NPORT-EX 2 adara.htm NPORT-EX

Adara Smaller Companies Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)

COMMON STOCKS - 91.3%
  
Shares
    
Value
Aerospace/Defense - 1.2%
    
AAR Corp.(a)
  
11,755
   $
 834,487
Aerovironment, Inc.(a)
  
10,000
    
   2,021,500
Curtiss-Wright Corp.
  
2,004
    
   566,771
Hexcel Corp.
  
12,840
    
   884,291
Kratos Defense & Security Solutions, Inc.(a)
  
91,060
    
   1,979,644
Loar Holdings, Inc.(a)
  
3,307
    
   188,400
Mercury Systems, Inc.(a)
  
2,290
    
   70,876
Moog, Inc. - Class A
  
1,762
    
   298,536
National Presto Industries, Inc.
  
615
    
   45,805
         
   6,890,310
             
Agriculture - 0.8%
    
Alico, Inc.
  
73,180
    
   1,959,029
Darling Ingredients, Inc.(a)
  
8,943
    
   361,297
Vector Group Ltd.
  
9,371
    
   102,800
Vital Farms, Inc.(a)
  
53,725
    
   2,223,140
         
   4,646,266
             
Airlines - 0.3%
    
Alaska Air Group, Inc.(a)
  
5,261
    
   221,067
Allegiant Travel Co.
  
10,481
    
   557,589
SkyWest, Inc.(a)
  
8,137
    
   607,590
Spirit Airlines, Inc.
  
32,914
    
   120,136
         
   1,506,382
             
Apparel - 1.0%
    
Capri Holdings, Ltd.(a)
  
5,836
    
   201,634
Crocs, Inc.(a)
  
8,873
    
   1,380,994
Hanesbrands, Inc.(a)
  
26,344
    
   134,881
Kontoor Brands, Inc.
  
4,168
    
   305,681
Lakeland Industries, Inc.
  
147,780
    
   2,723,585
Levi Strauss & Co. - Class A
  
34,134
    
   819,557
Skechers USA, Inc. - Class A(a)
  
3,666
    
   261,826
         
   5,828,158
             
Auto Manufacturers - 0.8%
    
Blue Bird Corp.(a)
  
36,329
    
   2,071,117
REV Group, Inc.
  
61,805
    
   1,694,075
Wabash National Corp.
  
40,707
    
   920,385
         
   4,685,577
             
Auto Parts & Equipment - 1.6%
    
Cooper-Standard Holdings, Inc.(a)
  
98,370
    
   1,298,484
Dorman Products, Inc.(a)
  
1,368
    
   125,815
Fox Factory Holding Corp.(a)
  
4,251
    
   198,182
Gentherm, Inc.(a)
  
4,376
    
   236,041
Methode Electronics, Inc.
  
15,665
    
   184,534
Miller Industries, Inc.
  
47,420
    
   2,883,136
Motorcar Parts of America, Inc.(a)
  
393,550
    
   2,003,169
Strattec Security Corp.(a)
  
66,980
    
   1,862,044
         
   8,791,405
             
Banks - 7.6%
    
Ameris Bancorp
  
2,245
    
   112,138
Bankwell Financial Group, Inc.
  
43,640
    
   1,079,654
Banner Corp.
  
1,733
    
   81,156
Cadence Bank
  
22,282
    
   636,151
Cambridge Bancorp
  
1,098
    
   73,500
Capital Bancorp, Inc.
  
73,840
    
   1,487,876
Central Pacific Financial Corp.
  
3,784
    
   76,740
City Holding Co.
  
4,208
    
   430,142
Civista Bancshares, Inc.
  
106,460
    
   1,525,572
Colony Bankcorp, Inc.
  
164,697
    
   1,989,540
Community Financial System, Inc.
  
1,997
    
   90,784
ConnectOne Bancorp, Inc.
  
5,049
    
   94,113
Customers Bancorp, Inc.(a)
  
29,284
    
   1,326,565
Dime Community Bancshares, Inc.
  
1,047
    
   19,338
Esquire Financial Holdings, Inc.
  
35,005
    
   1,602,179
Farmers National Bancorp
  
93,820
    
   1,146,480
First BanCorp
  
39,633
    
   702,693
First Business Financial Services, Inc.
  
57,829
    
   1,966,764
First Commonwealth Financial Corp.
  
18,699
    
   252,623
First Financial Bancorp
  
24,036
    
   536,003
First Financial Bankshares, Inc.
  
13,162
    
   394,597
First Foundation, Inc.
  
14,483
    
   85,739
First Hawaiian, Inc.
  
13,502
    
   274,496
First Interstate BancSystem, Inc. - Class A
  
7,996
    
   212,214
First Merchants Corp.
  
2,329
    
   76,973
First Northwest Bancorp
  
83,950
    
   912,536
Five Star Bancorp
  
88,850
    
   2,036,442
Glacier Bancorp, Inc.
  
5,291
    
   197,778
Heartland Financial USA, Inc.
  
3,173
    
   139,485
Heritage Commerce Corp.
  
7,938
    
   64,695
Hope Bancorp, Inc.
  
27,648
    
   291,133
Horizon Bancorp, Inc.
  
125,947
    
   1,539,072
Independent Bank Corp.
  
1,193
    
   60,592
Metropolitan Bank Holding Corp.(a)
  
75,646
    
   3,180,914
Midland States Bancorp, Inc.
  
2,458
    
   55,846
NBT Bancorp, Inc.
  
1,326
    
   49,301
Northeast Bank
  
58,560
    
   3,255,350
OFG Bancorp
  
7,960
    
   295,794
Old National Bancorp
  
10,450
    
   178,591
Orrstown Financial Services, Inc.
  
77,716
    
   2,029,165
Park National Corp.
  
737
    
   101,308
Parke Bancorp, Inc.
  
126,461
    
   2,052,462
Peapack-Gladstone Financial Corp.
  
2,621
    
   56,876
Pinnacle Financial Partners, Inc.
  
9,641
    
   766,556
Preferred Bank
  
1,314
    
   98,182
Premier Financial Corp.
  
6,412
    
   126,381
S&T Bancorp, Inc.
  
8,702
    
   277,681
Sandy Spring Bancorp, Inc.
  
21,902
    
   513,383
Seacoast Banking Corp. of Florida
  
36,416
    
   861,967
Southside Bancshares, Inc.
  
4,513
    
   120,994
Stellar Bancorp, Inc.
  
2,051
    
   46,332
Stock Yards Bancorp, Inc.
  
1,084
    
   50,785
TriCo Bancshares
  
3,184
    
   121,247
Triumph Bancorp, Inc.(a)
  
5,631
    
   418,383
UMB Financial Corp.
  
3,164
    
   260,840
United Community Banks, Inc.
  
12,730
    
   326,652
Unity Bancorp, Inc.
  
72,830
    
   2,037,783
USCB Financial Holdings, Inc.
  
147,860
    
   1,786,149
Veritex Holdings, Inc.
  
11,815
    
   241,026
Walker & Dunlop, Inc.
  
1,925
    
   184,781
Washington Trust Bancorp, Inc.
  
5,097
    
   133,796
WesBanco, Inc.
  
6,869
    
   189,584
West Bancorporation, Inc.
  
68,770
    
   1,191,096
         
   42,524,968
             
Beverages - 0.5%
    
Celsius Holdings, Inc.(a)
  
9,321
    
   745,494
Coca-Cola Consolidated, Inc.
  
279
    
   273,710
Duckhorn Portfolio, Inc.(a)
  
97,190
    
   784,323
MGP Ingredients, Inc.
  
931
    
   72,264
Vita Coco Co., Inc.(a)
  
33,145
    
   964,851
         
   2,840,642
             
Biotechnology - 5.1%
    
4D Molecular Therapeutics, Inc.(a)
  
3,970
    
   95,161
ADMA Biologics, Inc.(a)
  
207,336
    
   1,980,059
Aerovate Therapeutics, Inc.(a)
  
11,565
    
   201,809
ANI Pharmaceuticals, Inc.(a)
  
5,276
    
   342,412
Apogee Therapeutics, Inc.(a)
  
40,582
    
   1,852,162
Astria Therapeutics, Inc.(a)
  
104,011
    
   984,984
Autolus Therapeutics PLC - ADR(a)
  
48,359
    
   202,624
Avid Bioservices, Inc.(a)
  
41,365
    
   334,643
Biohaven Ltd.(a)
  
14,121
    
   495,647
Biomea Fusion, Inc.(a)
  
32,127
    
   337,976
CG oncology, Inc.(a)
  
7,728
    
   251,778
Crinetics Pharmaceuticals, Inc.(a)
  
103,363
    
   4,590,351
Cytokinetics, Inc.(a)
  
5,803
    
   281,504
Day One Biopharmaceuticals, Inc.(a)
  
51,462
    
   682,901
Denali Therapeutics, Inc.(a)
  
17,374
    
   322,461
Edgewise Therapeutics, Inc.(a)
  
49,550
    
   848,792
Halozyme Therapeutics, Inc.(a)
  
20,447
    
   905,598
Ideaya Biosciences, Inc.(a)
  
31,608
    
   1,155,272
Immunocore Holdings PLC - ADR(a)
  
9,223
    
   451,743
Intra-Cellular Therapies, Inc.(a)
  
6,983
    
   469,537
Janux Therapeutics, Inc.(a)
  
13,666
    
   731,131
Keros Therapeutics, Inc.(a)
  
1,506
    
   70,586
Kiniksa Pharmaceuticals Ltd. - Class A(a)
  
44,566
    
   847,200
Larimar Therapeutics, Inc.(a)
  
49,676
    
   397,408
Ligand Pharmaceuticals, Inc.(a)
  
978
    
   83,179
Maravai LifeSciences Holdings, Inc. - Class A(a)
  
43,590
    
   377,925
Mind Medicine MindMed, Inc.(a)
  
73,086
    
   643,157
Myriad Genetics, Inc.(a)
  
2,914
    
   66,323
Nurix Therapeutics, Inc.(a)
  
45,239
    
   712,514
Nuvalent, Inc. - Class A(a)
  
16,605
    
   1,089,620
OmniAb Operations, Inc.(a)(b)
  
370
    
   0
OmniAb Operations, Inc.(a)(b)
  
370
    
   0
Praxis Precision Medicines, Inc.(a)
  
11,973
    
   568,239
Prothena Corp. PLC(a)
  
5,422
    
   112,832
Roivant Sciences Ltd.(a)
  
33,458
    
   346,625
Structure Therapeutics, Inc. - ADR(a)
  
50,786
    
   1,736,881
Tarsus Pharmaceuticals, Inc.(a)
  
26,330
    
   867,837
Vera Therapeutics, Inc.(a)
  
14,182
    
   538,774
Vericel Corp.(a)
  
1,632
    
   77,846
Viking Therapeutics, Inc.(a)
  
6,108
    
   380,284
Xenon Pharmaceuticals, Inc.(a)
  
63,492
    
   2,417,140
         
   28,852,915
             
Building Materials - 2.9%
    
AAON, Inc.
  
6,180
    
   463,809
American Woodmark Corp.(a)
  
1,043
    
   89,813
Apogee Enterprises, Inc.
  
7,722
    
   501,698
Armstrong World Industries, Inc.
  
11,691
    
   1,353,818
Aspen Aerogels, Inc.(a)
  
87,654
    
   2,622,608
AZEK Co., Inc.(a)
  
16,723
    
   802,035
Boise Cascade Co.
  
3,571
    
   490,263
Gibraltar Industries, Inc.(a)
  
4,141
    
   312,480
Knife River Corp.(a)
  
16,553
    
   1,170,463
MDU Resources Group, Inc.
  
42,971
    
   1,084,588
Modine Manufacturing Co.(a)
  
39,794
    
   4,016,010
Simpson Manufacturing Co., Inc.
  
2,069
    
   343,288
SPX Technologies, Inc.(a)
  
4,521
    
   630,318
Summit Materials, Inc. - Class A(a)
  
41,503
    
   1,603,676
UFP Industries, Inc.
  
8,103
    
   968,146
         
   16,453,013
             
Chemicals - 0.4%
    
AdvanSix, Inc.
  
3,917
    
   92,833
Balchem Corp.
  
1,142
    
   175,411
Chemours Co.
  
9,276
    
   230,230
Ingevity Corp.(a)
  
1,139
    
   55,640
Innospec, Inc.
  
1,121
    
   146,627
Koppers Holdings, Inc.
  
7,974
    
   353,487
Perimeter Solutions SA(a)
  
31,536
    
   239,674
Quaker Chemical Corp.
  
568
    
   103,007
Rogers Corp.(a)
  
1,868
    
   220,424
Sensient Technologies Corp.
  
1,928
    
   149,748
Stepan Co.
  
2,701
    
   235,446
         
   2,002,527
             
Coal - 0.2%
    
Warrior Met Coal, Inc.
  
19,811
    
   1,355,667
             
Commercial Services - 6.6%
    
Acacia Research Corp.(a)
  
320,940
    
   1,790,845
Adtalem Global Education, Inc.(a)
  
3,449
    
   222,081
Alight, Inc. - Class A(a)
  
135,913
    
   1,053,326
AMN Healthcare Services, Inc.(a)
  
3,294
    
   184,266
ARC Document Solutions, Inc.
  
446,350
    
   1,191,755
Arlo Technologies, Inc.(a)
  
195,002
    
   2,770,979
Barrett Business Services, Inc.
  
30,464
    
   4,031,606
BGSF, Inc.
  
165,900
    
   1,153,005
BrightView Holdings, Inc.(a)
  
77,090
    
   1,064,613
Brink's Co.
  
4,054
    
   418,535
CompoSecure, Inc.
  
111,630
    
   708,292
CoreCivic, Inc.(a)
  
175,393
    
   2,815,058
CRA International, Inc.
  
8,900
    
   1,566,133
Cross Country Healthcare, Inc.(a)
  
6,965
    
   105,311
Deluxe Corp.
  
4,893
    
   111,218
EVERTEC, Inc.
  
35,991
    
   1,258,605
FTI Consulting, Inc.(a)
  
3,776
    
   811,085
GEO Group, Inc.(a)
  
138,002
    
   2,006,549
Heidrick & Struggles International, Inc.
  
2,031
    
   69,623
Herc Holdings, Inc.
  
5,204
    
   754,944
Insperity, Inc.
  
2,292
    
   217,098
Kelly Services, Inc. - Class A
  
37,611
    
   817,663
Lincoln Educational Services Corp.(a)
  
130,970
    
   1,534,968
Marathon Digital Holdings, Inc.(a)
  
4,043
    
   78,919
MarketAxess Holdings, Inc.
  
1,203
    
   239,313
Matthews International Corp. - Class A
  
5,499
    
   155,787
Moneylion, Inc.(a)
  
16,002
    
   1,576,197
Perdoceo Education Corp.
  
10,039
    
   225,878
Progyny, Inc.(a)
  
10,066
    
   271,279
Rent-A-Center, Inc.
  
3,409
    
   111,883
Repay Holdings Corp.(a)
  
65,231
    
   635,350
Shift4 Payments, Inc. - Class A(a)
  
11,620
    
   781,794
Strategic Education, Inc.
  
1,789
    
   202,908
Stride, Inc.(a)
  
29,446
    
   2,021,762
Universal Technical Institute, Inc.(a)
  
134,498
    
   2,126,413
Viad Corp.(a)
  
42,009
    
   1,468,215
WillScot Mobile Mini Holdings Corp.(a)
  
13,273
    
   523,354
         
   37,076,610
             
Computers - 1.2%
    
ASGN, Inc.(a)
  
2,386
    
   224,069
CACI International, Inc. - Class A(a)
  
1,145
    
   486,030
Cantaloupe, Inc.(a)
  
9,881
    
   70,748
ExlService Holdings, Inc.(a)
  
31,499
    
   940,560
Insight Enterprises, Inc.(a)
  
2,176
    
   425,408
MAXIMUS, Inc.
  
5,818
    
   500,930
NCR Atleos Corp.(a)
  
17,186
    
   478,286
NCR Voyix Corp.(a)
  
47,459
    
   625,510
One Stop Systems, Inc.(a)
  
185,588
    
   397,158
Quantum Corp.(a)
  
447,440
    
   205,822
Rapid7, Inc.(a)
  
15,522
    
   560,965
Rimini Street, Inc.(a)
  
394,110
    
   1,012,863
Science Applications International Corp.
  
1,681
    
   226,347
Varonis Systems, Inc.(a)
  
18,122
    
   778,521
         
   6,933,217
             
Cosmetics/Personal Care - 0.6%
    
elf Beauty, Inc.(a)
  
11,423
    
   2,135,073
Inter Parfums, Inc.
  
9,331
    
   1,117,667
         
   3,252,740
             
Distribution/Wholesale - 1.0%
    
A-Mark Precious Metals, Inc.
  
12,720
    
   482,597
G-III Apparel Group Ltd.(a)
  
19,012
    
   571,501
Manitex International, Inc.(a)
  
311,230
    
   1,929,626
MRC Global, Inc.(a)
  
7,000
    
   93,030
OPENLANE, Inc.(a)
  
71,034
    
   1,225,336
Pool Corp.
  
2,106
    
   765,636
SiteOne Landscape Supply, Inc.(a)
  
2,007
    
   310,724
WESCO International, Inc.
  
371
    
   66,591
         
   5,445,041
             
Diversified Financial Services - 1.5%
    
B Riley Financial, Inc.
  
2,846
    
   68,190
Encore Capital Group, Inc.(a)
  
3,458
    
   152,982
Enova International, Inc.(a)
  
3,612
    
   222,680
Evercore, Inc. - Class A
  
6,349
    
   1,288,466
FTAI Aviation Ltd.
  
30,013
    
   2,530,696
Houlihan Lokey, Inc.
  
7,661
    
   1,036,916
Interactive Brokers Group, Inc. - Class A
  
3,063
    
   385,081
Navient Corp.
  
6,990
    
   105,339
Radian Group, Inc.
  
25,687
    
   802,462
Silvercrest Asset Management Group, Inc. - Class A
  
89,226
    
   1,363,373
Virtus Investment Partners, Inc.
  
807
    
   184,472
World Acceptance Corp.(a)
  
2,155
    
   276,896
         
   8,417,553
             
Electric - 0.9%
    
Northwestern Energy Group, Inc.
  
25,950
    
   1,348,362
PNM Resources, Inc.
  
30,522
    
   1,170,213
Talen Energy Corp.(a)
  
18,877
    
   2,173,687
Unitil Corp.
  
2,272
    
   121,529
         
   4,813,791
             
Electrical Components & Equipment - 0.5%
    
American Superconductor Corp.(a)
  
66,615
    
   1,277,676
Encore Wire Corp.
  
1,278
    
   368,997
Littelfuse, Inc.
  
1,079
    
   276,871
Powell Industries, Inc.
  
5,874
    
   1,056,498
         
   2,980,042
             
Electronics - 2.9%
    
Applied Optoelectronics, Inc.(a)
  
60,809
    
   637,886
Atkore International Group, Inc.
  
15,621
    
   2,376,735
Badger Meter, Inc.
  
2,217
    
   427,792
Benchmark Electronics, Inc.
  
4,446
    
   191,489
Brady Corp. - Class A
  
10,165
    
   693,965
Camtek Ltd.
  
33,894
    
   3,471,085
Celestica, Inc.(a)
  
8,330
    
   465,814
Coherent Corp.(a)
  
3,416
    
   194,917
Comtech Telecommunications Corp.(a)
  
144,150
    
   358,934
Enovix Corp.(a)
  
81,852
    
   869,268
ESCO Technologies, Inc.
  
1,920
    
   209,530
Itron, Inc.(a)
  
4,655
    
   500,645
Ituran Location and Control Ltd.
  
17,893
    
   495,457
Kimball Electronics, Inc.(a)
  
119,020
    
   2,727,938
Knowles Corp.(a)
  
7,352
    
   128,807
OSI Systems, Inc.(a)
  
1,136
    
   163,289
Plexus Corp.(a)
  
2,641
    
   290,880
Sanmina Corp.(a)
  
6,648
    
   455,654
SYNNEX Corp.
  
830
    
   108,597
TTM Technologies, Inc.(a)
  
8,548
    
   158,993
Vontier Corp.
  
29,186
    
   1,166,856
         
   16,094,531
             
Energy-Alternate Sources - 0.2%
    
Array Technologies, Inc.(a)
  
62,291
    
   883,286
REX American Resources Corp.(a)
  
2,520
    
   125,975
         
   1,009,261
             
Engineering & Construction - 2.9%
    
Bowman Consulting Group Ltd.(a)
  
117,532
    
   3,792,758
Comfort Systems USA, Inc.
  
4,006
    
   1,311,324
Construction Partners, Inc. - Class A(a)
  
26,693
    
   1,553,799
EMCOR Group, Inc.
  
4,741
    
   1,842,637
Exponent, Inc.
  
8,612
    
   819,173
Mistras Group, Inc.(a)
  
109,200
    
   933,660
MYR Group, Inc.(a)
  
15,368
    
   2,382,962
Shimmick Corp.(a)
  
130,980
    
   256,721
Sterling Construction Co., Inc.(a)
  
20,657
    
   2,538,126
TopBuild Corp.(a)
  
2,707
    
   1,131,391
         
   16,562,551
             
Entertainment - 0.3%
    
Atlanta Braves Holdings, Inc. - Class A(a)
  
1,183
    
   49,722
Bally's Corp.(a)
  
4,405
    
   53,521
Cinemark Holdings, Inc.(a)
  
7,468
    
   128,972
Monarch Casino & Resort, Inc.
  
3,215
    
   215,309
Rush Street Interactive, Inc.(a)
  
49,635
    
   444,233
Scientific Games Corp. - Class A(a)
  
6,167
    
   588,825
         
   1,480,582
             
Environmental Control - 0.7%
    
CECO Environmental Corp.(a)
  
38,111
    
   953,918
Montrose Environmental Group, Inc.(a)
  
44,357
    
   2,085,223
PureCycle Technologies, Inc.(a)
  
15,408
    
   79,968
Tetra Tech, Inc.
  
3,198
    
   669,949
         
   3,789,058
             
Food - 0.9%
    
Hain Celestial Group, Inc.(a)
  
41,732
    
   319,667
Ingles Markets, Inc. - Class A
  
18,831
    
   1,377,299
J&J Snack Foods Corp.
  
578
    
   94,046
John B Sanfilippo & Son, Inc.
  
1,789
    
   180,385
Nomad Foods Ltd.
  
66,969
    
   1,175,976
SpartanNash Co.
  
7,719
    
   151,678
Sprouts Farmers Market, Inc.(a)
  
12,382
    
   977,930
United Natural Foods, Inc.(a)
  
19,944
    
   239,528
Weis Markets, Inc.
  
1,995
    
   130,772
Whole Earth Brands, Inc.(a)
  
94,219
    
   453,194
         
   5,100,475
             
Gas - 0.2%
    
Southwest Gas Holdings, Inc.
  
17,560
    
   1,362,480
             
Hand/Machine Tools - 0.6%
    
Cadre Holdings, Inc.
  
29,314
    
   962,672
Franklin Electric Co., Inc.
  
1,896
    
   188,614
Hurco Cos., Inc.
  
73,690
    
   1,314,630
MSA Safety, Inc.
  
4,693
    
   844,740
         
   3,310,656
             
Healthcare-Products - 4.5%
    
ABIOMED Inc.(a)(b)
  
1,453
    
   0
Adaptive Biotechnologies Corp.(a)
  
101,932
    
   351,665
Albireo Pharma Inc.(a)(b)
  
1,908
    
   0
Alphatec Holdings, Inc.(a)
  
106,222
    
   1,031,416
Avanos Medical, Inc.(a)
  
2,367
    
   47,127
Brooks Automation, Inc.(a)
  
2,595
    
   131,073
CryoLife, Inc.(a)
  
3,328
    
   78,541
Embecta Corp.
  
78,679
    
   973,259
Envista Holdings Corp.(a)
  
40,855
    
   790,953
Glaukos Corp.(a)
  
2,161
    
   243,588
Haemonetics Corp.(a)
  
3,260
    
   274,101
ICU Medical, Inc.(a)
  
1,637
    
   174,079
Inari Medical, Inc.(a)
  
11,668
    
   583,400
Inmode Ltd.(a)
  
20,502
    
   392,203
Integra LifeSciences Holdings Corp.(a)
  
3,088
    
   95,419
Lantheus Holdings, Inc.(a)
  
4,961
    
   405,959
LeMaitre Vascular, Inc.
  
20,021
    
   1,579,256
Masimo Corp.(a)
  
2,530
    
   314,985
Merit Medical Systems, Inc.(a)
  
3,088
    
   250,591
Omnicell, Inc.(a)
  
7,545
    
   245,891
OrthoPediatrics Corp.(a)
  
1,874
    
   59,181
Patterson Cos., Inc.
  
32,899
    
   808,986
PROCEPT BioRobotics Corp.(a)
  
25,235
    
   1,675,604
Quanterix Corp.(a)
  
35,738
    
   570,736
Repligen Corp.(a)
  
6,998
    
   1,043,332
RxSight, Inc.(a)
  
31,342
    
   1,832,567
SI-BONE, Inc.(a)
  
35,702
    
   501,613
Soleno Therapeutics, Inc.(a)
  
10,481
    
   441,040
Stevanato Group SpA
  
28,135
    
   571,703
Surmodics, Inc.(a)
  
2,311
    
   97,201
Tandem Diabetes Care, Inc.(a)
  
59,657
    
   3,056,228
TransMedics Group, Inc.(a)
  
31,709
    
   4,325,108
Twist Bioscience Corp.(a)
  
28,073
    
   1,176,259
Varex Imaging Corp.(a)
  
7,739
    
   119,568
West Pharmaceutical Services, Inc.
  
2,836
    
   939,879
         
   25,182,511
             
Healthcare-Services - 0.9%
    
Amedisys, Inc.(a)
  
2,182
    
   198,889
Chemed Corp.
  
621
    
   344,264
CorVel Corp.(a)
  
432
    
   103,615
Ensign Group, Inc.
  
2,982
    
   361,538
GeneDx Holdings Corp.(a)
  
31,318
    
   614,146
HealthEquity, Inc.(a)
  
1,801
    
   147,106
MEDNAX, Inc.(a)
  
16,288
    
   119,065
ModivCare, Inc.(a)
  
1,894
    
   51,744
National HealthCare Corp.
  
3,006
    
   317,885
RadNet, Inc.(a)
  
21,797
    
   1,278,176
Surgery Partners, Inc.(a)
  
37,370
    
   1,031,412
US Physical Therapy, Inc.
  
2,284
    
   234,270
         
   4,802,110
             
Home Builders - 1.0%
    
Cavco Industries, Inc.(a)
  
624
    
   222,893
Century Communities, Inc.
  
18,509
    
   1,562,345
Installed Building Products, Inc.
  
6,291
    
   1,332,685
LCI Industries
  
2,012
    
   221,079
LGI Homes, Inc.(a)
  
5,662
    
   543,552
M/I Homes, Inc.(a)
  
5,874
    
   733,780
Skyline Corp.(a)
  
6,855
    
   477,176
Smith Douglas Homes Corp.(a)
  
17,591
    
   453,672
Winnebago Industries, Inc.
  
5,231
    
   324,584
         
   5,871,766
             
Home Furnishings - 1.0%
    
Arhaus, Inc.
  
80,766
    
   1,519,208
Ethan Allen Interiors, Inc.
  
3,342
    
   97,286
Hamilton Beach Brands Holding Co. - Class A
  
130,070
    
   2,490,840
Sleep Number Corp.(a)
  
27,450
    
   415,044
Universal Electronics, Inc.(a)
  
113,690
    
   1,298,340
         
   5,820,718
             
Household Products/Wares - 0.1%
    
ACCO Brands Corp.
  
10,306
    
   52,457
Central Garden & Pet Co.(a)
  
1,215
    
   52,792
Central Garden & Pet Co. - Class A(a)
  
303
    
   11,317
Quanex Building Products Corp.
  
1,957
    
   64,503
WD-40 Co.
  
1,574
    
   353,662
         
   534,731
             
Housewares - 0.4%
    
Lifetime Brands, Inc.
  
204,693
    
   2,204,544
             
Insurance - 3.7%
    
Axis Capital Holdings Ltd.
  
28,540
    
   2,108,535
Bowhead Specialty Holdings, Inc.(a)
  
22,415
    
   600,722
Employers Holdings, Inc.
  
3,627
    
   152,987
Genworth Financial, Inc. - Class A(a)
  
281,044
    
   1,767,767
HCI Group, Inc.
  
22,216
    
   2,130,070
Heritage Insurance Holdings, Inc.(a)
  
324,916
    
   2,761,786
James River Group Holdings Ltd.
  
10,855
    
   84,778
Mercury General Corp.
  
34,555
    
   1,929,206
NMI Holdings, Inc. - Class A(a)
  
34,518
    
   1,145,307
Palomar Holdings, Inc.(a)
  
21,706
    
   1,841,537
RLI Corp.
  
1,478
    
   215,758
Root, Inc./OH(a)
  
12,814
    
   651,464
Safety Insurance Group, Inc.
  
1,668
    
   129,020
Selective Insurance Group, Inc.
  
3,866
    
   377,360
Skyward Specialty Insurance Group, Inc.(a)
  
36,869
    
   1,375,951
Stewart Information Services Corp.
  
2,200
    
   139,282
White Mountains Insurance Group Ltd.
  
1,937
    
   3,500,159
         
   20,911,689
             
Internet - 2.2%
    
Bandwidth, Inc. - Class A(a)
  
3,584
    
   72,146
Bumble, Inc. - Class A(a)
  
5,914
    
   69,194
Couchbase, Inc.(a)
  
61,006
    
   1,383,006
DHI Group, Inc.(a)
  
738,740
    
   1,529,192
ePlus, Inc.(a)
  
15,095
    
   1,129,710
EverQuote, Inc. - Class A(a)
  
92,033
    
   2,198,668
Gambling.com Group Ltd.(a)
  
20,463
    
   158,179
HealthStream, Inc.
  
2,700
    
   73,683
Maplebear, Inc.(a)
  
14,634
    
   446,044
MediaAlpha, Inc. - Class A(a)
  
69,663
    
   1,238,608
Q2 Holdings, Inc.(a)
  
12,981
    
   789,504
QuinStreet, Inc.(a)
  
71,739
    
   1,263,324
Reddit, Inc. - Class A(a)
  
9,754
    
   529,057
TripAdvisor, Inc.(a)
  
46,291
    
   849,440
Yelp, Inc.(a)
  
20,540
    
   759,364
         
   12,489,119
             
Investment Companies - 0.2%
    
Cannae Holdings, Inc.(a)
  
74,291
    
   1,350,610
             
Iron / Steel - 0.0%(c)
    
Radius Recycling, Inc. - Class A
  
6,849
    
   117,186
             
Iron/Steel - 0.3%
    
ATI, Inc.(a)
  
7,199
    
   441,587
Carpenter Technology Corp.
  
11,908
    
   1,320,240
         
   1,761,827
             
Leisure Time - 0.8%
    
Callaway Golf Co.(a)
  
4,678
    
   73,211
Lindblad Expeditions Holdings, Inc.(a)
  
92,922
    
   719,216
OneSpaWorld Holdings Ltd.(a)
  
204,172
    
   3,174,875
Vista Outdoor, Inc.(a)
  
14,337
    
   500,074
         
   4,467,376
             
Lodging - 0.1%
    
Boyd Gaming Corp.
  
4,776
    
   254,656
             
Machinery-Construction & Mining - 0.5%
    
Argan, Inc.
  
15,250
    
   1,077,107
Bloom Energy Corp. - Class A(a)
  
43,761
    
   714,180
BWX Technologies, Inc.
  
10,922
    
   1,006,244
         
   2,797,531
             
Machinery-Diversified - 1.5%
    
Albany International Corp. - Class A
  
1,126
    
   98,773
Applied Industrial Technologies, Inc.
  
7,942
    
   1,532,806
Chart Industries, Inc.(a)
  
3,219
    
   505,480
Flowserve Corp.
  
24,056
    
   1,195,583
Lindsay Corp.
  
7,128
    
   818,437
Mueller Water Products, Inc. - Class A
  
52,535
    
   975,050
Tennant Co.
  
2,414
    
   247,821
Toro Co.
  
5,348
    
   428,856
Twin Disc, Inc.
  
185,495
    
   2,628,464
         
   8,431,270
             
Media - 0.2%
    
AMC Networks, Inc. - Class A(a)
  
14,043
    
   243,506
Gray Television, Inc.
  
24,754
    
   154,465
Scholastic Corp.
  
3,196
    
   115,951
Sinclair, Inc.
  
17,962
    
   255,060
TEGNA, Inc.
  
21,305
    
   317,657
         
   1,086,639
             
Metal Fabricate/Hardware - 1.1%
    
Advanced Drainage Systems, Inc.
  
5,437
    
   943,265
AZZ, Inc.
  
1,964
    
   164,740
Mueller Industries, Inc.
  
11,950
    
   703,974
NN, Inc.(a)
  
179,350
    
   582,888
Northwest Pipe Co.(a)
  
102,890
    
   3,651,566
Standex International Corp.
  
1,485
    
   249,792
         
   6,296,225
             
Mining - 0.7%
    
Century Aluminum Co.(a)
  
18,637
    
   341,616
Compass Minerals International, Inc.
  
16,040
    
   207,879
Hudbay Minerals, Inc.
  
117,450
    
   1,146,312
Uranium Energy Corp.(a)
  
320,066
    
   2,285,271
         
   3,981,078
             
Miscellaneous Manufacturing - 1.3%
    
Axon Enterprise, Inc.(a)
  
5,340
    
   1,504,118
Enpro, Inc.
  
4,961
    
   760,323
Fabrinet(a)
  
7,396
    
   1,771,564
Federal Signal Corp.
  
19,386
    
   1,783,900
John Bean Technologies Corp.
  
2,493
    
   238,156
Materion Corp.
  
2,877
    
   329,071
Myers Industries, Inc.
  
2,441
    
   38,568
Park Aerospace Corp.
  
58,707
    
   818,375
         
   7,244,075
             
Office Furnishings - 0.0%(c)
    
Interface, Inc.
  
11,644
    
   187,585
             
Office-Business Equipment - 0.0%(c)
    
Pitney Bowes, Inc.
  
13,705
    
   74,281
             
Oil & Gas - 1.6%
    
Delek US Holdings, Inc.
  
54,630
    
   1,390,880
Evolution Petroleum Corp.
  
60,009
    
   345,052
Gulfport Energy Corp.(a)
  
8,346
    
   1,350,466
Helmerich & Payne, Inc.
  
4,567
    
   173,820
Patterson-UTI Energy, Inc.
  
112,890
    
   1,244,048
PBF Energy, Inc. - Class A
  
5,245
    
   243,001
Range Resources Corp.
  
29,237
    
   1,079,138
SM Energy Co.
  
36,792
    
   1,855,420
Southwestern Energy Co.(a)
  
112,602
    
   847,893
Talos Energy, Inc.(a)
  
23,929
    
   287,387
         
   8,817,105
             
Oil & Gas Services - 2.4%
    
Atlas Energy Solutions, Inc.
  
56,170
    
   1,360,437
Bristow Group, Inc.(a)
  
7,969
    
   286,167
DMC Global, Inc.(a)
  
118,950
    
   1,545,161
DNOW, Inc.(a)
  
55,067
    
   803,428
Helix Energy Solutions Group, Inc.(a)
  
41,891
    
   482,165
Natural Gas Services Group, Inc.(a)
  
172,070
    
   3,744,243
Oceaneering International, Inc.(a)
  
35,309
    
   836,117
Profire Energy, Inc.(a)
  
560,780
    
   863,601
TechnipFMC PLC
  
41,800
    
   1,094,742
Tidewater, Inc.(a)
  
23,556
    
   2,434,042
         
   13,450,103
             
Packaging & Containers - 0.3%
    
Clearwater Paper Corp.(a)
  
2,737
    
   145,444
O-I Glass, Inc.(a)
  
6,528
    
   82,840
Ranpak Holdings Corp.(a)
  
58,129
    
   362,725
TriMas Corp.
  
35,375
    
   941,683
         
   1,532,692
             
Pharmaceuticals - 2.0%
    
Amphastar Pharmaceuticals, Inc.(a)
  
6,771
    
   286,616
Avadel Pharmaceuticals PLC(a)
  
34,030
    
   542,779
BellRing Brands, Inc.(a)
  
3,111
    
   180,967
Centessa Pharmaceuticals PLC - ADR(a)
  
84,356
    
   727,992
Collegium Pharmaceutical, Inc.(a)
  
2,619
    
   86,794
Corcept Therapeutics, Inc.(a)
  
3,332
    
   100,526
Herbalife Ltd.(a)
  
9,455
    
   97,387
KalVista Pharmaceuticals Inc.(a)
  
39,035
    
   455,538
Longboard Pharmaceuticals, Inc.(a)
  
14,027
    
   264,690
Madrigal Pharmaceuticals, Inc.(a)
  
334
    
   78,877
MERUS NV(a)
  
30,229
    
   1,609,392
Morphic Holding, Inc.(a)
  
4,219
    
   128,131
Option Care Health, Inc.(a)
  
12,753
    
   380,294
Organon & Co.
  
24,924
    
   531,629
Owens & Minor, Inc.(a)
  
3,772
    
   65,746
Prestige Brands Holdings, Inc.(a)
  
3,474
    
   223,413
Protagonist Therapeutics, Inc.(a)
  
24,673
    
   694,545
Rhythm Pharmaceuticals, Inc.(a)
  
57,988
    
   2,069,012
Vaxcyte, Inc.(a)
  
41,786
    
   2,936,302
         
   11,460,630
             
Private Equity - 0.2%
    
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  
2,522
    
   83,957
P10, Inc. - Class A
  
149,755
    
   1,210,021
         
   1,293,978
             
Real Estate - 0.5%
    
Marcus & Millichap, Inc.
  
2,121
    
   68,572
McGrath RentCorp
  
21,953
    
   2,392,438
Newmark Group, Inc. - Class A
  
36,036
    
   375,135
Realogy Holdings Corp.(a)
  
20,950
    
   85,266
         
   2,921,411
             
REITS - 2.4%
    
Agree Realty Corp.
  
1,641
    
   99,707
Alexander & Baldwin, Inc.
  
4,543
    
   76,322
Alpine Income Property Trust, Inc.
  
106,224
    
   1,665,592
American Assets Trust, Inc.
  
14,803
    
   321,965
Apollo Commercial Real Estate Finance, Inc.
  
44,054
    
   444,945
Blackstone Mortgage Trust, Inc. - Class A
  
6,106
    
   106,489
CareTrust REIT, Inc.
  
7,113
    
   181,879
Centerspace
  
2,329
    
   158,978
Chatham Lodging Trust
  
17,141
    
   145,013
DiamondRock Hospitality Co.
  
13,130
    
   111,211
EastGroup Properties, Inc.
  
2,590
    
   427,816
Getty Realty Corp.
  
5,173
    
   142,827
Gladstone Commercial Corp.
  
10,245
    
   147,426
Global Medical REIT, Inc.
  
179,420
    
   1,666,812
Global Net Lease, Inc.
  
24,433
    
   182,759
Great Ajax Corp.
  
202,600
    
   686,814
Highwoods Properties, Inc.
  
6,502
    
   168,857
Hudson Pacific Properties, Inc.
  
40,168
    
   197,225
Kite Realty Group Trust
  
7,450
    
   163,304
Lexington Realty Trust
  
12,112
    
   102,952
Medical Properties Trust, Inc.
  
148,252
    
   794,631
New York Mortgage Trust, Inc.
  
45,897
    
   273,087
NexPoint Residential Trust, Inc.
  
2,074
    
   76,054
Office Properties Income Trust
  
319,360
    
   731,334
Outfront Media, Inc.
  
50,443
    
   728,901
PennyMac Mortgage Investment Trust
  
24,404
    
   333,847
Piedmont Office Realty Trust, Inc. - Class A
  
69,495
    
   506,619
PotlatchDeltic Corp.
  
1,462
    
   62,471
Ready Capital Corp.
  
6,588
    
   54,680
Redwood Trust, Inc.
  
77,920
    
   494,013
Regency Centers Corp.
  
2,758
    
   169,341
Retail Opportunity Investments Corp.
  
28,261
    
   353,828
Saul Centers, Inc.
  
3,903
    
   142,030
Tanger, Inc.
  
33,410
    
   927,128
TPG RE Finance Trust, Inc.
  
8,617
    
   73,934
Two Harbors Investment Corp.
  
22,257
    
   286,002
Whitestone REIT
  
14,111
    
   184,007
         
   13,390,800
             
Retail - 7.2%
    
Abercrombie & Fitch Co. - Class A(a)
  
10,539
    
   1,821,877
Advance Auto Parts, Inc.
  
31,317
    
   2,212,233
Asbury Automotive Group, Inc.(a)
  
5,714
    
   1,343,190
BJ's Restaurants, Inc.(a)
  
7,047
    
   246,927
BJ's Wholesale Club Holdings, Inc.(a)
  
34,158
    
   3,008,295
Bloomin' Brands, Inc.
  
20,453
    
   445,875
Boot Barn Holdings, Inc.(a)
  
12,989
    
   1,544,782
Buckle, Inc.
  
2,951
    
   113,732
Build-A-Bear Workshop, Inc.
  
134,110
    
   3,630,358
Casey's General Stores, Inc.
  
1,888
    
   626,401
Chuy's Holdings, Inc.(a)
  
3,285
    
   87,742
Designer Brands, Inc. - Class A
  
5,265
    
   52,913
Destination XL Group, Inc.(a)
  
493,740
    
   1,752,777
Dine Brands Global, Inc.
  
1,134
    
   44,736
Dutch Bros, Inc. - Class A(a)
  
22,744
    
   804,910
First Watch Restaurant Group, Inc.(a)
  
22,394
    
   440,714
FirstCash Holdings, Inc.
  
2,930
    
   345,506
Five Below, Inc.(a)
  
3,696
    
   510,528
Foot Locker, Inc.
  
10,261
    
   284,538
Freshpet, Inc.(a)
  
8,949
    
   1,173,840
Group 1 Automotive, Inc.
  
2,270
    
   705,925
Guess?, Inc.
  
12,246
    
   284,964
Hibbett Sports, Inc.
  
1,413
    
   122,338
Kura Sushi USA, Inc. - Class A(a)
  
20,077
    
   2,005,893
Leslie's, Inc.(a)
  
9,642
    
   55,152
Lithia Motors, Inc.
  
382
    
   96,699
MSC Industrial Direct Co., Inc. - Class A
  
8,422
    
   723,450
Murphy USA, Inc.
  
5,145
    
   2,257,369
Nu Skin Enterprises, Inc. - Class A
  
12,883
    
   171,988
Ollie's Bargain Outlet Holdings, Inc.(a)
  
12,299
    
   1,013,807
Papa John's International, Inc.
  
16,783
    
   779,738
PriceSmart, Inc.
  
1,079
    
   90,798
Red Robin Gourmet Burgers, Inc.(a)
  
322,960
    
   2,615,976
RH(a)
  
2,399
    
   652,360
Shoe Carnival, Inc.
  
6,304
    
   237,976
Signet Jewelers Ltd.
  
5,100
    
   558,399
Sweetgreen, Inc. - Class A(a)
  
95,726
    
   2,943,574
Texas Roadhouse, Inc.
  
9,203
    
   1,589,082
Tilly's, Inc. - Class A(a)
  
204,870
    
   1,182,100
Warby Parker, Inc. - Class A(a)
  
58,227
    
   1,031,200
Wingstop, Inc.
  
1,842
    
   679,053
Zumiez, Inc.(a)
  
3,290
    
   61,786
         
   40,351,501
             
Savings & Loans - 1.1%
    
Axos Financial, Inc.(a)
  
3,461
    
   186,444
Banc of California, Inc.
  
1,873
    
   25,960
Berkshire Hills Bancorp, Inc.
  
17,583
    
   390,870
Eagle Bancorp Montana, Inc.
  
63,570
    
   842,303
Flushing Financial Corp.
  
4,361
    
   55,472
FS Bancorp, Inc.
  
86,404
    
   2,833,187
Northwest Bancshares, Inc.
  
5,826
    
   63,795
OceanFirst Financial Corp.
  
11,427
    
   171,976
Pacific Premier Bancorp, Inc.
  
8,033
    
   178,654
Provident Financial Services, Inc.
  
15,571
    
   224,222
Riverview Bancorp, Inc.
  
242,220
    
   1,034,279
         
   6,007,162
             
Semiconductors - 3.2%
    
Advanced Energy Industries, Inc.
  
2,466
    
   264,922
Aehr Test Systems(a)
  
33,054
    
   380,452
Amtech Systems, Inc.(a)
  
251,750
    
   1,616,235
Astera Labs, Inc.(a)
  
2,794
    
   180,325
Axcelis Technologies, Inc.(a)
  
3,808
    
   428,362
AXT, Inc.(a)
  
394,730
    
   1,503,921
CEVA, Inc.(a)
  
2,534
    
   50,477
Cirrus Logic, Inc.(a)
  
3,525
    
   404,317
FormFactor, Inc.(a)
  
25,332
    
   1,386,167
inTEST Corp.(a)
  
143,170
    
   1,425,973
Kulicke & Soffa Industries, Inc.
  
6,419
    
   293,156
Lattice Semiconductor Corp.(a)
  
6,939
    
   515,151
MKS Instruments, Inc.
  
1,371
    
   173,555
Monolithic Power Systems, Inc.
  
1,952
    
   1,435,950
Onto Innovation, Inc.(a)
  
7,268
    
   1,574,976
Photronics, Inc.(a)
  
7,595
    
   207,723
Power Integrations, Inc.
  
19,450
    
   1,478,395
Semtech Corp.(a)
  
22,663
    
   881,364
SiTime Corp.(a)
  
9,528
    
   1,160,701
SkyWater Technology, Inc.(a)
  
50,552
    
   382,173
Veeco Instruments, Inc.(a)
  
60,850
    
   2,473,553
         
   18,217,848
             
Software - 4.0%
    
ACI Worldwide, Inc.(a)
  
49,949
    
   1,798,664
ACV Auctions, Inc. - Class A(a)
  
88,968
    
   1,588,079
Agilysys, Inc.(a)
  
10,481
    
   1,000,621
Alkami Technology, Inc.(a)
  
78,783
    
   2,161,018
Appfolio, Inc. - Class A(a)
  
4,507
    
   1,029,038
Asure Software, Inc.(a)
  
238,760
    
   1,807,413
AvePoint, Inc.(a)
  
119,896
    
   1,081,462
Blackbaud, Inc.(a)
  
799
    
   62,274
BlackLine, Inc.(a)
  
15,415
    
   735,604
BM Technologies, Inc.(a)
  
215,920
    
   747,083
Cogent Communications Holdings, Inc.
  
1,297
    
   76,808
Concentrix Corp.
  
830
    
   50,904
Confluent, Inc. - Class A(a)
  
24,531
    
   637,070
Consensus Cloud Solutions, Inc.(a)
  
4,527
    
   85,425
CSG Systems International, Inc.
  
2,939
    
   126,818
DoubleVerify Holdings, Inc.(a)
  
24,769
    
   450,796
Five9, Inc.(a)
  
11,485
    
   537,039
Genasys, Inc.(a)
  
350,770
    
   638,401
Gitlab, Inc. - Class A(a)
  
8,334
    
   393,281
Global-e Online Ltd.(a)
  
13,103
    
   409,076
JFrog Ltd.(a)
  
20,483
    
   658,938
LiveRamp Holdings, Inc.(a)
  
25,311
    
   791,981
Monday.com Ltd.(a)
  
2,363
    
   533,825
PDF Solutions, Inc.(a)
  
1,842
    
   64,507
Privia Health Group, Inc.(a)
  
37,439
    
   650,315
Procore Technologies, Inc.(a)
  
11,309
    
   759,173
Progress Software Corp.
  
5,306
    
   268,749
PROS Holdings, Inc.(a)
  
25,483
    
   751,239
SilverSun Technologies, Inc.
  
14,040
    
   261,004
Smartsheet, Inc. - Class A(a)
  
8,618
    
   318,866
Smith Micro Software, Inc.(a)
  
88,916
    
   191,170
SPS Commerce, Inc.(a)
  
800
    
   150,472
Take-Two Interactive Software, Inc.(a)
  
3,504
    
   561,901
Vertex, Inc. - Class A(a)
  
25,286
    
   835,702
Weave Communications, Inc.(a)
  
33,857
    
   292,863
         
   22,507,579
             
Telecommunications - 0.8%
    
ATN International, Inc.
  
3,049
    
   74,213
Calix, Inc.(a)
  
22,989
    
   820,707
Credo Technology Group Holding Ltd.(a)
  
83,421
    
   2,174,785
IDT Corp. - Class B
  
3,111
    
   126,089
InterDigital, Inc.
  
869
    
   98,953
Iridium Communications, Inc.
  
9,628
    
   289,899
Lumen Technologies, Inc.(a)
  
51,517
    
   66,457
NetGear, Inc.(a)
  
7,443
    
   102,788
Shenandoah Telecommunications Co.
  
4,487
    
   84,400
Telephone & Data Systems, Inc.
  
10,347
    
   205,802
United States Cellular Corp.(a)
  
8,331
    
   462,037
Viasat, Inc.(a)
  
4,268
    
   72,087
Viavi Solutions, Inc.(a)
  
23,640
    
   177,773
         
   4,755,990
             
Textiles - 0.4%
    
UniFirst Corp.
  
12,950
    
   2,053,870
             
Toys/Games/Hobbies - 0.1%
    
Funko, Inc. - Class A(a)
  
7,565
    
   68,388
JAKKS Pacific, Inc.(a)
  
38,690
    
   718,473
         
   786,861
             
Transportation - 1.0%
    
Air Transport Services Group, Inc.(a)
  
99,798
    
   1,347,273
ArcBest Corp.
  
7,779
    
   820,840
Knight-Swift Transportation Holdings, Inc.
  
1,873
    
   90,372
Marten Transport Ltd.
  
7,327
    
   129,688
PAM Transportation Services, Inc.(a)
  
41,286
    
   686,173
Saia, Inc.(a)
  
4,008
    
   1,641,196
Scorpio Tankers, Inc.
  
4,242
    
   348,141
World Kinect Corp.
  
20,029
    
   527,564
         
   5,591,247
             
Trucking & Leasing - 0.2%
    
Greenbrier Cos., Inc.
  
19,968
    
   1,103,232
             
Water - 0.0%(c)
    
American States Water Co.
  
1,758
    
   129,371
California Water Service Group
  
1,969
    
   98,234
         
   227,605
TOTAL COMMON STOCKS (Cost $353,854,243)
    
 514,343,559
             
SHORT-TERM INVESTMENTS - 8.4%
        
Money Market Funds - 8.4%
  
Shares
    
 
First American Treasury Obligations Fund - Class X, 5.22%(d)
  
47,598,687
    
   47,598,687
TOTAL SHORT-TERM INVESTMENTS (Cost $47,598,687)
    
   47,598,687
             
TOTAL INVESTMENTS - 99.7% (Cost $401,452,930)
   $
561,942,246
Other Assets in Excess of Liabilities - 0.3%
    
1,430,038
TOTAL NET ASSETS - 100.0%
    
 
   $
563,372,284
     

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2024.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day effective yield as of May 31, 2024.
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: 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
514,343,559
      
–
      
0
(a) 
    
514,343,559
  
  Money Market Funds
    
47,598,687
      
–
      
–
      
47,598,687
  
Total Investments
    
561,942,246
      
–
      
0
(a) 
    
561,942,246
  
   
Refer to the Schedule of Investments for additional information.
  

(a)
Amount is less than $0.50.

Refer to Schedule of Investments for industry classifications.

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 May 31, 2024, 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.