc.
    
1,668
      
153,022
  
Selective Insurance Group, Inc.
    
3,866
      
371,600
  
Stewart Information Services Corp.
    
2,200
      
97,372
  
United Fire Group, Inc.
    
2,567
      
78,422
  
White Mountains Insurance Group Ltd.
    
1,918
      
2,606,294
  
               
12,290,347
  
Internet — 1.0%
                
ePlus, Inc.*
    
28,732
      
1,426,831
  
Eventbrite, Inc., Class A*
    
43,341
      
315,956
  
HealthStream, Inc.*
    
4,636
      
117,754
  
Liquidity Services, Inc.*
    
35,894
      
599,071
  
Perion Network Ltd.*
    
42,958
      
1,178,338
  
Tucows, Inc.*
    
2,407
      
73,895
  
Yelp, Inc.*
    
27,739
      
858,522
  
               
4,570,367
  
Investment Companies — 0.4%
                
Cannae Holdings, Inc.*
    
72,440
      
1,678,435
  
                   
Iron/Steel — 0.5%
                
ATI, Inc.*
    
52,411
      
1,599,060
  
Carpenter Technology Corp.
    
11,908
      
488,942
  
               
2,088,002
  
Leisure Time — 0.6%
                
Callaway Golf Co.*
    
4,678
      
98,004
  
OneSpaWorld Holdings Ltd.*
    
19,794
      
197,346
  
Planet Fitness, Inc., Class A*
    
5,773
      
452,372
  
Vista Outdoor, Inc.*
    
14,337
      
401,006
  
Xponential Fitness, Inc.*
    
75,743
      
1,676,950
  
               
2,825,678
  
Lodging — 0.3%
                
Boyd Gaming Corp.
    
4,776
      
292,912
  
Full House Resorts, Inc.*
    
44,922
      
343,653
  
Playa Hotels & Resorts NV*
    
137,240
      
844,026
  
               
1,480,591
  
Machinery-Construction & Mining — 0.3%
                
Argan, Inc.
    
26,500
      
1,005,675
  
BWX Technologies, Inc.
    
8,753
      
532,970
  
               
1,538,645
  
Machinery-Diversified — 1.3%
                
Albany International Corp., Class A
    
1,126
      
114,143
  
Applied Industrial Technologies, Inc.
    
1,045
      
138,452
  
Chart Industries, Inc.*
    
3,219
      
460,285
  
Enovis Corp.*
    
5,685
      
307,729
  
Esab Corp.
    
9,897
      
468,524
  
Flowserve Corp.
    
10,824
      
339,441
  
Lindsay Corp.
    
6,314
      
1,114,358
  
NN, Inc.*
    
179,350
      
342,558
  
Tennant Co.
    
2,414
      
153,361
  
Toro Co., (The)
    
5,348
      
593,574
  
Twin Disc, Inc.*
    
185,495
      
1,979,232
  
               
6,011,657
  
Media — 0.2%
                
Cable One, Inc.
    
754
      
546,115
  
EW Scripps Co., (The), Class A*
    
6,465
      
96,846
  
Scholastic Corp.
    
3,196
      
131,419
  
               
774,380
  
Metal Fabricate/Hardware — 1.6%
                
AZZ, Inc.
    
1,964
      
81,761
  
Mueller Industries, Inc.
    
5,975
      
410,901
  
Northwest Pipe Co.*
    
95,210
      
3,566,567
  
Standex International Corp.
    
1,485
      
155,999
  
Strattec Security Corp.*
    
55,520
      
1,379,117
  
Xometry, Inc.*
    
39,330
      
1,660,906
  
               
7,255,251
  
Mining — 0.4%
                
Astec Industries, Inc.
    
3,361
      
148,691
  
Century Aluminum Co.*
    
18,637
      
167,920
  
Energy Fuels Inc.*
    
66,466
      
461,274
  
Kaiser Aluminum Corp.
    
2,403
      
217,231
  
Livent Corp.*
    
4,171
      
116,746
  
Uranium Energy Corp.*
    
164,624
      
638,741
  
               
1,750,603
  
Miscellaneous Manufacturing — 1.3%
                
Axon Enterprise, Inc.*
    
6,910
      
1,271,647
  
EnPro Industries, Inc.
    
4,961
      
589,367
  
ESCO Technologies, Inc.
    
1,920
      
180,499
  
Fabrinet*
    
6,803
      
907,588
  
Federal Signal Corp.
    
28,237
      
1,372,036
  
John Bean Technologies Corp.
    
2,493
      
229,007
  
Materion Corp.
    
2,877
      
231,771
  
Myers Industries, Inc.
    
2,441
      
56,973
  
Park Aerospace Corp.
    
58,133
      
769,100
  
Sturm Ruger & Co., Inc.
    
2,818
      
154,793
  
               
5,762,781
  
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing — 0.1%
                
Badger Meter, Inc.
    
2,217
      
256,773
  
                   
Office Furnishings — 0.0%
                
Interface, Inc.
    
5,954
      
64,482
  
                   
Office/Business Equipment — 0.0%
                
Pitney Bowes, Inc.
    
13,705
      
52,353
  
                   
Oil & Gas — 2.6%
                
Evolution Petroleum Corp.
    
60,009
      
433,865
  
Helmerich & Payne, Inc.
    
4,567
      
233,282
  
Matador Resources Co.
    
24,867
      
1,650,174
  
Nabors Industries Ltd.*
    
628
      
99,431
  
Patterson-UTI Energy, Inc.
    
112,890
      
2,026,376
  
PBF Energy, Inc., Class A
    
5,245
      
208,594
  
PDC Energy, Inc.
    
21,646
      
1,608,731
  
Penn Virginia Corp.
    
19,911
      
867,522
  
Permian Resources Corp.
    
128,521
      
1,305,773
  
Range Resources Corp.
    
29,237
      
844,072
  
SM Energy Co.
    
26,159
      
1,127,715
  
Southwestern Energy Co.*
    
112,602
      
779,206
  
Talos Energy, Inc.*
    
23,929
      
470,205
  
               
11,654,946
  
Oil & Gas Services — 1.0%
                
DMC Global, Inc.*
    
44,840
      
824,608
  
Helix Energy Solutions Group, Inc.*
    
41,891
      
267,265
  
Natural Gas Services Group, Inc.*
    
183,540
      
2,028,117
  
NOW, Inc.*
    
14,472
      
180,610
  
Oceaneering International, Inc.*
    
35,309
      
536,344
  
Profire Energy, Inc.*
    
570,090
      
627,099
  
Select Energy Services, Inc.
    
8,411
      
68,886
  
               
4,532,929
  
Packaging & Containers — 0.4%
                
Karat Packaging, Inc.
    
40,640
      
561,645
  
Matthews International Corp., Class A
    
5,499
      
174,098
  
O-I Glass, Inc.*
    
6,528
      
107,125
  
TriMas Corp.
    
35,247
      
964,005
  
               
1,806,873
  
Pharmaceuticals — 1.6%
                
AdaptHealth Corp.*
    
3,436
      
76,657
  
Alector, Inc.*
    
18,296
      
155,333
  
Amphastar Pharmaceuticals, Inc.*
    
6,771
      
199,677
  
Anika Therapeutics, Inc.*
    
3,736
      
117,833
  
Collegium Pharmaceutical, Inc.*
    
2,619
      
57,278
  
Corcept Therapeutics, Inc.*
    
5,448
      
137,725
  
Eagle Pharmaceuticals, Inc.*
    
3,963
      
143,936
  
Embecta Corp.
    
4,050
      
133,326
  
Enanta Pharmaceuticals, Inc.*
    
4,093
      
179,233
  
Harmony Biosciences Holdings, Inc.*
    
844
      
50,446
  
KalVista Pharmaceuticals Inc.*
    
39,129
      
210,905
  
MERUS NV*
    
46,885
      
719,685
  
Morphic Holding, Inc.*
    
8,218
      
226,159
  
Option Care Health, Inc.*
    
11,736
      
353,371
  
Owens & Minor, Inc.
    
3,772
      
77,741
  
Premier, Inc., Class A
    
59,941
      
1,999,032
  
Prestige Brands Holdings, Inc.*
    
3,474
      
213,512
  
uniQure NV*
    
2,321
      
61,414
  
USANA Health Sciences, Inc.*
    
2,267
      
124,776
  
Vanda Pharmaceuticals, Inc.*
    
9,710
      
105,936
  
Vaxcyte, Inc.*
    
37,035
      
1,705,832
  
               
7,049,807
  
Pipelines — 0.3%
                
Golar LNG Ltd.*
    
62,975
      
1,578,783
  
                   
Real Estate — 0.8%
                
McGrath RentCorp
    
31,250
      
3,066,250
  
Newmark Group, Inc., Class A
    
31,480
      
266,951
  
RE/MAX Holdings, Inc., Class A
    
4,378
      
91,062
  
Realogy Holdings Corp.*
    
7,502
      
56,640
  
RMR Group, Inc. (The)
    
4,937
      
142,729
  
               
3,623,632
  
REITS — 3.1%
                
Agree Realty Corp.
    
1,641
      
114,788
  
Alexander & Baldwin, Inc.
    
8,102
      
160,015
  
Alexander's, Inc.
    
446
      
108,931
  
Alpine Income Property Trust, Inc.
    
123,894
      
2,356,464
  
American Finance Trust, Inc.
    
8,730
      
58,316
  
Apollo Commercial Real Estate Finance, Inc.
    
44,054
      
544,507
  
Bluerock Homes Trust, Inc.*
    
227
      
5,566
  
BRT Apartments Corp.
    
3,220
      
66,429
  
CareTrust REIT, Inc.
    
3,664
      
72,547
  
CBL & Associates Properties, Inc.
    
1,597
      
48,708
  
Centerspace
    
2,438
      
157,251
  
Chatham Lodging Trust*
    
17,141
      
229,175
  
Community Healthcare Trust, Inc.
    
2,769
      
97,635
  
CTO Realty Growth, Inc.
    
9,833
      
206,198
  
DiamondRock Hospitality Co.
    
13,130
      
123,553
  
Easterly Government Properties, Inc.
    
15,901
      
251,872
  
EastGroup Properties, Inc.
    
2,590
      
402,072
  
Farmland Partners, Inc.
    
4,288
      
56,945
  
Four Corners Property Trust, Inc.
    
2,959
      
80,307
  
Getty Realty Corp.
    
5,173
      
170,812
  
Global Medical REIT, Inc.
    
170,360
      
1,720,636
  
Great Ajax Corp.
    
202,961
      
1,583,096
  
Hersha Hospitality Trust
    
4,915
      
47,331
  
Hudson Pacific Properties, Inc.
    
18,750
      
216,750
  
Kite Realty Group Trust
    
7,450
      
169,860
  
KKR Real Estate Finance Trust, Inc.
    
9,611
      
159,062
  
Lexington Realty Trust
    
12,112
      
130,325
  
LTC Properties, Inc.
    
5,085
      
199,790
  
National Health Investors, Inc.
    
1,656
      
93,167
  
New York Mortgage Trust, Inc.
    
183,589
      
515,885
  
NexPoint Residential Trust, Inc.
    
2,319
      
111,521
  
One Liberty Properties, Inc.
    
1,332
      
31,755
  
Orion Office REIT, Inc.
    
15,658
      
145,463
  
PennyMac Mortgage Investment Trust
    
24,404
      
372,649
  
Piedmont Office Realty Trust, Inc.
    
14,174
      
147,551
  
PotlatchDeltic Corp.
    
1,462
      
69,869
  
Ready Capital Corp.
    
6,588
      
88,279
  
Redwood Trust, Inc.
    
77,920
      
615,568
  
Retail Opportunity Investments Corp.
    
28,261
      
430,980
  
Saul Centers, Inc.
    
3,903
      
168,219
  
Tanger Factory Outlet Centers, Inc.
    
33,410
      
649,825
  
Universal Health Realty Income Trust
    
6,003
      
315,098
  
Urstadt Biddle Properties, Inc., Class A
    
16,209
      
310,078
  
Whitestone REIT
    
18,658
      
181,542
  
               
13,786,390
  
Retail — 6.8%
                
Abercrombie & Fitch Co., Class A*
    
2,464
      
59,087
  
Asbury Automotive Group, Inc.*
    
8,984
      
1,685,578
  
Aspen Aerogels, Inc.*
    
60,932
      
734,840
  
Big Lots, Inc.
    
7,174
      
139,893
  
BJ's Restaurants, Inc.*
    
7,047
      
226,068
  
BJ's Wholesale Club Holdings, Inc.*
    
34,289
      
2,579,904
  
Bloomin' Brands, Inc.
    
20,453
      
460,602
  
Boot Barn Holdings, Inc.*
    
5,509
      
371,031
  
Buckle, Inc., (The)
    
2,951
      
129,696
  
Build-A-Bear Workshop, Inc.
    
155,690
      
3,697,637
  
Caleres, Inc.
    
28,445
      
687,231
  
Casey's General Stores, Inc.
    
1,888
      
458,822
  
Children's Place, Inc., (The)*
    
1,047
      
37,168
  
Chuy's Holdings, Inc.*
    
3,285
      
104,102
  
Dave & Buster's Entertainment, Inc.*
    
18,923
      
750,486
  
Designer Brands, Inc., Class A
    
23,923
      
366,022
  
Destination XL Group, Inc.*
    
396,110
      
2,638,093
  
DineEquity, Inc.
    
1,134
      
84,585
  
Dutch Bros, Inc.*
    
5,760
      
217,382
  
El Pollo Loco Holdings, Inc.
    
11,495
      
125,295
  
FirstCash Holdings, Inc.
    
2,930
      
275,010
  
Five Below, Inc.*
    
6,022
      
968,699
  
Freshpet, Inc.*
    
5,879
      
394,011
  
Genesco, Inc.*
    
986
      
51,469
  
GMS, Inc.*
    
18,278
      
897,450
  
Group 1 Automotive, Inc.
    
2,270
      
438,882
  
Guess?, Inc.
    
12,246
      
254,227
  
Hibbett Sports, Inc.
    
1,413
      
94,191
  
Kura Sushi USA, Inc.*
    
19,651
      
1,291,071
  
Leslie's, Inc.*
    
59,282
      
865,517
  
Lithia Motors, Inc., Class A
    
382
      
91,416
  
MSC Industrial Direct Co., Inc., Class A
    
6,984
      
599,437
  
Murphy USA, Inc.
    
5,145
      
1,521,942
  
ODP Corp., (The)*
    
1,590
      
76,527
  
Ollie's Bargain Outlet Holdings, Inc.*
    
6,111
      
372,160
  
Papa John's International, Inc.
    
5,696
      
474,249
  
PC Connection, Inc.*
    
1,419
      
78,825
  
PetMed Express, Inc.
    
4,164
      
82,447
  
Portillo's, Inc.*
    
28,350
      
572,387
  
PriceSmart, Inc.
    
1,079
      
76,652
  
Red Robin Gourmet Burgers, Inc.*
    
115,670
      
958,904
  
RH*
      
2,399
      
688,105
  
Shake Shack, Inc., Class A*
    
4,314
      
226,916
  
Shoe Carnival, Inc.
    
6,304
      
166,489
  
Signet Jewelers Ltd.
    
5,100
      
331,500
  
Texas Roadhouse, Inc.
    
7,274
      
722,454
  
Tilly's, Inc.
    
158,630
      
1,506,985
  
Wingstop, Inc.
    
3,215
      
532,115
  
World Fuel Services Corp.
    
19,749
      
561,859
  
Zumiez, Inc.*
    
3,678
      
85,514
  
               
30,810,932
  
Savings & Loans — 1.6%
                
Axos Financial, Inc.*
    
3,461
      
138,821
  
Banc of California, Inc.
    
5,748
      
97,544
  
Berkshire Hills Bancorp, Inc.
    
17,583
      
548,238
  
Brookline Bancorp, Inc.
    
4,100
      
58,302
  
Eagle Bancorp Montana, Inc.
    
73,800
      
1,313,640
  
FS Bancorp, Inc.
    
75,814
      
2,592,839
  
Northfield Bancorp, Inc.
    
4,651
      
74,183
  
Northwest Bancshares, Inc.
    
5,826
      
89,080
  
Pacific Premier Bancorp, Inc.
    
8,033
      
296,819
  
Provident Financial Services, Inc.
    
10,750
      
242,197
  
Riverview Bancorp, Inc.
    
242,220
      
1,838,450
  
               
7,290,113
  
Semiconductors — 4.6%
                
Advanced Energy Industries, Inc.
    
2,466
      
228,450
  
Aehr Test Systems*
    
40,182
      
1,047,545
  
Allegro MicroSystems, Inc.*
    
18,956
      
590,290
  
Amtech Systems, Inc.*
    
251,750
      
2,754,145
  
Axcelis Technologies, Inc.*
    
30,032
      
2,398,356
  
AXT, Inc.*
    
328,822
      
1,746,045
  
Bloom Energy Corp.*
    
10,288
      
219,032
  
CEVA, Inc.*
    
1,600
      
43,472
  
Cirrus Logic, Inc.*
    
3,525
      
263,353
  
Cohu, Inc.*
    
1,313
      
47,032
  
FormFactor, Inc.*
    
3,724
      
85,913
  
Impinj, Inc.*
    
22,796
      
2,907,630
  
inTEST Corp.*
    
255,870
      
2,904,124
  
Kulicke & Soffa Industries, Inc.
    
6,419
      
307,791
  
Lattice Semiconductor Corp.*
    
7,962
      
579,872
  
MKS Instruments, Inc.
    
1,371
      
114,972
  
Monolithic Power Systems, Inc.
    
1,952
      
745,586
  
Onto Innovation, Inc.*
    
8,903
      
711,795
  
Photronics, Inc.*
    
100,044
      
1,880,827
  
Power Integrations, Inc.
    
9,598
      
772,447
  
Semtech Corp.*
    
5,218
      
160,401
  
Silicon Laboratories, Inc.*
    
2,771
      
403,014
  
Veeco Instruments, Inc.*
    
3,472
      
69,023
  
               
20,981,115
  
Software — 3.8%
                
ACI Worldwide, Inc.*
    
47,362
      
989,866
  
Agilysys, Inc.*
    
27,741
      
1,842,002
  
Alkami Technology, Inc.*
    
20,040
      
251,903
  
Alteryx, Inc., Class A*
    
6,824
      
306,056
  
American Software, Inc., Class A
    
3,436
      
50,887
  
Apollo Medical Holdings, Inc.*
    
1,257
      
35,774
  
Appfolio, Inc.*
    
1,818
      
207,416
  
Asure Software, Inc.*
    
280,860
      
2,204,751
  
Blackbaud, Inc.*
    
799
      
47,357
  
Blackline, Inc.*
    
4,075
      
275,837
  
BM Technologies, Inc.*
    
216,265
      
1,150,530
  
Cogent Communications Holdings, Inc.
    
1,297
      
75,291
  
Computer Programs & Systems, Inc.*
    
36,865
      
1,091,204
  
Concentrix Corp.
    
830
      
101,575
  
CSG Systems International, Inc.
    
2,981
      
184,345
  
Digi International, Inc.*
    
47,231
      
2,005,901
  
DoubleVerify Holdings, Inc.*
    
15,934
      
417,471
  
Doximity, Inc.*
    
11,670
      
396,663
  
Duolingo, Inc.*
    
2,792
      
194,519
  
Dynatrace, Inc.*
    
9,886
      
383,082
  
Expensify, Inc.*
    
31,785
      
304,182
  
Five9, Inc.*
    
5,509
      
353,182
  
Jamf Holding Corp.*
    
11,127
      
236,783
  
JFrog Ltd.*
    
14,207
      
312,270
  
LivePerson, Inc.*
    
9,192
      
107,914
  
LiveRamp Holdings, Inc.*
    
2,300
      
50,508
  
Model N, Inc.*
    
7,621
      
296,304
  
PDF Solutions, Inc.*
    
1,842
      
57,783
  
Phreesia, Inc.*
    
21,047
      
585,528
  
Privia Health Group, Inc.*
    
9,553
      
228,603
  
Progress Software Corp.
    
5,306
      
282,916
  
Smith Micro Software, Inc.*
    
618,660
      
1,391,985
  
Sprout Social, Inc., Class A*
    
3,382
      
200,553
  
SPS Commerce, Inc.*
    
800
      
113,808
  
Take-Two Interactive Software, Inc.*
    
3,504
      
370,338
  
               
17,105,087
  
Telecommunications — 2.6%
                
A10 Networks, Inc.
    
53,720
      
1,005,101
  
ADTRAN Holdings, Inc.
    
2,145
      
43,479
  
Aviat Networks, Inc.*
    
21,566
      
678,466
  
Calix, Inc.*
    
32,700
      
2,331,510
  
Clearfield, Inc.*
    
18,495
      
2,434,312
  
DZS, Inc.*
    
3,028
      
35,791
  
Extreme Networks, Inc.*
    
88,905
      
1,864,338
  
Harmonic, Inc.*
    
139,187
      
2,135,129
  
IDT Corp., Class B*
    
3,111
      
86,952
  
InterDigital, Inc.
    
869
      
43,598
  
Iridium Communications, Inc.*
    
9,628
      
511,247
  
Liberty Latin America Ltd., Class C*
    
44,088
      
343,445
  
NetGear, Inc.*
    
431
      
8,504
  
Telephone & Data Systems, Inc.
    
7,126
      
75,108
  
United States Cellular Corp.*
    
1,499
      
31,869
  
Viavi Solutions, Inc.*
    
23,640
      
267,841
  
               
11,896,690
  
Textiles — 0.5%
                
UniFirst Corp.
    
11,557
      
2,239,284
  
                   
Transportation — 1.7%
                
Air Transport Services Group, Inc.*
    
109,063
      
3,058,127
  
ArcBest Corp.
    
7,779
      
643,868
  
Atlas Air Worldwide Holdings, Inc.*
    
177
      
17,836
  
Forward Air Corp.
    
11,023
      
1,238,655
  
Knight-Swift Transportation Holdings, Inc., Class A
    
1,873
      
103,820
  
Marten Transport Ltd.
    
7,327
      
156,138
  
Matson, Inc.
    
1,566
      
99,848
  
PAM Transportation Services, Inc.*
    
37,076
      
1,039,240
  
Saia, Inc.*
    
4,008
      
976,309
  
Scorpio Tankers, Inc.
    
4,242
      
216,427
  
               
7,550,268
  
Water — 0.1%
                
American States Water Co.
    
1,758
      
172,267
  
California Water Service Group
    
1,969
      
127,847
  
York Water Co., (The)
    
1,229
      
56,153
  
               
356,267
  
TOTAL COMMON STOCKS
                
(Cost $304,391,940)
            
418,371,775
  
                   
RIGHTS - 0.0%
                
Machinery Diversified – 0.0%
                
EVERCEL INC CVR*
    
350,100
      
–
  
TOTAL RIGHTS
                
(Cost $–)
            
–
  
WARRANTS - 0.0%
                
Biotechnology — 0.0%
                
EQRx, Inc. *
    
13,678
      
8,070
  
TOTAL WARRANTS
                
(Cost $23,295)
            
8,070
  
SHORT-TERM INVESTMENTS - 7.6%
                
U.S. Bank Money Market Deposit Account, 3.50% (a)
    
34,379,803
      
34,379,803
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $34,379,803)
            
34,379,803
  
TOTAL INVESTMENTS - 100.2%
                
(Cost $338,795,038)
            
452,759,648
  
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%
            
(1,037,133
)
NET ASSETS - 100.0%
          
$
451,722,515
  

*
Non-income producing security
                  
(a)
The rate shown is as of November 30, 2022.
          
ADR
American Depositary Receipt
                
PLC
Public Limited Company
                
REIT
Real Estate Investment Trust
                
SP ADR
Sponsored ADR
                
                   
The accompanying notes are an integral part of the portfolio of investments.
  


ADARA SMALLER COMPANIES FUND
NOTES TO PORTFOLIO OF INVESTMENTS
November 30, 2022 (UNAUDITED)

PORTFOLIO VALUATION – The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.
                 
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
                 
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
    
                 
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
                 
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
                 
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
                 
The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund's investments carried at fair value:

     
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
 
ADARA SMALLER COMPANIES FUND
                        
 
Common Stocks
  
$
418,371,775
    
$
418,371,775
    
$
-
 **
  
$
-
  
 
Rights
    
-
      
-
      
-
 **
    
-
  
 
Warrants
    
8,070
      
8,070
                  
 
Short-Term Investments
    
34,379,803
      
34,379,803
       -      
-
  
 
Total Investments*
  
$
452,759,648
    
$
452,759,648
    
$
-
 **
  
$
-
  
                                   
 
* Please refer to Portfolio of Investments for further details.
                          
 
** Value equals zero as of the end of the reporting period.
                          

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
                 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
                 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
                 
For the period ended November 30, 2022, the Fund had no Level 3 transfers.
        
                 
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.