NPORT-EX 2 adara.htm NPORT-EX

ADARA SMALLER COMPANIES FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 93.1%
            
Aerospace/Defense — 1.7%
            
AAR Corp. (a)
    
41,229
    
$
2,857,170
  
Aerovironment, Inc. (a)
    
13,008
      
1,790,031
  
Curtiss-Wright Corp.
    
2,004
      
428,656
  
Hexcel Corp.
    
19,505
      
1,351,891
  
Kratos Defense & Security Solutions, Inc. (a)
    
61,647
      
1,174,375
  
Mercury Systems, Inc. (a)
    
2,290
      
78,524
  
Moog, Inc. - Class A
    
1,762
      
246,698
  
National Presto Industries, Inc.
    
615
      
45,953
  
             
7,973,298
  
Agriculture — 0.5%
                
Alico, Inc.
    
68,790
      
1,923,368
  
Darling Ingredients, Inc. (a)
    
8,943
      
392,329
  
Vector Group Ltd.
    
9,371
      
100,364
  
Vital Farms, Inc. (a)
    
4,462
      
59,434
  
             
2,475,495
  
Airlines — 0.1%
                
Allegiant Travel Co.
    
3,700
      
253,413
  
SkyWest, Inc. (a)
    
8,137
      
384,717
  
             
638,130
  
Apparel — 0.9%
                
Capri Holdings, Ltd. (a)
    
5,836
      
282,696
  
Crocs, Inc. (a)
    
6,631
      
700,300
  
Kontoor Brands, Inc.
    
4,168
      
229,115
  
Lakeland Industries, Inc.
    
178,780
      
2,611,976
  
Skechers USA, Inc. - Class A (a)
    
3,666
      
215,964
  
             
4,040,051
  
Auto Manufacturers — 0.5%
                
Blue Bird Corp. (a)
    
37,156
      
708,936
  
Wabash National Corp.
    
68,055
      
1,491,766
  
             
2,200,702
  
Auto Parts & Equipment — 1.5%
                
Cooper-Standard Holdings, Inc. (a)
    
98,370
      
1,745,084
  
Dorman Products, Inc. (a)
    
1,368
      
98,551
  
Fox Factory Holding Corp. (a)
    
664
      
41,507
  
Gentherm, Inc. (a)
    
4,376
      
200,946
  
Methode Electronics, Inc.
    
12,810
      
303,981
  
Miller Industries, Inc.
    
53,890
      
2,141,588
  
Motorcar Parts of America, Inc. (a)
    
268,650
      
2,589,786
  
             
7,121,443
  
Banks — 9.0%
                
Ameris Bancorp
    
2,245
      
95,592
  
Bancorp, Inc. (a)
    
37,552
      
1,464,904
  
Bankwell Financial Group, Inc.
    
37,440
      
1,009,382
  
Banner Corp.
    
1,733
      
78,228
  
Cadence Bank
    
22,282
      
558,164
  
Cambridge Bancorp
    
1,098
      
64,156
  
Capital Bancorp, Inc.
    
62,030
      
1,313,175
  
Central Pacific Financial Corp.
    
3,784
      
66,485
  
City Holding Co.
    
4,208
      
405,104
  
Civista Bancshares, Inc.
    
106,460
      
1,666,099
  
Colony Bankcorp, Inc.
    
164,697
      
1,767,199
  
Community Bank System, Inc.
    
1,997
      
88,587
  
ConnectOne Bancorp, Inc.
    
5,049
      
99,263
  
Customers Bancorp, Inc. (a)
    
40,026
      
1,803,972
  
Dime Community Bancshares, Inc.
    
1,047
      
21,045
  
Esquire Financial Holdings, Inc.
    
35,005
      
1,630,183
  
Farmers National Bancorp
    
113,640
      
1,398,908
  
First BanCorp
    
40,525
      
607,875
  
First Business Financial Services, Inc.
    
53,989
      
1,888,535
  
First Commonwealth Financial Corp.
    
18,699
      
250,006
  
First Financial Bancorp
    
24,036
      
485,768
  
First Financial Bankshares, Inc.
    
13,162
      
345,502
  
First Hawaiian, Inc.
    
13,502
      
265,314
  
First Interstate BancSystem, Inc. - Class A
    
7,996
      
207,016
  
First Merchants Corp.
    
2,329
      
71,430
  
First Northwest Bancorp
    
83,950
      
1,239,102
  
Five Star Bancorp
    
70,610
      
1,613,438
  
Glacier Bancorp, Inc.
    
5,291
      
177,936
  
Heartland Financial USA, Inc.
    
3,173
      
98,141
  
Heritage Commerce Corp.
    
7,938
      
67,394
  
Hope Bancorp, Inc.
    
27,648
      
270,950
  
Horizon Bancorp, Inc.
    
125,947
      
1,371,563
  
Independent Bank Corp.
    
1,193
      
68,025
  
Kearny Financial Corp.
    
19,818
      
156,562
  
Lakeland Bancorp, Inc.
    
5,796
      
71,812
  
Metropolitan Bank Holding Corp. (a)
    
73,756
      
2,874,271
  
Midland States Bancorp, Inc.
    
2,458
      
55,502
  
NBT Bancorp, Inc.
    
1,326
      
47,113
  
Northeast Bank
    
58,560
      
3,002,371
  
OFG Bancorp
    
7,960
      
267,138
  
Old National Bancorp
    
10,450
      
155,601
  
Orrstown Financial Services, Inc.
    
71,086
      
1,701,088
  
Park National Corp.
    
737
      
81,807
  
Parke Bancorp, Inc.
    
115,981
      
2,094,617
  
Pinnacle Financial Partners, Inc.
    
8,605
      
624,465
  
Preferred Bank
    
1,314
      
80,982
  
Premier Financial Corp.
    
6,412
      
128,048
  
S&T Bancorp, Inc.
    
8,702
      
243,569
  
Sandy Spring Bancorp, Inc.
    
9,705
      
213,704
  
Seacoast Banking Corp. of Florida
    
28,163
      
654,508
  
Southside Bancshares, Inc.
    
4,513
      
123,792
  
Stellar Bancorp, Inc.
    
2,051
      
48,937
  
Stock Yards Bancorp, Inc.
    
1,084
      
47,826
  
TriCo Bancshares
    
3,184
      
109,593
  
Triumph Bancorp, Inc. (a)
    
14,319
      
971,831
  
UMB Financial Corp.
    
3,164
      
226,732
  
United Community Banks, Inc.
    
12,730
      
313,794
  
Unity Bancorp, Inc.
    
72,830
      
1,997,727
  
USCB Financial Holdings, Inc. (a)
    
135,700
      
1,571,406
  
Veritex Holdings, Inc.
    
11,815
      
226,139
  
Walker & Dunlop, Inc.
    
1,925
      
161,739
  
Washington Trust Bancorp, Inc.
    
5,029
      
134,475
  
WesBanco, Inc.
    
6,869
      
182,853
  
West Bancorporation, Inc.
    
68,770
      
1,217,917
  
             
42,346,360
  
Beverages — 0.8%
                
Celsius Holdings, Inc. (a)
    
11,365
      
562,681
  
Coca-Cola Consolidated, Inc.
    
279
      
204,931
  
MGP Ingredients, Inc.
    
9,107
      
778,193
  
Vita Coco Co., Inc. (a)
    
83,722
      
2,349,240
  
             
3,895,045
  
Biotechnology — 5.9%
                
4D Molecular Therapeutics, Inc. (a)
    
3,970
      
50,498
  
ADMA Biologics, Inc. (a)
    
167,983
      
621,537
  
Aerovate Therapeutics, Inc. (a)
    
11,565
      
181,686
  
Allogene Therapeutics, Inc. (a)
    
27,281
      
64,110
  
ANI Pharmaceuticals, Inc. (a)
    
10,387
      
517,377
  
Apogee Therapeutics, Inc. (a)
    
25,190
      
491,457
  
Astria Therapeutics, Inc. (a)
    
29,039
      
135,031
  
Biohaven Ltd. (a)
    
20,750
      
691,390
  
Biomea Fusion, Inc. (a)
    
24,823
      
374,083
  
Cassava Sciences, Inc. (a)
    
2,228
      
46,409
  
Crinetics Pharmaceuticals, Inc. (a)
    
100,628
      
3,198,964
  
Cymabay Therapeutics, Inc. (a)
    
56,738
      
1,085,398
  
Cytokinetics, Inc. (a)
    
5,803
      
194,285
  
Day One Biopharmaceuticals, Inc. (a)
    
32,773
      
379,511
  
Denali Therapeutics, Inc. (a)
    
14,635
      
271,040
  
Dynavax Technologies Corp. (a)
    
108,542
      
1,487,025
  
Halozyme Therapeutics, Inc. (a)
    
11,244
      
434,131
  
Ideaya Biosciences, Inc. (a)
    
55,287
      
1,738,776
  
Immunocore Holdings PLC, ADR (a)
    
7,153
      
377,178
  
ImmunoGen, Inc. (a)
    
113,000
      
3,316,550
  
Intra-Cellular Therapies, Inc. (a)
    
13,250
      
813,153
  
Keros Therapeutics, Inc. (a)
    
1,506
      
45,692
  
Kiniksa Pharmaceuticals Ltd. - Class A (a)
    
33,687
      
544,719
  
Ligand Pharmaceuticals, Inc. (a)
    
978
      
57,027
  
Maravai LifeSciences Holdings, Inc. - Class A (a)
    
20,569
      
104,902
  
Myriad Genetics, Inc. (a)
    
2,914
      
55,628
  
NeoGenomics, Inc. (a)
    
41,211
      
748,804
  
Nuvalent, Inc. - Class A (a)
    
31,088
      
2,032,223
  
OmniAb Operations, Inc. (a),(b)
    
370
      
0
  
OmniAb Operations, Inc. (a),(b)
    
370
      
0
  
Prothena Corp. PLC (a)
    
4,659
      
151,790
  
RayzeBio, Inc. (a)
    
26,295
      
627,925
  
REGENXBIO, Inc. (a)
    
2,936
      
57,311
  
Roivant Sciences Ltd. (a)
    
27,689
      
264,707
  
Sage Therapeutics, Inc. (a)
    
9,390
      
183,856
  
Structure Therapeutics, Inc., ADR (a)
    
52,958
      
2,949,231
  
Theravance Biopharma, Inc. (a)
    
6,387
      
66,936
  
Veracyte, Inc. (a)
    
27,735
      
710,016
  
Vericel Corp. (a)
    
1,632
      
58,001
  
Xenon Pharmaceuticals, Inc. (a)
    
63,492
      
2,322,537
  
             
27,450,894
  
Building Materials — 2.5%
                
AAON, Inc.
    
6,180
      
386,868
  
American Woodmark Corp. (a)
    
1,043
      
75,513
  
Apogee Enterprises, Inc.
    
7,722
      
348,262
  
Armstrong World Industries, Inc.
    
18,244
      
1,547,274
  
Aspen Aerogels, Inc. (a)
    
57,211
      
599,571
  
AZEK Co., Inc. (a)
    
16,027
      
552,771
  
Boise Cascade Co.
    
3,571
      
390,310
  
Gibraltar Industries, Inc. (a)
    
4,141
      
278,234
  
Knife River Corp. (a)
    
25,806
      
1,540,102
  
MDU Resources Group, Inc.
    
28,484
      
545,184
  
Modine Manufacturing Co. (a)
    
50,320
      
2,475,744
  
PGT Innovations, Inc. (a)
    
6,101
      
196,391
  
Simpson Manufacturing Co., Inc.
    
2,069
      
345,461
  
SPX Technologies, Inc. (a)
    
4,521
      
385,687
  
Summit Materials, Inc. - Class A (a)
    
38,765
      
1,344,758
  
UFP Industries, Inc.
    
8,103
      
888,332
  
             
11,900,462
  
Chemicals — 0.3%
                
AdvanSix, Inc.
    
3,917
      
102,351
  
Balchem Corp.
    
1,142
      
142,430
  
Chemours Co.
    
9,276
      
254,441
  
Innospec, Inc.
    
1,121
      
117,783
  
Koppers Holdings, Inc.
    
7,974
      
360,186
  
Quaker Chemical Corp.
    
568
      
101,553
  
Rogers Corp. (a)
    
1,868
      
241,719
  
Sensient Technologies Corp.
    
1,928
      
111,708
  
Stepan Co.
    
2,701
      
223,022
  
             
1,655,193
  
Coal — 0.1%
                
Warrior Met Coal, Inc.
    
9,551
      
534,569
  
                 
Commercial Services — 7.9%
                
Acacia Research Corp. (a)
    
320,940
      
1,168,222
  
Adtalem Global Education, Inc. (a)
    
13,386
      
762,600
  
Alight, Inc. - Class A (a)
    
128,686
      
984,448
  
AMN Healthcare Services, Inc. (a)
    
3,294
      
223,333
  
ARC Document Solutions, Inc.
    
446,350
      
1,263,171
  
Arlo Technologies, Inc. (a)
    
148,015
      
1,345,456
  
Barrett Business Services, Inc.
    
32,856
      
3,612,517
  
BGSF, Inc.
    
165,900
      
1,647,387
  
BrightView Holdings, Inc. (a)
    
6,056
      
46,268
  
Brink's Co.
    
4,054
      
319,861
  
CoreCivic, Inc. (a)
    
175,393
      
2,537,937
  
CorVel Corp. (a)
    
432
      
90,228
  
CRA International, Inc.
    
18,580
      
1,760,827
  
Cross Country Healthcare, Inc. (a)
    
6,965
      
141,181
  
Deluxe Corp.
    
4,893
      
89,493
  
EVERTEC, Inc.
    
41,758
      
1,543,793
  
Flywire Corp. (a)
    
43,656
      
1,017,185
  
FTI Consulting, Inc. (a)
    
2,567
      
565,921
  
GEO Group, Inc. (a)
    
122,529
      
1,243,669
  
Heidrick & Struggles International, Inc.
    
2,031
      
55,203
  
Herc Holdings, Inc.
    
2,293
      
283,552
  
Huron Consulting Group, Inc. (a)
    
12,853
      
1,338,897
  
Insperity, Inc.
    
2,292
      
260,715
  
Kelly Services, Inc. - Class A
    
46,617
      
969,167
  
Lincoln Educational Services Corp. (a)
    
161,840
      
1,498,638
  
MarketAxess Holdings, Inc.
    
1,203
      
288,864
  
Matthews International Corp. - Class A
    
5,499
      
187,791
  
Medifast, Inc.
    
3,532
      
234,454
  
Monro Muffler Brake, Inc.
    
9,687
      
280,148
  
Perdoceo Education Corp.
    
10,039
      
174,879
  
Performant Financial Corp. (a)
    
94,404
      
282,268
  
Progyny, Inc. (a)
    
8,650
      
297,214
  
Remitly Global, Inc. (a)
    
66,771
      
1,438,247
  
Rent-A-Center, Inc.
    
3,409
      
99,202
  
Shift4 Payments, Inc. - Class A (a)
    
7,498
      
493,518
  
SP Plus Corp. (a)
    
49,539
      
2,533,920
  
Strategic Education, Inc.
    
1,789
      
159,167
  
Stride, Inc. (a)
    
29,446
      
1,783,839
  
Universal Technical Institute, Inc. (a)
    
157,420
      
1,837,091
  
Viad Corp. (a)
    
40,864
      
1,360,771
  
WillScot Mobile Mini Holdings Corp. (a)
    
11,761
      
490,669
  
WW International, Inc. (a)
    
124,604
      
898,395
  
             
37,610,106
  
Computers — 1.8%
                
3D Systems Corp. (a)
    
35,092
      
187,391
  
ASGN, Inc. (a)
    
2,386
      
212,927
  
CACI International, Inc. - Class A (a)
    
1,145
      
367,488
  
Cantaloupe, Inc. (a)
    
9,881
      
69,859
  
DXC Technology Co. (a)
    
18,671
      
431,860
  
ExlService Holdings, Inc. (a)
    
27,451
      
778,785
  
Globant S.A. (a)
    
1,591
      
351,293
  
Grid Dynamics Holdings, Inc. (a)
    
59,099
      
749,375
  
Insight Enterprises, Inc. (a)
    
2,176
      
329,490
  
MAXIMUS, Inc.
    
11,713
      
977,918
  
NCR Atleos Corp. (a)
    
23,729
      
527,021
  
NCR Voyix Corp. (a)
    
47,459
      
744,157
  
One Stop Systems, Inc. (a)
    
185,588
      
382,311
  
Quantum Corp. (a)
    
447,440
      
133,919
  
Rimini Street, Inc. (a)
    
394,110
      
1,237,506
  
Science Applications International Corp.
    
1,681
      
197,366
  
Thoughtworks Holding, Inc. (a)
    
24,590
      
95,901
  
WNS Holdings Ltd., ADR (a)
    
10,273
      
611,038
  
             
8,385,605
  
Cosmetics/Personal Care — 0.6%
                
Beauty Health Co., (The) (a)
    
16,722
      
42,808
  
elf Beauty, Inc. (a)
    
14,235
      
1,681,011
  
Inter Parfums, Inc.
    
7,974
      
998,026
  
             
2,721,845
  
Distribution/Wholesale — 1.0%
                
G-III Apparel Group Ltd. (a)
    
19,012
      
546,975
  
Hudson Technologies, Inc. (a)
    
86,620
      
1,069,757
  
Manitex International, Inc. (a)
    
311,230
      
2,091,466
  
MRC Global, Inc. (a)
    
7,000
      
72,380
  
Pool Corp.
    
2,106
      
731,456
  
SiteOne Landscape Supply, Inc. (a)
    
1,725
      
242,915
  
WESCO International, Inc.
    
371
      
57,820
  
             
4,812,769
  
Diversified Financial Services — 1.8%
                
Encore Capital Group, Inc. (a)
    
3,458
      
154,918
  
Enova International, Inc. (a)
    
3,612
      
148,814
  
Evercore, Inc. - Class A
    
6,329
      
933,844
  
FTAI Aviation Ltd.
    
52,468
      
2,162,206
  
Houlihan Lokey, Inc.
    
8,422
      
907,218
  
Interactive Brokers Group, Inc. - Class A
    
3,063
      
238,424
  
PJT Partners, Inc. - Class A
    
14,165
      
1,275,700
  
Radian Group, Inc.
    
25,687
      
660,413
  
Silvercrest Asset Management Group, Inc. - Class A
    
89,226
      
1,390,141
  
Virtus Investment Partners, Inc.
    
807
      
157,865
  
World Acceptance Corp. (a)
    
2,155
      
240,175
  
             
8,269,718
  
Electric — 0.5%
                
Northwestern Energy Group, Inc.
    
25,950
      
1,305,545
  
PNM Resources, Inc.
    
16,762
      
696,796
  
Unitil Corp.
    
3,944
      
191,205
  
             
2,193,546
  
Electrical Components & Equipment — 0.1%
                
Encore Wire Corp.
    
1,278
      
235,535
  
Energizer Holdings, Inc.
    
1,353
      
41,727
  
Littelfuse, Inc.
    
1,079
      
251,191
  
             
528,453
  
Electronics — 3.4%
                
Applied Optoelectronics, Inc. (a)
    
109,657
      
1,452,955
  
Atkore International Group, Inc. (a)
    
17,490
      
2,271,951
  
Badger Meter, Inc.
    
2,217
      
326,719
  
Benchmark Electronics, Inc.
    
4,446
      
110,928
  
Brady Corp. - Class A
    
2,928
      
164,759
  
Camtek Ltd. (Israel) (a)
    
41,177
      
2,613,916
  
Coherent Corp. (a)
    
3,416
      
125,675
  
Comtech Telecommunications Corp.
    
144,150
      
1,702,412
  
Enovix Corp. (a)
    
61,222
      
677,728
  
ESCO Technologies, Inc.
    
1,920
      
201,562
  
Itron, Inc. (a)
    
4,655
      
313,654
  
Ituran Location and Control Ltd.
    
17,893
      
480,248
  
Kimball Electronics, Inc. (a)
    
111,440
      
2,745,882
  
Knowles Corp. (a)
    
7,352
      
116,676
  
OSI Systems, Inc. (a)
    
1,136
      
140,057
  
Plexus Corp. (a)
    
2,641
      
269,091
  
Sanmina Corp. (a)
    
6,648
      
333,131
  
SYNNEX Corp.
    
830
      
81,871
  
TTM Technologies, Inc. (a)
    
8,548
      
128,305
  
Vontier Corp.
    
46,036
      
1,552,794
  
             
15,810,314
  
Energy-Alternate Sources — 0.1%
                
Array Technologies, Inc. (a)
    
20,976
      
324,499
  
Eneti, Inc.
    
5,572
      
60,456
  
REX American Resources Corp. (a)
    
2,520
      
123,530
  
SolarEdge Technologies, Inc. (a)
    
1,052
      
83,508
  
             
591,993
  
Engineering & Construction — 2.9%
                
Bowman Consulting Group Ltd. (a)
    
97,470
      
3,005,000
  
Comfort Systems USA, Inc.
    
4,006
      
775,482
  
Construction Partners, Inc. - Class A (a)
    
17,748
      
744,706
  
EMCOR Group, Inc.
    
4,741
      
1,007,557
  
Exponent, Inc.
    
9,847
      
757,825
  
Mistras Group, Inc. (a)
    
109,200
      
722,904
  
MYR Group, Inc. (a)
    
13,375
      
1,664,118
  
Primoris Services Corp.
    
29,536
      
896,713
  
Shimmick Corp. (a)
    
130,980
      
812,076
  
Sterling Construction Co., Inc. (a)
    
30,190
      
1,917,367
  
TopBuild Corp. (a)
    
4,790
      
1,416,786
  
             
13,720,534
  
Entertainment — 0.4%
                
Atlanta Braves Holdings, Inc. - Class A (a)
    
1,183
      
47,734
  
Cinemark Holdings, Inc. (a)
    
7,468
      
106,419
  
Genius Sports Ltd. (a)
    
98,458
      
546,442
  
IMAX Corp., (Canada) (a)
    
33,302
      
531,167
  
Monarch Casino & Resort, Inc.
    
3,215
      
202,159
  
Scientific Games Corp. - Class A (a)
    
6,167
      
545,286
  
             
1,979,207
  
Environmental Control — 0.5%
                
CECO Environmental Corp. (a)
    
25,329
      
487,583
  
Energy Recovery, Inc. (a)
    
20,404
      
388,900
  
Montrose Environmental Group, Inc. (a)
    
24,235
      
757,829
  
Tetra Tech, Inc.
    
3,198
      
505,764
  
             
2,140,076
  
Food — 1.0%
                
Grocery Outlet Holding Corp. (a)
    
20,242
      
571,027
  
Ingles Markets, Inc. - Class A
    
15,183
      
1,239,236
  
J&J Snack Foods Corp.
    
578
      
95,110
  
John B Sanfilippo & Son, Inc.
    
1,789
      
164,659
  
The Real Good Food Co., Inc. (a)
    
48,654
      
92,443
  
SpartanNash Co.
    
7,719
      
171,130
  
Sprouts Farmers Market, Inc. (a)
    
10,296
      
443,552
  
United Natural Foods, Inc. (a)
    
20,624
      
300,079
  
Weis Markets, Inc.
    
1,995
      
120,398
  
Whole Earth Brands, Inc. (a)
    
404,939
      
1,316,052
  
             
4,513,686
  
Gas — 0.2%
                
Southwest Gas Holdings, Inc.
    
17,560
      
1,037,972
  
                 
Hand/Machine Tools — 0.5%
                
Franklin Electric Co., Inc.
    
1,896
      
168,744
  
Hurco Cos., Inc.
    
61,880
      
1,297,624
  
MSA Safety, Inc.
    
3,993
      
695,341
  
             
2,161,709
  
Health Care — 0.0%
                
Albireo Pharma Inc. (a),(b)
    
1,908
      
0
  
                 
Healthcare-Products — 3.2%
                
ABIOMED Inc. (a),(b)
    
1,453
      
0
  
Adaptive Biotechnologies Corp. (a)
    
51,167
      
224,111
  
Alphatec Holdings, Inc. (a)
    
143,313
      
1,701,125
  
Atrion Corp.
    
307
      
94,663
  
Avanos Medical, Inc. (a)
    
2,367
      
51,009
  
Brooks Automation, Inc. (a)
    
2,595
      
146,280
  
CryoLife, Inc. (a)
    
3,328
      
59,039
  
Embecta Corp.
    
46,080
      
845,107
  
Envista Holdings Corp. (a)
    
40,855
      
927,000
  
Glaukos Corp. (a)
    
2,161
      
138,066
  
Haemonetics Corp. (a)
    
3,260
      
263,636
  
ICU Medical, Inc. (a)
    
578
      
50,725
  
Inari Medical, Inc. (a)
    
8,861
      
528,913
  
Inmode Ltd. (a)
    
16,792
      
398,810
  
Inspire Medical Systems, Inc. (a)
    
2,249
      
326,802
  
Integra LifeSciences Holdings Corp. (a)
    
3,088
      
121,019
  
LeMaitre Vascular, Inc.
    
7,485
      
394,460
  
Masimo Corp. (a)
    
2,530
      
237,213
  
Merit Medical Systems, Inc. (a)
    
3,088
      
220,977
  
Omnicell, Inc. (a)
    
8,263
      
275,654
  
OrthoPediatrics Corp. (a)
    
1,874
      
57,775
  
Patterson Cos., Inc.
    
32,899
      
835,964
  
PROCEPT BioRobotics Corp. (a)
    
20,695
      
767,164
  
Pulmonx Corp. (a)
    
5,099
      
55,579
  
Quanterix Corp. (a)
    
22,131
      
530,480
  
Repligen Corp. (a)
    
6,275
      
986,744
  
RxSight, Inc. (a)
    
29,054
      
876,269
  
SI-BONE, Inc. (a)
    
20,884
      
395,961
  
Stevanato Group SpA
    
13,115
      
346,105
  
Surmodics, Inc. (a)
    
2,311
      
75,847
  
Tandem Diabetes Care, Inc. (a)
    
10,836
      
219,321
  
TransMedics Group, Inc. (a)
    
20,981
      
1,587,842
  
Varex Imaging Corp. (a)
    
7,739
      
145,880
  
West Pharmaceutical Services, Inc.
    
2,836
      
994,755
  
             
14,880,295
  
Healthcare-Services — 0.8%
                
Amedisys, Inc. (a)
    
8,554
      
800,483
  
Chemed Corp.
    
621
      
352,107
  
Ensign Group, Inc.
    
2,982
      
319,283
  
Fulgent Genetics, Inc. (a)
    
1,785
      
49,230
  
HealthEquity, Inc. (a)
    
1,801
      
120,703
  
National HealthCare Corp.
    
3,006
      
230,170
  
RadNet, Inc. (a)
    
26,580
      
883,253
  
Surgery Partners, Inc. (a)
    
22,151
      
725,445
  
US Physical Therapy, Inc.
    
2,284
      
194,209
  
             
3,674,883
  
Home Builders — 1.6%
                
Beazer Homes USA, Inc. (a)
    
35,576
      
936,005
  
Cavco Industries, Inc. (a)
    
624
      
176,455
  
Century Communities, Inc.
    
22,594
      
1,629,931
  
Installed Building Products, Inc.
    
17,059
      
2,567,550
  
LCI Industries
    
2,012
      
218,322
  
LGI Homes, Inc. (a)
    
2,657
      
313,712
  
M/I Homes, Inc. (a)
    
5,874
      
619,766
  
MDC Holdings, Inc.
    
4,389
      
194,257
  
Skyline Corp. (a)
    
6,432
      
387,142
  
Winnebago Industries, Inc.
    
5,231
      
338,079
  
             
7,381,219
  
Home Furnishings — 0.8%
                
Arhaus, Inc. (a)
    
64,410
      
600,301
  
Ethan Allen Interiors, Inc.
    
3,342
      
89,699
  
Floor & Decor Holdings, Inc. - Class A (a)
    
2,877
      
263,850
  
Hamilton Beach Brands Holding Co. - Class A
    
130,070
      
2,006,980
  
iRobot Corp. (a)
    
747
      
26,974
  
Universal Electronics, Inc. (a)
    
96,700
      
753,293
  
             
3,741,097
  
Household Products/Wares — 0.1%
                
Central Garden & Pet Co. (a)
    
1,215
      
49,305
  
Quanex Building Products Corp.
    
1,957
      
60,256
  
WD-40 Co.
    
1,574
      
380,719
  
             
490,280
  
Housewares — 0.3%
                
Lifetime Brands, Inc.
    
204,693
      
1,314,129
  
                 
Insurance — 3.6%
                
American Equity Investment Life Holding Co. (a)
    
7,985
      
440,453
  
Axis Capital Holdings Ltd.
    
28,540
      
1,607,944
  
Donegal Group, Inc. - Class A
    
2,108
      
29,997
  
Employers Holdings, Inc.
    
3,627
      
138,950
  
Genworth Financial, Inc. - Class A (a)
    
281,044
      
1,655,349
  
Goosehead Insurance, Inc., Class A - Class A (a)
    
25,836
      
1,893,262
  
HCI Group, Inc.
    
13,005
      
1,102,434
  
Heritage Insurance Holdings, Inc. (a)
    
284,628
      
2,501,880
  
Mercury General Corp.
    
25,954
      
966,786
  
NMI Holdings, Inc. - Class A (a)
    
34,518
      
949,245
  
Palomar Holdings, Inc. (a)
    
5,815
      
340,236
  
RLI Corp.
    
1,478
      
200,417
  
Safety Insurance Group, Inc.
    
1,668
      
128,319
  
Selective Insurance Group, Inc.
    
3,866
      
393,134
  
Skyward Specialty Insurance Group, Inc. (a)
    
43,122
      
1,410,089
  
Stewart Information Services Corp.
    
2,200
      
103,950
  
White Mountains Insurance Group Ltd.
    
1,937
      
2,967,329
  
             
16,829,774
  
Internet — 2.0%
                
Couchbase, Inc. (a)
    
30,574
      
600,473
  
DHI Group, Inc. (a)
    
321,810
      
791,653
  
ePlus, Inc. (a)
    
28,833
      
1,830,319
  
EverQuote, Inc. - Class A (a)
    
58,930
      
617,586
  
Gambling.com Group Ltd. (a)
    
66,940
      
639,946
  
HealthStream, Inc.
    
2,700
      
67,500
  
QuinStreet, Inc. (a)
    
39,153
      
489,021
  
Roku, Inc. (a)
    
8,757
      
912,480
  
Rover Group, Inc. (a)
    
94,559
      
1,034,476
  
Sprinklr, Inc. - Class A (a)
    
47,499
      
744,784
  
TripAdvisor, Inc. (a)
    
62,975
      
1,122,844
  
Yelp, Inc. (a)
    
19,930
      
871,140
  
             
9,722,222
  
Investment Companies — 0.3%
                
Cannae Holdings, Inc. (a)
    
74,291
      
1,334,266
  
                 
Iron/Steel — 0.6%
                
ATI, Inc. (a)
    
42,066
      
1,848,801
  
Carpenter Technology Corp.
    
11,908
      
843,205
  
             
2,692,006
  
Leisure Time — 0.8%
                
Callaway Golf Co. (a)
    
4,678
      
57,352
  
Lindblad Expeditions Holdings, Inc. (a)
    
70,421
      
552,805
  
OneSpaWorld Holdings Ltd. (a)
    
196,056
      
2,362,475
  
Vista Outdoor, Inc. (a)
    
14,337
      
404,447
  
Xponential Fitness, Inc. - Class A (a)
    
36,655
      
500,707
  
             
3,877,786
  
Lodging — 0.1%
                
Boyd Gaming Corp.
    
4,776
      
282,023
  
                 
Machinery-Construction & Mining — 0.5%
                
Argan, Inc.
    
19,747
      
921,000
  
Astec Industries, Inc.
    
3,361
      
104,494
  
BWX Technologies, Inc.
    
16,001
      
1,248,558
  
             
2,274,052
  
Machinery-Diversified — 1.3%
                
Albany International Corp. - Class A
    
1,126
      
96,633
  
Applied Industrial Technologies, Inc.
    
6,241
      
998,997
  
Chart Industries, Inc. (a)
    
3,219
      
418,567
  
Flowserve Corp.
    
18,155
      
694,610
  
Lindsay Corp.
    
4,924
      
587,482
  
Tennant Co.
    
2,414
      
206,687
  
Toro Co.
    
5,348
      
443,884
  
Twin Disc, Inc.
    
185,495
      
2,539,427
  
             
5,986,287
  
Media — 0.4%
                
Cable One, Inc.
    
1,305
      
694,365
  
EW Scripps Co. - Class A (a)
    
28,653
      
197,992
  
Gray Television, Inc.
    
44,952
      
347,479
  
Scholastic Corp.
    
3,196
      
121,416
  
Sinclair, Inc.
    
29,261
      
368,981
  
             
1,730,233
  
Metal Fabricate/Hardware — 1.2%
                
Advanced Drainage Systems, Inc.
    
4,797
      
580,965
  
AZZ, Inc.
    
1,964
      
96,570
  
Mueller Industries, Inc.
    
11,950
      
496,283
  
NN, Inc. (a)
    
179,350
      
430,440
  
Northwest Pipe Co. (a)
    
86,990
      
2,359,169
  
Standex International Corp.
    
1,485
      
198,723
  
Strattec Security Corp. (a)
    
66,980
      
1,428,683
  
             
5,590,833
  
Mining — 0.4%
                
Century Aluminum Co. (a)
    
18,637
      
146,487
  
Uranium Energy Corp. (a)
    
278,409
      
1,815,227
  
             
1,961,714
  
Miscellaneous Manufacturing — 1.4%
                
Axon Enterprise, Inc. (a)
    
5,340
      
1,227,506
  
Enpro Industries, Inc.
    
4,961
      
637,141
  
Fabrinet (a)
    
7,444
      
1,205,184
  
Federal Signal Corp.
    
28,443
      
1,960,860
  
John Bean Technologies Corp.
    
2,493
      
257,527
  
Materion Corp.
    
2,877
      
325,418
  
Myers Industries, Inc.
    
2,441
      
43,010
  
Park Aerospace Corp.
    
58,707
      
885,302
  
Sturm Ruger & Co., Inc.
    
968
      
42,553
  
             
6,584,501
  
Office Furnishings — 0.0%
                
Interface, Inc.
    
11,644
      
117,721
  
                 
Office-Business Equipment — 0.0%
                
Pitney Bowes, Inc.
    
13,705
      
55,368
  
                 
Oil & Gas — 2.0%
                
Chevron Corp.
    
10,039
      
1,441,600
  
Delek US Holdings, Inc.
    
40,494
      
1,099,007
  
Evolution Petroleum Corp.
    
60,009
      
355,853
  
Helmerich & Payne, Inc.
    
4,567
      
165,463
  
Patterson-UTI Energy, Inc.
    
112,890
      
1,321,942
  
PBF Energy, Inc. - Class A
    
5,245
      
232,878
  
Permian Resources Corp.
    
112,142
      
1,473,546
  
Range Resources Corp.
    
29,237
      
950,203
  
SM Energy Co.
    
36,792
      
1,377,860
  
Southwestern Energy Co. (a)
    
112,602
      
742,047
  
Talos Energy, Inc. (a)
    
23,929
      
333,092
  
             
9,493,491
  
Oil & Gas Services — 2.1%
                
DMC Global, Inc. (a)
    
64,520
      
1,029,094
  
Helix Energy Solutions Group, Inc. (a)
    
41,891
      
390,424
  
Liberty Energy, Inc.
    
40,148
      
796,938
  
Natural Gas Services Group, Inc. (a)
    
200,570
      
3,068,721
  
NOW, Inc. (a)
    
52,743
      
525,848
  
Oceaneering International, Inc. (a)
    
59,285
      
1,224,828
  
Profire Energy, Inc. (a)
    
511,820
      
854,739
  
TechnipFMC PLC
    
50,245
      
1,041,076
  
Tidewater, Inc. (a)
    
21,166
      
1,271,653
  
             
10,203,321
  
Packaging & Containers — 0.2%
                
Clearwater Paper Corp. (a)
    
2,737
      
95,987
  
O-I Glass, Inc. (a)
    
6,528
      
96,353
  
TriMas Corp.
    
35,375
      
906,661
  
             
1,099,001
  
Pharmaceuticals — 1.7%
                
AdaptHealth Corp. (a)
    
9,594
      
81,357
  
Amphastar Pharmaceuticals, Inc. (a)
    
6,771
      
381,343
  
Collegium Pharmaceutical, Inc. (a)
    
2,619
      
67,125
  
Corcept Therapeutics, Inc. (a)
    
3,332
      
84,866
  
Ironwood Pharmaceuticals, Inc. (a)
    
29,813
      
295,149
  
KalVista Pharmaceuticals Inc. (a)
    
39,035
      
329,456
  
Madrigal Pharmaceuticals, Inc. (a)
    
334
      
67,902
  
MERUS NV (a)
    
46,256
      
1,144,374
  
Morphic Holding, Inc. (a)
    
13,572
      
321,656
  
Option Care Health, Inc. (a)
    
19,499
      
580,095
  
Owens & Minor, Inc. (a)
    
3,772
      
74,987
  
Pacira BioSciences, Inc. (a)
    
1,519
      
41,438
  
PetIQ, Inc. (a)
    
48,847
      
850,915
  
Premier, Inc. - Class A
    
20,976
      
431,896
  
Prestige Brands Holdings, Inc. (a)
    
3,474
      
199,234
  
Rhythm Pharmaceuticals, Inc. (a)
    
31,619
      
1,057,023
  
Vaxcyte, Inc. (a)
    
46,260
      
2,394,880
  
             
8,403,696
  
Real Estate — 0.7%
                
Marcus & Millichap, Inc.
    
2,121
      
72,984
  
McGrath RentCorp
    
30,596
      
3,111,307
  
Newmark Group, Inc. - Class A
    
36,036
      
296,576
  
             
3,480,867
  
REITS — 2.5%
                
Agree Realty Corp.
    
1,641
      
97,164
  
Alexander & Baldwin, Inc.
    
4,543
      
76,095
  
Alpine Income Property Trust, Inc.
    
106,224
      
1,734,638
  
American Assets Trust, Inc.
    
14,803
      
298,132
  
Apollo Commercial Real Estate Finance, Inc.
    
44,054
      
474,902
  
CareTrust REIT, Inc.
    
7,113
      
164,168
  
Centerspace
    
2,329
      
124,229
  
Chatham Lodging Trust
    
17,141
      
169,867
  
Community Healthcare Trust, Inc.
    
5,498
      
148,996
  
DiamondRock Hospitality Co.
    
13,130
      
109,242
  
EastGroup Properties, Inc.
    
2,590
      
450,012
  
Getty Realty Corp.
    
5,173
      
152,241
  
Gladstone Commercial Corp.
    
10,245
      
128,063
  
Gladstone Land Corp.
    
6,828
      
97,982
  
Global Medical REIT, Inc.
    
179,420
      
1,799,583
  
Great Ajax Corp.
    
202,600
      
958,298
  
Kite Realty Group Trust
    
7,450
      
157,344
  
Lexington Realty Trust
    
12,112
      
106,343
  
New York Mortgage Trust, Inc.
    
45,897
      
403,435
  
NexPoint Residential Trust, Inc.
    
2,074
      
63,153
  
Outfront Media, Inc.
    
50,443
      
616,918
  
PennyMac Mortgage Investment Trust
    
24,404
      
342,632
  
Piedmont Office Realty Trust, Inc. - Class A
    
87,278
      
542,869
  
PotlatchDeltic Corp.
    
1,462
      
67,018
  
Ready Capital Corp.
    
6,588
      
67,329
  
Redwood Trust, Inc.
    
77,920
      
554,011
  
Regency Centers Corp.
    
2,758
      
173,147
  
Retail Opportunity Investments Corp.
    
28,261
      
363,719
  
Saul Centers, Inc.
    
3,903
      
144,216
  
Tanger, Inc.
    
33,410
      
833,914
  
Whitestone REIT
    
14,111
      
154,657
  
             
11,574,317
  
Retail — 6.7%
                
Abercrombie & Fitch Co. - Class A (a)
    
24,001
      
1,821,436
  
Advance Auto Parts, Inc.
    
24,074
      
1,222,718
  
Asbury Automotive Group, Inc. (a)
    
4,829
      
1,013,221
  
BJ's Restaurants, Inc. (a)
    
7,047
      
210,917
  
BJ's Wholesale Club Holdings, Inc. (a)
    
38,316
      
2,474,447
  
Bloomin' Brands, Inc.
    
20,453
      
477,373
  
Boot Barn Holdings, Inc. (a)
    
5,509
      
403,699
  
Buckle, Inc.
    
2,951
      
113,791
  
Build-A-Bear Workshop, Inc.
    
116,580
      
2,848,049
  
Casey's General Stores, Inc.
    
1,888
      
519,955
  
Chuy's Holdings, Inc. (a)
    
3,285
      
115,632
  
Cracker Barrel Old Country Store, Inc.
    
5,574
      
374,183
  
Dave & Buster's Entertainment, Inc. (a)
    
17,640
      
723,946
  
Designer Brands, Inc. - Class A
    
5,265
      
61,285
  
Destination XL Group, Inc. (a)
    
493,740
      
1,866,337
  
Dine Brands Global, Inc.
    
3,003
      
130,540
  
First Watch Restaurant Group, Inc. (a)
    
42,826
      
774,294
  
FirstCash Holdings, Inc.
    
2,930
      
328,160
  
Five Below, Inc. (a)
    
6,624
      
1,248,359
  
Foot Locker, Inc.
    
18,535
      
499,148
  
Freshpet, Inc. (a)
    
8,809
      
624,999
  
GMS, Inc. (a)
    
9,865
      
667,269
  
Group 1 Automotive, Inc.
    
2,270
      
640,367
  
Guess?, Inc.
    
12,246
      
269,657
  
Hibbett Sports, Inc.
    
1,413
      
88,383
  
Kura Sushi USA, Inc. - Class A (a)
    
9,147
      
571,505
  
Leslie's, Inc. (a)
    
84,968
      
418,892
  
Lithia Motors, Inc.
    
382
      
101,990
  
MSC Industrial Direct Co., Inc. - Class A
    
8,736
      
851,061
  
Murphy USA, Inc.
    
5,145
      
1,901,335
  
ODP Corp. (a)
    
1,590
      
72,424
  
Ollie's Bargain Outlet Holdings, Inc. (a)
    
9,458
      
692,988
  
PriceSmart, Inc.
    
1,079
      
72,714
  
Red Robin Gourmet Burgers, Inc. (a)
    
206,150
      
1,826,489
  
RH (a)
    
2,399
      
647,658
  
Shoe Carnival, Inc.
    
6,304
      
153,124
  
Signet Jewelers Ltd.
    
5,100
      
419,118
  
Texas Roadhouse, Inc.
    
8,981
      
1,010,901
  
Tilly's, Inc. - Class A (a)
    
204,870
      
1,694,275
  
Warby Parker, Inc. - Class A (a)
    
86,562
      
901,110
  
Wingstop, Inc.
    
3,366
      
809,052
  
Zumiez, Inc. (a)
    
3,290
      
62,115
  
             
31,724,916
  
Savings & Loans — 1.3%
                
Axos Financial, Inc. (a)
    
3,461
      
132,453
  
Banc of California, Inc.
    
1,873
      
21,652
  
Berkshire Hills Bancorp, Inc.
    
17,583
      
368,012
  
Eagle Bancorp Montana, Inc.
    
63,570
      
788,268
  
Flushing Financial Corp.
    
4,361
      
61,621
  
FS Bancorp, Inc.
    
86,404
      
2,622,361
  
New York Community Bancorp, Inc.
    
8,845
      
83,231
  
Northwest Bancshares, Inc.
    
5,826
      
64,902
  
Pacific Premier Bancorp, Inc.
    
8,033
      
180,903
  
Provident Financial Services, Inc.
    
10,750
      
163,615
  
Riverview Bancorp, Inc.
    
242,220
      
1,448,476
  
             
5,935,494
  
Semiconductors — 2.8%
                
Advanced Energy Industries, Inc.
    
2,466
      
234,393
  
Aehr Test Systems (a)
    
12,477
      
286,472
  
Amtech Systems, Inc. (a)
    
251,750
      
1,948,545
  
Axcelis Technologies, Inc. (a)
    
3,272
      
406,644
  
AXT, Inc. (a)
    
394,730
      
785,513
  
CEVA, Inc. (a)
    
2,534
      
55,140
  
Cirrus Logic, Inc. (a)
    
3,525
      
267,583
  
FormFactor, Inc. (a)
    
7,775
      
292,185
  
inTEST Corp. (a)
    
110,930
      
1,449,855
  
Kulicke & Soffa Industries, Inc.
    
6,419
      
330,707
  
Lattice Semiconductor Corp. (a)
    
9,652
      
565,125
  
MKS Instruments, Inc.
    
1,371
      
113,176
  
Monolithic Power Systems, Inc.
    
1,952
      
1,071,101
  
Onto Innovation, Inc. (a)
    
6,554
      
924,180
  
Photronics, Inc. (a)
    
53,465
      
1,129,715
  
Power Integrations, Inc.
    
13,634
      
1,041,774
  
Semtech Corp. (a)
    
911
      
14,913
  
Silicon Laboratories, Inc. (a)
    
2,363
      
248,989
  
SiTime Corp. (a)
    
3,297
      
364,648
  
SkyWater Technology, Inc. (a)
    
59,016
      
416,063
  
SMART Global Holdings, Inc. (a)
    
9,014
      
150,173
  
Veeco Instruments, Inc. (a)
    
43,593
      
1,243,708
  
             
13,340,602
  
Software — 4.2%
                
ACI Worldwide, Inc. (a)
    
49,949
      
1,335,636
  
ACV Auctions, Inc. - Class A (a)
    
63,229
      
988,269
  
Agilysys, Inc. (a)
    
20,992
      
1,807,201
  
Alignment Healthcare, Inc. (a)
    
8,930
      
66,975
  
Alkami Technology, Inc. (a)
    
33,981
      
773,747
  
Appfolio, Inc. - Class A (a)
    
3,433
      
649,695
  
Asure Software, Inc. (a)
    
176,070
      
1,403,278
  
Blackbaud, Inc. (a)
    
799
      
60,117
  
BlackLine, Inc. (a)
    
11,545
      
667,878
  
BM Technologies, Inc. (a)
    
215,920
      
660,715
  
Cogent Communications Holdings, Inc.
    
1,297
      
82,826
  
Computer Programs & Systems, Inc. (a)
    
37,144
      
390,383
  
Concentrix Corp.
    
830
      
78,012
  
Confluent, Inc. - Class A (a)
    
15,453
      
327,913
  
CSG Systems International, Inc.
    
2,939
      
144,569
  
DoubleVerify Holdings, Inc. (a)
    
21,854
      
725,553
  
Fastly, Inc. - Class A (a)
    
23,719
      
393,973
  
Five9, Inc. (a)
    
8,598
      
655,340
  
Genasys, Inc. (a)
    
350,770
      
564,740
  
Gitlab, Inc. - Class A (a)
    
12,351
      
597,047
  
Global-e Online Ltd. (a)
    
15,796
      
541,013
  
JFrog Ltd. (a)
    
21,783
      
587,705
  
LiveRamp Holdings, Inc. (a)
    
24,698
      
818,986
  
PDF Solutions, Inc. (a)
    
1,842
      
55,242
  
Privia Health Group, Inc. (a)
    
30,639
      
633,002
  
Procore Technologies, Inc. (a)
    
11,111
      
656,549
  
Progress Software Corp.
    
5,306
      
285,781
  
PROS Holdings, Inc. (a)
    
11,907
      
435,201
  
Smartsheet, Inc. - Class A (a)
    
13,316
      
564,332
  
Smith Micro Software, Inc. (a)
    
711,330
      
483,349
  
SPS Commerce, Inc. (a)
    
800
      
137,824
  
Take-Two Interactive Software, Inc. (a)
    
3,504
      
554,333
  
Verra Mobility Corp. (a)
    
10,407
      
208,973
  
Vertex, Inc. - Class A (a)
    
33,087
      
928,421
  
Yext, Inc. (a)
    
94,856
      
628,895
  
             
19,893,473
  
Telecommunications — 0.6%
                
Aviat Networks, Inc. (a)
    
6,616
      
200,531
  
Calix, Inc. (a)
    
20,565
      
793,603
  
Credo Technology Group Holding Ltd. (a)
    
35,291
      
632,062
  
IDT Corp. - Class B (a)
    
3,111
      
91,308
  
InterDigital, Inc.
    
869
      
86,830
  
Iridium Communications, Inc.
    
9,628
      
366,827
  
Lumen Technologies, Inc. (a)
    
116,434
      
152,529
  
NetGear, Inc. (a)
    
7,443
      
101,523
  
Telephone & Data Systems, Inc.
    
10,347
      
203,836
  
United States Cellular Corp. (a)
    
8,331
      
378,477
  
Viavi Solutions, Inc. (a)
    
23,640
      
191,011
  
             
3,198,537
  
Textiles — 0.5%
                
UniFirst Corp.
    
12,397
      
2,139,722
  
                 
Toys/Games/Hobbies — 0.3%
                
Funko, Inc. - Class A (a)
    
7,565
      
49,021
  
JAKKS Pacific, Inc. (a)
    
38,690
      
1,139,034
  
             
1,188,055
  
Transportation — 1.5%
                
Air Transport Services Group, Inc. (a)
    
105,895
      
1,684,790
  
ArcBest Corp.
    
17,018
      
2,028,375
  
Forward Air Corp.
    
6,038
      
383,594
  
Knight-Swift Transportation Holdings, Inc.
    
1,873
      
100,730
  
Marten Transport Ltd.
    
7,327
      
138,114
  
PAM Transportation Services, Inc. (a)
    
41,286
      
778,654
  
Saia, Inc. (a)
    
4,008
      
1,564,683
  
Scorpio Tankers, Inc.
    
4,242
      
232,843
  
World Kinect Corp.
    
20,029
      
421,410
  
             
7,333,193
  
Trucking & Leasing — 0.1%
                
Greenbrier Cos., Inc.
    
7,861
      
296,438
  
                 
Water — 0.0%
                
American States Water Co.
    
1,758
      
140,464
  
California Water Service Group
    
1,969
      
99,573
  
             
240,037
  
TOTAL COMMON STOCKS  (COST $325,904,238)
            
438,775,024
  
                 
   
NUMBER OF
SHARES (000'S)
          
SHORT-TERM INVESTMENTS — 7.3%
                
Money Market Funds — 7.3%
                
First American Treasury Obligations Fund, 5.28% (c)
    
34,331
      
34,330,735
  
TOTAL MONEY MARKET FUNDS (COST $34,330,735)
            
34,330,735
  
TOTAL SHORT-TERM INVESTMENTS (COST $34,330,735)
            
34,330,735
  
TOTAL INVESTMENTS (COST $360,234,973) — 100.4%
            
473,105,759
  
 LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
            
(1,674,364
)
TOTAL NET ASSETS — 100.0%
          
$
471,431,395
  
   
Percentages are stated as a percent of net assets.
  

ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors.  As of November 30, 2023, these securities amounted to $0 or 0.0% of net assets.
(c)
The rate shown is as of November 30, 2023.


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 sales 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. 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 are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. 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 Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
ADARA SMALLER COMPANIES FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 

 
 
Common Stocks
 
$
438,775,024
 
 
$
438,775,024
 
 
$
–
 
 
$
–
 
Total Equity Securities
 
$
438,775,024
 
 
$
438,775,024
 
 
$
–
 
 
$
–
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Short-Term Investments
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Money Market Funds
 
$
34,330,735
 
 
$
34,330,735
 
 
$
–
 
 
$
–
 
Total Short-Term Investments
 
$
34,330,735
 
 
$
34,330,735
 
 
$
–
 
 
$
–
 
Total  Assets*
 
$
473,105,759
 
 
$
473,105,759
 
 
$
–
 
 
$
–
 

* Please refer to Portfolio of Investments for further details.

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, 2023, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.