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.