NPORT-EX 2 emerging-dynamic.htm NPORT-EX

BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 67.9%
            
Brazil — 3.0%
            
Cia Siderurgica Nacional SA
    
97,700
    
$
327,317
  
Eletromidia SA (a)
    
151,278
      
470,549
  
Porto Seguro SA
    
46,600
      
264,430
  
Sendas Distribuidora SA
    
9,500
      
24,898
  
Suzano SA
    
56,000
      
608,462
  
TIM SA
    
52,800
      
185,259
  
             
1,880,915
  
China — 27.5%
                
3SBio, Inc. (b)
    
139,000
      
129,100
  
Anhui Conch Cement Co. Ltd. - Class H
    
103,500
      
241,347
  
Anhui Heli Co. Ltd. - Class A
    
49,900
      
113,717
  
Anker Innovations Technology Co. Ltd. - Class A
    
84,581
      
1,045,368
  
Asia - Potash International Investment Guangzhou Co. Ltd. - Class A (a)
    
200,500
      
763,064
  
Beijing New Building Materials PLC - Class A
    
137,600
      
450,831
  
Beijing Roborock Technology Co. Ltd. - Class A
    
24,481
      
1,025,688
  
BOE Technology Group Co. Ltd. - Class A
    
3,800,180
      
2,061,557
  
COSCO SHIPPING Holdings Co. Ltd. - Class H
    
750,000
      
690,981
  
Focus Media Information Technology Co. Ltd. - Class A
    
451,200
      
413,577
  
Henan Shuanghui Investment & Development Co. Ltd. - Class A
    
189,900
      
694,538
  
Huaxin Cement Co. Ltd. - Class A
    
194,500
      
363,221
  
Kuaishou Technology (a),(b)
    
98,000
      
722,589
  
Maxscend Microelectronics Co. Ltd. - Class A
    
26,400
      
512,865
  
Midea Group Co. Ltd. - Class A
    
238,800
      
1,732,066
  
Sany Heavy Industry Co. Ltd. - Class A
    
128,378
      
245,630
  
Shandong Pharmaceutical Glass Co. Ltd. - Class A
    
249,400
      
921,590
  
Wangsu Science & Technology Co. Ltd. - Class A
    
498,700
      
484,233
  
Wanhua Chemical Group Co., Ltd. - Class A
    
67,100
      
758,083
  
Weichai Power Co. Ltd. - Class H
    
395,000
      
726,808
  
Weichai Power Co. Ltd. - Class A
    
983,700
      
2,056,530
  
XCMG Construction Machinery Co. Ltd. - Class A
    
183,700
      
142,434
  
Xinfengming Group Co., Ltd. - Class A (a)
    
216,800
      
366,644
  
Zhuzhou Kibing Group Co. Ltd. - Class A
    
130,200
      
143,234
  
             
16,805,695
  
Cyprus — 0.0%
                
Fix Price Group PLC, GDR (a),(b)
    
21,704
      
0
  
                 
Hong Kong — 0.5%
                
Orient Overseas International Ltd.
    
28,000
      
336,663
  
                 
Hungary — 0.1%
                
Richter Gedeon Nyrt
    
2,410
      
60,742
  
                 
India — 6.9%
                
Bajaj Auto Ltd.
    
14,728
      
1,077,664
  
Bank of Baroda
    
156,368
      
370,148
  
Chambal Fertilisers and Chemicals Ltd.
    
84,405
      
322,246
  
Gravita India Ltd.
    
27,996
      
376,418
  
Mahindra & Mahindra Ltd.
    
49,641
      
981,950
  
PB Fintech Ltd. (a)
    
13,268
      
132,743
  
Power Grid Corp. of India Ltd.
    
158,132
      
396,603
  
Zydus Lifesciences Ltd.
    
82,530
      
631,375
  
             
4,289,147
  
Indonesia — 1.3%
                
Bank Central Asia Tbk PT
    
330,900
      
191,520
  
Bank Mandiri Persero Tbk PT
    
1,628,200
      
613,947
  
             
805,467
  
Malaysia — 0.5%
                
Petronas Chemicals Group Bhd
    
200,700
      
311,400
  
                 
Mexico — 0.4%
                
Grupo Financiero Banorte SAB de CV
    
24,900
      
231,703
  
                 
Singapore — 1.5%
                
DBS Group Holdings Ltd.
    
5,100
      
121,149
  
United Overseas Bank Ltd.
    
38,200
      
779,634
  
             
900,783
  
South Africa — 1.7%
                
Bidvest Group Ltd.
    
20,870
      
261,018
  
Life Healthcare Group Holdings Ltd.
    
94,465
      
90,700
  
Sappi Ltd.
    
288,474
      
604,608
  
Thungela Resources Ltd.
    
13,654
      
104,560
  
             
1,060,886
  
South Korea — 10.9%
                
Classys, Inc.
    
8,327
      
268,829
  
Daewoo Engineering & Construction Co. Ltd. (a)
    
62,264
      
223,721
  
Hana Financial Group, Inc.
    
10,958
      
352,591
  
Hankook Tire & Technology Co. Ltd.
    
57,280
      
2,004,854
  
Hanwha Systems Co. Ltd.
    
37,971
      
473,912
  
HK inno N Corp.
    
15,156
      
466,164
  
Hyundai Engineering & Construction Co. Ltd.
    
16,672
      
462,151
  
Hyundai Steel Co.
    
10,808
      
293,843
  
LIG Nex1 Co. Ltd.
    
3,680
      
277,951
  
SK Hynix, Inc.
    
17,108
      
1,775,151
  
             
6,599,167
  
Taiwan — 8.9%
                
Accton Technology Corp.
    
89,000
      
1,514,238
  
Evergreen Marine Corp. Taiwan Ltd.
    
491,000
      
1,761,220
  
ITEQ Corp.
    
181,000
      
513,633
  
Nanya Technology Corp.
    
136,000
      
325,924
  
Yang Ming Marine Transport Corp.
    
1,018,000
      
1,369,718
  
             
5,484,733
  
Thailand — 2.5%
                
Bangkok Bank PCL
    
206,600
      
887,411
  
Bumrungrad Hospital PCL (b)
    
61,400
      
389,232
  
Indorama Ventures PCL (b)
    
448,000
      
312,018
  
             
1,588,661
  
United Arab Emirates — 0.4%
                
Abu Dhabi Islamic Bank PJSC
    
94,899
      
263,569
  
                 
United States — 1.8%
                
Samsonite International SA (a),(b)
    
369,600
      
1,077,962
  
TOTAL COMMON STOCKS  (COST $37,727,989)
            
41,697,493
  
                 
PREFERRED STOCKS — 2.0%
                
Brazil — 0.7%
                
Usinas Siderurgicas de Minas Gerais S/A Usiminas 4.242% 
    
270,700
      
432,280
  
                 
South Korea — 1.3%
                
Samsung Electronics Co. Ltd. 2.496 
    
17,491
      
784,671
  
TOTAL PREFERRED STOCKS  (COST $749,169)
            
1,216,951
  
                 
   
NUMBER OF
SHARES
          
SHORT-TERM INVESTMENTS — 23.0%
                
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 5.27% (c)
    
2,912,379
      
2,912,379
  
Federated Hermes U.S. Treasury Cash Reserves, 5.24% (c)
    
2,912,379
      
2,912,379
  
Fidelity Treasury Portfolio, 5.24% (c)
    
2,912,379
      
2,912,379
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 5.25% (c)
    
2,912,379
      
2,912,379
  
Tri-State Deposit, 5.45% (c)
    
1,003,450
      
1,003,450
  
U.S. Bank Money Market Deposit Account, 5.20% (c)
    
1,564,448
      
1,564,448
  
TOTAL SHORT-TERM INVESTMENTS (COST $14,217,414)
            
14,217,414
  
TOTAL INVESTMENTS (COST $52,694,572) — 92.9%
          
$
57,131,858
  
   
Percentages are stated as a percent of net assets of $61,528,624.
  

GDR Global Depositary Receipt
PLC Public Limited Company

(a)
Non-income producing security.
(b)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors.  As of November 30, 2023, these securities amounted to $701,250 or 1.1% of net assets.
(c)
The rate shown is as of November 30, 2023.


BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
PORTFOLIO OF INVESTMENTS - SECURITIES SOLD SHORT
  
NOVEMBER 30, 2023 (Unaudited)
  
   
SHARES
    
VALUE
  
COMMON STOCKS - (0.3)%
        
Hong Kong - (0.3)%
        
SITC International Holdings Co. Ltd.
    
(118,000
)
  
$
(178,187
)
                 
TOTAL COMMON STOCKS (PROCEEDS $(217,961))
      
(178,187
)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $(217,961))
    
$
(178,187
)

Percentages are stated as a percent of net assets of $61,528,624.


Contracts For Difference held by the Fund at November 30, 2023, are as follows:
                  
                             
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
  
NOTIONAL
AMOUNT
  
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                            
Austria
                            
Erste Group Bank AG
  
Goldman Sachs
  
12/08/2025
  
3.90%
  
Termination
  
14,939
  
$                   603,446
  
$                    102,969
Brazil
                            
Banco do Brasil SA
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
32,200
  
               354,903
  
                  51,501
Gerdau SA - SP ADR
  
Morgan Stanley
  
09/28/2026
  
5.33
  
Termination
  
61,352
  
               273,630
  
                (28,578)
Sendas Distribuidora SA
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
40,300
  
               105,621
  
                (49,307)
TIM SA - ADR
  
Goldman Sachs
  
08/24/2026
  
5.33
  
Termination
  
12,543
  
               221,133
  
                  33,843
Vale SA - SP ADR
  
Goldman Sachs
  
09/28/2026
  
5.33
  
Termination
  
21,859
  
               327,885
  
                  23,112
                       
            1,283,172
  
                  30,571
Cayman Islands
                            
StoneCo Ltd., Class A
  
Goldman Sachs
  
08/28/2026
  
5.33
  
Termination
  
80,493
  
            1,255,691
  
                333,410
China
                            
Alibaba Group Holding Ltd.
  
Goldman Sachs
  
12/08/2025
  
4.90
  
Termination
  
15,700
  
               146,221
  
                (40,237)
Alibaba Group Holding Ltd. - SP ADR
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
9,713
  
               727,309
  
              (103,926)
Hello Group, Inc. - SP ADR
  
Morgan Stanley
  
11/02/2026
  
5.33
  
Termination
  
33,727
  
               217,876
  
                (28,108)
JD.com, Inc. - SP ADR
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
5,908
  
               162,056
  
                (25,513)
JD.com, Inc., Class A
  
Goldman Sachs
  
12/08/2025
  
4.90
  
Termination
  
1,054
  
                 14,397
  
                (15,884)
Trip.com Group Ltd. - ADR
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
3,585
  
               126,120
  
                       469
Vipshop Holdings Ltd. - ADR
  
Goldman Sachs
  
06/26/2026
  
5.33
  
Termination
  
10,678
  
               171,168
  
                (15,646)
                       
            1,565,147
  
              (228,845)
Hong Kong
                            
Futu Holdings Ltd. - SP ADR
  
Morgan Stanley
  
10/30/2026
  
5.33
  
Termination
  
21,284
  
            1,147,633
  
                (74,856)
Ireland
                            
PDD Holdings Inc. - SP ADR
  
Goldman Sachs
  
09/14/2026
  
5.33
  
Termination
  
7,781
  
            1,147,231
  
                371,286
Israel
                            
InMode Ltd.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
5,186
  
               123,168
  
                (80,168)
Mizrahi Tefahot Bank Ltd.
  
Goldman Sachs
  
12/12/2025
  
4.73
  
Termination
  
4,063
  
               144,845
  
                    7,481
Monday.com Ltd.
  
Goldman Sachs
  
03/17/2026
  
5.33
  
Termination
  
4,055
  
               729,251
  
                153,096
Teva Pharmaceuticals Industries Ltd.
  
Morgan Stanley
  
10/19/2026
  
5.33
  
Termination
  
75,221
  
               738,670
  
                  67,243
Wix.com Ltd.
  
Goldman Sachs
  
05/18/2026
  
5.33
  
Termination
  
10,138
  
            1,029,007
  
                159,613
                       
            2,764,941
  
                307,265
Japan
                            
Suzuki Motor Corp.
  
Goldman Sachs
  
08/24/2026
  
-0.02
  
Termination
  
13,100
  
               532,005
  
                  65,504
Mexico
                            
Alpek SAB de CV
  
Morgan Stanley
  
11/23/2026
  
5.33
  
Termination
  
404,000
  
               304,247
  
                (16,026)
Coca-Cola Femsa SAB de CV - SP ADR
  
Goldman Sachs
  
02/09/2026
  
5.33
  
Termination
  
2,193
  
               185,637
  
                  22,726
Gruma SAB de CV, Class B
  
Morgan Stanley
  
08/17/2026
  
5.33
  
Termination
  
12,665
  
               234,166
  
                  15,144
Grupo Comercial Chedraui SA de CV
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
17,700
  
               104,069
  
                  24,905
                       
               828,119
  
                  46,749
Portugal
                            
Jeronimo Martins SGPS SA
  
Goldman Sachs
  
12/08/2025
  
3.90
  
Termination
  
18,950
  
               468,232
  
                    8,394
Russia
                            
Detsky Mir PJSC
  
Goldman Sachs
  
09/18/2025
  
5.33
  
Monthly
  
316,240
  
               246,667
  
              (222,647)
Headhunter Group PLC - ADR
  
Morgan Stanley
  
09/23/2026
  
5.33
  
Monthly
  
7,725
  
                          –
  
              (116,107)
Sberbank PJSC - SP ADR
  
Goldman Sachs
  
09/16/2025
  
5.33
  
Monthly
  
23,338
  
                          –
  
                  (1,057)
                       
               246,667
  
              (339,811)
Singapore
                            
DBS Group Holdings Ltd.
  
Goldman Sachs
  
12/08/2025
  
3.48
  
Termination
  
15,151
  
               359,492
  
                (23,825)
Singapore Airlines Ltd.
  
Goldman Sachs
  
04/24/2026
  
3.48
  
Termination
  
66,300
  
               314,227
  
                (21,803)
                       
               673,719
  
                (45,628)
South Africa
                            
Aspen Pharmacare Holdings Ltd.
  
Morgan Stanley
  
12/09/2025
  
8.23
  
Termination
  
6,897
  
                 67,732
  
                  (3,300)
Thungela Resources Ltd.
  
Goldman Sachs
  
08/24/2026
  
5.19
  
Termination
  
37,667
  
               286,838
  
                (53,606)
                       
               354,570
  
                (56,906)
South Korea
                            
Hyundai Engineering & Construction Co., Ltd.
  
Goldman Sachs
  
08/18/2026
  
5.33
  
Termination
  
6,969
  
               193,651
  
                  10,121
Hyundai Steel Co.
  
Goldman Sachs
  
08/31/2026
  
5.33
  
Termination
  
12,082
  
               329,641
  
                  11,379
Samsung Electronics Co., Ltd. - GDR
  
Goldman Sachs
  
03/30/2026
  
5.33
  
Termination
  
1,208
  
            1,680,328
  
                210,605
SK Hynix, Inc.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
5,402
  
               560,654
  
                211,222
                       
            2,764,274
  
                443,327
Taiwan
                            
Elan Microelectronics Corp.
  
Goldman Sachs
  
07/13/2026
  
5.33
  
Termination
  
81,000
  
               392,814
  
                  79,940
Hiwin Technologies Corp.
  
Goldman Sachs
  
07/13/2026
  
5.33
  
Termination
  
74,000
  
               541,261
  
                  34,448
Nanya Technology Corp.
  
Goldman Sachs
  
08/17/2026
  
5.33
  
Termination
  
73,000
  
               175,256
  
                  19,266
Taiwan Semiconductor Manufacturing Company Ltd.
  
Morgan Stanley
  
10/27/2026
  
5.33
  
Termination
  
20,451
  
            1,990,087
  
                196,634
                       
            3,099,418
  
                330,288
United Kingdom
                            
Hikma Pharmaceuticals PLC
  
Goldman Sachs
  
07/14/2026
  
5.19
  
Termination
  
8,441
  
               183,662
  
                (31,966)
Wizz Air Holdings PLC
  
Morgan Stanley
  
06/01/2026
  
5.19
  
Termination
  
7,115
  
               169,137
  
                (75,879)
                       
               352,799
  
              (107,845)
United States
                            
Mosaic Co.
  
Goldman Sachs
  
11/10/2026
  
5.33
  
Termination
  
23,008
  
               825,757
  
                  61,763
Uruguay
                            
Arcos Dorados Holdings, Inc., Class A
  
Goldman Sachs
  
03/17/2026
  
5.33
  
Termination
  
29,288
  
               339,448
  
                  94,942
Total Long
                      
          20,252,269
  
             1,342,577
                             
Short
                            
Australia
                            
Allkem Ltd.
  
Goldman Sachs
  
04/17/2026
  
4.32
  
Termination
  
(53,477)
  
$                 (303,881)
  
$                      96,514
IGO Ltd.
  
Goldman Sachs
  
04/17/2026
  
4.32
  
Termination
  
(47,853)
  
             (271,290)
  
                130,304
                       
             (575,171)
  
                226,818
Brazil
                            
B3 SA - Brasil Bolsa Balcao
  
Bank of America
  
12/08/2025
  
5.33
  
Termination
  
(42,800)
  
             (116,347)
  
                (16,731)
Banco Santander Brasil
  
JPMorgan
  
07/24/2026
  
1.07
  
Termination
  
(50,800)
  
             (319,226)
  
                  (6,439)
Localiza Rent a Car SA
  
JPMorgan
  
05/18/2026
  
5.05
  
Termination
  
(50,700)
  
             (616,593)
  
                    3,809
Localiza Rent a Car SA
  
JPMorgan
  
11/29/2030
  
4.72
  
Termination
  
(59)
  
                    (678)
  
                     (111)
TOTVS SA
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(80,900)
  
             (544,533)
  
                (89,315)
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA
  
Bank of America
  
08/25/2026
  
5.33
  
Termination
  
(124,323)
  
             (231,619)
  
                  82,740
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA
  
JPMorgan
  
10/19/2026
  
4.46
  
Termination
  
(238,600)
  
             (444,523)
  
                (30,408)
WEG SA
  
JPMorgan
  
05/25/2026
  
5.18
  
Termination
  
(63,100)
  
             (438,439)
  
                  47,922
WEG SA
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(17,800)
  
             (123,680)
  
                  (1,704)
                       
          (2,835,638)
  
                (10,237)
Canada
                            
Canadian Solar, Inc.
  
Goldman Sachs
  
11/10/2026
  
5.33
  
Termination
  
(17,493)
  
             (367,878)
  
                       577
Chile
                            
Sociedad Quimica y Minera de Chile SA - SP ADR
  
Goldman Sachs
  
03/31/2026
  
5.33
  
Termination
  
(6,994)
  
             (351,379)
  
                209,659
Sociedad Quimica y Minera de Chile SA - SP ADR
  
Morgan Stanley
  
11/09/2026
  
5.33
  
Termination
  
(2,388)
  
             (119,973)
  
                         76
                       
             (471,352)
  
                209,735
China
                            
China Coal Energy Co., Class H
  
Goldman Sachs
  
07/28/2026
  
4.42
  
Termination
  
(640,000)
  
             (542,394)
  
                (71,838)
China Resources Microelectronics Ltd., Class A
  
JPMorgan
  
12/29/2025
  
-5.42
  
Termination
  
(7,100)
  
               (46,757)
  
                    8,870
China Resources Microelectronics Ltd., Class A
  
Goldman Sachs
  
07/21/2026
  
0.00
  
Termination
  
(4,235)
  
               (27,889)
  
                    4,128
China Resources Microelectronics Ltd., Class A
  
JPMorgan
  
12/22/2025
  
-5.42
  
Termination
  
(18,164)
  
             (119,618)
  
                  10,500
China Shenhua Energy Co., Class H
  
Goldman Sachs
  
07/28/2026
  
4.42
  
Termination
  
(159,000)
  
             (520,073)
  
                (44,247)
Ganfeng Lithium Group Co., Ltd.
  
HSBC
  
04/20/2026
  
4.97
  
Termination
  
(137,800)
  
             (441,028)
  
                272,381
Ginlong Technologies Co., Ltd., Class A
  
JPMorgan
  
11/13/2026
  
-6.08
  
Termination
  
(28,900)
  
             (270,118)
  
                    4,035
Ginlong Technologies Co., Ltd., Class A
  
Bank of America
  
11/16/2026
  
5.33
  
Termination
  
(10,700)
  
             (100,009)
  
                    1,156
Guanghui Energy Co., Ltd. - Class A
  
Bank of America
  
09/14/2026
  
5.33
  
Termination
  
(272,900)
  
             (277,841)
  
                  (9,522)
Guanghui Energy Co., Ltd. - Class A
  
Goldman Sachs
  
09/11/2026
  
5.33
  
Termination
  
(107,300)
  
             (109,243)
  
                  (3,713)
Hangzhou First Applied Materials Co., Ltd., Class A
  
Morgan Stanley
  
11/10/2026
  
5.33
  
Termination
  
(103,800)
  
             (338,144)
  
                  23,349
Henan Shenhuo Coal & Power Co., Ltd., Class A
  
Goldman Sachs
  
09/11/2026
  
5.33
  
Termination
  
(160,500)
  
             (354,946)
  
                  15,119
Hoymiles Power Electronics, Inc., Class A
  
Goldman Sachs
  
11/16/2026
  
5.33
  
Termination
  
(4,700)
  
             (147,310)
  
                    6,528
Hoymiles Power Electronics, Inc., Class A
  
JPMorgan
  
11/10/2026
  
-11.18
  
Termination
  
(2,800)
  
               (87,759)
  
                    1,469
Hoymiles Power Electronics, Inc., Class A
  
JPMorgan
  
11/13/2026
  
0.00
  
Termination
  
(3,900)
  
             (122,236)
  
                    3,164
Hua Hong Semiconductor Ltd.
  
HSBC
  
08/07/2026
  
4.97
  
Termination
  
(17,000)
  
               (39,305)
  
                  15,227
Hua Hong Semiconductor Ltd.
  
Goldman Sachs
  
12/08/2025
  
4.42
  
Termination
  
(149,000)
  
             (344,493)
  
                167,669
JinkoSolar Holding Co., Ltd. - ADR
  
Morgan Stanley
  
11/09/2026
  
5.33
  
Termination
  
(8,938)
  
             (280,653)
  
                  24,403
Jiumaojiu International Holdings Ltd.
  
JPMorgan
  
11/10/2026
  
3.92
  
Termination
  
(212,000)
  
             (214,136)
  
                  29,058
Jiumaojiu International Holdings Ltd.
  
Goldman Sachs
  
10/19/2026
  
4.42
  
Termination
  
(216,000)
  
             (218,176)
  
                  65,948
Ningbo Deye Technology Co., Ltd., Class A
  
Morgan Stanley
  
11/10/2026
  
5.33
  
Termination
  
(36,500)
  
             (322,726)
  
                  45,022
Pingdingshan Tianan Coal Mining Co., Ltd., Class A
  
Goldman Sachs
  
10/16/2026
  
5.33
  
Termination
  
(46,600)
  
               (76,720)
  
                (13,378)
Pingdingshan Tianan Coal Mining Co., Ltd., Class A
  
Morgan Stanley
  
07/31/2026
  
5.33
  
Termination
  
(48,582)
  
               (79,983)
  
                (26,359)
SG Micro Corp., Class A
  
Goldman Sachs
  
11/16/2026
  
5.33
  
Termination
  
(25,500)
  
             (320,659)
  
                  (7,149)
SG Micro Corp., Class A
  
Morgan Stanley
  
11/20/2026
  
5.33
  
Termination
  
(8,300)
  
             (104,371)
  
                  (3,770)
Shaanxi Coal Industry Co., Ltd., Class A
  
Morgan Stanley
  
07/31/2026
  
5.33
  
Termination
  
(139,400)
  
             (380,809)
  
                (44,694)
Shanxi Coking Coal Energy, Class A
  
Goldman Sachs
  
09/11/2026
  
5.33
  
Termination
  
(224,200)
  
             (305,917)
  
                (12,000)
Shanxi Coking Coal Energy, Class A
  
Morgan Stanley
  
09/14/2026
  
5.33
  
Termination
  
(58,700)
  
               (80,095)
  
                  (3,134)
Shenzhen Dynanonic Co., Ltd., Class A
  
Goldman Sachs
  
11/02/2026
  
5.33
  
Termination
  
(30,600)
  
             (277,210)
  
                  38,308
Shenzhen Inovance Technology Co., Ltd., Class A
  
JPMorgan
  
11/10/2026
  
0.27
  
Termination
  
(52,100)
  
             (482,284)
  
                (27,606)
TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A
  
Goldman Sachs
  
11/10/2026
  
5.33
  
Termination
  
(144,400)
  
             (337,768)
  
                  25,774
Tianqi Lithium Corp., Class H
  
Morgan Stanley
  
04/24/2026
  
4.96
  
Termination
  
(40,400)
  
             (197,312)
  
                  96,682
Tongwei Co., Ltd., Class A
  
HSBC
  
05/19/2026
  
5.32
  
Termination
  
(9,471)
  
               (32,540)
  
                  20,351
Tongwei Co., Ltd., Class A
  
Morgan Stanley
  
10/09/2026
  
5.33
  
Termination
  
(72,300)
  
             (248,405)
  
                  57,262
Tongwei Co., Ltd., Class A
  
JPMorgan
  
11/13/2026
  
-5.78
  
Termination
  
(41,000)
  
             (140,866)
  
                  11,046
Topchoice Medical Co., Inc., Class A
  
Morgan Stanley
  
11/03/2026
  
5.33
  
Termination
  
(24,700)
  
             (283,824)
  
                  14,409
Unigroup Guoxin Microelectronics Co., Ltd., Class A
  
JPMorgan
  
11/16/2026
  
-5.68
  
Termination
  
(40,300)
  
             (409,448)
  
                  20,364
Yankuang Energy Group Co., Ltd., Class H
  
HSBC
  
04/13/2026
  
4.97
  
Termination
  
(186,000)
  
             (345,745)
  
                (40,057)
Yankuang Energy Group Co., Ltd., Class H
  
Morgan Stanley
  
04/06/2026
  
4.96
  
Termination
  
(162,000)
  
             (301,133)
  
                  70,523
Yankuang Energy Group Co., Ltd., Class A
  
Goldman Sachs
  
10/16/2026
  
5.33
  
Termination
  
(64,700)
  
             (186,454)
  
                  (8,342)
Zhejiang Huayou Cobalt Co., Ltd., Class A
  
Goldman Sachs
  
11/02/2026
  
5.33
  
Termination
  
(61,800)
  
             (278,195)
  
                  16,905
Zhejiang Huayou Cobalt Co., Ltd., Class A
  
Morgan Stanley
  
11/16/2026
  
5.33
  
Termination
  
(48,500)
  
             (218,324)
  
                  27,226
Zhejiang Juhua Co., Ltd., Class A
  
JPMorgan
  
12/04/2026
  
0.00
  
Termination
  
(138,400)
  
             (308,401)
  
                    3,091
                       
        (10,321,317)
  
                784,158
Hong Kong
                            
China Taiping Insurance Holdings Co., Ltd.
  
Goldman Sachs
  
12/08/2025
  
4.42
  
Termination
  
(99,400)
  
               (90,094)
  
                  24,605
GCL Technology Holdings Ltd.
  
Goldman Sachs
  
05/11/2026
  
4.42
  
Termination
  
(2,584,000)
  
             (344,035)
  
                230,583
GCL Technology Holdings Ltd.
  
HSBC
  
08/07/2026
  
4.97
  
Termination
  
(1,253,000)
  
             (166,825)
  
                  40,200
Techtronic Industries Co., Ltd.
  
Goldman Sachs
  
12/08/2025
  
4.42
  
Termination
  
(23,500)
  
             (238,571)
  
                  62,275
                       
             (839,525)
  
                357,663
India
                            
Dr. Reddy's Laboratories - ADR
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(2,233)
  
             (156,087)
  
                  (6,966)
Infosys Ltd. - SP ADR
  
Goldman Sachs
  
07/14/2026
  
5.33
  
Termination
  
(26,285)
  
             (461,302)
  
                (33,421)
Wipro Ltd. - ADR
  
Goldman Sachs
  
07/14/2026
  
5.33
  
Termination
  
(87,140)
  
             (422,629)
  
                  (7,488)
                       
          (1,040,018)
  
                (47,875)
Indonesia
                            
Kalbe Farma Tbk PT
  
JPMorgan
  
09/21/2026
  
3.42
  
Termination
  
(4,458,400)
  
             (464,237)
  
                  28,307
Unilever Indonesia Tbk PT
  
JPMorgan
  
04/13/2026
  
1.32
  
Termination
  
(857,400)
  
             (201,774)
  
                  40,101
Unilever Indonesia Tbk PT
  
Bank of America
  
08/31/2026
  
5.33
  
Termination
  
(378,800)
  
               (89,144)
  
                    3,939
Unilever Indonesia Tbk PT
  
HSBC
  
12/02/2025
  
5.32
  
Termination
  
(954,700)
  
             (224,672)
  
                  41,377
                       
             (979,827)
  
                113,724
Israel
                            
Camtek Ltd.
  
Morgan Stanley
  
02/16/2026
  
5.33
  
Termination
  
(9,463)
  
             (600,711)
  
              (200,568)
Nova Ltd.
  
Morgan Stanley
  
02/16/2026
  
5.33
  
Termination
  
(1,301)
  
             (167,322)
  
                (50,034)
Nova Ltd.
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(3,626)
  
             (466,340)
  
              (108,156)
SolarEdge Technologies, Inc.
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(5,015)
  
             (398,091)
  
                (32,235)
                       
          (1,632,464)
  
              (390,993)
Japan
                            
Ibiden Co., Ltd.
  
Goldman Sachs
  
02/23/2026
  
-0.02
  
Termination
  
(6,200)
  
             (295,698)
  
              (102,607)
Lasertec Corp.
  
HSBC
  
08/07/2026
  
-0.02
  
Termination
  
(700)
  
             (155,996)
  
                (55,514)
Lasertec Corp.
  
Goldman Sachs
  
12/08/2025
  
-0.02
  
Termination
  
(2,300)
  
             (512,559)
  
                (94,243)
Shinko Electric Industries Co., Ltd.
  
Morgan Stanley
  
02/16/2026
  
-0.02
  
Termination
  
(10,100)
  
             (375,974)
  
              (116,549)
Shinko Electric Industries Co., Ltd.
  
Goldman Sachs
  
04/14/2026
  
-0.02
  
Termination
  
(1,600)
  
               (59,560)
  
                (15,659)
Tokyo Electron Ltd.
  
Goldman Sachs
  
05/11/2026
  
-0.02
  
Termination
  
(1,300)
  
             (210,660)
  
                (73,392)
                       
          (1,610,447)
  
              (457,964)
Mexico
                            
Becle SAB de CV
  
Morgan Stanley
  
11/09/2026
  
5.33
  
Termination
  
(188,500)
  
             (319,295)
  
                  44,235
Becle SAB de CV
  
Goldman Sachs
  
09/08/2026
  
5.33
  
Termination
  
(115,000)
  
             (194,795)
  
                111,070
                       
             (514,090)
  
                155,305
Russia
                            
Ozon Holdings PLC - ADR
  
Goldman Sachs
  
09/16/2025
  
5.33
  
Monthly
  
(27,082)
  
                          –
  
                314,151
VK Co., Ltd.
  
Morgan Stanley
  
09/23/2026
  
5.33
  
Monthly
  
(77,484)
  
                          –
  
                140,169
                       
                          –
  
                454,320
Saudi Arabia
                            
Al Rajhi Bank
  
Goldman Sachs
  
07/27/2026
  
5.33
  
Termination
  
(26,537)
  
             (540,431)
  
                (42,649)
Lumi Rental Company
  
Morgan Stanley
  
11/13/2026
  
5.33
  
Termination
  
(12,147)
  
             (309,220)
  
                         10
United International Transportation Company
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(16,965)
  
             (303,891)
  
                  10,995
                       
          (1,153,542)
  
                (31,644)
Singapore
                            
Maxeon Solar Technologies Ltd.
  
Goldman Sachs
  
11/10/2026
  
5.33
  
Termination
  
(32,633)
  
             (134,774)
  
                  47,837
South Africa
                            
Shoprite Holdings Ltd.
  
Goldman Sachs
  
07/27/2026
  
8.07
  
Termination
  
(9,509)
  
             (129,712)
  
                  (8,098)
South Korea
                            
Amorepacific Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(4,099)
  
             (410,805)
  
                (28,219)
Caregen Co., Ltd.
  
JPMorgan
  
11/09/2026
  
-2.93
  
Termination
  
(9,023)
  
             (197,574)
  
                (11,279)
Chunbo Co., Ltd.
  
Goldman Sachs
  
12/12/2025
  
5.33
  
Termination
  
(657)
  
               (54,896)
  
                  62,817
Chunbo Co., Ltd.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(1,824)
  
             (152,406)
  
                171,900
Chunbo Co., Ltd.
  
JPMorgan
  
08/07/2026
  
-2.93
  
Termination
  
(437)
  
               (36,514)
  
                  23,778
EcoPro BM Co., Ltd.
  
Goldman Sachs
  
05/04/2026
  
5.33
  
Termination
  
(1,689)
  
             (358,707)
  
                (52,596)
EcoPro BM Co., Ltd.
  
JPMorgan
  
10/19/2026
  
0.82
  
Termination
  
(825)
  
             (175,212)
  
                (22,646)
EcoPro Co., Ltd.
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(251)
  
             (145,524)
  
                (21,331)
Hansol Chemical Co., Ltd.
  
Goldman Sachs
  
12/12/2025
  
5.33
  
Termination
  
(962)
  
             (149,876)
  
                  (3,606)
Hansol Chemical Co., Ltd.
  
JPMorgan
  
08/07/2026
  
4.32
  
Termination
  
(425)
  
               (66,213)
  
                  (1,909)
Hansol Chemical Co., Ltd.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(1,637)
  
             (255,038)
  
                  (1,215)
Hanwha Solutions Corporation
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(7,837)
  
             (202,888)
  
                (19,664)
Hanwha Solutions Corporation
  
Morgan Stanley
  
10/20/2026
  
5.33
  
Termination
  
(15,451)
  
             (400,003)
  
                (38,811)
Hyundai Motor Co.
  
Goldman Sachs
  
04/14/2026
  
5.33
  
Termination
  
(9)
  
                 (1,286)
  
                         34
Hyundai Motor Co.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(1,052)
  
             (150,280)
  
                (19,069)
Kakao Games Corp.
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(15,834)
  
             (323,393)
  
                (33,698)
Kia Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(1,632)
  
             (108,661)
  
                (28,106)
Kum Yang Co., Ltd.
  
Goldman Sachs
  
11/09/2026
  
5.33
  
Termination
  
(1,778)
  
             (176,815)
  
                (52,500)
LG Energy Solution Ltd.
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(1,235)
  
             (435,072)
  
                (21,785)
LG H&H Co., Ltd.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(746)
  
             (192,839)
  
                142,572
Posco Future M Co., Ltd.
  
Bank of America
  
11/09/2026
  
5.33
  
Termination
  
(918)
  
             (230,896)
  
                (47,317)
Posco Future M Co., Ltd.
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(575)
  
             (144,625)
  
                  (2,819)
SK Biopharmaceuticals Co., Ltd.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(1,060)
  
               (70,741)
  
                (11,207)
SK Bioscience Co., Ltd.
  
Goldman Sachs
  
02/13/2026
  
5.33
  
Termination
  
(2,328)
  
             (122,702)
  
                  15,125
                       
          (4,562,966)
  
                  (1,551)
Taiwan
                            
Acer, Inc.
  
JPMorgan
  
11/16/2026
  
2.07
  
Termination
  
(197,000)
  
             (221,972)
  
                (19,926)
Advantech Co., Ltd.
  
Morgan Stanley
  
11/09/2026
  
5.33
  
Termination
  
(9,000)
  
             (101,841)
  
                  (5,590)
Advantech Co., Ltd.
  
Goldman Sachs
  
10/13/2026
  
5.33
  
Termination
  
(45,000)
  
             (509,203)
  
                (30,574)
Compal Electronics, Inc.
  
JPMorgan
  
11/13/2026
  
3.57
  
Termination
  
(396,000)
  
             (391,690)
  
                (30,443)
E Ink Holdings, Inc.
  
Goldman Sachs
  
10/05/2026
  
5.33
  
Termination
  
(103,000)
  
             (603,361)
  
                (27,485)
Elite Material Co., Ltd.
  
JPMorgan
  
11/13/2026
  
0.32
  
Termination
  
(34,000)
  
             (413,572)
  
                  13,874
Faraday Technology Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(52,000)
  
             (641,677)
  
              (337,684)
Formosa Plastics Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(60,000)
  
             (155,186)
  
                  17,702
Global Unichip Corp.
  
Goldman Sachs
  
11/13/2026
  
5.33
  
Termination
  
(6,000)
  
             (316,901)
  
                (16,699)
Great Tree Pharmacy Co., Ltd.
  
JPMorgan
  
11/10/2026
  
1.57
  
Termination
  
(22,000)
  
             (246,127)
  
                (10,047)
Great Tree Pharmacy Co., Ltd.
  
Goldman Sachs
  
10/19/2026
  
5.33
  
Termination
  
(27,000)
  
             (302,065)
  
                (12,838)
Kinsus Interconnect Technology Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(142,000)
  
             (449,545)
  
                173,760
Lotus Pharmaceutical Co., Ltd.
  
JPMorgan
  
11/10/2026
  
0.07
  
Termination
  
(36,000)
  
             (297,887)
  
                (27,204)
Lotus Pharmaceutical Co., Ltd.
  
Bank of America
  
11/09/2026
  
5.33
  
Termination
  
(31,000)
  
             (256,514)
  
                (13,413)
Nan Ya Printed Circuit Board Corp.
  
JPMorgan
  
08/10/2026
  
-2.68
  
Termination
  
(13,000)
  
             (103,201)
  
                  (1,457)
Nan Ya Printed Circuit Board Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(72,000)
  
             (571,575)
  
                143,925
Novatek Microelectronics Corp.
  
Goldman Sachs
  
11/13/2026
  
5.33
  
Termination
  
(17,000)
  
             (278,073)
  
                (26,408)
Nuvoton Technology Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(143,000)
  
             (679,754)
  
                (93,644)
Parade Technologies Ltd.
  
Goldman Sachs
  
11/13/2026
  
5.33
  
Termination
  
(14,000)
  
             (481,754)
  
                (15,418)
Powerchip Semiconductor Manufacturing Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(363,000)
  
             (349,754)
  
                  69,303
Powerchip Semiconductor Manufacturing Corp.
  
JPMorgan
  
08/10/2026
  
4.32
  
Termination
  
(68,000)
  
               (65,519)
  
                  (2,519)
Realtek Semiconductor Corp.
  
Goldman Sachs
  
11/13/2026
  
5.33
  
Termination
  
(36,000)
  
             (517,990)
  
                (61,459)
Unimicron Technology Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(115,000)
  
             (651,569)
  
                (24,598)
United Microelectronics Corp. - SP ADR
  
Morgan Stanley
  
11/10/2026
  
5.33
  
Termination
  
(61,831)
  
             (481,663)
  
                (21,562)
Wafer Works Corp.
  
JPMorgan
  
11/10/2026
  
1.32
  
Termination
  
(339,000)
  
             (488,316)
  
                (43,181)
                       
          (9,576,709)
  
              (403,585)
Thailand
                            
Central Plaza Hotel PCL
  
Morgan Stanley
  
09/14/2026
  
5.33
  
Termination
  
(375,000)
  
             (450,394)
  
                  24,913
Com7 PCL - NVDR
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(451,500)
  
             (293,919)
  
                120,440
Com7 PCL - NVDR
  
Goldman Sachs
  
09/11/2026
  
5.33
  
Termination
  
(31,500)
  
               (20,506)
  
                    8,202
Kerry Express Thailand - NVDR
  
Goldman Sachs
  
08/07/2026
  
5.33
  
Termination
  
(268,900)
  
               (29,812)
  
                  41,476
Kerry Express Thailand - NVDR
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(1,099,000)
  
             (121,842)
  
                222,012
Muangthai Capital PCL - NVDR
  
JPMorgan
  
08/07/2026
  
-9.68
  
Termination
  
(22,700)
  
               (28,232)
  
                  (5,334)
Muangthai Capital PCL - NVDR
  
Goldman Sachs
  
08/24/2026
  
5.33
  
Termination
  
(48,000)
  
               (59,697)
  
                  (4,756)
Muangthai Capital PCL - NVDR
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(350,200)
  
             (435,541)
  
                (24,308)
Siam Cement PCL, (The) - NVDR
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(22,800)
  
             (186,017)
  
                  27,234
                       
          (1,625,960)
  
                409,879
United States
                            
Albemarle Corp.
  
Goldman Sachs
  
04/14/2026
  
5.33
  
Termination
  
(3,605)
  
             (437,178)
  
                195,442
Alpha & Omega Semiconductor Ltd.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(22,739)
  
             (486,387)
  
                181,662
Diodes, Inc.
  
Goldman Sachs
  
05/22/2026
  
5.33
  
Termination
  
(8,020)
  
             (532,688)
  
                102,372
Monolithic Power Systems, Inc.
  
Goldman Sachs
  
02/16/2026
  
5.33
  
Termination
  
(1,780)
  
             (976,722)
  
              (123,746)
Synaptics, Inc.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(6,475)
  
             (655,529)
  
                  (4,511)
Vishay Intertechnology, Inc.
  
Goldman Sachs
  
12/04/2026
  
0.00
  
Termination
  
(17,956)
  
             (399,472)
  
                           –
                       
          (3,487,976)
  
                351,219
Total Short
                      
        (41,859,366)
  
             1,759,288
Net unrealized gain/(loss) on Contracts For Difference
                          
$                 3,101,865


PORTFOLIO VALUATION - The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.
 
FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
 
Level 1 -
Prices are determined using quoted prices in active markets for identical securities.
Level 2 -
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 -
Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used, as of Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 
  
 
 
Common Stocks
 
$
41,697,493
 
 
$
3,497,816
 
 
$
37,498,427
 
 
$
701,250
 
Preferred Stocks
    
1,216,951
      
432,280
    
 784,671        –  
Total Equity Securities
 
42,914,444
    
3,930,096
 
 
38,283,098
 
 
701,250
 
Derivative Investments
 

 
 

 
 
 
 
 
 
 
Swaps
 
6,940,981
 
 
6,486,661
 
 
 –
 
 
454,320
 
Total Derivative Investments
 
6,940,981
 
 
6,486,661
 
 
 –
 
 
454,320
 
 
 

 
 

 
 
 
 
 
 
 
Short-Term Investments
 

 
 

 
 
 
 
 
 
 
Money Market Deposit Accounts
 
14,217,414
 
 
13,213,964
 
 
1,003,450
 
 
–
 
Total Short-Term Investments
 
14,217,414
 
 
13,213,964
 
 
1,003,450
 
 
–
 
Total  Assets*
 
$
64,072,839
 
 
$
23,630,721
 
 
$
39,286,548
 
 
$
1,155,570
 
                                 
Equities
                                
Common Stocks
    
(178,187)
         –      
(178,187)
         –  
Total Equity Securities
  
(178,187)
    
  –    
(178,187)
    
  –  
Derivative Investments
  
     
     
     
   
Swaps
  
(3,839,116)
    
(3,721,952)
    
 –    
(117,164)
  
Total Derivative Investments
  
(3,839,116)
    
(3,721,952)
    
 –    
(117,164)
  
Total Liabilities
   $
(4,017,303)
     $
(3,721,952)
     $
(178,187)
     $
(117,164)
  

* 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 November 30, 2023, the Fund had no significant Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.