0001752724-23-208070.txt : 20230919 0001752724-23-208070.hdr.sgml : 20230919 20230919162303 ACCESSION NUMBER: 0001752724-23-208070 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230919 DATE AS OF CHANGE: 20230919 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUBERGER BERMAN ALTERNATIVE FUNDS CENTRAL INDEX KEY: 0001317474 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21715 FILM NUMBER: 231264114 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 BUSINESS PHONE: (212) 476-8800 MAIL ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER BERMAN INSTITUTIONAL LIQUIDITY FUNDS DATE OF NAME CHANGE: 20090601 FORMER COMPANY: FORMER CONFORMED NAME: LEHMAN BROTHERS INSTITUTIONAL LIQUIDITY FUNDS DATE OF NAME CHANGE: 20061023 FORMER COMPANY: FORMER CONFORMED NAME: LEHMAN BROTHERS INVESTOR LIQUIDITY SERIES DATE OF NAME CHANGE: 20050211 0001317474 S000055088 Neuberger Berman U.S. Equity Index PutWrite Strategy Fund C000173312 Class A NUPAX C000173313 Class C NUPCX C000173314 Institutional Class NUPIX C000173315 Class R6 NUPRX NPORT-P 1 primary_doc.xml NPORT-P false 0001317474 XXXXXXXX S000055088 C000173313 C000173314 C000173315 C000173312 NEUBERGER BERMAN ALTERNATIVE FUNDS 811-21715 0001317474 549300O1DN1L4W2HMC23 1290 AVENUE OF THE AMERICAS NEW YORK 10104 212-476-8800 Neuberger Berman U.S. Equity Index PutWrite Strategy Fund S000055088 549300EXZFKOKING8C30 2023-10-31 2023-07-31 N 505539365.78 2551820.68 502987545.10 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 USD N 60% S&P 500, 40% ICE BofA Treasuries 0-2 years Index SPXTR60% G1QB40% N/A N/A S+P 500 INDEX 000000000 -36.00000000 NC USD -88740.00000000 -0.01764258396 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4550.00000000 USD 2023-08-18 XXXX 91290.48000000 N N N United States Treasury 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CBR1 100400000.00000000 PA USD 97274265.88000000 19.33929911935 Long DBT UST US N 2 2024-03-15 Fixed 0.25000000 N N N N N N N/A N/A S+P 500 INDEX 000000000 -103.00000000 NC USD -424360.00000000 -0.08436789422 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4575.00000000 USD 2023-08-25 XXXX 78418.65000000 N N N N/A N/A S+P 500 INDEX 000000000 -41.00000000 NC USD -4407.50000000 -0.00087626424 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4455.00000000 USD 2023-08-04 XXXX 206658.20000000 N N N N/A N/A S+P 500 INDEX 000000000 -90.00000000 NC USD -59850.00000000 -0.01189890298 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4480.00000000 USD 2023-08-11 XXXX 400650.49000000 N N N N/A N/A S+P 500 INDEX 000000000 -46.00000000 NC USD -119830.00000000 -0.02382365153 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4555.00000000 USD 2023-08-18 XXXX 104740.12000000 N N N N/A N/A S+P 500 INDEX 000000000 -189.00000000 NC USD -137970.00000000 -0.02743010266 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4550.00000000 USD 2023-08-04 XXXX 338507.26000000 N N N N/A N/A S+P 500 INDEX 000000000 -1.00000000 NC USD -1865.00000000 -0.00037078452 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4555.00000000 USD 2023-08-11 XXXX 620.15000000 N N N N/A N/A S+P 500 INDEX 000000000 -40.00000000 NC USD -32800.00000000 -0.00652103622 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4555.00000000 USD 2023-08-04 XXXX 25966.00000000 N N N N/A N/A S+P 500 INDEX 000000000 -22.00000000 NC USD -39380.00000000 -0.00782921970 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4520.00000000 USD 2023-08-18 XXXX 70797.44000000 N N N N/A N/A S+P 500 INDEX 000000000 -76.00000000 NC USD -74860.00000000 -0.01488307230 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4510.00000000 USD 2023-08-11 XXXX 280407.18000000 N N N N/A N/A S+P 500 INDEX 000000000 -87.00000000 NC USD -303195.00000000 -0.06027882856 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4555.00000000 USD 2023-08-25 XXXX 158485.04000000 N N N United States Treasury 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CCG4 108600000.00000000 PA USD 103903898.17000000 20.65735010383 Long DBT UST US N 2 2024-06-15 Fixed 0.25000000 N N N N N N N/A N/A S+P 500 INDEX 000000000 -91.00000000 NC USD -250705.00000000 -0.04984318248 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4560.00000000 USD 2023-08-18 XXXX 217932.95000000 N N N United States Treasury 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CAK7 90900000.00000000 PA USD 90317671.88000000 17.95624419726 Long DBT UST US N 2 2023-09-15 Fixed 0.13000000 N N N N N N United States Treasury 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CBA8 111900000.00000000 PA USD 109775647.88000000 21.82472487627 Long DBT UST US N 2 2023-12-15 Fixed 0.13000000 N N N N N N N/A N/A S+P 500 INDEX 000000000 -14.00000000 NC USD -66920.00000000 -0.01330450438 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4575.00000000 USD 2023-09-01 XXXX 8902.94000000 N N N GS FINANCE CORP 549300FR80KBVO6DRL61 GS Finance Corp 36255HA99 92226000.00000000 PA USD 61238064.00000000 12.17486687226 Long SN CORP US N 2 2024-02-16 Fixed 25.00000000 N N N N N N N/A N/A S+P 500 INDEX 000000000 -16.00000000 NC USD -5920.00000000 -0.00117696751 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4430.00000000 USD 2023-08-11 XXXX 85746.40000000 N N N N/A N/A S+P 500 INDEX 000000000 -13.00000000 NC USD -20930.00000000 -0.00416113683 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4510.00000000 USD 2023-08-18 XXXX 46635.74000000 N N N N/A N/A S+P 500 INDEX 000000000 -77.00000000 NC USD -304535.00000000 -0.06054523674 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4570.00000000 USD 2023-08-25 XXXX 121994.74000000 N N N N/A N/A S+P 500 INDEX 000000000 -66.00000000 NC USD -154440.00000000 -0.03070453761 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4545.00000000 USD 2023-08-18 XXXX 179924.09000000 N N N N/A N/A S+P 500 INDEX 000000000 -92.00000000 NC USD -84640.00000000 -0.01682745444 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4505.00000000 USD 2023-08-11 XXXX 355517.23000000 N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 State Street Institutional US Government Money Market Fund 857492706 42301398.77000000 NS USD 42301398.77000000 8.410029071711 Long STIV RF US N 2 N N N N/A N/A S+P 500 INDEX 000000000 -1.00000000 NC USD -505.00000000 -0.00010040010 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4535.00000000 USD 2023-08-04 XXXX 2124.15000000 N N N N/A N/A S+P 500 INDEX 000000000 -9.00000000 NC USD -30105.00000000 -0.00598523766 N/A DE US N 1 Citibank Global Markets Inc. 549300EXZFKOKING8C30 Put Written S&P 500 Index SPX INDEX 100.00000000 4550.00000000 USD 2023-08-25 XXXX 21007.35000000 N N N State Street Global Advisors 549300BZ5TGIFZUZDZ37 State Street Institutional US Government Money Market Fund 857492706 300798.48000000 NS USD 300798.48000000 0.059802371436 Long STIV RF US N 2 N N N 2023-08-30 NEUBERGER BERMAN ALTERNATIVE FUNDS John McGovern John McGovern Treasurer XXXX NPORT-EX 2 NPORT_9WN6_96871785_0723.htm EDGAR HTML
Consolidated Schedule of Investments Long Short Fund^ (Unaudited) 
July 31, 2023

 
Number of Shares
Value
Long Positions 98.0%
Common Stocks 78.9%
Aerospace & Defense 1.2%
245,678
Airbus SE
$36,191,087
153,100
Boeing Co.
36,567,935
*(a)
 
72,759,022
Banks 1.6%
616,980
JPMorgan Chase & Co.
97,458,161
(a)
Beverages 1.9%
3,318,607
Keurig Dr Pepper, Inc.
112,865,824
(a)
Biotechnology 0.6%
233,927
AbbVie, Inc.
34,990,801
(a)
Broadline Retail 2.3%
1,051,440
Amazon.com, Inc.
140,556,499
*(a)
Capital Markets 4.1%
1,656,220
Brookfield Corp. Class A
57,802,078
(b)
498,280
CME Group, Inc.
99,137,789
240,043
S&P Global, Inc.
94,699,364
 
251,639,231
Chemicals 0.6%
433,104
Ashland, Inc.
39,568,381
Commercial Services & Supplies 0.9%
344,285
Waste Management, Inc.
56,390,440
(a)
Computers 0.1%
359,091
Arctic Wolf Networks, Inc.
3,555,001
*#(c)(d)
Consumer Staples Distribution & Retail 3.0%
88,617
Costco Wholesale Corp.
49,684,894
(a)
521,355
Dollar Tree, Inc.
80,460,717
*
309,798
Walmart, Inc.
49,524,308
(a)
 
179,669,919
Containers & Packaging 0.8%
281,092
Avery Dennison Corp.
51,723,739
(a)
Diversified Consumer Services 0.1%
480,460
European Wax Center, Inc.
Class A
9,306,510
*
Electric Utilities 2.1%
1,740,200
NextEra Energy, Inc.
127,556,660
(a)
Electrical Equipment 0.8%
905,549
nVent Electric PLC
47,885,431
Electronic Equipment, Instruments & Components 1.9%
410,733
Amphenol Corp. Class A
36,271,831
(a)
204,159
CDW Corp.
38,192,024
Number of Shares
Value
Electronic Equipment, Instruments & Components –
cont'd
292,270
TE Connectivity Ltd.
$41,937,823
 
116,401,678
Entertainment 1.9%
666,882
Activision Blizzard, Inc.
61,859,975
*
116,190
Netflix, Inc.
51,003,924
*(a)
 
112,863,899
Financial Services 2.8%
183,750
MasterCard, Inc. Class A
72,448,950
(a)
1,964,324
Repay Holdings Corp. Class A
16,402,105
*
333,561
Visa, Inc. Class A
79,297,457
(a)
 
168,148,512
Food Products 1.0%
221,949
Freshpet, Inc.
16,322,129
*
562,189
Mondelez International, Inc.
Class A
41,675,071
(a)
 
57,997,200
Ground Transportation 2.4%
534,510
Uber Technologies, Inc.
26,436,865
*(a)
510,426
Union Pacific Corp.
118,429,040
(a)
 
144,865,905
Health Care Equipment & Supplies 0.8%
912,378
Boston Scientific Corp.
47,306,799
*
Health Care Providers & Services 2.5%
73,639
Humana, Inc.
33,640,505
(a)
231,530
UnitedHealth Group, Inc.
117,239,846
(a)
 
150,880,351
Hotels, Restaurants & Leisure 3.2%
773,727
First Watch Restaurant Group,
Inc.
14,422,271
*
96,339
Marriott International, Inc.
Class A
19,442,173
(a)
452,509
McDonald's Corp.
132,675,639
(a)
1,812,467
Sweetgreen, Inc. Class A
27,313,878
*
 
193,853,961
Household Products 0.5%
207,314
Procter & Gamble Co.
32,403,178
(a)
Insurance 1.2%
589,870
Progressive Corp.
74,311,823
(a)
Interactive Media & Services 6.5%
1,154,478
Alphabet, Inc. Class A
153,222,320
*
1,664,315
Match Group, Inc.
77,407,291
*
508,080
Meta Platforms, Inc. Class A
161,874,288
*(a)
 
392,503,899
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
IT Services 0.5%
397,644
Okta, Inc.
$30,562,918
*
Life Sciences Tools & Services 0.9%
100,155
Thermo Fisher Scientific, Inc.
54,951,042
Multi-Utilities 2.0%
2,119,875
CenterPoint Energy, Inc.
63,787,039
659,937
WEC Energy Group, Inc.
59,301,939
 
123,088,978
Oil, Gas & Consumable Fuels 1.8%
417,121
Chevron Corp.
68,266,023
(a)
1,204,872
Enbridge, Inc.
44,339,289
(a)
 
112,605,312
Personal Care Products 0.3%
588,245
Kenvue, Inc.
13,929,642
*(a)
51,000
Oddity Tech Ltd. Class A
2,717,790
*
 
16,647,432
Pharmaceuticals 0.9%
330,649
Johnson & Johnson
55,393,627
(a)
Professional Services 3.2%
327,982
Equifax, Inc.
66,934,567
354,045
Jacobs Solutions, Inc.
44,400,783
1,903,715
Paycor HCM, Inc.
51,133,785
*
418,435
TransUnion
33,345,085
(a)
 
195,814,220
Semiconductors & Semiconductor Equipment 2.2%
299,710
Analog Devices, Inc.
59,801,136
(a)
44,409
ASML Holding NV
31,815,052
90,646
NVIDIA Corp.
42,357,969
(a)
 
133,974,157
Software 11.5%
220,887
Adobe, Inc.
120,641,853
*(a)
91,770
Atlassian Corp. Class A
16,696,634
*
179,381
Grammarly, Inc. Class A
3,228,858
*#(c)(d)
99,073
Intuit, Inc.
50,695,654
(a)
668,466
Microsoft Corp.
224,551,099
637,391
Salesforce, Inc.
143,419,349
*
89,255
ServiceNow, Inc.
52,035,665
*
247,022
Splunk, Inc.
26,759,893
*
256,150
Workday, Inc. Class A
60,740,849
*
 
698,769,854
Specialized REITs 1.0%
31,110
Equinix, Inc.
25,196,611
(a)
151,979
SBA Communications Corp.
Class A
33,275,802
(a)
 
58,472,413
Number of Shares
Value
Specialty Retail 6.6%
216,275
Asbury Automotive Group,
Inc.
$48,791,640
*
965,226
Chewy, Inc. Class A
32,721,162
*
2,026,590
Fanatics Holdings, Inc. Class A
154,365,360
*#(c)(d)
116,674
Home Depot, Inc.
38,950,448
(a)
1,474,893
TJX Cos., Inc.
127,622,491
 
402,451,101
Technology Hardware, Storage & Peripherals 2.6%
805,422
Apple, Inc.
158,225,152
(a)
Textiles, Apparel & Luxury Goods 0.6%
357,741
NIKE, Inc. Class B
39,491,029
(a)
Total Common Stocks
(Cost $3,415,739,962)
4,797,910,059
Preferred Stocks 0.8%
Entertainment 0.1%
39,203
A24 Films LLC
4,463,653
*#(c)(d)(e)
Internet 0.4%
23,000
Fabletics LLC Series G
23,000,000
*#(c)(d)
82,110
Savage X, Inc. Series C
3,949,983
*#(c)(d)
 
26,949,983
IT Services 0.2%
959,038
Cybereason, Inc. Series F
441,157
*#(c)(d)
658,071
Druva, Inc. Series 4
6,167,968
*#(c)(d)
480,112
Druva, Inc. Series 5
4,499,994
*#(c)(d)
 
11,109,119
Software 0.1%
55,626
Grammarly, Inc. Series 3
1,458,063
*#(c)(d)
180,619
Signifyd, Inc. Series Seed
1,723,106
*#(c)(d)
78,686
Signifyd, Inc. Series A
752,238
*#(c)(d)
325,371
Videoamp, Inc. Series F1
5,135,005
*#(c)(d)
 
9,068,412
Total Preferred Stocks
(Cost $58,686,273)
51,591,167
Number of Units
Master Limited Partnerships and Limited
Partnerships 2.8%
Multi-Utilities 1.0%
1,600,530
Brookfield Infrastructure
Partners LP
57,122,916
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Units
Value
Oil, Gas & Consumable Fuels 1.8%
4,180,641
Enterprise Products
Partners LP
$110,828,793
Total Master Limited Partnerships and
Limited Partnerships
(Cost $135,194,331)
167,951,709
 
Principal Amount
Value
Corporate Bonds 3.7%
Beverages 0.1%
$11,355,000
PepsiCo, Inc., 2.75%, due 10/21/2051
$7,994,211
Computers 0.2%
21,845,000
Apple, Inc., 2.85%, due 8/5/2061
14,633,130
Diversified Financial Services 0.0%(f)
2,838,000
Mastercard, Inc., 2.95%, due 3/15/2051
2,044,964
Electric 0.1%
11,350,000
Florida Power & Light Co., 2.88%, due 12/4/2051
7,728,706
Healthcare - Services 0.2%
 
UnitedHealth Group, Inc.
4,775,000
5.05%, due 4/15/2053
4,695,799
12,337,000
3.13%, due 5/15/2060
8,442,282
 
13,138,081
Internet 1.0%
16,612,000
Alphabet, Inc., 2.25%, due 8/15/2060
10,048,383
19,932,000
Amazon.com, Inc., 3.25%, due 5/12/2061
14,207,275
 
Meta Platforms, Inc.
6,693,000
5.60%, due 5/15/2053
6,891,695
18,990,000
4.65%, due 8/15/2062
16,792,700
478,000
5.75%, due 5/15/2063
495,724
9,590,000
Uber Technologies, Inc., 8.00%, due 11/1/2026
9,783,560
(a)(g)
 
58,219,337
Machinery - Diversified 0.1%
2,850,000
nVent Finance Sarl, 4.55%, due 4/15/2028
2,710,288
(h)
Miscellaneous Manufacturer 0.6%
 
Anagram International, Inc./Anagram Holdings LLC
25,586,603
10.00% Cash & 5.00% PIK, due 8/15/2025
24,563,139
(g)(i)
18,323,163
5.00% Cash & 5.00% PIK, due 8/15/2026
13,811,084
(g)(i)
 
38,374,223
Office - Business Equipment 0.1%
5,700,000
CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026
5,153,816
(a)
Pharmaceuticals 0.2%
20,880,000
Johnson & Johnson, 2.45%, due 9/1/2060
13,203,437
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Principal Amount
Value
Real Estate Investment Trusts 0.1%
$2,850,000
SBA Communications Corp., 3.88%, due 2/15/2027
$2,625,622
(a)
Retail 0.3%
 
Walmart, Inc.
20,880,000
2.65%, due 9/22/2051
14,636,050
4,770,000
4.50%, due 4/15/2053
4,598,911
 
19,234,961
Software 0.7%
20,890,000
Activision Blizzard, Inc., 2.50%, due 9/15/2050
13,597,665
17,082,000
Microsoft Corp., 2.68%, due 6/1/2060
11,303,187
 
Oracle Corp.
4,765,000
6.90%, due 11/9/2052
5,338,466
14,212,000
3.85%, due 4/1/2060
9,913,411
 
40,152,729
Total Corporate Bonds
(Cost $221,211,252)
225,213,505
Convertible Bonds 0.3%
Computers 0.3%
19,850
Arctic Wolf Networks, Inc., 0.00%, due 9/29/2027 (Cost $19,850,000)
19,850,000
#(c)(d)
 
Number of Shares
Warrants 0.1%
Diversified Consumer Services 0.1%
653,334
OneSpaWorld Holdings Ltd. Expires 6/12/2025
(Cost $0)
$4,802,005
*(c)(d)
Total Purchased Option Contracts 0.0%(f)(j)
(Cost $353,541)
5,300
 
Short-Term Investments 11.4%
Investment Companies 11.4%
695,095,717
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.19%(k)(Cost $695,095,717)
695,095,717
Total Long Positions (98.0%)
(Cost $4,546,131,076)
5,962,419,462
 
Number of Shares
Value
 
Short Positions ((15.9)%)
Common Stocks Sold Short (15.2)%
Air Freight & Logistics (0.2)%
(78,100
)
Expeditors International of
Washington, Inc.
$(9,942,130
)
Number of Shares
Value
 
Automobiles (0.3)%
(498,230
)
Ford Motor Co.
$(6,581,618
)
(34,892
)
Tesla, Inc.
(9,331,168
)*
 
(15,912,786
)
Broadline Retail (0.4)%
(771,176
)
Big Lots, Inc.
(7,904,554
)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
 
Broadline Retail – cont'd
(148,467
)
Etsy, Inc.
$(15,091,671
)*
 
(22,996,225
)
Building Products (0.1)%
(57,000
)
Allegion PLC
(6,661,020
)
Capital Markets (0.6)%
(307,107
)
T Rowe Price Group, Inc.
(37,854,009
)
Commercial Services & Supplies (0.1)%
(791,597
)
Steelcase, Inc.
(6,783,986
)
Consumer Finance (0.1)%
(368,180
)
SoFi Technologies, Inc.
(4,215,661
)*
Consumer Staples Distribution & Retail (0.7)%
(56,369
)
Dollar General Corp.
(9,518,469
)
(454,459
)
Grocery Outlet Holding Corp.
(15,201,654
)*
(398,789
)
Sprouts Farmers Market, Inc.
(15,652,468
)*
 
(40,372,591
)
Containers & Packaging (0.1)%
(23,382
)
Packaging Corp. of America
(3,585,630
)
Diversified Consumer Services (0.1)%
(453,992
)
Udemy, Inc.
(5,361,646
)*
Electric Utilities (0.4)%
(350,452
)
Hawaiian Electric Industries, Inc.
(13,453,852
)
(163,611
)
Southern Co.
(11,835,620
)
 
(25,289,472
)
Electrical Equipment (0.2)%
(52,700
)
Eaton Corp. PLC
(10,820,364
)
Entertainment (0.6)%
(338,829
)
ROBLOX Corp.
(13,299,038
)*
(1,740,817
)
Warner Bros Discovery, Inc.
(22,752,478
)*
 
(36,051,516
)
Food Products (0.6)%
(215,646
)
Campbell Soup Co.
(9,880,900
)
(468,960
)
Conagra Brands, Inc.
(15,386,577
)
(116,752
)
McCormick & Co., Inc.
(10,446,969
)
 
(35,714,446
)
Ground Transportation (0.1)%
(22,900
)
Landstar System, Inc.
(4,662,211
)
Number of Shares
Value
 
Health Care Equipment & Supplies (0.1)%
(18,667
)
Align Technology, Inc.
$(7,054,073
)*
Health Care Providers & Services (0.5)%
(526,541
)
agilon health, Inc.
(10,083,260
)*
(133,245
)
Centene Corp.
(9,072,652
)*
(144,820
)
DaVita, Inc.
(14,770,192
)*
 
(33,926,104
)
Hotels, Restaurants & Leisure (0.5)%
(231,277
)
Cava Group, Inc.
(13,208,229
)*
(89,152
)
Darden Restaurants, Inc.
(15,059,556
)
(167,609
)
Dutch Bros, Inc.
(5,197,555
)*
 
(33,465,340
)
Household Durables (0.2)%
(390,447
)
Cricut, Inc.
(4,630,701
)
(19,602
)
TopBuild Corp.
(5,369,576
)*
 
(10,000,277
)
Household Products (0.2)%
(148,411
)
Church & Dwight Co., Inc.
(14,198,480
)
Insurance (0.4)%
(176,142
)
Lemonade, Inc.
(4,095,301
)*
(30,112
)
RenaissanceRe Holdings Ltd.
(5,623,717
)
(375,932
)
Ryan Specialty Holdings, Inc.
(16,292,893
)*
 
(26,011,911
)
Interactive Media & Services (0.3)%
(2,108,290
)
fuboTV, Inc.
(7,104,937
)*
(252,953
)
Shutterstock, Inc.
(13,014,432
)
 
(20,119,369
)
IT Services (0.2)%
(76,743
)
International Business Machines
Corp.
(11,064,806
)
Machinery (0.6)%
(98,457
)
Illinois Tool Works, Inc.
(25,925,697
)
(91,308
)
Ingersoll Rand, Inc.
(5,959,673
)
(70,700
)
Timken Co.
(6,565,202
)
 
(38,450,572
)
Media (1.3)%
(501,862
)
iHeartMedia, Inc.
(2,373,807
)*
(610,924
)
Interpublic Group of Cos., Inc.
(20,911,929
)
(275,563
)
Omnicom Group, Inc.
(23,318,141
)
(332,492
)
Trade Desk, Inc.
(30,343,220
)*
 
(76,947,097
)
Passenger Airlines (0.1)%
(642,670
)
Joby Aviation, Inc.
(5,751,897
)*
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
 
Professional Services (0.8)%
(73,091
)
Paycom Software, Inc.
$(26,953,037
)
(100,387
)
Paylocity Holding Corp.
(22,772,791
)*
 
(49,725,828
)
Real Estate Management & Development (0.0)%(f)
(584,080
)
Opendoor Technologies, Inc.
(2,984,649
)*
Semiconductors & Semiconductor Equipment (0.2)%
(65,269
)
Texas Instruments, Inc.
(11,748,420
)
Software (1.7)%
(106,617
)
Descartes Systems Group, Inc.
(8,302,266
)*
(354,998
)
DocuSign, Inc.
(19,105,992
)*
(30,221
)
HubSpot, Inc.
(17,544,802
)*
(2,278,811
)
Palantir Technologies, Inc.
(45,211,610
)*
(82,102
)
SAP SE ADR
(11,194,608
)
 
(101,359,278
)
Specialized REITs (0.9)%
(336,649
)
Iron Mountain, Inc.
(20,670,249
)
(303,379
)
Lamar Advertising Co.
(29,943,507
)
Number of Shares
Value
 
Specialized REITs – cont'd
(475,703
)
Outfront Media, Inc.
$(7,354,368
)
 
(57,968,124
)
Specialty Retail (2.1)%
(144,619
)
Aaron's Co., Inc.
(2,287,873
)
(312,522
)
Best Buy Co., Inc.
(25,954,952
)
(81,134
)
Burlington Stores, Inc.
(14,411,021
)*
(467,115
)
CarMax, Inc.
(38,588,370
)*
(235,845
)
Floor & Decor Holdings, Inc.
(27,086,798
)*
(333,614
)
Sonic Automotive, Inc.
(15,976,774
)
(108,801
)
Upbound Group, Inc.
(3,767,779
)
(683,236
)
Vroom, Inc.
(1,578,275
)*
 
(129,651,842
)
Textiles, Apparel & Luxury Goods (0.5)%
(1,273,771
)
Figs, Inc.
(9,374,955
)*
(589,878
)
G-III Apparel Group Ltd.
(12,216,373
)*
(63,255
)
Ralph Lauren Corp.
(8,307,279
)
 
(29,898,607
)
Total Common Stocks Sold Short
(Proceeds $(810,238,152))
(926,550,367
)
 
Principal Amount
Corporate Bonds Sold Short (0.7)%
Diversified Financial Services (0.2)%
$(5,000,000
)
Radian Group, Inc., 4.88%, due 3/15/2027
$(4,782,150
)
(5,000,000
)
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.63%, due 3/1/2029
(4,271,405
)(g)
 
(9,053,555
)
Insurance (0.0)%(f)
(2,650,000
)
Hartford Financial Services Group, Inc., (3 mo. USD LIBOR + 2.13%), 7.45%, due 2/12/2047
(2,273,042
)(g)(l)
Lodging (0.1)%
(7,000,000
)
Boyd Gaming Corp., 4.75%, due 12/1/2027
(6,618,728
)
Media (0.1)%
(4,000,000
)
iHeartCommunications, Inc., 8.38%, due 5/1/2027
(2,745,560
)
(5,000,000
)
Sirius XM Radio, Inc., 4.00%, due 7/15/2028
(4,359,761
)(g)
 
(7,105,321
)
Office Equipment (0.1)%
(7,000,000
)
Steelcase, Inc., 5.13%, due 1/18/2029
(6,207,213
)
Pipelines (0.1)%
(8,170,000
)
TransCanada PipeLines Ltd., (3 mo. USD LIBOR + 2.21%), 7.53%, due 5/15/2067
(6,920,053
)(l)
Retail (0.1)%
(5,000,000
)
Macy's Retail Holdings LLC, 5.88%, due 4/1/2029
(4,655,000
)(g)
Total Corporate Bonds Sold Short (Proceeds $(45,577,665))
(42,832,912
)
Total Short Positions (Proceeds $(855,815,817))
(969,383,279
)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Principal Amount
Value
 
Total Investments 82.1% (Cost $3,690,315,259)
4,993,036,183
Other Assets Less Liabilities 17.9%
1,087,930,816
(m)
Net Assets 100.0%
$6,080,966,999
 
*
Non-income producing security.
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
All or a portion of this security is on loan at July 31, 2023. Total value of all such securities at July 31,
2023 amounted to $15,879,291, collateralized by non-cash (U.S. Treasury Securities) collateral of
$16,591,115 for the Fund .
(c)
Value determined using significant unobservable inputs.
(d)
Security fair valued as of July 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at July 31, 2023 amounted to $237,392,391, which represents 3.9% of net
assets of the Fund.
(e)
Security represented in Units.
(f)
Represents less than 0.05% of net assets of the Fund.
(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 July 31,
2023, these securities amounted to $48,157,783 of long positions and $(15,559,208) of short positions,
which represents 0.8% 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
July 31, 2023.
(i)
Payment-in-kind (PIK) security.
(j)
See "Purchased option contracts" under Derivative Instruments.
(k)
Represents 7-day effective yield as of July 31, 2023.
(l)
Variable or floating rate security. The interest rate shown was the current rate as of July 31, 2023 and
changes periodically.
(m)
Includes the impact of the Fund’s open positions in derivatives at July 31, 2023.
#  This security has been deemed by Management to be illiquid, and is subject to restrictions on resale. Total value of all such securities at July 31, 2023 amounted to $232,590,386, which represents 3.7% 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
7/31/2023
Fair Value
Percentage
of Net Assets
as of
7/31/2023
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
3,555,001
0.1%
Arctic Wolf Networks, Inc. (Convertible Bonds)
9/30/2022
19,850,000
19,850,000
0.3%
Cybereason, Inc. (Ser. F Preferred Shares)
7/19/2021
4,750,000
441,157
0.0%
Druva, Inc. (Series 4 Preferred Shares)
6/14/2019
3,429,998
6,167,968
0.1%
Druva, Inc. (Series 5 Preferred Shares)
4/1/2021
4,500,000
4,499,994
0.1%
Fabletics LLC (Series G Preferred Shares)
1/10/2022
23,000,000
23,000,000
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
7/31/2023
Fair Value
Percentage
of Net Assets
as of
7/31/2023
Fanatics Holdings, Inc. Class A
8/13/2020-4/29/2021
$35,957,294
$154,365,360
2.5%
Grammarly, Inc. (Series 3 Preferred Shares)
12/23/2021-1/24/2022
1,458,063
1,458,063
0.0%
Grammarly, Inc. Class A
12/23/2021-1/24/2022
4,701,917
3,228,858
0.0%
Savage X, Inc. (Series C Preferred Shares)
11/30/2021
3,949,983
3,949,983
0.0%
Signifyd, Inc. (Series A Preferred Shares)
5/24/2021
2,427,463
752,238
0.0%
Signifyd, Inc. (Series Seed Preferred Shares)
5/24/2021
5,572,107
1,723,106
0.0%
Videoamp, Inc. (Series F1 Preferred Shares)
1/4/2022
5,135,005
5,135,005
0.1%
Total
$123,145,485
$232,590,386
3.7%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Derivative Instruments
Futures contracts ("futures")
At July 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)
9/2023
832
NASDAQ 100 E-Mini Index
$(263,868,800
)
$(16,328,147
)
9/2023
2,893
S&P 500 E-Mini Index
(667,487,425
)
(35,267,285
)
Total Futures
$(51,595,432
)
Total return basket swap contracts ("total return basket swaps")
At July 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
GSCBOEC1
4.93
%
(0.40
)%
FEDL01
3M/T
1/19/2024
$(36,117,524
)
GSI
GSCBOEC1
4.93
%
(0.40
)%
FEDL01
3M/T
1/19/2024
(8,207,960
)
GSI
GSCBOEC1
4.93
%
(0.40
)%
FEDL01
3M/T
1/19/2024
(1,771,277
)
JPM
JPNBGCND
4.67
%
(0.65
)%
OBFR
1M/T
11/1/2024
(4,832,059
)
JPM
JPNBLQGS
5.35
%
0.03
%
OBFR
1M/T
7/19/2024
(12,305,791
)
JPM
JPNBLQGS
5.35
%
0.03
%
OBFR
1M/T
7/19/2024
(2,394,896
)
JPM
JPNBLQGS
5.35
%
0.03
%
OBFR
1M/T
7/19/2024
(2,265,787
)
Total
$(67,895,294
)
(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
GSCBOEC1
 
 
 
 
Super Micro Computer Inc
(17,500
)
$(10,994,972
)
$(3,064,348
)
8.4
%
EMCOR Group Inc
(9,121
)
(3,731,152
)
(1,039,889
)
2.9
%
Jabil Inc
(17,489
)
(3,681,986
)
(1,026,186
)
2.8
%
ON Semiconductor Corp
(16,616
)
(3,405,764
)
(949,202
)
2.6
%
Flex Ltd
(64,342
)
(3,348,795
)
(933,324
)
2.6
%
United Rentals Inc
(3,698
)
(3,268,772
)
(911,022
)
2.5
%
Onto Innovation Inc
(13,149
)
(3,109,562
)
(866,649
)
2.4
%
STMicroelectronics NV
(28,484
)
(2,908,661
)
(810,657
)
2.2
%
WW Grainger Inc
(2,039
)
(2,863,744
)
(798,138
)
2.2
%
Group 1 Automotive Inc
(5,643
)
(2,775,217
)
(773,466
)
2.1
%
Univar Solutions Inc
(39,083
)
(2,686,931
)
(748,860
)
2.1
%
Microchip Technology Inc
(14,934
)
(2,668,798
)
(743,806
)
2.1
%
Signet Jewelers Ltd
(16,836
)
(2,577,783
)
(718,440
)
2.0
%
Herc Holdings Inc
(10,121
)
(2,576,670
)
(718,129
)
2.0
%
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)
 
 
 
 
Avis Budget Group Inc
(6,138
)
$(2,571,956
)
$(716,816
)
2.0
%
XPO Inc
(19,407
)
(2,556,191
)
(712,422
)
2.0
%
Boot Barn Holdings Inc
(14,171
)
(2,531,236
)
(705,467
)
1.9
%
Landstar System Inc
(6,451
)
(2,498,275
)
(696,280
)
1.9
%
NXP Semiconductors NV
(5,681
)
(2,409,916
)
(671,655
)
1.9
%
Diodes Inc
(13,363
)
(2,401,955
)
(669,436
)
1.8
%
Cummins Inc
(4,747
)
(2,355,249
)
(656,419
)
1.8
%
GMS Inc
(16,704
)
(2,341,519
)
(652,592
)
1.8
%
Boyd Gaming Corp
(17,869
)
(2,322,277
)
(647,229
)
1.8
%
A O Smith Corp
(16,445
)
(2,272,156
)
(633,260
)
1.7
%
Power Integrations Inc
(12,182
)
(2,251,020
)
(627,370
)
1.7
%
Knight-Swift Transportation Holdings Inc
(19,297
)
(2,230,059
)
(621,527
)
1.7
%
Matson Inc
(12,259
)
(2,179,420
)
(607,414
)
1.7
%
Morgan Stanley
(11,940
)
(2,079,606
)
(579,595
)
1.6
%
Werner Enterprises Inc
(22,885
)
(2,046,978
)
(570,502
)
1.6
%
CSX Corp
(32,287
)
(2,046,456
)
(570,357
)
1.6
%
Masco Corp
(17,385
)
(2,006,770
)
(559,296
)
1.5
%
Churchill Downs Inc
(9,066
)
(1,998,001
)
(556,852
)
1.5
%
Texas Instruments Inc
(5,802
)
(1,986,790
)
(553,727
)
1.5
%
Ford Motor Co
(78,425
)
(1,970,760
)
(549,260
)
1.5
%
Photronics Inc
(39,001
)
(1,962,353
)
(546,917
)
1.5
%
U-Haul Holding Co
(17,654
)
(1,921,314
)
(535,479
)
1.5
%
Steven Madden Ltd
(29,265
)
(1,858,245
)
(517,901
)
1.4
%
United Parcel Service Inc
(5,105
)
(1,817,082
)
(506,429
)
1.4
%
Discover Financial Services
(8,956
)
(1,798,297
)
(501,193
)
1.4
%
Macy's Inc
(56,095
)
(1,770,293
)
(493,389
)
1.4
%
Bank of America Corp
(28,891
)
(1,758,678
)
(490,151
)
1.4
%
Popular Inc
(12,187
)
(1,681,955
)
(468,769
)
1.3
%
ABM Industries Inc
(18,336
)
(1,614,229
)
(449,893
)
1.2
%
Korn Ferry
(15,676
)
(1,570,952
)
(437,832
)
1.2
%
Badger Meter Inc
(4,929
)
(1,543,631
)
(430,217
)
1.2
%
SiTime Corp
(5,890
)
(1,445,552
)
(402,882
)
1.1
%
Sonic Automotive Inc
(14,869
)
(1,354,528
)
(377,513
)
1.0
%
Customers Bancorp Inc
(16,924
)
(1,351,477
)
(376,663
)
1.0
%
Hibbett Inc
(14,539
)
(1,283,286
)
(357,658
)
1.0
%
Buckle Inc/The
(18,215
)
(1,266,792
)
(353,061
)
1.0
%
FormFactor Inc
(17,522
)
(1,238,642
)
(345,215
)
1.0
%
Other Securities
(91,387
)
(7,279,534
)
(2,028,838
)
5.6
%
 
$(130,172,237
)
$(36,279,592
)
Accrued Net Interest Receivable/(Payable)
162,068
 
$(36,117,524
)
GSCBOEC1
 
 
 
 
Super Micro Computer Inc
(4,616
)
(2,899,927
)
(697,082
)
8.4
%
EMCOR Group Inc
(2,406
)
(984,092
)
(236,555
)
2.9
%
Jabil Inc
(4,613
)
(971,125
)
(233,438
)
2.8
%
ON Semiconductor Corp
(4,382
)
(898,271
)
(215,926
)
2.6
%
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)
 
 
 
 
Flex Ltd
(16,970
)
$(883,246
)
$(212,314
)
2.6
%
United Rentals Inc
(975
)
(862,139
)
(207,240
)
2.5
%
Onto Innovation Inc
(3,468
)
(820,148
)
(197,147
)
2.4
%
STMicroelectronics NV
(7,513
)
(767,160
)
(184,409
)
2.2
%
WW Grainger Inc
(538
)
(755,313
)
(181,562
)
2.2
%
Group 1 Automotive Inc
(1,488
)
(731,964
)
(175,949
)
2.1
%
Univar Solutions Inc
(10,308
)
(708,679
)
(170,352
)
2.1
%
Microchip Technology Inc
(3,939
)
(703,896
)
(169,202
)
2.1
%
Signet Jewelers Ltd
(4,440
)
(679,891
)
(163,432
)
2.0
%
Herc Holdings Inc
(2,669
)
(679,597
)
(163,361
)
2.0
%
Avis Budget Group Inc
(1,619
)
(678,354
)
(163,062
)
2.0
%
XPO Inc
(5,119
)
(674,196
)
(162,063
)
2.0
%
Boot Barn Holdings Inc
(3,738
)
(667,614
)
(160,481
)
1.9
%
Landstar System Inc
(1,701
)
(658,921
)
(158,391
)
1.9
%
NXP Semiconductors NV
(1,498
)
(635,616
)
(152,789
)
1.9
%
Diodes Inc
(3,524
)
(633,516
)
(152,284
)
1.8
%
Cummins Inc
(1,252
)
(621,198
)
(149,323
)
1.8
%
GMS Inc
(4,406
)
(617,576
)
(148,452
)
1.8
%
Boyd Gaming Corp
(4,713
)
(612,501
)
(147,233
)
1.8
%
A O Smith Corp
(4,338
)
(599,282
)
(144,055
)
1.7
%
Power Integrations Inc
(3,213
)
(593,707
)
(142,715
)
1.7
%
Knight-Swift Transportation Holdings Inc
(5,090
)
(588,179
)
(141,386
)
1.7
%
Matson Inc
(3,233
)
(574,823
)
(138,175
)
1.7
%
Morgan Stanley
(3,149
)
(548,497
)
(131,847
)
1.6
%
Werner Enterprises Inc
(6,036
)
(539,891
)
(129,779
)
1.6
%
CSX Corp
(8,516
)
(539,753
)
(129,745
)
1.6
%
Masco Corp
(4,585
)
(529,286
)
(127,229
)
1.5
%
Churchill Downs Inc
(2,391
)
(526,973
)
(126,673
)
1.5
%
Texas Instruments Inc
(1,530
)
(524,016
)
(125,963
)
1.5
%
Ford Motor Co
(20,685
)
(519,788
)
(124,946
)
1.5
%
Photronics Inc
(10,287
)
(517,571
)
(124,413
)
1.5
%
U-Haul Holding Co
(4,656
)
(506,747
)
(121,811
)
1.5
%
Steven Madden Ltd
(7,719
)
(490,113
)
(117,813
)
1.4
%
United Parcel Service Inc
(1,346
)
(479,256
)
(115,203
)
1.4
%
Discover Financial Services
(2,362
)
(474,301
)
(114,012
)
1.4
%
Macy's Inc
(14,795
)
(466,915
)
(112,237
)
1.4
%
Bank of America Corp
(7,620
)
(463,852
)
(111,500
)
1.4
%
Popular Inc
(3,214
)
(443,616
)
(106,636
)
1.3
%
ABM Industries Inc
(4,836
)
(425,753
)
(102,342
)
1.2
%
Korn Ferry
(4,135
)
(414,339
)
(99,599
)
1.2
%
Badger Meter Inc
(1,300
)
(407,133
)
(97,866
)
1.2
%
SiTime Corp
(1,554
)
(381,265
)
(91,648
)
1.1
%
Sonic Automotive Inc
(3,922
)
(357,257
)
(85,877
)
1.0
%
Customers Bancorp Inc
(4,464
)
(356,452
)
(85,684
)
1.0
%
Hibbett Inc
(3,835
)
(338,467
)
(81,360
)
1.0
%
Buckle Inc/The
(4,804
)
(334,117
)
(80,315
)
1.0
%
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)
 
 
 
 
FormFactor Inc
(4,622
)
$(326,692
)
$(78,530
)
1.0
%
Other Securities
(24,102
)
(1,919,979
)
(461,525
)
5.6
%
 
$(34,332,960
)
$(8,252,931
)
Accrued Net Interest Receivable/(Payable)
44,971
 
$(8,207,960
)
GSCBOEC1
 
 
 
 
Super Micro Computer Inc
(1,410
)
(885,847
)
(150,879
)
8.4
%
EMCOR Group Inc
(735
)
(300,613
)
(51,201
)
2.9
%
Jabil Inc
(1,409
)
(296,651
)
(50,526
)
2.8
%
ON Semiconductor Corp
(1,339
)
(274,397
)
(46,736
)
2.6
%
Flex Ltd
(5,184
)
(269,807
)
(45,954
)
2.6
%
United Rentals Inc
(298
)
(263,360
)
(44,856
)
2.5
%
Onto Innovation Inc
(1,059
)
(250,532
)
(42,671
)
2.4
%
STMicroelectronics NV
(2,295
)
(234,346
)
(39,914
)
2.2
%
WW Grainger Inc
(164
)
(230,727
)
(39,298
)
2.2
%
Group 1 Automotive Inc
(455
)
(223,595
)
(38,083
)
2.1
%
Univar Solutions Inc
(3,149
)
(216,482
)
(36,872
)
2.1
%
Microchip Technology Inc
(1,203
)
(215,021
)
(36,623
)
2.1
%
Signet Jewelers Ltd
(1,356
)
(207,688
)
(35,374
)
2.0
%
Herc Holdings Inc
(815
)
(207,598
)
(35,359
)
2.0
%
Avis Budget Group Inc
(494
)
(207,218
)
(35,294
)
2.0
%
XPO Inc
(1,564
)
(205,948
)
(35,078
)
2.0
%
Boot Barn Holdings Inc
(1,142
)
(203,937
)
(34,735
)
1.9
%
Landstar System Inc
(520
)
(201,282
)
(34,283
)
1.9
%
NXP Semiconductors NV
(458
)
(194,163
)
(33,070
)
1.9
%
Diodes Inc
(1,077
)
(193,522
)
(32,961
)
1.8
%
Cummins Inc
(382
)
(189,759
)
(32,320
)
1.8
%
GMS Inc
(1,346
)
(188,652
)
(32,132
)
1.8
%
Boyd Gaming Corp
(1,440
)
(187,102
)
(31,868
)
1.8
%
A O Smith Corp
(1,325
)
(183,064
)
(31,180
)
1.7
%
Power Integrations Inc
(981
)
(181,361
)
(30,890
)
1.7
%
Knight-Swift Transportation Holdings Inc
(1,555
)
(179,672
)
(30,602
)
1.7
%
Matson Inc
(988
)
(175,592
)
(29,907
)
1.7
%
Morgan Stanley
(962
)
(167,550
)
(28,538
)
1.6
%
Werner Enterprises Inc
(1,844
)
(164,922
)
(28,090
)
1.6
%
CSX Corp
(2,601
)
(164,880
)
(28,083
)
1.6
%
Masco Corp
(1,401
)
(161,682
)
(27,538
)
1.5
%
Churchill Downs Inc
(730
)
(160,976
)
(27,418
)
1.5
%
Texas Instruments Inc
(467
)
(160,072
)
(27,264
)
1.5
%
Ford Motor Co
(6,319
)
(158,781
)
(27,044
)
1.5
%
Photronics Inc
(3,142
)
(158,104
)
(26,929
)
1.5
%
U-Haul Holding Co
(1,422
)
(154,797
)
(26,365
)
1.5
%
Steven Madden Ltd
(2,358
)
(149,716
)
(25,500
)
1.4
%
United Parcel Service Inc
(411
)
(146,399
)
(24,935
)
1.4
%
Discover Financial Services
(722
)
(144,886
)
(24,677
)
1.4
%
Macy's Inc
(4,519
)
(142,630
)
(24,293
)
1.4
%
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
GSCBOEC1 (cont’d)
 
 
 
 
Bank of America Corp
(2,328
)
$(141,694
)
$(24,134
)
1.4
%
Popular Inc
(982
)
(135,512
)
(23,081
)
1.3
%
ABM Industries Inc
(1,477
)
(130,056
)
(22,151
)
1.2
%
Korn Ferry
(1,263
)
(126,569
)
(21,558
)
1.2
%
Badger Meter Inc
(397
)
(124,368
)
(21,183
)
1.2
%
SiTime Corp
(475
)
(116,466
)
(19,837
)
1.1
%
Sonic Automotive Inc
(1,198
)
(109,132
)
(18,588
)
1.0
%
Customers Bancorp Inc
(1,364
)
(108,886
)
(18,546
)
1.0
%
Hibbett Inc
(1,171
)
(103,392
)
(17,610
)
1.0
%
Buckle Inc/The
(1,468
)
(102,063
)
(17,384
)
1.0
%
FormFactor Inc
(1,412
)
(99,795
)
(16,997
)
1.0
%
Other Securities
(7,362
)
(586,497
)
(99,889
)
5.6
%
 
$(10,487,761
)
$(1,786,298
)
Accrued Net Interest Receivable/(Payable)
15,021
 
$(1,771,277
)
JPNBGCND
 
 
 
 
Amazon.com Inc
(63,864
)
(11,646,285
)
(940,137
)
19.0
%
Home Depot Inc/The
(6,988
)
(3,182,294
)
(256,888
)
5.2
%
LVMH Moet Hennessy Louis Vuitton SE
(2,291
)
(2,917,782
)
(235,536
)
4.8
%
McDonald's Corp
(6,097
)
(2,438,644
)
(196,858
)
4.0
%
Toyota Motor Corp
(100,560
)
(2,303,058
)
(185,913
)
3.8
%
Lowe's Cos Inc
(6,668
)
(2,130,818
)
(172,009
)
3.5
%
Booking Holdings Inc
(392
)
(1,587,467
)
(128,147
)
2.6
%
NIKE Inc
(10,478
)
(1,577,911
)
(127,376
)
2.6
%
Starbucks Corp
(10,559
)
(1,463,068
)
(118,105
)
2.4
%
Sony Group Corp
(10,812
)
(1,381,777
)
(111,543
)
2.3
%
TJX Cos Inc/The
(10,958
)
(1,293,509
)
(104,417
)
2.1
%
Cie Financiere Richemont SA
(5,075
)
(1,117,125
)
(90,179
)
1.8
%
Hermes International
(366
)
(1,106,713
)
(89,339
)
1.8
%
Mercedes-Benz Group AG
(9,289
)
(1,013,201
)
(81,790
)
1.7
%
O'Reilly Automotive Inc
(774
)
(978,107
)
(78,957
)
1.6
%
AutoZone Inc
(270
)
(914,117
)
(73,791
)
1.5
%
Chipotle Mexican Grill Inc
(311
)
(833,514
)
(67,285
)
1.4
%
Target Corp
(4,364
)
(812,417
)
(65,582
)
1.3
%
DR Horton Inc
(4,317
)
(748,114
)
(60,391
)
1.2
%
Compass Group PLC
(19,811
)
(704,377
)
(56,860
)
1.2
%
Marriott International Inc/MD
(2,534
)
(697,553
)
(56,309
)
1.1
%
Ford Motor Co
(36,529
)
(658,274
)
(53,139
)
1.1
%
Honda Motor Co Ltd
(15,101
)
(654,152
)
(52,806
)
1.1
%
Bayerische Motoren Werke AG
(3,799
)
(632,409
)
(51,051
)
1.0
%
Oriental Land Co Ltd/Japan
(12,076
)
(631,703
)
(50,994
)
1.0
%
General Motors Co
(12,008
)
(628,528
)
(50,737
)
1.0
%
Lennar Corp
(3,621
)
(626,433
)
(50,568
)
1.0
%
Hilton Worldwide Holdings Inc
(2,940
)
(623,702
)
(50,348
)
1.0
%
Yum! Brands Inc
(3,212
)
(603,278
)
(48,699
)
1.0
%
Ross Stores Inc
(3,734
)
(583,994
)
(47,142
)
1.0
%
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)
 
 
 
 
Kering SA
(716
)
$(562,829
)
$(45,434
)
0.9
%
Industria de Diseno Textil SA
(10,742
)
(561,462
)
(45,324
)
0.9
%
Fast Retailing Co Ltd
(1,603
)
(547,277
)
(44,179
)
0.9
%
eBay Inc
(8,983
)
(545,461
)
(44,032
)
0.9
%
Dollar General Corp
(2,217
)
(510,782
)
(41,232
)
0.8
%
Aptiv PLC
(3,382
)
(505,079
)
(40,772
)
0.8
%
Denso Corp
(5,138
)
(487,313
)
(39,338
)
0.8
%
Dollar Tree Inc
(2,140
)
(450,510
)
(36,367
)
0.7
%
Panasonic Holdings Corp
(25,912
)
(437,745
)
(35,337
)
0.7
%
adidas AG
(1,570
)
(433,645
)
(35,006
)
0.7
%
Cie Generale des Etablissements Michelin SCA
(9,452
)
(422,533
)
(34,109
)
0.7
%
MGM Resorts International
(6,012
)
(416,412
)
(33,615
)
0.7
%
Genuine Parts Co
(1,826
)
(387,803
)
(31,305
)
0.6
%
Ulta Beauty Inc
(604
)
(366,233
)
(29,564
)
0.6
%
Magna International Inc
(4,128
)
(362,786
)
(29,286
)
0.6
%
Volkswagen AG
(1,934
)
(350,174
)
(28,268
)
0.6
%
Toyota Industries Corp
(3,540
)
(348,615
)
(28,142
)
0.6
%
Bandai Namco Holdings Inc
(11,168
)
(344,540
)
(27,813
)
0.6
%
Bridgestone Corp
(5,879
)
(332,529
)
(26,843
)
0.5
%
LKQ Corp
(4,420
)
(330,376
)
(26,669
)
0.5
%
Other Securities
(225,236
)
(5,972,677
)
(482,135
)
9.8
%
 
$(61,167,105
)
$(4,937,666
)
Accrued Net Interest Receivable/(Payable)
105,607
 
$(4,832,059
)
JPNBLQGS
 
 
 
 
Jabil Inc
(5,333
)
(1,731,340
)
(298,168
)
2.4
%
Take-Two Interactive Software Inc
(3,215
)
(1,442,722
)
(248,462
)
2.0
%
Palo Alto Networks Inc
(1,903
)
(1,395,318
)
(240,299
)
1.9
%
Sprouts Farmers Market Inc
(11,736
)
(1,351,424
)
(232,739
)
1.9
%
Pure Storage Inc
(11,471
)
(1,244,781
)
(214,373
)
1.7
%
Performance Food Group Co
(6,734
)
(1,180,587
)
(203,318
)
1.6
%
GoDaddy Inc
(5,079
)
(1,148,654
)
(197,819
)
1.6
%
Microchip Technology Inc
(4,063
)
(1,119,766
)
(192,844
)
1.6
%
Dropbox Inc
(13,433
)
(1,062,032
)
(182,901
)
1.5
%
Coty Inc
(29,341
)
(1,036,385
)
(178,484
)
1.4
%
Monolithic Power Systems Inc
(618
)
(1,014,177
)
(174,659
)
1.4
%
NXP Semiconductors NV
(1,543
)
(1,009,421
)
(173,840
)
1.4
%
Palantir Technologies Inc
(16,422
)
(955,844
)
(164,613
)
1.3
%
Trade Desk Inc/The
(3,284
)
(879,113
)
(151,399
)
1.2
%
Marvell Technology Inc
(4,541
)
(867,626
)
(149,421
)
1.2
%
MongoDB Inc
(690
)
(857,552
)
(147,686
)
1.2
%
Dynatrace Inc
(5,314
)
(852,668
)
(146,845
)
1.2
%
Nutanix Inc
(9,549
)
(846,026
)
(145,701
)
1.2
%
StoneCo Ltd
(19,343
)
(822,267
)
(141,609
)
1.1
%
New York Times Co/The
(6,644
)
(794,481
)
(136,824
)
1.1
%
AmerisourceBergen Corp
(1,443
)
(791,122
)
(136,245
)
1.1
%
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
JPNBLQGS (cont’d)
 
 
 
 
Electronic Arts Inc
(1,964
)
$(785,676
)
$(135,307
)
1.1
%
HubSpot Inc
(455
)
(775,450
)
(133,546
)
1.1
%
Silicon Laboratories Inc
(1,675
)
(732,837
)
(126,208
)
1.0
%
Maximus Inc
(2,833
)
(696,124
)
(119,885
)
1.0
%
Coherent Corp
(4,985
)
(692,680
)
(119,292
)
1.0
%
Live Nation Entertainment Inc
(2,644
)
(680,550
)
(117,203
)
0.9
%
F5 Inc
(1,434
)
(665,903
)
(114,680
)
0.9
%
Datadog Inc
(1,912
)
(654,764
)
(112,762
)
0.9
%
Crowdstrike Holdings Inc
(1,371
)
(650,417
)
(112,013
)
0.9
%
Wix.com Ltd
(2,139
)
(591,762
)
(101,912
)
0.8
%
Taylor Morrison Home Corp
(4,141
)
(588,221
)
(101,302
)
0.8
%
Murphy USA Inc
(650
)
(585,535
)
(100,840
)
0.8
%
Enphase Energy Inc
(1,312
)
(584,561
)
(100,672
)
0.8
%
Las Vegas Sands Corp
(3,319
)
(582,367
)
(100,294
)
0.8
%
PulteGroup Inc
(2,258
)
(559,023
)
(96,274
)
0.8
%
Lumentum Holdings Inc
(3,631
)
(557,709
)
(96,047
)
0.8
%
Exact Sciences Corp
(1,840
)
(526,500
)
(90,673
)
0.7
%
Royal Caribbean Cruises Ltd
(1,611
)
(515,549
)
(88,787
)
0.7
%
Hyatt Hotels Corp
(1,386
)
(513,916
)
(88,506
)
0.7
%
Seagen Inc
(899
)
(506,062
)
(87,153
)
0.7
%
Snowflake Inc
(970
)
(505,955
)
(87,134
)
0.7
%
Pinterest Inc
(5,903
)
(502,064
)
(86,464
)
0.7
%
Meritage Homes Corp
(1,109
)
(484,760
)
(83,484
)
0.7
%
Sabre Corp
(40,069
)
(481,960
)
(83,002
)
0.7
%
Group 1 Automotive Inc
(623
)
(472,863
)
(81,435
)
0.7
%
Aramark
(3,981
)
(471,529
)
(81,206
)
0.7
%
Texas Roadhouse Inc
(1,437
)
(470,229
)
(80,982
)
0.7
%
Zscaler Inc
(995
)
(468,234
)
(80,638
)
0.6
%
MDC Holdings Inc
(3,064
)
(461,022
)
(79,396
)
0.6
%
Other Securities
(277,926
)
(33,037,257
)
(5,689,605
)
45.7
%
 
$(72,204,785
)
$(12,434,951
)
Accrued Net Interest Receivable/(Payable)
129,160
 
$(12,305,791
)
JPNBLQGS
 
 
 
 
Jabil Inc
(1,113
)
(361,520
)
(58,081
)
2.4
%
Take-Two Interactive Software Inc
(671
)
(301,253
)
(48,399
)
2.0
%
Palo Alto Networks Inc
(397
)
(291,355
)
(46,808
)
1.9
%
Sprouts Farmers Market Inc
(2,451
)
(282,190
)
(45,336
)
1.9
%
Pure Storage Inc
(2,395
)
(259,922
)
(41,758
)
1.7
%
Performance Food Group Co
(1,406
)
(246,517
)
(39,605
)
1.6
%
GoDaddy Inc
(1,061
)
(239,849
)
(38,534
)
1.6
%
Microchip Technology Inc
(848
)
(233,817
)
(37,565
)
1.6
%
Dropbox Inc
(2,805
)
(221,762
)
(35,628
)
1.5
%
Coty Inc
(6,127
)
(216,407
)
(34,767
)
1.4
%
Monolithic Power Systems Inc
(129
)
(211,769
)
(34,022
)
1.4
%
NXP Semiconductors NV
(322
)
(210,776
)
(33,863
)
1.4
%
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
JPNBLQGS (cont’d)
 
 
 
 
Palantir Technologies Inc
(3,429
)
$(199,589
)
$(32,066
)
1.3
%
Trade Desk Inc/The
(686
)
(183,567
)
(29,491
)
1.2
%
Marvell Technology Inc
(948
)
(181,168
)
(29,106
)
1.2
%
MongoDB Inc
(144
)
(179,065
)
(28,768
)
1.2
%
Dynatrace Inc
(1,110
)
(178,045
)
(28,604
)
1.2
%
Nutanix Inc
(1,994
)
(176,658
)
(28,381
)
1.2
%
StoneCo Ltd
(4,039
)
(171,697
)
(27,584
)
1.1
%
New York Times Co/The
(1,387
)
(165,895
)
(26,652
)
1.1
%
AmerisourceBergen Corp
(301
)
(165,193
)
(26,540
)
1.1
%
Electronic Arts Inc
(410
)
(164,056
)
(26,357
)
1.1
%
HubSpot Inc
(95
)
(161,921
)
(26,014
)
1.1
%
Silicon Laboratories Inc
(350
)
(153,023
)
(24,584
)
1.0
%
Maximus Inc
(592
)
(145,357
)
(23,353
)
1.0
%
Coherent Corp
(1,041
)
(144,638
)
(23,237
)
1.0
%
Live Nation Entertainment Inc
(552
)
(142,105
)
(22,830
)
0.9
%
F5 Inc
(300
)
(139,047
)
(22,339
)
0.9
%
Datadog Inc
(399
)
(136,721
)
(21,965
)
0.9
%
Crowdstrike Holdings Inc
(286
)
(135,813
)
(21,819
)
0.9
%
Wix.com Ltd
(447
)
(123,565
)
(19,852
)
0.8
%
Taylor Morrison Home Corp
(865
)
(122,826
)
(19,733
)
0.8
%
Murphy USA Inc
(136
)
(122,265
)
(19,643
)
0.8
%
Enphase Energy Inc
(274
)
(122,062
)
(19,610
)
0.8
%
Las Vegas Sands Corp
(693
)
(121,604
)
(19,537
)
0.8
%
PulteGroup Inc
(471
)
(116,729
)
(18,753
)
0.8
%
Lumentum Holdings Inc
(758
)
(116,455
)
(18,709
)
0.8
%
Exact Sciences Corp
(384
)
(109,938
)
(17,662
)
0.7
%
Royal Caribbean Cruises Ltd
(336
)
(107,651
)
(17,295
)
0.7
%
Hyatt Hotels Corp
(289
)
(107,310
)
(17,240
)
0.7
%
Seagen Inc
(188
)
(105,670
)
(16,977
)
0.7
%
Snowflake Inc
(203
)
(105,648
)
(16,973
)
0.7
%
Pinterest Inc
(1,233
)
(104,835
)
(16,843
)
0.7
%
Meritage Homes Corp
(232
)
(101,222
)
(16,262
)
0.7
%
Sabre Corp
(8,367
)
(100,638
)
(16,168
)
0.7
%
Group 1 Automotive Inc
(130
)
(98,738
)
(15,863
)
0.7
%
Aramark
(831
)
(98,460
)
(15,818
)
0.7
%
Texas Roadhouse Inc
(300
)
(98,188
)
(15,775
)
0.7
%
Zscaler Inc
(208
)
(97,771
)
(15,708
)
0.6
%
MDC Holdings Inc
(640
)
(96,266
)
(15,466
)
0.6
%
Other Securities
(58,033
)
(6,898,482
)
(1,108,298
)
45.7
%
 
$(15,077,018
)
$(2,422,241
)
Accrued Net Interest Receivable/(Payable)
27,345
 
$(2,394,896
)
JPNBLQGS
 
 
 
 
Jabil Inc
(1,113
)
(361,523
)
(54,992
)
2.4
%
Take-Two Interactive Software Inc
(671
)
(301,256
)
(45,825
)
2.0
%
Palo Alto Networks Inc
(397
)
(291,358
)
(44,319
)
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
JPNBLQGS (cont’d)
 
 
 
 
Sprouts Farmers Market Inc
(2,451
)
$(282,192
)
$(42,925
)
1.9
%
Pure Storage Inc
(2,395
)
(259,924
)
(39,537
)
1.7
%
Performance Food Group Co
(1,406
)
(246,519
)
(37,498
)
1.6
%
GoDaddy Inc
(1,061
)
(239,852
)
(36,484
)
1.6
%
Microchip Technology Inc
(848
)
(233,819
)
(35,567
)
1.6
%
Dropbox Inc
(2,805
)
(221,764
)
(33,733
)
1.5
%
Coty Inc
(6,127
)
(216,409
)
(32,918
)
1.4
%
Monolithic Power Systems Inc
(129
)
(211,771
)
(32,213
)
1.4
%
NXP Semiconductors NV
(322
)
(210,778
)
(32,062
)
1.4
%
Palantir Technologies Inc
(3,429
)
(199,591
)
(30,360
)
1.3
%
Trade Desk Inc/The
(686
)
(183,568
)
(27,923
)
1.2
%
Marvell Technology Inc
(948
)
(181,170
)
(27,558
)
1.2
%
MongoDB Inc
(144
)
(179,066
)
(27,238
)
1.2
%
Dynatrace Inc
(1,110
)
(178,046
)
(27,083
)
1.2
%
Nutanix Inc
(1,994
)
(176,660
)
(26,872
)
1.2
%
StoneCo Ltd
(4,039
)
(171,698
)
(26,117
)
1.1
%
New York Times Co/The
(1,387
)
(165,896
)
(25,235
)
1.1
%
AmerisourceBergen Corp
(301
)
(165,195
)
(25,128
)
1.1
%
Electronic Arts Inc
(410
)
(164,058
)
(24,955
)
1.1
%
HubSpot Inc
(95
)
(161,922
)
(24,630
)
1.1
%
Silicon Laboratories Inc
(350
)
(153,024
)
(23,277
)
1.0
%
Maximus Inc
(592
)
(145,358
)
(22,111
)
1.0
%
Coherent Corp
(1,041
)
(144,639
)
(22,001
)
1.0
%
Live Nation Entertainment Inc
(552
)
(142,106
)
(21,616
)
0.9
%
F5 Inc
(300
)
(139,048
)
(21,151
)
0.9
%
Datadog Inc
(399
)
(136,722
)
(20,797
)
0.9
%
Crowdstrike Holdings Inc
(286
)
(135,814
)
(20,659
)
0.9
%
Wix.com Ltd
(447
)
(123,566
)
(18,796
)
0.8
%
Taylor Morrison Home Corp
(865
)
(122,827
)
(18,683
)
0.8
%
Murphy USA Inc
(136
)
(122,266
)
(18,598
)
0.8
%
Enphase Energy Inc
(274
)
(122,063
)
(18,567
)
0.8
%
Las Vegas Sands Corp
(693
)
(121,605
)
(18,497
)
0.8
%
PulteGroup Inc
(471
)
(116,730
)
(17,756
)
0.8
%
Lumentum Holdings Inc
(758
)
(116,456
)
(17,714
)
0.8
%
Exact Sciences Corp
(384
)
(109,939
)
(16,723
)
0.7
%
Royal Caribbean Cruises Ltd
(336
)
(107,652
)
(16,375
)
0.7
%
Hyatt Hotels Corp
(290
)
(107,311
)
(16,323
)
0.7
%
Seagen Inc
(188
)
(105,671
)
(16,074
)
0.7
%
Snowflake Inc
(203
)
(105,649
)
(16,070
)
0.7
%
Pinterest Inc
(1,233
)
(104,836
)
(15,947
)
0.7
%
Meritage Homes Corp
(232
)
(101,223
)
(15,397
)
0.7
%
Sabre Corp
(8,367
)
(100,639
)
(15,308
)
0.7
%
Group 1 Automotive Inc
(130
)
(98,739
)
(15,019
)
0.7
%
Aramark
(831
)
(98,460
)
(14,977
)
0.7
%
Texas Roadhouse Inc
(300
)
(98,189
)
(14,936
)
0.7
%
Zscaler Inc
(208
)
(97,772
)
(14,872
)
0.6
%
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)
 
 
 
 
MDC Holdings Inc
(640
)
$(96,267
)
$(14,643
)
0.6
%
Other Securities
(58,033
)
(6,898,546
)
(1,049,352
)
45.7
%
 
$(15,077,152
)
$(2,293,411
)
Accrued Net Interest Receivable/(Payable)
27,624
 
$(2,265,787
)
Total Return Basket Swaps, at Value
$(67,895,294
)
 
(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 July 31, 2023.
Total return swap contracts ("total return swaps")
At July 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
143,580,343
11/4/2023
5.47%
0.15%
OBFR
1M/T
$(5,058,200)
$306,338
$(4,751,862)
JPM
S&P Retail
Select Industry
Index
USD
30,682,741
11/19/2024
5.31%
—%
SOFR
1M/T
(528,967)
77,349
(451,618)
JPM
S&P Retail
Select Industry
Index
USD
3,284,370
11/19/2024
4.57%
(0.75)%
OBFR
1M/T
(267,938)
5,539
(262,399)
JPM
S&P Retail
Select Industry
Index
USD
7,620,597
11/19/2024
4.57%
(0.75)%
OBFR
1M/T
(115,401)
7,467
(107,934)
JPM
S&P Retail
Select Industry
Index
USD
48,829,064
11/19/2024
4.57%
(0.75)%
OBFR
1M/T
(6,058,983)
78,546
(5,980,437)
Total
 
 
 
 
 
 
 
 
$(12,029,489)
$475,239
$(11,554,250)
 
(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 July 31, 2023.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Long Short Fund^ (Unaudited)  (cont’d)
Purchased option contracts ("options purchased")
At July 31, 2023, the Fund had outstanding options purchased as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls
Professional Services
Equifax, Inc.
1,060
$21,632,480
$250
8/18/2023
$5,300
(a)(b)
Total options purchased (cost $353,541)
$5,300
 
 
 
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of July 31, 2023 in accordance with procedures approved by the valuation designee.
Written option contracts ("options written")
At July 31, 2023, the Fund had outstanding options written as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls
Hotels, Restaurants & Leisure
Sweetgreen, Inc.
1,000
$(1,507,000)
$20
9/15/2023
$(15,000)
Puts
Interactive Media & Services
Match Group, Inc.
6,412
(29,822,212)
37.5
8/18/2023
(128,240)
Match Group, Inc.
2,500
(11,627,500)
35
9/15/2023
(67,500)
 
 
 
 
 
(195,740)
Professional Services
Equifax, Inc.
1,060
(21,632,480)
200
1/19/2024
(1,134,200)
Specialty Retail
Chewy, Inc.
1,831
(6,207,090)
32.5
8/18/2023
(130,001)
Total puts
 
 
 
 
$(1,459,941)
Total options written (premium received $1,319,624)
$(1,474,941)
At July 31, 2023, the Fund had securities pledged in the amount of $14,078,822 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 July 31, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Computers
$—
$—
$3,555,001
$3,555,001
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
Software
$695,540,996
$—
$3,228,858
$698,769,854
Specialty Retail
248,085,741
—
154,365,360
402,451,101
Other Common Stocks#
3,693,134,103
—
—
3,693,134,103
Total Common Stocks
4,636,760,840
—
161,149,219
4,797,910,059
Preferred Stocks#
—
—
51,591,167
51,591,167
Master Limited Partnerships and Limited Partnerships#
167,951,709
—
—
167,951,709
Corporate Bonds#
—
225,213,505
—
225,213,505
Convertible Bonds#
—
—
19,850,000
19,850,000
Warrants#
—
—
4,802,005
4,802,005
Options Purchased@
—
—
5,300
5,300
Short-Term Investments
—
695,095,717
—
695,095,717
Total Investments
$4,804,712,549
$920,309,222
$237,397,691
$5,962,419,462
 
#
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 for the portfolio.
(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
7/31/2023
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2023
Investments in Securities:
Common Stocks(1)
$162,951
$—
$3,619
$501
$—
$(5,922
)
$—
$—
$161,149
$1,443
Preferred Stocks(1)
57,339
—
—
(5,748
)
—
—
—
—
51,591
(5,748
)
Loan Assignments
20,400
12
714
(626
)
—
(20,500
)
—
—
—
—
Convertible
Bonds(1)
19,850
—
—
—
—
—
—
—
19,850
—
Warrants(2)
2,868
—
—
1,934
—
—
—
—
4,802
1,934
Options
Purchased(2)
—
—
—
(348
)
354
—
—
—
6
(348
)
Total
$263,408
$12
$4,333
$(4,287
)
$354
$(26,422
)
$—
$—
$237,398
$(2,719
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
7/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$161,149,219
Market Approach
Enterprise value
Revenue multiple(c) (EV/Revenue)
5.0x - 12.0x
7.7x
Increase
 
 
Liquidation Preference Discount
31.3%
31.3%
Decrease
Preferred Stocks
441,157
Market Approach
Transaction Price
$0.46
$0.46
Increase
Preferred Stocks
46,686,357
Market Approach
Enterprise value
Revenue multiple(c) (EV/Revenue)
0.86x - 12.0x
5.1x
Increase
 
 
Expected Volatility
70.0%
70.0%
Decrease
 
 
Option Term (Years)
2.5
2.5
Decrease
 
 
Discount Rate
0.3%
0.3%
Decrease
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
7/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Preferred Units
$4,463,653
Market Approach
Enterprise value
Revenue multiple (EV/Revenue)
3.0x
3.0x
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 July 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 July 31, 2023: 
Liability Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks Sold Short#
$(926,550,367
)
$—
$—
$(926,550,367
)
Corporate Bonds Sold Short#
—
(42,832,912
)
—
(42,832,912
)
Total Short Positions
$(926,550,367
)
$(42,832,912
)
$—
$(969,383,279
)
 
#
The Consolidated 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 July 31, 2023: 
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Futures@
Liabilities
$(51,595,432
)
$—
$—
$(51,595,432
)
Swaps
Liabilities
—
(79,449,544
)
—
(79,449,544
)
Options Written
Liabilities
(1,474,941
)
—
—
(1,474,941
)
Total
$(53,070,373
)
$(79,449,544
)
$—
$(132,519,917
)
 
@
Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.
 
^  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) 
July 31, 2023

 
Principal Amount
Value
U.S. Treasury Obligations 82.1%
 
U.S. Treasury Notes
$202,800,000
0.13%, due 9/15/2023 - 12/15/2023
$200,093,320
(a)
209,000,000
0.25%, due 3/15/2024 - 6/15/2024
201,178,164
(a)
Total U.S. Treasury Obligations (Cost $403,530,261)
401,271,484
Index-Linked Notes 11.6%
Financial Services 11.6%
92,226,000
GS Finance Corp., 25.00%, due 2/16/2024 (Cost $92,314,609)
56,434,627
Number of Shares
 
Short-Term Investments 8.7%
Investment Companies 8.7%
42,602,197
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.19%(b) (Cost $42,602,197)
42,602,197
Total Investments 102.4% (Cost $538,447,067)
500,308,308
Liabilities Less Other Assets (2.4)%
(11,517,452
)(c)
Net Assets 100.0%
$488,790,856
 
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
Represents 7-day effective yield as of July 31, 2023.
(c)
Includes the impact of the Fund's open positions in derivatives at July 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 July 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
20
$(9,177,920)
$4,455
8/4/2023
$(2,150)
S&P 500 Index
1
(458,896)
4,535
8/4/2023
(505)
S&P 500 Index
189
(86,731,344)
4,550
8/4/2023
(137,970)
S&P 500 Index
40
(18,355,840)
4,555
8/4/2023
(32,800)
S&P 500 Index
8
(3,671,168)
4,430
8/11/2023
(2,960)
S&P 500 Index
90
(41,300,640)
4,480
8/11/2023
(59,850)
S&P 500 Index
92
(42,218,432)
4,505
8/11/2023
(84,640)
S&P 500 Index
76
(34,876,096)
4,510
8/11/2023
(74,860)
S&P 500 Index
1
(458,896)
4,555
8/11/2023
(1,865)
S&P 500 Index
8
(3,671,168)
4,560
8/11/2023
(16,200)
S&P 500 Index
13
(5,965,648)
4,510
8/18/2023
(20,930)
S&P 500 Index
22
(10,095,712)
4,520
8/18/2023
(39,380)
S&P 500 Index
66
(30,287,136)
4,545
8/18/2023
(154,440)
S&P 500 Index
36
(16,520,256)
4,550
8/18/2023
(88,740)
S&P 500 Index
46
(21,109,216)
4,555
8/18/2023
(119,830)
S&P 500 Index
91
(41,759,536)
4,560
8/18/2023
(250,705)
S&P 500 Index
9
(4,130,064)
4,550
8/25/2023
(30,105)
S&P 500 Index
87
(39,923,952)
4,555
8/25/2023
(303,195)
S&P 500 Index
77
(35,334,992)
4,570
8/25/2023
(304,535)
S&P 500 Index
103
(47,266,288)
4,575
8/25/2023
(424,360)
S&P 500 Index
14
(6,424,544)
4,575
9/1/2023
(66,920)
S&P 500 Index
23
(10,554,608)
4,580
9/1/2023
(120,750)
Total options written (premium received $4,994,518)
$(2,337,690)
At July 31, 2023, the Fund had securities pledged in the amount of $122,467,312 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 July 31, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
U.S. Treasury Obligations
$—
$401,271,484
$—
$401,271,484
Index-Linked Notes#
—
56,434,627
—
56,434,627
Short-Term Investments
—
42,602,197
—
42,602,197
Total Investments
$—
$500,308,308
$—
$500,308,308
 
#
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 July 31, 2023: 
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Options Written
Liabilities
$(2,337,690
)
$—
$—
$(2,337,690
)
Total
$(2,337,690
)
$—
$—
$(2,337,690
)
 
^  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
July 31, 2023
Notes to Schedule of Investments Alternative Funds ß (Unaudited) 
 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of 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 a 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, exchange-traded funds, 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").
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.
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 Funds ß (Unaudited)  (cont’d)
U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.
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.
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 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
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 Funds ß (Unaudited)  (cont’d)
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 July 31, 2023, the value of Long Short's investment in the Blocker was as follows:  
 
Investment in
Blocker
Percentage of
Net Assets
$4,439,714
0.1
%
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 Funds ß (Unaudited) (cont'd)
Legend
Legend July 31, 2023 (Unaudited) 
Benchmarks:
FEDL01
= United States Federal Funds Effective Rate
LIBOR
= London Interbank Offered Rate
OBFR
= United States Overnight Bank Funding Rate
SOFR
= Secured Overnight Financing 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:
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.