Neuberger Berman Alternative Funds NPORT-P Neuberger Berman Absolute Return Multi-Manager Fund (Jan 2024 report)

1

See

Notes

to

Consolidated

Schedule

of

Investments

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

January

31,

2024

Investments

Shares

Value

Long

Positions

88.2%

Common

Stocks

37.6%

Aerospace

&

Defense

0.3%

Kaman

Corp.

7,900

$

355,895

Automobile

Components

0.0%

(a)

Garrett

Motion,

Inc.

(Switzerland)

*

5,118

43,964

Banks

0.2%

American

National

Bankshares,

Inc.

3,826

173,279

Lakeland

Bancorp,

Inc.

3,164

42,050

215,329

Biotechnology

4.3%

Ambrx

Biopharma,

Inc.

*

11,500

319,700

Cerevel

Therapeutics

Holdings,

Inc.

*

16,695

699,520

Grifols

SA,

ADR

(Spain)

*

3,800

30,552

Harpoon

Therapeutics,

Inc.

*

15,046

335,977

ImmunoGen,

Inc.

*

39,452

1,156,733

Karuna

Therapeutics,

Inc.

*

4,838

1,516,326

RayzeBio,

Inc.

*

7,450

462,645

4,521,453

Broadline

Retail

3.2%

Alibaba

Group

Holding

Ltd.,

ADR

(China)

6,950

501,582

Alibaba

Group

Holding

Ltd.

(China)

21,712

194,734

Amazon.com,

Inc.

*

3,972

616,454

eBay,

Inc.

4,589

188,470

JD.com,

Inc.,

Class

A

(China)

723

8,153

MercadoLibre,

Inc.

(Brazil)

*

419

717,248

Prosus

NV

(China)

37,713

1,115,436

3,342,077

Building

Products

0.3%

PGT

Innovations,

Inc.

*

6,618

272,794

Capital

Markets

0.1%

Canaccord

Genuity

Group,

Inc.

(Canada)

26,200

144,013

Pegasus

Acquisition

Co.

Europe

BV,

Class

A

(Netherlands)

*(b)(c)

12,042

—

Pershing

Square,

Escrow

*(b)

6,100

229

144,242

Chemicals

0.1%

Arcadium

Lithium

plc

(Jersey)

*

15,983

78,157

Commercial

Services

&

Supplies

0.3%

SP

Plus

Corp.

*

6,397

330,917

Investments

Shares

Value

Communications

Equipment

0.2%

Comtech

Telecommunications

Corp.

*

2,850

$

18,041

Juniper

Networks,

Inc.

6,400

236,544

254,585

Consumer

Staples

Distribution

&

Retail

1.0%

Albertsons

Cos.,

Inc.,

Class

A

40,823

866,264

Cia

Brasileira

de

Distribuicao,

ADR

(Brazil)

*

1,071

783

Cia

Brasileira

de

Distribuicao,

ADR

(Brazil)

*

2,780

2,032

Fix

Price

Group

plc,

GDR

(Russia)

(b)(c)(d)

144

—

Sendas

Distribuidora

SA,

ADR

(Brazil)

4,023

55,880

Wal-Mart

de

Mexico

SAB

de

CV

(Mexico)

41,235

170,364

X5

Retail

Group

NV,

GDR

(Russia)

*(b)(c)(d)

4,390

—

1,095,323

Containers

&

Packaging

0.5%

Westrock

Co.

13,325

536,465

Diversified

Consumer

Services

0.2%

Rover

Group,

Inc.

*

18,843

206,142

Diversified

Telecommunication

Services

0.4%

Altaba,

Inc.

Escrow

*(b)

152,806

373,611

Telesat

Corp.

(Canada)

*

4,885

48,166

421,777

Electric

Utilities

1.0%

PNM

Resources,

Inc.

28,230

1,022,773

Electronic

Equipment,

Instruments

&

Components

0.1%

Hollysys

Automation

Technologies

Ltd.

(China)

*

4,081

100,964

Entertainment

0.3%

Atlanta

Braves

Holdings,

Inc.,

Class

C

*

7,354

296,440

Financial

Services

0.3%

PayPal

Holdings,

Inc.

*

4,448

272,885

Food

Products

1.6%

Nestle

SA

(Registered)

11,602

1,322,055

Sovos

Brands,

Inc.

*

17,400

383,670

1,705,725

Gas

Utilities

0.1%

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

1,145

40,086

Southwest

Gas

Holdings,

Inc.

1,200

70,416

110,502

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

2

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

Shares

Value

Ground

Transportation

0.0%

(a)

Daseke,

Inc.

*

6,452

$

52,519

Health

Care

Equipment

&

Supplies

0.3%

Axonics,

Inc.

*

4,784

324,738

Health

Care

Providers

&

Services

1.0%

Amedisys,

Inc.

*

10,328

973,620

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(China)

30,284

42,807

Sinopharm

Group

Co.

Ltd.,

Class

H

(China)

16,945

44,557

1,060,984

Hotels,

Restaurants

&

Leisure

1.4%

Booking

Holdings,

Inc.

*

165

578,733

Carrols

Restaurant

Group,

Inc.

18,289

171,917

Deliveroo

plc,

Class

A

(United

Kingdom)

*(d)

10,109

15,053

Expedia

Group,

Inc.

*

2,059

305,411

NEOGAMES

SA

(Israel)

*

11,861

331,871

Playtech

plc

(United

Kingdom)

*

21,590

121,592

1,524,577

Household

Durables

0.4%

Lennar

Corp.,

Class

B

2,550

353,812

MDC

Holdings,

Inc.

250

15,645

369,457

Household

Products

0.1%

Spectrum

Brands

Holdings,

Inc.

1,136

89,312

Insurance

0.7%

AIA

Group

Ltd.

(Hong

Kong)

72,499

568,568

American

Equity

Investment

Life

Holding

Co.

*

3,900

215,319

783,887

Interactive

Media

&

Services

2.4%

Alphabet,

Inc.,

Class

A

*

7,113

996,531

Baidu,

Inc.,

ADR

(China)

*

749

78,877

Baidu,

Inc.,

Class

A

(China)

*

1,931

25,001

Meta

Platforms,

Inc.,

Class

A

*

3,625

1,414,258

VK

IPJSC,

GDR

(Russia)

*(b)

(c)(d)

1,305

—

Yandex

NV,

Class

A

(Russia)

*(b)(c)

1,428

—

2,514,667

Life

Sciences

Tools

&

Services

1.1%

Eurofins

Scientific

SE

(Luxembourg)

14,650

882,176

Gerresheimer

AG

(Germany)

459

46,794

Investments

Shares

Value

Olink

Holding

AB,

ADR

(Sweden)

*

10,050

$

246,024

1,174,994

Machinery

0.1%

Stratasys

Ltd.

*

4,644

61,393

Velan,

Inc.

(Canada)

2,100

8,185

69,578

Media

1.2%

Aimia,

Inc.

(Canada)

*

18,800

46,145

Stroeer

SE

&

Co.

KGaA

(Germany)

7,211

423,373

TEGNA,

Inc.

47,820

745,514

WideOpenWest,

Inc.

*

2,582

9,579

1,224,611

Metals

&

Mining

0.8%

ArcelorMittal

SA

(Luxembourg)

4,832

133,074

Artemis

Gold,

Inc.

(Canada)

*

605

2,835

United

States

Steel

Corp.

13,350

627,717

Vale

SA,

Class

B,

ADR

(Brazil)

8,667

118,651

882,277

Oil,

Gas

&

Consumable

Fuels

3.8%

Callon

Petroleum

Co.

*

1,240

39,829

Euronav

NV

(Belgium)

2,400

42,277

Euronav

NV

(Belgium)

11,983

211,500

Hess

Corp.

12,884

1,810,588

LUKOIL

PJSC,

ADR

(Russia)

*(b)(c)

661

—

Petroleo

Brasileiro

SA,

ADR

(Brazil)

9,839

167,952

Pioneer

Natural

Resources

Co.

7,530

1,730,620

4,002,766

Passenger

Airlines

0.0%

(a)

American

Airlines

Group,

Inc.

*

768

10,929

American

Airlines

Group,

Inc.

Escrow

*(b)(c)

14,383

144

Hawaiian

Holdings,

Inc.

*

2,650

37,762

48,835

Pharmaceuticals

1.2%

Aralez

Pharmaceuticals,

Inc.

(Canada)

*(b)

345

—

Dr

Reddy's

Laboratories

Ltd.,

ADR

(India)

2,719

195,632

Hikma

Pharmaceuticals

plc

(Jordan)

6,852

167,169

Roche

Holding

AG

2,960

842,760

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Israel)

*

1,671

20,219

1,225,780

Professional

Services

0.5%

HireRight

Holdings

Corp.

*

2,900

35,960

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

3

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

Shares

Value

SGS

SA

(Registered)

(Switzerland)

5,054

$

467,019

TDCX,

Inc.,

ADR

(Singapore)

*

4,189

26,265

529,244

Real

Estate

Management

&

Development

0.5%

Seritage

Growth

Properties,

Class

A

*

36,123

330,525

Tricon

Residential,

Inc.

(Canada)

13,300

146,699

477,224

Semiconductors

&

Semiconductor

Equipment

0.5%

ASML

Holding

NV

(Netherlands)

100

86,759

Magnachip

Semiconductor

Corp.

(South

Korea)

*

11,350

74,115

Silicon

Motion

Technology

Corp.,

ADR

(Taiwan)

3,212

202,292

SunEdison,

Inc.

*(b)(c)

16,689

—

Tower

Semiconductor

Ltd.

(Israel)

*

4,411

127,257

Transphorm,

Inc.

*

12,200

59,048

549,471

Software

3.1%

Alteryx,

Inc.,

Class

A

*

10,605

503,313

SAP

SE

(Germany)

7,074

1,225,546

Splunk,

Inc.

*

9,950

1,526,032

3,254,891

Specialty

Retail

0.2%

ASOS

plc

(United

Kingdom)

*

1,085

5,068

GNC

Holdings,

Inc.

Escrow

*(b)(c)

5,700

—

Sportsman's

Warehouse

Holdings,

Inc.

*

39,025

150,246

Toys

R

Us,

Inc.

*(b)

2,810

14,050

169,364

Technology

Hardware,

Storage

&

Peripherals

1.0%

Apple,

Inc.

3,594

662,734

Samsung

Electronics

Co.

Ltd.,

GDR

(South

Korea)

(d)

312

426,369

1,089,103

Textiles,

Apparel

&

Luxury

Goods

1.6%

Capri

Holdings

Ltd.

*

24,974

1,217,233

NIKE,

Inc.,

Class

B

2,132

216,462

Tapestry,

Inc.

6,569

254,811

1,688,506

Trading

Companies

&

Distributors

1.2%

Brenntag

SE

(Germany)

4,444

392,894

IMCD

NV

(Netherlands)

2,702

412,435

McGrath

RentCorp

456

57,297

Textainer

Group

Holdings

Ltd.

(China)

7,380

366,417

1,229,043

Investments

Shares

Value

Wireless

Telecommunication

Services

0.0%

(a)

Millicom

International

Cellular

SA

(Guatemala)

*

2,500

$

42,600

Total

Common

Stocks

(Cost

$39,050,515

)

39,706,837

Preferred

Stocks

0.1%

Broadline

Retail

0.1%

Qurate

Retail,

Inc.

8.00%,

3/15/2031

891

35,248

Trading

Companies

&

Distributors

0.0%

(a)

Textainer

Group

Holdings

Ltd.,

Series

B,

6.25%,

12/15/2026

(China)

(e)

1,400

34,860

Total

Preferred

Stocks

(Cost

$73,420)

70,108

Principal

Amount

Corporate

Bonds

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

GenOn

Energy,

Inc.

Escrow

,

9.50%,

10/15/2018

(b)(c)(f)

$

354,000

—

9.88%,

10/15/2020

(b)(c)(f)

1,655,000

—

Total

Corporate

Bonds

(Cost

$—

)

—

Insurance

Linked

Securities

6.1%

Atlas

Capital

Reinsurance

2020

DAC

(Ireland)

Series

2020,

(3

Month

Treasury

Bill

Rate

+

8.29%),

13.67%,

6/10/2024

(g)(h)

700,000

704,200

Gateway

Re

Ltd.

Series

A,

(1

Month

Treasury

Bill

Rate

+

13.00%),

18.34%,

2/24/2026

(g)(h)

250,000

270,625

Herbie

Re

Ltd.

(Bermuda)

Series

B,

(3

Month

Treasury

Bill

Rate

+

9.72%),

15.02%,

1/8/2025

(g)(h)

750,000

738,600

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

4

See

Notes

to

Consolidated

Schedule

of

Investments

Investments

Principal

Amount

Value

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.73%),

12.03%,

1/8/2025

(g)(h)

$

250,000

$

249,100

Hestia

Re

Ltd.

(Bermuda)

Series

A,

(1

Month

Treasury

Bill

Rate

+

9.75%),

15.08%,

4/7/2026

(g)(h)

500,000

508,700

Kendall

Re

Ltd.

(Bermuda)

Series

B,

(3

Month

Treasury

Bill

Rate

+

6.25%),

11.64%,

5/2/2024

(g)(h)

275,000

274,725

Kilimanjaro

III

Re

Ltd.

(Bermuda)

Series

B,

(3

Month

Treasury

Bill

Rate

+

9.91%),

15.28%,

12/19/2024

(g)(h)

250,000

246,725

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

5.25%,

6/25/2025

(g)(h)

650,000

656,175

Lightning

Re

Series

2023-

1,

(3

Month

Treasury

Bill

Rate

+

11.00%),

16.36%,

3/31/2026

(g)(h)

500,000

526,200

Matterhorn

Re

Ltd.

(Bermuda)

(SOFR

+

7.75%),

13.09%,

3/24/2025

(g)(h)

500,000

495,650

Purple

Re

Ltd.

(Bermuda)

Series

A,

(1

Month

Treasury

Bill

Rate

+

10.00%),

15.36%,

6/5/2026

(g)(h)

250,000

255,375

Tailwind

RE

Ltd.

(Bermuda)

Series

B,

(3

Month

Treasury

Bill

Rate

+

9.08%),

14.43%,

1/8/2025

(g)(h)

500,000

495,000

Investments

Principal

Amount

Value

Titania

RE

Ltd.

(Bermuda)

Series

A,

(1

Month

Treasury

Bill

Rate

+

6.50%),

11.84%,

12/27/2024

(g)(h)

$

250,000

$

241,950

Series

A,

(1

Month

Treasury

Bill

Rate

+

12.25%),

17.59%,

2/27/2026

(g)(h)

750,000

814,125

Total

Insurance

Linked

Securities

(Cost

$6,267,230)

6,477,150

Loan

Assignments

0.0%

(a)

Media

0.0%

(a)

Deluxe

Entertainment

Services

Group,

Inc.,

1st

Lien

Term

Loan

,

(ICE

LIBOR

USD

3

Month

+

5.50%),

14.00%

Cash

due

3/25/2024

(b)

(c)(g)(i)

14,155

5,628

Deluxe

Entertainment

Services

Group,

Inc.,

2nd

Lien

Term

Loan

,

(ICE

LIBOR

USD

3

Month

+

5.00%),

13.50%

Cash/2.50%

PIK

due

9/25/2024

(b)

(c)(g)(i)

153,519

—

Total

Loan

Assignments

(Cost

$104,059)

5,628

No.

of

Rights

Rights

0.1%

Biotechnology

0.1%

Achillion

Pharmaceuticals,

Inc.,

CVR

*(b)

23,300

11,650

Adamas

Pharmaceuticals,

Inc.,

CVR

*(b)

24,600

1,230

Akouos,

Inc.,

CVR

*(b)

38,850

29,137

Ambit

Biosciences

Corp.,

CVR

*(b)(c)

70,000

—

Clementia

Pharmaceuticals,

Inc.,

CVR

(France)

*(b)(c)

3,200

—

Tobira

Therapeutics,

Inc.,

CVR

*(b)(c)

6,900

—

42,017

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

5

See

Notes

to

Consolidated

Schedule

of

Investments

All

bonds

are

denominated

in

US

dollars,

unless

noted

otherwise.

Investments

No.

of

Rights

Value

Capital

Markets

0.0%

(a)

Pershing

Square

Holdings

Gp

LLC

*(b)

1,525

$

229

Health

Care

Equipment

&

Supplies

0.0%

(a)

ABIOMED,

Inc.,

CVR

*(b)

3,300

5,775

IT

Services

0.0%

(a)

Flexion

Therapeutics,

Inc.,

CVR

*(b)

18,500

12,025

Metals

&

Mining

0.0%

(a)

Kinross

Gold

Corp.,

CVR

(Canada)

*(b)(c)

4,800

4

Pan

American

Silver

Corp.,

CVR

(Canada)

*

39,600

18,612

18,616

Paper

&

Forest

Products

0.0%

(a)

Resolute

Forest

Products,

Inc.,

CVR

*(b)

5,750

11,500

Total

Rights

(Cost

$71,472)

90,162

No.

of

Warrants

Warrants

0.0%

(a)

Leisure

Products

0.0%

(a)

Tonies

SE,

expiring

4/30/2026

(Germany)

*

(Cost

$—)

4,329

234

Shares

Short-Term

Investments

44.3%

Investment

Companies

44.3%

Fidelity

Treasury

Only

Portfolio,

Institutional

Class,

5.25%

(j)

46,807,137

46,807,137

Investments

Shares

Value

Morgan

Stanley

Institutional

Liquidity

Funds

Treasury

Securities

Portfolio,

Institutional

Class,

5.18%

(j)

1

$

1

Total

Investment

Companies

(Cost

$46,807,138)

46,807,138

Total

Long

Positions

(Cost

$92,373,834

)

93,157,257

Short

Positions

(4.2)%

(k)

Common

Stocks

Sold

Short

(4.2)%

Banks

(0.2)%

Atlantic

Union

Bankshares

Corp.

(5,169)

(176,573)

Provident

Financial

Services,

Inc.

(2,632)

(43,560)

(220,133)

Chemicals

(0.1)%

Arcadium

Lithium

plc

(Jersey)

(12,708)

(62,142)

Construction

&

Engineering

(0.0)%

(a)

WillScot

Mobile

Mini

Holdings

Corp.

(515)

(24,359)

Household

Durables

(0.3)%

Lennar

Corp.,

Class

A

(2,240)

(335,664)

Oil,

Gas

&

Consumable

Fuels

(3.6)%

APA

Corp.

(1,293)

(40,510)

Chevron

Corp.

(13,210)

(1,947,550)

Exxon

Mobil

Corp.

(17,489)

(1,798,044)

(3,786,104)

Total

Common

Stocks

Sold

Short

(Proceeds

$(4,366,839))

(4,428,402)

Total

Short

Positions

(Proceeds

$(4,366,839))

(4,428,402)

Total

Investments

84.0%

(Cost

$88,006,995

)

88,728,855

Other

Assets

Less

Liabilities

16.0%

(l)

16,892,901

Net

Assets

100.0%

$105,621,756

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets

of

the

Fund.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Security

fair

valued

as

of

January

31,

2024,

in

accordance

with

procedures

approved

by

the

valuation

designee.

Total

value

of

all

such

securities

at

January

31,

2024,

amounted

to

$5,776,

which

represents

0.0%

of

net

assets

of

the

Fund.

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

6

See

Notes

to

Consolidated

Schedule

of

Investments

(d)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

as

amended.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

directed

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

At

January

31,

2024,

these

securities

amounted

to

$441,422

of

long

positions

which

represents

0.4%

of

net

assets

of

the

Fund.

(e)

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

shown

reflects

the

next

call

date.

(f)

Defaulted

security.

(g)

Variable

or

floating

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024,

and

changes

periodically.

(h)

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,

2024,

these

securities

amounted

to

$6,477,150

of

long

positions,

which

represents

6.1%

of

net

assets

of

the

Fund.

(i)

Payment

in-kind

security.

(j)

Represents

7-day

effective

yield

as

of

January

31,

2024.

(k)

At

January

31,

2024,

the

Fund

had

approximately

$4,681,108

deposited

in

one

or

more

accounts

to

satisfy

collateral

requirements

for

borrowing

in

connection

with

securities

sold

short.

(l)

Includes

the

impact

of

the

Fund’s

open

positions

in

derivatives

at

January

31,

2024.

Abbreviations

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GDR

Global

Depositary

Receipt

ICE

Intercontinental

Exchange

IPJSC

International

Public

Joint

Stock

Company

LIBOR

London

Interbank

Offered

Rate

PJSC

Public

Joint

Stock

Company

SA

Société

Anonyme

USD

United

States

Dollar

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

7

See

Notes

to

Consolidated

Schedule

of

Investments

LONG

POSITIONS

BY

COUNTRY

Country

Investments

at

Value

Percentage

of

Net

Assets

United

States

$

29,421,903

27.8‌%

Bermuda

4,976,125

4.7‌%

China

2,513,388

2.4‌%

Germany

2,088,841

2.0‌%

Brazil

1,062,546

1.0‌%

Luxembourg

1,015,250

1.0‌%

Ireland

704,200

0.7‌%

Hong

Kong

568,568

0.5‌%

Switzerland

510,983

0.5‌%

South

Korea

500,484

0.5‌%

Netherlands

499,194

0.5‌%

Israel

479,347

0.5‌%

Canada

454,745

0.4‌%

Belgium

253,777

0.2‌%

Sweden

246,024

0.2‌%

Taiwan

202,292

0.2‌%

India

195,632

0.2‌%

Mexico

170,364

0.2‌%

Jordan

167,169

0.2‌%

United

Kingdom

141,713

0.1‌%

Jersey

78,157

0.1‌%

Guatemala

42,600

0.0‌%

(a)

Spain

30,552

0.0‌%

(a)

Singapore

26,265

0.0‌%

(a)

Short-Term

Investments

and

Other

Assets-Net

63,700,039

60.3‌%

Short

Positions

(See

summary

below)

(4,428,402)

(4.2‌)%

$

105,621,756

100.0‌%

SHORT

POSITIONS

BY

COUNTRY

Country

Investments

at

Value

Percentage

of

Net

Assets

United

States

$

(4,366,260)

(4.1‌)%

Jersey

(62,142)

(0.1‌)%

Total

Short

Positions

$(4,428,402)

(4.2‌)%

(a)

Represents

less

than

0.05%

of

net

assets

of

the

Fund.

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

8

See

Notes

to

Consolidated

Schedule

of

Investments

Derivative

Instruments

Futures

contracts

("futures")

At

January

31,

2024,

open

positions

in

futures

for

the

Fund

were

as

follows:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Long

Contracts

Brent

Crude

Oil

1

2/2024

$

80,550

$

(1,540)

CAC

40

10

Euro

Index

6

2/2024

497,533

2,421

IFSC

NIFTY

50

Index

3

2/2024

130,785

1,282

NY

Harbor

ULSD

4

2/2024

467,914

2,588

OMXS30

Index

5

2/2024

113,485

1,703

RBOB

Gasoline

1

2/2024

93,710

(1,741)

SGX

FTSE

Taiwan

Index

5

2/2024

307,850

(1,875)

Australia

3

Year

Bond

10

3/2024

701,603

2,356

Brent

Crude

Oil

1

3/2024

80,270

(271)

Canada

10

Year

Bond

2

3/2024

180,996

(2,421)

Cocoa

6

3/2024

289,320

32,714

Coffee

'C'

4

3/2024

291,075

4,396

Copper

1

3/2024

97,650

598

EURO

STOXX

50

Index

11

3/2024

554,561

5,754

Euro-Bobl

6

3/2024

768,572

2,845

Euro-BTP

9

3/2024

1,157,235

12,478

Euro-Bund

4

3/2024

587,252

5,154

Euro-Buxl

1

3/2024

148,661

(2,449)

Euro-OAT

3

3/2024

422,705

4,355

Euro-Schatz

8

3/2024

918,076

939

Foreign

Exchange

MXN/USD

1

3/2024

28,925

558

Foreign

Exchange

USD/NOK

1

3/2024

99,396

(4,006)

Foreign

Exchange

ZAR/USD

1

3/2024

26,738

641

Long

Gilt

2

3/2024

253,384

(4,067)

Low

Sulphur

Gasoil

8

3/2024

669,600

9,515

NASDAQ

100

E-Mini

Index

2

3/2024

689,690

(12,429)

Nikkei

225

Index

23

3/2024

877,986

14,649

Robusta

Coffee

6

3/2024

198,300

24,619

S&P

500

E-Mini

Index

2

3/2024

487,050

7,772

Short-Term

Euro-BTP

5

3/2024

574,932

858

SPI

200

Index

1

3/2024

125,355

4,705

TOPIX

Index

3

3/2024

520,485

18,760

U.S.

Treasury

2

Year

Note

2

3/2024

411,312

(96)

U.S.

Treasury

5

Year

Note

4

3/2024

433,562

1,237

U.S.

Treasury

10

Year

Note

3

3/2024

336,984

1,481

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

9

See

Notes

to

Consolidated

Schedule

of

Investments

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

Long

Bond

1

3/2024

$

122,344

$

(95)

WTI

Crude

Oil

1

3/2024

75,710

(1,262)

100

oz

Gold

3

4/2024

620,220

204

Brent

Crude

Oil

1

4/2024

79,950

(1,411)

Lean

Hogs

1

4/2024

33,930

47

Live

Cattle

1

4/2024

72,280

(433)

Cocoa

8

5/2024

380,320

8,629

Robusta

Coffee

6

5/2024

190,080

11,169

3

Month

SOFR

1

6/2024

237,287

(77)

3

Month

SONIA

3

6/2024

902,001

139

3

Month

Canadian

Bankers

Acceptance

2

9/2024

354,941

(532)

3

Month

EURIBOR

2

9/2024

525,328

472

3

Month

SOFR

2

9/2024

476,950

(379)

WTI

Crude

Oil

1

11/2024

72,890

(432)

3

Month

Canadian

Bankers

Acceptance

1

12/2024

178,103

(57)

3

Month

EURIBOR

7

12/2024

1,845,079

(348)

3

Month

SONIA

3

12/2024

909,272

(766)

3

Month

Canadian

Bankers

Acceptance

1

3/2025

178,642

110

3

Month

EURIBOR

3

3/2025

792,612

819

3

Month

SOFR

4

3/2025

961,750

(921)

3

Month

SONIA

3

3/2025

912,551

(1,366)

3

Month

EURIBOR

8

6/2025

2,116,443

(358)

3

Month

SOFR

4

6/2025

964,600

(959)

3

Month

SONIA

3

6/2025

915,070

(1,035)

3

Month

EURIBOR

15

9/2025

3,970,154

1,301

3

Month

SOFR

4

9/2025

966,550

(958)

3

Month

SONIA

3

9/2025

916,876

(50)

3

Month

EURIBOR

18

12/2025

4,764,185

1,478

3

Month

SOFR

5

12/2025

1,209,562

1,227

3

Month

SONIA

3

12/2025

917,969

(400)

3

Month

EURIBOR

7

3/2026

1,852,077

960

3

Month

SOFR

6

3/2026

1,452,000

1,325

3

Month

SONIA

2

3/2026

612,423

(447)

3

Month

EURIBOR

10

6/2026

2,645,013

1,397

3

Month

SOFR

7

6/2026

1,693,738

1,285

3

Month

SONIA

2

6/2026

612,613

(383)

3

Month

SOFR

7

9/2026

1,693,213

1,010

3

Month

SONIA

2

9/2026

612,740

(320)

3

Month

SOFR

8

9/2027

1,933,100

1,046

Total

Long

Contracts

$

53,394,068

$153,112

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

10

See

Notes

to

Consolidated

Schedule

of

Investments

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Short

Contracts

Hang

Seng

Index

(3)

2/2024

$

(297,872)

$

11,985

HSCEI

(6)

2/2024

(199,656)

8,812

MSCI

Singapore

Index

(38)

2/2024

(785,919)

2,613

Natural

Gas

(1)

2/2024

(21,000)

2,248

SGX

FTSE

China

A50

Index

(54)

2/2024

(597,240)

8,636

3

Month

Canadian

Bankers

Acceptance

(4)

3/2024

(704,303)

(219)

Canada

10

Year

Bond

(4)

3/2024

(361,992)

(8,061)

Canola

(21)

3/2024

(190,686)

17,726

CBOE

Volatility

Index

(10)

3/2024

(156,748)

(3,050)

Corn

(31)

3/2024

(694,788)

33,435

Foreign

Exchange

AUD/USD

(104)

3/2024

(6,869,200)

4,350

Foreign

Exchange

CAD/USD

(3)

3/2024

(223,995)

(2,494)

Foreign

Exchange

CHF/USD

(4)

3/2024

(584,175)

(7,709)

Foreign

Exchange

EUR/USD

(64)

3/2024

(8,688,400)

(23,171)

Foreign

Exchange

GBP/USD

(7)

3/2024

(556,281)

(6,299)

Foreign

Exchange

JPY/USD

(39)

3/2024

(3,355,706)

71,372

Foreign

Exchange

NZD/USD

(2)

3/2024

(122,930)

26

FTSE

100

Index

(7)

3/2024

(676,776)

(9,215)

FTSE/JSE

Top

40

Index

(8)

3/2024

(291,978)

(3,520)

KC

HRW

Wheat

(12)

3/2024

(373,200)

1,108

Long

Gilt

(3)

3/2024

(380,076)

(12,853)

Milling

Wheat

No.

2

(49)

3/2024

(558,006)

37,234

Natural

Gas

(3)

3/2024

(63,630)

94

Palladium

(2)

3/2024

(199,360)

12,134

S&P

500

E-Mini

Index

(7)

3/2024

(1,704,675)

(30,121)

Silver

(1)

3/2024

(115,845)

(1,872)

Soybean

(8)

3/2024

(488,900)

27,255

Soybean

Meal

(7)

3/2024

(257,810)

(3,078)

Soybean

Oil

(10)

3/2024

(276,120)

18,383

U.S.

Treasury

10

Year

Note

(11)

3/2024

(1,235,609)

(39,113)

Wheat

(12)

3/2024

(357,150)

1,070

Platinum

(6)

4/2024

(279,780)

(8,284)

Rapeseed

(15)

4/2024

(347,107)

908

Canola

(3)

5/2024

(27,580)

475

Corn

(2)

5/2024

(45,850)

(342)

Cotton

No.

2

(1)

5/2024

(43,205)

(558)

Soybean

(1)

5/2024

(61,638)

(1,115)

Soybean

Meal

(1)

5/2024

(36,410)

(1,672)

Soybean

Oil

(4)

5/2024

(111,696)

1,436

Wheat

(2)

5/2024

(60,525)

(392)

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

11

See

Notes

to

Consolidated

Schedule

of

Investments

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

3

Month

Canadian

Bankers

Acceptance

(4)

6/2024

$

(706,609)

$

(227)

Total

Short

Contracts

$

(33,110,426)

$97,935

Total

Futures

$251,047

Forward

foreign

currency

contracts

("forward

contracts")

At

January

31,

2024,

open

forward

contracts

for

the

Fund

were

as

follows:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

USD

4,873,175

EUR

4,449,231

JPM

2/15/2024

$

62,242

BRL**

6,240,000

USD

1,248,858

SG

3/20/2024

5,077

CAD

200,000

USD

148,423

SG

3/20/2024

426

CHF

2,480,000

USD

2,860,069

SG

3/20/2024

28,560

EUR

182,323

PLN

790,000

SG

3/20/2024

251

EUR

700,000

TRY

24,005,132

SG

3/20/2024

2,479

GBP

2,180,000

USD

2,740,792

SG

3/20/2024

22,951

HUF

206,660,000

USD

578,141

SG

3/20/2024

1,037

ILS

1,900,000

USD

516,456

SG

3/20/2024

5,277

INR**

476,090,000

USD

5,709,390

SG

3/20/2024

9,998

KRW**

192,500,000

USD

143,993

SG

3/20/2024

633

MXN

23,770,000

USD

1,349,502

SG

3/20/2024

20,711

NOK

3,210,000

USD

304,845

SG

3/20/2024

713

PHP**

3,150,000

USD

55,944

SG

3/20/2024

53

PLN

18,300,000

EUR

4,193,191

SG

3/20/2024

26,957

PLN

6,370,000

USD

1,583,958

SG

3/20/2024

5,976

SEK

16,110,000

USD

1,548,093

SG

3/20/2024

2,897

TRY

15,793,924

EUR

450,000

SG

3/20/2024

9,803

TRY

7,910,000

USD

246,325

SG

3/20/2024

2,631

USD

2,870,016

AUD

4,290,000

SG

3/20/2024

51,215

USD

1,292,382

BRL**

6,400,000

SG

3/20/2024

6,291

USD

1,944,928

CAD

2,600,000

SG

3/20/2024

9,885

USD

2,146,730

CHF

1,820,000

SG

3/20/2024

26,849

USD

497,019

CLP**

449,830,000

SG

3/20/2024

14,959

USD

1,163,249

CZK

26,360,000

SG

3/20/2024

17,231

USD

3,284,430

EUR

3,000,000

SG

3/20/2024

35,826

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

12

See

Notes

to

Consolidated

Schedule

of

Investments

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

USD

1,322,774

GBP

1,040,000

SG

3/20/2024

$

4,293

USD

983,071

HUF

345,640,000

SG

3/20/2024

14,389

USD

41,339

ILS

150,000

SG

3/20/2024

149

USD

681,745

KRW**

894,080,000

SG

3/20/2024

10,021

USD

487,478

MXN

8,410,000

SG

3/20/2024

2,687

USD

309,279

NOK

3,220,000

SG

3/20/2024

2,767

USD

1,296,096

NZD

2,090,000

SG

3/20/2024

18,508

USD

3,616,535

PHP**

201,890,000

SG

3/20/2024

27,644

USD

1,061,593

PLN

4,220,000

SG

3/20/2024

8,292

USD

1,144,942

SEK

11,670,000

SG

3/20/2024

21,414

USD

3,174,090

SGD

4,220,000

SG

3/20/2024

21,717

USD

406,893

THB

14,190,000

SG

3/20/2024

5,440

USD

785,305

TRY

24,810,000

SG

3/20/2024

4,445

USD

106,563

ZAR

2,000,000

SG

3/20/2024

163

ZAR

1,030,000

USD

54,474

SG

3/20/2024

322

AUD

2,900,000

JPY

274,754,806

SG

3/21/2024

24,449

JPY

94,335,358

AUD

980,000

SG

3/21/2024

1,919

JPY

66,410,000

USD

452,678

SG

3/21/2024

1,994

USD

1,460,309

JPY

209,360,000

SG

3/21/2024

26,944

USD

35,912

AUD

53,058

JPM

3/28/2024

1,040

USD

195,450

CAD

258,019

JPM

3/28/2024

3,400

USD

125,448

GBP

98,019

JPM

3/28/2024

1,175

Total

unrealized

appreciation

$

574,100

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

GBP

108,940

USD

138,590

JPM

2/15/2024

$

(516)

AUD

4,570,000

USD

3,090,952

SG

3/20/2024

(88,175)

BRL**

9,170,000

USD

1,873,623

SG

3/20/2024

(30,900)

CAD

4,980,000

USD

3,756,268

SG

3/20/2024

(49,914)

CHF

780,000

USD

918,265

SG

3/20/2024

(9,745)

CLP**

148,690,000

USD

170,008

SG

3/20/2024

(10,665)

CZK

19,660,000

USD

876,569

SG

3/20/2024

(21,841)

EUR

1,940,107

PLN

8,480,000

SG

3/20/2024

(15,699)

EUR

450,000

TRY

15,766,335

SG

3/20/2024

(8,934)

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

13

See

Notes

to

Consolidated

Schedule

of

Investments

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

EUR

3,530,000

USD

3,883,834

SG

3/20/2024

$

(61,309)

GBP

660,000

USD

840,408

SG

3/20/2024

(3,680)

HUF

319,350,000

USD

911,731

SG

3/20/2024

(16,732)

ILS

1,830,000

USD

506,021

SG

3/20/2024

(3,510)

INR**

140,790,000

USD

1,692,791

SG

3/20/2024

(1,445)

KRW**

773,250,000

USD

597,295

SG

3/20/2024

(16,351)

MXN

12,040,000

USD

698,775

SG

3/20/2024

(4,733)

NOK

15,810,000

USD

1,527,734

SG

3/20/2024

(22,791)

NZD

2,980,000

USD

1,861,644

SG

3/20/2024

(40,008)

PHP**

214,450,000

USD

3,845,809

SG

3/20/2024

(33,647)

PLN

860,000

USD

216,720

SG

3/20/2024

(2,066)

SEK

2,400,000

USD

236,452

SG

3/20/2024

(5,392)

SGD

5,000,000

USD

3,764,424

SG

3/20/2024

(29,388)

THB

41,210,000

USD

1,192,251

SG

3/20/2024

(26,371)

TRY

4,290,000

USD

136,267

SG

3/20/2024

(1,244)

USD

262,408

AUD

400,000

SG

3/20/2024

(417)

USD

1,631,181

BRL**

8,150,000

SG

3/20/2024

(6,569)

USD

1,184,113

CAD

1,600,000

SG

3/20/2024

(6,684)

USD

1,299,616

CHF

1,120,000

SG

3/20/2024

(4,926)

USD

345,967

CLP**

323,690,000

SG

3/20/2024

(916)

USD

714,492

EUR

660,000

SG

3/20/2024

(200)

USD

1,341,107

GBP

1,060,000

SG

3/20/2024

(2,731)

USD

342,843

HUF

123,000,000

SG

3/20/2024

(1,872)

USD

614,436

ILS

2,300,000

SG

3/20/2024

(17,132)

USD

6,510,229

INR**

544,100,000

SG

3/20/2024

(26,174)

USD

415,489

KRW**

555,840,000

SG

3/20/2024

(2,116)

USD

1,154,333

MXN

20,200,000

SG

3/20/2024

(10,089)

USD

1,085,046

NOK

11,830,000

SG

3/20/2024

(41,042)

USD

256,087

NZD

420,000

SG

3/20/2024

(653)

USD

434,912

PHP**

24,550,000

SG

3/20/2024

(1,500)

USD

471,481

PLN

1,900,000

SG

3/20/2024

(2,754)

USD

340,791

SEK

3,550,000

SG

3/20/2024

(984)

USD

656,241

SGD

880,000

SG

3/20/2024

(1,126)

USD

896,753

THB

31,820,000

SG

3/20/2024

(3,475)

USD

550,159

TRY

17,690,000

SG

3/20/2024

(6,609)

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

14

See

Notes

to

Consolidated

Schedule

of

Investments

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

USD

1,400,381

ZAR

26,730,000

SG

3/20/2024

$

(21,656)

ZAR

18,810,000

USD

1,018,849

SG

3/20/2024

(18,160)

AUD

2,780,000

JPY

268,207,335

SG

3/21/2024

(9,572)

JPY

218,014,062

AUD

2,300,000

SG

3/21/2024

(18,674)

JPY

165,850,000

USD

1,172,077

SG

3/21/2024

(36,600)

USD

2,177,204

JPY

319,530,000

SG

3/21/2024

(10,436)

AUD

118,419

USD

81,307

JPM

3/28/2024

(3,479)

USD

6,897

AUD

10,500

JPM

3/28/2024

(4)

USD

7,699

CAD

10,384

JPM

3/28/2024

(30)

Total

unrealized

depreciation

$

(761,636)

Net

unrealized

depreciation

$(187,536)

**        Non-deliverable

forward.

Equity

swap

contracts

("equity

swaps")

At

January

31,

2024,

the

Fund

had

outstanding

equity

swaps

as

follows:

Over

the

counter

equity

swaps

—

Long

(a)

Counterparty

Reference

Entity

Notional

Amount

Maturity

Date

Variable-

Rate

(b)

Spread

Reference

Rate

Frequency

of

Fund

Receipt/

Payment

Value

and

Unrealized

Appreciation/

(Depreciation)

MS

adidas

AG

EUR

496,658

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

$

115,209

JPM

Alliance

Aviation

Services

Ltd.

AUD

38,525

7/15/2024

4.97%

0.65%

1D

RBACR

T/1M

4,276

MS

Amundi

SA

EUR

1,785,983

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

(130)

MS

Anima

Holding

SpA

EUR

384,909

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

16,645

JPM

Applus

Services

SA

EUR

254,707

7/5/2024

4.54%

0.65%

1D

ESTR

T/1M

32,962

JPM

Ascential

plc

GBP

185,608

11/4/2024

5.59%

0.40%

1D

SONIA

T/1M

20,502

MS

Aspen

Pharmacare

Holdings

Ltd.

USD

69,370

12/17/2024

6.23%

0.90%

1D

FEDEF

T/1M

246

JPM

Azure

Minerals

Ltd.

AUD

45,500

12/23/2024

4.97%

0.65%

1D

RBACR

T/1M

(364)

MS

Brenntag

SE

EUR

614,729

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

96,156

MS

Bureau

Veritas

SA

EUR

691,007

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

(34,353)

MS

Croda

International

plc

GBP

45,119

12/3/2024

5.83%

0.64%

1D

SONIA

T/1M

(16,862)

MS

Danone

SA

EUR

1,228,070

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

236,502

MS

Elis

SA

EUR

479,135

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

98,263

JPM

Entain

plc

GBP

110,801

2/8/2024

5.59%

0.40%

1D

SONIA

T/1M

(56,433)

MS

Eurofins

Scientific

SE

EUR

253,235

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

(53,807)

MS

Heidelberg

Materials

AG

EUR

602,792

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

177,701

MS

Hermes

International

SCA

EUR

217,316

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

29,489

MS

Holcim

AG

CHF

495,737

2/17/2025

2.28%

0.58%

1D

SARON

T/1M

87,291

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

15

See

Notes

to

Consolidated

Schedule

of

Investments

Counterparty

Reference

Entity

Notional

Amount

Maturity

Date

Variable-

Rate

(b)

Spread

Reference

Rate

Frequency

of

Fund

Receipt/

Payment

Value

and

Unrealized

Appreciation/

(Depreciation)

MS

Hypera

SA

USD

87,888

7/15/2024

5.98%

0.65%

1D

FEDEF

T/1M

$

(40,100)

JPM

IMAX

China

Holding,

Inc.

HKD

655,157

7/17/2024

5.05%

0.00%

1D

HONIA

T/1M

(26,271)

MS

ITV

plc

GBP

87,956

12/3/2024

5.83%

0.64%

1D

SONIA

T/1M

(38,225)

JPM

JSR

Corp.

JPY

72,630,000

7/16/2024

0.34%

0.35%

1D

MUTSC

T/1M

(4,233)

MS

Kering

SA

EUR

491,710

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

(243,180)

JPM

Kin

&

Carta

plc

GBP

25,840

12/11/2024

5.59%

0.40%

1D

SONIA

T/1M

5,764

JPM

Kindred

Group

plc

SEK

2,300,735

1/24/2025

4.43%

0.40%

1M

STIBOR

T/1M

1,648

JPM

Link

Administration

Holdings

Ltd.

AUD

292,965

12/30/2024

4.97%

0.65%

1D

RBACR

T/1M

106

MS

LVMH

Moet

Hennessy

Louis

Vuitton

SE

EUR

191,079

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

(9,281)

JPM

Musti

Group

OYJ

EUR

39,150

12/9/2024

4.29%

0.40%

1D

ESTR

T/1M

(29)

MS

NAVER

Corp.

USD

70,757

8/15/2024

6.83%

1.50%

1D

FEDEF

T/1M

(7,378)

JPM

Network

International

Holdings

plc

GBP

437,785

5/7/2024

5.59%

0.40%

1D

SONIA

T/1M

5,331

JPM

Orange

Belgium

SA

EUR

13,206

12/11/2024

4.29%

-

4.39%

0.40%

-

0.50%

1D

ESTR

T/1M

(4,318)

JPM

Origin

Energy

Ltd.

AUD

155,805

3/28/2024

4.97%

0.65%

1D

RBACR

T/1M

2,493

JPM

PGS

ASA

NOK

546,140

12/27/2024

5.00%

0.40%

1M

NIBOR

T/1M

(15,153)

JPM

R&Q

Insurance

Holdings

Ltd.

GBP

379

4/11/2024

5.59%

0.40%

1D

SONIA

T/1M

(4,097)

MS

Ryanair

Holdings

plc

EUR

245,977

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

59,168

MS

SAP

SE

EUR

99,857

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

34,321

JPM

Shinko

Electric

Industries

Co.

Ltd.

JPY

13,238,820

1/30/2025

0.34%

0.35%

1D

MUTSC

T/1M

796

JPM

Siltronic

AG

EUR

11,281

2/7/2024

4.54%

0.65%

1D

ESTR

T/1M

2,520

JPM

Smart

Metering

Systems

plc

GBP

196,077

12/11/2024

5.59%

0.40%

1D

SONIA

T/1M

(24)

MS

Smith

&

Nephew

plc

GBP

514,162

12/3/2024

5.83%

0.64%

1D

SONIA

T/1M

(33,231)

JPM

Spire

Healthcare

Group

plc

GBP

14,225

6/20/2024

5.59%

0.40%

1D

SONIA

T/1M

1,026

MS

Stroeer

SE

&

Co.

KGaA

EUR

173,314

2/17/2025

4.48%

0.60%

1M

EURIBOR

T/1M

9,364

JPM

Telecom

Italia

SpA

EUR

15,180

11/25/2024

4.54%

0.65%

1D

ESTR

T/1M

1,366

JPM

Wincanton

plc

GBP

200,078

1/23/2025

5.59%

0.40%

1D

SONIA

T/1M

(2,295)

Total

long

positions

of

equity

swaps

$449,381

Over

the

counter

equity

swaps

—

Short

(c)

Counterparty

Reference

Entity

Notional

Amount

Maturity

Date

Variable-

Rate

(b)

Spread

Reference

Rate

Frequency

of

Fund

Receipt/

Payment

Value

and

Unrealized

Appreciation/

(Depreciation)

MS

Air

Liquide

SA

EUR

(526,424)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

$

(96,591)

MS

Allianz

SE

(Registered)

EUR

(425,720)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(53,116)

MS

AXA

SA

EUR

(274,239)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(28,920)

MS

BASF

SE

EUR

(170,282)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

26,539

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

16

See

Notes

to

Consolidated

Schedule

of

Investments

Counterparty

Reference

Entity

Notional

Amount

Maturity

Date

Variable-

Rate

(b)

Spread

Reference

Rate

Frequency

of

Fund

Receipt/

Payment

Value

and

Unrealized

Appreciation/

(Depreciation)

MS

Bayerische

Motoren

Werke

AG

EUR

(125,040)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

$

1,138

MS

Deutsche

Post

AG

EUR

(275,623)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(24,260)

MS

Enel

SpA

EUR

(129,173)

2/17/2025

3.49%

(0.40)%

1D

ESTR

1M/T

(21,575)

MS

Engie

SA

EUR

(235,968)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(27,064)

JPM

Grifols

SA

USD

(26,675)

4/15/2024

4.92%

(0.40)%

1D

OBFR

1M/T

(1,407)

MS

H

&

M

Hennes

&

Mauritz

AB

SEK

(1,716,667)

10/21/2024

3.64%

(0.40)%

1W

STIBOR

1M/T

14,840

MS

Hannover

Rueck

SE

EUR

(274,639)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(58,352)

MS

Marks

&

Spencer

Group

plc

GBP

(303,519)

12/3/2024

4.89%

(0.30)%

1D

SONIA

1M/T

(129,072)

MS

Merck

&

Co.,

Inc.

USD

(211,727)

12/17/2024

4.98%

(0.35)%

1D

FEDEF

1M/T

(20,793)

MS

Next

plc

GBP

(215,087)

12/3/2024

4.89%

(0.30)%

1D

SONIA

1M/T

(58,434)

MS

Schneider

Electric

SE

EUR

(401,100)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(75,421)

JPM

Smurfit

Kappa

Group

plc

USD

(491,931)

9/16/2024

4.57%

(0.75)%

1D

OBFR

1M/T

(23,221)

MS

Swisscom

AG

(Registered)

CHF

(219,385)

2/17/2025

1.35%

(0.35)%

1D

SARON

1M/T

25,472

MS

Telefonica

SA

EUR

(94,356)

2/17/2025

3.49%

(0.40)%

1D

ESTR

1M/T

(3,266)

MS

Tencent

Holdings

Ltd.

USD

(207,676)

7/23/2025

4.93%

(0.40)%

1D

FEDEF

1M/T

37,327

JPM

TGS

ASA

NOK

(580,236)

12/27/2024

3.35%

-

3.55%

(1.25)%

-

(1.05)%

1M

NIBOR

1M/T

14,932

MS

Vinci

SA

EUR

(358,499)

2/17/2025

3.54%

(0.35)%

1D

ESTR

1M/T

(32,376)

Total

short

positions

of

equity

swaps

$(533,620)

Total

long

and

short

positions

of

equity

swaps

$(84,239)

Total

financing

costs

and

other

receivables/(payables)

of

equity

swaps

$(26,645)

Total

long

and

short

positions

including

financing

costs

and

other

receivables/(payables)

of

equity

swaps

$(110,884)

(a)          The

Fund

pays

a

specified

rate

based

on

a

reference

rate

plus

or

minus

a

spread,

and

receives

the

total

tttttttttttt

return

on

the

reference

entity.

(b)          Effective

rate

at

January

31,

2024.

(c)          The

Fund

receives

a

specified

rate

based

on

a

reference

rate

plus

or

minus

a

spread,

and

pays

the

total

t

return

on

the

reference

entity.

Abbreviations

CBOE

Chicago

Board

Options

Exchange

ESTR

Euro

Short-Term

Rate

EURIBOR      

Euro

Interbank

Offered

Rate

FEDEF          

Federal

Funds

Floating

Rate

FTSE

Financial

Times

Stock

Exchange

HONIA

Hong

Kong

Overnight

Index

Average

HSCEI

Hang

Seng

China

Enterprises

Index

JPM              

JPMorgan

Chase

Bank,

NA

JSE

Johannesburg

Stock

Exchange

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

17

See

Notes

to

Consolidated

Schedule

of

Investments

MS                

Morgan

Stanley

Capital

Services

LLC

MSCI

Morgan

Stanley

Capital

International

MUTSC

Bank

of

Japan

Unsecured

Overnight

Call

Rate

NIBOR          

Norway

Interbank

Offered

Rate

OBFR

Overnight

Bank

Funding

Rate

OMX

Stockholm

Stock

Exchange

RBACR

Reserve

Bank

of

Australia

Cash

Rate

SARON          

Swiss

Average

Overnight

Rate

SG                  

Societe

Generale

SGX

Singapore

Exchange

SOFR

Secured

Overnight

Financing

Rate

SPI

Australian

Benchmark

Index

SONIA          

Sterling

Overnight

Index

Average

Rate

STIBOR        

Stockholm

Interbank

Offered

Rate

TOPIX

Tokyo

Stock

Price

Index

T                  

Termination

Date

1D                

One

Day

1M                

One

Month

1W                

One

Week

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

GBP

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PHP

Philippine

Peso

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thailand

Baht

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

18

See

Notes

to

Consolidated

Schedule

of

Investments

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

The

following

is

a

summary,

categorized

by

Level

(See

Notes

to

Consolidated

Schedule

of

Investments),

of

inputs

used

to

value

the

Fund's

investments

as

of

January

31,

2024:

Asset

Valuation

Inputs

Level

1

Level

2

Level

3

*

Total

Investments:

Common

Stocks

Broadline

Retail

$

2,023,754

$

1,318,323

$

—

$

3,342,077

Capital

Markets

144,013

—

229

144,242

Consumer

Staples

Distribution

&

Retail

1,095,323

—

—

1,095,323

Diversified

Telecommunication

Services

48,166

—

373,611

421,777

Food

Products

383,670

1,322,055

—

1,705,725

Health

Care

Providers

&

Services

973,620

87,364

—

1,060,984

Insurance

215,319

568,568

—

783,887

Interactive

Media

&

Services

2,489,666

25,001

—

2,514,667

Life

Sciences

Tools

&

Services

246,024

928,970

—

1,174,994

Media

801,238

423,373

—

1,224,611

Metals

&

Mining

749,203

133,074

—

882,277

Oil,

Gas

&

Consumable

Fuels

4,002,766

—

—

4,002,766

Passenger

Airlines

48,691

—

144

48,835

Pharmaceuticals

215,851

1,009,929

—

1,225,780

Professional

Services

62,225

467,019

—

529,244

Semiconductors

&

Semiconductor

Equipment

462,712

86,759

—

549,471

Software

2,029,345

1,225,546

—

3,254,891

Specialty

Retail

150,246

5,068

14,050

169,364

Technology

Hardware,

Storage

&

Peripherals

662,734

426,369

—

1,089,103

Trading

Companies

&

Distributors

423,714

805,329

—

1,229,043

Other

Common

Stocks

(a)

13,257,776

—

—

13,257,776

Total

Common

Stocks

30,486,056

8,832,747

388,034

39,706,837

Preferred

Stocks

(a)

70,108

—

—

70,108

Corporate

Bonds

(a)

—

—

—

—

Insurance

Linked

Securities

(a)

—

6,477,150

—

6,477,150

Loan

Assignments

(a)

—

—

5,628

5,628

Rights

Biotechnology

—

—

42,017

42,017

Capital

Markets

—

—

229

229

Health

Care

Equipment

&

Supplies

—

—

5,775

5,775

IT

Services

—

—

12,025

12,025

Metals

&

Mining

18,612

—

4

18,616

Paper

&

Forest

Products

—

—

11,500

11,500

Total

Rights

18,612

—

71,550

90,162

Warrants

(a)

234

—

—

234

Short-Term

Investments

—

46,807,138

—

46,807,138

Total

Long

Positions

$30,575,010

$62,117,035

$465,212

$93,157,257

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

19

See

Notes

to

Consolidated

Schedule

of

Investments

(a)

The

Consolidated

Schedule

of

Investments

provides

information

on

the

industry

or

sector

categorization

as

well

as

a

Positions

by

Country

summary.

*

The

following

is

a

reconciliation

between

the

beginning

and

ending

balances

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

value:

Common

Stocks

(a)(b)

Corporate

Bonds

(a)(c)

Loan

Assignments

(a)

Rights

(a)(b)

Total

Assets:

Investments

in

Securities:

Beginning

Balance

as

of

November

1,

2023

$1,470,019

$–

$5,632

$71,320

$1,546,971

Transfers

into

Level

3

–

–

–

–

—

Transfers

out

of

Level

3

–

–

–

–

–

Accrued

discounts/(premiums)

–

–

–

–

–

Realized

gain/(loss)

463,948

–

(27)

–

463,921

Change

in

unrealized

appreciation/

(depreciation)

(177,403)

–

30

230

(177,143)

Purchases

58,197

–

53

–

58,250

Sales

(1,426,727)

–

(60)

–

(1,426,787)

Balance

as

of

January

31,

2024

$388,034

$–

$5,628

$71,550

$465,212

Net

change

in

unrealized

appreciation/

(depreciation)

on

investments

still

held

as

of

January

31,

2024

$16,068

$–

$30

$230

$16,328

(a)

As

of

the

period

ended

January

31,

2024,

these

securities

were

fair

valued

in

accordance

with

procedures

approved

by

the

valuation

designee.

These

investments

did

not

have

a

material

impact

on

the

Fund’s

net

assets;

therefore,

disclosure

of

significant

unobservable

inputs

used

in

formulating

valuations

is

not

presented.

(b)

These

securities

were

valued

based

on

a

single

quotation

obtained

from

a

dealer.

The

Fund

does

not

have

access

to

unobservable

inputs

and

therefore

cannot

disclose

such

inputs

used

in

formulating

such

quotation.

(c)

The

reconciliation

between

beginning

and

ending

balances

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

is

not

presented

as

all

values

are

zero.

The

following

is

a

summary,

categorized

by

Level

(See

Notes

to

Consolidated

Schedule

of

Investments)

,

of

inputs

used

to

value

the

Fund's

short

investments

as

of

January

31,

2024

:

Liability

Valuation

Inputs

Level

1

Level

2

Level

3

Total

Investments:

Common

Stocks

Sold

Short

(a)

$

(4,428,402)

$

—

$

—

$

(4,428,402)

Total

Short

Positions

$(4,428,402)

$—

$—

$(4,428,402)

(a)

The

Consolidated

Schedule

of

Investments

provides

information

on

the

industry

or

sector

categorization

as

well

as

a

Positions

by

Country

summary.

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund^

(Unaudited)

(cont’d)

20

See

Notes

to

Consolidated

Schedule

of

Investments

^      

A

balance

indicated

with

a

“—”,

reflects

either

a

zero

balance

or

an

amount

that

rounds

to

less

than

1.

The

following

is

a

summary,

categorized

by

level

(See

Notes

to

Consolidated

Schedule

of

Investments),

of

inputs

used

to

value

the

Fund's

derivatives

as

of

January

31,

2024:

Other

Financial

Instruments

Level

1

Level

2

Level

3

*

Total

Futures

(a)

Assets

$

458,296

$

—

$

—

$

458,296

Liabilities

(207,249)

—

—

(207,249)

Forward

contracts

(a)

Assets

—

574,100

—

574,100

Liabilities

—

(761,636)

—

(761,636)

Swaps

Assets

—

1,159,393

—

1,159,393

Liabilities

—

(1,270,277)

—

(1,270,277)

Total

$

251,047

$

(298,420)

$

—

$

(47,373)

(a)

Futures

and

forward

contracts

are

reported

at

the

cumulative

unrealized

appreciation/(depreciation)

of

the

instruments.

*

The

following

is

a

reconciliation

between

the

beginning

and

ending

balances

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

value:

Options

Written

(a)

Other

Financial

Instruments:

Beginning

Balance

as

of

November

1,

2023

$–

Transfers

into

Level

3

–

Transfers

out

of

Level

3

–

Accrued

discounts/(premiums)

–

Realized

gain/(loss)

182

Change

in

unrealized

appreciation/(depreciation)

(182)

Purchases

–

Sales

–

Balance

as

of

January

31,

2024

$–

Net

change

in

unrealized

appreciation/(depreciation)

on

investments

still

held

as

of

January

31,

2024

$–

(a)

The

reconciliation

between

beginning

and

ending

balances

of

investments

in

which

unobservable

inputs

(Level

3)

were

used

is

not

presented

as

all

values

are

zero.

Notes

to

Consolidated

Schedule

of

Investments

Absolute

Return

Multi-Manager

Fund

(Unaudited)

21

January

31,

2024

For

information

on

the

Fund’s

signifcant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

shareholder

reports.

In

accordance

with

ASC

820

“Fair

Value

Measurement”

(“ASC

820”),

all

investments

held

by

Neuberger

Berman

Absolute

Return

Multi-Manager

Fund

(the

“Fund”)

are

carried

at

the

value

that

Neuberger

Berman

Investment

Advisers

LLC

(“Management”)

believes

the

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

Fund’s

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

the

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

Fund’s

investments

(long

and

short

positions)

in

equity

securities,

preferred

stocks,

rights

and

warrants

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

Fund’s

investments

for

long

positions

in

debt

securities

is

determined

by

Management

primarily

by

obtaining

valuations

from

independent

pricing

services

based

on

bid

quotations,

or

if

quotations

are

not

available,

by

methods that

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

Fund:

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”).

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.

22

For

information

on

the

Fund’s

signifcant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

shareholder

reports.

The

value

of

insurance

linked

securities

is

determined

by

Management

primarily

by

obtaining

valuations

from

independent

third-party

pricing

services

based

on

bid

quotations

(Level

2

or

3

inputs).

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

forward

foreign

currency

contracts

is

determined

by

Management

by

obtaining

valuations

from

independent

pricing

services

based

on

actual

traded

currency

rates

on

independent

pricing

services’

networks,

along

with

other

traded

and

quoted

currency

rates

provided

to

the

pricing

services

by

leading

market

participants

(Level

2

inputs).

The

value

of

equity

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

(“NAV”)

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

the

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

1940

Act,

the

Board

designated

Management

as

the

Fund’s

valuation

designee.

As

the

Fund’s

valuation

designee,

Management

is

responsible

for

determining

fair

value

in

good

faith

for

all

Fund

investments.

Inputs

and

assumptions

considered

in

determining

fair

value

of

a

security

based

on

Level

2

or

Level

3

inputs

may

include,

but

are

not

limited

to,

the

type

of

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

or

pricing

services;

information

obtained

from

the

issuer

and

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

Fund’s

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

(“NYSE”)

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

the

Fund

could

expect

to

receive

for

those

securities

or

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

at which

the

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

the

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 at

which

the

Fund’s

share

price

is

calculated,

Management

has

determined based

on available

data

that

prices

adjusted

or

evaluated

in

this

way

are

likely

to

be

closer

to

the

prices

the

Fund

could

realize

on

a

current

sale

than

the

23

For

information

on

the

Fund’s

signifcant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

shareholder

reports.

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

traded.

The

Fund

invests

in

commodity-related

instruments

through

Neuberger

Berman

Cayman

ARMM

Fund

I

Ltd.

(the

“Subsidiary”),

which

is

organized

under

the

laws

of

the

Cayman

Islands.

The

Fund

is

and

expects

to

remain

the

sole

shareholder

of

the

Subsidiary.

The

Subsidiary

is

governed

by

its

own

Board

of

Directors.

As

of

January

31,

2024,

the

Fund's

investment

in

the

Subsidiary

was

$19,333,760,

which

represents

18.3%

of

the

Fund’s

net

assets.