NPORT-EX 2 ls-research.htm NPORT-EX

BOSTON PARTNERS LONG/SHORT RESEARCH FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 98.4%
            
Communication Services — 6.7%
            
Alphabet, Inc. - Class A (a)
    
49,887
    
$
6,611,525
  
Cars.com, Inc. (a)
    
178,265
      
3,319,294
  
Deutsche Telekom AG
    
163,844
      
3,927,037
  
Informa PLC
    
345,973
      
3,253,312
  
Interpublic Group of Cos., Inc.
    
83,870
      
2,578,164
  
Live Nation Entertainment, Inc. (a)
    
35,670
      
3,004,127
  
Match Group, Inc. (a)
    
52,757
      
1,708,272
  
Nexstar Media Group, Inc. - Class A
    
27,804
      
3,946,222
  
Take-Two Interactive Software, Inc. (a)
    
31,774
      
5,026,647
  
TEGNA, Inc.
    
195,356
      
2,994,807
  
T-Mobile US, Inc.
    
31,650
      
4,761,743
  
Vivid Seats, Inc. - Class A (a)
    
177,911
      
1,471,324
  
Warner Bros Discovery, Inc. (a)
    
234,923
      
2,454,945
  
             
45,057,419
  
Consumer Discretionary — 9.1%
                
AutoZone, Inc. (a)(b)
    
1,111
      
2,899,632
  
Booking Holdings, Inc. (a)
    
1,933
      
6,041,977
  
Boyd Gaming Corp.
    
55,338
      
3,267,709
  
Capri Holdings Ltd. (a)
    
32,801
      
1,588,880
  
eBay, Inc.
    
51,978
      
2,131,618
  
Entain PLC
    
119,235
      
1,210,077
  
Flutter Entertainment PLC (a)
    
23,436
      
3,671,755
  
Frontdoor, Inc. (a)
    
118,521
      
4,068,826
  
Genting Singapore Ltd.
    
3,626,200
      
2,480,183
  
Lennar Corp. - Class A
    
10,963
      
1,402,387
  
LKQ Corp.
    
31,565
      
1,405,589
  
MGM Resorts International
    
99,557
      
3,926,528
  
Mohawk Industries, Inc. (a)
    
28,271
      
2,496,612
  
Ralph Lauren Corp. (b)
    
10,876
      
1,407,137
  
Restaurant Brands International, Inc. (b)
    
59,846
      
4,253,855
  
Ross Stores, Inc. (b)
    
41,628
      
5,427,459
  
Tempur Sealy International, Inc.
    
88,834
      
3,581,787
  
TJX Cos., Inc.
    
45,839
      
4,038,874
  
Wyndham Hotels & Resorts, Inc.
    
49,379
      
3,818,972
  
Wynn Macau Ltd. (a)
    
4,021,300
      
2,884,497
  
             
62,004,354
  
Consumer Staples — 5.2%
                
Albertsons Cos., Inc. - Class A
    
151,885
      
3,306,536
  
Coca-Cola Europacific Partners PLC
    
39,652
      
2,404,497
  
Constellation Brands, Inc., Class A
   
7,221
      
1,736,578
  
Dollar General Corp.
    
13,101
      
1,717,803
  
Hershey Co.
    
26,443
      
4,969,169
  
Keurig Dr Pepper, Inc.
    
124,412
      
3,927,687
  
Kroger Co. (b)
    
21,549
      
953,974
  
Nomad Foods Ltd. (a)
    
137,440
      
2,219,656
  
Philip Morris International, Inc.
    
53,438
      
4,988,972
  
US Foods Holding Corp. (a)
    
105,586
      
4,627,834
  
Walmart, Inc.
    
23,131
      
3,601,265
  
             
34,453,971
  
Energy — 9.3%
                
BP PLC, ADR
    
147,814
      
5,364,171
  
Canadian Natural Resources Ltd.
    
48,816
      
3,260,909
  
Cenovus Energy, Inc.
    
194,978
      
3,462,809
  
EQT Corp.
    
30,525
      
1,219,779
  
Equinor ASA, ADR
    
108,130
      
3,446,103
  
Halliburton Co.
    
43,930
      
1,626,728
  
Kosmos Energy Ltd. (a)
    
232,602
      
1,579,368
  
Marathon Petroleum Corp.
    
41,548
      
6,198,545
  
MEG Energy Corp. (a)
    
112,159
      
2,120,933
  
Noble Corp. PLC
    
92,323
      
4,259,783
  
Phillips 66
    
42,340
      
5,457,203
  
Range Resources Corp.
    
111,422
      
3,621,215
  
Schlumberger Ltd.
    
69,085
      
3,595,183
  
Shell PLC, ADR
    
61,575
      
4,051,635
  
Technip Energies NV
    
164,269
      
3,831,694
  
Thungela Resources Ltd.
    
185,302
      
1,419,014
  
Tidewater, Inc. (a)
    
45,703
      
2,745,836
  
Vermilion Energy, Inc.
    
195,564
      
2,469,973
  
Weatherford International PLC (a)
    
36,818
      
3,339,024
  
             
63,069,905
  
Financials — 18.6%
                
American Express Co.
    
16,457
      
2,810,362
  
Ameriprise Financial, Inc.
    
22,059
      
7,798,077
  
Aon PLC - Class A
    
12,185
      
4,002,651
  
Arthur J Gallagher & Co.
    
12,496
      
3,111,504
  
Bank of America Corp.
    
274,552
      
8,371,090
  
Bankinter SA
    
154,491
      
1,086,971
  
Berkshire Hathaway, Inc. - Class B (a)
    
8,291
      
2,984,760
  
Charles Schwab Corp.
    
26,508
      
1,625,471
  
Chubb Ltd.
    
16,915
      
3,880,808
  
Commerzbank AG
    
89,588
      
1,096,695
  
DBS Group Holdings Ltd.
    
51,200
      
1,216,240
  
Discover Financial Services
    
40,644
      
3,779,892
  
East West Bancorp, Inc.
    
56,121
      
3,531,133
  
Evercore, Inc. - Class A
    
13,291
      
1,961,087
  
Everest Group Ltd.
    
8,457
      
3,472,021
  
Fifth Third Bancorp
    
91,818
      
2,658,131
  
Fiserv, Inc. (a)
    
12,555
      
1,639,809
  
FleetCor Technologies, Inc. (a)
    
10,492
      
2,523,326
  
Global Payments, Inc.
    
18,773
      
2,185,928
  
Goldman Sachs Group, Inc.
    
4,115
      
1,405,437
  
Hana Financial Group, Inc.
    
48,295
      
1,553,967
  
Huntington Bancshares, Inc.
    
395,707
      
4,455,661
  
ING Groep NV
    
220,159
      
3,092,996
  
JPMorgan Chase & Co.
    
70,391
      
10,986,626
  
Mandatum Oyj (a)
    
38,318
      
163,958
  
Markel Group, Inc. (a)
    
1,313
      
1,889,525
  
Morgan Stanley
    
43,306
      
3,435,898
  
NatWest Group PLC
    
542,588
      
1,427,448
  
Nordea Bank Abp
    
303,469
      
3,392,605
  
Progressive Corp. (b)
    
23,066
      
3,783,516
  
Renaissance Holdings Ltd. (b)
    
20,999
      
4,501,346
  
Ryan Specialty Holdings, Inc. (a)
    
40,233
      
1,845,488
  
Sampo Oyj
    
38,318
      
1,675,760
  
SLM Corp.
    
81,575
      
1,226,072
  
Synchrony Financial
    
17,489
      
565,944
  
Travelers Cos., Inc.
    
11,300
      
2,041,006
  
UBS Group AG
    
67,776
      
1,914,672
  
United Overseas Bank Ltd.
    
120,500
      
2,459,318
  
W R Berkley Corp.
    
30,617
      
2,221,263
  
Wells Fargo & Co.
    
233,046
      
10,391,521
  
White Mountains Insurance Group Ltd.
    
1,180
      
1,807,666
  
             
125,973,649
  
Health Care — 11.9%
                
Abbott Laboratories
    
58,087
      
6,057,893
  
AbbVie, Inc.
    
44,666
      
6,359,992
  
Amgen, Inc.
    
20,305
      
5,475,040
  
AMN Healthcare Services, Inc. (a)
    
33,883
      
2,297,267
  
AstraZeneca PLC
    
11,720
      
1,508,440
  
Avantor, Inc. (a)
    
132,203
      
2,800,060
  
Boston Scientific Corp. (a)
    
32,034
      
1,790,380
  
Bristol-Myers Squibb Co.
    
98,571
      
4,867,436
  
Cencora, Inc.
    
9,591
      
1,950,522
  
Centene Corp. (a)
    
30,106
      
2,218,210
  
Cigna Group, (The)
    
12,380
      
3,254,454
  
CVS Health Corp.
    
23,821
      
1,618,637
  
Elevance Health, Inc.
    
8,352
      
4,004,700
  
Envista Holdings Corp. (a)
    
44,419
      
1,007,867
  
Fortrea Holdings, Inc. (a)
    
69,916
      
2,058,327
  
HCA Healthcare, Inc.
    
5,902
      
1,478,333
  
Henry Schein, Inc. (a)
    
13,056
      
871,227
  
Humana, Inc.
    
5,951
      
2,885,402
  
ICON PLC (a)
    
4,359
      
1,163,591
  
IQVIA Holdings, Inc. (a)
    
4,474
      
957,883
  
Johnson & Johnson
    
24,110
      
3,728,853
  
McKesson Corp.
    
2,821
      
1,327,450
  
Medtronic PLC
    
3,696
      
292,982
  
Merck & Co., Inc.
    
3,139
      
321,685
  
Molina Healthcare, Inc. (a)
    
2,334
      
853,217
  
Novo Nordisk AS
    
8,079
      
825,388
  
Pfizer, Inc.
    
11,788
      
359,180
  
R1 RCM, Inc. (a)
    
83,084
      
879,029
  
Sanofi SA
    
31,347
      
2,923,562
  
Stryker Corp.
    
3,104
      
919,808
  
Thermo Fisher Scientific, Inc.
    
1,537
      
761,983
  
UCB SA
    
8,256
      
610,609
  
UnitedHealth Group, Inc.
    
17,248
      
9,537,626
  
Zimmer Biomet Holdings, Inc.
    
21,445
      
2,494,268
  
             
80,461,301
  
Industrials — 17.9%
                
Acuity Brands, Inc.
    
9,236
      
1,655,645
  
Advanced Drainage Systems, Inc.
    
23,145
      
2,803,091
  
Airbus Group SE
    
25,069
      
3,725,557
  
Allegion PLC
    
29,027
      
3,079,473
  
Allison Transmission Holdings, Inc.
    
50,261
      
2,687,958
  
AMETEK, Inc.
    
24,186
      
3,754,393
  
ANDRITZ AG
    
34,873
      
1,892,017
  
Atkore, Inc. (a)
    
14,919
      
1,937,978
  
Beacon Roofing Supply, Inc. (a)
    
36,486
      
2,932,015
  
Boeing Co. (a)
    
14,719
      
3,409,362
  
Brink's Co.
    
35,704
      
2,817,046
  
Builders FirstSource, Inc. (a)
    
12,992
      
1,742,357
  
BWX Technologies, Inc.
    
35,065
      
2,736,122
  
Carlisle Cos., Inc.
    
4,727
      
1,325,498
  
Clean Harbors, Inc. (a)
    
19,927
      
3,221,399
  
Concentrix Corp.
    
25,248
      
2,373,060
  
Curtiss-Wright Corp.
    
14,156
      
3,027,968
  
Daimler Truck Holding AG
    
69,072
      
2,243,167
  
Dover Corp.
    
20,505
      
2,894,486
  
Eaton Corp. PLC
    
11,500
      
2,618,435
  
Eiffage SA
    
19,072
      
1,933,522
  
Ferguson PLC
    
14,832
      
2,541,315
  
Fortive Corp.
    
31,113
      
2,146,175
  
FTI Consulting, Inc. (a)
    
14,177
      
3,125,461
  
General Dynamics Corp.
    
13,464
      
3,325,204
  
Hexcel Corp.
    
22,449
      
1,555,940
  
Howmet Aerospace, Inc.
    
96,327
      
5,066,799
  
Huron Consulting Group, Inc. (a)
    
13,999
      
1,458,276
  
Jacobs Solutions, Inc.
    
25,916
      
3,295,997
  
Leidos Holdings, Inc.
    
27,139
      
2,912,557
  
Masco Corp.
    
43,556
      
2,637,316
  
nVent Electric PLC
    
54,634
      
2,909,261
  
Otis Worldwide Corp.
    
44,978
      
3,858,663
  
Parker-Hannifin Corp.
    
4,035
      
1,747,881
  
RTX Corp.
    
42,783
      
3,485,959
  
Ryanair Holdings PLC, ADR (a)
    
10,637
      
1,257,506
  
Science Applications International Corp.
    
40,430
      
4,746,886
  
Sensata Technologies Holding PLC
    
24,588
      
799,356
  
Siemens AG
    
16,259
      
2,731,215
  
SS&C Technologies Holdings, Inc.
    
56,463
      
3,176,608
  
Textron, Inc.
    
57,824
      
4,432,788
  
TriNet Group, Inc. (a)
    
18,469
      
2,141,111
  
Valmont Industries, Inc.
    
7,108
      
1,560,704
  
WESCO International, Inc.
    
16,800
      
2,618,280
  
Westinghouse Air Brake Technologies Corp.
    
25,070
      
2,922,159
  
             
121,263,966
  
Information Technology — 11.4%
                
Adeia, Inc.
    
251,178
      
2,308,326
  
Advanced Micro Devices, Inc. (a)
    
22,959
      
2,781,712
  
Applied Materials, Inc.
    
18,562
      
2,780,216
  
Arrow Electronics, Inc. (a)
    
12,596
      
1,493,382
  
Broadcom, Inc.
    
6,440
      
5,961,702
  
Capgemini SE
    
18,689
      
3,830,468
  
CDW Corp.
    
13,750
      
2,899,600
  
Celestica, Inc. (a)
    
105,109
      
2,833,739
  
Check Point Software Technologies Ltd. (a)
    
33,167
      
4,842,382
  
Cisco Systems, Inc.
    
104,168
      
5,039,648
  
Cognizant Technology Solutions Corp. - Class A
    
37,555
      
2,643,121
  
Dell Technologies, Inc. - Class C
    
68,627
      
5,206,730
  
Flex Ltd. (a)
    
216,606
      
5,512,622
  
Gen Digital, Inc.
    
123,919
      
2,736,132
  
Jabil, Inc.
    
19,896
      
2,294,407
  
Lam Research Corp.
    
4,344
      
3,109,956
  
Microchip Technology, Inc.
    
48,445
      
4,042,251
  
Micron Technology, Inc.
    
30,816
      
2,345,714
  
NetApp, Inc.
    
11,952
      
1,092,293
  
Nice Ltd., ADR (a)
    
11,308
      
2,145,693
  
NXP Semiconductors NV
    
10,714
      
2,186,513
  
Oracle Corp.
    
18,244
      
2,120,135
  
QUALCOMM, Inc.
    
15,379
      
1,984,660
  
Samsung Electronics Co. Ltd.
    
28,900
      
1,629,606
  
Teradyne, Inc.
    
15,263
      
1,407,706
  
Zebra Technologies Corp. - Class A (a)
    
6,818
      
1,615,730
  
             
76,844,444
  
Materials — 2.4%
                
Avery Dennison Corp.
    
5,964
      
1,159,998
  
Cemex SAB de CV, ADR (a)
    
597,392
      
4,127,978
  
CRH PLC
    
48,314
      
3,031,704
  
DuPont de Nemours, Inc.
    
22,743
      
1,627,034
  
FMC Corp.
    
53,696
      
2,881,328
  
Teck Resources Ltd. - Class B
    
83,806
      
3,155,296
  
             
15,983,338
  
Real Estate — 2.0%
                
Americold Realty Trust, Inc.
    
63,735
      
1,799,239
  
Equity LifeStyle Properties, Inc.
    
11,047
      
785,442
  
Essex Property Trust, Inc.
    
11,918
      
2,544,016
  
Host Hotels & Resorts, Inc.
    
46,288
      
808,651
  
Lamar Advertising Co. - Class A
    
41,538
      
4,207,385
  
Regency Centers Corp.
    
29,329
      
1,841,275
  
VICI Properties, Inc.
    
71,088
      
2,124,820
  
             
14,110,828
  
Utilities — 3.9%
                
AES Corp.
    
84,013
      
1,445,864
  
American Electric Power Co., Inc.
    
44,117
      
3,509,507
  
CenterPoint Energy, Inc.
    
113,712
      
3,214,638
  
FirstEnergy Corp.
    
84,532
      
3,122,612
  
NiSource, Inc.
    
146,852
      
3,765,286
  
OGE Energy Corp.
    
98,547
      
3,454,072
  
PPL Corp.
    
145,812
      
3,808,610
  
Southern Co.
    
49,096
      
3,484,834
  
             
25,805,423
  
TOTAL COMMON STOCKS  (COST $532,418,571)
            
665,028,598
  

CORPORATE BONDS — 0.1%
     PRINCIPAL
      VALUE
 
Andrada Mining Ltd., 12.00%, 7/20/2026
  
GBP700,000
      
773,251
  
TOTAL CORPORATE BONDS (COST $915,463)
            
773,251
  




NUMBER OF
SHARES
          
WARRANTS — 0.0%
                
Andrada Mining Ltd. (Expiration: July 17, 2025) (a)
    
1,400,000
      
8,325
  
TOTAL WARRANTS  (COST $18,309)
            
8,325
  
                 
SHORT-TERM INVESTMENTS — 0.0%
                
Money Market Deposit Accounts — 0.0%
                
U.S. Bank Money Market Deposit Account, 5.20% (c)
    
155
      
155
  
TOTAL MONEY MARKET DEPOSIT ACCOUNTS (COST $155)
            
155
  
Money Market Funds — 0.0%
                
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 5.27% (c)
    
72,245
      
72,245
  
Federated Hermes U.S. Treasury Cash Reserves, 5.24% (c)
    
72,245
      
72,245
  
Fidelity Treasury Portfolio, 5.24% (c)
    
4,745
      
4,745
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 5.25% (c)
    
72,246
      
72,246
  
MSILF Treasury Securities Portfolio, 5.24% (c)
    
67,500
      
67,500
  
TOTAL MONEY MARKET FUNDS (COST $288,981)
            
288,981
  
TOTAL SHORT-TERM INVESTMENTS (COST $289,135)
            
289,136
  
TOTAL INVESTMENTS (COST $533,641,479) — 98.5%
          
$
666,099,310
  

Percentages are stated as a percent of net assets of $672,990,519.
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.”

ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Security segregated as collateral for options written.
(c)
The rate shown is as of November 30, 2023.
(d)
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors.
As of November 30, 2023, these securities amounted to $781,576 or 0.1% of net assets.

Industry classifications may be different than those used for compliance monitoring purposes.


BOSTON PARTNERS LONG/SHORT RESEARCH FUND
PORTFOLIO OF INVESTMENTS - SECURITIES SOLD SHORT
NOVEMBER 30, 2023 (Unaudited)

 
SHARES
      
VALUE
  
COMMON STOCKS - (26.4)%
            
Communication Services  - (2.0)%
            
Clear Channel Outdoor Holdings, Inc.
(1,037,250)
     $
(1,504,013)
  
Dentsu Group, Inc.
(64,200)
      
   (1,729,339)
  
Fox Corp., Class A
(29,638)
      
   (875,507)
  
Liberty Global Ltd. - Class C
(89,858)
      
   (1,513,209)
  
Lions Gate Entertainment Corp. - Class A
(231,250)
      
   (2,041,937)
  
Madison Square Garden Entertainment Corp.
(16,658)
      
   (504,404)
  
Paramount Global - Class B
(108,990)
      
   (1,566,186)
  
Proximus SADP
(75,297)
      
   (722,649)
  
Roblox Corp. - Class A
(43,315)
      
   (1,702,713)
  
Rumble, Inc.
(164,163)
      
   (727,242)
  
Telia Co. AB
(178,652)
      
   (423,809)
  
         
 (13,311,008)
  
Consumer Discretionary  - (5.3)%
            
Accor SA
(39,506)
      
   (1,373,598)
  
Acushnet Holdings Corp.
(25,907)
      
   (1,463,746)
  
B&M European Value Retail SA
(131,788)
      
   (956,288)
  
Cheesecake Factory, Inc.
(21,324)
      
   (668,507)
  
Choice Hotels International, Inc.
(23,109)
      
   (2,548,461)
  
Dick's Sporting Goods, Inc.
(12,507)
      
   (1,627,161)
  
Five Below, Inc.
(7,209)
      
   (1,358,608)
  
Golden Entertainment, Inc.
(17,946)
      
   (639,595)
  
Hyatt Hotels Corp. - Class A
(12,567)
      
   (1,442,189)
  
KB Home
(46,774)
      
   (2,436,925)
  
Krispy Kreme, Inc.
(70,973)
      
   (922,649)
  
LGI Homes, Inc.
(20,991)
      
   (2,478,407)
  
Life Time Group Holdings, Inc.
(48,706)
      
   (738,383)
  
Marriott Vacations Worldwide Corp.
(9,608)
      
   (700,423)
  
NIKE, Inc. - Class B
(12,015)
      
   (1,324,894)
  
Nokian Renkaat Oyj
(369,085)
      
   (3,001,857)
  
Playa Hotels & Resorts NV
(151,390)
      
   (1,142,995)
  
Portillo's, Inc. - Class A
(27,785)
      
   (431,779)
  
QuantumScape Corp.
(438,770)
      
   (2,781,802)
  
Rakuten Group, Inc.
(346,300)
      
   (1,368,542)
  
Revolve Group, Inc.
(51,865)
      
   (690,842)
  
RH
(1,731)
      
   (467,318)
  
Sabre Corp.
(398,199)
      
   (1,405,642)
  
SJM Holdings Ltd.
(4,396,000)
      
   (1,305,541)
  
Soho House & Co., Inc.
(136,174)
      
   (856,534)
  
Tractor Supply Co.
(6,354)
      
   (1,289,926)
  
         
 (35,422,612)
  
Consumer Staples  - (2.1)%
            
Coca-Cola Bottlers Japan Holdings, Inc.
(160,800)
      
   (2,204,884)
  
Freshpet, Inc.
(34,515)
      
   (2,448,839)
  
Hormel Foods Corp.
(58,643)
      
   (1,793,889)
  
Kimberly-Clark Corp.
(20,477)
      
   (2,533,619)
  
McCormick & Co., Inc.
(25,039)
      
   (1,623,278)
  
Sprouts Farmers Market, Inc.
(21,395)
      
   (921,697)
  
Treasury Wine Estates Ltd.
(159,830)
      
   (1,130,338)
  
TreeHouse Foods, Inc.
(31,955)
      
   (1,300,888)
  
         
 (13,957,432)
  
Energy  - (0.2)%
            
Comstock Resources, Inc.
(73,556)
      
   (725,998)
  
Matador Resources Co.
(14,396)
      
   (833,240)
  
         
   (1,559,238)
  
Financials  - (3.0)%
            
AJ Bell PLC
(367,130)
      
   (1,184,664)
  
Aozora Bank Ltd.
(137,500)
      
   (2,828,323)
  
Ashmore Group PLC
(810,087)
      
   (1,812,216)
  
Avanza Bank Holding AB
(62,446)
      
   (1,226,920)
  
Brown & Brown, Inc.
(11,029)
      
   (824,307)
  
Cincinnati Financial Corp.
(12,694)
      
   (1,304,816)
  
Erie Indemnity Co. - Class A
(2,957)
      
   (874,207)
  
Hang Seng Bank Ltd.
(250,200)
      
   (2,765,659)
  
Moelis & Co. - Class A
(25,421)
      
   (1,206,226)
  
Selective Insurance Group, Inc.
(6,277)
      
   (638,308)
  
T Rowe Price Group, Inc.
(28,843)
      
   (2,888,050)
  
Texas Capital Bancshares, Inc.
(20,058)
      
   (1,100,783)
  
Trupanion, Inc.
(9,544)
      
   (245,472)
  
United Bankshares, Inc.
(41,338)
      
   (1,368,701)
  
         
 (20,268,652)
  
Health Care  - (2.1)%
            
Ambu AS - Class B
(24,850)
      
   (338,158)
  
Ascendis Pharma AS
(7,592)
      
   (762,465)
  
Cassava Sciences, Inc.
(14,675)
      
   (305,680)
  
Celldex Therapeutics, Inc.
(19,363)
      
   (584,956)
  
Corcept Therapeutics, Inc.
(39,792)
      
   (1,013,502)
  
Doximity, Inc. - Class A
(24,828)
      
   (577,251)
  
Guardant Health, Inc.
(23,593)
      
   (593,836)
  
Idorsia Ltd.
(41,421)
      
   (90,460)
  
Insulet Corp.
(7,101)
      
   (1,342,728)
  
Intra-Cellular Therapies, Inc.
(14,836)
      
   (910,485)
  
Karuna Therapeutics, Inc.
(3,416)
      
   (653,173)
  
Madrigal Pharmaceuticals, Inc.
(4,334)
      
   (881,102)
  
Moderna, Inc.
(3,327)
      
   (258,508)
  
MoonLake Immunotherapeutics
(7,473)
      
   (328,139)
  
Neogen Corp.
(42,068)
      
   (713,894)
  
Oxford Nanopore Technologies PLC
(133,540)
      
   (326,386)
  
Recursion Pharmaceuticals, Inc. - Class A
(121,327)
      
   (831,090)
  
Revance Therapeutics, Inc.
(53,712)
      
   (363,630)
  
Rhythm Pharmaceuticals, Inc.
(49,469)
      
   (1,653,749)
  
Tandem Diabetes Care, Inc.
(30,433)
      
   (615,964)
  
TG Therapeutics, Inc.
(42,162)
      
   (540,095)
  
         
 (13,685,251)
  
Industrials  - (5.0)%
            
American Woodmark Corp.
(11,723)
      
   (848,745)
  
Atlas Arteria Ltd.
(369,950)
      
   (1,415,882)
  
CH Robinson Worldwide, Inc.
(13,138)
      
   (1,077,973)
  
Exponent, Inc.
(19,165)
      
   (1,474,938)
  
Furukawa Electric Co. Ltd.
(146,800)
      
   (2,362,379)
  
Generac Holdings, Inc.
(16,260)
      
   (1,903,558)
  
Hayward Holdings, Inc.
(123,330)
      
   (1,454,061)
  
Husqvarna AB - Class B
(388,225)
      
   (2,964,422)
  
Kornit Digital Ltd.
(80,626)
      
   (1,498,837)
  
Kratos Defense & Security Solutions, Inc.
(47,345)
      
   (901,922)
  
Lyft, Inc. - Class A
(130,943)
      
   (1,535,961)
  
Montrose Environmental Group, Inc.
(50,466)
      
   (1,578,072)
  
Nidec Corp.
(43,500)
      
   (1,649,447)
  
NV5 Global, Inc.
(11,887)
      
   (1,156,367)
  
Oshkosh Corp.
(31,678)
      
   (3,081,953)
  
Proto Labs, Inc.
(75,120)
      
   (2,719,344)
  
Regal Rexnord Corp.
(22,973)
      
   (2,752,165)
  
Stanley Black & Decker, Inc.
(36,779)
      
   (3,343,211)
  
         
 (33,719,237)
  
Information Technology  - (2.5)%
            
Amdocs Ltd.
(10,494)
      
   (879,082)
  
Cognex Corp.
(73,622)
      
   (2,775,549)
  
Entegris, Inc.
(35,909)
      
   (3,748,900)
  
GCL Technology Holdings Ltd.
(10,247,000)
      
   (1,363,127)
  
Jamf Holding Corp.
(176,921)
      
   (2,913,889)
  
Palantir Technologies, Inc. - Class A
(256,535)
      
   (5,143,527)
  
         
 (16,824,074)
  
Materials  - (1.9)%
            
DSM-Firmenich AG
(20,983)
      
   (1,982,749)
  
Ganfeng Lithium Group Co. Ltd. - Class H
(341,600)
      
   (1,092,614)
  
Lynas Rare Earths Ltd.
(327,571)
      
   (1,426,681)
  
Mitsui Chemicals, Inc.
(48,500)
      
   (1,423,843)
  
MP Materials Corp.
(79,194)
      
   (1,256,809)
  
Shin-Etsu Chemical Co. Ltd.
(23,600)
      
   (831,892)
  
Siam Cement PCL
(94,100)
      
   (767,997)
  
Sumitomo Chemical Co. Ltd.
(485,800)
      
   (1,240,530)
  
Symrise AG
(18,259)
      
   (2,055,249)
  
Umicore SA
(36,779)
      
   (982,857)
  
         
 (13,061,221)
  
Real Estate  - (1.8)%
            
Camden Property Trust
(10,005)
      
   (903,051)
  
CBRE Group, Inc. - Class A
(24,591)
      
   (1,941,705)
  
Digital Realty Trust, Inc.
(6,311)
      
   (875,841)
  
Howard Hughes Holdings, Inc.
(12,786)
      
   (939,899)
  
Mid-America Apartment Communities, Inc.
(9,868)
      
   (1,228,369)
  
Nomura Real Estate Master Fund, Inc.
(969)
      
   (1,109,885)
  
Sagax AB - Class B
(60,854)
      
   (1,380,556)
  
Segro PLC
(153,988)
      
   (1,583,496)
  
SL Green Realty Corp.
(40,718)
      
   (1,489,057)
  
Unibail-Rodamco-Westfield
(13,531)
      
   (862,153)
  
         
 (12,314,012)
  
Utilities  - (0.5)%
            
Avangrid, Inc.
(99,708)
      
   (3,077,986)
  
         TOTAL COMMON STOCKS (PROCEEDS $(194,588,377))
 
      
 (177,200,723)
  
 
RIGHTS – (0.0)%
            
Siam Cement PCL (a)
(12,054)
      
  0
  
TOTAL RIGHTS (PROCEEDS $(0))
        
0
  
             
           
           TOTAL SECURITIES SOLD SHORT (PROCEEDS $(194,588,377))
     $
  (177,200,723)
  

Percentages are stated as a percent of net assets of $672,990,519.

(a)   
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as valuation designee, under the oversight of The RBB  Fund, Inc.’s Board of Directors.
As of November 30, 2023, these securities amounted to $0 or 0.0% of net assets.

Industry classifications may be different than those used for compliance monitoring purposes.      


BOSTON PARTNERS LONG/SHORT RESEARCH FUND
SCHEDULE OF OPTIONS WRITTEN
NOVEMBER 30, 2023 (UNAUDITED)

 
NUMBER OF CONTRACTS
  
NOTIONAL AMOUNT
    
VALUE
     
OPTIONS WRITTEN * - 0.0%*
  
CALL OPTIONS WRITTEN - 0.0%
  
AutoZone, Inc., Expires 12/15/2023 at $2,740.00
(5)
  
(1,304,965)
   $
(7,750)
  
Kroger Co., Expires 12/15/2023 at $47.00
(215)
  
(951,805)
    
   (1,075)
  
Progressive Corp., Expires 12/15/2023 at $155.00
(149)
  
(2,444,047)
    
   (137,825)
  
Ralph Lauren Corp., Expires 1/19/2024 at $130.00
(54)
  
(698,652)
    
   (21,006)
  
RenaissanceRe Holdings Ltd., Expires 12/15/2023 at $220.00
(88)
  
(1,886,368)
    
   (21,120)
  
Restaurant Brands International, Inc., Expires 12/15/2023 at $67.50
(119)
  
(845,852)
    
   (46,410)
  
Restaurant Brands International, Inc., Expires 12/15/2023 at $70.00
(89)
  
(632,612)
    
   (16,243)
  
Ross Stores, Inc., Expires 12/15/2023 at $130.00
(104)
  
(1,355,952)
    
   (18,720)
  
TOTAL  CALL OPTIONS WRITTEN (PREMIUMS RECEIVED: $287,462)
          
   (270,149)
  
               
PUT OPTIONS WRITTEN - 0.0%
  
Floor & Decor Holdings, Inc., Expires 12/15/2023 at $75.00
(98)
  
(735,000)
    
   (2,695)
  
TOTAL  PUT OPTIONS WRITTEN (PREMIUMS RECEIVED: $25,355)
          
   (2,695)
  
TOTAL OPTIONS WRITTEN (PREMIUMS RECEIVED $312,817)
          
   (272,844)
  

*
Primary risk exposure is equity contracts.

Percentages are stated as a percent of net assets of $672,990,519.


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)
Short
                            
Australia
                            
Commonwealth Bank of Australia
  
Morgan Stanley
  
12/08/2025
  
4.32%
  
Termination
  
(50,944)
  
$            (3,522,990)
  
$                     59,917
Brazil
                            
Localiza Rent a Car SA
  
Bank of America
  
10/19/2026
  
0.00
  
Termination
  
(102,900)
  
                 (1,251,429)
  
                     (162,177)
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA
  
Bank of America
  
11/10/2026
  
0.00
  
Termination
  
(424,200)
  
                  (790,304)
  
                           7,315
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA
  
Morgan Stanley
  
11/16/2026
  
5.33
  
Termination
  
(259,100)
  
                   (482,715)
  
                      (19,545)
                       
               (2,524,448)
  
                    (174,407)
China
                            
Shaanxi Coal Industry Co., Ltd., Class A
  
Goldman Sachs
  
09/14/2026
  
5.33
  
Termination
  
(362,900)
  
                   (991,360)
  
                     (87,758)
Shenzhen Dynanonic Co., Ltd., Class A
  
Morgan Stanley
  
10/20/2026
  
5.33
  
Termination
  
(72,800)
  
                  (659,507)
  
                        101,126
Shenzhen Goodix Technology, Class A
  
Morgan Stanley
  
08/03/2026
  
5.33
  
Termination
  
(123,600)
  
                (1,260,804)
  
                   (342,070)
Tianqi Lithium Corp., Class A
  
Morgan Stanley
  
11/16/2026
  
5.33
  
Termination
  
(161,500)
  
                 (1,134,207)
  
                       75,204
                       
               (4,045,878)
  
                   (253,498)
Germany
                            
Deutsche Bank AG
  
Morgan Stanley
  
12/08/2025
  
3.99
  
Termination
  
(112,879)
  
                (1,403,892)
  
                    (166,364)
Deutsche Bank AG
  
Goldman Sachs
  
10/06/2026
  
3.90
  
Termination
  
(11,528)
  
                   (143,375)
  
                      (19,349)
                       
                (1,547,267)
  
                     (185,713)
Japan
                            
Nippon Shinyaku Co., Ltd.
  
Morgan Stanley
  
12/08/2025
  
-0.02
  
Termination
  
(12,500)
  
                  (449,464)
  
                     203,949
South Korea
                            
EcoPro BM Co., Ltd.
  
Morgan Stanley
  
10/20/2026
  
5.33
  
Termination
  
(8,612)
  
                (1,829,003)
  
                    (258,140)
EcoPro Co., Ltd.
  
Bank of America
  
10/23/2026
  
5.33
  
Termination
  
(2,274)
  
                  (1,318,414)
  
                          8,558
EcoPro Co., Ltd.
  
Goldman Sachs
  
10/30/2026
  
5.33
  
Termination
  
(1,180)
  
                   (684,138)
  
                     (114,707)
Kakaobank Corp.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(26,911)
  
                   (546,501)
  
                       23,925
Kakaobank Corp.
  
Bank of America
  
10/12/2026
  
0.00
  
Termination
  
(2,748)
  
                     (55,806)
  
                        (9,703)
Netmarble Corp.
  
Goldman Sachs
  
03/10/2026
  
5.33
  
Termination
  
(11,450)
  
                    (527,171)
  
                      (16,530)
Netmarble Corp.
  
Morgan Stanley
  
03/16/2026
  
5.33
  
Termination
  
(26,581)
  
                (1,223,820)
  
                    (107,283)
Psoco Future M Co., Ltd.
  
Bank of America
  
10/23/2026
  
5.33
  
Termination
  
(8,781)
  
               (2,208,607)
  
                   (284,332)
                       
               (8,393,460)
  
                    (758,212)
Switzerland
                            
Vat Group AG
  
Morgan Stanley
  
12/08/2025
  
1.70
  
Termination
  
(7,888)
  
                 (3,661,610)
  
                (1,032,726)
Taiwan
                            
Acer, Inc.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(1,043,000)
  
                   (1,175,211)
  
                    (356,514)
Compal Electronics
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(995,000)
  
                    (984,171)
  
                    (270,142)
Pan Jit International, Inc.
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(1,067,000)
  
                (2,414,754)
  
                     (196,361)
SDI Corporation
  
Goldman Sachs
  
12/08/2025
  
5.33
  
Termination
  
(141,000)
  
                  (532,586)
  
                      (23,193)
Taiwan Cement
  
Goldman Sachs
  
12/12/2025
  
5.33
  
Termination
  
(729,000)
  
                   (815,575)
  
                     (29,453)
Taiwan Cement
  
Bank of America
  
10/20/2026
  
5.33
  
Termination
  
(538,000)
  
                   (601,892)
  
                     (62,035)
                       
                (6,524,189)
  
                   (937,698)
United States
                            
Bank of Hawaii Corp.
  
Goldman Sachs
  
03/02/2026
  
5.33
  
Termination
  
(13,994)
  
                   (812,632)
  
                       84,533
Bank of Hawaii Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(41,744)
  
               (2,424,074)
  
                      816,095
BlackLine, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(25,391)
  
                (1,468,869)
  
                       115,783
Ceridian HCM Holding, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(12,095)
  
                  (833,346)
  
                     (74,384)
Commerce Bancshares, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(53,765)
  
                (2,718,896)
  
                     925,833
Commerce Bancshares, Inc.
  
Goldman Sachs
  
10/06/2026
  
5.33
  
Termination
  
(5,491)
  
                  (277,680)
  
                      (25,041)
Community Bank System, Inc
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(59,128)
  
                (2,622,918)
  
                   1,063,713
Community Bank System, Inc
  
Goldman Sachs
  
10/06/2026
  
5.33
  
Termination
  
(6,038)
  
                  (267,846)
  
                      (14,686)
Credit Acceptance Corp.
  
Goldman Sachs
  
03/02/2026
  
5.33
  
Termination
  
(1,225)
  
                  (559,825)
  
                      (22,316)
Credit Acceptance Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(3,653)
  
                 (1,669,421)
  
                          2,740
Cullen/Frost Bankers, Inc.
  
Goldman Sachs
  
04/06/2026
  
5.33
  
Termination
  
(4,664)
  
                  (458,425)
  
                        17,097
Cullen/Frost Bankers, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(10,428)
  
                (1,024,968)
  
                      417,224
CVB Financial Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(26,525)
  
                  (474,267)
  
                     257,027
CVB Financial Corp.
  
Goldman Sachs
  
10/06/2026
  
5.33
  
Termination
  
(2,709)
  
                     (48,437)
  
                        (6,496)
Definitive Healthcare Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(61,023)
  
                  (503,440)
  
                     207,478
Figs, Inc., Class A
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(95,152)
  
                  (690,804)
  
                       32,352
First Financial Bankshares, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(82,962)
  
                (2,177,753)
  
                     772,376
First Financial Bankshares, Inc.
  
Goldman Sachs
  
03/02/2026
  
5.33
  
Termination
  
(48,568)
  
                 (1,274,910)
  
                      246,815
Floor & Decor Holdings, Inc., Class A
  
Goldman Sachs
  
04/13/2026
  
5.33
  
Termination
  
(2,711)
  
                  (248,626)
  
                         17,051
Floor & Decor Holdings, Inc., Class A
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(21,940)
  
                  (2,012,117)
  
                    (431,560)
Glacier Bancorp, Inc.
  
Goldman Sachs
  
03/02/2026
  
5.33
  
Termination
  
(40,747)
  
                (1,370,322)
  
                       96,698
Glacier Bancorp, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(61,131)
  
               (2,055,836)
  
                  1,295,977
Kinsale Capital Group, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(2,228)
  
                  (780,023)
  
                    (132,633)
Kinsale Capital Group, Inc.
  
Goldman Sachs
  
09/21/2026
  
5.33
  
Termination
  
(349)
  
                    (122,185)
  
                       23,252
Lowe's Cos., Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(8,644)
  
                 (1,718,687)
  
                       26,624
Moody's Corp.
  
Goldman Sachs
  
03/02/2026
  
5.33
  
Termination
  
(1,941)
  
                  (708,387)
  
                    (144,980)
Myriad Genetics, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(31,441)
  
                  (600,209)
  
                        13,205
National Beverage Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(40,199)
  
                  (1,911,060)
  
                       89,644
National Beverage Corp.
  
Goldman Sachs
  
12/15/2025
  
5.33
  
Termination
  
(2,534)
  
                   (120,466)
  
                          7,784
Novanta, Inc.
  
Goldman Sachs
  
08/31/2026
  
5.33
  
Termination
  
(10,605)
  
                 (1,531,786)
  
                     (68,566)
Novanta, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(9,129)
  
                 (1,318,593)
  
                        42,176
RLI Corp.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(22,213)
  
                (3,012,083)
  
                    (163,266)
WD-40 Co.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(12,335)
  
               (2,983,590)
  
                    (919,204)
WD-40 Co.
  
Goldman Sachs
  
12/15/2025
  
5.33
  
Termination
  
(667)
  
                    (161,334)
  
                     (50,069)
Wolfspeed, Inc.
  
Goldman Sachs
  
08/31/2026
  
5.33
  
Termination
  
(37,684)
  
                (1,389,032)
  
                      147,432
Wolfspeed, Inc.
  
Morgan Stanley
  
12/08/2025
  
5.33
  
Termination
  
(17,201)
  
                  (634,029)
  
                     755,296
                       
            (42,986,876)
  
                  5,421,004
Total Short
                      
              (73,656,182)
  
                   2,342,616
Net unrealized gain/(loss) on Contracts For Difference
                          
$               2,342,616


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 LONG/SHORT RESEARCH FUND

 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 
  
 
 
Common Stocks
 
$
665,028,598
 
 
$
602,914,493
 
 
$
62,114,105
 
 
$
 –
 
Warrants
  
8,325
    
 –    
 8,325
    
–
  
Total Equity Securities
 
665,036,923
    
602,914,493
 
 
62,122,430
 
 
–
 
Corporate Bonds
 

 
 

 
 
 
 
 
 
 
Corporate Bonds
 
773,251
 
 
 –
 
 
773,251
 
 
–
 
Total Corporate Bonds
 
773,251
 
 
 –
 
 
773,251
 
 
–
 
Derivative Investments
 

 
 

 
 
 
 
 
 
 
Swap
 
7,954,199
 
 
7,954,199
 
 
–
 
 
–
 
Total Derivative Investments
  
7,954,199
    
7,954,199
    
 –    
 –  
   
     
     
     
   
Short-Term Investments
 













 
Money Market Deposit Accounts
  
155
   
155
   
–
   

 –  
Money Market Funds
  
288,981
    
288,981
   
–
   
 –  
Total Short-Term Investments
  
289,136
    
289,136
    
–
    
–
  
Total  Assets*
 
$
674,053,509
 
 
$
611,157,828
 
 
$
62,895,681
 
 
$
–
 

      TOTAL
      LEVEL 1
      LEVEL 2
      LEVEL 3
 
Equities
                                
Common Stocks
   $
(177,200,723)
     $
(129,238,598)
    $
(47,962,125)      $
–
 
Rights
 
 –
   
 –
   
 –    
 –
 ^
Total Equity Securities
  
(177,200,723)
    
(129,238,598)    
(47,962,125)     
–

Derivative Investments
  
     
     
     
   
Option
  
(272,844)
    
(186,376)
    
(86,468)
    
–
 
Swap
  
(5,611,583)
    
(5,611,583)
    
–
   
–
 
Total Derivative Investments
  
(5,884,427)
    
(5,797,959)
    
(86,468)    
–
 
Total Liabilities*
   $
(183,085,150)
     $
(135,036,557)
     $
(48,048,593)
     $
–
 

* Please refer to Portfolio of Investments for further details.
^ Value equals 0 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 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.