AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS

May 31, 2022 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 90.5%
Advertising — 0.1%
Dentsu, Inc.	1,800	$	59,925
Publicis Groupe SA	2,188		119,851
WPP, PLC	3,536		41,051
			220,827
Aerospace/Defense — 0.8%
Airbus Group SE	1,204		141,104
BAE Systems PLC, SP ADR	1,669		63,672
Elbit Systems Ltd.	139		28,463
MTU Aero Engines AG, ADR	562		55,846
Safran SA	629		65,171
Thales SA	21,868		2,670,396
			3,024,652
Agriculture — 0.3%
British American Tabacco, PLC, SP ADR	5,128		226,863
Imperial Brands, PLC, SP ADR	3,146		71,603
Japan Tobacco, Inc.	5,300		96,470
RLX Technology, Inc., ADR*	14,396		28,504
SLC Agricola SA	62,396		726,950
Swedish Match	4,980		51,471
			1,201,861
Airlines — 1.1%
China Airlines Ltd.	369,000		342,756
Ryanair Holding, PLC, SP ADR*	40,967		3,572,322
			3,915,078
Apparel — 2.2%
Adidas AG	16,047		3,188,016
Gildan Activewear, Inc.	5,757		181,230
Hermes International	80		95,653
LVMH Moet Hennessy Louis Vuitton SE	6,925		4,470,957
LVMH Moet Hennessy Louis Vuitton SE, ADR	2,000		258,000
Shenzhou International Group Holdings Ltd.	6,400		87,864
			8,281,720
Auto Manufacturers — 0.7%
Bayerische Motoren Werke AG, SP ADR	3,309		96,060
BYD Co., Ltd., Class H	11,500		408,725
Daimler AG	3,623		258,173
Daimler Truck Holding AG*	1,811		56,694
Ferrari NV	141		27,513
Ferrari NV, ADR	642		125,171
Hyundai Motor Co.	353		53,790
Iveco Group NV*	1,324		8,435
NIO, Inc., ADR*	3,625		63,039
Nissan Motor Co., Ltd.	10,100		39,259
Sinotruk Hong Kong Ltd.	22,500		31,911
Stellantis NV	5,160		77,425
Tata Motors, Ltd., SP ADR*	32,755		933,517
Toyota Motor Corp.	3,000		49,910
Toyota Motor Corp., SP ADR*	1,862		309,781
Volkswagen AG, ADR	5,060		113,698
Volvo AB, Class B	3,636		63,772
			2,716,873
Auto Parts & Equipment — 0.2%
Contemporary Amperex Technology Co., Ltd., Class A	6,322		386,006
Faurecia SE	87		2,421
Magna International, Inc.	3,010		195,409
Michelin	463		60,361
Vitesco Technologies Group AG*, Class A	88		4,167
			648,364
Banks — 8.9%
Australia & New Zealand Banking Group Ltd.	5,980		107,198
Banco do Brasil SA*	47,600		366,073
Banco Santander Brasil SA, ADR*	4,351		30,936
Banco Santander SA	37,238		120,793
Bangkok Bank	332,100		1,274,510
Bank Central Asia Tbk PT	2,351,815		1,244,349
Bank Leumi Le Israel	355,246		3,537,048
Bank Mandiri Persero Tbk PT, ADR	2,657		30,808
Bank Montreal	867		94,408
Bank of Ireland Group, PLC	605,778		4,092,679
Bank of Nova Scotia, (The)	2,203		149,165
Bank Rakyat Indonesia Persero Tbk PT, ADR	1,382		21,884
Barclays, PLC	126,063		268,714
Bendigo & Adelaide Bank Ltd.	12,614		94,365
BNP Paribas SA	2,636		150,873
BOC Hong Kong Holdings Ltd.	28,000		107,588
CaixaBank SA	65,952		238,725
Canadian Imperial Bank of Commerce	1,146		63,053
China Merchants Bank Co., Ltd., Class H	140,798		890,544
China Merchants Bank Co., Ltd., ADR	554		17,495
Commerzbank AG*	18,102		157,866
Commonwealth Bank Of Australia	4,044		302,596
Concordia Financial Group Ltd.	11,723		39,899
Credit Suisse Group AG, SP ADR*	4,199		29,603
Dah Sing Financial Holdings Ltd.	222,400		658,397
DBS Group Holdings Ltd.	128,400		2,894,795
DBS Group Holdings, Ltd., SP ADR	1,611		145,634
Deutsche Bank AG	8,776		98,116
DNB Bank ASA	12,189		247,196
FinecoBank Banca Fineco SpA	128,849		1,825,864
FirstRand Ltd.	13,495		62,479
Fukuoka Financial Group, Inc.	3,000		51,671
Grupo Aval Acciones y Valores SA, ADR	8,589		42,172
Grupo Financiero Banorte SAB de CV	170,185		1,100,208
HDFC Bank Ltd.	153,309		2,721,391
HDFC Bank, Ltd., ADR	10,243		589,689
HSBC Holdings, PLC, SP ADR	9,910		331,589
ICICI Bank, Ltd., SP ADR	71,872		1,383,536
ING Groep NV	7,103		80,318
Japan Post Bank Co., Ltd.	4,300		33,128
Macquarie Group Ltd.	749		99,511
Mediobanca Banca di Credito Finanziario SpA	3,974		40,769
Mitsubishi UFJ Financial Group Inc., SP ADR*	53,334		302,404
National Australia Bank Ltd.	7,689		172,379
National Australia Bank, Ltd., SP ADR	11,208		125,530
Nedbank Group, Ltd., SP ADR	2,666		40,443
Nordea Bank Abp	11,504		117,098
Nordea Bank Abp	93		948
Oversea-Chinese Bank Corp., Ltd.	9,000		77,643
Qatar National Bank QPSC	109,965		650,074
Royal Bank Canada	3,116		325,560
SCB X PCL*	217,100		716,899
Shinhan Financial Group Co., Ltd., SP ADR	9,162		316,730
Skandinaviska Enskilda Banken AB, Class A	2,661		29,431
Societe Generale SA	2,392		64,458
Standard Bank Group Ltd.	9,099		103,958
Standard Chart, PLC	4,154		33,020
Sumitomo Mitsui Financial Group Inc., SP ADR*	56,610		345,321
Svenska Handelsbanken AB, Class A	293,625		2,893,656
TCS Group Holding, PLC*	3,732		–
Toronto-Dominion Bank, (The)	3,903		297,682
UBS Group AG	13,717		258,685
UniCredit SpA	3,747		43,934
United Overseas Bank Ltd.	6,000		128,579
Woori Financial Group, Inc., SP ADR*	4,696		168,962
			33,051,029
Beverages — 3.7%
Ambev SA, ADR*	175,318		518,941
Anheuser-Busch InBev SA NV, SP ADR	2,087		118,333
Carlsberg A/S , Class B	499		63,516
China Resources Beer Holdings Co., Ltd.	14,000		87,257
Coca-Cola European Partners, PLC	476		25,290
Compania Cervecerias Unidas SA, SP ADR	2,146		30,066
Davide Campari-Milano NV	2,798		29,920
Diageo, PLC	121,315		5,636,434
Diageo, PLC, SP ADR	2,046		382,541
Endeavour Group Ltd/Australia	2,137		11,100
Fomento Economico Mexicano SAB de CV, SP ADR	461		34,501
Heineken NV	5,794		582,604
Kirin Holdings Co., Ltd.	2,800		43,312
Kweichow Moutai Co., Ltd., Class A	2,583		698,158
Pernod Ricard SA	300		58,916
Thai Beverage, PLC	7,751,500		3,927,819
Treasury Wine Estates Ltd.	3,609		30,763
United Spirits Ltd.*	41,390		429,731
Wuliangye Yibin Co., Ltd., Class A	38,198		980,080
			13,689,282
Biotechnology — 0.3%
Argenx SE, ADR*	90		27,837
CSL Ltd.	776		150,967
CSL Ltd., SP ADR	1,030		100,219
Genmab A/S*	2,019		614,501
Genmab A/S, SP ADR*	2,330		70,482
Legend Biotech Corp., ADR*	3,340		141,249
			1,105,255
Building Materials — 1.1%
Anhui Conch Cement Co., Ltd., Class H	9,500		48,118
Cemex SAB de CV, SP ADR*	5,460		25,498
CRH, PLC	79,007		3,260,845
CRH, PLC, SP ADR	3,605		149,571
Daikin Industries Ltd.	349		56,122
Daikin Industries, Ltd., SP ADR*	820		13,284
Geberit AG	90		49,419
James Hardie Industries PLC	2,896		74,761
Kingspan Group, PLC	371		30,543
LafargeHolcim Ltd.*	2,013		99,808
Rinnai Corp.	400		27,459
Semen Indonesia Persero Tbk PT, ADR	2,421		24,186
Sika AG	306		84,942
			3,944,556
Chemicals — 1.7%
Air Liquide SA	17,016		2,980,653
Air Liquide SA, ADR	1,771		61,826
Akzo Nobel NV, SP ADR	2,496		72,858
Asahi Kasei Corp.	6,000		48,477
BASF SE, SP ADR	9,844		134,961
Covestro AG(a)	1,716		78,658
Croda International, PLC	584		50,851
Daqo New Energy Corp.*	804		39,316
FUCHS PETROLUB SE	35,221		937,381
Givaudan SA	27		99,321
Givaudan SA, ADR	600		44,100
ICL Group Ltd.	12,592		138,260
Israel Chemicals Ltd.	24,673		275,622
Johnson Matthey, PLC	1,377		36,595
Koninklijke DSM NV	561		94,473
LANXESS AG	1,023		47,783
LG Chem Ltd.	385		180,961
Mitsui Chemicals, Inc.	22		538
Novozymes A/S, ADR	920		58,425
Nutrien Ltd.*	2,477		240,740
Sasol Ltd.*	16,172		422,957
Shin Etsu Chemical Co., Ltd., ADR*	2,744		97,330
Shin-Etsu Chemical Co., Ltd.	654		92,538
Solvay SA	373		36,440
Sumitomo Chemical Co., Ltd.	13,000		53,736
Symrise AG	500		55,251
Umicore SA, ADR	3,052		33,725
			6,413,776
Coal — 0.0%
China Shenhua Energy Co., Ltd., Class H	30,000		100,189
Commercial Services — 3.0%
Adyen NV(a)*	1,212		1,876,981
Allfunds Group, PLC	132,459		1,208,223
Amadeus IT Group SA, ADR*	1,437		89,223
Ashtead Group, PLC	43,469		2,277,642
Atlantia SpA	1,177		28,535
Bidvest Group, Ltd., (The)	22,927		319,714
Brambles Ltd.*	3,635		28,329
Bureau Veritas SA	1,739		50,250
China Merchants Port Holdings Co., Ltd.	60,000		113,853
Edenred	1,223		60,411
Experian, PLC	2,543		85,069
International Container Terminal Services, Inc.	34,757		143,865
Localiza Rent a Car SA, SP ADR	4,006		48,212
New Oriental Education & Technology Group, Inc., SP ADR*	2,260		29,516
Recruit Holdings Co., Ltd.	3,292		119,151
RELX, PLC	158,267		4,538,227
Rentokil Initial, PLC	7,414		47,249
Ritchie Bros Auctioneers, Inc.	545		32,804
TAL Education Group, SP ADR*	7,594		31,135
Transurban Group	6,366		65,477
TravelSky Technology Ltd., Class H	19,000		30,903
			11,224,769
Computers — 1.6%
AutoStore Holdings Ltd.*	608,885		1,448,542
Capgemini SE	151		29,341
CGI, Inc.*	793		67,746
Check Point Software Technologies Ltd.*	276		34,522
CyberArk Software Ltd.*	576		80,006
EPAM Systems, Inc.*	1,796		607,982
Fujitsu Ltd.	422		63,365
Globant S.A.*	1,679		318,187
Infosys Ltd., SP ADR	27,086		510,842
Nomura Research Institute Ltd.	77,500		2,119,735
Obic Co., Ltd.	800		117,866
Tata Consultancy Services Ltd.	8,515		367,182
Teleperformance	266		88,318
Wipro, Ltd., ADR	38,844		232,287
			6,085,921
Cosmetics/Personal Care — 1.5%
Beiersdorf AG	912		94,657
Essity AB, Class B	3,391		89,070
Lion Corp.	7,700		85,964
L'Oreal SA	68		24,018
L'Oreal SA, ADR	3,400		239,598
Proya Cosmetics Co., Ltd., Class A	24,277		565,108
Shiseido Co., Ltd.	700		29,362
Unicharm Corp.	1,887		64,745
Unilever, PLC	86,007		4,139,823
Unilever, PLC, SP ADR	8,649		418,006
			5,750,351
Distribution/Wholesale — 3.2%
Azelis Group NV	82,848		2,079,449
Bunzl, PLC	157,695		5,497,591
Ferguson, PLC	13,742		1,652,492
Ferguson, PLC	8,291		991,272
IMCD NV	8,243		1,232,755
ITOCHU Corp.	3,700		106,137
ITOCHU Corp., ADR*	426		24,354
Jardine Cycle & Carriage Ltd.	4,000		85,513
Mitsui & Co., Ltd.	3,159		79,350
Sendas Distribuidora SA	2,775		45,843
			11,794,756
Diversified Financial Services — 2.3%
BAC Holding International Corp.*	171,780		15,301
Banco BTG Pactual SA*	149,445		789,904
Capitec Bank Holdings Ltd.	3,704		532,919
Chailease Holding Co., Ltd.	51,355		395,153
China International Capital Corp., Ltd., Class H(a)	15,200		28,942
CITIC Securities Co., Ltd., Class H	14,000		30,301
Deutsche Boerse AG	17,071		2,869,003
Deutsche Boerse AG, ADR	2,810		47,096
Futu Holdings Ltd., ADR*	852		31,277
Hong Kong Exchange & Clearing Ltd.	1,780		76,804
Housing Development Finance Corp., Ltd.	27,965		823,199
Huatai Securities Co., Ltd., Class H(a)	21,800		30,511
Japan Exchange Group, Inc., ADR	88,600		1,401,629
KB Financial Group, Inc.	16,252		794,292
KB Financial Group, Inc., ADR*	6,431		314,733
London Stock Exchange Group, PLC	791		73,810
London Stock Exchange Group, PLC, ADR	2,464		57,904
Sanlam Ltd., SP ADR	5,156		44,715
SBI Holdings, Inc. (Japan)	2,600		52,744
Singapore Exchange Ltd.	6,000		41,597
St James's Place, PLC	5,807		94,707
			8,546,541
Electric — 0.8%
China Longyuan Power Group Corp. Ltd., Class H	14,000		29,812
China Resources Power Holdings Co Ltd.	14,000		28,791
CLP Holdings Ltd.	17,500		174,411
Dubai Electricity & Water Authority PJSC*	542,413		376,568
E.ON SE	4,210		42,975
Elia Group SA/NV	542		89,167
Endesa SA	1,459		32,322
Enel SpA	9,556		62,087
Engie SA, SP ADR	8,968		120,709
Fortis, Inc.	2,870		144,533
Fortum Oyj	1,565		28,927
Iberdrola SA	8,686		102,916
Iberdrola SA, SP ADR	1,618		76,693
Kansai Electric Power Co Inc., (The)	2,800		27,367
National Grid, PLC	2,867		42,296
National Grid, PLC, SP ADR	2,605		193,760
Orsted A/S(a)	320		36,067
Power Assets Holdings Ltd.	29,500		192,611
Power Grid Corp. of India Ltd.	236,415		706,094
RWE AG	1,891		83,441
SSE, PLC, ADR	5,415		120,538
Terna Rete Elettrica Nazionale SpA	6,010		50,944
Tokyo Electric Power Co Holdings, Inc.*	7,100		26,512
Uniper SE	1,092		28,260
			2,817,801
Electrical Components & Equipment — 0.4%
ABB, Ltd.	4,533		139,773
Legrand SA	12,660		1,097,164
Schneider Electric SE	698		96,946
Schneider Electric SE, ADR	4,025		111,533
			1,445,416
Electronics — 0.9%
AAC Technologies Holdings, Inc.	13,500		29,362
Assa Abloy AB, Class B	58,220		1,435,186
Azbil Corp.	1,000		29,470
BYD Electronic International Co., Ltd.	14,500		32,181
Halma, PLC	17,194		483,155
Hirose Electric Co., Ltd.	427		59,185
Hon Hai Precision	212,353		823,361
Hoya Corp.	670		71,313
Hoya Corp., SP ADR*	487		52,538
Murata Manufacturing Co., Ltd.	1,119		71,907
Murata Manufacturing Co., Ltd., ADR*	5,048		80,919
Nidec Corp.	78		5,215
Nidec Corp., SP ADR*	4,640		77,674
Shimadzu Corp.	700		25,534
TDK Corp.	900		30,910
Venture Corp., Ltd.	2,300		29,951
			3,337,861
Energy-Alternate Sources — 0.2%
Suzhou Maxwell Technologies Co., Ltd., Class A	9,800		552,821
Vestas Wind System	2,480		63,345
Xinyi Solar Holdings Ltd.	16,000		28,400
			644,566
Engineering & Construction — 0.3%
Aena SME SA(a)*	201		30,664
Airports of Thailand PCL*	354,300		721,801
CK Infrastructure Holdings Ltd.	4,000		26,776
Ferrovial SA	3,085		79,568
Grupo Aeroportuario del Pacifico SAB de CV, SP ADR, Class B	392		58,949
Grupo Aeroportuario del Sureste SAB de CV, SP ADR	471		102,344
LendLease Group	3,651		28,147
Shimizu Corp.	5,200		27,631
Singapore Technologies Engineering Ltd.	13,400		40,157
Taisei Corp.	1,600		47,707
Vinci SA, ADR	3,476		84,050
			1,247,794
Entertainment — 0.1%
MultiChoice Group	5,548		47,448
MultiChoice Group, Ltd., ADR	93		774
OPAP SA	14,085		210,278
Oriental Land Co., Ltd.	613		91,097
Toho Co Ltd/Tokyo	1,100		43,355
			392,952
Environmental Control — 0.1%
China Conch Environment Protection Holdings Ltd.*	173,500		114,087
China Conch Venture Holdings Ltd.	90,000		234,116
			348,203
Food — 1.0%
Ajinomoto Co, Inc.	1,100		26,661
Carrefour SA	2,444		50,129
China Mengniu Dairy Co., Ltd.*	15,703		80,399
Chocoladefabriken Lindt & Spruengli AG	6		60,359
Cia Brasileira de Distribuicao, SP ADR*	2,775		11,988
Coles Group Ltd.	4,109		51,559
J Sainsbury PLC	9,629		27,696
JBS SA, ADR	690		10,323
KIKKOMAN Corp.	500		26,481
Koninklijke Ahold Delhaize NV	45,967		1,267,554
Koninklijke Ahold Delhaize NV, SP ADR	4,031		111,618
Marine Harvest	1,851		48,314
MASAN GROUP Corp.	50,760		245,815
Meiji Holdings Co., Ltd.	1,600		78,834
Nestle SA	4,726		578,071
Nestle SA, SP ADR	6,845		834,816
Nisshin Seifun Group, Inc.	2,300		26,919
Seven & i Holdings Co., Ltd.	600		25,120
Seven & i Holdings Co., Ltd., ADR*	3,000		62,640
Tesco, PLC	8,947		29,181
Wilmar International Ltd.	29,000		88,230
Woolworths Group Ltd.	4,264		105,773
Yakult Honsha Co., Ltd.	1,000		55,032
			3,903,512
Food Service — 0.4%
Compass Group, PLC	65,625		1,471,069
Compass Group, PLC, SP ADR	7,353		166,692
			1,637,761
Forest Products & Paper — 0.0%
Smurfit Kappa Group PLC, ADR	736		29,985
UPM-Kymmene Corp.	1,590		56,474
			86,459
Gas — 0.1%
China Gas Holdings Ltd.	21,600		32,183
China Resources Gas Group Ltd.	6,000		25,104
ENN Energy Holdings Ltd.	6,000		91,800
Osaka Gas Co., Ltd.	4,600		86,225
Snam SpA	9,397		54,663
Tokyo Gas Co., Ltd.	1,300		25,398
			315,373
Hand/Machine Tools — 0.6%
Amada Co., Ltd.	170,400		1,365,250
Sandvik AB	3,286		67,546
Schindler Holding AG	441		88,497
Techtronic Industrials Co., Ltd.	43,875		573,158
			2,094,451
Healthcare-Products — 3.1%
Alcon, Inc.	76,310		5,726,350
Alcon, Inc., ADR	1,128		84,295
Carl Zeiss Meditec AG	225		30,104
Cochlear Ltd.	376		59,985
Coloplast A/S, ADR	1,070		12,680
Coloplast A/S, Class B	327		38,880
Essilor International Cie Generale d'Opitque SA	25,892		4,181,922
EssilorLuxottica SA, ADR	144		11,635
Getinge AB, Class B	993		28,818
Koninklijke Philips	38,879		1,002,170
Olympus Corp.	2,000		41,799
QIAGEN NV*	2,099		96,449
Sartorius Stedim Biotech	89		30,743
Shandong Weigao Group Medical Polymer Co., Ltd., Class H	24,000		26,624
Siemens Healthineers AG(a)	1,037		62,318
Terumo Corp.	2,262		73,024
			11,507,796
Healthcare-Services — 0.3%
Apollo Hospitals Enterprise Ltd.	4,847		247,445
BioMerieux	301		31,668
Fresenius Medical Care AG & Co., KGaA	482		29,404
Genscript Biotech Corp.*	10,000		29,591
Lonza Group AG	182		109,729
Lonza Group AG, ADR	370		22,289
Pharmaron Beijing Co., Ltd., Class A	31,500		563,566
Ramsay Health Care Ltd.	513		28,755
Sonic Healthcare Ltd., SP ADR	3,345		89,512
Wuxi Biologics Cayman, Inc.(a)*	15,536		114,883
			1,266,842
Holding Companies-Diversification — 0.1%
CK Hutchison Holdings Ltd.	10,000		70,836
MELI Kaszek Pioneer Corp., Class A*	20,089		202,698
Swire Pacific, Ltd., Class A	5,000		30,337
			303,871
Home Builders — 0.0%
Sekisui Chemical Co., Ltd.	768		10,986
Sekisui House Ltd.	4,000		71,071
			82,057
Home Furnishings — 0.1%
Electrolux AB	972		15,113
Panasonic Corp.	3,200		29,362
Sony Corp., SP ADR*	4,806		452,101
			496,576
Household Products/Wares — 0.1%
Henkel Ag & Co., KGaA	2,162		145,955
Reckitt Benckiser Group, PLC, SP ADR	13,660		213,233
			359,188
Insurance — 4.9%
Admiral Group, PLC	66,503		1,861,904
Aegon NV	14,288		76,070
Ageas SA NV	2,481		124,866
AIA Group Ltd.	102,000		1,056,739
AIA Group, Ltd., SP ADR	9,630		397,912
Allianz SE, SP ADR	6,060		127,018
Aon, PLC, Class A	24,999		6,891,474
Baloise Holding AG	522		88,864
China Life Insurance Co., Ltd., Class H	46,000		70,571
China Pacific Insurance Group Co., Ltd., Class H	13,000		30,329
CNP Assurances	12,462		279,612
Dai-ichi Life Holdings, Inc.	6,692		138,275
Hannover Rueck SE	286		43,798
Lancashire Holdings Ltd.	348,744		1,743,107
Legal & General Group, PLC	36,815		120,526
Manulife Finanical Corp.	6,860		127,116
NN Group NV	3,039		150,618
Sampo, Class A, PLC	56,916		2,574,478
Sun Life Financial, Inc.	2,753		134,374
Suncorp Group Ltd.	18,597		151,452
T&D Holdings, Inc.	5,200		60,072
Topdanmark AS	30,949		1,663,154
ZhongAn Online P&C Insurance Co., Ltd.*, Class H(a)	11,300		37,793
Zurich Insurance Group AG, ADR*	740		33,951
Zurich Insurance Group AG	202		92,511
			18,076,584
Internet — 3.6%
Alibaba Group Holding Ltd.*	145,000		1,741,484
Alibaba Group Holdings, Ltd., SP ADR*	1,193		114,588
Auto Trader Group, PLC(a)	4,253		31,639
Baidu, Inc., SP ADR*	3,986		559,435
China Literature, Ltd.(a)*	15,000		65,850
East Money Information Co., Ltd., Class A	1		4
Hello Group, Inc., SP ADR	6,342		38,559
JD.com, Inc., ADR	2,393		134,295
JOYY, Inc., ADR	1,104		46,798
Just Eat Takeaway.com NV, SO ADR*	12,650		56,166
Meituan, ADR*	7,392		346,611
Meituan Dianping, Class B(a)*	64,800		1,520,539
Mercadolibre, Inc.*	354		278,201
momo.com, Inc.	14,000		399,574
MonotaRO Co., Ltd.	25,400		370,842
Naspers, Ltd., SP ADR	4,780		103,535
Naver Corp.	1,033		239,191
Pinduoduo, Inc., ADR*	2,583		130,054
Prosus NV*	3,869		200,025
Seek Ltd.	4,272		74,034
Tencent Holdings Ltd.	137,330		6,278,505
Tencent Holdings, Ltd., ADR	11,394		518,883
Tencent Music Entertainment Group, ADR*	11,332		47,368
Trip.com Group Ltd., ADR*	60		1,324
United Internet AG	927		30,463
			13,327,967
Investment Companies — 2.1%
Groupe Bruxelles Lambert SA	56,246		5,186,979
L E Lundbergforetagen AB	631		31,083
Melrose Indust, PLC	1,456,149		2,484,855
Wendel SA	888		91,378
			7,794,295
Iron/Steel — 0.3%
BlueScope Steel Ltd.	6,357		82,430
Cia Siderurgica Nacional SA, SP ADR	41,580		187,942
Fortescue Metals Group Ltd.	5,658		81,685
Nippon Steel & Sumitomo Metal Corp.	8,000		139,413
Posco, SP ADR*	3,580		205,922
Vale SA, SP ADR	12,347		222,863
Voestalpine AG	1,763		51,762
			972,017
Leisure Time — 0.0%
Merida Industry Co., Ltd.	11,351		101,253
Shimano, Inc.	236		41,371
Yamaha Corp.	700		28,785
			171,409
Life Sciences Tools & Services — 0.6%
Eurofins Scientific SE*	24,464		2,283,598
Lodging — 0.0%
Huazhu Group, Ltd., ADR	1,879		61,068
InterContinental Hotels Group, PLC	1,515		94,259
Melco Resorts & Entertainment, Ltd., ADR*	5,240		29,554
			184,881
Machinery-Construction & Mining — 0.7%
Epiroc AB, Class A*	70,535		1,367,740
Hitachi, Ltd.	901		46,750
Hitachi Ltd., ADR*	1,830		189,496
Komatsu Ltd.	4,400		109,396
Mitsubishi Electical Corp.	2,600		28,488
Siemens Energy AG	960		18,562
Weir Group, PLC, (The)	43,447		870,819
			1,442,978
Machinery-Diversified — 1.6%
Atlas Copco AB	6,804		76,359
Atlas Copco AB, Class A, SP ADR	6,624		74,122
CNH Industrial NV	6,623		98,995
Daifuku Co Ltd.	400		25,080
Estun Automation Co., Ltd., Class A	108,300		273,603
FANUC Corp.	200		32,600
GEA Group AG	97,766		3,910,873
Haitian International Holdings Ltd.	11,000		28,217
Keyence Corp.	1,600		636,122
KION Group AG	600		29,562
Kubota Corp., SP ADR*	883		81,245
Miura Co Ltd.	1,300		29,205
NARI Technology Co., Ltd., Class A	100,450		515,368
Omron Corp.	500		28,697
SMC Corp.	110		56,873
SMC Corp., ADR*	2,280		59,052
Sumitomo Heavy Industries Ltd.	2,000		47,147
			6,003,120
Media — 1.9%
Informa, PLC*	4,850		33,337
Liberty Media Corp-Liberty Formula One, Class C*	7,220		449,734
Pearson, PLC, SP ADR	15,198		146,205
Shaw Communications, Inc., Class B	9,386		265,624
Thomson Reuters Corp.	1,419		140,538
Wolters Kluwer	62,138		6,131,242
Wolters Kluwer NV, SP ADR	667		66,060
			7,232,740
Metal Fabricate/Hardware — 0.1%
SKF AB	1,827		32,362
Tenaris SA, ADR	11,745		391,578
			423,940
Mining — 1.6%
Agnico Eagle Mines Ltd.	783		41,444
Anglo American Platinum Ltd.	1,509		165,147
Antofagasta, PLC	8,790		164,075
Barrick Gold Corp.	6,196		126,956
BHP Billiton Ltd., SP ADR	2,646		186,966
Boliden AB*	2,900		122,037
Cameco Corp.	26,892		658,047
Franco-Nevada Corp.	1,038		147,458
Groupo Mexico SAB de CV SA, Class B	287,471		1,419,352
Ivanhoe Mines Ltd.*, Class A	27,500		209,590
Lynas Rare Earths Ltd.*	44,632		312,816
MMC Norilsk Nickel PJSC, ADR(a)	2,034		20
Newmont Corp.	9,752		661,673
Norsk Hydro ASA	15,202		121,985
Paladin Energy Ltd.*	367,227		207,234
Pan American Silver Corp.	1,261		27,704
Polyus PJSC	1,719		–
Rio Tinto, PLC, SP ADR	1,211		88,936
South32 Ltd.	44,192		155,476
Southern Copper Corp.	3,807		235,197
Sumitomo Metal Mining Co., Ltd.	2,000		83,625
Teck Resources, Ltd., Class B	8,215		341,251
Wheaton Precious Metals Corp.	12,091		499,479
			5,976,468
Miscellaneous Manufacturing — 0.1%
Knorr-Bremse AG	411		28,094
Orica Ltd.	5,536		64,138
Siemens AG	1,920		253,446
Sunny Optical Technology Group Co., Ltd.	5,869		92,623
Toshiba Corp.	96		4,292
			442,593
Office/Business Equipment — 0.1%
Canon, Inc.	2,700		68,569
Fujifilm Holdings Corp.	1,100		60,587
Ricoh Co., Ltd.	3,400		28,571
Seiko Epson Corp.	2,000		33,481
			191,208
Oil & Gas — 3.3%
BP, PLC, SP ADR	1		32
Canadian Natural Resources Ltd.	4,335		287,541
DCC, PLC	81,870		5,788,559
Eni SpA	96,055		1,454,813
Equinor ASA, SP ADR	3,137		118,139
Galp Energia SGPS SA	3,396		44,339
Idemitsu Kosan Co., Ltd.	1,100		29,670
Imperial Oil Ltd.	2,792		154,816
Inpex Corp.	6,228		79,912
Lundin Petroleum AB	1,163		55,808
Neste Oyj	756		34,725
OMV AG	4,843		282,933
PetroChina Co., Ltd., Class H	340,000		179,043
Petroleo Brasileiro, SP ADR*	47,938		665,379
Reliance Industries Ltd.	37,073		1,248,933
Repsol SA	7,844		125,868
Santos Ltd.	19,946		116,080
Shell, PCL,  ADR	14,983		887,293
Suncor Energy, Inc.	1,090		44,014
Total SA, SP ADR	7,259		426,829
Woodside Energy Group Ltd.	7,291		153,813
			12,178,539
Oil &Gas Services — 0.1%
SCHLUMBERGER Ltd.	12,061		554,324
Pharmaceuticals — 9.6%
Alfresa Holdings Corp.	256,100		3,362,353
Aspen Pharmacare Holdings, Ltd., ADR	6,986		71,851
Astellas Pharma, Inc.	116,600		1,862,209
Astellas Pharma, Inc., ADR*	190		3,023
AstraZeneca, PLC	20,807		2,749,925
AstraZeneca, PLC, SP ADR	7,332		487,431
Bayer AG	1,102		78,846
Chugai Pharmaceutical Co., Ltd.	2,000		54,676
Cipla Ltd/India	30,978		395,450
CSPC Pharmaceutical Group Ltd.	23,040		24,618
Daiichi Sankyo Co., Ltd.	3,848		102,049
Daiichi Sankyo Co., Ltd., ADR*	876		23,196
Dr. Reddy's Laboratories, Ltd., ADR	3,953		218,799
Euroapi SA*	1,557		22,632
Glaxosmithkline, PLC	208,987		4,555,985
Glaxosmithkline, PLC, SP ADR	8,330		365,687
Grifols SA,ADR	2,969		38,241
Kobayashi Pharmaceutical Co., Ltd.	471		31,553
Kyowa Kirin Co Ltd.	1,400		30,162
Merck KGaA	587		110,678
Novartis AG	45,386		4,122,856
Novartis AG, SP ADR	5,895		536,091
Novo Nordisk A/S, Class B	26,903		2,987,593
Novo-Nordisk AS, SP ADR	6,449		711,970
Ono Pharmaceutical Co., Ltd.	2,900		76,783
Orion Corporation, Class B	672		27,575
Otsuka Holdings Co., Ltd.	1,100		36,649
Pfizer, Inc.	15,922		844,503
Recordati SPA	62,228		2,788,572
Roche Holdings AG	10,234		3,487,657
Roche Holdings AG, SP ADR	13,552		576,502
Sanofi	35,823		3,833,342
Sanofi, ADR	5,834		310,661
Santen Pharmaceutical Co., Ltd.	3,500		28,225
Shanghai Fosun Pharmaceutical Group Co Ltd., Class H	7,500		31,562
Shionogi & Co., Ltd.	500		26,637
SINOPHARM GROUP Co.	12,000		29,681
Sumitomo Pharma Co., Ltd.	3,200		27,384
Sun Pharmaceutical Industries Ltd.	47,622		526,685
UCB SA	21		1,853
			35,602,145
Pipelines — 0.1%
Enbridge, Inc.	6,937		320,143
TC Energy Corp.	1,299		75,134
			395,277
Private Equity — 0.4%
3i Group, PLC	3,463		55,380
Antin Infrastructure Partners SA*	13,886		449,604
Bridgepoint Group, PLC(a)	148,030		601,007
Macquarie Korea Infrastructure Fund	26,497		304,061
Partners Group Holding AG	94		101,142
			1,511,194
Real Estate — 0.6%
Aroundtown SA	6,368		29,917
China Resources Land Ltd.	23,714		105,544
China Vanke Co., Ltd., Class H	26,000		57,449
CK Asset Holdings Ltd.	11,000		71,722
Emaar Properties PJSC	77,098		119,854
Great Eagle Holdings, Ltd.	377,662		834,984
Iguatemi SA	38,900		163,292
KE Holdings, Inc., ADR*	16,748		224,423
Longfor Group Holdings Ltd.(a)	23,000		114,453
REA Group Ltd.	633		50,863
Sun Hung Kai Properties Ltd.	16,000		195,617
Sunac Services Holdings Ltd.(a)	620		334
Swiss Prime Site AG*	947		95,360
Wharf Holdings Ltd., (The)	14,000		46,812
Wharf Real Estate Investment Co., Ltd.	14,000		67,559
			2,178,183
REITS — 0.3%
Ascendas Real Estate Investment Trust	23,000		46,772
CapitaLand Mall Trust	25,000		39,873
Goodman Group	6,677		98,220
Japan Prime Realty Investment Corp.	15		47,852
Japan Real Estate Investment Corp.	9		44,621
Japan Retail Fund Investment Corp.	76		64,339
Link	67,900		613,976
Segro, PLC	5,434		75,896
Unibail-Rodamco-Westfield*	938		65,727
United Urban Investment Corp.	51		56,934
			1,154,210
Retail — 2.0%
ANTA Sports Products Ltd.	8,161		92,542
Astra International Tbk PT, ADR	3,615		36,240
Cie Financiere Richemont SA, ADR	12,160		134,490
Fast Retailing Co., Ltd.	147		70,621
Hennes & Mauritz AB, Class B	4,600		63,494
Industria de Diseno Textil SA	2,702		65,131
Industria de Diseno Textil SA, ADR	7,152		85,896
Jiumaojiu International Holdings Ltd.(a)	179,000		419,562
McDonald's Holdings Co Japan Ltd.	1,900		73,945
Moncler SpA	774		37,243
Next, PLC	352		28,776
PriceSmart, Inc.	3,293		258,929
Restaurant Brands International, Inc.	3,260		171,183
Ryohin Keikaku Co., Ltd.	3,500		37,202
Shanghai Pharmaceuticals Holding Co Ltd., Class H	17,500		28,493
Sundrug Co., Ltd.	22,400		484,901
Swatch Group AG, (The)	12,349		3,179,639
TITAN COMPANY Ltd.	13,133		373,280
Tsuruha Holdings	27,400		1,491,888
USS Co., Ltd.	2,500		45,473
Wal-Mart de Mexico SAB de CV	69,748		257,934
Wal-Mart de Mexico SAB de CV, SP ADR	1,129		41,784
Zalando SE(a)*	717		29,172
Zhongsheng Group Holdings Ltd.	4,500		31,914
			7,539,732
Semiconductors — 7.7%
ASE Technology Holding Co., Ltd. ADR	6,033		43,136
ASML Holding NV	1,524		876,993
ASML Holding NV, ADR	2,086		1,202,141
Mediatek, Inc.	10,000		309,211
Micron Technology, Inc.	6,217		459,063
Rohm Co., Ltd.	40		3,269
Samsung Electronic Co., Ltd.	117,197		6,372,933
Samsung Electronic Co., Ltd., GDR	3,744		5,029,193
SK Hynix, Inc.	917		79,479
SUMCO Corp.	34		548
Taiwan Semiconductor Manufacturing Co., Ltd.	283,122		5,354,099
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR	85,625		8,160,063
Tokyo Electron Ltd.	400		183,354
Tokyo Electron, Ltd., ADR*	1,048		120,384
United Microelectronics Corp., SP ADR	36,418		320,843
			28,514,709
Shipbuilding — 0.1%
Hyundai Mipo Dockyard Co., Ltd.*	7,916		534,388
Software — 1.7%
AVEVA Group, PLC	28,058		805,964
BlackBerry Ltd.*	10,732		64,929
Dassault Systemes SE	2,375		100,139
Dassault Systemes SE, ADR	2,450		103,317
Kaspi.KZ JSC	8,629		455,334
Kingsoft Corp. Ltd.	9,000		30,130
Konami Holdings Corp.	400		27,068
NetEase, Inc.	90,900		1,901,075
NetEase, Inc., ADR	1,380		143,147
Nexon Co., Ltd.	2,300		56,691
Open Text Corp.	2,121		86,982
Playtech, PLC*	107,589		758,955
SimCorp A/S	20,779		1,638,572
TeamViewer AG*	4,442		30,894
Temenos AG	314		30,507
Ubisoft Entertainment SA*	742		39,009
			6,272,713
Telecommunications — 3.7%
America Movil SAB de CV, Class L, SP ADR	23,681		505,353
BCE, Inc.	5,954		324,195
Bharti Airtel Ltd.*	59,981		539,180
Chunghwa Telecom Co., Ltd., SP ADR	10,212		439,116
Deutsche Telekom AG, SP ADR	5,690		117,043
Elisa OYJ	619		35,031
KDDI Corp.	157,548		5,496,234
Koninklijke KPN NV	8,135		29,611
KT Corp.	20,466		625,005
Millicom International Cellular SA, SDR*	116		1,931
MTN Group Ltd.	69,023		744,003
NICE Ltd., SP ADR*	288		57,232
Nippon Telegraph & Telephone Corp.	2,100		64,160
Nippon Telegraph & Telephone Corp., ADR*	984		30,179
Nokia OYJ, SP ADR	12,708		63,667
Orange SA	5,001		62,605
PLDT, Inc., SP ADR	3,600		133,164
Singapore Telecommunications Ltd.	19,900		37,506
SK Telecom Co Ltd., SP ADR	2		51
SoftBank Corp.	13,279		152,983
SoftBank Group Corp.	1,000		41,419
Spark New Zealand Ltd.	9,362		29,611
Swisscom AG	318		188,057
Telefonaktiebolaget LM Ericsson, Class B	427,356		3,470,403
Telefonaktiebolaget LM Ericsson, SP ADR	2,495		20,160
Telefonica Brasil SA, ADR	3,635		39,040
Telefonica SA	9,725		52,877
Telekomunikasi Indonesia Persero Tbk PT	1,788,500		528,022
Turkcell Iletisim Hizmetleri AS, ADR	8,081		24,243
			13,852,081
Toys/Games/Hobbies — 0.1%
Bandai Namco Holdings, Inc.	800		59,422
Nintendo Co., Ltd.	200		89,298
Nintendo Co., Ltd., ADR*	1,152		64,051
			212,771
Transportation — 0.9%
Aurizon Holdings Ltd.	22,111		63,696
Canadian National Railway Co.	3,433		390,607
Canadian Pacific Railway Ltd.	1,055		75,369
COSCO SHIPPING Holdings Co., Ltd.*, Class H	18,000		31,849
Deutsche Post AG, SP ADR	3,012		124,968
DSV AS	10,943		1,799,432
DSV PANALPINA A S, ADR	826		68,104
Keio Corp.	800		26,724
Keisei Electric Railway Co., Ltd.	1,000		26,099
Mitsui OSK Lines Ltd.	9,000		239,161
MTR Corp. Ltd.	29,000		156,426
Nippon Yusen KK	300		24,800
Odakyu Electric Railway Co., Ltd.	2,000		26,389
Poste Italiane SpA(a)	3,442		37,285
SG Holdings Co., Ltd.	2,446		44,109
Tokyu Corp.	2,300		26,101
ZTO Express Cayman, Inc., ADR	3,209		86,450
			3,247,569
Water — 1.0%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR*	4,592		44,221
Severn Trent, PLC	2,060		75,678
United Utilities Group, PLC	268,683		3,581,599
			3,701,498
TOTAL COMMON STOCKS
(Cost $315,066,793)			337,165,683
PREFERRED STOCKS - 0.3%
Auto Manufacturers — 0.0%
Porsche Auto SE 3.447%	851		69,703
Banks — 0.1%
Banco Bradesco SA, ADR 4.004%	44,550		189,337
Bancolombia SA, SP ADR 2.298%	1,414		63,503
			252,840
Chemicals — 0.1%
FUCHS PETROLUB SE 3.562%	16,413		504,923
Cosmetics/Personal Care — 0.1%
LG Household & Health Care Ltd. 2.928%	1,387		451,697
TOTAL PREFERRED STOCKS
(Cost $1,721,231)			1,279,163
EXCHANGE TRADED FUNDS - 0.2%
Diversified Financial Services — 0.2%
iShares MSCI Saudi Arabia ETF	13,576		634,950
TOTAL EXCHANGE TRADED FUNDS
(Cost $559,934)			634,950
RIGHTS - 0.0%
Telecommunications — 0.0%
Millicom International Cellular SA *	116		470
TOTAL RIGHTS
(Cost $1,144)			470
SHORT-TERM INVESTMENTS - 8.5%
U.S. Bank Money Market Deposit Account, 0.01%(b)	31,514,605		31,514,605
TOTAL SHORT-TERM INVESTMENTS
(Cost $31,514,605)			31,514,605
TOTAL INVESTMENTS - 99.5%
(Cost $348,863,707)			370,594,871
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%			1,889,635
NET ASSETS - 100.0%		$	372,484,506

*	Non-income producing security.
(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of May 31, 2022, total market value of Rule 144A securities is $5,116,658 and represents 1.40% of net assets.
(b)	The rate shown is as of May 31, 2022.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SDR	Special Drawing Right
SP ADR	Sponsored ADR
The accompanying notes are an integral part of the portfolio of investments.

AQUARIUS INTERNATIONAL FUND
PORTFOLIO HODLINGS SUMMARY TABLE
May 31, 2022 (Unaudited)
The following table presents a summary by country of the portfolio holdings of the Fund:
	% of Net
	Assets		Value
COMMON STOCKS
Argentina		0.1 %	$	278,201
Australia		0.8		3,138,252
Austria		0.1		334,695
Belgium		2.1		7,670,812
Brazil		1.0		3,859,919
Canada		1.70		6,278,072
Chile		0.1		194,141
China		6.0		22,407,404
Colombia		0.0		42,172
Denmark		2.6		9,826,721
Finland		0.8		2,938,923
France		6.9		25,577,528
Germany		3.7		13,649,300
Greece		0.1		210,278
Hong Kong		1.6		5,886,627
India		3.3		12,247,240
Indonesia		0.5		1,885,489
Ireland		4.6		17,084,334
Isle Of Man		0.2		758,955
Israel		1.1		4,151,153
Italy		1.8		6,615,748
Japan		7.2		26,672,937
Kazakhstan		0.1		455,334
Luxembourg		0.1		423,426
Malaysia		0.1		312,816
Mexico		1.0		3,545,923
Netherlands		4.1		15,311,968
New Zealand		0.0		29,611
Norway		0.5		1,984,176
Panama		0.0		15,301
Peru		0.1		235,197
Philippines		0.1		277,029
Portugal		0.0		44,339
Qatar		0.2		650,074
Russia		0.0		20
Singapore		1.0		3,703,048
South Africa		0.7		2,659,943
South Korea		4.1		15,219,691
Spain		0.3		1,138,917
Sweden		2.7		9,987,631
Switzerland		5.6		20,977,684
Taiwan		4.5		16,688,565
Thailand		1.8		6,641,029
Turkey		0.0		24,243
United Arab Emirates		0.1		496,422
United Kingdom		14.2		52,758,024
United States		3.0		11,312,369
Uruguay		0.1		318,187
Vietnam		0.1		245,815
PREFERRED STOCKS
Brazil		0.1		189,337
Colombia		0.0		63,503
Germany		0.2		574,626
South Korea		0.1		451,697
EXCHANGE TRADED FUNDS
United States		0.2		634,950
RIGHTS		0.0
Luxembourg		0.0		470
SHORT-TERM INVESTMENTS
United States		8.5		31,514,605
OTHER ASSETS IN EXCESS OF LIABILITIES		0.5		1,889,635
		100.0 %	$	372,484,506
Portfolio holdings are subject to change at any time.

AQUARIUS INTERNATIONAL 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 Funds 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
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	337,165,683	$	71,225,692	$	265,939,971	$	20
Preferred Stocks		1,279,163		252,840		1,026,323		-
Exchange-Traded Funds		634,950		634,950		-		-
Rights		470		470		-		-
Short-Term Investments		31,514,605		31,514,605		-		-
Total Investments*	$	370,594,871	$	103,628,557	$	266,966,294	$	20
* 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, 2022, the Fund had no significant 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.