NPORT-EX 2 adaranport.htm NPORT-EX
ADARA SMALLER COMPANIES FUND
PORTFOLIO OF INVESTMENTS
May 31, 2022 (UNAUDITED)
           
   
Number
      
   
of Shares
    
Value
COMMON STOCKS - 94.0%
        
Aerospace/Defense — 1.1%
        
AAR Corp.*
50,400
   $
           2,430,288
Aerovironment, Inc.*
1,433
    
131,779
Curtiss-Wright Corp.
2,004
    
284,528
Hexcel Corp.
9,947
    
571,455
Mercury Systems, Inc.*
2,290
    
136,965
Moog, Inc., Class A
1,762
    
143,409
National Presto Industries, Inc.
728
    
49,206
Park Aerospace Corp.
54,991
    
669,790
Triumph Group, Inc.*
25,714
    
393,424
         
4,810,844
Agriculture — 0.9%
        
Alico, Inc.
56,950
    
2,401,582
Darling Ingredients, Inc.*
8,943
    
716,066
Fresh Del Monte Produce, Inc.
1,997
    
51,003
Universal Corp.
6,059
    
385,837
Vector Group Ltd.
9,371
    
115,357
         
3,669,845
Airlines — 0.1%
        
Allegiant Travel Co.*
1,960
    
292,922
SkyWest, Inc.*
8,137
    
219,374
         
512,296
Apparel — 0.6%
        
Capri Holdings, Ltd.*
5,836
    
284,447
Crocs, Inc.*
5,776
    
322,070
Kontoor Brands, Inc.
4,168
    
167,012
Lakeland Industries, Inc.*
95,490
    
1,699,722
Skechers U.S.A., Inc., Class A*
3,666
    
144,440
         
2,617,691
Auto Parts & Equipment — 1.0%
        
Cooper-Standard Holdings, Inc.*
115,560
    
649,447
Dorman Products, Inc.*
1,452
    
146,725
Fox Factory Holding Corp.*
5,124
    
420,270
Gentherm, Inc.*
3,355
    
231,294
Meritor, Inc.*
2,172
    
78,561
Methode Electronics, Inc.
2,370
    
106,769
Motorcar Parts of America, Inc.*
25,490
    
378,017
Shyft Group Inc., (The)
31,933
    
708,593
Standard Motor Products, Inc.
2,807
    
112,140
Titan International, Inc.*
57,548
    
1,047,949
Unique Fabricating, Inc.*
213,010
    
302,474
         
4,182,239
Banks — 9.5%
        
Allegiance Bancshares, Inc.
1,446
    
58,201
Ameris Bancorp
2,245
    
102,350
Banner Corp.
1,733
    
100,705
Cadence Bank
22,282
    
595,598
Capital Bancorp, Inc.
61,190
    
1,434,294
CBTX, Inc.
1,917
    
54,481
Central Pacific Financial Corp.
3,784
    
91,346
City Holding Co.
4,208
    
345,435
Civista Bancshares, Inc.
56,490
    
1,206,061
Colony Bankcorp, Inc.
68,887
    
1,164,190
Community Bank System, Inc.
1,997
    
131,802
Community Trust Bancorp, Inc.
519
    
21,824
Customers Bancorp, Inc.*
13,377
    
552,470
CVB Financial Corp.
8,715
    
215,958
Dime Community Bancshares, Inc.
2,193
    
68,948
Eagle Bancorp, Inc.
2,728
    
135,200
Esquire Financial Holdings, Inc.
86,645
    
3,308,106
Farmers National Bancorp
112,030
    
1,739,826
First BanCorp
43,346
    
647,156
First Business Financial Services, Inc.
75,729
    
2,605,078
First Commonwealth Financial Corp.
18,699
    
261,973
First Financial Bancorp
24,036
    
504,275
First Financial Bankshares, Inc.
13,162
    
542,801
First Financial Corp, Inc.
80
    
3,598
First Hawaiian, Inc.
13,502
    
345,786
First Interstate BancSystem, Inc., Class A
2,950
    
112,306
First Merchants Corp.
10,491
    
431,810
First Northwest Bancorp
71,190
    
1,226,604
Flagstar Bancorp, Inc.
2,203
    
84,882
Glacier Bancorp, Inc.
11,907
    
576,418
Heritage Financial Corp.
5,441
    
142,010
HomeStreet, Inc.
2,233
    
90,012
Hope Bancorp, Inc.
27,648
    
403,108
Horizon Bancorp
42,617
    
765,827
Independent Bank Corp.
1,226
    
102,126
Independent Bank Group, Inc.
581
    
42,459
Meta Financial Group, Inc.
5,755
    
239,235
Metropolitan Bank Holding Corp.*
36,222
    
2,797,425
NBT Bancorp, Inc.
1,326
    
49,035
Northeast Bank
91,070
    
3,443,357
OFG Bancorp
8,118
    
230,064
Old National Bancorp
10,450
    
166,155
Orrstown Financial Services, Inc.
58,960
    
1,449,237
Parke Bancorp, Inc.
98,541
    
2,433,963
Peoples Financial Services Corp.
19,560
    
1,033,355
Preferred Bank
1,416
    
97,010
S&T Bancorp, Inc.
8,702
    
255,926
Seacoast Banking Corp. of Florida
15,844
    
542,499
Silvergate Capital Corp., Class A*
2,264
    
177,724
Simmons First National Corp., Class A
4,453
    
114,487
Southside Bancshares, Inc.
4,513
    
182,009
SVB Financial Group*
807
    
394,276
Tompkins Financial Corp.
1,660
    
126,509
Triumph Bancorp, Inc.*
3,466
    
252,117
TrustCo Bank Corp. NY
1,864
    
60,039
UMB Financial Corp.
3,164
    
292,195
United Community Banks, Inc.
12,730
    
400,104
Unity Bancorp, Inc.
71,870
    
2,084,230
USCB Financial Holdings, Inc.*
92,690
    
1,200,335
Veritex Holdings, Inc.
11,815
    
407,145
Walker & Dunlop, Inc.
1,239
    
131,718
West Bancorporation, Inc.
78,010
    
1,985,354
Westamerica Bancorp
2,361
    
142,156
         
40,902,683
Beverages — 1.1%
        
Celsius Holdings, Inc.*
13,514
    
906,654
Coca-Cola Consolidated, Inc.
279
    
157,627
Duckhorn Portfolio Inc., (The)*
60,881
    
1,196,312
MGP Ingredients, Inc.
18,124
    
1,755,491
National Beverage Corp.
1,024
    
50,821
Vita Coco Co Inc., (The)*
51,090
    
626,363
         
4,693,268
Biotechnology — 3.4%
        
Akero Therapeutics, Inc.*
4,302
    
37,169
Allogene Therapeutics, Inc.*
37,091
    
294,132
ALX Oncology Holdings, Inc.*
19,234
    
147,525
Anavex Life Sciences Corp.*
18,361
    
167,269
ANI Pharmaceuticals, Inc.*
2,530
    
76,532
Apellis Pharmaceuticals, Inc.*
29,413
    
1,219,169
Athira Pharma, Inc.*
4,386
    
39,825
Avid Bioservices, Inc.*
56,603
    
756,782
Biohaven Pharmaceutical Holding Co., Ltd.*
1,709
    
245,635
Biomea Fusion, Inc.*
26,755
    
146,885
C4 Therapeutics, Inc.*
34,875
    
253,192
Celldex Therapeutics, Inc.*
11,327
    
266,411
CinCor Pharma, Inc.*
26,586
    
413,678
Crinetics Pharmaceuticals, Inc.*
95,979
    
1,607,648
Day One Biopharmaceuticals, Inc., Class I*
26,507
    
164,874
DICE Therapeutics, Inc.*
39,387
    
541,571
Elevation Oncology, Inc.*
19,755
    
44,646
Emergent BioSolutions, Inc.*
3,096
    
102,044
Generation Bio Co.*
7,130
    
40,071
Imago Biosciences, Inc.*
23,322
    
376,884
Immunocore Holdings PLC, ADR*
5,859
    
166,103
Innoviva, Inc.*
3,030
    
45,965
Intra-Cellular Therapies, Inc.*
5,562
    
319,259
iTeos Therapeutics, Inc.*
1,691
    
29,592
IVERIC bio, Inc.*
89,717
    
936,645
Ligand Pharmaceuticals, Inc.*
978
    
86,954
MaxCyte, Inc.*
65,529
    
302,089
MeiraGTx Holdings Plc*
4,386
    
36,799
NeoGenomics, Inc.*
4,776
    
40,214
NGM Biopharmaceuticals, Inc.*
3,616
    
50,045
Nuvalent, Inc., Class A*
39,625
    
351,077
Praxis Precision Medicines, Inc., Class I*
5,572
    
46,248
Relay Therapeutics, Inc.*
64,075
    
1,043,141
Seer, Inc.*
18,825
    
167,166
SpringWorks Therapeutics, Inc.*
22,357
    
423,442
Tarsus Pharmaceuticals, Inc.*
1,883
    
25,891
Theravance Biopharma, Inc.*
6,387
    
56,078
TransMedics Group, Inc.*
26,956
    
786,307
Ventyx Biosciences, Inc.*
42,085
    
736,908
Vericel Corp.*
1,584
    
43,006
Vir Biotechnology, Inc.*
4,966
    
128,172
Xenon Pharmaceuticals, Inc.*
75,021
    
1,976,803
         
14,739,846
Building Materials — 1.0%
        
AAON, Inc.
2,783
    
149,113
American Woodmark Corp.*
1,043
    
54,320
Apogee Enterprises, Inc.
7,722
    
321,235
Armstrong World Industries, Inc.
18,178
    
1,517,863
AZEK Co., Inc., (The)*
8,158
    
171,889
Boise Cascade Co.
3,571
    
276,110
Gibraltar Industries, Inc.*
4,141
    
172,928
PGT Innovations, Inc.*
6,101
    
122,630
Simpson Manufacturing Co., Inc.
2,069
    
224,176
SPX Corp.*
4,521
    
227,542
Summit Materials, Inc., Class A*
18,001
    
491,607
UFP Industries, Inc.
8,103
    
625,552
         
4,354,965
Chemicals — 1.5%
        
AdvanSix, Inc.
17,431
    
807,578
Axalta Coating Systems Ltd.*
49,851
    
1,353,953
Balchem Corp.
1,142
    
142,099
Chemours Co., (The)
9,276
    
399,703
Codexis, Inc.*
49,680
    
530,582
GCP Applied Technologies, Inc.*
3,880
    
120,746
Innospec, Inc.
1,121
    
114,376
Intrepid Potash, Inc.*
17,491
    
1,152,132
Koppers Holdings, Inc.
7,974
    
216,095
Rogers Corp.*
1,868
    
495,730
Schweitzer-Mauduit International, Inc.
3,831
    
103,897
Stepan Co.
2,701
    
302,809
Trinseo PLC
12,949
    
612,358
         
6,352,058
Coal — 0.1%
        
SunCoke Energy, Inc.
7,877
    
63,725
Warrior Met Coal, Inc.
9,551
    
321,105
         
384,830
Commercial Services — 6.9%
        
Acacia Research Corp.*
317,600
    
1,518,128
AirSculpt Technologies, Inc.*
87,378
    
770,674
Alight, Inc., Class A*
112,003
    
913,944
AMN Healthcare Services, Inc.*
3,294
    
319,189
ARC Document Solutions, Inc.
593,120
    
1,773,429
Arlo Technologies, Inc.*
8,822
    
62,460
ASGN, Inc.*
2,386
    
227,219
Barrett Business Services, Inc.
47,363
    
3,545,594
BGSF, Inc.
168,180
    
2,140,931
Brink's Co., (The)
4,054
    
246,605
Cass Information Systems, Inc.
1,352
    
46,130
CoreCivic, Inc.*
163,126
    
2,099,432
CorVel Corp.*
512
    
76,370
CRA International, Inc.
26,430
    
2,265,844
Cross Country Healthcare, Inc.*
79,371
    
1,400,898
European Wax Center, Inc.
72,697
    
1,926,470
Forrester Research, Inc.*
2,017
    
105,550
FTI Consulting, Inc.*
1,956
    
328,608
Green Dot Corp., Class A*
4,948
    
142,700
Hackett Group, Inc., (The)
4,186
    
85,771
HealthEquity, Inc.*
7,333
    
458,899
Heidrick & Struggles International, Inc.
2,031
    
70,191
I3 Verticals, Inc., Class A*
29,991
    
699,390
Insperity, Inc.
2,292
    
229,360
Kelly Services, Inc., Class A
40,500
    
808,380
Landec Corp.*
134,238
    
1,275,261
MarketAxess Holdings, Inc.
1,203
    
338,861
Medifast, Inc.
1,970
    
328,497
Mister Car Wash, Inc.*
24,653
    
299,287
Perdoceo Education Corp.*
4,037
    
44,044
Performant Financial Corp.*
95,690
    
232,527
Progyny, Inc.*
9,732
    
307,629
Rent-A-Center, Inc.
3,409
    
93,884
Resources Connection, Inc.
5,457
    
100,791
Shift4 Payments, Inc., Class A*
9,034
    
412,402
SP Plus Corp.*
41,737
    
1,333,915
Strategic Education, Inc.
1,581
    
104,061
Stride, Inc.*
27,567
    
1,078,145
TechTarget, Inc.*
5,544
    
394,123
Viad Corp.*
26,198
    
789,084
WillScot Mobile Mini Holdings Corp., Class A*
17,183
    
613,949
         
30,008,626
Computers — 2.8%
        
3D Systems Corp.*
9,382
    
101,419
CACI International, Inc., Class A*
1,145
    
321,024
Computer Services, Inc.
21,090
    
864,690
DXC Technology Co.*
33,125
    
1,166,663
Endava PLC, SP ADR*
9,151
    
923,244
ExlService Holdings, Inc.*
1,497
    
212,859
Grid Dynamics Holdings, Inc.*
21,524
    
387,647
Insight Enterprises, Inc.*
2,176
    
215,032
KnowBe4, Inc.*
18,106
    
321,925
MAXIMUS, Inc.
6,664
    
432,427
NCR Corp.*
56,735
    
1,968,137
One Stop Systems, Inc.*
182,788
    
771,365
Quantum Corp.*
441,210
    
842,711
Rimini Street, Inc.*
334,870
    
2,069,497
Science Applications International Corp.
1,681
    
145,507
Tenable Holdings, Inc.*
7,686
    
386,606
TTEC Holdings, Inc.
3,501
    
236,108
WNS Holdings, Ltd., ADR*
7,434
    
540,972
         
11,907,833
Cosmetics/Personal Care — 0.6%
        
Beauty Health Co., (The)*
78,298
    
1,117,313
Edgewell Personal Care Co.
2,833
    
103,121
elf Beauty, Inc.*
26,952
    
717,462
Inter Parfums, Inc.
10,777
    
795,343
         
2,733,239
Distribution/Wholesale — 1.3%
        
G-III Apparel Group Ltd.*
19,012
    
476,441
H&E Equipment Services, Inc.
19,260
    
686,619
Manitex International, Inc.*
315,430
    
2,173,313
Pool Corp.
2,106
    
839,494
Resideo Technologies, Inc.*
6,012
    
142,004
ScanSource, Inc.*
1,906
    
73,838
Univar Solutions, Inc.*
31,518
    
968,233
Veritiv Corp.*
321
    
46,657
WESCO International, Inc.*
371
    
46,590
         
5,453,189
Diversified Financial Services — 1.4%
        
Encore Capital Group, Inc.*
3,458
    
211,318
Enova International, Inc.*
3,612
    
114,067
Houlihan Lokey, Inc.
5,496
    
472,326
Interactive Brokers Group, Inc., Class A
3,063
    
188,497
International Money Express, Inc.*
45,263
    
933,323
Silvercrest Asset Management Group, Inc., Class A
112,586
    
2,346,292
Sunlight Financial Holdings, Inc.*
259,030
    
1,199,309
Virtus Investment Partners, Inc.
807
    
155,477
World Acceptance Corp.*
2,155
    
319,091
         
5,939,700
Electric — 0.1%
        
MGE Energy, Inc.
1,869
    
148,343
Unitil Corp.
6,637
    
383,685
         
532,028
Electrical Components & Equipment — 0.1%
        
Encore Wire Corp.
1,278
    
159,775
Littelfuse, Inc.
1,079
    
291,546
         
451,321
Electronics — 2.2%
        
Atkore International Group, Inc.*
12,498
    
1,361,282
Brady Corp., Class A
2,928
    
142,037
Coherent, Inc.*
1,014
    
274,753
Comtech Telecommunications Corp.
117,670
    
1,472,052
CTS Corp.
1,982
    
80,608
FARO Technologies, Inc.*
3,979
    
128,203
II-VI, Inc.*
3,812
    
238,250
Itron, Inc.*
11,150
    
575,452
Ituran Location and Control Ltd.
27,351
    
685,416
Kimball Electronics, Inc.*
121,540
    
2,310,475
OSI Systems, Inc.*
1,136
    
95,333
Plexus Corp.*
2,641
    
223,957
Sanmina Corp.*
6,648
    
291,781
Stoneridge, Inc.*
2,669
    
55,195
SYNNEX Corp.
830
    
86,196
TTM Technologies, Inc.*
8,548
    
122,151
Vontier Corp.
43,874
    
1,176,701
         
9,319,842
Energy-Alternate Sources — 0.5%
        
Fluence Energy, Inc.*
21,458
    
210,288
Green Plains, Inc.*
33,237
    
1,082,861
Infrastructure and Energy Alternatives, Inc.*
22,530
    
183,169
Renewable Energy Group, Inc.*
4,229
    
259,280
REX American Resources Corp.*
840
    
72,988
SolarEdge Technologies, Inc.*
1,052
    
286,975
         
2,095,561
Engineering & Construction — 2.4%
        
Bowman Consulting Group Ltd.*
105,740
    
1,618,879
Comfort Systems USA, Inc.
23,927
    
2,146,730
Dycom Industries, Inc.*
7,347
    
684,079
EMCOR Group, Inc.
4,741
    
500,792
Exponent, Inc.
6,285
    
568,101
Latham Group, Inc.*
19,534
    
185,768
Mistras Group, Inc.*
85,610
    
495,682
MYR Group, Inc.*
5,139
    
470,784
NV5 Global, Inc.*
10,106
    
1,244,857
Sterling Construction Co., Inc.*
79,550
    
1,957,726
TopBuild Corp.*
2,707
    
533,983
         
10,407,381
Entertainment — 0.9%
        
Cinemark Holdings, Inc.*
4,207
    
71,435
Everi Holdings, Inc.*
93,113
    
1,666,723
Golden Entertainment, Inc.*
24,318
    
1,149,755
Monarch Casino & Resort, Inc.*
13,031
    
884,153
Scientific Games Corp.*
6,167
    
325,618
         
4,097,684
Environmental Control — 0.7%
        
Energy Recovery, Inc.*
36,846
    
744,658
Harsco Corp.*
20,178
    
167,477
Montrose Environmental Group, Inc.*
41,385
    
1,676,506
Tetra Tech, Inc.
3,198
    
431,634
         
3,020,275
Food — 1.9%
        
B&G Foods, Inc.
10,026
    
226,688
Chefs' Warehouse, Inc. (The)*
32,959
    
1,177,625
Grocery Outlet Holding Corp.*
8,788
    
336,141
Hostess Brands, Inc.*
31,116
    
661,215
Ingles Markets, Inc., Class A
14,569
    
1,297,515
J&J Snack Foods Corp.
578
    
74,111
John B Sanfilippo & Son, Inc.
2,468
    
188,506
Real Good Food Co Inc., (The)*
49,685
    
334,877
Sanderson Farms, Inc.
1,371
    
273,514
SpartanNash Co.
7,719
    
265,611
SunOpta, Inc.*
95,915
    
746,219
United Natural Foods, Inc.*
8,258
    
350,222
Weis Markets, Inc.
1,995
    
146,672
Whole Earth Brands, Inc.*
319,980
    
2,188,663
         
8,267,579
Food Service — 0.3%
        
Healthcare Services Group, Inc.
4,407
    
75,668
Sovos Brands, Inc.*
87,772
    
1,239,341
         
1,315,009
Forest Products & Paper — 0.0%
        
Clearwater Paper Corp., Class A*
2,737
    
94,016
Mercer International, Inc.
7,834
    
115,708
         
209,724
Gas — 0.4%
        
Chesapeake Utilities Corp.
1,307
    
174,576
Northwest Natural Holding, Co.
5,018
    
272,427
South Jersey Industries, Inc.
6,472
    
225,549
Southwest Gas Holdings, Inc.
10,474
    
975,444
         
1,647,996
Hand/Machine Tools — 0.5%
        
Franklin Electric Co., Inc.
1,896
    
139,773
Hurco Cos., Inc.
50,160
    
1,355,825
MSA Safety, Inc.
3,758
    
479,107
         
1,974,705
Healthcare-Products — 3.7%
        
ABIOMED, Inc.*
1,453
    
383,156
Adaptive Biotechnologies Corp.*
16,008
    
125,183
Alphatec Holdings, Inc.*
121,119
    
930,194
AngioDynamics, Inc.*
2,144
    
42,087
Atrion Corp.
175
    
110,038
Avanos Medical, Inc.*
3,150
    
90,374
BioLife Solutions, Inc.*
13,153
    
180,459
Cardiovascular Systems, Inc.*
5,433
    
88,341
Cerus Corp.*
87,644
    
433,838
CryoLife, Inc.*
3,899
    
76,264
Cutera, Inc.*
17,338
    
780,037
Establishment Labs Holdings, Inc.*
7,908
    
487,924
Haemonetics Corp.*
21,847
    
1,382,041
ICU Medical, Inc.*
578
    
104,988
Inari Medical, Inc.*
4,970
    
327,026
Inogen, Inc.*
3,324
    
85,360
Inspire Medical Systems, Inc.*
4,650
    
822,260
Integra LifeSciences Holdings Corp.*
3,088
    
193,432
Lantheus Holdings, Inc.*
26,166
    
1,792,894
Masimo Corp.*
2,530
    
355,288
Meridian Bioscience, Inc.*
2,767
    
76,093
Merit Medical Systems, Inc.*
3,088
    
189,572
Natus Medical, Inc.*
3,559
    
116,700
Neogen Corp.*
4,620
    
122,245
NuVasive, Inc.*
789
    
45,296
Omnicell, Inc.*
5,377
    
597,707
Orthofix Medical, Inc.*
5,755
    
158,205
Patterson Cos., Inc.
32,899
    
1,039,279
PROCEPT BioRobotics Corp.*
31,410
    
1,228,759
Repligen Corp.*
4,162
    
684,524
SeaSpine Holdings Corp.*
57,641
    
476,691
SI-BONE, Inc.*
29,016
    
433,789
Treace Medical Concepts, Inc.*
29,506
    
492,455
Varex Imaging Corp.*
7,739
    
178,307
West Pharmaceutical Services, Inc.
2,836
    
880,238
         
15,511,044
Healthcare-Services — 1.1%
        
Amedisys, Inc.*
2,182
    
252,916
Chemed Corp.
621
    
300,812
Ensign Group, Inc., (The)
2,070
    
168,022
Fulgent Genetics, Inc.*
791
    
43,118
Inotiv, Inc.*
13,739
    
210,207
LHC Group, Inc.*
2,720
    
453,315
MEDNAX, Inc.*
50,031
    
966,599
ModivCare, Inc.*
2,212
    
211,091
National HealthCare Corp.
713
    
50,117
Pennant Group Inc., (The)*
1,733
    
33,152
RadNet, Inc.*
44,746
    
918,635
Surgery Partners, Inc.*
9,272
    
363,462
Thorne HealthTech, Inc.*
69,183
    
407,488
Tivity Health, Inc.*
2,357
    
76,367
US Physical Therapy, Inc.
1,758
    
197,933
         
4,653,234
Home Builders — 0.7%
        
Century Communities, Inc.
9,495
    
516,243
Installed Building Products, Inc.
3,100
    
296,174
LCI Industries
2,012
    
240,474
LGI Homes, Inc.*
2,657
    
260,359
M/I Homes, Inc.*
5,874
    
274,610
MDC Holdings, Inc.
4,389
    
167,572
Skyline Corp.*
19,889
    
1,056,703
Winnebago Industries, Inc.
5,231
    
258,673
         
3,070,808
Home Furnishings — 0.9%
        
Arhaus, Inc.*
41,294
    
239,092
Hamilton Beach Brand, Class A
128,300
    
1,324,056
iRobot Corp.*
968
    
46,067
Lovesac Co., (The)*
9,614
    
334,856
Sleep Number Corp.*
13,940
    
640,264
Universal Electronics, Inc.*
51,450
    
1,378,860
         
3,963,195
Household Products/Wares — 0.1%
        
Central Garden & Pet Co.*
1,283
    
57,966
Quanex Building Products Corp.
1,957
    
39,805
WD-40 Co.
995
    
187,846
         
285,617
Housewares — 0.5%
        
Lifetime Brands, Inc.
159,273
    
1,817,305
Tupperware Brands Corp.*
20,372
    
135,066
         
1,952,371
Insurance — 2.6%
        
American Equity Investment Life Holding Co.
54,876
    
2,209,308
Axis Capital Holdings Ltd.
28,437
    
1,665,555
BRP Group, Inc., Class A*
24,414
    
615,721
Employers Holdings, Inc.
3,627
    
150,194
Genworth Financial, Inc., Class A*
268,223
    
1,086,303
HCI Group, Inc.
2,480
    
168,566
Heritage Insurance Holdings, Inc.
205,400
    
751,764
Horace Mann Educators Corp.
1,864
    
75,417
James River Group Holdings Ltd.
17,313
    
442,347
NMI Holdings, Inc., Class A*
9,565
    
178,005
Palomar Holdings, Inc.*
11,602
    
721,064
RLI Corp.
1,478
    
179,015
Safety Insurance Group, Inc.
1,668
    
154,891
Selective Insurance Group, Inc.
3,866
    
306,574
Stewart Information Services Corp.
2,200
    
122,078
United Fire Group, Inc.
2,567
    
83,196
Universal Insurance Holdings, Inc.
6,184
    
79,774
White Mountains Insurance Group Ltd.
1,784
    
2,220,830
         
11,210,602
Internet — 1.4%
        
ChannelAdvisor Corp.*
38,897
    
530,944
DHI Group, Inc.*
69,190
    
464,265
ePlus, Inc.*
26,376
    
1,496,574
Eventbrite, Inc., Class A*
34,232
    
401,541
HealthStream, Inc.*
7,174
    
146,134
Liquidity Services, Inc.*
39,024
    
529,166
Magnite, Inc.*
35,189
    
386,727
OptimizeRx Corp.*
21,927
    
560,893
Perion Network Ltd.*
37,450
    
735,518
Yelp, Inc.*
31,074
    
913,886
         
6,165,648
Investment Companies — 0.3%
        
Cannae Holdings, Inc.*
69,782
   $
          1,414,481
Iron/Steel — 0.8%
        
Allegheny Technologies, Inc.*
64,185
    
1,765,088
Carpenter Technology Corp.
44,600
    
1,571,258
         
3,336,346
Leisure Time — 0.7%
        
Callaway Golf Co.*
4,678
    
101,559
Lindblad Expeditions Holdings, Inc.*
59,866
    
859,676
Vista Outdoor, Inc.*
14,337
    
552,548
Xponential Fitness, Inc., Class A*
75,743
    
1,430,028
         
2,943,811
Lodging — 0.6%
        
Boyd Gaming Corp.
4,776
    
280,686
Full House Resorts, Inc.*
85,065
    
598,858
Playa Hotels & Resorts NV*
211,757
    
1,829,580
         
2,709,124
Machinery-Construction & Mining — 0.2%
        
Argan, Inc.
26,500
    
            1,059,735
Machinery-Diversified — 1.4%
        
Albany International Corp., Class A
1,126
    
95,034
Applied Industrial Technologies, Inc.
1,045
    
108,063
Chart Industries, Inc.*
5,742
    
1,009,903
CIRCOR International, Inc.*
759
    
14,755
Enovis Corp.*
4,890
    
324,403
Esab Corp.*
7,190
    
359,500
GrafTech International Ltd.
42,659
    
370,280
Kornit Digital Ltd.*
5,340
    
224,120
Lindsay Corp.
2,936
    
369,936
NN, Inc.*
175,910
    
492,548
Ranpak Holdings Corp.*
27,422
    
341,678
Tennant Co.
2,414
    
150,247
Toro Co., (The)
5,348
    
441,157
Twin Disc, Inc.*
183,595
    
1,835,950
         
6,137,574
Media — 0.1%
        
EW Scripps Co., (The), Class A*
6,465
    
102,599
Scholastic Corp.
3,196
    
119,946
         
222,545
Metal Fabricate/Hardware — 1.6%
        
AZZ, Inc.
1,964
    
87,909
Mueller Industries, Inc.
5,975
    
321,754
Northwest Pipe Co.*
103,910
    
3,471,633
Standex International Corp.
1,485
    
138,253
Strattec Security Corp.*
39,820
    
1,389,718
TimkenSteel Corp.*
50,105
    
1,157,426
Xometry, Inc., Class A*
9,625
    
327,346
         
6,894,039
Mining — 0.5%
        
Astec Industries, Inc.
3,361
    
157,194
Century Aluminum Co.*
18,637
    
219,917
Energy Fuels Inc.*
123,165
    
789,488
Kaiser Aluminum Corp.
3,076
    
314,275
Uranium Energy Corp.*
194,947
    
744,697
         
2,225,571
Miscellaneous Manufacturing — 0.6%
        
Axon Enterprise, Inc.*
5,340
    
541,262
EnPro Industries, Inc.
4,961
    
475,065
ESCO Technologies, Inc.
1,920
    
126,355
Fabrinet*
  
7,774
    
675,327
John Bean Technologies Corp.
2,493
    
303,523
Materion Corp.
2,877
    
235,857
Myers Industries, Inc.
2,441
    
58,096
Sturm Ruger & Co., Inc.
2,066
    
140,261
         
2,555,746
Office Furnishings — 0.0%
        
Interface, Inc.
5,954
    
                 85,678
Office/Business Equipment — 0.0%
        
Pitney Bowes, Inc.
13,705
    
                 64,139
Oil & Gas — 4.5%
        
Centennial Resource Development Inc., Class A*
120,231
    
954,634
Civitas Resources, Inc.
26,167
    
1,997,851
Evolution Petroleum Corp.
53,143
    
389,538
Helmerich & Payne, Inc.
4,567
    
229,948
HF Sinclair Corp.
19,979
    
980,969
Matador Resources Co.
47,682
    
2,903,834
Patterson-UTI Energy, Inc.
155,340
    
2,963,887
PBF Energy, Inc., Class A*
5,245
    
174,134
PDC Energy, Inc.
21,646
    
1,713,064
Penn Virginia Corp.*
44,631
    
1,910,653
Range Resources Corp., Class A*
29,237
    
992,596
SM Energy Co.
25,184
    
1,215,632
Southwestern Energy Co.*
112,602
    
1,026,930
Talos Energy, Inc.*
23,929
    
516,866
Tellurian, Inc.*
167,880
    
800,788
Vertex Energy, Inc.*
51,842
    
725,270
         
19,496,594
Oil & Gas Services — 1.9%
        
Bristow Group, Inc.*
2,104
    
66,886
Core Laboratories NV
9,482
    
267,203
DMC Global, Inc.*
44,060
    
1,219,140
Dril-Quip, Inc.*
2,609
    
82,027
Helix Energy Solutions Group, Inc.*
41,891
    
194,374
MRC Global, Inc.*
7,000
    
78,330
Nabors Industries Ltd.*
4,451
    
742,293
Natural Gas Services Group, Inc.*
181,610
    
2,587,943
NexTier Oilfield Solutions, Inc., Class I*
72,224
    
787,242
NOW, Inc.*
14,472
    
159,771
Oceaneering International, Inc.*
48,849
    
621,359
Oil States International, Inc.*
10,026
    
77,601
Profire Energy, Inc.*
559,280
    
743,842
Select Energy Services, Inc., Class A*
8,411
    
71,241
US Silica Holdings, Inc.*
31,361
    
554,463
         
8,253,715
Packaging & Containers — 0.4%
        
Karat Packaging, Inc.*
40,640
    
797,763
Matthews International Corp., Class A
5,499
    
177,948
O-I Glass, Inc.*
6,528
    
107,385
TriMas Corp.
29,639
    
835,227
         
1,918,323
Pharmaceuticals — 2.1%
        
Aerie Pharmaceuticals, Inc.*
8,215
    
42,554
Alector, Inc.*
13,353
    
118,307
Amphastar Pharmaceuticals, Inc.*
6,771
    
251,475
Anika Therapeutics, Inc.*
1,095
    
23,805
Centessa Pharmaceuticals PLC, SP ADR*
32,478
    
146,151
Corcept Therapeutics, Inc.*
5,448
    
113,536
Cytokinetics, Inc.*
53,911
    
2,151,049
Enanta Pharmaceuticals, Inc.*
4,093
    
163,433
Heska Corp.*
770
    
76,838
MERUS NV*
46,885
    
870,186
Morphic Holding, Inc.*
8,218
    
192,630
Option Care Health, Inc.*
11,403
    
346,195
Owens & Minor, Inc.
7,220
    
251,834
Pacira BioSciences, Inc.*
896
    
56,672
PetIQ, Inc.*
33,499
    
574,843
Premier, Inc., Class A
59,941
    
2,242,393
Prestige Brands Holdings, Inc.*
4,300
    
240,026
Relmada Therapeutics, Inc.*
2,558
    
48,065
Supernus Pharmaceuticals, Inc.*
3,439
    
95,845
USANA Health Sciences, Inc.*
2,579
    
181,381
Vanda Pharmaceuticals, Inc.*
8,822
    
86,720
Vaxcyte, Inc.*
26,135
    
626,979
         
8,900,917
Pipelines — 0.3%
        
Golar LNG Ltd.*
53,707
    
            1,360,398
Real Estate — 0.7%
        
Marcus & Millichap, Inc.
8,548
    
357,990
McGrath RentCorp
26,891
    
2,210,709
Newmark Group, Inc., Class A
29,808
    
329,975
Realogy Holdings Corp.*
7,502
    
92,875
RMR Group, Inc. (The), Class A
351
    
10,537
         
3,002,086
REITS — 3.6%
        
Agree Realty Corp.
1,641
    
114,164
Alexander & Baldwin, Inc.
7,110
    
145,044
Alexander's, Inc.
867
    
210,031
Alpine Income Property Trust, Inc.
122,664
    
2,324,483
American Assets Trust, Inc.
1,348
    
45,967
Apollo Commercial Real Estate Finance, Inc.
44,054
    
560,807
CareTrust REIT, Inc.
3,664
    
67,894
CatchMark Timber Trust, Inc., Class A
6,357
    
74,949
Centerspace
1,467
    
121,732
Chatham Lodging Trust*
21,374
    
272,305
City Office REIT, Inc.
3,905
    
54,436
Community Healthcare Trust, Inc., Class I
2,769
    
104,336
CTO Realty Growth, Inc.
2,062
    
135,865
DiamondRock Hospitality Co.*
13,130
    
135,108
EastGroup Properties, Inc.
2,590
    
418,414
Farmland Partners, Inc.
4,288
    
64,406
Four Corners Property Trust, Inc.
6,148
    
169,500
Franklin Street Properties Corp.
22,931
    
103,648
Getty Realty Corp.
5,173
    
144,534
Global Medical REIT, Inc.
138,920
    
1,805,960
Great Ajax Corp.
201,011
    
2,120,666
Healthcare Realty Trust, Inc.
2,820
    
81,977
Industrial Logistics Properties Trust
8,129
    
124,048
Kite Realty Group Trust
7,450
    
156,152
KKR Real Estate Finance Trust, Inc.
9,611
    
196,257
Lexington Realty Trust
12,112
    
140,015
LTC Properties, Inc.
5,085
    
196,993
Mack-Cali Realty Corp.*
4,857
    
78,149
Medical Properties Trust, Inc.
5,867
    
109,009
National Health Investors, Inc.
1,656
    
97,952
New York Mortgage Trust, Inc.
183,589
    
556,275
NexPoint Residential Trust, Inc.
8,689
    
638,468
One Liberty Properties, Inc.
1,957
    
53,680
PennyMac Mortgage Investment Trust
24,404
    
394,857
PS Business Parks, Inc.
1,242
    
233,036
Ready Capital Corp.
6,588
    
96,712
Redwood Trust, Inc.
77,920
    
794,784
Retail Opportunity Investments Corp.
28,261
    
510,676
RPT Realty
3,722
    
45,297
Saul Centers, Inc.
5,327
    
261,343
SITE Centers Corp.
6,795
    
106,817
Tanger Factory Outlet Centers, Inc.
33,410
    
585,009
Uniti Group, Inc.
14,802
    
167,855
Universal Health Realty Income Trust
6,227
    
334,203
Urstadt Biddle Properties, Inc., Class A
12,234
    
215,318
Washington Real Estate Investment Trust
6,312
    
153,318
Whitestone REIT
11,318
    
139,098
         
15,661,547
Retail — 5.3%
        
Asbury Automotive Group, Inc.*
3,405
    
616,816
Aspen Aerogels, Inc.*
25,519
    
447,093
Big Lots, Inc.
7,174
    
175,691
BJ's Restaurants, Inc.*
7,047
    
185,125
BJ's Wholesale Club Holdings, Inc.*
41,770
    
2,417,230
Bloomin' Brands, Inc.
20,453
    
431,763
Boot Barn Holdings, Inc.*
14,323
    
1,155,866
Buckle, Inc., (The)
2,951
    
96,970
Build-A-Bear Workshop, Inc.
142,460
    
2,904,759
Caleres, Inc.
18,182
    
517,460
Casey's General Stores, Inc.
1,888
    
395,611
Dave & Buster's Entertainment, Inc.*
22,883
    
867,037
Designer Brands, Inc., Class A
46,302
    
719,070
Destination XL Group, Inc.*
390,700
    
1,828,476
DineEquity, Inc.
1,134
    
83,338
El Pollo Loco Holdings, Inc.*
9,027
    
93,520
FirstCash Holdings, Inc.
2,930
    
218,724
Five Below, Inc.*
3,696
    
482,661
Freshpet, Inc.*
5,555
    
399,793
GMS, Inc.*
16,779
    
835,762
Group 1 Automotive, Inc.
2,270
    
407,669
Guess?, Inc.
12,246
    
255,451
Hibbett Sports, Inc.
1,413
    
71,710
Kura Sushi USA, Inc., Class A*
18,824
    
709,476
Lithia Motors, Inc., Class A
382
    
116,307
MSC Industrial Direct Co., Inc., Class A
6,984
    
593,151
Murphy USA, Inc.
8,479
    
2,112,288
Ollie's Bargain Outlet Holdings, Inc.*
3,631
    
170,548
Papa John's International, Inc.
5,306
    
466,981
PC Connection, Inc.
1,146
    
51,238
PetMed Express, Inc.
1,863
    
41,042
PriceSmart, Inc.
1,079
    
84,842
RH*
  
2,399
    
695,902
Shake Shack, Inc., Class A*
8,184
    
398,152
Shoe Carnival, Inc.
6,304
    
171,847
Signet Jewelers Ltd.
5,100
    
303,960
Texas Roadhouse, Inc.
7,077
    
551,794
Wingstop, Inc.
4,674
    
372,331
World Fuel Services Corp.
19,749
    
489,578
Zumiez, Inc.*
3,678
    
120,675
         
23,057,707
Savings & Loans — 1.5%
        
Axos Financial, Inc.*
3,461
    
133,768
Banc of California, Inc.
5,748
    
110,592
Berkshire Hills Bancorp, Inc.
18,052
    
471,338
Brookline Bancorp, Inc.
4,158
    
58,919
Eagle Bancorp Montana, Inc.
73,010
    
1,438,297
FS Bancorp, Inc.
66,364
    
2,007,511
Northfield Bancorp, Inc.
4,651
    
61,812
Northwest Bancshares, Inc.
5,826
    
75,097
Pacific Premier Bancorp, Inc.
8,033
    
261,554
Provident Financial Services, Inc.
10,750
    
247,142
Riverview Bancorp, Inc.
239,710
    
1,632,425
         
6,498,455
Semiconductors — 4.6%
        
Advanced Energy Industries, Inc.
2,466
    
200,880
Allegro MicroSystems, Inc.*
17,948
    
462,161
Amtech Systems, Inc.*
248,810
    
2,241,778
Axcelis Technologies, Inc.*
15,656
    
971,611
AXT, Inc.*
302,522
    
1,769,754
Bloom Energy Corp., Class A*
10,124
    
177,372
Brooks Automation, Inc.
5,578
    
427,498
Cirrus Logic, Inc.*
3,525
    
287,429
CMC Materials, Inc.
1,581
    
279,742
FormFactor, Inc.*
17,572
    
721,506
Impinj, Inc.*
11,709
    
548,098
inTEST Corp.*
237,130
    
1,778,475
Kulicke & Soffa Industries, Inc.
6,419
    
347,717
Lattice Semiconductor Corp.*
6,797
    
353,580
MKS Instruments, Inc.
1,371
    
169,319
Monolithic Power Systems, Inc.
1,952
    
879,161
Onto Innovation, Inc.*
7,705
    
619,328
Photronics, Inc.*
181,685
    
3,949,832
Power Integrations, Inc.
9,562
    
806,842
Semtech Corp.*
9,320
    
597,319
Silicon Laboratories, Inc.*
2,249
    
335,461
Silicon Motion Technology Corp., ADR
10,974
    
991,062
SMART Global Holdings, Inc.*
36,130
    
890,605
Veeco Instruments, Inc.*
3,472
    
74,405
         
19,880,935
Software — 3.4%
        
ACI Worldwide, Inc.*
46,120
    
1,228,637
Alteryx, Inc., Class A*
5,421
    
301,679
Apollo Medical Holdings, Inc.*
965
    
36,226
Asure Software, Inc.*
277,722
    
1,649,669
BigCommerce Holdings, Inc.*
28,493
    
527,975
Blackbaud, Inc.*
799
    
50,856
Blackline, Inc.*
5,880
    
430,534
BM Technologies, Inc.*
212,830
    
1,402,550
Cardlytics, Inc.*
5,702
    
147,739
Cerence, Inc.*
1,530
    
48,593
Cogent Communications Holdings, Inc.
1,297
    
78,326
Computer Programs & Systems, Inc.*
38,681
    
1,233,537
Concentrix Corp.
830
    
128,559
CSG Systems International, Inc.
2,981
    
185,388
Docebo, Inc.*
24,639
    
848,567
DoubleVerify Holdings, Inc.*
16,916
    
376,381
Ebix, Inc.
  
5,151
    
150,152
Expensify, Inc., Class A*
20,737
    
438,380
Five9, Inc.*
3,259
    
315,178
HireRight Holdings Corp.*
46,414
    
684,606
Jamf Holding Corp.*
13,968
    
359,536
JFrog Ltd.*
18,556
    
346,069
LivePerson, Inc.*
9,192
    
154,242
ManTech International Corp., Class A
2,301
    
220,091
Pagerduty, Inc.*
11,627
    
286,606
Phreesia, Inc.*
11,272
    
204,474
Progress Software Corp.
5,306
    
256,333
Simulations Plus, Inc.
967
    
45,913
Smith Micro Software, Inc.*
610,110
    
1,604,589
Sophia Genetics SA*
18,956
    
79,615
Sprout Social, Inc., Class A*
3,554
    
181,005
Take-Two Interactive Software, Inc.*
3,504
    
436,353
Zovio, Inc.*
220,653
    
174,470
         
14,612,828
Telecommunications — 1.4%
        
ADTRAN, Inc.
2,595
    
48,086
Aviat Networks, Inc.*
21,566
    
632,315
Calix, Inc.*
12,757
    
471,244
Clearfield, Inc.*
23,036
    
1,423,625
Extreme Networks, Inc.*
39,999
    
396,790
Gogo, Inc.*
2,451
    
49,657
IDT Corp., Class B*
3,111
    
85,739
Iridium Communications, Inc.*
9,628
    
357,295
Liberty Latin America Ltd., Class C*
69,775
    
663,560
NetGear, Inc.*
2,616
    
49,835
Plantronics, Inc.*
3,217
    
127,007
Shenandoah Telecommunications Co.
6,056
    
139,046
Sierra Wireless, Inc.*
49,590
    
1,100,402
Telephone & Data Systems, Inc.
5,599
    
99,270
Viavi Solutions, Inc.*
23,640
    
342,071
Vonage Holdings Corp.*
8,516
    
164,955
         
6,150,897
Textiles — 0.4%
        
UniFirst Corp.
11,557
    
            1,888,876
Transportation — 2.7%
        
Air Transport Services Group, Inc.*
153,200
    
4,629,704
ArcBest Corp.
7,779
    
588,326
Atlas Air Worldwide Holdings, Inc.*
4,829
    
336,629
CryoPort, Inc.*
4,273
    
108,748
Eagle Bulk Shipping, Inc.
7,768
    
569,084
Forward Air Corp.
7,023
    
654,473
Greenbrier Cos., Inc., (The)
19,871
    
826,832
Knight-Swift Transportation Holdings, Inc., Class A
1,873
    
91,103
Marten Transport Ltd.
7,327
    
128,662
PAM Transportation Services, Inc.*
36,676
    
1,021,427
Saia, Inc.*
4,875
    
963,251
Scorpio Tankers, Inc.
4,242
    
140,198
Star Bulk Carriers Corp.
39,092
    
1,279,090
Wabash National Corp.
34,945
    
536,406
         
11,873,933
Water — 0.1%
        
American States Water Co.
1,758
    
139,322
California Water Service Group
1,969
    
105,676
York Water Co., (The)
2,246
    
92,041
         
337,039
TOTAL COMMON STOCKS
        
(Cost $322,866,556)
      
        405,957,815
RIGHTS - %
        
Computers — 0.0%
        
EVERCEL INC CVR*
350,100
    
                          –
TOTAL RIGHTS
        
(Cost $–)
      
                          –
WARRANTS - 0.0%
        
Other Financial Investment Activities — 0.0%
        
EQRx, Inc. *
16,581
    
16,913
TOTAL WARRANTS
        
(Cost $28,553)
      
                 16,913
SHORT-TERM INVESTMENTS - 6.0%
        
U.S. Bank Money Market Deposit Account, 0.01%(a)
25,739,262
    
25,739,262
TOTAL SHORT-TERM INVESTMENTS
        
(Cost $25,739,262)
      
          25,739,262
TOTAL INVESTMENTS - 100.0%
        
(Cost $348,634,371)
      
431,713,990
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%
      
143,767
NET ASSETS - 100.0%
     $
     431,857,757

 
 
        
*
Non-income producing security
        
(a)
The rate shown is as of May 31, 2022.
        
ADR
American Depositary Receipt
        
PLC
Public Limited Company
        
REIT
Real Estate Investment Trust
        
SP ADR
Sponsored ADR
        
           
The accompanying notes are an integral part of the portfolio of investments.
           
ADARA SMALLER COMPANIES FUND
NOTES TO PORTFOLIO OF INVESTMENTS
May 31, 2022 (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, 2022, in valuing the Fund's investments carried at fair value:
            

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
ADARA SMALLER COMPANIES FUND
                      
Common Stocks
  
$
405,957,815
    
$
405,957,815
    
$
-
    
$
 -
Rights
    
-
       -      
-
**
     -
Warrants
    
16,913
      
16,913
        -       -
Short-Term Investments
    
25,739,262
      
25,739,262
       -       -
Total Investments*
  
$
431,713,990
    
$
431,713,990
    
$
 -    
$
 -
                               
* Please refer to Portfolio of Investments for further details.
                              
** Value equals zero as of the end of the reporting period.
                              

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, 2022, 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.