ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.8%
COMMUNICATION SERVICES - 5.2%
Diversified Telecommunication Services - 0.5%
EchoStar Corp., Class A Shares		7,769	$	129,587	*
Entertainment - 0.8%
Playstudios Inc.		18,570		72,051	*
Sciplay Corp., Class A Shares		7,498		120,568	*
Total Entertainment				192,619
Interactive Media & Services - 2.7%
Cargurus Inc.		5,344		74,870	*
MediaAlpha Inc., Class A Shares		7,755		77,162	*
Outbrain Inc.		19,048		68,954	*
Shutterstock Inc.		1,945		102,540
TripAdvisor Inc.		4,841		87,041	*
Yelp Inc.		2,927		80,024	*
Ziff Davis Inc.		1,634		129,250	*
ZipRecruiter Inc., Class A Shares		4,203		69,013	*
Total Interactive Media & Services				688,854
Media - 1.2%
Entravision Communications Corp., Class A Shares		18,418		88,406
PubMatic Inc., Class A Shares		3,666		46,962	*
Scholastic Corp.		2,632		103,859
Thryv Holdings Inc.		3,938		74,822	*
Total Media				314,049
TOTAL COMMUNICATION SERVICES				1,325,109
CONSUMER DISCRETIONARY - 17.0%
Auto Components - 0.6%
LCI Industries		1,741		160,955
Diversified Consumer Services - 1.7%
American Public Education Inc.		8,475		104,158	*
Frontdoor Inc.		4,029		83,803	*
Grand Canyon Education Inc.		1,249		131,969	*
Perdoceo Education Corp.		8,839		122,862	*
Total Diversified Consumer Services				442,792
Hotels, Restaurants & Leisure - 1.7%
Bloomin’ Brands Inc.		6,275		126,253
Golden Entertainment Inc.		2,305		86,207	*
Red Rock Resorts Inc., Class A Shares		3,497		139,915
SeaWorld Entertainment Inc.		1,658		88,720	*
Total Hotels, Restaurants & Leisure				441,095

See Notes to Schedule of Investments.

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report         1

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Household Durables - 3.0%
Ethan Allen Interiors Inc.		4,641	$	122,615
GoPro Inc., Class A Shares		16,602		82,678	*
Installed Building Products Inc.		1,300		111,280
La-Z-Boy Inc.		4,919		112,252
Skyline Champion Corp.		2,035		104,823	*
Taylor Morrison Home Corp., Class A Shares		6,169		187,229	*
Tupperware Brands Corp.		9,862		40,829	*
ZAGG Inc. CVR		8,902		801	*(a)(b)
Total Household Durables				762,507
Internet & Direct Marketing Retail - 0.8%
Liquidity Services Inc.		3,855		54,201	*
Revolve Group Inc.		3,353		74,638	*
Vivid Seats Inc., Class A Shares		9,101		66,437	*
Total Internet & Direct Marketing Retail				195,276
Leisure Products - 1.9%
MasterCraft Boat Holdings Inc.		3,299		85,345	*
Smith & Wesson Brands Inc.		8,573		74,414
Sturm Ruger & Co. Inc.		2,317		117,286
Vista Outdoor Inc.		4,342		105,815	*
YETI Holdings Inc.		2,684		110,876	*
Total Leisure Products				493,736
Specialty Retail - 5.9%
Asbury Automotive Group Inc.		1,053		188,750	*
Big 5 Sporting Goods Corp.		8,897		78,560
Buckle Inc.		4,876		221,126
Chico’s FAS Inc.		20,922		102,936	*
Children’s Place Inc.		2,870		104,525	*
Group 1 Automotive Inc.		1,119		201,834
Haverty Furniture Cos. Inc.		4,102		122,650
MarineMax Inc.		3,472		108,396	*
OneWater Marine Inc., Class A Shares		2,756		78,822	*
Shoe Carnival Inc.		4,365		104,367
Torrid Holdings Inc.		12,010		35,550	*
Winmark Corp.		361		85,135
Zumiez Inc.		4,001		86,982	*
Total Specialty Retail				1,519,633

See Notes to Schedule of Investments.

    2     Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Textiles, Apparel & Luxury Goods - 1.4%
Kontoor Brands Inc.		3,828	$	153,082
Movado Group Inc.		3,192		102,942
Oxford Industries Inc.		1,249		116,382
Total Textiles, Apparel & Luxury Goods				372,406
TOTAL CONSUMER DISCRETIONARY				4,388,400
CONSUMER STAPLES - 3.1%
Beverages - 0.7%
National Beverage Corp.		3,608		167,880
Personal Products - 1.7%
BellRing Brands Inc.		3,666		93,996	*
Medifast Inc.		950		109,582
Olaplex Holdings Inc.		30,508		158,947	*
USANA Health Sciences Inc.		1,578		83,950	*
Total Personal Products				446,475
Tobacco - 0.7%
Vector Group Ltd.		15,950		189,167
TOTAL CONSUMER STAPLES				803,522
ENERGY - 2.3%
Energy Equipment & Services - 1.1%
Cactus Inc., Class A Shares		2,462		123,740
Helix Energy Solutions Group Inc.		24,032		177,356	*
Total Energy Equipment & Services				301,096
Oil, Gas & Consumable Fuels - 1.2%
Chord Energy Corp.		1,055		144,334
REX American Resources Corp.		2,824		89,973	*
SandRidge Energy Inc.		3,925		66,843	*
Total Oil, Gas & Consumable Fuels				301,150
TOTAL ENERGY				602,246
FINANCIALS - 22.0%
Banks - 6.2%
Bankwell Financial Group Inc.		2,196		64,628
Civista Bancshares Inc.		3,642		80,161
Customers Bancorp Inc.		3,265		92,530	*
Financial Institutions Inc.		3,512		85,552
First Business Financial Services Inc.		2,176		79,533
First Internet Bancorp		1,922		46,666
Hanmi Financial Corp.		4,069		100,708
HomeStreet Inc.		2,702		74,521
Independent Bank Corp.		4,412		105,535
Metrocity Bankshares Inc.		4,207		90,997

See Notes to Schedule of Investments.

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report         3

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Banks - (continued)
Midland States Bancorp Inc.		4,071	$	108,370
MidWestOne Financial Group Inc.		3,019		95,853
Northeast Bank		1,643		69,170
PacWest Bancorp		6,706		153,903
Parke Bancorp Inc.		3,385		70,205
PCB Bancorp		3,768		66,656
RBB Bancorp		4,041		84,255
Summit Financial Group Inc.		2,816		70,090
Unity Bancorp Inc.		2,560		69,965
Total Banks				1,609,298
Capital Markets - 4.1%
Artisan Partners Asset Management Inc., Class A Shares		5,185		153,995
Cohen & Steers Inc.		2,006		129,507
Diamond Hill Investment Group Inc.		631		116,748
Donnelley Financial Solutions Inc.		2,303		89,011	*
Evercore Inc., Class A Shares		1,787		194,926
Moelis & Co., Class A Shares		4,524		173,586
Open Lending Corp., Class A Shares		10,420		70,335	*
Victory Capital Holdings Inc., Class A Shares		4,552		122,130
Total Capital Markets				1,050,238
Consumer Finance - 2.3%
Atlanticus Holdings Corp.		3,265		85,543	*
Bread Financial Holdings Inc.		4,770		179,638
Encore Capital Group Inc.		2,241		107,434	*
Enova International Inc.		3,828		146,880	*
Green Dot Corp., Class A Shares		5,218		82,549	*
Total Consumer Finance				602,044
Diversified Financial Services - 1.1%
Jackson Financial Inc., Class A Shares		7,965		277,102
Insurance - 3.8%
American Equity Investment Life Holding Co.		5,135		234,259
Brighthouse Financial Inc.		4,011		205,644	*
Genworth Financial Inc., Class A Shares		51,634		273,144	*
Investors Title Co.		661		97,530
Oscar Health Inc., Class A Shares		18,332		45,097	*
Stewart Information Services Corp.		2,670		114,089
Total Insurance				969,763
Thrifts & Mortgage Finance - 4.5%
Enact Holdings Inc.		7,898		190,500
FS Bancorp Inc.		2,430		81,259

See Notes to Schedule of Investments.

    4     Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Thrifts & Mortgage Finance - (continued)
Home Bancorp Inc.		2,121	$	84,903
Luther Burbank Corp.		7,706		85,614
Merchants Bancorp		4,299		104,552
MGIC Investment Corp.		14,228		184,964
Mr. Cooper Group Inc.		4,119		165,295	*
NMI Holdings Inc., Class A Shares		5,469		114,302	*
Radian Group Inc.		7,855		149,795
Total Thrifts & Mortgage Finance				1,161,184
TOTAL FINANCIALS				5,669,629
HEALTH CARE - 16.0%
Biotechnology - 4.3%
Agenus Inc.		16,887		40,529	*
Anika Therapeutics Inc.		2,829		83,738	*
Arcus Biosciences Inc.		3,544		73,290	*
Catalyst Pharmaceuticals Inc.		4,448		82,733	*
Dynavax Technologies Corp.		6,779		72,129	*
Eagle Pharmaceuticals Inc.		2,215		64,745	*
Emergent BioSolutions Inc.		4,986		58,885	*
Ironwood Pharmaceuticals Inc.		8,665		107,359	*
Ligand Pharmaceuticals Inc.		908		60,654	*
Organogenesis Holdings Inc.		19,251		51,785	*
REGENXBIO Inc.		2,861		64,888	*
Vanda Pharmaceuticals Inc.		7,721		57,058	*
Vir Biotechnology Inc.		5,969		151,075	*
Xencor Inc.		2,868		74,683	*
XOMA Corp.		3,108		57,187	*
Total Biotechnology				1,100,738
Health Care Equipment & Supplies - 5.6%
AngioDynamics Inc.		3,206		44,147	*
Atrion Corp.		129		72,169
Avanos Medical Inc.		3,925		106,210	*
Embecta Corp.		3,353		84,797
Heska Corp.		773		48,050	*
Inogen Inc.		2,513		49,531	*
iRadimed Corp.		1,747		49,423
LeMaitre Vascular Inc.		1,499		68,984
Meridian Bioscience Inc.		2,287		75,951	*
Merit Medical Systems Inc.		1,705		120,407	*
Neogen Corp.		5,463		83,201	*
NuVasive Inc.		2,049		84,501	*

See Notes to Schedule of Investments.

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report         5

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Health Care Equipment & Supplies - (continued)
Orthofix Medical Inc.		3,537	$	72,615	*
QuidelOrtho Corp.		1,594		136,558	*
Semler Scientific Inc.		1,045		34,485	*
Sensus Healthcare Inc.		2,628		19,500	*
Surmodics Inc.		1,624		55,411	*
Utah Medical Products Inc.		726		72,985
Varex Imaging Corp.		3,830		77,749	*
Zynex Inc.		5,512		76,672
Total Health Care Equipment & Supplies				1,433,346
Health Care Providers & Services - 0.9%
Fulgent Genetics Inc.		2,549		75,909	*
National Research Corp.		1,994		74,376
US Physical Therapy Inc.		1,143		92,618
Total Health Care Providers & Services				242,903
Health Care Technology - 1.3%
Allscripts Healthcare Solutions Inc.		6,138		108,274	*
Computer Programs & Systems Inc.		2,457		66,880	*
HealthStream Inc.		3,198		79,438	*
NextGen Healthcare Inc.		5,031		94,482	*
Total Health Care Technology				349,074
Life Sciences Tools & Services - 0.5%
Cytek Biosciences Inc.		4,729		48,283	*
Maravai LifeSciences Holdings Inc., Class A Shares		4,106		58,757	*
OmniAb Inc., $ 12.50 EARNOUT		298		0	*(a)(b)(c)(d)
OmniAb Inc., $ 15.00 EARNOUT		298		0	*(a)(b)(c)(d)
OmniAb Inc., NASDAQ		4,454		16,034	*
Total Life Sciences Tools & Services				123,074
Pharmaceuticals - 3.4%
Amphastar Pharmaceuticals Inc.		2,738		76,719	*
Arvinas Inc.		1,749		59,833	*
Corcept Therapeutics Inc.		3,408		69,217	*
Harmony Biosciences Holdings Inc.		1,452		80,005	*
Innoviva Inc.		7,729		102,409	*
Pacira BioSciences Inc.		1,586		61,235	*
Phibro Animal Health Corp., Class A Shares		6,399		85,811
Prestige Consumer Healthcare Inc.		2,219		138,909	*
ProPhase Labs Inc.		5,509		53,052

See Notes to Schedule of Investments.

    6     Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Pharmaceuticals - (continued)
SIGA Technologies Inc.		5,659	$	41,650
Supernus Pharmaceuticals Inc.		2,770		98,806	*
Total Pharmaceuticals				867,646
TOTAL HEALTH CARE				4,116,781
INDUSTRIALS - 15.0%
Building Products - 1.8%
Apogee Enterprises Inc.		2,599		115,552
Insteel Industries Inc.		3,514		96,705
Quanex Building Products Corp.		4,874		115,416
Simpson Manufacturing Co. Inc.		1,503		133,256
Total Building Products				460,929
Commercial Services & Supplies - 1.2%
ACCO Brands Corp.		21,794		121,828
Ennis Inc.		4,668		103,443
Heritage-Crystal Clean Inc.		2,475		80,388	*
Total Commercial Services & Supplies				305,659
Construction & Engineering - 1.5%
Comfort Systems USA Inc.		1,242		142,929
MYR Group Inc.		1,208		111,221	*
Sterling Infrastructure Inc.		3,965		130,052	*
Total Construction & Engineering				384,202
Electrical Equipment - 1.6%
Atkore Inc.		1,538		174,440	*
Encore Wire Corp.		1,013		139,348
GrafTech International Ltd.		21,612		102,873
Total Electrical Equipment				416,661
Machinery - 2.4%
Allison Transmission Holdings Inc.		4,130		171,808
Hillenbrand Inc.		3,576		152,588
Kadant Inc.		566		100,539
Mueller Industries Inc.		2,240		132,160
Omega Flex Inc.		764		71,296
Total Machinery				628,391
Marine - 1.4%
Eagle Bulk Shipping Inc.		2,189		109,319
Genco Shipping & Trading Ltd.		7,853		120,622
Matson Inc.		2,125		132,834
Total Marine				362,775

See Notes to Schedule of Investments.

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report         7

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Professional Services - 2.0%
CRA International Inc.		965	$	118,145
Forrester Research Inc.		1,991		71,198	*
Heidrick & Struggles International Inc.		3,512		98,231
Kforce Inc.		1,764		96,720
Korn Ferry		2,547		128,929
Total Professional Services				513,223
Road & Rail - 1.5%
ArcBest Corp.		1,706		119,488
Covenant Logistics Group Inc.		2,917		100,841
PAM Transportation Services Inc.		2,559		66,278	*
U-Haul Holding Co.		1,578		94,980
Total Road & Rail				381,587
Trading Companies & Distributors - 1.6%
BlueLinx Holdings Inc.		1,814		128,993	*
Boise Cascade Co.		3,009		206,628
Hudson Technologies Inc.		7,905		79,999	*
Total Trading Companies & Distributors				415,620
TOTAL INDUSTRIALS				3,869,047
INFORMATION TECHNOLOGY - 12.1%
Communications Equipment - 0.4%
NetScout Systems Inc.		3,575		116,223	*
Electronic Equipment, Instruments & Components - 2.8%
Belden Inc.		1,810		130,139
Methode Electronics Inc.		2,831		125,611
Sanmina Corp.		3,158		180,922	*
TTM Technologies Inc.		7,847		118,333	*
Vishay Intertechnology Inc.		7,492		161,602
Total Electronic Equipment, Instruments & Components				716,607
IT Services - 0.7%
Cass Information Systems Inc.		2,315		106,073
Hackett Group Inc.		4,191		85,371
Total IT Services				191,444
Semiconductors & Semiconductor Equipment - 4.3%
Alpha & Omega Semiconductor Ltd.		2,695		76,996	*
Axcelis Technologies Inc.		1,388		110,152	*
Cohu Inc.		3,548		113,713	*
Kulicke & Soffa Industries Inc.		2,991		132,382
MaxLinear Inc.		2,729		92,650	*
NVE Corp.		1,568		101,528
Photronics Inc.		6,030		101,485	*
Power Integrations Inc.		1,675		120,131

See Notes to Schedule of Investments.

    8     Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - (continued)
Semtech Corp.		2,977	$	85,410	*
SiTime Corp.		847		86,072	*
SMART Global Holdings Inc.		5,404		80,411	*
Total Semiconductors & Semiconductor Equipment				1,100,930
Software - 3.4%
Adeia Inc.		8,416		79,784
American Software Inc., Class A Shares		4,855		71,271
CommVault Systems Inc.		1,668		104,817	*
Consensus Cloud Solutions Inc.		3,194		171,710	*
CoreCard Corp.		1,712		49,597	*
InterDigital Inc.		2,425		119,989
Progress Software Corp.		2,363		119,213
Rimini Street Inc.		12,961		49,381	*
Teradata Corp.		3,383		113,872	*
Total Software				879,634
Technology Hardware, Storage & Peripherals - 0.5%
Avid Technology Inc.		2,422		64,401	*
Immersion Corp.		8,556		60,149	*
Total Technology Hardware, Storage & Peripherals				124,550
TOTAL INFORMATION TECHNOLOGY				3,129,388
MATERIALS - 4.7%
Chemicals - 2.2%
AdvanSix Inc.		2,957		112,425
American Vanguard Corp.		4,007		86,992
Chase Corp.		984		84,880
Intrepid Potash Inc.		1,921		55,460	*
Tronox Holdings PLC		10,524		144,284
Valhi Inc.		4,024		88,528
Total Chemicals				572,569
Metals & Mining - 1.5%
Alpha Metallurgical Resources Inc.		893		130,726
TimkenSteel Corp.		6,218		112,981	*
Warrior Met Coal Inc.		3,978		137,798
Total Metals & Mining				381,505
Paper & Forest Products - 1.0%
Clearwater Paper Corp.		2,539		95,999	*
Sylvamo Corp.		3,413		165,838
Total Paper & Forest Products				261,837
TOTAL MATERIALS				1,215,911

See Notes to Schedule of Investments.

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report         9

ROYCE QUANT SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY				SHARES		VALUE
REAL ESTATE - 1.7%
Real Estate Management & Development - 1.7%
Douglas Elliman Inc.					21,417	$	87,167
Forestar Group Inc.					8,121		125,145	*
Marcus & Millichap Inc.					2,820		97,149
Newmark Group Inc., Class A Shares					12,269		97,784
Stratus Properties Inc.					1,506		29,051
TOTAL REAL ESTATE							436,296
UTILITIES - 0.7%
Electric Utilities - 0.7%
Genie Energy Ltd., Class B Shares					7,940		82,100
Otter Tail Corp.					1,706		100,159
TOTAL UTILITIES							182,259
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $26,289,550)							25,738,588
	RATE
SHORT-TERM INVESTMENTS - 0.2%
Dreyfus Treasury Cash Management, Institutional Class (Cost - $43,685)		4.168	%		43,685		43,685	(e)
TOTAL INVESTMENTS - 100.0% (Cost - $26,333,235)							25,782,273
Other Assets in Excess of Liabilities - 0.0%††							12,160
TOTAL NET ASSETS - 100.0%						$	25,794,433

†† Represents less than 0.1%.

* Non-income producing security.

(a) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

(b) Security is valued using significant unobservable inputs (Note 1).

(c) Value is less than $1.

(d) Restricted security (Note 2).

(e) Rate shown is one-day yield as of the end of the reporting period.

Abbreviation(s) used in this schedule:

CVR — Contingent Value Rights

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

    10     Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Royce Quant Small-Cap Quality Value ETF (the “Fund”) is a separate diversified investment series of Legg Mason ETF Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to achieve long-term growth of capital.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each

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Notes to Schedule of Investments (unaudited) (cont’d)

fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

12

Notes to Schedule of Investments (unaudited) (cont’d)

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Common Stocks:
Consumer Discretionary	$	4,387,599		—	$	801		$	4,388,400
Health Care		4,116,781		—		0	*		4,116,781
Other Common Stocks		17,233,407		—		—			17,233,407
Total Long-Term Investments		25,737,787		—		801			25,738,588
Short-Term Investments†		43,685		—		—			43,685
Total Investments	$	25,781,472		—	$	801		$	25,782,273

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

13

Notes to Schedule of Investments (unaudited) (cont’d)

2. Restricted securities

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.

Security	Number of Shares		Acquisition Date		Cost			Fair Value at 12/31/2022			Value Per Share			Percent of Net Assets
OmniAb Inc., $12.50 EARNOUT		298		11/2	$	0	(a)	$	0	(a)	$	0.00	(b)		0.00	(c)%
OmniAb Inc., $15.00 EARNOUT		298		11/2		0	(a)		0	(a)		0.00	(b)		0.00	(c)

(a) Amount represents less than $1.

(b) Amount represents less than $0.005 per share.

(c) Amount represents less than 0.005%.

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