RBB Fund NPORT-P Oakhurst Fixed Income Fund (May 2024 report)

Oakhurst Fixed Income Fund
Schedule of Investments
as of May 31, 2024 (Unaudited)
U.S. TREASURY OBLIGATIONS - 27.5%	Par		Value
United States Treasury Note/Bond
5.25%, 11/15/2028		1,635,000		$	1,681,495
5.25%, 02/15/2029		3,000,000			3,093,398
2.75%, 08/15/2032		3,500,000			3,078,018
4.13%, 11/15/2032		4,330,000			4,209,572
3.50%, 02/15/2033		4,800,000			4,449,562
3.88%, 08/15/2033		5,348,000			5,087,285
4.50%, 11/15/2033		2,185,000			2,181,415
4.00%, 02/15/2034		1,775,000			1,703,307
3.00%, 05/15/2042		4,699,000			3,713,128
2.50%, 02/15/2045		4,323,000			3,037,583
TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,190,740)					32,234,763
CORPORATE BONDS - 26.6%	Par		Value
Communications - 1.5%
BellSouth LLC, 6.88%, 10/15/2031		895,000			937,857
Discovery Communications LLC, 5.00%, 09/20/2037		1,025,000			888,562
					1,826,419
Consumer Discretionary - 1.5%
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033		900,000			905,630
United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, 5.88%, 10/15/2027		876,024			876,972
					1,782,602
Energy - 2.9%
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		783,000			901,284
Enbridge, Inc., 5.70%, 03/08/2033		904,000			906,098
Gray Oak Pipeline LLC, 3.45%, 10/15/2027 (a)		613,000			575,856
Phillips 66 Partners LP
3.55%, 10/01/2026		565,000			528,599
3.75%, 03/01/2028		515,000			468,862
					3,380,699
Financials - 11.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032		1,075,000			914,527
American Homes 4 Rent LP, 2.38%, 07/15/2031		1,191,000			961,093
Antares Holdings LP, 7.95%, 08/11/2028 (a)		800,000			832,822
Aviation Capital Group LLC, 6.38%, 07/15/2030 (a)		900,000			926,542
Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034		905,000			889,752
Blackstone Private Credit Fund, 3.25%, 03/15/2027		975,000			899,002
Blue Owl Capital Corp., 2.63%, 01/15/2027		997,000			911,659
Bridge Housing Corp., 3.25%, 07/15/2030		1,045,000			877,838
Crown Castle, Inc., 5.10%, 05/01/2033		919,000			881,527
Fairfax Financial Holdings Ltd., 5.63%, 08/16/2032		904,000			884,917
First American Financial Corp., 4.00%, 05/15/2030		1,017,000			908,302
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025		960,000			949,446
FS KKR Capital Corp., 3.40%, 01/15/2026		933,000			887,652
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		750,000			625,642
Jackson Financial, Inc., 3.13%, 11/23/2031		1,100,000			913,869
					13,264,590
Health Care - 2.7%
Bristol-Myers Squibb Co., 5.88%, 11/15/2036		907,000			939,474
CVS Pass-Through Trust
5.79%, 01/10/2026(a)		236,591			236,384
6.94%, 01/10/2030		304,724			311,728
CVS Pass-Through Trust Series 2013, Series 2013, 4.70%, 01/10/2036 (a)		196,458			177,164
CVS Pass-Through Trust Series 2014, 4.16%, 08/11/2036 (a)		633,195			546,289
Quest Diagnostics, Inc., 6.40%, 11/30/2033		880,000			938,161
					3,149,200
Industrials - 0.8%
MasTec, Inc., 4.50%, 08/15/2028 (a)		975,000			919,727
Technology - 3.2%
Applied Materials, Inc., 5.85%, 06/15/2041		867,000			919,179
Hewlett Packard Enterprise Co., 6.20%, 10/15/2035		857,000			905,671
Leidos Holdings, Inc., 5.95%, 12/01/2040		945,000			921,421
Ricoh USA, Inc., 6.75%, 12/01/2025		1,000,000			958,794
					3,705,065
Utilities - 2.7%
Berkshire Hathaway Energy Co., 6.50%, 09/15/2037		800,000			850,053
Elwood Energy LLC, 8.16%, 07/05/2026		241,323			214,777
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032		755,000			874,488
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (a)		220,315			219,870
Potomac Electric Power Co., 7.90%, 12/15/2038 (b)		780,000			981,166
					3,140,354
TOTAL CORPORATE BONDS (Cost $32,470,766)					31,168,656
COLLATERALIZED MORTGAGE OBLIGATIONS - 24.4%	Par		Value
ABN Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033		88,093			83,095
Banc of America Mortgage Securities, Inc.
Series 2003-J, Class 2A1, 5.09%, 11/25/2033(c)		229,996			203,725
Series 2004-A, Class 3A1, 6.37%, 02/25/2034(c)		13,022			12,932
Bear Stearns Alt-A Trust, Series 2003-6, Class 2A1, 5.73%, 01/25/2034 (c)		146,936			131,817
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-49, Class A9, 5.25%, 12/19/2033 (c)		32,103			29,660
Credit Suisse Management LLC, Series 2002-AR31, Class 4A2, 6.25%, 11/25/2032 (c)		35,498			34,494
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (a)(c)		326,603			283,581
Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034		361,472			360,638
Federal Home Loan Mortgage Corp.
Series 2569, Class LD, 5.50%, 02/15/2033		27,523			27,639
Series 3622, Class WA, 5.50%, 09/15/2039		142,007			142,644
Series 3793, Class UA, 4.00%, 06/15/2033		28,450			27,050
Series 3827, Class HA, 3.50%, 11/15/2025		26,681			26,272
Series 3940, Class PD, 2.50%, 02/15/2041		83,287			79,680
Series 4077, Class AP, 4.00%, 01/15/2042		31,571			30,088
Series 4183, Class PA, 3.50%, 01/15/2043		22,922			22,502
Series 4566, Class CA, 3.00%, 01/15/2043		14,897			14,818
Series 4753, Class JA, 3.00%, 12/15/2047		946,816			830,771
Series 4760, Class A, 3.00%, 02/15/2048		613,614			562,511
Series 4960, Class PD, 2.00%, 10/25/2049		673,809			543,057
Series 5145, Class AB, 1.50%, 09/25/2049		1,180,646			901,585
Series 5206, Class DV, 3.50%, 06/25/2033		1,002,942			919,524
Series 5227, Class JQ, 4.00%, 04/25/2047		1,010,108			949,369
Series 5231, Class LV, 4.50%, 05/25/2052		1,055,898			1,000,221
Series 5252, Class BA, 4.00%, 02/25/2050		1,065,385			1,013,107
Federal National Mortgage Association
Series 2005-80, Class BA, 5.00%, 04/25/2029		20,015			19,702
Series 2009-96, Class DB, 4.00%, 11/25/2029		55,851			54,533
Series 2013-13, Class MA, 4.00%, 01/25/2043		220,081			207,679
Series 2014-80, Class KA, 2.00%, 03/25/2044		257,903			189,262
Series 2016-24, Class HA, 3.00%, 04/25/2044		52,365			49,927
Series 2016-49, Class LA, 3.50%, 01/25/2043		103,055			100,223
Series 2016-89, Class CG, 3.00%, 04/25/2046		103,962			92,768
Series 2017-105, Class N, 3.00%, 01/25/2048		1,218,564			1,048,410
Series 2017-22, Class EC, 3.00%, 06/25/2044		104,139			100,712
Series 2018-45, Class AB, 3.00%, 06/25/2048		200,515			172,361
Series 2019-33, Class N, 3.00%, 03/25/2048		251,877			228,555
Series 2022-22, Class EV, 4.00%, 07/25/2033		719,654			674,198
Government National Mortgage Association
Series 2017-84, Class JD, 3.00%, 05/20/2047		34,722			30,111
Series 2018-6, Class JA, 2.75%, 01/20/2048		200,568			179,613
Series 2019-152, Class HA, 3.50%, 08/20/2049		136,573			128,229
Series 2019-61, Class KU, 3.50%, 05/20/2049		494,365			430,393
Series 2019-99, Class JC, 3.00%, 08/20/2049		68,610			60,008
Series 2020-122, Class DP, 2.50%, 07/20/2050		1,136,923			940,509
Series 2020-123, Class PB, 2.25%, 08/20/2050		560,659			442,875
Series 2020-133, Class A, 6.38%, 05/20/2050(c)		233,089			233,131
Series 2020-133, Class HA, 3.50%, 09/20/2050		268,213			236,059
Series 2020-134, Class NP, 2.50%, 09/20/2050		874,537			704,592
Series 2020-183, Class AY, 2.00%, 11/20/2050		870,135			678,807
Series 2020-5, Class NA, 3.50%, 12/20/2049		214,088			192,232
Series 2020-78, Class CB, 5.00%, 09/20/2034		177,490			172,250
Series 2020-84, Class WA, 3.50%, 06/20/2050		160,980			141,955
Series 2020-95, Class NB, 4.50%, 07/20/2050		21,377			19,640
Series 2022-20, Class KA, 2.50%, 01/20/2052		1,045,387			900,136
Series 2022-24, Class BC, 4.00%, 02/20/2052		656,758			601,773
Series 2022-78, Class LA, 4.50%, 07/20/2050		877,142			848,836
GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (a)(c)		597,666			463,837
Harborview Mortgage Loan Trust
Series 2003-1, Class A, 5.78%, 05/19/2033(c)		39,724			34,969
Series 2004-4, Class 2A, 5.99% (1 mo. Term SOFR + 0.67%), 06/19/2034		51,074			44,659
Impac CMB Trust, Series 2005-4, Class 2A1, 6.04% (1 mo. Term SOFR + 0.41%), 05/25/2035		276,245			253,804
Impac Funding Corp., Series 2003-3, Class A1, 5.20%, 08/25/2033 (c)		20,429			19,440
Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, 6.14% (1 mo. Term SOFR + 0.81%), 05/25/2036		81,061			70,998
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 5.31%, 10/25/2033(c)		48,482			44,805
Series 2004-A1, Class 4A1, 6.14%, 02/25/2034(c)		18,790			18,099
Series 2004-A3, Class SF3, 6.48%, 06/25/2034(c)		46,426			43,104
Series 2004-A4, Class 2A2, 5.53%, 09/25/2034(c)		508,211			458,906
Series 2004-A5, Class 2A1, 5.87%, 12/25/2034(c)		23,503			23,396
Series 2013-3, Class A3, 3.36%, 07/25/2043(a)(c)		52,612			47,128
Series 2017-2, Class A3, 3.50%, 05/25/2047(a)(c)		106,872			92,598
Mastr Adjustable Rate Mortgages Trust, Series 2003-3, Class 2A1, 5.82%, 09/25/2033 (c)		48,049			44,631
MASTR Asset Securitization Trust, Series 2004-1, Class 3A7, 5.25%, 01/25/2034		36,470			34,154
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 1A, 5.65%, 05/25/2034(c)		108,885			95,126
Series 2005-A1, Class 1A, 5.82%, 12/25/2034(c)		218,542			207,610
MortgageIT Trust, Series 2004-1, Class A2, 6.34% (1 mo. Term SOFR + 1.01%), 11/25/2034		682,822			636,164
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(c)		31,774			28,942
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 (a)(c)		182,386			170,448
RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (a)(c)		1,321,152			1,124,169
Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (a)(c)		162,685			151,061
Sequoia Mortgage Trust
Series 2003-8, Class A1, 6.07% (1 mo. Term SOFR + 0.75%), 01/20/2034		160,553			150,499
Series 2004-6, Class A2, 5.99% (1 mo. Term SOFR + 0.67%), 07/20/2034		69,622			61,658
Series 2013-5, Class A1, 2.50%, 05/25/2043(a)(c)		155,142			129,688
Series 2013-6, Class A2, 3.00%, 05/25/2043(c)		183,857			158,377
Series 2018-5, Class A7, 3.50%, 05/25/2048(a)(c)		713,484			620,477
Series 2019-2, Class A1, 4.00%, 06/25/2049(a)(c)		532,971			481,353
Series 2019-4, Class A1, 3.50%, 11/25/2049(a)(c)		526,175			455,507
Series 2020-4, Class A2, 2.50%, 11/25/2050(a)(c)		534,973			424,920
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A4, 7.30%, 02/25/2034 (c)		56,078			52,850
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1, 6.13% (1 mo. Term SOFR + 0.81%), 01/19/2034		23,702			22,027
Series 2004-AR4, Class 1A1, 6.13% (1 mo. Term SOFR + 0.81%), 12/19/2034		33,525			30,819
Series 2004-AR6, Class A1A, 6.13% (1 mo. Term SOFR + 0.81%), 02/19/2035		916,174			822,111
Structured Asset Securities Corp.
Series 2003-34A, Class 5A4, 6.43%, 11/25/2033(c)		87,444			82,295
Series 2003-9A, Class 2A1, 6.66%, 03/25/2033(c)		57,960			54,955
Terwin Mortgage Trust, Series 2004-1HE, Class M1, 6.56% (1 mo. Term SOFR + 1.24%), 02/25/2034 (a)		289,809			271,093
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.41% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034		81,812			76,048
Series 2003-AR7, Class A7, 5.59%, 08/25/2033(c)		374,899			344,122
Series 2003-AR8, Class A, 5.52%, 08/25/2033(c)		139,102			130,350
Series 2005-AR13, Class A1A3, 7.00% (1 mo. Term SOFR + 1.67%), 10/25/2045		120,338			115,591
Series 2005-AR2, Class 1A1A, 6.10% (1 mo. Term SOFR + 0.77%), 01/25/2045		868,803			820,721
Wells Fargo Alternative Loan Trust, Series 2002-1, Class 1A1, 6.25%, 08/25/2032		180,124			176,755
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (a)(c)		1,018,640			882,005
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $31,881,100)					28,582,528
MORTGAGE-BACKED SECURITIES - 8.6%	Par		Value
Federal Home Loan Mortgage Corp.
Pool C91859, 3.50%, 12/01/2035		198,210			186,507
Pool SB8257, 5.50%, 09/01/2038		966,469			968,403
Pool SD3386, 5.50%, 07/01/2053		1,443,540			1,422,071
Federal National Mortgage Association
Pool CB4024, 4.50%, 07/01/2052		1,304,434			1,236,590
Pool FM5329, 2.00%, 01/01/2031		447,611			414,112
Pool FS0862, 2.50%, 12/01/2036		835,134			758,128
Pool FS3430, 4.00%, 11/01/2052		965,961			889,246
Pool FS4239, 5.00%, 03/01/2053		1,275,411			1,229,073
Pool FS4522, 5.00%, 05/01/2053		1,482,467			1,427,014
Pool FS5649, 5.50%, 08/01/2053		386,031			379,700
Pool FS5779, 5.50%, 09/01/2053		1,173,118			1,153,581
Pool MA0584, 4.50%, 10/01/2040		8,914			8,306
Pool MA1201, 3.50%, 10/01/2032		80,162			76,138
TOTAL MORTGAGE-BACKED SECURITIES (Cost $10,318,561)					10,148,869
ASSET-BACKED SECURITIES - 8.0%	Par		Value
Air Canada, Series 2017-1, 3.55%, 01/15/2030 (a)		898,000			798,287
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 (a)		1,012,269			985,309
American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032		1,000,672			888,100
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.64% (1 mo. Term SOFR + 1.31%), 11/25/2034		148,892			145,317
DB Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 (a)		1,055,925			925,218
Domino's SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (a)		636,988			561,950
Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (a)		735,000			701,373
Impac CMB Trust, Series 2007-A, Class M1, 6.24% (1 mo. Term SOFR + 0.91%), 05/25/2037 (a)		242,080			224,952
Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (a)		849,950			787,299
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1, 6.00% (1 mo. Term SOFR + 0.67%), 10/25/2034		722,356			689,411
SBA Depositor LLC
Series 2020-1-2, 1.88%, 01/15/2026(a)		1,050,000			982,402
Series 2020-1-2, 2.33%, 01/15/2028(a)		10,000			8,910
Verizon Master Trust, Series 2023-6, Class A, 5.35%, 09/22/2031 (a)		750,000			756,329
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027		998,000			945,504
TOTAL ASSET-BACKED SECURITIES (Cost $9,634,276)					9,400,361
U.S. GOVERNMENT AGENCY ISSUES - 2.9%	Par		Value
United States of America
1.15%, 08/12/2030		2,000,000			1,605,861
4.65%, 06/15/2035		1,100,000			1,080,800
2.40%, 03/24/2036		900,000			685,903
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $3,884,295)					3,372,564
SHORT-TERM INVESTMENTS - 1.8%
Investments Purchased with Proceeds from Securities Lending - 0.1%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(d)		158,400			158,400
Money Market Funds - 1.7%	Shares
Invesco Treasury Portfolio - Class Institutional, 5.24%(d)		1,965,233			1,965,233
TOTAL SHORT-TERM INVESTMENTS (Cost $2,123,633)					2,123,633
TOTAL INVESTMENTS - 99.8% (Cost $125,503,371)				$	117,031,374
Other Assets in Excess of Liabilities - 0.2%					266,418
TOTAL NET ASSETS - 100.0%				$	117,297,792
Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $16,793,490 or 14.3% of the Fund’s net assets.
(b)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $155,519 which represented 0.1% of net assets.
(c)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2024.
(d)	The rate shown represents the 7-day effective yield as of May 31, 2024.

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
Investments:
U.S. Treasury Obligations		–		32,234,763		–		32,234,763
Corporate Bonds		–		31,168,656		–		31,168,656
Collateralized Mortgage Obligations		–		28,582,528		–		28,582,528
Mortgage-Backed Securities		–		10,148,869		–		10,148,869
Asset-Backed Securities		–		9,400,361		–		9,400,361
U.S. Government Agency Issues		–		3,372,564		–		3,372,564
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		158,400
Money Market Funds		1,965,233		–		–		1,965,233
Total Investments		1,965,233		114,907,741		–		117,031,374
Refer to the Schedule of Investments for additional information.

(a) 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 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.