NPORT-EX 2 adara.htm NPORT-EX
ADARA SMALLER COMPANIES FUND
  
   
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
   
             
   
Number
        
   
of Shares
    
Value
  
COMMON STOCKS - 93.1%
            
Aerospace/Defense — 1.0%
            
AAR Corp.
    
6,215
    
$
125,357
  
Aerovironment, Inc.*
    
1,433
      
101,499
  
Barnes Group, Inc.
    
2,103
      
79,451
  
Cubic Corp.
    
33,430
      
1,377,650
  
Mercury Systems, Inc.*
    
8,562
      
765,015
  
Moog, Inc., Class A*
    
1,762
      
95,659
  
National Presto Industries, Inc.
    
728
      
65,513
  
Park Aerospace Corp.
    
33,949
      
411,801
  
               
3,021,945
  
Agriculture — 0.1%
                
Andersons, Inc., (The)
    
3,148
      
40,798
  
Darling Ingredients, Inc.*
    
8,943
      
208,461
  
Fresh Del Monte Produce, Inc.
    
993
      
24,716
  
Phibro Animal Health Corp., Class A
    
1,739
      
45,562
  
Universal Corp.
    
1,119
      
49,303
  
               
368,840
  
Airlines — 0.1%
                
Allegiant Travel Co.*
    
418
      
44,538
  
SkyWest, Inc.*
    
8,137
      
260,953
  
               
305,491
  
Apparel — 0.6%
                
Crocs, Inc.*
    
48,352
      
1,385,285
  
Kontoor Brands, Inc.*
    
2,389
      
34,927
  
Skechers U.S.A., Inc., Class A*
    
3,666
      
114,819
  
Steven Madden Ltd.*
    
4,833
      
113,672
  
               
1,648,703
  
Auto Parts & Equipment — 1.2%
                
Dorman Products, Inc.*
    
1,452
      
101,524
  
Gentherm, Inc.*
    
3,355
      
136,549
  
Meritor, Inc.*
    
2,172
      
44,265
  
Methode Electronics, Inc.
    
12,995
      
407,393
  
Spartan Motors, Inc.
    
132,638
      
2,265,457
  
Unique Fabricating, Inc.*
    
165,959
      
536,031
  
               
3,491,219
  
Banks — 7.3%
                
American River Bankshares
    
87,484
      
891,462
  
Atlantic Capital Bancshares, Inc.*
    
45,992
      
524,309
  
Bank of Commerce Holdings
    
119,850
      
914,455
  
Baycom Corp.*
    
18,538
      
244,331
  
Boston Private Financial Holdings, Inc.
    
1,991
      
13,678
  
Cadence BanCorp
    
40,376
      
325,834
  
Capital Bancorp, Inc.*
    
70,890
      
806,728
  
City Holding Co.
    
4,208
      
264,683
  
Civista Bancshares, Inc.
    
30,190
      
460,096
  
Columbia Banking System, Inc.
    
3,060
      
74,542
  
Community Bank System, Inc.
    
1,997
      
118,662
  
CVB Financial Corp.
    
8,715
      
170,030
  
Esquire Financial Holdings, Inc.*
    
73,445
      
1,258,113
  
Farmers National Bancorp
    
76,130
      
894,527
  
First BanCorp
    
46,257
      
253,026
  
First Bancshares, Inc., (The)
    
29,260
      
620,019
  
First Business Financial Services, Inc.
    
53,249
      
881,271
  
First Citizens BancShares, Inc., Class A
    
722
      
277,970
  
First Commonwealth Financial Corp.
    
11,374
      
93,039
  
First Financial Bankshares, Inc.
    
13,162
      
403,284
  
First Merchants Corp.
    
18,094
      
507,718
  
First Midwest Bancorp, Inc.
    
6,455
      
84,238
  
First Northwest Bancorp
    
61,250
      
830,550
  
Flagstar Bancorp, Inc.
    
2,203
      
64,548
  
Glacier Bancorp, Inc.
    
3,879
      
159,776
  
Great Western Bancorp, Inc.
    
6,152
      
87,604
  
HomeStreet, Inc.
    
2,570
      
61,217
  
Hope Bancorp, Inc.
    
15,347
      
145,720
  
Horizon Bancorp
    
70,517
      
723,504
  
Independent Bank Corp.
    
1,226
      
85,170
  
LCNB Corp.
    
58,865
      
875,323
  
Metropolitan Bank Holding Corp.*
    
29,020
      
812,560
  
Northeast Bank
    
78,900
      
1,353,924
  
OFG Bancorp
    
8,517
      
103,482
  
Orrstown Financial Services, Inc.
    
29,330
      
395,368
  
Parke Bancorp, Inc.
    
62,861
      
875,025
  
Preferred Bank
    
1,493
      
56,092
  
Premier Financial Bancorp, Inc.
    
75,747
      
1,004,405
  
S&T Bancorp, Inc.
    
2,474
      
55,022
  
Seacoast Banking Corp. of Florida*
    
24,959
      
542,858
  
Simmons First National Corp., Class A
    
3,735
      
64,055
  
Southside Bancshares, Inc.
    
4,513
      
127,267
  
Tompkins Financial Corp.
    
1,660
      
106,821
  
TriState Capital Holdings, Inc.*
    
28,542
      
426,703
  
Triumph Bancorp, Inc.*
    
28,652
      
703,407
  
TrustCo Bank Corp.
    
10,872
      
68,494
  
UMB Financial Corp.
    
3,164
      
162,250
  
United Community Banks, Inc.
    
5,713
      
111,689
  
Veritex Holdings, Inc.
    
8,901
      
155,946
  
Walker & Dunlop, Inc.
    
1,239
      
50,179
  
Webster Financial Corp.
    
6,667
      
188,676
  
West Bancorporation, Inc.
    
49,280
      
869,299
  
Westamerica Bancorp
    
2,698
      
159,128
  
               
21,508,077
  
Beverages — 0.3%
                
Boston Beer Co., Inc., Class A, (The)*
    
1,465
    

827,329
  
Biotechnology — 5.7%
                
ANI Pharmaceuticals, Inc.*
    
2,383
      
74,016
  
Apellis Pharmaceuticals, Inc.*
    
18,432
      
620,974
  
Applied Therapeutics, Inc.*
    
25,101
      
1,142,598
  
Argenx SE, ADR*
    
9,282
      
2,035,543
  
BELLUS Health, Inc.*
    
19,919
      
208,950
  
Biohaven Pharmaceutical Holding Co. Ltd.*
    
7,330
      
457,905
  
Black Diamond Therapeutics, Inc.*
    
17,957
      
701,221
  
Crinetics Pharmaceuticals, Inc.*
    
12,654
      
206,766
  
Dicerna Pharmaceuticals, Inc.*
    
49,487
      
1,067,435
  
Eidos Therapeutics, Inc.*
    
6,239
      
305,150
  
Emergent BioSolutions, Inc.*
    
8,964
      
748,404
  
Epizyme, Inc.*
    
18,848
      
330,782
  
Gamida Cell Ltd.*
    
45,207
      
254,515
  
Guardant Health, Inc.*
    
3,397
      
307,055
  
Immunovant, Inc.*
    
30,041
      
770,852
  
Ligand Pharmaceuticals, Inc.*
    
3,978
      
404,046
  
Livongo Health, Inc.*
    
6,022
      
360,898
  
Mirati Therapeutics, Inc.*
    
9,619
      
954,109
  
Nektar Therapeutics*
    
5,506
      
119,480
  
NeoGenomics, Inc.*
    
22,628
      
603,941
  
Orchard Therapeutics PLC, ADR*
    
22,269
      
211,556
  
PTC Therapeutics, Inc.*
    
8,602
      
436,207
  
REGENXBIO, Inc.*
    
7,871
      
296,422
  
SpringWorks Therapeutics, Inc.*
    
31,113
      
1,184,472
  
Sutro Biopharma, Inc.*
    
11,415
      
114,264
  
Turning Point Therapeutics, Inc.*
    
12,183
      
843,673
  
Twist Bioscience Corp.*
    
27,771
      
1,053,909
  
Xencor, Inc.*
    
1,908
      
57,717
  
Xenon Pharmaceuticals, Inc.*
    
21,798
      
298,633
  
Y-mAbs Therapeutics, Inc.*
    
18,656
      
712,286
  
               
16,883,779
  
Building Materials — 1.1%
                
AAON, Inc.
    
2,783
      
150,755
  
American Woodmark Corp.*
    
2,580
      
161,921
  
Armstrong World Industries, Inc.
    
11,655
      
878,670
  
Boise Cascade Co.
    
3,571
      
121,521
  
Gibraltar Industries, Inc.*
    
4,141
      
182,245
  
PGT Innovations, Inc.*
    
40,270
      
548,075
  
Simpson Manufacturing Co., Inc.
    
2,069
      
165,644
  
SPX Corp.*
    
4,521
      
180,750
  
Trex Co., Inc.*
    
4,930
      
592,192
  
UFP Industries, Inc.
    
8,103
      
370,550
  
               
3,352,323
  
Chemicals — 0.4%
                
Axalta Coating Systems Ltd.*
    
16,818
      
388,664
  
Balchem Corp.
    
1,142
      
114,942
  
Chemours Co., (The)
    
9,276
      
121,609
  
GCP Applied Technologies, Inc.*
    
3,880
      
78,143
  
Innospec, Inc.
    
1,121
      
86,418
  
Rogers Corp.*
    
1,868
      
202,230
  
Stepan Co.
    
2,701
      
262,429
  
               
1,254,435
  
Coal — 0.0%
                
Warrior Met Coal, Inc.
    
9,551
      
134,478
  
Commercial Services — 5.3%
                
Acacia Research Corp.*
    
238,410
      
617,482
  
American Public Education, Inc.*
    
1,140
      
35,830
  
AMN Healthcare Services, Inc.*
    
3,294
      
146,122
  
ARC Document Solutions, Inc.*
    
445,221
      
454,125
  
ASGN, Inc.*
    
2,386
      
146,954
  
Barrett Business Services, Inc.
    
30,458
      
1,544,221
  
BG Staffing, Inc.
    
85,080
      
888,235
  
Brink's Co., (The)
    
4,054
      
162,565
  
CAI International, Inc.*
    
63,220
      
1,189,168
  
Chegg, Inc.*
    
5,971
      
364,709
  
CRA International, Inc.
    
32,320
      
1,305,405
  
EVERTEC, Inc.
    
17,229
      
501,708
  
Forrester Research, Inc.*
    
938
      
29,453
  
FTI Consulting, Inc.*
    
3,407
      
410,407
  
Green Dot Corp., Class A*
    
4,948
      
188,915
  
HealthEquity, Inc.*
    
7,850
      
486,465
  
Heidrick & Struggles International, Inc.
    
2,031
      
45,048
  
Herc Holdings, Inc.*
    
13,444
      
383,154
  
HMS Holdings Corp.*
    
9,256
      
289,157
  
Insperity, Inc.
    
17,793
      
922,389
  
MarketAxess Holdings, Inc.
    
1,203
      
611,834
  
Medifast, Inc.
    
1,970
      
201,610
  
Monro Muffler Brake, Inc.
    
1,316
      
72,512
  
Progyny, Inc.*
    
25,324
      
632,087
  
Rent-A-Center, Inc.
    
3,409
      
86,793
  
Repay Holdings Corp.*
    
45,620
      
1,051,085
  
Sabre Corp.*
    
29,781
      
207,574
  
SP Plus Corp.*
    
20,477
      
417,117
  
Strategic Education, Inc.
    
2,810
      
476,660
  
Team, Inc.*
    
237
      
1,168
  
TechTarget, Inc.*
    
18,067
      
496,662
  
TriNet Group, Inc.*
    
4,728
      
254,035
  
TrueBlue, Inc.*
    
4,724
      
73,033
  
Universal Technical Institute, Inc.*
    
42,406
      
314,228
  
Vectrus, Inc.*
    
7,868
      
432,111
  
Viad Corp.*
    
20,039
      
367,515
  
               
15,807,536
  
Computers — 2.6%
                
CACI International, Inc., Class A*
    
1,145
      
287,143
  
Computer Services, Inc.
    
25,738
      
1,285,356
  
DXC Technology Co.*
    
14,701
      
208,901
  
Endava PLC, SP ADR*
    
32,999
      
1,586,592
  
ExlService Holdings, Inc.*
    
1,497
      
91,572
  
Globant S.A.*
    
2,920
      
409,413
  
Insight Enterprises, Inc.*
    
2,176
      
111,542
  
Kornit Digital Ltd.*
    
8,857
      
414,065
  
MAXIMUS, Inc.
    
1,853
      
133,453
  
NCR Corp.*
    
45,289
      
817,466
  
Quantum Corp.*
    
112,320
      
404,352
  
Science Applications International Corp.
    
1,681
      
147,995
  
TTEC Holdings, Inc.
    
3,501
      
148,302
  
Virtusa Corp.*
    
12,611
      
379,213
  
Vocera Communications, Inc.*
    
17,268
      
338,971
  
WNS Holdings Ltd., ADR*
    
9,798
      
473,635
  
Zscaler, Inc.*
    
3,661
      
359,108
  
               
7,597,079
  
Cosmetics/Personal Care — 0.6%
                
elf Beauty, Inc.*
    
63,135
      
1,082,134
  
Inter Parfums, Inc.*
    
12,988
      
602,773
  
               
1,684,907
  
Distribution/Wholesale — 1.0%
                
Anixter International, Inc.*
    
1,549
      
148,255
  
Core-Mark Holding Co, Inc.
    
14,588
      
408,172
  
Manitex International, Inc.*
    
215,150
      
920,842
  
Pool Corp.
    
2,106
      
566,556
  
RESIDEO TECHNOLOGIES, Inc.*
    
19,988
      
141,115
  
ScanSource, Inc.*
    
1,700
      
41,905
  
SiteOne Landscape Supply, Inc.*
    
6,169
      
655,827
  
               
2,882,672
  
Diversified Financial Services — 1.7%
                
Blucora, Inc.*
    
3,569
      
43,363
  
Cohen & Steers, Inc.
    
10,114
      
642,745
  
Encore Capital Group, Inc.*
    
3,458
      
109,861
  
Evercore Partners, Inc., Class A
    
9,055
      
499,021
  
Houlihan Lokey, Inc.
    
7,003
      
423,541
  
I3 Verticals, Inc., Class A*
    
32,533
      
938,902
  
Interactive Brokers Group, Inc., Class A
    
3,063
      
129,718
  
LendingTree, Inc.*
    
1,382
      
359,348
  
Moelis & Co., Class A
    
13,960
      
469,475
  
Silvercrest Asset Management Group, Inc., Class A
    
88,336
      
995,547
  
Virtus Investment Partners, Inc.
    
807
      
75,035
  
Waddell & Reed Financial, Inc., Class A
    
5,577
      
72,724
  
World Acceptance Corp.*
    
2,155
      
143,307
  
               
4,902,587
  
Electric — 0.1%
                
ALLETE, Inc.
    
4,232
      
248,546
  
Avista Corp.
    
1,395
      
54,642
  
El Paso Electric Co.
    
1,366
      
92,847
  
               
396,035
  
Electrical Components & Equipment — 0.8%
                
Encore Wire Corp.
    
1,848
      
89,240
  
Littelfuse, Inc.
    
1,079
      
175,327
  
nLight, Inc.*
    
60,387
      
1,301,944
  
Vicor Corp.*
    
13,992
      
853,232
  
               
2,419,743
  
Electronics — 2.2%
                
Atkore International Group, Inc.*
    
19,092
      
512,429
  
Brady Corp., Class A
    
2,928
      
149,709
  
Coherent, Inc.*
    
1,014
      
147,243
  
Comtech Telecommunications Corp.
    
69,150
      
1,231,562
  
FARO Technologies, Inc.*
    
2,255
      
126,912
  
II-VI, Inc.*
    
3,812
      
181,184
  
Itron, Inc.*
    
12,808
      
825,091
  
Ituran Location and Control Ltd.*
    
27,021
      
462,329
  
nVent Electric PLC
    
31,652
      
580,181
  
OSI Systems, Inc.*
    
1,136
      
86,075
  
Plexus Corp.*
    
2,641
      
169,605
  
Sanmina Corp.*
    
6,648
      
176,903
  
SMTC Corp.*
    
82,540
      
244,318
  
SYNNEX Corp.*
    
830
      
88,520
  
TTM Technologies, Inc.*
    
8,548
      
98,900
  
Woodward, Inc.
    
7,393
      
507,012
  
ZAGG, Inc.*
    
260,678
      
778,124
  
               
6,366,097
  
Energy-Alternate Sources — 1.2%
                
Enphase Energy, Inc.*
    
8,440
      
491,124
  
Plug Power, Inc.*
    
252,951
      
1,064,924
  
Renewable Energy Group, Inc.*
    
4,229
      
120,315
  
REX American Resources Corp.*
    
840
      
49,266
  
SolarEdge Technologies, Inc.*
    
1,052
      
149,279
  
Sunnova Energy International, Inc.*
    
34,952
      
524,280
  
TPI Composites, Inc.*
    
49,962
      
1,036,711
  
               
3,435,899
  
Engineering & Construction — 1.7%
                
Aegion Corp.*
    
1,581
      
23,731
  
Arcosa, Inc.
    
9,365
      
357,462
  
Argan, Inc.
    
26,190
      
968,768
  
Comfort Systems USA, Inc.
    
24,230
      
896,510
  
EMCOR Group, Inc.
    
4,741
      
301,290
  
Exponent, Inc.
    
10,136
      
752,497
  
Mistras Group, Inc.*
    
37,250
      
150,490
  
MYR Group, Inc.*
    
5,139
      
148,055
  
Sterling Construction Co., Inc.*
    
62,570
      
566,258
  
TopBuild Corp.*
    
2,707
      
310,466
  
WillScot Corp.*
    
36,261
      
483,722
  
               
4,959,249
  
Entertainment — 0.5%
                
Cinemark Holdings, Inc.*
    
12,536
      
188,416
  
GAN Ltd.*
    
54,388
      
1,190,553
  
Monarch Casino & Resort, Inc.*
    
3,215
      
129,050
  
Scientific Games Corp.*
    
6,167
      
97,007
  
               
1,605,026
  
Environmental Control — 0.7%
                
Casella Waste Systems, Inc., Class A*
    
12,219
      
622,558
  
Harsco Corp.*
    
55,629
      
620,820
  
Tetra Tech, Inc.
    
3,198
      
252,322
  
US Ecology, Inc.*
    
20,902
      
703,770
  
               
2,199,470
  
Food — 1.8%
                
B&G Foods, Inc.
    
10,026
      
232,804
  
BellRing Brands, Inc., Class A*
    
21,967
      
441,097
  
Grocery Outlet Holding Corp.*
    
14,188
      
522,260
  
Hostess Brands, Inc.*
    
137,570
      
1,661,158
  
Ingles Markets, Inc., Class A
    
19,436
      
828,168
  
J&J Snack Foods Corp.
    
681
      
87,597
  
Landec Corp.*
    
100,788
      
1,075,408
  
Sanderson Farms, Inc.
    
1,371
      
180,999
  
SpartanNash Co.
    
5,509
      
117,948
  
United Natural Foods, Inc.*
    
8,258
      
161,857
  
               
5,309,296
  
Forest Products & Paper — 0.1%
                
Clearwater Paper Corp.*
    
2,737
      
79,291
  
Mercer International, Inc.
    
3,746
      
30,230
  
Schweitzer-Mauduit International, Inc.
    
6,314
      
191,883
  
               
301,404
  
Gas — 0.2%
                
Northwest Natural Holding Co.
    
2,390
      
153,223
  
Southwest Gas Holdings, Inc.
    
1,157
      
87,874
  
Spire, Inc.
    
5,337
      
389,174
  
               
630,271
  
Hand/Machine Tools — 0.7%
                
Colfax Corp.*
    
18,523
      
519,755
  
Franklin Electric Co., Inc.
    
1,896
      
96,165
  
Hurco Cos., Inc.
    
33,590
      
1,050,024
  
MSA Safety, Inc.
    
3,979
      
473,262
  
               
2,139,206
  
Healthcare-Products — 4.8%
                
ABIOMED, Inc.*
    
1,453
      
325,327
  
Alphatec Holdings, Inc.*
    
95,493
      
424,944
  
AngioDynamics, Inc.*
    
3,193
      
32,600
  
Axonics Modulation Technologies, Inc.*
    
15,158
      
555,844
  
Castle Biosciences, Inc.*
    
23,547
      
904,911
  
Cerus Corp.*
    
52,387
      
325,847
  
CRH Medical Corp.*
    
489,593
      
944,914
  
Haemonetics Corp.*
    
3,260
      
357,557
  
ICU Medical, Inc.*
    
578
      
115,380
  
Inari Medical, Inc.*
    
6,615
      
291,060
  
Inspire Medical Systems, Inc.*
    
15,494
      
1,263,381
  
Insulet Corp.*
    
1,501
      
283,044
  
Integra LifeSciences Holdings Corp.*
    
3,088
      
160,916
  
Luminex Corp.
    
1,725
      
53,751
  
Masimo Corp.*
    
2,530
      
607,681
  
Merit Medical Systems, Inc.*
    
3,088
      
138,929
  
Natera, Inc.*
    
29,397
      
1,289,058
  
NuVasive, Inc.*
    
789
      
47,813
  
OraSure Technologies, Inc.*
    
5,505
      
80,043
  
OrthoPediatrics Corp.*
    
30,724
      
1,417,298
  
Repligen Corp.*
    
6,174
      
808,609
  
SeaSpine Holdings Corp.*
    
46,141
      
491,402
  
SI-BONE, Inc.*
    
35,853
      
627,069
  
Tactile Systems Technology, Inc.*
    
7,050
      
341,572
  
Tandem Diabetes Care, Inc.*
    
19,173
      
1,594,235
  
Varex Imaging Corp.*
    
3,610
      
67,724
  
West Pharmaceutical Services, Inc.
    
2,836
      
612,689
  
               
14,163,598
  
Healthcare-Services — 1.9%
                
Addus HomeCare Corp.*
    
3,220
      
318,651
  
Amedisys, Inc.*
    
5,032
      
966,396
  
Catalent, Inc.*
    
7,174
      
557,635
  
Chemed Corp.
    
621
      
297,155
  
Community Health Systems, Inc.*
    
9,497
      
29,916
  
eHealth, Inc.*
    
5,046
      
658,099
  
Ensign Group, Inc., (The)
    
2,070
      
90,500
  
LHC Group, Inc.*
    
6,344
      
1,030,963
  
Pennant Group Inc., (The)*
    
2,221
      
56,613
  
Providence Service Corp., (The)*
    
2,212
      
178,066
  
RadNet, Inc.*
    
2,821
      
48,070
  
US Physical Therapy, Inc.
    
1,232
      
91,341
  
Vapotherm, Inc.*
    
50,399
      
1,342,125
  
               
5,665,530
  
Home Builders — 1.9%
                
Century Communities, Inc.*
    
18,649
      
550,891
  
Installed Building Products, Inc.*
    
20,379
      
1,309,962
  
LCI Industries
    
2,012
      
199,047
  
LGI Homes, Inc.*
    
17,575
      
1,466,107
  
M/I Homes, Inc.*
    
5,874
      
196,662
  
MDC Holdings, Inc.
    
4,064
      
138,135
  
Skyline Corp.*
    
36,820
      
914,609
  
Winnebago Industries, Inc.
    
17,103
      
930,403
  
               
5,705,816
  
Home Furnishings — 0.7%
                
iRobot Corp.*
    
968
      
71,361
  
Purple Innovation, Inc.*
    
55,914
      
801,807
  
Sleep Number Corp.*
    
2,991
      
93,230
  
Universal Electronics, Inc.*
    
23,010
      
1,040,972
  
               
2,007,370
  
Household Products/Wares — 0.3%
                
Central Garden & Pet Co.*
    
1,283
      
47,073
  
Helen of Troy Ltd.*
    
3,539
      
643,815
  
WD-40 Co.
    
995
      
190,891
  
               
881,779
  
Housewares — 0.3%
                
Lifetime Brands, Inc.
    
111,175
      
632,586
  
Toro Co., (The)
    
5,348
      
380,082
  
               
1,012,668
  
Insurance — 2.9%
                
American Equity Investment Life Holding Co.
    
7,985
      
173,195
  
Axis Capital Holdings Ltd.
    
24,227
      
909,482
  
BRP Group, Inc., Class A*
    
36,058
      
447,119
  
Employers Holdings, Inc.
    
3,729
      
111,460
  
Goosehead Insurance, Inc., Class A*
    
12,297
      
737,205
  
HCI Group, Inc.
    
3,132
      
140,470
  
Heritage Insurance Holdings, Inc.
    
86,010
      
1,078,565
  
Horace Mann Educators Corp.
    
2,570
      
93,856
  
James River Group Holdings Ltd.
    
6,778
      
262,105
  
Kinsale Capital Group, Inc.
    
7,247
      
1,082,122
  
NMI Holdings, Inc., Class A*
    
5,160
      
79,283
  
Palomar Holdings, Inc.*
    
21,365
      
1,589,983
  
ProAssurance Corp.
    
3,146
      
43,415
  
RLI Corp.
    
1,478
      
116,703
  
Safety Insurance Group, Inc.
    
1,702
      
129,761
  
Selective Insurance Group, Inc.
    
3,866
      
202,772
  
Stewart Information Services Corp.
    
2,200
      
67,804
  
United Fire Group, Inc.
    
723
      
19,398
  
Universal Insurance Holdings, Inc.
    
3,636
      
64,939
  
White Mountains Insurance Group Ltd.
    
1,262
      
1,155,437
  
               
8,505,074
  
Internet — 3.5%
                
8x8, Inc.*
    
4,788
      
69,618
  
Aspen Group, Inc.*
    
25,496
      
213,911
  
Bandwidth, Inc., Class A*
    
15,266
      
1,692,236
  
Cardlytics, Inc.*
    
20,624
      
1,404,288
  
EverQuote, Inc., Class A*
    
25,869
      
1,394,857
  
Fiverr International Ltd.*
    
15,904
      
1,035,669
  
HealthStream, Inc.*
    
2,267
      
51,642
  
Limelight Networks, Inc.*
    
198,961
      
982,867
  
Mimecast Ltd.*
    
7,672
      
320,536
  
Perficient, Inc.*
    
18,421
      
627,051
  
Q2 Holdings, Inc.*
    
3,774
      
311,808
  
Rubicon Project Inc., (The)*
    
106,449
      
667,435
  
Stamps.com, Inc.*
    
659
      
130,581
  
Upwork, Inc.*
    
32,594
      
405,469
  
US Auto Parts Network, Inc.*
    
62,734
      
437,256
  
Yelp, Inc.*
    
28,231
      
613,742
  
               
10,358,966
  
Investment Companies — 0.2%
                
Grid Dynamics Holdings, Inc.*
    
86,781
      
691,645
  
Iron/Steel — 0.0%
                
Cleveland-Cliffs, Inc.*
    
2,110
      
11,014
  
Leisure Time — 1.4%
                
Callaway Golf Co.
    
4,678
      
71,667
  
Camping World Holdings, Inc., Class A
    
24,351
      
515,754
  
Fox Factory Holding Corp.*
    
20,295
      
1,463,473
  
Liberty TripAdvisor Holdings, Inc., Class A*
    
37,187
      
88,319
  
Lindblad Expeditions Holdings, Inc.*
    
57,519
      
451,524
  
Malibu Boats, Inc., Class A*
    
10,038
      
473,091
  
Nautilus, Inc.*
    
72,298
      
441,741
  
OneWater Marine, Inc., Class A*
    
24,029
      
354,428
  
Vista Outdoor, Inc.*
    
14,337
      
139,212
  
               
3,999,209
  
Lodging — 0.4%
                
Boyd Gaming Corp.*
    
4,776
      
102,111
  
Extended Stay America, Inc.
    
89,719
      
1,031,768
  
               
1,133,879
  
Machinery-Diversified — 1.6%
                
Albany International Corp., Class A
    
1,126
      
67,898
  
Applied Industrial Technologies, Inc.
    
1,045
      
60,610
  
Chart Industries, Inc.*
    
37,362
      
1,466,459
  
Columbus McKinnon Corp.
    
22,390
      
680,880
  
Curtiss-Wright Corp.
    
2,004
      
201,001
  
GrafTech International Ltd.
    
118,656
      
811,607
  
NN, Inc.
    
96,420
      
430,997
  
SPX FLOW, Inc.*
    
1,840
      
63,627
  
Tennant Co.
    
2,414
      
154,351
  
Twin Disc, Inc.*
    
141,120
      
774,749
  
               
4,712,179
  
Media — 0.0%
                
Scholastic Corp.
    
2,456
      
72,206
  
Metal Fabricate/Hardware — 0.6%
                
AZZ, Inc.
    
1,964
      
62,180
  
Mueller Industries, Inc.
    
3,067
      
82,134
  
Northwest Pipe Co.*
    
64,490
      
1,618,054
  
Tredegar Corp.
    
1,259
      
19,276
  
               
1,781,644
  
Mining — 0.1%
                
Astec Industries, Inc.
    
3,361
      
142,775
  
Century Aluminum Co.*
    
18,637
      
111,077
  
               
253,852
  
Miscellaneous Manufacturing — 1.2%
                
Axon Enterprise, Inc.*
    
14,217
      
1,079,923
  
EnPro Industries, Inc.
    
2,498
      
112,610
  
ESCO Technologies, Inc.
    
6,748
      
557,452
  
Fabrinet*
    
7,546
      
482,491
  
FreightCar America, Inc.*
    
105,280
      
126,336
  
John Bean Technologies Corp.
    
2,493
      
204,800
  
Materion Corp.
    
2,877
      
151,043
  
Myers Industries, Inc.
    
2,441
      
33,222
  
Proto Labs, Inc.*
    
1,026
      
129,635
  
Raven Industries, Inc.
    
16,705
      
358,322
  
Sturm Ruger & Co., Inc.
    
968
      
60,345
  
Trinseo SA
    
6,460
      
132,947
  
               
3,429,126
  
Oil & Gas — 0.8%
                
Diamond Offshore Drilling, Inc.*
    
50,049
      
12,312
  
Evolution Petroleum Corp.
    
72,213
      
176,200
  
HollyFrontier Corp.
    
18,776
      
590,505
  
Murphy USA, Inc.*
    
3,972
      
461,149
  
Par Pacific Holdings, Inc.*
    
10,090
      
93,736
  
PBF Energy, Inc., Class A*
    
19,570
      
207,834
  
PDC Energy, Inc.*
    
21,646
      
263,648
  
Range Resources Corp.*
    
29,237
      
175,130
  
Southwestern Energy Co.*
    
112,602
      
338,932
  
               
2,319,446
  
Oil & Gas Services — 0.6%
                
DMC Global, Inc.*
    
23,764
      
678,462
  
Natural Gas Services Group, Inc.*
    
104,900
      
656,674
  
Profire Energy, Inc.*
    
345,057
      
265,694
  
RPC, Inc.
    
24,639
      
78,352
  
               
1,679,182
  
Packaging & Containers — 0.1%
                
TriMas Corp.*
    
13,356
      
315,869
  
Pharmaceuticals — 4.8%
                
Amphastar Pharmaceuticals, Inc.*
    
3,464
      
64,569
  
Axsome Therapeutics, Inc.*
    
13,019
      
1,002,203
  
Bioxcel Therapeutics, Inc.*
    
10,206
      
475,191
  
Collegium Pharmaceutical, Inc.*
    
19,569
      
431,496
  
Corcept Therapeutics, Inc.*
    
2,448
      
37,063
  
Cytokinetics, Inc.*
    
97,531
      
2,019,867
  
Eagle Pharmaceuticals, Inc.*
    
770
      
39,470
  
Enanta Pharmaceuticals, Inc.*
    
4,093
      
210,749
  
Global Blood Therapeutics, Inc.*
    
10,693
      
747,654
  
IMARA, Inc.*
    
8,681
      
290,727
  
Kala Pharmaceuticals, Inc.*
    
38,964
      
479,647
  
Kodiak Sciences, Inc.*
    
11,833
      
764,530
  
MERUS NV*
    
36,217
      
494,362
  
Momenta Pharmaceuticals, Inc.*
    
21,468
      
675,813
  
MyoKardia, Inc.*
    
16,471
      
1,684,819
  
Neogen Corp.*
    
2,310
      
164,518
  
Odonate Therapeutics, Inc.*
    
25,166
      
822,173
  
Premier, Inc., Class A*
    
55,476
      
1,930,010
  
Principia Biopharma, Inc.*
    
12,744
      
814,214
  
Revance Therapeutics, Inc.*
    
35,187
      
735,408
  
scPharmaceuticals, Inc.*
    
24,454
      
203,702
  
Vanda Pharmaceuticals, Inc.*
    
7,121
      
83,458
  
               
14,171,643
  
Real Estate — 0.3%
                
Marcus & Millichap, Inc.*
    
9,615
      
265,085
  
Newmark Group, Inc., Class A
    
27,808
      
118,184
  
Redfin Corp.*
    
15,819
      
474,412
  
               
857,681
  
REITS — 2.6%
                
Agree Realty Corp.
    
1,641
      
103,006
  
Alexander & Baldwin, Inc.*
    
11,176
      
127,518
  
Alpine Income Property Trust, Inc.
    
77,194
      
954,890
  
Apollo Commercial Real Estate Finance, Inc.
    
44,054
      
362,564
  
ARMOUR Residential REIT, Inc.
    
12,838
      
100,522
  
CareTrust REIT, Inc.
    
3,664
      
68,260
  
Community Healthcare Trust, Inc.
    
2,769
      
100,847
  
CoreSite Realty Corp.
    
1,355
      
169,131
  
EastGroup Properties, Inc.
    
2,590
      
301,088
  
Franklin Street Properties Corp.
    
7,053
      
37,663
  
Getty Realty Corp.
    
5,173
      
137,705
  
Global Medical REIT, Inc.
    
105,400
      
1,129,888
  
Great Ajax Corp.
    
93,115
      
763,544
  
Healthcare Realty Trust, Inc.
    
2,820
      
86,574
  
Invesco Mortgage Capital, Inc.
    
62,060
      
171,906
  
Investors Real Estate Trust
    
1,467
      
104,010
  
Kite Realty Group Trust
    
13,773
      
133,598
  
KKR Real Estate Finance Trust, Inc.
    
9,611
      
155,602
  
Lexington Realty Trust
    
12,112
      
117,729
  
LTC Properties, Inc.
    
1,083
      
39,865
  
Medical Properties Trust, Inc.
    
5,867
      
106,075
  
New York Mortgage Trust, Inc.*
    
183,589
      
381,865
  
NexPoint Residential Trust, Inc.
    
2,319
      
74,162
  
Office Properties Income Trust
    
2,730
      
69,042
  
PennyMac Mortgage Investment Trust
    
24,404
      
268,688
  
PS Business Parks, Inc.
    
1,242
      
165,981
  
Redwood Trust, Inc.
    
77,920
      
416,872
  
Retail Opportunity Investments Corp.*
    
28,261
      
265,371
  
Saul Centers, Inc.
    
783
      
23,788
  
Tanger Factory Outlet Centers, Inc.
    
48,794
      
300,083
  
Universal Health Realty Income Trust
    
3,469
      
323,970
  
Urstadt Biddle Properties, Inc., Class A
    
754
      
9,621
  
Xenia Hotels & Resorts, Inc.*
    
15,477
      
139,293
  
               
7,710,721
  
Retail — 6.5%
                
Asbury Automotive Group, Inc.*
    
2,463
      
178,026
  
Aspen Aerogels, Inc.*
    
26,357
      
163,413
  
Big Lots, Inc.
    
21,515
      
833,706
  
BJ's Wholesale Club Holdings, Inc.*
    
63,722
      
2,293,992
  
Bloomin' Brands, Inc.*
    
20,453
      
233,369
  
Boot Barn Holdings, Inc.*
    
5,509
      
118,333
  
Buckle, Inc., (The)
    
4,527
      
63,740
  
Build-A-Bear Workshop, Inc.*
    
171,040
      
388,261
  
Cannae Holdings, Inc.*
    
76,755
      
2,826,887
  
Casey's General Stores, Inc.
    
1,888
      
301,570
  
Cracker Barrel Old Country Store, Inc.*
    
2,640
      
282,823
  
Dave & Buster's Entertainment, Inc.*
    
5,443
      
71,793
  
El Pollo Loco Holdings, Inc.*
    
9,027
      
125,205
  
FirstCash, Inc.
    
2,930
      
204,426
  
Five Below, Inc.*
    
3,696
      
386,786
  
Foundation Building Materials, Inc.*
    
7,247
      
96,530
  
Freshpet, Inc.*
    
12,486
      
963,670
  
GameStop Corp., Class A*
    
29,252
      
118,763
  
Group 1 Automotive, Inc.*
    
2,270
      
142,874
  
GrowGeneration Corp.*
    
27,644
      
182,727
  
J. Alexander's Holdings, Inc.*
    
44,156
      
187,221
  
Kura Sushi USA, Inc., Class A*
    
9,058
      
132,156
  
Lithia Motors, Inc., Class A
    
382
      
46,065
  
Lovesac Co., (The)*
    
40,353
      
738,863
  
MarineMax, Inc.*
    
11,147
      
212,127
  
MSC Industrial Direct Co, Inc., Class A
    
9,361
      
649,092
  
National Vision Holdings, Inc.*
    
17,127
      
458,661
  
Ollie's Bargain Outlet Holdings, Inc.*
    
6,017
      
550,255
  
Papa John's International, Inc.
    
9,632
      
750,237
  
PetIQ, Inc.*
    
22,954
      
704,229
  
PriceSmart, Inc.
    
343
      
18,652
  
RH*
    
2,399
      
520,319
  
Shoe Carnival, Inc.
    
25,219
      
655,442
  
Sonic Automotive, Inc., Class A
    
33,807
      
888,448
  
Sportsman's Warehouse Holdings, Inc.*
    
61,881
      
691,211
  
Texas Roadhouse, Inc.*
    
11,444
      
593,371
  
Waitr Holdings, Inc.*
    
116,985
      
288,953
  
Wingstop, Inc.
    
5,835
      
711,578
  
World Fuel Services Corp.
    
18,749
      
477,725
  
Zumiez, Inc.*
    
3,678
      
89,633
  
               
19,341,132
  
Savings & Loans — 0.9%
                
Axos Financial, Inc.*
    
3,461
      
75,450
  
Brookline Bancorp, Inc.
    
9,875
      
91,838
  
Dime Community Bancshares, Inc.
    
7,566
      
109,177
  
Eagle Bancorp Montana, Inc.
    
24,570
      
424,815
  
FS Bancorp, Inc.
    
26,070
      
1,101,197
  
Northfield Bancorp, Inc.
    
2,613
      
28,560
  
Pacific Premier Bancorp, Inc.
    
8,033
      
173,673
  
Riverview Bancorp, Inc.
    
158,410
      
792,050
  
               
2,796,760
  
Semiconductors — 4.9%
                
Advanced Energy Industries, Inc.*
    
2,466
      
164,803
  
Amtech Systems, Inc.*
    
193,648
      
1,014,715
  
AXT, Inc.*
    
282,704
      
1,495,504
  
Brooks Automation, Inc.
    
15,596
      
623,372
  
Cabot Microelectronics Corp.
    
1,581
      
229,024
  
Cirrus Logic, Inc.*
    
3,525
      
255,492
  
Cohu, Inc.*
    
94,650
      
1,425,429
  
CTS Corp.
    
1,146
      
24,456
  
FormFactor, Inc.*
    
22,097
      
556,181
  
Impinj, Inc.*
    
13,013
      
336,386
  
Inphi Corp.*
    
9,370
      
1,177,528
  
inTEST Corp.*
    
89,020
      
283,084
  
Kulicke & Soffa Industries, Inc.
    
6,419
      
143,529
  
Lattice Semiconductor Corp.*
    
19,356
      
481,384
  
MKS Instruments, Inc.
    
1,371
      
144,819
  
Monolithic Power Systems, Inc.
    
1,952
      
409,432
  
Onto Innovation, Inc.*
    
3,032
      
94,234
  
Photronics, Inc.*
    
7,595
      
91,064
  
Power Integrations, Inc.
    
3,164
      
342,819
  
Semtech Corp.*
    
17,181
      
913,685
  
Silicon Laboratories, Inc.*
    
5,345
      
500,613
  
Silicon Motion Technology Corp., ADR
    
14,568
      
656,580
  
SiTime Corp.*
    
29,964
      
893,227
  
Ultra Clean Holdings, Inc.*
    
105,282
      
2,182,496
  
Veeco Instruments, Inc.*
    
3,472
      
40,761
  
               
14,480,617
  
Software — 6.6%
                
ACI Worldwide, Inc.*
    
28,939
      
798,138
  
Appfolio, Inc., Class A*
    
2,312
      
366,475
  
Appian Corp.*
    
8,599
      
489,799
  
Asure Software, Inc.*
    
204,932
      
1,266,480
  
Avalara, Inc.*
    
3,190
      
341,522
  
Avaya Holdings Corp.*
    
68,670
      
1,002,582
  
Blackbaud, Inc.*
    
1,749
      
102,509
  
Blackline, Inc.*
    
7,118
      
528,867
  
Bottomline Technologies de, Inc.*
    
2,442
      
123,565
  
CDK Global, Inc.
    
25,499
      
1,002,366
  
Cogent Communications Holdings, Inc.
    
1,297
      
99,247
  
Computer Programs & Systems, Inc.
    
28,664
      
634,048
  
CSG Systems International, Inc.
    
2,981
      
141,150
  
Ebix, Inc.
    
5,151
      
115,434
  
Elastic NV*
    
4,257
      
365,762
  
Everbridge, Inc.*
    
10,093
      
1,476,202
  
Fastly, Inc., Class A*
    
30,559
      
1,318,315
  
Five9, Inc.*
    
11,060
      
1,152,452
  
Glu Mobile, Inc.*
    
38,398
      
383,212
  
InnerWorkings, Inc.*
    
194,460
      
231,407
  
Intelligent Systems Corp.*
    
11,646
      
373,021
  
j2 Global, Inc.*
    
1,540
      
120,582
  
LivePerson, Inc.*
    
9,192
      
344,240
  
ManTech International Corp., Class A
    
2,301
      
178,880
  
Model N, Inc.*
    
15,693
      
504,059
  
Omnicell, Inc.*
    
7,704
      
515,475
  
Phreesia, Inc.*
    
19,781
      
579,979
  
Progress Software Corp.
    
5,306
      
214,362
  
PROS Holdings, Inc.*
    
18,182
      
708,189
  
Schrodinger, Inc.*
    
13,622
      
932,426
  
Smartsheet, Inc., Class A*
    
3,946
      
227,526
  
Smith Micro Software, Inc.*
    
61,500
      
261,375
  
SVMK, Inc.*
    
30,129
      
607,099
  
Tabula Rasa HealthCare, Inc.*
    
6,470
      
345,692
  
Take-Two Interactive Software, Inc.*
    
3,504
      
477,140
  
TiVo Corp.
    
5,483
      
33,392
  
Verra Mobility Corp.*
    
26,108
      
284,838
  
Workiva, Inc.*
    
11,210
      
499,293
  
Zovio, Inc.*
    
121,466
      
340,105
  
               
19,487,205
  
Storage/Warehousing — 0.3%
                
Mobile Mini, Inc.
    
24,557
      
786,806
  
Telecommunications — 0.9%
                
ATN International, Inc.
    
1,889
      
112,206
  
Cincinnati Bell, Inc.*
    
2,642
      
38,917
  
Iridium Communications, Inc.*
    
9,628
      
221,444
  
Liberty Latin America Ltd., Class C*
    
92,028
      
883,469
  
LogMeIn, Inc.*
    
1,382
      
117,332
  
NetGear, Inc.*
    
2,616
      
67,310
  
One Stop Systems, Inc.*
    
154,992
      
263,486
  
ORBCOMM, Inc.*
    
59,009
      
161,685
  
Shenandoah Telecommunications Co.
    
451
      
23,727
  
Viavi Solutions, Inc.*
    
23,640
      
273,987
  
Vonage Holdings Corp.*
    
65,303
      
628,868
  
               
2,792,431
  
Textiles — 0.5%
                
UniFirst Corp.
    
8,110
      
1,458,178
  
Transportation — 2.4%
                
Air Transport Services Group, Inc.*
    
116,764
      
2,515,097
  
ArcBest Corp.
    
7,779
      
174,172
  
Atlas Air Worldwide Holdings, Inc.*
    
10,736
      
419,348
  
CryoPort, Inc.*
    
12,121
      
297,813
  
Echo Global Logistics, Inc.*
    
6,531
      
135,192
  
Forward Air Corp.
    
9,439
      
468,929
  
Heartland Express, Inc.
    
3,583
      
78,468
  
Knight-Swift Transportation Holdings, Inc.
    
1,873
      
77,936
  
Marten Transport Ltd.
    
45,246
      
1,157,845
  
Matson, Inc.
    
3,674
      
104,966
  
PAM Transportation Services, Inc.*
    
21,609
      
754,154
  
Saia, Inc.*
    
8,526
      
924,559
  
               
7,108,479
  
Water — 0.1%
                
American States Water Co.
    
1,758
      
144,174
  
California Water Service Group
    
1,969
      
92,543
  
               
236,717
  
TOTAL COMMON STOCKS
                
(Cost $230,741,745)
            
275,361,518
  
SHORT-TERM INVESTMENTS - 6.9%
                
U.S. Bank Money Market Deposit Account, 0.13% (a)
    
20,276,702
      
20,276,702
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $20,276,702)
            
20,276,702
  
TOTAL INVESTMENTS - 100.0%
                
(Cost $251,018,447)
            
295,638,220
  
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%
            
(95,607
)
NET ASSETS - 100.0%
          
$
295,542,613
  

*
Non-income producing security.
                
(a)
The rate shown is as of May 31, 2020.
                
ADR
American Depositary Receipt
                
PLC
Public Limited Company
                
REIT
Real Estate Investment Trust
                
SP ADR
Sponsored ADR
                
ADARA SMALLER COMPANIES FUND
                 
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
                 
PORTFOLIO VALUATION – The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.
                 
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as
described in the hierarchy below:
              
                 
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
            
                 
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
                 
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
    
                 
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
                 
The following is a summary of the inputs used, as of May 31, 2020, in valuing the Fund's investments carried at fair value:
        

     
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
 
ADARA SMALLER COMPANIES FUND
                        
 
Common Stocks
  
$
275,361,518
    
$
275,361,518
    
$
-
    
$
-
  
 
Short-Term Investments
    
20,276,702
      
20,276,702
      
-
      
-
  
 
Total Investments*
  
$
295,638,220
    
$
295,638,220
    
$
-
    
$
-
  
                                   
 
* 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 May 31, 2020, the Fund had no Level 3 transfers.
              
                 
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.