NPORT-EX 2 NPORT_9WN6_93897536_0123.htm EDGAR HTML
Schedule of Investments Global Allocation Fund^ (Unaudited) 
January 31, 2023
 
Number of Shares
Value
Common Stocks 0.0%(a)
Switzerland 0.0%(a)
 
 
 
       66
Temenos AG (Cost $5,251)
$4,711
 
Short-Term Investments 108.9%
Investment Companies 108.9%
 
 
7,707,682
State Street Institutional
U.S. Government Money Market
Fund Premier Class,
4.18%(b)(Cost $7,707,682)
7,707,682
Total Investments 108.9%
(Cost $7,712,933)
7,712,393
Liabilities Less Other Assets (8.9)%
(632,477)
Net Assets 100.0%
$7,079,916
 
(a)
Represents less than 0.05% of net assets of the Fund.
(b)
Represents 7-day effective yield as of January 31, 2023.
 
POSITIONS BY INDUSTRY
Industry
Investments at
Value
Percentage of
Net Assets
Software
$4,711
0.0%(a)
Short-Term Investments and Other Liabilities—Net
7,075,205
100.0%
 
$7,079,916
100.0%
 
(a)
Represents less than 0.05% of net assets of the Fund.
See Notes to Schedule of Investments
Schedule of Investments Global Allocation Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of January 31, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$—
$4,711
$—
$4,711
Short-Term Investments
—
7,707,682
—
7,707,682
Total Investments
$—
$7,712,393
$—
$7,712,393
 
#
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited) 
January 31, 2023
 
Number of Shares
Value
Long Positions 102.1%
Common Stocks 76.6%
Aerospace & Defense 1.2%
245,678
Airbus SE
$   30,799,628
170,200
Boeing Co.
   36,252,600*(a)
 
 
67,052,228
Banks 1.1%
427,776
JPMorgan Chase & Co.
59,871,529(a)
Beverages 1.3%
2,060,893
Keurig Dr Pepper, Inc.
72,708,305(a)
Biotechnology 0.6%
233,927
AbbVie, Inc.
34,562,714
Capital Markets 4.5%
1,155,562
Brookfield Asset
Management, Inc. Class A
   42,986,906
498,280
CME Group, Inc.
   88,026,145(a)
303,904
S&P Global, Inc.
  113,945,766
 
 
244,958,817
Chemicals 1.4%
54,608
Air Products & Chemicals, Inc.
   17,502,410(a)
537,231
Ashland, Inc.
   58,703,231
 
 
76,205,641
Commercial Services & Supplies 1.1%
381,385
Waste Management, Inc.
59,011,701
Computers 0.1%
359,091
Arctic Wolf Networks, Inc.
3,950,001*#(b)(c)
Containers & Packaging 0.8%
216,692
Avery Dennison Corp.
41,050,132
Diversified Consumer Services 0.2%
572,482
European Wax Center, Inc.
Class A
10,785,561
Diversified Financial Services 1.0%
722,815
Apollo Global Management,
Inc.
   51,160,846
1,800,000
Sunlight Financial Holdings,
Inc.
    2,322,000*
 
 
53,482,846
Electric Utilities 2.4%
1,719,976
NextEra Energy, Inc.
128,361,809(a)
Electrical Equipment 0.9%
1,277,749
nVent Electric PLC
50,790,523
Electronic Equipment, Instruments & Components 2.5%
  410,733
Amphenol Corp. Class A
   32,764,172
204,159
CDW Corp.
   40,021,289
Number of Shares
Value
Electronic Equipment, Instruments & Components –
cont'd
486,829
TE Connectivity Ltd.
$   61,900,307
 
 
134,685,768
Entertainment 1.5%
582,835
Activision Blizzard, Inc.
   44,627,676(a)
73,335
Netflix, Inc.
   25,950,323*(a)
74,775
Walt Disney Co.
    8,112,340*(a)
 
 
78,690,339
Equity Real Estate Investment Trusts 0.9%
157,161
SBA Communications Corp.
46,760,112(a)
Food & Staples Retailing 1.6%
103,686
Costco Wholesale Corp.
   52,998,062
225,545
Walmart, Inc.
   32,449,159(a)
 
 
85,447,221
Food Products 0.5%
454,346
Mondelez International, Inc.
Class A
29,732,402(a)
Health Care Equipment & Supplies 0.9%
64,125
Becton, Dickinson & Co.
   16,173,608
741,618
Boston Scientific Corp.
   34,299,832*
 
 
50,473,440
Health Care Providers & Services 2.5%
73,639
Humana, Inc.
   37,681,076
193,925
UnitedHealth Group, Inc.
   96,805,421(a)
 
 
134,486,497
Holding Companies—Diversified 0.2%
1,082,400
Independence Holdings Corp.
10,986,360*
Hotels, Restaurants & Leisure 2.8%
  110,435
Expedia Group, Inc.
   12,622,720*
  667,773
First Watch Restaurant Group,
Inc.
   10,817,923*
  128,339
Marriott International, Inc.
Class A
   22,354,087(a)
  356,383
McDonald's Corp.
   95,296,814(a)
1,022,778
Sweetgreen, Inc. Class A
   10,606,208*(d)
 
 
151,697,752
Household Products 0.9%
336,285
Procter & Gamble Co.
47,880,258(a)
Insurance 0.5%
178,934
Progressive Corp.
24,397,651(a)
Interactive Media & Services 4.1%
1,154,478
Alphabet, Inc. Class A
  114,108,606*(a)
266,121
Match Group, Inc.
   14,402,469*
636,852
Meta Platforms, Inc. Class A
   94,871,842*(a)
 
 
223,382,917
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Internet & Direct Marketing Retail 2.9%
1,226,827
Amazon.com, Inc.
$  126,522,668*(a)
622,766
Chewy, Inc. Class A
   28,061,836*(d)
 
 
154,584,504
IT Services 4.4%
658,859
Fidelity National Information
Services, Inc.
   49,440,779
  183,750
MasterCard, Inc. Class A
   68,097,750(a)
  442,645
Okta, Inc.
   32,583,099*
1,869,977
Repay Holdings Corp.
   18,213,576*
305,725
Visa, Inc. Class A
   70,380,952(a)
 
 
238,716,156
Life Sciences Tools & Services 0.7%
68,524
Thermo Fisher Scientific, Inc.
39,081,293
Multiline Retail 0.7%
249,982
Dollar Tree, Inc.
37,542,297*(a)
Multi-Utilities 1.9%
1,898,160
CenterPoint Energy, Inc.
   57,172,579(a)
458,301
WEC Energy Group, Inc.
   43,075,711(a)
 
 
100,248,290
Oil, Gas & Consumable Fuels 2.1%
344,383
Chevron Corp.
   59,929,530(a)
1,163,053
Enbridge, Inc.
   47,650,281
329
Venture Global LNG, Inc.
    3,245,256*#(b)(c)
 
 
110,825,067
Pharmaceuticals 0.9%
290,524
Johnson & Johnson
47,477,432(a)
Professional Services 1.5%
353,520
Equifax, Inc.
78,552,144
Road & Rail 2.3%
534,510
Uber Technologies, Inc.
   16,532,394*
533,356
Union Pacific Corp.
  108,905,962(a)
 
 
125,438,356
Semiconductors & Semiconductor Equipment 1.7%
393,947
Analog Devices, Inc.
   67,550,092(a)
29,397
ASML Holding NV
   19,426,714
36,100
NVIDIA Corp.
    7,052,857
 
 
94,029,663
Software 11.8%
299,922
Adobe, Inc.
  111,073,114*
  111,020
Atlassian Corp. Class A
   17,943,052*
  179,381
Grammarly, Inc. Class A
    3,761,530*#(b)(c)
   14,865
Intuit, Inc.
    6,282,990(a)
  761,164
Microsoft Corp.
  188,624,051(a)
1,806,473
Paycor HCM, Inc.
   45,360,537*
  761,017
Salesforce, Inc.
  127,828,026*(a)
Number of Shares
Value
Software – cont'd
  142,455
ServiceNow, Inc.
$   64,835,544*(a)
  244,681
Splunk, Inc.
   23,433,099*
268,203
Workday, Inc. Class A
   48,660,070*(a)
 
 
637,802,013
Specialty Retail 6.4%
200,331
Asbury Automotive Group,
Inc.
   44,072,820*
2,026,590
Fanatics Holdings, Inc. Class A
  154,365,360*#(b)(c)
  128,008
Home Depot, Inc.
   41,496,353(a)
1,302,538
TJX Cos., Inc.
  106,625,761
 
 
346,560,294
Technology Hardware, Storage & Peripherals 3.1%
1,148,947
Apple, Inc.
165,781,563(a)
Textiles, Apparel & Luxury Goods 0.7%
  316,542
NIKE, Inc. Class B
40,305,293(a)
 
Total Common Stocks
(Cost $3,353,295,056)
4,138,356,889
Preferred Stocks 1.0%
Capital Markets 0.0%(e)
82,110
Savage X, Inc. Ser. C
3,949,984*#(b)(c)
Entertainment 0.1%
39,203
A24 Films LLC
4,463,653*#(b)(c)(f)
Internet 0.4%
23,000
Fabletics, Inc. Ser. G
23,000,000*#(b)(c)
IT Services 0.3%
  959,038
Cybereason, Inc. Ser. F
    4,275,008*#(b)(c)
658,071
Druva, Inc. Ser. 4
    6,167,968*#(b)(c)
480,112
Druva, Inc. Ser. 5
    4,499,993*#(b)(c)
 
 
14,942,969
Software 0.2%
55,626
Grammarly, Inc. Ser. 3
    1,458,063*#(b)(c)
  180,619
Signifyd, Inc. Ser. Seed
    2,115,049*#(b)(c)
   78,686
Signifyd, Inc. Ser. A
      922,987*#(b)(c)
  325,371
Videoamp, Inc. Ser. F1
    5,135,005*#(b)(c)
 
 
9,631,104
Total Preferred Stocks
(Cost $58,686,273)
55,987,710
 
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Units
Value
Master Limited Partnerships and Limited
Partnerships 3.0%
Multi-Utilities 1.1%
1,600,530
Brookfield Infrastructure
Partners L.P.
$56,562,730(a)
Number of Units
Value
Oil, Gas & Consumable Fuels 1.9%
4,095,940
Enterprise Products Partners L.P.
$104,856,064
Total Master Limited Partnerships and
Limited Partnerships
(Cost $132,960,681)
161,418,794
 
Principal Amount
 
Corporate Bonds 3.4%
Beverages 0.2%
$11,355,000
PepsiCo, Inc., 2.75%, due 10/21/2051
$8,415,975
Computers 0.2%
15,165,000
Apple, Inc., 2.85%, due 8/5/2061
10,551,372
Diversified Financial Services 0.0%(e)
 2,838,000
Mastercard, Inc., 2.95%, due 3/15/2051
2,184,857
Electric 0.2%
11,350,000
Florida Power & Light Co., 2.88%, due 12/4/2051
8,253,034
Healthcare - Services 0.1%
 9,462,000
UnitedHealth Group, Inc., 3.13%, due 5/15/2060
6,875,634
Internet 0.8%
14,222,000
Alphabet, Inc., 2.25%, due 8/15/2060
  8,752,669
19,922,000
Amazon.com, Inc., 3.25%, due 5/12/2061
 14,650,693
12,315,000
Meta Platforms, Inc., 4.65%, due 8/15/2062
 10,792,497
 9,590,000
Uber Technologies, Inc., 8.00%, due 11/1/2026
  9,816,707(g)
 
 
44,012,566
Machinery - Diversified 0.0%(e)
 2,850,000
nVent Finance Sarl, 4.55%, due 4/15/2028
2,706,000(h)
Miscellaneous Manufacturer 0.7%
 
Anagram International, Inc./Anagram Holdings LLC
24,838,349
10.00% Cash & 5.00% PIK, due 8/15/2025
 23,596,432(g)(i)
17,363,813
5.00% Cash & 5.00% PIK, due 8/15/2026
 13,886,776(g)(i)
 
 
37,483,208
Office - Business Equipment 0.1%
 5,700,000
CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026
5,124,756
Pharmaceuticals 0.2%
12,295,000
Johnson & Johnson, 2.45%, due 9/1/2060
8,209,769
Real Estate Investment Trusts 0.0%(e)
 2,850,000
SBA Communications Corp., 3.88%, due 2/15/2027
2,632,077
Retail 0.2%
12,295,000
Walmart, Inc., 2.65%, due 9/22/2051
8,977,743
Software 0.7%
13,250,000
Activision Blizzard, Inc., 2.50%, due 9/15/2050
  8,903,323
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Principal Amount
Value
Software – cont'd
$18,032,000
Microsoft Corp., 2.68%, due 6/1/2060
$ 12,511,050
 
Oracle Corp.
 5,715,000
6.90%, due 11/9/2052
  6,610,780
16,122,000
3.85%, due 4/1/2060
 11,651,665
 
 
39,676,818
Total Corporate Bonds
(Cost $174,831,353)
185,103,809
Loan Assignments 0.3%
Leisure Goods - Activities - Movies 0.3%
15,000,000
One Spa World, LLC, Second Lien Term Loan, (3M USD LIBOR + 7.50%), 11.83%, due 3/18/2027
(Cost $14,838,464)
15,300,000#(b)(c)(j)
 
Convertible Bonds 0.4%
Computers 0.4%
    19,850
Arctic Wolf Networks, Inc., 0.00%, due 9/29/2027 (Cost $19,850,000)
19,850,000#(b)(c)
 
Number of Shares
 
Warrants 0.1%
Diversified Consumer Services 0.1%
52,600
OneSpaWorld Holdings Ltd. Expires 3/19/2024
$     78,900*
653,334
OneSpaWorld Holdings Ltd. Expires 6/12/2025
  3,573,737*(b)(c)
 
 
3,652,637
Food Products 0.0%(e)
701,800
Whole Earth Brands, Inc. Expires 6/25/2025
    128,921*
301,400
Whole Earth Brands, Inc. Expires 6/25/2025
     55,367*
 
 
184,288
Total Warrants
(Cost $433,413)
3,836,925
Purchased Option Contracts 0.0%(e)
(Cost $2,106,271)
877,020
 
Short-Term Investments 17.3%
Investment Companies 17.3%
906,885,181
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.18%(k)
906,885,181
 24,683,398
State Street Navigator Securities Lending Government Money Market Portfolio, 4.35%(k)
 24,683,398(l)
Total Short-Term Investments
(Cost $931,568,579)
931,568,579
 
Total Long Positions (102.1%)
(Cost $4,688,570,090)
5,512,299,726
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Short Positions ((18.0)%)
Common Stocks Sold Short (17.2)%
Aerospace & Defense (0.2)%
(121,629)
AeroVironment, Inc.
$(10,821,332)*
Air Freight & Logistics (0.2)%
(78,100)
Expeditors International of
Washington, Inc.
(8,446,515)
Automobiles (0.2)%
(498,230)
Ford Motor Co.
  (6,731,087)
(403,407)
Lucid Group, Inc.
  (4,715,828)*
 
 
(11,446,915)
Banks (0.3)%
(91,200)
Signature Bank
 (11,760,240)
(107,804)
Wells Fargo & Co.
  (5,052,773)
 
 
(16,813,013)
Capital Markets (1.2)%
(187,689)
Coinbase Global, Inc.
 (10,976,053)*
(1,063,202)
Invesco Ltd.
 (19,679,869)
(574,498)
Robinhood Markets, Inc.
  (5,980,524)*
(265,362)
T Rowe Price Group, Inc.
 (30,906,712)
 
 
(67,543,158)
Chemicals (0.1)%
(21,622)
Sherwin-Williams Co.
(5,115,549)
Commercial Services & Supplies (0.1)%
(370,127)
Steelcase, Inc.
(2,886,991)
Consumer Finance (0.6)%
(184,735)
Capital One Financial Corp.
 (21,983,465)
(430,573)
Upstart Holdings, Inc.
  (8,043,104)*
 
 
(30,026,569)
Containers & Packaging (0.2)%
(93,396)
Packaging Corp. of America
(13,327,609)
Diversified Consumer Services (0.3)%
(425,411)
H&R Block, Inc.
(16,582,521)
Electric Utilities (0.4)%
(157,985)
Hawaiian Electric Industries,
Inc.
  (6,678,026)
(199,237)
Southern Co.
 (13,484,360)
 
 
(20,162,386)
Number of Shares
Value
Entertainment (0.8)%
(338,829)
ROBLOX Corp.
$ (12,607,827)*
(2,220,467)
Warner Bros Discovery, Inc.
 (32,907,321)*
 
 
(45,515,148)
Equity Real Estate Investment Trusts (1.1)%
(336,649)
Iron Mountain, Inc.
 (18,374,302)
(303,379)
Lamar Advertising Co.
 (32,321,999)
(475,703)
Outfront Media, Inc.
  (9,466,490)
 
 
(60,162,791)
Food & Staples Retailing (0.4)%
(212,107)
BJ's Wholesale Club Holdings,
Inc.
 (15,371,394)*
(223,980)
Grocery Outlet Holding Corp.
  (6,806,752)*
 
 
(22,178,146)
Food Products (1.0)%
(479,213)
Campbell Soup Co.
 (24,885,531)
(866,334)
Hain Celestial Group, Inc.
 (17,777,174)*
(140,430)
McCormick & Co., Inc.
 (10,549,101)
 
 
(53,211,806)
Hotels, Restaurants & Leisure (0.4)%
(77,958)
Darden Restaurants, Inc.
 (11,535,445)
(101,759)
Dine Brands Global, Inc.
  (7,866,989)
 
 
(19,402,434)
Household Durables (0.2)%
(308,832)
Cricut, Inc.
  (3,023,465)
(44,610)
TopBuild Corp.
  (8,924,677)*
 
 
(11,948,142)
Household Products (0.3)%
(187,088)
Church & Dwight Co., Inc.
(15,127,936)
Industrial Conglomerates (0.2)%
(61,662)
3M Co.
  (7,096,063)
(53,500)
General Electric Co.
  (4,305,680)
 
 
(11,401,743)
Interactive Media & Services (0.1)%
(2,573,500)
fuboTV, Inc.
(6,613,895)*
IT Services (0.5)%
(76,743)
International Business
Machines Corp.
 (10,339,584)
(1,109,711)
Western Union Co.
 (15,724,605)
 
 
(26,064,189)
Machinery (0.8)%
(127,718)
Illinois Tool Works, Inc.
 (30,146,557)
(234,548)
Ingersoll Rand, Inc.
 (13,134,688)
 
 
(43,281,245)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Media (2.2)%
(1,878,559)
iHeartMedia, Inc.
$ (14,558,832)*
(610,924)
Interpublic Group of Cos., Inc.
 (22,274,289)
(275,563)
Omnicom Group, Inc.
 (23,695,662)
(1,073,004)
Paramount Global
 (24,850,773)
(2,510,065)
Sirius XM Holdings, Inc.
 (14,533,276)
(332,492)
Trade Desk, Inc.
 (16,857,345)*
 
 
(116,770,177)
Multi-Utilities (0.5)%
(256,485)
Consolidated Edison, Inc.
(24,445,585)
Road & Rail (0.3)%
(154,000)
Canadian Pacific Railway Ltd.
 (12,150,600)
(34,900)
Landstar System, Inc.
  (6,031,767)
 
 
(18,182,367)
Semiconductors & Semiconductor Equipment (0.2)%
(65,269)
Texas Instruments, Inc.
(11,566,319)
Software (2.2)%
(36,643)
Aspen Technology, Inc.
  (7,282,796)*
(80,481)
Bill.com Holdings, Inc.
  (9,305,213)*
(106,617)
Descartes Systems Group, Inc.
  (7,785,174)*
(174,752)
DocuSign, Inc.
 (10,596,961)*
(28,063)
HubSpot, Inc.
  (9,738,142)*
Number of Shares
Value
Software – cont'd
(1,514,035)
Palantir Technologies, Inc.
$ (11,779,192)*
(73,091)
Paycom Software, Inc.
 (23,677,099)*
(100,387)
Paylocity Holding Corp.
 (20,909,608)*
(82,102)
SAP SE ADR
  (9,731,550)
(74,624)
SPS Commerce, Inc.
 (10,154,834)*
 
 
(120,960,569)
Specialty Retail (2.1)%
(52,245)
AutoNation, Inc.
  (6,620,486)*
(331,472)
Best Buy Co., Inc.
 (29,408,196)
(35,919)
Boot Barn Holdings, Inc.
  (2,998,877)*
(104,653)
Burlington Stores, Inc.
 (24,052,399)*
(304,066)
CarMax, Inc.
 (21,421,450)*
(58,228)
Carvana Co.
    (592,179)*
(262,424)
Children's Place, Inc.
 (11,906,177)*
(254,052)
GameStop Corp.
  (5,556,117)*
(36,482)
Hibbett, Inc.
  (2,420,946)
(152,620)
Sonic Automotive, Inc.
  (8,197,220)
 
 
(113,174,047)
Textiles, Apparel & Luxury Goods (0.1)%
(200,239)
G-III Apparel Group Ltd.
(3,388,044)*
Total Common Stocks Sold Short
(Proceeds $(897,645,797))
(926,567,141)
 
Principal Amount
 
Corporate Bonds Sold Short (0.8)%
Diversified Financial Services (0.2)%
$(5,000,000)
Radian Group, Inc., 4.88%, due 3/15/2027
$    (4,769,100)
(5,000,000)
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.63%, due 3/1/2029
    (4,231,250)(g)
 
 
(9,000,350)
Insurance (0.0)%(e)
(2,650,000)
Hartford Financial Services Group, Inc., (3M USD LIBOR + 2.13%), 6.73%, due 2/12/2047
(2,279,663)(g)(j)
Lodging (0.1)%
(7,000,000)
Boyd Gaming Corp., 4.75%, due 12/1/2027
(6,668,813)
Media (0.2)%
(4,000,000)
iHeartCommunications, Inc., 8.38%, due 5/1/2027
    (3,597,120)
(5,000,000)
Sirius XM Radio, Inc., 4.00%, due 7/15/2028
    (4,463,300)(g)
 
 
(8,060,420)
Office Equipment (0.1)%
(7,000,000)
Steelcase, Inc., 5.13%, due 1/18/2029
(6,268,080)
Pipelines (0.1)%
(8,170,000)
TransCanada PipeLines Ltd., (3M USD LIBOR + 2.21%), 6.82%, due 5/15/2067
(6,731,998)(j)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Principal Amount
Value
Retail (0.1)%
$(5,000,000)
Macy's Retail Holdings LLC, 5.88%, due 4/1/2029
$(4,661,820)(g)
Total Corporate Bonds Sold Short (Proceeds $(45,395,450))
(43,671,144)
Total Short Positions (Proceeds $(943,041,247))
(970,238,285)
Total Investments 84.1% (Cost $3,745,528,843)
4,542,061,441
Other Assets Less Liabilities 15.9%
859,020,000(m)
Net Assets 100.0%
$5,401,081,441
 
*
Non-income producing security.
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
Value determined using significant unobservable inputs.
(c)
Security fair valued as of January 31, 2023 in accordance with procedures approved by the valuation
designee. Total value of all such securities at January 31, 2023 amounted to $260,033,594, which
represents 4.8% of net assets of the Fund.
(d)
All or a portion of this security is on loan at January 31, 2023. Total value of all such securities at January 31,
2023 amounted to $25,501,608, collateralized by cash collateral of $24,683,398 and non-cash
(U.S. Treasury Securities) collateral of $4,009,643 for the Fund .
(e)
Represents less than 0.05% of net assets of the Fund.
(f)
Security represented in Units.
(g)
Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended, or are
otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration,
may only be sold to qualified institutional investors or may have other restrictions on resale. At January 31,
2023, these securities amounted to $47,299,915 of long positions and $(15,636,033) of short positions,
which represents 0.9% and (0.3)%, respectively, of net assets of the Fund.
(h)
Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in
the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of
January 31, 2023.
(i)
Payment-in-kind (PIK) security.
(j)
Variable or floating rate security. The interest rate shown was the current rate as of January 31, 2023 and
changes periodically.
(k)
Represents 7-day effective yield as of January 31, 2023.
(l)
Represents investment of cash collateral received from securities lending.
(m)
Includes the impact of the Fund’s open positions in derivatives at January 31, 2023.
#   These securities have been deemed by Management to be illiquid, and are subject to restrictions on resale. At January 31, 2023, these securities amounted to $256,459,857, which represents 4.8% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.   
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
1/31/2023
Fair Value
Percentage
of Net Assets
as of
1/31/2023
A24 Films LLC (Preferred Units)
2/25/2022
$4,463,654
$4,463,653
0.1%
Arctic Wolf Networks, Inc.
12/31/2021
3,950,001
3,950,001
0.1%
Arctic Wolf Networks, Inc. (Convertible Bonds)
9/30/2022
19,850,000
19,850,000
0.4%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
1/31/2023
Fair Value
Percentage
of Net Assets
as of
1/31/2023
Cybereason, Inc. (Ser. F Preferred Shares)
7/19/2021
$4,750,000
$4,275,008
0.1%
Druva, Inc. (Ser. 4 Preferred Shares)
6/14/2019
3,429,998
6,167,968
0.1%
Druva, Inc. (Ser. 5 Preferred Shares)
4/1/2021
4,500,000
4,499,993
0.1%
Fabletics, Inc. (Ser. G Preferred Shares)
1/10/2022
23,000,000
23,000,000
0.4%
Fanatics Holdings, Inc. Class A
8/13/2020-
4/29/2021
35,957,294
154,365,360
2.8%
Grammarly, Inc. Class A
12/23/2021-
1/24/2022
4,701,917
3,761,530
0.1%
Grammarly, Inc. (Ser. 3 Preferred Shares)
12/23/2021-
1/24/2022
1,458,063
1,458,063
0.0%
One Spa World, LLC Second Lien Term Loan
3/19/2019
14,838,464
15,300,000
0.3%
Savage X, Inc. (Ser. C Preferred Shares)
11/30/2021
3,949,983
3,949,984
0.0%
Signifyd, Inc. (Ser. Seed Preferred Shares)
5/24/2021
5,572,107
2,115,049
0.1%
Signifyd, Inc. (Ser. A Preferred Shares)
5/24/2021
2,427,463
922,987
0.0%
Venture Global LNG, Inc.
11/21/2018
2,303,000
3,245,256
0.1%
Videoamp, Inc. (Ser. F1 Preferred Shares)
1/4/2022
5,135,005
5,135,005
0.1%
Total
 
$140,286,949
$256,459,857
4.8%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Derivative Instruments
Futures contracts ("futures")
At January 31, 2023, open positions in futures for the Fund were as follows: 
Short Futures:
 
Expiration
Date
Number of
Contracts
Open Contracts
Notional
Amount
Value and
Unrealized
Appreciation/
(Depreciation)
3/2023
649
NASDAQ 100 E-Mini Index
$(157,732,960)
$(9,976,794)
3/2023
334
Russell 2000 E-Mini Index
(32,387,980)
(2,135,930)
3/2023
2,090
S&P 500 E-Mini Index
(427,405,000)
(14,454,179)
Total Futures
 
$(26,566,903)
Total return basket swap contracts (“total return basket swaps”)
At January 31, 2023, the Fund had outstanding total return basket swaps(a) as follows: 
Over-the-counter total return basket swaps—Short(b)
 
Counterparty
Reference Entity
Effective
Variable
Rate(c)
Spread
Reference
Rate
Frequency
of Fund
Receipt/
Payment
Maturity
Date(s)
Value
GSI
GSCBECS1
1.49%
(0.40)%
€STR
3M/T
7/7/2023
$(3,718,840)
GSI
GSCBECS1
1.49%
(0.40)%
€STR
3M/T
7/7/2023
(673,280)
GSI
GSCBECS1
1.49%
(0.40)%
€STR
3M/T
7/7/2023
(1,780,885)
GSI
GSCBECS1
1.49%
(0.40)%
€STR
3M/T
7/7/2023
(4,649,490)
GSI
GSCBECS1
1.49%
(0.40)%
€STR
3M/T
7/7/2023
(4,567,959)
GSI
GSCBOEC1
3.93%
(0.40)%
FEDL01
3M/T
1/19/2024
(16,253,556)
GSI
GSCBOEC1
3.93%
(0.40)%
FEDL01
3M/T
1/19/2024
(2,971,170)
GSI
GSNBLIPO
3.35%
(0.98)%
FEDL01
1M/T
5/23/2023
976,746
JPM
JPNBGCND
3.67%
(0.65)%
OBFR
3M/T
5/1/2023
9,502,263
JPM
JPNBLQGS
4.35%
0.03%
OBFR
1M/T
7/19/2024
(9,662,333)
Total
 
 
 
 
 
 
$(33,798,504)
(a) The following table represents required component disclosures associated with the total return basket swaps: 
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBECS1
 
 
 
 
Delivery Hero SE
(8,402)
EUR(3,027,494)
$(373,370)
10.0%
Industria de Diseno Textil SA
(13,369)
(2,496,657)
(307,904)
8.2%
Zalando SE
(8,874)
(2,465,992)
(304,122)
8.1%
EssilorLuxottica SA
(2,110)
(2,311,207)
(285,033)
7.6%
Henkel AG & Co KGaA
(4,919)
(2,099,000)
(258,862)
6.9%
Swatch Group AG/The
(868)
(1,874,520)
(231,178)
6.2%
H & M Hennes & Mauritz AB
(25,155)
(1,850,106)
(228,167)
6.1%
adidas AG
(1,759)
(1,691,621)
(208,621)
5.6%
HUGO BOSS AG
(3,527)
(1,432,000)
(176,603)
4.7%
Puma SE
(3,157)
(1,284,453)
(158,407)
4.2%
HelloFresh SE
(8,274)
(1,197,435)
(147,675)
3.9%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBECS1 (cont’d)
 
 
 
 
Pandora A/S
(2,298)
EUR(1,141,095)
$(140,727)
3.8%
Kingfisher PLC
(54,653)
(1,128,745)
(139,204)
3.7%
Next PLC
(2,077)
(1,017,579)
(125,494)
3.3%
Pearson PLC
(14,614)
(999,136)
(123,220)
3.3%
Dufry AG
(2,738)
(749,565)
(92,441)
2.5%
JD Sports Fashion PLC
(58,942)
(710,105)
(87,575)
2.3%
Auto Trader Group PLC
(15,070)
(699,426)
(86,258)
2.4%
ProSiebenSat.1 Media SE
(7,069)
(434,506)
(53,586)
1.4%
Thule Group AB
(2,566)
(366,877)
(45,246)
1.2%
Games Workshop Group PLC
(384)
(266,542)
(32,872)
0.9%
Adevinta ASA
(5,103)
(260,751)
(32,157)
0.9%
Watches of Switzerland Group PLC
(3,211)
(225,361)
(27,793)
0.7%
MIPS AB
(777)
(177,564)
(21,898)
0.6%
RTL Group SA
(575)
(167,038)
(20,600)
0.5%
Stroeer SE & Co KGaA
(395)
(129,846)
(16,013)
0.4%
Dr Martens PLC
(8,162)
(93,765)
(11,564)
0.3%
Fielmann AG
(369)
(83,184)
(10,257)
0.3%
 
 
EUR(30,381,570)
$(3,746,847)
 
Accrued Net Interest Receivable/(Payable)
 
28,007
 
 
 
 
$(3,718,840)
 
GSCBECS1
 
 
 
 
Delivery Hero SE
(2,372)
(854,657)
(67,915)
10.0%
Industria de Diseno Textil SA
(3,774)
(704,802)
(56,007)
8.2%
Zalando SE
(2,505)
(696,146)
(55,319)
8.1%
EssilorLuxottica SA
(596)
(652,450)
(51,847)
7.6%
Henkel AG & Co KGaA
(1,389)
(592,544)
(47,087)
6.9%
Swatch Group AG/The
(245)
(529,174)
(42,051)
6.2%
H & M Hennes & Mauritz AB
(7,101)
(522,282)
(41,503)
6.1%
adidas AG
(497)
(477,542)
(37,948)
5.6%
HUGO BOSS AG
(996)
(404,251)
(32,124)
4.7%
Puma SE
(891)
(362,599)
(28,814)
4.2%
HelloFresh SE
(2,336)
(338,034)
(26,862)
3.9%
Pandora A/S
(649)
(322,129)
(25,598)
3.8%
Kingfisher PLC
(15,429)
(318,643)
(25,321)
3.7%
Next PLC
(586)
(287,261)
(22,827)
3.3%
Pearson PLC
(4,125)
(282,054)
(22,414)
3.3%
Dufry AG
(773)
(211,601)
(16,815)
2.5%
JD Sports Fashion PLC
(16,639)
(200,462)
(15,930)
2.3%
Auto Trader Group PLC
(4,254)
(197,447)
(15,690)
2.4%
ProSiebenSat.1 Media SE
(1,996)
(122,660)
(9,747)
1.4%
Thule Group AB
(724)
(103,569)
(8,230)
1.2%
Games Workshop Group PLC
(108)
(75,243)
(5,979)
0.9%
Adevinta ASA
(1,440)
(73,610)
(5,849)
0.9%
Watches of Switzerland Group PLC
(907)
(63,619)
(5,055)
0.7%
MIPS AB
(219)
(50,126)
(3,983)
0.6%
RTL Group SA
(162)
(47,155)
(3,747)
0.5%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBECS1 (cont’d)
 
 
 
 
RTL GroStroeer SE & Co KGaAup SA
(112)
EUR(36,655)
$(2,912)
0.4%
Dr Martens PLC
(2,304)
(26,470)
(2,104)
0.3%
Fielmann AG
(104)
(23,483)
(1,868)
0.3%
 
 
EUR(8,576,668)
$(681,546)
 
Accrued Net Interest Receivable/(Payable)
 
8,266
 
 
 
 
$(673,280)
 
GSCBECS1
 
 
 
 
Delivery Hero SE
(4,357)
(1,569,887)
(178,925)
10.0%
Industria de Diseno Textil SA
(6,933)
(1,294,626)
(147,552)
8.2%
Zalando SE`
(4,601)
(1,278,724)
(145,740)
8.1%
EssilorLuxottica SA
(1,094)
(1,198,461)
(136,592)
7.6%
Henkel AG & Co KGaA
(2,551)
(1,088,423)
(124,051)
6.9%
Swatch Group AG/The
(450)
(972,020)
(110,784)
6.2%
H & M Hennes & Mauritz AB
(13,044)
(959,361)
(109,341)
6.1%
adidas AG
(912)
(877,179)
(99,975)
5.6%
HUGO BOSS AG
(1,829)
(742,554)
(84,631)
4.7%
Puma SE
(1,637)
(666,045)
(75,911)
4.2%
HelloFresh SE
(4,290)
(620,922)
(70,768)
3.9%
Pandora A/S
(1,192)
(591,707)
(67,439)
3.8%
Kingfisher PLC
(28,340)
(585,303)
(66,709)
3.7%
Next PLC
(1,077)
(527,659)
(60,139)
3.3%
Pearson PLC
(7,578)
(518,095)
(59,049)
3.3%
Dufry AG
(1,420)
(388,682)
(44,299)
2.5%
AutJD Sports Fashion PLCo Trader Group PLC
(30,564)
(368,221)
(41,967)
2.3%
Auto Trader Group PLC
(7,814)
(362,683)
(41,336)
2.4%
ProSiebenSat.1 Media SE
(3,666)
(225,310)
(25,679)
1.4%
Thule Group AB
(1,330)
(190,242)
(21,682)
1.2%
Games Workshop Group PLC
(199)
(138,214)
(15,753)
0.9%
Adevinta ASA
(2,646)
(135,211)
(15,410)
0.9%
Watches of Switzerland Group PLC
(1,665)
(116,859)
(13,319)
0.7%
MIPS AB
(403)
(92,075)
(10,494)
0.6%
RTL Group SA
(298)
(86,616)
(9,872)
0.5%
Stroeer SE & Co KGaA
(205)
(67,331)
(7,674)
0.4%
Dr Martens PLC
(4,232)
(48,621)
(5,542)
0.3%
Fielmann AG
(191)
(43,135)
(4,916)
0.3%
 
 
EUR(15,754,166)
$(1,795,549)
 
Accrued Net Interest Receivable/(Payable)
 
14,664
 
 
 
 
$(1,780,885)
 
GSCBECS1
 
 
 
 
Delivery Hero SE
(5,168)
(1,861,915)
(464,227)
10.0%
Industria de Diseno Textil SA
(8,222)
(1,535,450)
(382,830)
8.2%
Zalando SE
(5,457)
(1,516,590)
(378,128)
8.1%
EssilorLuxottica SA
(1,297)
(1,421,397)
(354,394)
7.6%
Henkel AG & Co KGaA
(3,025)
(1,290,889)
(321,855)
6.9%
Swatch Group AG/The
(534)
(1,152,834)
(287,434)
6.2%
H & M Hennes & Mauritz AB
(15,470)
(1,137,819)
(283,690)
6.1%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBECS1 (cont’d)
 
 
 
 
adidas AG
(1,082)
EUR(1,040,350)
$(259,388)
5.6%
HUGO BOSS AG
(2,169)
(880,683)
(219,579)
4.7%
Puma SE
(1,941)
(789,941)
(196,954)
4.2%
HelloFresh SE
(5,088)
(736,425)
(183,611)
3.9%
Pandora A/S
(1,414)
(701,776)
(174,972)
3.8%
Kingfisher PLC
(33,612)
(694,180)
(173,079)
3.7%
Next PLC
(1,277)
(625,813)
(156,033)
3.3%
Pearson PLC
(8,988)
(614,470)
(153,205)
3.3%
Dufry AG
(1,684)
(460,984)
(114,936)
2.5%
JD Sports Fashion PLC
(36,250)
(436,716)
(108,886)
2.3%
Auto Trader Group PLC
(9,268)
(430,148)
(107,248)
2.4%
ProSiebenSat.1 Media SE
(4,348)
(267,222)
(66,626)
1.4%
Thule Group AB
(1,578)
(225,630)
(56,256)
1.2%
Games Workshop Group PLC
(236)
(163,924)
(40,871)
0.9%
Adevinta ASA
(3,138)
(160,362)
(39,983)
0.9%
Watches of Switzerland Group PLC
(1,975)
(138,597)
(34,556)
0.7%
MIPS AB
(478)
(109,202)
(27,227)
0.6%
RTL Group SA
(354)
(102,729)
(25,613)
0.5%
Stroeer SE & Co KGaA
(243)
(79,856)
(19,910)
0.4%
Dr Martens PLC
(5,019)
(57,666)
(14,378)
0.3%
Fielmann AG
(227)
(51,161)
(12,755)
0.3%
 
 
EUR(18,684,729)
$(4,658,624)
 
Accrued Net Interest Receivable/(Payable)
 
9,134
 
 
 
 
$(4,649,490)
 
GSCBECS1
 
 
 
 
Delivery Hero SE
(4,916)
(1,771,248)
(455,622)
10.0%
Industria de Diseno Textil SA
(7,822)
(1,460,680)
(375,734)
8.2%
Zalando SE
(5,192)
(1,442,739)
(371,119)
8.1%
EssilorLuxottica SA
(1,234)
(1,352,181)
(347,825)
7.6%
Henkel AG & Co KGaA
(2,878)
(1,228,029)
(315,888)
6.9%
Swatch Group AG/The
(508)
(1,096,696)
(282,105)
6.2%
H & M Hennes & Mauritz AB
(14,717)
(1,082,412)
(278,431)
6.1%
adidas AG
(1,029)
(989,690)
(254,580)
5.6%
HUGO BOSS AG
(2,064)
(837,798)
(215,509)
4.7%
Puma SE
(1,847)
(751,475)
(193,303)
4.2%
HelloFresh SE
(4,841)
(700,564)
(180,208)
3.9%
Pandora A/S
(1,344)
(667,603)
(171,729)
3.8%
Kingfisher PLC
(31,975)
(660,377)
(169,870)
3.7%
Next PLC
(1,215)
(595,339)
(153,140)
3.3%
Pearson PLC
(8,550)
(584,548)
(150,365)
3.3%
Dufry AG
(1,602)
(438,536)
(112,806)
2.5%
JD Sports Fashion PLC
(34,484)
(415,450)
(106,867)
2.3%
Auto Trader Group PLC
(8,816)
(409,202)
(105,260)
2.3%
ProSiebenSat.1 Media SE
(4,136)
(254,211)
(65,391)
1.4%
Thule Group AB
(1,501)
(214,643)
(55,213)
1.2%
Games Workshop Group PLC
(225)
(155,942)
(40,113)
0.9%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBECS1 (cont’d)
 
 
 
 
Adevinta ASA
(2,985)
EUR(152,553)
$(39,242)
0.9%
Watches of Switzerland Group PLC
(1,879)
(131,848)
(33,916)
0.7%
MIPS AB
(455)
(103,884)
(26,722)
0.6%
RTL Group SA
(336)
(97,726)
(25,138)
0.5%
Stroeer SE & Co KGaA
(231)
(75,967)
(19,541)
0.4%
Dr Martens PLC
(4,775)
(54,857)
(14,111)
0.3%
Fielmann AG
(216)
(48,667)
(12,519)
0.3%
 
 
EUR(17,774,865)
$(4,572,267)
 
Accrued Net Interest Receivable/(Payable)
 
4,308
 
 
 
 
$(4,567,959)
 
GSCBOEC1
 
 
 
 
United Rentals Inc
(37,145)
(3,101,842)
(460,928)
2.8%
Herc Holdings Inc
(101,665)
(2,990,421)
(444,371)
2.7%
Flex Ltd
(646,305)
(2,857,979)
(424,691)
2.6%
Jabil Inc
(175,678)
(2,616,015)
(388,735)
2.4%
EMCOR Group Inc
(91,620)
(2,572,279)
(382,236)
2.3%
Univar Solutions Inc
(392,585)
(2,563,512)
(380,934)
2.3%
STMicroelectronics NV
(286,118)
(2,558,622)
(380,207)
2.3%
Macy's Inc
(563,461)
(2,521,519)
(374,693)
2.3%
Signet Jewelers Ltd
(169,110)
(2,459,925)
(365,541)
2.2%
Super Micro Computer Inc
(175,788)
(2,407,926)
(357,814)
2.2%
Avis Budget Group Inc
(61,650)
(2,335,530)
(347,056)
2.1%
ON Semiconductor Corp
(166,902)
(2,321,608)
(344,987)
2.1%
Group 1 Automotive Inc
(56,683)
(2,295,593)
(341,121)
2.1%
WW Grainger Inc
(20,476)
(2,285,905)
(339,682)
2.1%
Diodes Inc
(134,228)
(2,267,227)
(336,906)
2.1%
Cummins Inc
(47,686)
(2,253,560)
(334,875)
2.0%
Boot Barn Holdings Inc
(142,342)
(2,250,615)
(334,438)
2.0%
Morgan Stanley
(119,933)
(2,210,659)
(328,500)
2.0%
Microchip Technology Inc
(150,013)
(2,205,151)
(327,682)
2.0%
Knight-Swift Transportation Holdings Inc
(193,836)
(2,169,488)
(322,382)
2.0%
Churchill Downs Inc
(45,534)
(2,139,420)
(317,914)
1.9%
Landstar System Inc
(64,796)
(2,120,814)
(315,149)
1.9%
Boyd Gaming Corp
(179,486)
(2,117,988)
(314,729)
1.9%
A O Smith Corp
(165,191)
(2,117,926)
(314,720)
1.9%
U-Haul Holding Co
(177,334)
(2,075,125)
(308,360)
1.9%
Werner Enterprises Inc
(229,877)
(2,044,800)
(303,854)
1.9%
Ford Motor Co
(787,763)
(2,015,514)
(299,502)
1.8%
Steven Madden Ltd
(293,956)
(1,995,747)
(296,565)
1.8%
Power Integrations Inc
(122,362)
(1,994,957)
(296,447)
1.8%
NXP Semiconductors NV
(57,069)
(1,991,979)
(296,005)
1.8%
Discover Financial Services
(89,964)
(1,988,774)
(295,528)
1.8%
Onto Innovation Inc
(132,076)
(1,967,237)
(292,328)
1.8%
Texas Instruments Inc
(58,283)
(1,955,993)
(290,657)
1.8%
Bank of America Corp
(290,202)
(1,949,932)
(289,757)
1.8%
CSX Corp
(324,311)
(1,899,051)
(282,196)
1.7%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBOEC1 (cont’d)
 
 
 
 
GMS Inc
(167,785)
$(1,884,907)
$(280,094)
1.7%
Hibbett Inc
(146,039)
(1,835,319)
(272,725)
1.7%
United Parcel Service Inc
(51,274)
(1,798,633)
(267,274)
1.6%
Masco Corp
(174,629)
(1,759,395)
(261,443)
1.6%
ABM Industries Inc
(184,178)
(1,636,202)
(243,137)
1.5%
Korn Ferry
(157,464)
(1,610,017)
(239,246)
1.5%
Popular Inc
(122,417)
(1,591,307)
(236,466)
1.4%
Matson Inc
(123,135)
(1,541,870)
(229,119)
1.4%
Buckle Inc/The
(182,963)
(1,524,584)
(226,551)
1.4%
Sonic Automotive Inc
(149,351)
(1,519,141)
(225,742)
1.4%
XPO Inc
(194,940)
(1,471,545)
(218,669)
1.3%
Photronics Inc
(391,757)
(1,344,341)
(199,767)
1.2%
SiTime Corp
(59,166)
(1,291,147)
(191,862)
1.2%
Granite Construction Inc
(143,777)
(1,159,387)
(172,283)
1.1%
Encore Capital Group Inc
(105,252)
(1,110,649)
(165,040)
1.0%
Badger Meter Inc
(49,508)
(1,086,653)
(161,475)
1.0%
Other Securities
(1,014,937)
(6,490,733)
(964,511)
5.9%
 
 
$(110,276,463)
$(16,386,894)
 
Accrued Net Interest Receivable/(Payable)
 
133,338
 
 
 
 
$(16,253,556)
 
GSCBOEC1
 
 
 
 
United Rentals Inc
(980)
(818,112)
(84,936)
2.8%
Herc Holdings Inc
(2,681)
(788,724)
(81,885)
2.7%
Flex Ltd
(17,046)
(753,793)
(78,258)
2.6%
Jabil Inc
(4,634)
(689,975)
(71,633)
2.4%
EMCOR Group Inc
(2,416)
(678,439)
(70,435)
2.3%
Univar Solutions Inc
(10,354)
(676,127)
(70,195)
2.3%
STMicroelectronics NV
(7,546)
(674,837)
(70,061)
2.3%
Macy's Inc
(14,861)
(665,051)
(69,045)
2.3%
Signet Jewelers Ltd
(4,460)
(648,806)
(67,359)
2.2%
Super Micro Computer Inc
(4,636)
(635,091)
(65,935)
2.2%
Avis Budget Group Inc
(1,626)
(615,997)
(63,952)
2.1%
ON Semiconductor Corp
(4,402)
(612,325)
(63,571)
2.1%
Group 1 Automotive Inc
(1,495)
(605,463)
(62,859)
2.1%
WW Grainger Inc
(540)
(602,908)
(62,594)
2.1%
Diodes Inc
(3,540)
(597,982)
(62,082)
2.1%
Cummins Inc
(1,258)
(594,377)
(61,708)
2.0%
Boot Barn Holdings Inc
(3,754)
(593,600)
(61,627)
2.0%
Morgan Stanley
(3,163)
(583,062)
(60,533)
2.0%
Microchip Technology Inc
(3,957)
(581,609)
(60,382)
2.0%
Knight-Swift Transportation Holdings Inc
(5,112)
(572,203)
(59,406)
2.0%
Churchill Downs Inc
(1,201)
(564,272)
(58,583)
1.9%
Landstar System Inc
(1,709)
(559,365)
(58,073)
1.9%
Boyd Gaming Corp
(4,734)
(558,620)
(57,996)
1.9%
A O Smith Corp
(4,357)
(558,603)
(57,994)
1.9%
U-Haul Holding Co
(4,677)
(547,315)
(56,822)
1.9%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSCBOEC1 (cont’d)
 
 
 
 
Werner Enterprises Inc
(6,063)
$(539,317)
$(55,992)
1.9%
Ford Motor Co
(20,777)
(531,592)
(55,190)
1.8%
Steven Madden Ltd
(7,753)
(526,379)
(54,648)
1.8%
Power Integrations Inc
(3,227)
(526,171)
(54,627)
1.8%
NXP Semiconductors NV
(1,505)
(525,385)
(54,545)
1.8%
Discover Financial Services
(2,373)
(524,540)
(54,457)
1.8%
Onto Innovation Inc
(3,484)
(518,859)
(53,868)
1.8%
Texas Instruments Inc
(1,537)
(515,894)
(53,560)
1.8%
Bank of America Corp
(7,654)
(514,295)
(53,394)
1.8%
CSX Corp
(8,554)
(500,875)
(52,001)
1.7%
GMS Inc
(4,425)
(497,145)
(51,613)
1.7%
Hibbett Inc
(3,852)
(484,066)
(50,256)
1.7%
United Parcel Service Inc
(1,352)
(474,390)
(49,251)
1.6%
Masco Corp
(4,606)
(464,041)
(48,177)
1.6%
ABM Industries Inc
(4,858)
(431,549)
(44,803)
1.5%
Korn Ferry
(4,153)
(424,642)
(44,086)
1.5%
Popular Inc
(3,229)
(419,708)
(43,574)
1.4%
Matson Inc
(3,248)
(406,669)
(42,220)
1.4%
Buckle Inc/The
(4,826)
(402,109)
(41,747)
1.4%
Sonic Automotive Inc
(3,939)
(400,674)
(41,598)
1.4%
XPO Inc
(5,142)
(388,120)
(40,294)
1.3%
Photronics Inc
(10,333)
(354,570)
(36,811)
1.2%
SiTime Corp
(1,561)
(340,540)
(35,356)
1.2%
Granite Construction Inc
(3,792)
(305,789)
(31,747)
1.1%
Encore Capital Group Inc
(2,776)
(292,934)
(30,412)
1.0%
Badger Meter Inc
(1,306)
(286,605)
(29,755)
1.0%
Other Securities
(26,770)
(1,711,930)
(177,732)
5.9%
 
 
$(29,085,444)
$(3,019,638)
 
Accrued Net Interest Receivable/(Payable)
 
48,468
 
 
 
 
$(2,971,170)
 
GSNBLIPO
 
 
 
 
On Holding AG
(3,311)
(543,147)
44,151
4.7%
Kanzhun Ltd
(2,974)
(510,807)
41,523
4.4%
Toast Inc
(3,158)
(498,080)
40,488
4.3%
Doximity Inc
(1,968)
(490,756)
39,893
4.2%
HashiCorp Inc
(2,100)
(477,686)
38,830
4.1%
Monday.com Ltd
(518)
(476,497)
38,734
4.1%
GLOBALFOUNDRIES Inc
(1,110)
(465,355)
37,828
4.0%
Robinhood Markets Inc
(6,292)
(463,079)
37,643
4.0%
Hertz Global Holdings Inc
(3,510)
(447,144)
36,348
3.9%
Gitlab Inc
(1,179)
(411,828)
33,477
3.6%
Marqeta Inc
(8,633)
(404,701)
32,897
3.5%
Confluent Inc
(2,450)
(400,196)
32,531
3.5%
Duolingo Inc
(585)
(394,911)
32,102
3.4%
Fluence Energy Inc
(1,891)
(322,793)
26,239
2.8%
Clear Secure Inc
(1,269)
(281,725)
22,901
2.4%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
GSNBLIPO (cont’d)
 
 
 
 
Credo Technology Group Holding Ltd
(2,205)
$(270,207)
$21,965
2.3%
SentinelOne Inc
(2,411)
(257,218)
20,909
2.2%
Freshworks Inc
(2,240)
(256,265)
20,831
2.2%
Rivian Automotive Inc
(1,801)
(246,997)
20,078
2.1%
Full Truck Alliance Co Ltd
(3,901)
(222,040)
18,049
1.9%
Dlocal Ltd/Uruguay
(1,625)
(190,598)
15,493
1.6%
Phillips Edison & Co Inc
(790)
(187,324)
15,227
1.6%
Verve Therapeutics Inc
(1,079)
(173,477)
14,102
1.5%
NU Holdings Ltd/Cayman Islands
(5,006)
(164,595)
13,380
1.4%
Samsara Inc
(1,676)
(161,622)
13,138
1.4%
Xometry Inc
(650)
(160,842)
13,075
1.4%
Mister Car Wash Inc
(1,931)
(140,180)
11,395
1.2%
AvidXchange Holdings Inc
(1,776)
(139,631)
11,350
1.2%
Ryan Specialty Holdings Inc
(454)
(136,879)
11,127
1.2%
Olaplex Holdings Inc
(3,065)
(136,749)
11,116
1.2%
Nuvei Corp
(542)
(135,390)
11,006
1.2%
TPG Inc
(534)
(121,665)
9,890
1.1%
Krispy Kreme Inc
(1,380)
(119,023)
9,675
1.0%
Paycor HCM Inc
(539)
(95,760)
7,784
0.8%
Remitly Global Inc
(1,107)
(94,362)
7,671
0.8%
TaskUS Inc
(681)
(89,861)
7,305
0.8%
EngageSmart Inc
(558)
(77,707)
6,317
0.7%
PowerSchool Holdings Inc
(484)
(76,998)
6,259
0.7%
Excelerate Energy Inc
(435)
(71,706)
5,829
0.6%
ForgeRock Inc
(481)
(67,471)
5,485
0.6%
Dole PLC
(781)
(63,653)
5,174
0.5%
Life Time Group Holdings Inc
(462)
(61,422)
4,993
0.5%
Legalzoom.com Inc
(986)
(59,121)
4,806
0.5%
Sovos Brands Inc
(605)
(57,974)
4,713
0.5%
Core & Main Inc
(360)
(56,111)
4,561
0.5%
Informatica Inc
(429)
(54,049)
4,394
0.5%
Definitive Healthcare Corp
(595)
(52,117)
4,237
0.4%
Allbirds Inc
(2,592)
(50,396)
4,097
0.4%
Arhaus Inc
(496)
(49,626)
4,034
0.4%
Clearwater Analytics Holdings Inc
(356)
(49,335)
4,010
0.4%
Other Securities
(14,192)
(646,610)
52,558
5.8%
 
 
$(11,583,686)
$941,618
 
Accrued Net Interest Receivable/(Payable)
 
35,128
 
 
 
 
$976,746
 
JPNBGCND
 
 
 
 
Amazon.com Inc
(65,551)
(8,886,895)
1,519,086
16.2%
Home Depot Inc/The
(7,172)
(3,056,461)
522,458
5.6%
LVMH Moet Hennessy Louis Vuitton SE
(2,352)
(2,687,254)
459,347
4.9%
McDonald's Corp
(6,258)
(2,199,834)
376,030
4.0%
Toyota Motor Corp
(103,216)
(1,976,403)
337,838
3.6%
Lowe's Cos Inc
(6,844)
(1,873,522)
320,251
3.4%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
JPNBGCND (cont’d)
 
 
 
 
NIKE Inc
(10,755)
$(1,800,228)
$307,723
3.3%
Starbucks Corp
(10,838)
(1,554,988)
265,803
2.8%
Sony Group Corp
(11,097)
(1,297,458)
221,782
2.4%
Booking Holdings Inc
(402)
(1,286,512)
219,911
2.3%
TJX Cos Inc/The
(11,248)
(1,210,371)
206,895
2.2%
Cie Financiere Richemont SA
(5,209)
(1,047,898)
179,123
1.9%
Target Corp
(4,479)
(1,013,601)
173,261
1.8%
Mercedes-Benz Group AG
(9,535)
(928,108)
158,647
1.7%
Hermes International
(375)
(918,728)
157,043
1.6%
AutoZone Inc
(277)
(888,542)
151,883
1.6%
O'Reilly Automotive Inc
(795)
(828,009)
141,536
1.5%
Dollar General Corp
(2,276)
(698,917)
119,470
1.3%
Chipotle Mexican Grill Inc
(320)
(691,713)
118,238
1.3%
Ford Motor Co
(37,494)
(665,890)
113,824
1.2%
General Motors Co
(12,325)
(637,075)
108,899
1.2%
Compass Group PLC
(20,334)
(636,223)
108,753
1.2%
eBay Inc
(9,221)
(600,006)
102,562
1.1%
Kering SA
(735)
(598,749)
102,348
1.1%
Ross Stores Inc
(3,833)
(595,521)
101,796
1.1%
Marriott International Inc/MD
(2,601)
(595,493)
101,791
1.1%
Hilton Worldwide Holdings Inc
(3,018)
(575,647)
98,398
1.0%
DR Horton Inc
(4,432)
(574,927)
98,275
1.0%
Yum! Brands Inc
(3,297)
(565,675)
96,694
1.0%
Oriental Land Co Ltd/Japan
(2,479)
(540,114)
92,325
1.0%
Bayerische Motoren Werke AG
(3,899)
(519,269)
88,761
0.9%
Aptiv PLC
(3,471)
(516,004)
88,203
0.9%
Honda Motor Co Ltd
(15,500)
(501,880)
85,789
0.9%
Lennar Corp
(3,716)
(500,260)
85,512
0.9%
Industria de Diseno Textil SA
(11,026)
(450,712)
77,043
0.8%
Fast Retailing Co Ltd
(549)
(434,350)
74,246
0.8%
Dollar Tree Inc
(2,196)
(433,621)
74,121
0.8%
Ulta Beauty Inc
(620)
(418,568)
71,548
0.8%
Genuine Parts Co
(1,874)
(413,385)
70,662
0.8%
Cie Generale des Etablissements Michelin SCA
(9,702)
(401,253)
68,588
0.7%
Denso Corp
(5,274)
(371,238)
63,458
0.7%
Magna International Inc
(4,237)
(361,170)
61,737
0.7%
Volkswagen AG
(1,985)
(359,992)
61,535
0.7%
LKQ Corp
(4,537)
(351,649)
60,109
0.6%
adidas AG
(1,611)
(339,132)
57,970
0.6%
MGM Resorts International
(6,171)
(335,943)
57,425
0.6%
Bandai Namco Holdings Inc
(3,821)
(333,947)
57,083
0.6%
Panasonic Holdings Corp
(26,596)
(322,239)
55,082
0.6%
Best Buy Co Inc
(2,665)
(310,807)
53,128
0.6%
Bridgestone Corp
(6,034)
(294,562)
50,351
0.5%
Sekisui House Ltd
(11,722)
(290,079)
49,585
0.5%
Toyota Industries Corp
(3,633)
(288,710)
49,351
0.5%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
JPNBGCND (cont’d)
 
 
 
 
Swatch Group AG/The
(602)
$(284,397)
$48,614
0.5%
Restaurant Brands International Inc
(3,076)
(270,233)
46,192
0.5%
InterContinental Hotels Group PLC
(2,794)
(253,463)
43,326
0.5%
Other Securities
(210,325)
(4,225,324)
722,258
7.6%
 
 
$(55,012,949)
$9,403,667
 
Accrued Net Interest Receivable/(Payable)
 
98,596
 
 
 
 
$9,502,263
 
JPNBLQGS
 
 
 
 
Jabil Inc
(12,423)
(2,843,028)
(183,991)
1.9%
GoDaddy Inc
(11,832)
(2,828,351)
(183,042)
1.9%
Performance Food Group Co
(15,688)
(2,799,817)
(181,195)
1.8%
Sprouts Farmers Market Inc
(27,342)
(2,542,511)
(164,543)
1.7%
Take-Two Interactive Software Inc
(7,491)
(2,468,671)
(159,764)
1.6%
Pure Storage Inc
(26,723)
(2,250,855)
(145,668)
1.5%
Microchip Technology Inc
(9,466)
(2,138,409)
(138,391)
1.4%
Dropbox Inc
(31,294)
(2,115,769)
(136,926)
1.4%
Palo Alto Networks Inc
(4,433)
(2,046,707)
(132,456)
1.4%
Coty Inc
(68,355)
(1,981,500)
(128,236)
1.3%
Enphase Energy Inc
(3,057)
(1,969,932)
(127,488)
1.3%
NXP Semiconductors NV
(3,595)
(1,928,392)
(124,799)
1.3%
Sabre Corp
(93,348)
(1,850,183)
(119,738)
1.2%
Nutanix Inc
(22,246)
(1,804,488)
(116,781)
1.2%
Monolithic Power Systems Inc
(1,439)
(1,787,071)
(115,653)
1.2%
Silicon Laboratories Inc
(3,902)
(1,781,985)
(115,324)
1.2%
Electronic Arts Inc
(4,576)
(1,713,719)
(110,906)
1.1%
AmerisourceBergen Corp
(3,361)
(1,652,945)
(106,973)
1.1%
New York Times Co/The
(15,478)
(1,569,524)
(101,574)
1.0%
Lumentum Holdings Inc
(8,458)
(1,481,497)
(95,878)
1.0%
Coherent Corp
(11,614)
(1,467,070)
(94,944)
1.0%
StoneCo Ltd
(45,063)
(1,463,689)
(94,725)
1.0%
Live Nation Entertainment Inc
(6,159)
(1,442,763)
(93,371)
1.0%
Maximus Inc
(6,600)
(1,437,747)
(93,046)
0.9%
F5 Inc
(3,342)
(1,436,143)
(92,942)
0.9%
Incyte Corp
(5,715)
(1,416,215)
(91,653)
0.9%
Dynatrace Inc
(12,381)
(1,384,785)
(89,619)
0.9%
Paramount Global
(19,940)
(1,344,054)
(86,983)
0.9%
Marvell Technology Inc
(10,579)
(1,328,533)
(85,978)
0.9%
Las Vegas Sands Corp
(7,732)
(1,327,747)
(85,927)
0.9%
EPAM Systems Inc
(1,351)
(1,308,159)
(84,660)
0.9%
Wix.com Ltd
(4,982)
(1,261,255)
(81,624)
0.8%
United Natural Foods Inc
(10,390)
(1,258,589)
(81,452)
0.8%
Aramark
(9,275)
(1,202,105)
(77,796)
0.8%
Murphy USA Inc
(1,514)
(1,199,029)
(77,597)
0.8%
Trade Desk Inc/The
(7,650)
(1,128,787)
(73,051)
0.7%
Wolfspeed Inc
(4,939)
(1,107,063)
(71,646)
0.7%
agilon health Inc
(17,337)
(1,098,010)
(71,060)
0.7%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Reference Entity
Shares
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Component
Weighting
JPNBLQGS (cont’d)
 
 
 
 
Horizon Therapeutics Plc
(3,427)
$(1,094,378)
$(70,825)
0.7%
Molina Healthcare Inc
(1,192)
(1,081,527)
(69,993)
0.7%
Azenta Inc
(6,643)
(1,080,755)
(69,943)
0.7%
Centene Corp
(4,860)
(1,078,414)
(69,791)
0.7%
HubSpot Inc
(1,061)
(1,071,264)
(69,329)
0.7%
Pinterest Inc
(13,753)
(1,052,303)
(68,102)
0.7%
RenaissanceRe Holdings Ltd
(1,847)
(1,052,173)
(68,093)
0.7%
Synaptics Inc
(2,850)
(1,037,155)
(67,121)
0.7%
Snowflake Inc
(2,261)
(1,029,409)
(66,620)
0.7%
Hyatt Hotels Corp
(3,230)
(1,025,797)
(66,386)
0.7%
Taylor Morrison Home Corp
(9,647)
(1,005,168)
(65,051)
0.7%
MongoDB Inc
(1,608)
(1,002,742)
(64,894)
0.7%
Other Securities
(666,120)
(73,639,744)
(4,765,727)
48.6%
 
 
$(151,417,926)
$(9,799,275)
 
Accrued Net Interest Receivable/(Payable)
 
136,942
 
 
 
 
$(9,662,333)
 
Total Return Basket Swaps, at Value
 
$(33,798,504)
 
 
(b)
The Fund receives a specified rate based on a reference rate plus or minus a spread, and pays the total
return on the reference entity. The cash flows may be denominated in various foreign currencies based on
the local currencies of the positions within the swaps.
(c)
Effective rate at January 31, 2023.
Total return swap contracts (“total return swaps”)
At January 31, 2023, the Fund had outstanding over-the-counter total return swaps as follows: 
Over-the-counter total return swaps—Short(a)
 
Counterparty
Reference
Entity
Notional
Amount
Maturity
Date
Variable
Rate(b)
Spread
Reference
Rate
Frequency
of Fund
Receipt/
Payment
Unrealized
Appreciation/
(Depreciation)
Accrued
Net
Interest
Receivable/
(Payable)
Value
JPM
S&P 500 Equal
Weight Total Return
Index
USD
217,547,687
11/4/2023
4.47%
0.15%
OBFR
1M/T
$(1,116,378)
$403,412
$(712,966)
Total
 
 
 
 
 
 
 
 
$(1,116,378)
$403,412
$(712,966)
 
(a)
The Fund receives a specified rate based on a reference rate plus or minus a spread, and pays the total
return on the reference entity.
(b)
Effective rate at January 31, 2023.
Purchased option contracts (“options purchased”)
At January 31, 2023, the Fund had outstanding options purchased as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Puts
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Index
S&P 500 Index
141
$46,633,182
$3,775
5/19/2023
$877,020
Total options purchased (cost $2,106,271)
$877,020
Written option contracts ("options written")
At January 31, 2023, the Fund had outstanding options written as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls
Chemicals
Ashland, Inc.
1,406
$(15,363,362)
$120
2/17/2023
$(56,240)(a)(b)
Index
S&P 500 Index
141
(46,633,182)
4,200
5/19/2023
(1,480,500)
Internet & Catalog Retail
Chewy, Inc.
1,557
(7,015,842)
55
3/17/2023
(135,459)
Total calls
 
 
 
 
$(1,672,199)
Puts
Internet & Catalog Retail
Chewy, Inc.
4,045
(18,226,770)
26
2/24/2023
(26,293)
Multiline Retail
Dollar Tree, Inc.
1,010
(15,168,180)
130
2/17/2023
(18,685)
Total puts
 
 
 
 
$(44,978)
Total options written (premium received $3,313,767)
$(1,717,177)
 
 
 
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of January 31, 2023 in accordance with procedures approved by the valuation
designee.
At January 31, 2023, the Fund had securities pledged in the amount of $3,580,029 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of January 31, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
 
 
 
 
Aerospace & Defense
$36,252,600
$30,799,628
$—
$67,052,228
Computers
—
—
3,950,001
3,950,001
Oil, Gas & Consumable Fuels
107,579,811
—
3,245,256
110,825,067
Software
634,040,483
—
3,761,530
637,802,013
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Specialty Retail
$192,194,934
$—
$154,365,360
$346,560,294
Other Common Stocks#
2,972,167,286
—
—
2,972,167,286
Total Common Stocks
3,942,235,114
30,799,628
165,322,147
4,138,356,889
Preferred Stocks#
—
—
55,987,710
55,987,710
Master Limited Partnerships and Limited Partnerships#
161,418,794
—
—
161,418,794
Corporate Bonds#
—
185,103,809
—
185,103,809
Loan Assignments#
—
—
15,300,000
15,300,000
Convertible Bonds#
—
—
19,850,000
19,850,000
Warrants
 
 
 
 
Diversified Consumer Services
78,900
—
3,573,737
3,652,637
Other Warrants#
184,288
—
—
184,288
Total Warrants
263,188
—
3,573,737
3,836,925
Options Purchased@
877,020
—
—
877,020
Short-Term Investments
—
931,568,579
—
931,568,579
Total Investments
$4,104,794,116
$1,147,472,016
$260,033,594
$5,512,299,726
 
#
The Consolidated Schedule of Investments provides information on the industry or sector categorization.
@
The “Purchased option contracts” table under Derivative Instruments provides information on the industry
or sector categorization
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2022
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
1/31/2023
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/2023
Investments in Securities:
Common Stocks(1)
$162,951
$—
$—
$2,371
$—
$—
$—
$—
$165,322
$2,371
Preferred Stocks(1)
57,339
—
—
(1,351)
—
—
—
—
55,988
(1,351)
Loan Assignments(1)
20,400
8
181
(164)
—
(5,125)
—
—
15,300
(164)
Convertible
Bonds(1)
19,850
—
—
—
—
—
—
—
19,850
—
Warrants(2)
2,868
—
—
706
—
—
—
—
3,574
706
Total
$263,408
$8
$181
$1,562
$—
$(5,125)
$—
$—
$260,034
$1,562
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
1/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$154,365,360
Market Approach
Transaction Price
$76.17
$76.17
Increase
Common Stocks
3,245,256
Market Approach
Enterprise value
EBITDA multiple(c) (EV/EBITDA)
11.0x
11.0x
Increase
Common Stocks
7,711,531
Market Approach
Enterprise value
Revenue multiple(c) (EV/Revenue)
8.0x - 14.0x
10.9x
Increase
 
 
 
Liquidation Preference Discount
20.0%
20.0%
Decrease
Preferred Stocks
51,524,057
Market Approach
Enterprise value
Revenue multiple(c) (EV/Revenue)
1.5x - 16.0x
5.9x
Increase
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
(1)Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
1/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
 
 
 
Expected Volatility
70.0%
70.0%
Decrease
 
 
 
Option Term (Years)
2.5
2.5
Decrease
 
 
 
Discount Rate
0.3%
0.3%
Decrease
Preferred Units
$4,463,653
Market Approach
Transaction Price
$113.86
$113.86
Increase
Loan Assignments
15,300,000
Market Approach
Call Price
$102
$102
Increase
Convertible Bonds
19,850,000
Market Approach
Transaction Price
$1,000.00
$1,000.00
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
(c) Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
 
(2) For the period ended January 31, 2023, these investments were valued in accordance with procedures
approved by the valuation designee. These investments did not have a material impact on the Fund's
net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not
presented.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s short investments as of January 31, 2023: 
Liability Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks Sold Short#
$(926,567,141)
$—
$—
$(926,567,141)
Corporate Bonds Sold Short#
—
(43,671,144)
—
(43,671,144)
Total Short Positions
$(926,567,141)
$(43,671,144)
$—
$(970,238,285)
 
#
The Schedule of Investments provides information on the industry or sector categorization.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of January 31, 2023: 
Other Financial Instruments
Level 1
Level 2
Level 3(a)
Total
Futures@
 
 
 
 
Liabilities
$(26,566,903)
$—
$—
$(26,566,903)
Swaps
 
 
 
 
Assets
—
10,479,009
—
10,479,009
Liabilities
—
(44,990,479)
—
(44,990,479)
Options Written
 
 
 
 
Liabilities
(1,660,937)
—
(56,240)
(1,717,177)
Total
$(28,227,840)
$(34,511,470)
$(56,240)
$(62,795,550)
 
@
Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
(a)
The following is a reconciliation between the beginning and ending balances of derivatives investments in
which unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2022
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases/
Closing
of options
Sales/
Writing
of options
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
1/31/2023
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/2023
Other Financial Instruments
Written Option
Contracts(1)
$—
$—
$—
$296
$—
$(352)
$—
$—
$(56)
$296
Total
$—
$—
$—
$296
$—
$(352)
$—
$—
$(56)
$296
(1)
These investments were valued in accordance with procedures approved by the valuation designee.
These investments did not have a material impact on the Fund's net assets and, therefore, disclosure
of unobservable inputs used in formulating valuations is not presented.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Consolidated Schedule of Investments
Schedule of Investments U.S. Equity Index PutWrite Strategy Fund^ (Unaudited) 
January 31, 2023
 
Principal Amount
Value
U.S. Treasury Obligations 79.2%
 
U.S. Treasury Notes
$ 77,600,000
0.50%, due 3/15/2023
$ 77,231,676
 89,700,000
0.25%, due 6/15/2023
 88,228,359
202,800,000
0.13%, due 9/15/2023 - 12/15/2023
195,864,692(a)
Total U.S. Treasury Obligations (Cost $367,158,865)
361,324,727
 
Index-Linked Notes 14.6%
Diversified Financial Services 14.6%
 92,226,000
GS Finance Corp., 25.00%, due 2/16/2024 (Cost $92,387,299)
66,551,818
Number of Shares
 
 
Short-Term Investments 6.0%
Investment Companies 6.0%
27,542,619
State Street Institutional U.S. Government Money Market Fund Premier Class,
4.18%(b)(Cost $27,542,619)
$27,542,619
Total Investments 99.8% (Cost $487,088,783)
455,419,164
Other Assets Less Liabilities 0.2%
1,004,819(c)
Net Assets 100.0%
$456,423,983
 
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
Represents 7-day effective yield as of January 31, 2023.
(c)
Includes the impact of the Fund's open positions in derivatives at January 31, 2023.
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Index PutWrite Strategy Fund^ (Unaudited)  (cont’d)
Derivative Instruments
Written option contracts ("options written")
At January 31, 2023, the Fund had outstanding options written as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Puts
Index
S&P 500 Index
24
$(9,783,840)
$3,870
2/3/2023
$(3,840)
S&P 500 Index
40
(16,306,400)
3,995
2/3/2023
(59,200)
S&P 500 Index
53
(21,605,980)
4,010
2/3/2023
(97,785)
S&P 500 Index
7
(2,853,620)
4,020
2/3/2023
(14,805)
S&P 500 Index
93
(37,912,380)
4,055
2/3/2023
(304,575)
S&P 500 Index
4
(1,630,640)
3,870
2/10/2023
(2,680)
S&P 500 Index
5
(2,038,300)
3,930
2/10/2023
(6,425)
S&P 500 Index
2
(815,320)
3,945
2/10/2023
(3,020)
S&P 500 Index
143
(58,295,380)
3,980
2/10/2023
(311,025)
S&P 500 Index
128
(52,180,480)
3,995
2/10/2023
(322,560)
S&P 500 Index
5
(2,038,300)
4,055
2/10/2023
(22,300)
S&P 500 Index
93
(37,912,380)
3,900
2/17/2023
(168,330)
S&P 500 Index
113
(46,065,580)
3,930
2/17/2023
(257,075)
S&P 500 Index
23
(9,376,180)
3,945
2/17/2023
(58,535)
S&P 500 Index
6
(2,445,960)
3,980
2/17/2023
(19,800)
S&P 500 Index
38
(15,491,080)
3,995
2/17/2023
(141,360)
S&P 500 Index
15
(6,114,900)
4,030
2/17/2023
(70,575)
S&P 500 Index
60
(24,459,600)
4,015
2/24/2023
(293,700)
S&P 500 Index
57
(23,236,620)
4,030
2/24/2023
(305,520)
S&P 500 Index
22
(8,968,520)
4,040
2/24/2023
(125,400)
S&P 500 Index
145
(59,110,700)
4,075
2/24/2023
(1,015,725)
S&P 500 Index
50
(20,383,000)
4,035
3/3/2023
(310,000)
S&P 500 Index
22
(8,968,520)
4,050
3/3/2023
(159,830)
S&P 500 Index
3
(1,222,980)
4,075
3/3/2023
(23,040)
Total options written (premium received $7,980,629)
$(4,097,105)
At January 31, 2023, the Fund had securities pledged in the amount of $117,027,738 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of January 31, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
U.S. Treasury Obligations
$—
$361,324,727
$—
$361,324,727
Index-Linked Notes#
—
66,551,818
—
66,551,818
Short-Term Investments
—
27,542,619
—
27,542,619
Total Investments
$—
$455,419,164
$—
$455,419,164
 
#
The Schedule of Investments provides information on the industry or sector categorization.
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Index PutWrite Strategy Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of January 31, 2023: 
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Options Written
 
 
 
 
Liabilities
$(4,097,105)
$—
$—
$(4,097,105)
Total
$(4,097,105)
$—
$—
$(4,097,105)
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
January 31, 2023
Notes to Schedule of Investments Alternative and Multi-Asset Class Funds ß(Unaudited) 
 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Global Allocation Fund ("Global Allocation"), Neuberger Berman Long Short Fund ("Long Short"), and Neuberger Berman U.S. Equity Index PutWrite Strategy Fund ("U.S. Equity Index PutWrite Strategy") (each individually a "Fund", and collectively, the "Funds") are carried at the value that Management believes each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Funds' investments (long and short positions) in equity securities, preferred stocks, master limited partnerships and limited partnerships, warrants and exchange-traded options purchased and written, for which market quotations are available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations. 
The value of the Funds' investments for long and short positions in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid or offer quotations, respectively, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds: 
Corporate Bonds. Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Long Short.
Notes to Schedule of Investments Alternative and Multi-Asset Class Funds ß(Unaudited)  (cont’d)
Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit specific details, relevant listed bond and preferred stock prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available.
High Yield Securities. Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.
Index Linked Notes. The value of the index linked notes is determined by obtaining a valuation from a calculation agent and is primarily based on accrued interest, the underlying index change, participation rate related to the issuer and Other Market Information.
U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.
The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available). 
The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs). 
The value of total return swaps and total return basket swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated benchmark interest rate (Level 2 inputs). 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs), when available. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for any and all Fund investments. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services (“ICE”) to assist in determining the fair value of foreign equity securities when
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Long Short.
Notes to Schedule of Investments Alternative and Multi-Asset Class Funds ß(Unaudited)  (cont’d)
changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time as of which a Fund’s share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund’s share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time as of which a Fund’s share price is calculated, Management has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade. 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades. 
On February 25, 2022, to facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company, Long Short formed NB A24 Long Short Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of Long Short and Long Short will remain its sole member. As of January 31, 2023, the value of Long Short's investment in the Blocker was as follows:  
 
Investment in
Blocker
Percentage of
Net Assets
 
$4,440,741
0.1%
Other Matters: 
Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds. 
Russia's Invasion of Ukraine: Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted. 
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Long Short.
Notes to Consolidated Schedule of Investments Alternative and Multi-Asset Class Funds ß (Unaudited) (cont'd)
Legend
Legend January 31, 2023 (Unaudited) 
Benchmarks:
€STR
= Euro Short Term Rate
FEDL01
= United States Federal Funds Effective Rate
LIBOR
= London Interbank Offered Rate
OBFR
= United States Overnight Bank Funding Rate
Counterparties:
GSI
= Goldman Sachs International
JPM
= JPMorgan Chase Bank N.A.
Index Periods/Payment Frequencies:
1M
= 1 Month
3M
= 3 Months
T
= Termination
Other Abbreviations:
ADR
= American Depositary Receipt
Management
= Neuberger Berman Investment Advisers LLC
 
Currency Abbreviations:
EUR
= Euro
USD
= United States Dollar
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Long Short.