NPORT-EX 2 lse.htm NPORT-EX

Boston Partners Long/Short Equity Fund
  
Schedule of Investments
  
as of May 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.4%
  
Shares
    
Value
  
Communication Services - 4.6%
        
Alphabet, Inc. - Class A(a)(b)
    
7,836
    
$
1,351,710
  
Baidu, Inc. - Class A(a)
    
50,048
      
606,482
  
Nexstar Media Group, Inc. - Class A(c)
    
1,557
      
257,979
  
Vivid Seats, Inc. - Class A(a)(c)
    
60,757
      
306,823
  
ZoomInfo Technologies, Inc.(a)(c)
    
17,217
      
211,425
  
             
2,734,419
  
                 
Consumer Discretionary - 11.0%
          
Accel Entertainment, Inc.(a)
    
21,060
      
208,705
  
Arcos Dorados Holdings, Inc. - Class A(c)
    
91,925
      
887,996
  
BYD Co., Ltd. - ADR
    
3,209
      
180,057
  
Carriage Services, Inc.(b)
    
9,467
      
254,568
  
Cavco Industries, Inc.(a)(c)
    
1,707
      
609,740
  
Frontdoor, Inc.(a)
    
11,711
      
414,218
  
Italian Sea Group SPA
    
23,224
      
240,939
  
JD.com, Inc. - Class A
    
23,986
      
355,557
  
Las Vegas Sands Corp.(b)(c)
    
5,877
      
264,641
  
Monarch Casino & Resort, Inc.(c)
    
3,433
      
229,908
  
PDD Holdings, Inc. - ADR(a)(c)
    
2,719
      
407,252
  
Perdoceo Education Corp.(b)
    
18,565
      
417,712
  
Phinia, Inc.
    
9,054
      
405,257
  
Pinstripes Holdings, Inc.(a)(c)
    
67,473
      
186,900
  
Potbelly Corp.(a)(b)
    
24,456
      
218,881
  
Quantasing Group Ltd. - ADR(a)
    
45,644
      
119,131
  
Stellantis NV(c)
    
33,922
      
755,443
  
Stride, Inc.(a)(b)
    
6,515
      
447,320
  
             
6,604,225
  
                 
Consumer Staples - 5.6%
          
British American Tobacco PLC - ADR(c)
    
25,814
      
801,008
  
Coca-Cola Europacific Partners PLC
    
6,630
      
488,697
  
J M Smucker Co.
    
3,856
      
430,484
  
Kenvue, Inc.(b)
    
21,929
      
423,230
  
Molson Coors Beverage Co. - Class B(c)
    
6,464
      
354,292
  
Turning Point Brands, Inc.
    
15,046
      
493,659
  
Vector Group Ltd.(b)
    
34,076
      
373,814
  
             
3,365,184
  
                 
Energy - 6.4%
          
BP PLC - ADR
    
26,003
      
976,933
  
Canadian Natural Resources Ltd.
    
23,402
      
1,797,976
  
Marathon Petroleum Corp.(b)
    
4,189
      
739,819
  
Schlumberger Ltd.
    
6,228
      
285,803
  
             
3,800,531
  
                 
Financials - 20.9%
          
American International Group, Inc.(b)
    
3,769
      
297,073
  
Bank of America Corp.(b)
    
22,082
      
883,059
  
BGC Group, Inc. - Class A(c)
    
207,581
      
1,799,727
  
Charles Schwab Corp.(b)
    
3,087
      
226,215
  
Citigroup, Inc.(b)
    
11,393
      
709,898
  
Crawford & Co. - Class A(b)
    
24,375
      
221,325
  
Fairfax Financial Holdings Ltd.
    
1,533
      
1,710,828
  
Fidelis Insurance Holdings Ltd.(c)
    
29,516
      
489,375
  
Greenlight Capital Re Ltd. - Class A(a)
    
30,388
      
403,857
  
Heritage Insurance Holdings, Inc.(a)
    
32,920
      
279,820
  
Intercorp Financial Services, Inc.
    
11,859
      
285,446
  
International General Insurance Holdings Ltd.(c)
    
19,594
      
281,174
  
Jefferies Financial Group, Inc.(b)
    
12,517
      
582,291
  
Jiayin Group, Inc. - ADR
    
30,135
      
196,480
  
KB Financial Group, Inc. - ADR
    
12,039
      
692,724
  
Northeast Bank
    
5,330
      
296,295
  
PayPal Holdings, Inc.(a)
    
4,882
      
307,517
  
Shift4 Payments, Inc. - Class A(a)(c)
    
9,141
      
615,006
  
Stifel Financial Corp.(b)
    
12,604
      
1,020,294
  
Wells Fargo & Co.(b)
    
11,257
      
674,519
  
Willis Towers Watson PLC
    
2,178
      
556,022
  
             
12,528,945
  
                 
Health Care - 16.7%
          
Amgen, Inc.(b)
    
2,360
      
721,806
  
Bristol-Myers Squibb Co.
    
12,509
      
513,995
  
Catalyst Pharmaceuticals, Inc.(a)(b)
    
55,746
      
901,413
  
Centene Corp.(a)(b)
    
7,828
      
560,407
  
Cigna Group(b)
    
3,031
      
1,044,543
  
Elevance Health, Inc.(b)
    
701
      
377,474
  
HCA Healthcare, Inc.(b)
    
1,447
      
491,618
  
Jazz Pharmaceuticals PLC(a)(c)
    
3,958
      
416,579
  
Johnson & Johnson(b)
    
5,337
      
782,778
  
Lantheus Holdings, Inc.(a)(c)
    
15,204
      
1,244,143
  
Medtronic PLC(b)
    
7,982
      
649,495
  
Novartis AG - ADR
    
6,152
      
634,456
  
PetIQ, Inc.(a)(c)
    
32,238
      
669,261
  
Quipt Home Medical Corp.(a)
    
81,822
      
274,922
  
UnitedHealth Group, Inc.
    
1,459
      
722,745
  
             
10,005,635
  
                 
Industrials - 13.0%
          
Alaska Air Group, Inc.(a)(c)
    
6,754
      
283,803
  
Barrett Business Services, Inc.(b)
    
7,183
      
950,598
  
Brady Corp. - Class A
    
4,569
      
311,926
  
Builders FirstSource, Inc.(a)(b)(c)(d)
    
2,573
      
413,713
  
CACI International, Inc. - Class A(a)
    
1,456
      
618,043
  
Euroseas Ltd.
    
13,769
      
524,324
  
Galliford Try Holdings PLC
    
181,675
      
618,100
  
Heidrick & Struggles International, Inc.(b)
    
6,248
      
214,181
  
Lyft, Inc. - Class A(a)
    
19,696
      
307,455
  
Quanta Services, Inc.(b)
    
1,085
      
299,395
  
RCM Technologies, Inc.(a)
    
10,050
      
199,492
  
REV Group, Inc.
    
9,695
      
265,740
  
Ryanair Holdings PLC - ADR(c)
    
4,788
      
582,412
  
Sterling Infrastructure, Inc.(a)(b)
    
9,067
      
1,114,062
  
Textron, Inc.
    
8,912
      
780,780
  
V2X, Inc.(a)
    
6,100
      
293,471
  
             
7,777,495
  
                 
Information Technology - 14.5%
          
Adeia, Inc.
    
30,843
      
364,873
  
AudioCodes Ltd.
    
21,896
      
218,741
  
Axcelis Technologies, Inc.(a)
    
3,068
      
345,119
  
Check Point Software Technologies Ltd.(a)
    
6,978
      
1,050,189
  
Cognizant Technology Solutions Corp. - Class A(b)
    
8,364
      
553,279
  
DocuSign, Inc.(a)
    
4,053
      
221,861
  
Dropbox, Inc. - Class A(a)(b)
    
9,067
      
204,280
  
Extreme Networks, Inc.(a)
    
25,644
      
285,931
  
Hackett Group, Inc.(b)
    
22,615
      
504,541
  
InterDigital, Inc.(c)
    
7,085
      
806,769
  
Nano Dimension Ltd. - ADR(a)(c)
    
92,902
      
252,693
  
Nice Ltd. - ADR(a)(c)
    
1,979
      
363,285
  
Open Text Corp.(b)
    
21,522
      
629,518
  
Oracle Corp.(b)
    
2,356
      
276,100
  
Photronics, Inc.(a)(b)
    
27,930
      
763,886
  
QUALCOMM, Inc.(b)
    
3,724
      
759,882
  
Rimini Street, Inc.(a)
    
64,671
      
166,204
  
RingCentral, Inc. - Class A(a)(c)
    
10,892
      
372,506
  
Telefonaktiebolaget LM Ericsson - ADR(b)
    
86,551
      
531,423
  
             
8,671,080
  
                 
Materials - 3.3%
          
Dundee Precious Metals, Inc.
    
43,413
      
358,338
  
Ferroglobe PLC
    
53,767
      
319,914
  
Glencore PLC - ADR
    
30,107
      
369,714
  
Rio Tinto PLC - ADR(b)(c)
    
4,226
      
296,242
  
Taseko Mines Ltd.(a)
    
71,836
      
198,267
  
Ternium SA - ADR(b)
    
9,390
      
405,460
  
             
1,947,935
  
                 
Real Estate - 2.4%
          
Newmark Group, Inc. - Class A(b)
    
90,917
      
946,446
  
Simon Property Group, Inc.
    
1,850
      
279,924
  
Star Holdings(a)
    
13,692
      
176,216
  
             
1,402,586
  
TOTAL COMMON STOCKS (Cost $40,652,216)
      
58,838,035
  
                 
SHORT-TERM INVESTMENTS - 17.7%
                
Investments Purchased with Proceeds from Securities Lending - 17.5%
  
Shares
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(e)
    
10,478,705
      
10,478,705
  
                 
Money Market Funds - 0.2%
  
         
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(b)(e)
    
656
      
656
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(b)(e)
    
656
      
656
  
Fidelity Treasury Portfolio - Class I, 5.19%(b)(e)
    
656
      
656
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.18%(b)(e)
    
656
      
656
  
MSILF Prime Portfolio - Class Institutional, 5.38%(e)
    
112,954
      
112,954
  
             
115,578
  
TOTAL SHORT-TERM INVESTMENTS (Cost $10,594,283)
      
10,594,283
  
                 
TOTAL INVESTMENTS - 116.1% (Cost $51,246,499)
    
$
69,432,318
  
Money Market Deposit Account - 0.0%(b)(f)
      
795
  
Liabilities in Excess of Other Assets - (16.1)%
      
(9,604,104
)
TOTAL NET ASSETS - 100.0%
          
$
59,829,009
  
                 
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, 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. Bank Global Fund Services.
  

ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(c)
All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $10,223,306 which represented 17.1% of net assets.
(d)
Held in connection with written option contracts. See Schedule of Options Written for further information.
(e)
The rate shown represents the 7-day effective yield as of May 31, 2024.
(f)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.

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

Boston Partners Long/Short Equity Fund
  
Schedule of Written Options
  
as of May 31, 2024 (Unaudited)
  
   
WRITTEN OPTIONS - (0.1)% (a)(b)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.1)%
                  
Builders FirstSource, Inc., Expiration: 01/17/2025; Exercise Price: $180.00
  
$
(353,738
)
    
(22
)
  
$
(34,650
)
TOTAL WRITTEN OPTIONS (Premiums received $57,353)
                    
(34,650
)
                         
Percentages are stated as a percent of net assets.
                        

(a)
Exchange-traded.
(b)
100 shares per contract.
Boston Partners Long/Short Equity Fund
  
Schedule of Securities Sold Short
  
as of May 31, 2024 (Unaudited)
  
   
COMMON STOCKS - (19.2)%
  
Shares
    
Value
  
Communication Services - (1.6)%
        
Clear Channel Outdoor Holdings, Inc.
    
(177,786
)
  
$
(256,012
)
CTC Communications Group, Inc.(a)
    
(98,900
)
    
0
  
PSQ Holdings, Inc.
    
(25,877
)
    
(86,946
)
QuinStreet, Inc.
    
(19,210
)
    
(338,288
)
Rumble, Inc.
    
(47,640
)
    
(300,132
)
             
(981,378
)
                 
Consumer Discretionary - (4.6)%
          
Birkenstock Holding PLC
    
(5,287
)
    
(301,359
)
Brunswick Corp.
    
(4,970
)
    
(410,174
)
Dutch Bros, Inc. - Class A
    
(6,984
)
    
(247,164
)
Floor & Decor Holdings, Inc. - Class A
    
(3,507
)
    
(409,828
)
Goodyear Tire & Rubber Co.
    
(17,757
)
    
(218,589
)
Krispy Kreme, Inc.
    
(23,579
)
    
(246,636
)
Peloton Interactive, Inc. - Class A
    
(40,218
)
    
(146,394
)
Qsound Labs, Inc.(a)
    
(4,440
)
    
0
  
Tesla, Inc.
    
(2,429
)
    
(432,556
)
Warby Parker, Inc. - Class A
    
(17,493
)
    
(309,801
)
Workhorse Group, Inc.
    
(77,319
)
    
(15,070
)
             
(2,737,571
)
                 
Consumer Staples - (1.2)%
          
Amish Naturals, Inc.(a)
    
(25,959
)
    
0
  
Duckhorn Portfolio, Inc.
    
(10,951
)
    
(88,375
)
Utz Brands, Inc.
    
(13,116
)
    
(243,171
)
Westrock Coffee Co.
    
(35,462
)
    
(368,095
)
             
(699,641
)
                 
Energy - (0.2)%
          
Beard Co.
    
(9,710
)
    
0
  
OPAL Fuels, Inc. - Class A
    
(21,231
)
    
(102,546
)
             
(102,546
)
                 
Financials - (1.9)%
          
Affirm Holdings, Inc.
    
(4,181
)
    
(122,378
)
Credit Acceptance Corp.
    
(577
)
    
(283,209
)
Hippo Holdings, Inc.
    
(11,156
)
    
(196,792
)
Nelnet, Inc. - Class A
    
(2,279
)
    
(236,241
)
Upstart Holdings, Inc.
    
(12,125
)
    
(299,730
)
             
(1,138,350
)
                 
Health Care - (1.9)%
          
BodyTel Scientific, Inc.(a)
    
(4,840
)
    
(1
)
CareView Communications, Inc.
    
(165,489
)
    
(8,771
)
Establishment Labs Holdings, Inc.
    
(5,527
)
    
(288,675
)
Legend Biotech Corp. - ADR
    
(3,279
)
    
(131,193
)
LifeStance Health Group, Inc.
    
(37,744
)
    
(210,234
)
Madrigal Pharmaceuticals, Inc.
    
(769
)
    
(181,607
)
PROCEPT BioRobotics Corp.
    
(4,876
)
    
(323,766
)
             
(1,144,247
)
                 
Industrials - (2.6)%
          
ACV Auctions, Inc. - Class A
    
(11,451
)
    
(204,400
)
Ameresco, Inc. - Class A
    
(5,730
)
    
(209,260
)
Applied Energetics, Inc.
    
(54,756
)
    
(102,941
)
Corporate Resource Services, Inc.(a)
    
(218,896
)
    
(22
)
Custom Truck One Source, Inc.
    
(28,940
)
    
(138,044
)
Driven Brands Holdings, Inc.
    
(19,210
)
    
(220,723
)
DynaMotive Energy Systems Corp.(a)
    
(72,185
)
    
(7
)
EHang Holdings Ltd. - ADR
    
(9,527
)
    
(161,673
)
Ener1, Inc.(a)
    
(102,820
)
    
(10
)
Hayward Holdings, Inc.
    
(22,052
)
    
(319,534
)
LanzaTech Global, Inc.
    
(46,248
)
    
(122,557
)
Sunrun, Inc.
    
(6,004
)
    
(86,818
)
Valence Technology, Inc.(a)
    
(27,585
)
    
(3
)
             
(1,565,992
)
                 
Information Technology - (4.7)%
          
Amplitude, Inc. - Class A
    
(16,279
)
    
(145,209
)
ANTs software, Inc.(a)
    
(10,334
)
    
(1
)
Astera Labs, Inc.
    
(3,891
)
    
(251,125
)
Consygen, Inc.(a)
    
(200
)
    
0
  
Entegris, Inc.
    
(2,477
)
    
(312,969
)
Envestnet, Inc.
    
(8,118
)
    
(531,810
)
Impinj, Inc.
    
(2,232
)
    
(365,311
)
Interliant, Inc.(a)
    
(600
)
    
0
  
IonQ, Inc.
    
(16,516
)
    
(134,605
)
Lightwave Logic, Inc.
    
(54,237
)
    
(167,050
)
MicroVision, Inc.
    
(85,226
)
    
(100,567
)
nCino, Inc.
    
(4,875
)
    
(148,834
)
Nestor, Inc.(a)
    
(15,200
)
    
(1
)
NextNav, Inc.
    
(21,152
)
    
(166,995
)
Novanta, Inc.
    
(1,248
)
    
(202,376
)
Snowflake, Inc. - Class A
    
(817
)
    
(111,259
)
Sprout Social, Inc. - Class A
    
(5,384
)
    
(175,788
)
Tiger Telematics, Inc.(a)
    
(6,510
)
    
0
  
Uni-Pixel, Inc.
    
(19,665
)
    
0
  
Worldgate Communications, Inc.(a)
    
(582,655
)
    
(58
)
XRiver Corp.(a)
    
(34,156
)
    
0
  
             
(2,813,958
)
                 
Materials - (0.5)%
          
Coeur Mining, Inc.
    
(57,619
)
    
(331,309
)
TOTAL COMMON STOCKS (Proceeds $16,482,053)
      
(11,514,992
)
                 
TOTAL SECURITIES SOLD SHORT - (19.2)% (Proceeds $16,482,053)
            
(11,514,992
)

Percentages are stated as a percent of net assets.
        
 
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, 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. Bank Global Fund Services.

(a)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $(103) or 0.0% of net assets as of May 31, 2024.

Industry classifications may be different than those used for compliance monitoring purposes.
Boston Partners Long/Short Equity Fund
  
Contracts For Difference
  
as of May 31, 2024 (Unaudited)
  
                     
Reference Entity
Counterparty
Maturity Date
  
Financing Rate
  
Payment Frequency
  
Notional Amount
    
Value/ Unrealized Appreciation (Depreciation)
  
Short
                        
United States
                        
Azek Co., Inc.
J.P. Morgan Securities, Inc.
8/31/2026
    
5.07
%
Termination
  
$
(150,642
)
  
$
(49,910
)
Azek Co., Inc.
J.P. Morgan Securities, Inc.
9/28/2026
    
5.07
  
Termination
    
(120,284
)
    
(45,618
)
Glaukos Corp.
J.P. Morgan Securities, Inc.
8/31/2026
    
5.07
  
Termination
    
(388,659
)
    
(133,507
)
Nerdy, Inc.
J.P. Morgan Securities, Inc.
8/31/2026
    
4.63
  
Termination
    
(91,647
)
    
160,143
  
Nerdy, Inc.
J.P. Morgan Securities, Inc.
9/28/2026
    
4.63
  
Termination
    
(25,301
)
    
23,432
  
WW International, Inc.
J.P. Morgan Securities, Inc.
8/31/2026
    
5.07
  
Termination
    
(66,400
)
    
342,737
  
Total Short
                
297,277
  
Net unrealized gain/(loss) on Contracts For Difference
                
297,277
  

There are no upfront payments or receipts associated with contracts for difference in the Fund.
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:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    
57,635,057
      
1,202,978
      
0
(a) 
    
58,838,035
  
  Investments Purchased with Proceeds from Securities Lending(b)
    
–
      
–
      
–
      
10,478,705
  
  Money Market Funds
    
115,578
      
–
      
–
      
115,578
  
Total Investments
    
57,750,635
      
1,202,978
      
0
(a) 
    
69,432,318
  
   
Other Financial Instruments*:
                                
  Contracts For Difference
    
526,312
      
–
      
–
      
526,312
  
Total Other Financial Instruments
    
526,312
      
–
      
–
      
526,312
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
    
(11,514,889
)
    
0
(a) 
    
(103
)
    
(11,514,992
)
  Written Options
    
–
      
(34,650
)
    
–
      
(34,650
)
Total Investments
    
(11,514,889
)
    
(34,650
)
    
(103
)
    
(11,549,642
)
   
Other Financial Instruments*:
                                
  Contracts For Difference
    
(229,035
)
    
–
      
–
      
(229,035
)
Total Other Financial Instruments
    
(229,035
)
    
–
      
–
      
(229,035
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of May 31, 2024.
  
   
Refer to the Schedule of Investments for additional information.
  

(a)
Amount is less than $0.50.
(b)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
 
For the period ended May 31, 2024, 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