RBB Fund NPORT-P Adara Smaller Companies Fund (Nov 2024 report)

Adara Smaller Companies Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 93.8%	Shares		Value
Aerospace/Defense - 1.0%
AAR Corp. (a)		11,755	$	817,208
Aerovironment, Inc. (a)		6,105		1,187,422
Curtiss-Wright Corp.		2,004		748,754
Hexcel Corp.		16,977		1,076,172
Kratos Defense & Security Solutions, Inc. (a)		77,878		2,109,715
Mercury Systems, Inc. (a)		2,290		94,188
Moog, Inc. - Class A		1,762		389,878
National Presto Industries, Inc.		615		49,028
				6,472,365
Agriculture - 0.5%
Darling Ingredients, Inc. (a)		8,943		362,460
Dole PLC		123,066		1,854,605
Fresh Del Monte Produce, Inc.		5,120		172,800
Vital Farms, Inc. (a)		31,131		1,033,549
				3,423,414
Airlines - 0.1%
JetBlue Airways Corp. (a)		8,531		50,930
SkyWest, Inc. (a)		8,137		933,639
				984,569
Apparel - 1.0%
Canada Goose Holdings, Inc. (a)		38,715		365,469
Capri Holdings, Ltd. (a)		5,836		136,621
Crocs, Inc. (a)		8,621		910,378
Hanesbrands, Inc. (a)		26,344		229,193
Kontoor Brands, Inc.		4,168		382,539
Lakeland Industries, Inc.		109,130		2,470,703
Levi Strauss & Co. - Class A		58,837		1,027,294
Skechers USA, Inc. - Class A (a)		3,666		233,964
VF Corp.		7,775		157,288
Wolverine World Wide, Inc.		42,936		995,686
				6,909,135
Auto Manufacturers - 0.4%
Blue Bird Corp. (a)		21,755		884,341
REV Group, Inc.		56,125		1,740,997
Wabash National Corp.		9,020		178,867
				2,804,205
Auto Parts & Equipment - 1.6%
Adient PLC (a)		2,645		50,863
Cooper-Standard Holdings, Inc. (a)		96,920		1,496,445
Dorman Products, Inc. (a)		1,368		191,493
Gentherm, Inc. (a)		4,376		184,230
Miller Industries, Inc.		31,050		2,285,901
Motorcar Parts of America, Inc. (a)		426,210		3,107,071
Shyft Group, Inc.		29,704		418,826
Strattec Security Corp. (a)		72,190		2,996,607
				10,731,436
Banks - 8.7%
Ameris Bancorp		2,245		157,779
Bankwell Financial Group, Inc.		66,570		2,206,795
Banner Corp.		1,733		129,264
Cadence Bank		22,282		850,950
Capital Bancorp, Inc.		90,200		2,612,192
Central Pacific Financial Corp.		3,784		120,785
City Holding Co.		4,208		552,595
Civista Bancshares, Inc.		49,080		1,122,950
Colony Bankcorp, Inc.		162,267		2,860,767
Community Financial System, Inc.		1,997		138,252
ConnectOne Bancorp, Inc.		5,049		138,847
Customers Bancorp, Inc. (a)		13,377		755,132
Dime Community Bancshares, Inc.		1,047		37,566
Eastern Bankshares, Inc.		5,441		101,420
Esquire Financial Holdings, Inc.		34,495		2,679,917
Farmers National Bancorp		37,960		594,074
First BanCorp		38,999		806,499
First Business Financial Services, Inc.		57,019		2,857,792
First Commonwealth Financial Corp.		18,699		352,102
First Financial Bancorp		24,036		709,783
First Financial Bankshares, Inc.		13,162		548,592
First Hawaiian, Inc.		13,502		372,790
First Interstate BancSystem, Inc. - Class A		7,996		279,620
First Merchants Corp.		2,329		101,894
Five Star Bancorp		59,970		1,976,012
Glacier Bancorp, Inc.		26,462		1,531,885
Heartland Financial USA, Inc.		3,173		214,400
Heritage Commerce Corp.		7,938		84,302
Hope Bancorp, Inc.		27,648		376,566
Horizon Bancorp, Inc.		159,337		2,914,274
Independent Bank Corp.		1,193		86,361
Kearny Financial Corp.		10,015		79,319
Metropolitan Bank Holding Corp. (a)		65,356		4,244,219
Midland States Bancorp, Inc.		2,458		65,997
NBT Bancorp, Inc.		1,326		66,459
Northeast Bank		42,440		4,178,218
OFG Bancorp		7,960		361,543
Old National Bancorp		10,450		242,022
Orrstown Financial Services, Inc.		33,966		1,341,657
Park National Corp.		737		140,295
Parke Bancorp, Inc.		124,881		2,948,440
Pathward Financial, Inc.		17,952		1,505,814
Peapack-Gladstone Financial Corp.		2,621		94,723
Pinnacle Financial Partners, Inc.		9,473		1,204,113
Preferred Bank		1,314		123,950
Premier Financial Corp.		6,412		177,677
S&T Bancorp, Inc.		8,702		372,359
Sandy Spring Bancorp, Inc.		21,902		825,267
Seacoast Banking Corp. of Florida		54,933		1,645,793
Southside Bancshares, Inc.		4,513		158,497
Stellar Bancorp, Inc.		2,051		63,602
Stock Yards Bancorp, Inc.		1,084		82,514
TriCo Bancshares		3,184		153,915
UMB Financial Corp.		3,164		397,050
United Community Banks, Inc.		12,730		430,401
Unity Bancorp, Inc.		63,990		2,905,146
USCB Financial Holdings, Inc.		145,670		2,983,322
Veritex Holdings, Inc.		11,815		359,294
VersaBank		58,890		1,059,431
Walker & Dunlop, Inc.		1,925		212,097
Washington Trust Bancorp, Inc.		7,081		262,988
WesBanco, Inc.		6,869		242,750
West Bancorporation, Inc.		67,770		1,617,670
				58,818,699
Beverages - 0.6%
Coca-Cola Consolidated, Inc.		279		363,897
Duckhorn Portfolio, Inc. (a)		42,090		462,990
Vita Coco Co., Inc. (a)		90,658		3,221,985
				4,048,872
Biotechnology - 6.1%
ADMA Biologics, Inc. (a)		99,142		1,993,746
Anavex Life Sciences Corp. (a)		53,862		509,535
ANI Pharmaceuticals, Inc. (a)		5,276		301,945
Apogee Therapeutics, Inc. (a)		40,582		1,832,277
Arcutis Biotherapeutics, Inc. (a)		35,307		460,403
Astria Therapeutics, Inc. (a)		104,011		1,080,674
CG oncology, Inc. (a)		14,382		499,775
Crinetics Pharmaceuticals, Inc. (a)		101,037		5,779,316
Cytokinetics, Inc. (a)		5,803		300,944
Denali Therapeutics, Inc. (a)		39,756		993,900
Edgewise Therapeutics, Inc. (a)		45,746		1,509,618
Guardant Health, Inc. (a)		19,272		686,276
Intra-Cellular Therapies, Inc. (a)		8,151		698,133
Keros Therapeutics, Inc. (a)		1,506		86,956
Kiniksa Pharmaceuticals International PLC (a)		44,373		979,756
Korro Bio, Inc. (a)		5,306		276,230
Larimar Therapeutics, Inc. (a)		66,450		420,629
Lexeo Therapeutics, Inc. (a)		5,777		47,545
Ligand Pharmaceuticals, Inc. (a)		12,743		1,547,892
Maravai LifeSciences Holdings, Inc. - Class A (a)		120,176		681,398
MBX Biosciences, Inc. (a)		49,656		1,010,003
Mind Medicine MindMed, Inc. (a)		124,213		1,014,820
Myriad Genetics, Inc. (a)		2,914		47,411
Nurix Therapeutics, Inc. (a)		63,632		1,406,904
Nuvalent, Inc. - Class A (a)		16,605		1,605,371
OmniAb Operations, Inc. (a)(b)		370		0
OmniAb Operations, Inc. (a)(b)		370		0
Praxis Precision Medicines, Inc. (a)		11,973		959,875
REGENXBIO, Inc. (a)		6,529		64,768
Roivant Sciences Ltd. (a)		51,189		650,612
Sage Therapeutics, Inc. (a)		12,718		69,567
Scholar Rock Holding Corp. (a)		37,319		1,489,028
Septerna, Inc. (a)		37,761		954,976
Structure Therapeutics, Inc. - ADR (a)		51,849		1,718,794
Terns Pharmaceuticals, Inc. (a)		67,373		420,408
Travere Therapeutics, Inc. (a)		62,352		1,172,841
Vera Therapeutics, Inc. (a)		12,519		622,820
Veracyte, Inc. (a)		38,863		1,669,166
Vericel Corp. (a)		1,632		94,884
Viking Therapeutics, Inc. (a)		7,053		373,386
Viridian Therapeutics, Inc. (a)		62,163		1,339,613
WaVe Life Sciences Ltd. (a)		130,146		1,965,205
Xenon Pharmaceuticals, Inc. (a)		56,050		2,389,412
				41,726,812
Building Materials - 2.3%
AAON, Inc.		6,180		842,581
American Woodmark Corp. (a)		1,043		94,683
Apogee Enterprises, Inc.		7,722		650,270
Armstrong World Industries, Inc.		10,255		1,639,057
Aspen Aerogels, Inc. (a)		37,610		556,628
AZEK Co., Inc. (a)		11,831		628,463
Boise Cascade Co.		3,571		527,080
Gauzy Ltd. (a)		19,459		158,007
Gibraltar Industries, Inc. (a)		4,141		299,974
Knife River Corp. (a)		20,924		2,165,634
Modine Manufacturing Co. (a)		24,355		3,307,165
Simpson Manufacturing Co., Inc.		2,069		389,800
SPX Technologies, Inc. (a)		4,521		797,685
Summit Materials, Inc. - Class A (a)		54,994		2,801,394
UFP Industries, Inc.		8,103		1,101,198
				15,959,619
Chemicals - 0.3%
AdvanSix, Inc.		3,917		127,185
Balchem Corp.		1,142		206,154
Chemours Co.		9,276		201,660
Innospec, Inc.		1,121		132,962
Koppers Holdings, Inc.		7,974		306,680
Perimeter Solutions, Inc. (a)		31,536		403,661
Quaker Chemical Corp.		568		89,574
Rogers Corp. (a)		1,868		193,487
Sensient Technologies Corp.		1,928		149,690
Stepan Co.		2,701		207,707
				2,018,760
Coal - 0.3%
Warrior Met Coal, Inc.		26,206		1,842,806
Commercial Services - 7.2%
Acacia Research Corp. (a)		316,220		1,438,801
Adtalem Global Education, Inc. (a)		8,741		799,015
Alight, Inc. - Class A		199,372		1,594,976
AMN Healthcare Services, Inc. (a)		3,294		85,743
Arlo Technologies, Inc. (a)		107,635		1,207,665
Barrett Business Services, Inc.		93,386		4,007,193
BGSF, Inc.		163,080		918,140
BrightView Holdings, Inc. (a)		134,423		2,298,633
Brink's Co.		4,054		392,062
Clarivate PLC (a)		36,605		209,747
CompoSecure, Inc.		110,500		1,762,475
CoreCivic, Inc. (a)		231,877		5,177,813
CPI Card Group, Inc. (a)		49,979		1,649,807
Cross Country Healthcare, Inc. (a)		6,965		74,943
Deluxe Corp.		4,893		113,371
EVERTEC, Inc.		46,427		1,671,372
Forrester Research, Inc. (a)		61,630		1,063,117
FTI Consulting, Inc. (a)		2,819		570,904
GEO Group, Inc. (a)		108,323		3,088,289
Heidrick & Struggles International, Inc.		2,031		93,710
Herc Holdings, Inc.		5,765		1,337,480
Insperity, Inc.		2,292		180,724
Kelly Services, Inc. - Class A		29,276		428,893
Lincoln Educational Services Corp. (a)		129,330		2,124,892
MarketAxess Holdings, Inc.		1,203		311,204
Matthews International Corp. - Class A		5,499		165,850
Moneylion, Inc. (a)		10,744		985,225
Payoneer Global, Inc. (a)		138,987		1,516,348
Perdoceo Education Corp.		10,039		275,571
Progyny, Inc. (a)		55,282		860,741
RCM Technologies, Inc. (a)		2,150		49,192
Rent-A-Center, Inc.		3,409		117,236
Repay Holdings Corp. (a)		112,981		912,886
Sezzle, Inc. (a)		3,957		1,677,887
Shift4 Payments, Inc. - Class A (a)		10,164		1,159,509
Strategic Education, Inc.		1,789		176,771
Stride, Inc. (a)		18,508		1,977,950
Universal Technical Institute, Inc. (a)		101,257		2,619,519
Vestis Corp.		6,823		109,714
Viad Corp. (a)		56,607		2,531,465
WillScot Holdings Corp. (a)		27,801		1,063,110
				48,799,943
Computers - 1.5%
ASGN, Inc. (a)		2,386		218,438
CACI International, Inc. - Class A (a)		1,145		526,563
Cantaloupe, Inc. (a)		9,881		89,719
DXC Technology Co. (a)		15,728		353,880
Endava PLC - ADR (a)		22,855		647,025
ExlService Holdings, Inc. (a)		34,087		1,580,273
Globant S.A. (a)		4,704		1,071,383
Grid Dynamics Holdings, Inc. (a)		39,369		720,453
Insight Enterprises, Inc. (a)		2,176		340,435
MAXIMUS, Inc.		1,205		89,773
NCR Voyix Corp. (a)		49,502		718,274
One Stop Systems, Inc. (a)		182,868		433,397
Rapid7, Inc. (a)		23,594		1,005,104
Rimini Street, Inc. (a)		447,120		965,779
Science Applications International Corp.		1,681		208,864
V2X, Inc. (a)		7,150		430,788
Varonis Systems, Inc. (a)		22,810		1,139,588
				10,539,736
Cosmetics/Personal Care - 0.4%
elf Beauty, Inc. (a)		7,709		998,470
Interparfums, Inc.		11,518		1,585,568
Prestige Brands Holdings, Inc. (a)		3,474		294,491
				2,878,529
Distribution/Wholesale - 1.1%
G-III Apparel Group Ltd. (a)		19,012		563,326
Manitex International, Inc. (a)		321,240		1,840,705
MRC Global, Inc. (a)		7,000		97,790
OPENLANE, Inc. (a)		113,393		2,290,539
Pool Corp.		2,106		794,151
SiteOne Landscape Supply, Inc. (a)		6,259		959,192
VSE Corp.		6,993		819,999
WESCO International, Inc.		371		78,492
				7,444,194
Diversified Financial Services - 1.8%
Encore Capital Group, Inc. (a)		3,458		170,082
Enova International, Inc. (a)		3,612		381,102
Evercore, Inc. - Class A		2,243		690,620
FTAI Aviation Ltd.		14,285		2,411,594
Houlihan Lokey, Inc.		3,926		742,367
Interactive Brokers Group, Inc. - Class A		3,063		585,309
LendingClub Corp. (a)		119,711		1,991,991
Moelis & Co., Class A - Class A		8,971		690,587
Navient Corp.		14,452		225,162
Perella Weinberg Partners		46,596		1,196,119
Radian Group, Inc.		35,274		1,262,456
Silvercrest Asset Management Group, Inc. - Class A		87,936		1,612,746
Virtus Investment Partners, Inc.		807		199,305
World Acceptance Corp. (a)		2,155		260,583
				12,420,023
Electric - 1.1%
Hawaiian Electric Industries, Inc. (a)		39,161		406,883
Northwestern Energy Group, Inc.		38,213		2,110,886
Talen Energy Corp. (a)		14,554		3,120,523
TXNM Energy, Inc.		39,284		1,926,880
Unitil Corp.		2,272		136,366
				7,701,538
Electrical Components & Equipment - 0.5%
American Superconductor Corp. (a)		68,136		2,320,712
Littelfuse, Inc.		1,079		266,157
Powell Industries, Inc.		2,495		667,113
				3,253,982
Electronics - 2.7%
Applied Optoelectronics, Inc. (a)		45,950		1,894,059
Atkore International Group, Inc.		21,166		1,996,165
Atmus Filtration Technologies, Inc.		28,872		1,249,869
Badger Meter, Inc.		2,217		480,690
Benchmark Electronics, Inc.		4,446		215,587
Brady Corp. - Class A		12,340		924,143
Camtek Ltd.		11,225		836,262
Coherent Corp. (a)		3,416		342,147
Comtech Telecommunications Corp. (a)		196,130		664,881
Enovix Corp. (a)		46,428		429,459
ESCO Technologies, Inc.		1,920		284,947
Itron, Inc. (a)		4,655		551,757
Ituran Location and Control Ltd.		21,933		661,499
Kimball Electronics, Inc. (a)		117,280		2,299,861
Knowles Corp. (a)		7,352		143,070
Mirion Technologies, Inc. (a)		67,737		1,142,723
NEXTracker, Inc. - Class A (a)		21,504		820,593
OSI Systems, Inc. (a)		1,136		201,526
Plexus Corp. (a)		2,641		434,180
Sanmina Corp. (a)		6,648		527,918
SYNNEX Corp.		830		98,762
TTM Technologies, Inc. (a)		8,548		208,400
Vontier Corp.		55,758		2,189,059
				18,597,557
Energy-Alternate Sources - 0.0%(c)
REX American Resources Corp. (a)		2,520		109,141
Engineering & Construction - 2.5%
Bowman Consulting Group Ltd. (a)		97,930		2,682,303
Comfort Systems USA, Inc.		4,006		1,976,040
Construction Partners, Inc. - Class A (a)		24,067		2,445,448
EMCOR Group, Inc.		4,741		2,418,479
Exponent, Inc.		13,407		1,323,405
Mistras Group, Inc. (a)		107,610		1,001,849
MYR Group, Inc. (a)		5,139		811,448
Primoris Services Corp.		13,099		1,096,517
Shimmick Corp. (a)		9,000		21,106
Sterling Construction Co., Inc. (a)		11,839		2,302,093
TopBuild Corp. (a)		2,707		1,057,462
				17,136,150
Entertainment - 1.3%
Atlanta Braves Holdings, Inc. - Class A (a)		1,183		49,792
Bally's Corp. (a)		4,405		78,101
Cinemark Holdings, Inc. (a)		7,468		257,795
Genius Sports Ltd. (a)		208,740		2,095,750
IMAX Corp., (Canada) (a)		37,727		992,975
Monarch Casino & Resort, Inc.		3,215		270,092
Rush Street Interactive, Inc. (a)		159,713		2,303,061
Scientific Games Corp. (a)		6,167		586,112
United Parks & Resorts, Inc. (a)		39,733		2,329,943
				8,963,621
Environmental Control - 0.3%
CECO Environmental Corp. (a)		42,316		1,356,228
PureCycle Technologies, Inc. (a)		15,408		204,849
Tetra Tech, Inc.		15,990		663,745
				2,224,822
Food - 0.7%
B&G Foods, Inc.		6,569		43,881
Hain Celestial Group, Inc. (a)		41,732		345,124
Ingles Markets, Inc. - Class A		26,982		1,993,970
J&J Snack Foods Corp.		578		100,450
John B Sanfilippo & Son, Inc.		1,789		154,480
Nomad Foods Ltd.		90,610		1,659,069
SpartanNash Co.		7,613		144,495
United Natural Foods, Inc. (a)		19,944		495,209
Weis Markets, Inc.		1,995		145,296
				5,081,974
Gas - 0.4%
Northwest Natural Holding, Co.		10,869		476,280
Southwest Gas Holdings, Inc.		24,526		1,916,952
				2,393,232
Hand/Machine Tools - 0.6%
Cadre Holdings, Inc.		35,471		1,184,376
Franklin Electric Co., Inc.		1,896		205,337
Hurco Cos., Inc.		72,440		1,689,301
MSA Safety, Inc.		5,199		903,638
				3,982,652
Healthcare-Products - 3.8%
ABIOMED Inc. (a)(b)		1,453		0
Adaptive Biotechnologies Corp. (a)		133,159		790,964
Albireo Pharma Inc. (a)(b)		1,908		0
Avanos Medical, Inc. (a)		2,367		45,352
AxoGen, Inc. (a)		43,612		606,207
Bioventus, Inc. - Class A (a)		80,947		994,839
Brooks Automation, Inc. (a)		2,595		119,915
CareDx, Inc. (a)		36,994		907,833
Ceribell, Inc. (a)		20,247		582,911
CryoLife, Inc. (a)		3,328		98,243
Embecta Corp.		91,863		1,913,506
Enovis Corp. (a)		34,807		1,698,930
Exact Sciences Corp. (a)		10,423		647,060
Glaukos Corp. (a)		2,161		310,428
Haemonetics Corp. (a)		3,260		285,152
ICU Medical, Inc. (a)		1,637		268,402
Inmode Ltd. (a)		29,787		581,740
Inspire Medical Systems, Inc. (a)		292		56,286
Integra LifeSciences Holdings Corp. (a)		12,523		307,815
Lantheus Holdings, Inc. (a)		8,162		728,622
LeMaitre Vascular, Inc.		20,021		2,142,047
Masimo Corp. (a)		2,530		436,526
Merit Medical Systems, Inc. (a)		3,088		320,843
Omnicell, Inc. (a)		25,720		1,198,295
OrthoPediatrics Corp. (a)		1,874		48,686
Patterson Cos., Inc.		42,763		918,977
PROCEPT BioRobotics Corp. (a)		25,235		2,412,214
Quanterix Corp. (a)		85,803		1,057,951
Repligen Corp. (a)		9,406		1,415,979
Semler Scientific, Inc. (a)		7,376		420,579
SI-BONE, Inc. (a)		59,279		803,823
Stevanato Group SpA		46,218		925,747
Surmodics, Inc. (a)		2,311		91,169
Tandem Diabetes Care, Inc. (a)		8,594		263,234
TransMedics Group, Inc. (a)		15,776		1,367,937
West Pharmaceutical Services, Inc.		2,836		923,628
				25,691,840
Healthcare-Services - 1.3%
Addus HomeCare Corp. (a)		7,080		869,707
Amedisys, Inc. (a)		2,182		199,457
Ardent Health Partners, Inc. (a)		47,101		752,674
Chemed Corp.		621		355,454
CorVel Corp. (a)		432		157,853
Ensign Group, Inc.		2,982		435,998
GeneDx Holdings Corp. (a)		23,501		1,842,243
HealthEquity, Inc. (a)		6,633		673,515
MEDNAX, Inc. (a)		54,613		817,011
National HealthCare Corp.		3,006		376,351
RadNet, Inc. (a)		18,617		1,522,126
Surgery Partners, Inc. (a)		22,997		548,249
Teladoc, Inc. (a)		6,186		74,108
US Physical Therapy, Inc.		1,232		121,672
				8,746,418
Home Builders - 1.2%
Cavco Industries, Inc. (a)		624		321,048
Century Communities, Inc.		9,495		857,968
Champion Homes, Inc. (a)		12,120		1,257,208
Installed Building Products, Inc.		7,795		1,783,028
LCI Industries		2,012		243,070
LGI Homes, Inc. (a)		20,623		2,258,012
M/I Homes, Inc. (a)		5,874		969,386
Winnebago Industries, Inc.		5,231		306,223
				7,995,943
Home Furnishings - 1.0%
Ethan Allen Interiors, Inc.		3,342		102,700
Hamilton Beach Brands Holding Co. - Class A		128,160		2,482,459
Leggett & Platt, Inc.		19,427		244,586
Sleep Number Corp. (a)		168,010		2,520,150
Universal Electronics, Inc. (a)		110,190		1,276,000
				6,625,895
Household Products/Wares - 0.1%
Central Garden & Pet Co. (a)		1,215		48,296
Central Garden & Pet Co. - Class A (a)		303		10,239
Quanex Building Products Corp.		1,957		58,240
WD-40 Co.		1,574		436,140
				552,915
Housewares - 0.0%(c)
Lifetime Brands, Inc.		9,350		55,072
Insurance - 4.2%
Ambac Financial Group, Inc. (a)		11,257		144,540
Assured Guaranty Ltd.		19,747		1,842,000
Axis Capital Holdings Ltd.		32,809		3,052,549
Bowhead Specialty Holdings, Inc. (a)		24,585		905,711
Employers Holdings, Inc.		3,627		193,537
Genworth Financial, Inc. - Class A (a)		386,192		3,012,298
HCI Group, Inc.		20,148		2,455,437
Heritage Insurance Holdings, Inc. (a)		309,767		3,850,404
Mercury General Corp.		26,106		2,061,330
NMI Holdings, Inc. - Class A (a)		9,565		382,504
Palomar Holdings, Inc. (a)		21,706		2,350,760
RLI Corp.		1,478		259,980
Safety Insurance Group, Inc.		2,323		199,406
Selective Insurance Group, Inc.		3,866		394,680
Skyward Specialty Insurance Group, Inc. (a)		36,869		1,994,982
Stewart Information Services Corp.		2,200		165,198
TWFG, Inc. (a)		27,578		973,779
White Mountains Insurance Group Ltd.		2,104		4,229,019
				28,468,114
Internet - 2.3%
Bandwidth, Inc. - Class A (a)		3,584		75,371
Bumble, Inc. - Class A (a)		39,590		344,037
DHI Group, Inc. (a)		1,243,120		2,212,754
ePlus, Inc. (a)		14,264		1,153,387
Fiverr International Ltd. (a)		32,228		1,050,955
HealthStream, Inc.		2,700		89,370
Magnite, Inc. (a)		117,897		1,979,491
Maplebear, Inc. (a)		23,193		1,012,838
MediaAlpha, Inc. - Class A (a)		69,663		879,844
Q2 Holdings, Inc. (a)		11,188		1,171,831
QuinStreet, Inc. (a)		93,424		2,128,199
Revolve Group, Inc. (a)		31,348		1,131,036
TripAdvisor, Inc. (a)		77,819		1,115,146
Vivid Seats, Inc. - Class A (a)		14,376		51,466
Yelp, Inc. (a)		27,842		1,064,121
				15,459,846
Investment Companies - 1.6%
Cannae Holdings, Inc.		115,910		2,515,247
Cipher Mining, Inc. (a)		101,417		679,494
Core Scientific, Inc. (a)		190,243		3,401,545
HA Sustainable Infrastructure Capital, Inc.		2,522		79,090
MARA Holdings, Inc. (a)		13,400		367,428
Terawulf, Inc. (a)		488,742		3,856,174
				10,898,978
Iron/Steel - 0.4%
ATI, Inc. (a)		7,199		433,164
Carpenter Technology Corp.		11,908		2,310,628
				2,743,792
Leisure Time - 0.6%
Callaway Golf Co. (a)		4,678		39,389
OneSpaWorld Holdings Ltd.		192,698		3,659,335
Revelyst, Inc. (a)		14,337		270,969
				3,969,693
Lodging - 0.1%
Boyd Gaming Corp.		4,776		352,708
Marcus Corp.		4,068		92,099
				444,807
Machinery-Construction & Mining - 0.5%
Argan, Inc.		10,144		1,581,855
BWX Technologies, Inc.		14,109		1,846,163
				3,428,018
Machinery-Diversified - 1.8%
Albany International Corp. - Class A		1,126		93,345
Applied Industrial Technologies, Inc.		5,725		1,572,772
Chart Industries, Inc. (a)		10,855		2,097,729
Flowserve Corp.		23,446		1,430,675
Kornit Digital Ltd. (a)		29,865		949,707
Lindsay Corp.		7,218		958,334
Mueller Water Products, Inc. - Class A		68,820		1,723,253
Tennant Co.		2,414		213,325
Toro Co.		5,348		465,704
Twin Disc, Inc.		195,947		2,451,297
				11,956,141
Media - 0.2%
Cable One, Inc.		2,021		849,265
Gray Television, Inc.		18,324		78,243
Sinclair, Inc.		17,962		329,064
				1,256,572
Metal Fabricate/Hardware - 1.2%
AZZ, Inc.		7,445		693,427
Janus International Group, Inc. (a)		129,571		969,191
Mueller Industries, Inc.		11,950		965,201
NN, Inc. (a)		176,710		705,073
Northwest Pipe Co. (a)		75,660		4,241,878
Standex International Corp.		1,485		308,717
Xometry, Inc. - Class A (a)		12,500		388,125
				8,271,612
Mining - 0.6%
Centrus Energy Corp. - Class A (a)		11,251		1,023,841
Century Aluminum Co. (a)		18,637		425,483
Hudbay Minerals, Inc.		76,258		681,747
Uranium Energy Corp. (a)		211,940		1,761,221
				3,892,292
Miscellaneous Manufacturing - 1.3%
Axon Enterprise, Inc. (a)		5,340		3,454,766
Enpro, Inc.		4,961		938,125
Fabrinet (a)		6,565		1,540,018
Federal Signal Corp.		9,443		919,843
John Bean Technologies Corp.		2,493		314,168
Materion Corp.		2,877		332,639
Myers Industries, Inc.		2,441		28,315
Park Aerospace Corp.		92,759		1,420,140
				8,948,014
Office Furnishings - 0.0%(c)
Interface, Inc.		11,644		309,148
Office-Business Equipment - 0.0%(c)
Pitney Bowes, Inc.		13,705		110,462
Xerox Holdings Corp.		5,285		48,305
				158,767
Oil & Gas - 1.6%
BKV Corp. (a)		19,954		438,190
Delek US Holdings, Inc.		71,647		1,364,875
Evolution Petroleum Corp.		97,583		571,837
Expand Energy Corp.		9,762		966,048
Gulfport Energy Corp. (a)		6,065		1,066,227
Helmerich & Payne, Inc.		4,567		158,155
Landbridge Co. LLC - Class A (a)		9,290		706,040
Par Pacific Holdings, Inc. (a)		5,479		95,499
Patterson-UTI Energy, Inc.		112,890		948,276
PBF Energy, Inc. - Class A		5,245		165,165
Range Resources Corp.		29,237		1,044,930
Sable Offshore Corp. (a)		35,225		827,083
SM Energy Co.		50,967		2,303,199
Talos Energy, Inc. (a)		23,929		269,201
				10,924,725
Oil & Gas Services - 1.8%
Bristow Group, Inc. (a)		14,268		545,323
DMC Global, Inc. (a)		32,430		261,062
DNOW, Inc. (a)		49,547		745,682
Helix Energy Solutions Group, Inc. (a)		41,891		447,815
Kodiak Gas Services, Inc.		47,403		1,916,977
Natural Gas Services Group, Inc. (a)		169,780		4,713,093
Oceaneering International, Inc. (a)		35,309		1,058,564
Profire Energy, Inc. (a)		659,780		1,662,646
Solaris Energy Infrastructure, Inc.		38,733		954,768
				12,305,930
Packaging & Containers - 0.3%
Clearwater Paper Corp. (a)		2,737		74,227
Ranpak Holdings Corp. (a)		61,877		482,022
TriMas Corp.		49,490		1,307,526
				1,863,775
Pharmaceuticals - 1.7%
ACELYRIN, Inc. (a)		9,042		41,141
Amphastar Pharmaceuticals, Inc. (a)		6,771		305,982
Centessa Pharmaceuticals PLC - ADR (a)		91,526		1,639,231
Collegium Pharmaceutical, Inc. (a)		2,619		79,880
Corcept Therapeutics, Inc. (a)		3,332		192,190
Guardian Pharmacy Services, Inc. - Class A (a)		29,247		729,420
Ironwood Pharmaceuticals, Inc. (a)		17,314		60,945
Madrigal Pharmaceuticals, Inc. (a)		334		109,615
MERUS NV (a)		19,386		869,268
Organon & Co.		24,924		395,544
Owens & Minor, Inc. (a)		3,772		50,809
Pacira BioSciences, Inc. (a)		12,980		219,492
Premier, Inc. - Class A		15,550		356,095
Protagonist Therapeutics, Inc. (a)		24,673		1,080,677
Rhythm Pharmaceuticals, Inc. (a)		43,492		2,698,244
Spyre Therapeutics, Inc. (a)		37,836		1,075,677
Synergy CHC Corp. (a)		151,500		869,610
Vaxcyte, Inc. (a)		9,666		911,890
				11,685,710
Pipelines - 0.1%
Golar LNG Ltd.		24,280		955,904
Private Equity - 0.5%
P10, Inc. - Class A		233,044		3,285,920
Real Estate - 0.8%
Howard Hughes Holdings, Inc. (a)		10,733		930,980
Marcus & Millichap, Inc.		2,121		88,255
McGrath RentCorp		31,732		3,866,544
Redfin Corp. (a)		52,040		493,860
				5,379,639
REITS - 2.2%
Agree Realty Corp.		1,641		126,029
Alexander & Baldwin, Inc.		4,543		89,406
Alpine Income Property Trust, Inc.		113,474		2,030,050
American Assets Trust, Inc.		14,803		420,997
Apollo Commercial Real Estate Finance, Inc.		44,054		407,500
Ares Commercial Real Estate Corp.		9,618		69,442
Blackstone Mortgage Trust, Inc. - Class A		6,106		117,357
CareTrust REIT, Inc.		7,113		211,896
Centerspace		2,329		168,853
Chatham Lodging Trust		17,141		157,869
DiamondRock Hospitality Co.		13,130		121,846
EastGroup Properties, Inc.		2,590		446,024
Getty Realty Corp.		5,173		170,088
Gladstone Commercial Corp.		10,245		180,415
Global Medical REIT, Inc.		235,360		2,092,350
Global Net Lease, Inc.		24,433		181,049
Highwoods Properties, Inc.		6,502		211,055
Invesco Mortgage Capital, Inc.		6,833		57,056
Kite Realty Group Trust		7,450		205,397
KKR Real Estate Finance Trust, Inc.		8,788		102,205
Lexington Realty Trust		12,112		113,247
Medical Properties Trust, Inc.		34,212		150,191
NexPoint Residential Trust, Inc.		2,074		97,623
Office Properties Income Trust		720,100		1,188,165
Outfront Media, Inc.		50,443		969,010
PennyMac Mortgage Investment Trust		24,404		331,650
Piedmont Office Realty Trust, Inc. - Class A		69,495		661,592
PotlatchDeltic Corp.		1,462		65,556
Ready Capital Corp.		14,806		109,120
Redwood Trust, Inc.		77,920		557,907
Regency Centers Corp.		2,758		208,477
Retail Opportunity Investments Corp.		28,261		491,741
RLJ Lodging Trust		6,261		63,925
Saul Centers, Inc.		3,903		160,452
Service Properties Trust		30,561		84,960
Tanger, Inc.		33,410		1,235,168
TPG RE Finance Trust, Inc.		8,617		78,673
Two Harbors Investment Corp.		32,432		381,076
Uniti Group, Inc.		49,540		292,781
Whitestone REIT		14,111		207,714
				15,015,912
Retail - 5.7%
Abercrombie & Fitch Co. - Class A (a)		2,464		368,836
Advance Auto Parts, Inc.		18,164		751,081
America's Car-Mart, Inc./TX (a)		1,410		65,086
Asbury Automotive Group, Inc. (a)		5,805		1,508,313
Beacon Roofing Supply, Inc. (a)		11,156		1,260,851
BJ's Restaurants, Inc. (a)		7,047		270,887
Bloomin' Brands, Inc.		20,453		285,115
BlueLinx Holdings, Inc. (a)		3,845		483,316
Boot Barn Holdings, Inc. (a)		13,520		1,854,133
Buckle, Inc.		2,951		153,718
Build-A-Bear Workshop, Inc.		114,070		4,333,519
Casey's General Stores, Inc.		1,888		794,640
Destination XL Group, Inc. (a)		486,510		1,172,489
Dine Brands Global, Inc.		1,749		62,824
Dutch Bros, Inc. - Class A (a)		27,177		1,460,220
FirstCash Holdings, Inc.		2,930		318,960
Five Below, Inc. (a)		3,696		342,619
Foot Locker, Inc. (a)		10,261		258,064
Freshpet, Inc. (a)		3,381		517,462
Group 1 Automotive, Inc.		2,270		966,566
Guess?, Inc.		12,246		201,569
Kura Sushi USA, Inc. - Class A (a)		19,204		2,053,292
Lithia Motors, Inc.		382		147,796
MSC Industrial Direct Co., Inc. - Class A		9,537		819,038
Murphy USA, Inc.		5,937		3,252,289
Ollie's Bargain Outlet Holdings, Inc. (a)		12,469		1,233,808
Papa John's International, Inc.		40,820		2,034,061
Petco Health & Wellness Co., Inc. (a)		130,682		558,012
PriceSmart, Inc.		1,079		96,829
Red Robin Gourmet Burgers, Inc. (a)		370,360		1,996,240
RH (a)		2,399		923,951
Shoe Carnival, Inc.		6,304		212,823
Signet Jewelers Ltd.		5,100		511,020
Sweetgreen, Inc. - Class A (a)		62,833		2,574,896
Texas Roadhouse, Inc.		10,739		2,204,395
Tilly's, Inc. - Class A (a)		201,850		902,270
Warby Parker, Inc. - Class A (a)		69,747		1,572,097
Zumiez, Inc. (a)		3,290		72,610
				38,595,695
Savings & Loans - 1.3%
Axos Financial, Inc. (a)		3,461		286,744
Banc of California, Inc.		1,873		32,272
Berkshire Hills Bancorp, Inc.		17,583		535,930
Flushing Financial Corp.		4,361		77,364
FS Bancorp, Inc.		85,134		4,060,892
Home Bancorp, Inc.		23,260		1,179,980
Northfield Bancorp, Inc.		9,880		132,194
Northwest Bancshares, Inc.		5,826		85,526
OceanFirst Financial Corp.		11,427		236,310
Pacific Premier Bancorp, Inc.		8,033		228,137
Provident Financial Services, Inc.		15,571		328,859
Riverview Bancorp, Inc.		238,660		1,331,723
				8,515,931
Semiconductors - 2.5%
Advanced Energy Industries, Inc.		2,466		283,689
Aehr Test Systems (a)		65,229		775,573
Allegro MicroSystems, Inc. (a)		46,278		1,005,621
Alpha & Omega Semiconductor Ltd. (a)		11,958		495,898
Amtech Systems, Inc. (a)		248,040		1,398,946
AXT, Inc. (a)		679,550		1,454,237
CEVA, Inc. (a)		2,534		75,361
Cirrus Logic, Inc. (a)		3,525		368,186
FormFactor, Inc. (a)		7,775		311,467
inTEST Corp. (a)		205,660		1,558,903
Kulicke & Soffa Industries, Inc.		6,419		310,808
Lattice Semiconductor Corp. (a)		16,920		960,210
MKS Instruments, Inc.		1,371		155,800
Monolithic Power Systems, Inc.		1,952		1,108,033
Onto Innovation, Inc. (a)		3,032		497,794
Photronics, Inc. (a)		7,595		189,191
Power Integrations, Inc.		23,279		1,525,007
Semtech Corp. (a)		20,151		1,290,470
SiTime Corp. (a)		15,068		3,200,142
Veeco Instruments, Inc. (a)		3,472		96,765
				17,062,101
Software - 4.9%
ACI Worldwide, Inc. (a)		22,750		1,292,655
ACV Auctions, Inc. - Class A (a)		132,673		3,001,063
Agilysys, Inc. (a)		13,492		1,811,976
Alkami Technology, Inc. (a)		78,783		3,109,565
Asure Software, Inc. (a)		252,100		2,468,059
AvePoint, Inc. (a)		73,580		1,298,687
BILL Holdings, Inc. (a)		15,260		1,376,757
Blackbaud, Inc. (a)		799		67,068
BlackLine, Inc. (a)		19,353		1,200,080
Blend Labs, Inc. - Class A (a)		306,190		1,564,631
BM Technologies, Inc. (a)		212,770		1,015,977
Clearwater Analytics Holdings, Inc. - Class A (a)		15,671		486,428
Cogent Communications Holdings, Inc.		1,297		106,600
Concentrix Corp.		830		37,309
CSG Systems International, Inc.		2,939		161,087
Freshworks, Inc. - Class A (a)		60,479		967,059
Genasys, Inc. (a)		345,620		1,306,444
Gitlab, Inc. - Class A (a)		16,932		1,079,415
Global-e Online Ltd. (a)		17,805		930,845
JFrog Ltd. (a)		41,386		1,289,174
LiveRamp Holdings, Inc. (a)		5,117		155,352
nCino, Inc. (a)		23,562		989,368
Olo, Inc. - Class A (a)		91,167		664,607
PDF Solutions, Inc. (a)		1,842		58,207
Privia Health Group, Inc. (a)		51,876		1,114,296
Procore Technologies, Inc. (a)		8,529		692,555
Progress Software Corp.		5,306		362,983
Smith Micro Software, Inc. (a)		144,860		124,580
SoundHound AI, Inc. - Class A (a)		201,290		1,874,010
SPS Commerce, Inc. (a)		800		154,456
Take-Two Interactive Software, Inc. (a)		3,504		660,084
Vertex, Inc. - Class A (a)		21,122		1,145,869
Weave Communications, Inc. (a)		61,835		845,284
				33,412,530
Telecommunications - 0.7%
Applied Digital Corp. (a)		137,537		1,389,124
Credo Technology Group Holding Ltd. (a)		12,077		591,290
IDT Corp. - Class B		3,111		160,652
InterDigital, Inc.		869		170,289
Iridium Communications, Inc.		9,628		286,144
Lumen Technologies, Inc. (a)		73,749		541,318
NetGear, Inc. (a)		7,443		183,098
Telephone & Data Systems, Inc.		10,347		353,660
United States Cellular Corp. (a)		8,331		528,685
Viasat, Inc. (a)		5,497		51,287
Viavi Solutions, Inc. (a)		23,640		234,982
				4,490,529
Textiles - 0.5%
UniFirst Corp.		17,613		3,537,923
Toys/Games/Hobbies - 0.4%
Funko, Inc. - Class A (a)		7,565		88,889
JAKKS Pacific, Inc. (a)		97,030		2,826,484
				2,915,373
Transportation - 1.6%
Air Transport Services Group, Inc. (a)		144,919		3,182,421
ArcBest Corp.		7,779		896,763
CryoPort, Inc. (a)		7,909		55,996
Hub Group, Inc. - Class A		24,360		1,257,950
Knight-Swift Transportation Holdings, Inc.		1,873		111,181
Marten Transport Ltd.		7,327		127,343
PAMT CORP (a)		40,706		772,193
RXO, Inc. (a)		44,734		1,348,730
Saia, Inc. (a)		4,008		2,280,873
Scorpio Tankers, Inc.		4,242		214,900
World Kinect Corp.		10,200		295,290
				10,543,640
Water - 0.0%(c)
American States Water Co.		1,758		149,975
California Water Service Group		1,969		100,793
				250,768
TOTAL COMMON STOCKS (Cost $391,181,438)				637,883,668
SHORT-TERM INVESTMENTS - 6.2%
Money Market Funds - 6.2%
First American Treasury Obligations Fund - Class X, 4.55% (d)		42,128,306		42,128,306
TOTAL SHORT-TERM INVESTMENTS (Cost $42,128,306)				42,128,306
TOTAL INVESTMENTS - 100.0% (Cost $433,309,744)				680,011,974
Liabilities in Excess of Other Assets - (0.0)% (e)				(89,953	)
TOTAL NET ASSETS - 100.0%			$	679,922,021
two				–	%
Percentages are stated as a percent of net assets.				–	%

ADR - American Depositary Receipt

AMBAC - American Municipal Bond Assurance Corporation

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SpA - Societa per Azioni

(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 November 30, 2024.
(c)	Represents less than 0.05% of net assets.
(d)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

Adara Smaller Companies Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3			Total
Investments:
Common Stocks	$	637,883,668	$	–	$	–	(a)	$	637,883,668
Money Market Funds		42,128,306		–		–			42,128,306
Total Investments	$	680,011,974	$	–	$	–	(a)	$	680,011,974
Refer to the Schedule of Investments for further disaggregation of investment categories.
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

(a) Amount is less than $0.50.