Institutional Class Shares
|
Class A Shares
|
Class C Shares
|
Commodity Strategy Fund
|
1
|
|
2
|
|
7
|
|
8
|
|
9
|
|
16
|
|
19
|
|
32
|
|
35
|
|
36
|
|
37
|
|
47
|
|
47
|
|
47
|
|
48
|
TICKER SYMBOLS
|
|
Institutional Class
|
NRBIX
|
Class A
|
NRBAX
|
Class C
|
NRBCX
|
PORTFOLIO BY INVESTMENT
TYPE
|
|
(as a % of Total Net Assets)
|
|
Asset-Backed Securities
|
19.7%
|
Corporate Bonds
|
56.2
|
U.S. Treasury Obligations
|
1.3
|
Short-Term Investments
|
13.9
|
Other Assets Less Liabilities
|
8.9*
|
Total
|
100.0%
|
*
|
Includes the impact of the Fund’s open
positions in derivatives (other than options
purchased), if any.
|
PORTFOLIO BY TYPE OF
COMMODITY FUTURE
|
|
(as a % of Total Notional Value)
Commodity Futures:
|
|
Agriculture
|
21.4%
|
Energy
|
34.1
|
Industrial Metals
|
16.2
|
Livestock
|
4.4
|
Precious Metals
|
17.5
|
Softs
|
6.4
|
Total
|
100.0%
|
PERFORMANCE HIGHLIGHTS3
|
||||||
|
Inception
Date
|
Ten Month
Period Ended
08/31/2022*
|
Average Annual Total Return
Ended 08/31/2022
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of
Fund
|
||
At NAV
|
|
|
|
|
|
|
Institutional
Class
|
08/27/2012
|
13.67%
|
21.46%
|
9.49%
|
-0.40%
|
-0.32%
|
Class A
|
08/27/2012
|
13.35%
|
20.95%
|
9.12%
|
-0.77%
|
-0.69%
|
Class C4
|
03/24/2021
|
12.54%
|
20.11%
|
9.15%
|
-0.56%
|
-0.48%
|
With Sales
Charge
|
|
|
|
|
|
|
Class A
|
|
6.78%
|
13.94%
|
7.82%
|
-1.35%
|
-1.28%
|
Class C4
|
|
11.80%
|
19.32%
|
9.15%
|
-0.56%
|
-0.48%
|
Index
|
|
|
|
|
|
|
Bloomberg Commodity Index1,2
|
18.60%
|
27.72%
|
8.75%
|
-1.15%
|
-1.10%
|
1
|
Please see “Description of Index” on page 6 for a description of the Index. Please note that
individuals
cannot invest directly in any index. The index described in this report does not take into account
any fees,
expenses or tax consequences of investing in the individual securities that they track. Data about
the
performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC and
reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest
in
securities not included in a described index and generally does not invest in all securities
included in a
described index.
|
2
|
The date used to calculate Life of Fund performance for the index is the inception date of the
oldest share
class.
|
3
|
During the period from August 2012 through January 2013, the Fund was relatively small, which
could
have impacted Fund performance. The same techniques used to produce returns in a small fund may
not
work to produce similar returns in a larger fund.
|
4
|
The performance information for Class C prior to the class’s inception date is that of the
Institutional Class.
The performance information for the Institutional Class has been adjusted to reflect the
appropriate sales
charges applicable to Class C shares but has not been adjusted to take into account differences in
class
specific operating expenses (such as Rule 12b-1 fees). The Institutional Class has lower expenses
and
typically higher returns than Class C.
|
Bloomberg Commodity Index:
|
The index is a rolling index composed of exchange-traded futures contracts on
physical commodities. The index relies primarily on liquidity data of futures contracts,
along with U.S. dollar-adjusted production data, in determining the relative quantities
of included commodities. The index is designed to be a highly liquid and diversified
benchmark for commodities investments. The version of the index that is calculated
on a total return basis reflects the returns on a fully collateralized investment in the
underlying commodity futures contracts, combined with the returns on cash collateral
invested in U.S. Treasury Bills.
|
Actual Expenses and
Performance:
|
The first section of the table provides information about actual account values and actual
expenses in dollars, based on the Fund’s actual performance during the period indicated.
You may use the information in this line, together with the amount you invested, to
estimate the expenses you paid over the period. Simply divide your account value by
$1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the first section of the table under the heading entitled
“Expenses Paid During the Period” to estimate the expenses you paid over the period.
|
Hypothetical Example for
Comparison Purposes:
|
The second section of the table provides information about hypothetical account values
and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate
of return at 5% per year before expenses. This return is not the Fund’s actual return. The
hypothetical account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in a Fund versus other funds. To do so, compare
the expenses shown in this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of other funds.
|
|
ACTUAL
|
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
|
||||||
|
Beginning
Account
Value
3/1/22
|
Ending
Account
Value
8/31/22
|
Expenses Paid
During the
Period(1)(2)
3/1/22 – 8/31/22
|
Expense
Ratio
|
Beginning
Account
Value
3/1/22
|
Ending
Account
Value
8/31/22
|
Expenses Paid
During the
Period(1)(3)
3/1/22 – 8/31/22
|
Expense
Ratio
|
Commodity Strategy Fund
|
||||||||
Institutional Class
|
$1,000.00
|
$1,013.90
|
$3.71
|
0.73%
|
$1,000.00
|
$1,021.53
|
$3.72
|
0.73%
|
Class A
|
$1,000.00
|
$1,010.70
|
$5.52
|
1.09%
|
$1,000.00
|
$1,019.71
|
$5.55
|
1.09%
|
Class C
|
$1,000.00
|
$1,007.10
|
$9.31
|
1.84%
|
$1,000.00
|
$1,015.93
|
$9.35
|
1.84%
|
(1)
|
Included the expenses of the Fund's subsidiary (See Note A of the Notes to Consolidated Financial
Statements).
|
(2)
|
For each class, expenses are equal to the annualized expense ratio for the class, multiplied by
the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown), unless otherwise
indicated.
|
(3)
|
Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by
the average account value over the
period (assuming a 5% annual return), multiplied by 184/365 (to reflect the one-half year period
shown).
|
Benchmarks:
|
|
LIBOR
|
= London Interbank Offered Rate
|
SOFR
|
= Secured Overnight Financing Rate
|
Index Periods/Payment Frequencies:
|
|
1M
|
= 1 Month
|
3M
|
= 3 Months
|
Other Abbreviations:
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
Principal Amount
|
Value
|
|
U.S. Treasury Obligations 1.3%
|
||
$ 3,000,000
|
U.S. Cash Management Bill, 1.70%, due 10/4/2022 (Cost $2,995,319)
|
$2,993,561(a)
|
Asset-Backed Securities 19.7%
|
||
1,961,000
|
Ally Auto Receivables Trust, Ser. 2022-1, Class A2, 2.67%, due 4/15/2025
|
1,946,764
|
1,469,657
|
BMW Vehicle Lease Trust, Ser. 2022-1, Class A2, 0.67%, due 5/28/2024
|
1,454,688
|
|
Capital One Prime Auto Receivables Trust
|
|
884,266
|
Ser. 2021-1, Class A2, 0.32%, due 2/18/2025
|
873,076
|
3,601,000
|
Ser. 2022-1, Class A2, 2.71%, due 6/16/2025
|
3,558,854
|
590,343
|
CNH Equipment Trust, Ser. 2021-C, Class A2, 0.33%, due 1/15/2025
|
582,718
|
464,511
|
DLLMT LLC, Ser. 2021-1A, Class A2, 0.60%, due 3/20/2024
|
457,700(b)
|
622,000
|
DLLST LLC, Ser. 2022-1A, Class A2, 2.79%, due 1/22/2024
|
615,323(b)
|
1,895,000
|
Ford Credit Auto Lease Trust, Ser. 2022-A, Class A2A, 2.78%, due 10/15/2024
|
1,879,617
|
|
Ford Credit Auto Owner Trust
|
|
1,563,179
|
Ser. 2022-A, Class A2, 0.73%, due 9/15/2024
|
1,545,240
|
2,120,000
|
Ser. 2022-B, Class A2A, 3.44%, due 2/15/2025
|
2,110,696
|
1,227,000
|
GM Financial Automobile Leasing Trust, Ser. 2022-2, Class A2, 2.93%, due
10/21/2024
|
1,216,778
|
|
GM Financial Consumer Automobile Receivables Trust
|
|
1,312,942
|
Ser. 2021-4, Class A2, 0.28%, due 11/18/2024
|
1,296,409
|
525,051
|
Ser. 2022-1, Class A2, 0.76%, due 2/18/2025
|
518,434
|
877,000
|
Ser. 2022-2, Class A2, 2.52%, due 5/16/2025
|
869,773
|
2,138,000
|
Ser. 2022-3, Class A2A, 3.50%, due 9/16/2025
|
2,125,415
|
630,000
|
Harley-Davidson Motorcycle Trust, Ser. 2022-A, Class A2A, 2.45%, due 5/15/2025
|
625,036
|
1,775,969
|
Honda Auto Receivables Owner Trust, Ser. 2021-4, Class A2, 0.39%, due
5/21/2024
|
1,752,364
|
1,290,000
|
HPEFS Equipment Trust, Ser. 2022-1A, Class A2, 1.02%, due 5/21/2029
|
1,266,158(b)
|
|
Hyundai Auto Lease Securitization Trust
|
|
667,937
|
Ser. 2021-B, Class A2, 0.19%, due 10/16/2023
|
664,545(b)
|
413,000
|
Ser. 2022-B, Class A2A, 2.75%, due 10/15/2024
|
408,464(b)
|
|
Hyundai Auto Receivables Trust
|
|
898,980
|
Ser. 2021-C, Class A2A, 0.36%, due 10/15/2024
|
887,673
|
2,119,000
|
Ser. 2022-A, Class A2A, 1.81%, due 2/18/2025
|
2,095,500
|
1,296,000
|
Kubota Credit Owner Trust, Ser. 2022-1A, Class A2, 2.34%, due 4/15/2025
|
1,273,965(b)
|
|
MMAF Equipment Finance LLC
|
|
584,162
|
Ser. 2021-A, Class A2, 0.30%, due 4/15/2024
|
580,471(b)
|
1,005,000
|
Ser. 2022-A, Class A2, 2.77%, due 2/13/2025
|
989,454(b)
|
|
Navient Student Loan Trust
|
|
140,633
|
Ser. 2017-4A, Class A2, (1M USD LIBOR + 0.50%), 2.94%, due 9/27/2066
|
140,390(b)(c)
|
140,578
|
Ser. 2019-7A, Class A1, (1M USD LIBOR + 0.50%), 2.94%, due 1/25/2068
|
139,973(b)(c)
|
53,245
|
Ser. 2019-4A, Class A1, (1M USD LIBOR + 0.28%), 2.72%, due 7/25/2068
|
53,220(b)(c)
|
|
Nissan Auto Lease Trust
|
|
712,719
|
Ser. 2021-A, Class A2, 0.30%, due 12/15/2023
|
706,897
|
1,018,000
|
Ser. 2022-A, Class A2A, 3.45%, due 8/15/2024
|
1,012,474
|
|
Santander Retail Auto Lease Trust
|
|
574,472
|
Ser. 2021-A, Class A2, 0.32%, due 2/20/2024
|
570,392(b)
|
993,637
|
Ser. 2022-A, Class A2, 0.97%, due 3/20/2025
|
970,405(b)
|
1,050,803
|
Ser. 2022-B, Class A2, 2.84%, due 5/20/2025
|
1,040,799(b)
|
788,826
|
Tesla Auto Lease Trust, Ser. 2021-A, Class A2, 0.36%, due 3/20/2025
|
777,513(b)
|
|
Toyota Auto Receivables Owner Trust
|
|
1,432,244
|
Ser. 2022-A, Class A2, 0.74%, due 10/15/2024
|
1,414,504
|
800,000
|
Ser. 2022-B, Class A2A, 2.35%, due 1/15/2025
|
792,826
|
Principal Amount
|
Value
|
|
Asset-Backed Securities – cont'd
|
||
|
Toyota Lease Owner Trust
|
|
$ 1,316,119
|
Ser. 2021-B, Class A2, 0.25%, due 3/20/2024
|
$ 1,300,548(b)
|
658,000
|
Ser. 2022-A, Class A2, 1.73%, due 7/22/2024
|
646,802(b)
|
1,434,000
|
Verizon Owner Trust, Ser. 2020-B, Class A, 0.47%, due 2/20/2025
|
1,414,319
|
|
World Omni Auto Receivables Trust
|
|
367,434
|
Ser. 2021-B, Class A2, 0.20%, due 7/15/2024
|
365,675
|
1,926,134
|
Ser. 2022-A, Class A2, 1.15%, due 4/15/2025
|
1,897,840
|
909,000
|
Ser. 2022-B, Class A2A, 2.77%, due 10/15/2025
|
899,559
|
|
World Omni Automobile Lease Securitization Trust
|
|
223,653
|
Ser. 2021-A, Class A2, 0.21%, due 4/15/2024
|
221,680
|
1,548,270
|
Ser. 2022-A, Class A2, 2.63%, due 10/15/2024
|
1,534,371
|
Total Asset-Backed Securities (Cost $48,008,539)
|
47,495,302
|
|
|
||
Corporate Bonds 56.2%
|
||
Auto Manufacturers 2.7%
|
||
|
Toyota Motor Credit Corp.
|
|
2,875,000
|
(SOFR + 0.65%), 2.69%, due 12/29/2023
|
2,879,111(c)
|
1,565,000
|
(SOFR + 0.62%), 2.57%, due 3/22/2024
|
1,564,261(c)
|
2,000,000
|
Volkswagen Group of America Finance LLC, (SOFR + 0.95%), 2.67%, due 6/7/2024
|
1,991,334(b)(c)
|
|
|
6,434,706
|
Banks 19.5%
|
||
|
Bank of America Corp.
|
|
1,775,000
|
(3M USD LIBOR + 0.79%), 2.40%, due 3/5/2024
|
1,770,218(c)
|
3,765,000
|
(SOFR + 1.10%), 3.37%, due 4/25/2025
|
3,746,974(c)
|
3,048,000
|
Bank of New York Mellon Corp., Ser. J, (SOFR + 0.20%), 2.43%, due 10/25/2024
|
3,011,127(c)
|
|
Citigroup, Inc.
|
|
1,091,000
|
(3M USD LIBOR + 1.43%), 3.01%, due 9/1/2023
|
1,091,000(c)
|
4,138,000
|
(3M USD LIBOR + 1.10%), 4.04%, due 5/17/2024
|
4,142,710(c)
|
5,442,000
|
Goldman Sachs Group, Inc., (3M USD LIBOR + 1.60%), 4.64%, due 11/29/2023
|
5,487,356(c)
|
6,005,000
|
JPMorgan Chase & Co., (SOFR + 0.58%), 2.56%, due 6/23/2025
|
5,894,288(c)
|
1,155,000
|
Lloyds Banking Group PLC, (3M USD LIBOR + 0.81%), 2.91%, due 11/7/2023
|
1,151,567(d)
|
|
Morgan Stanley
|
|
215,000
|
(SOFR + 0.47%), 0.56%, due 11/10/2023
|
213,406(d)
|
5,484,000
|
(SOFR + 0.63%), 2.89%, due 1/24/2025
|
5,403,577(c)
|
|
Royal Bank of Canada
|
|
270,000
|
(3M USD LIBOR + 0.36%), 3.10%, due 1/17/2023
|
269,816(c)
|
1,240,000
|
(SOFR + 0.44%), 2.66%, due 1/21/2025
|
1,215,043(c)
|
1,218,000
|
Toronto-Dominion Bank, (SOFR + 0.48%), 2.75%, due 1/27/2023
|
1,217,532(c)
|
|
Truist Bank
|
|
2,045,000
|
(SOFR + 0.73%), 2.51%, due 3/9/2023
|
2,044,848(c)
|
2,460,000
|
(SOFR + 0.20%), 2.38%, due 1/17/2024
|
2,438,195(c)
|
530,000
|
Truist Financial Corp., (SOFR + 0.40%), 2.18%, due 6/9/2025
|
519,398(c)
|
1,185,000
|
U.S. Bank N.A., (3M USD LIBOR + 0.40%), 2.09%, due 12/9/2022
|
1,184,839(c)
|
5,435,000
|
Wells Fargo & Co., (3M USD LIBOR + 1.23%), 4.04%, due 10/31/2023
|
5,440,470(c)
|
640,000
|
Westpac Banking Corp., (3M USD LIBOR + 0.39%), 2.85%, due 1/13/2023
|
639,705(c)
|
|
|
46,882,069
|
Cosmetics - Personal Care 0.7%
|
||
1,605,000
|
GSK Consumer Healthcare Capital U.S. LLC, (SOFR + 0.89%), 2.88%, due 3/24/2024
|
1,602,432(b)(c)
|
Principal Amount
|
Value
|
|
|
||
Diversified Financial Services 2.6%
|
||
|
American Express Co.
|
|
$ 995,000
|
(SOFR + 0.23%), 2.52%, due 11/3/2023
|
$ 988,958(c)
|
3,052,000
|
(SOFR + 0.93%), 2.62%, due 3/4/2025
|
3,050,661(c)
|
|
Capital One Financial Corp.
|
|
1,175,000
|
(3M USD LIBOR + 0.72%), 3.53%, due 1/30/2023
|
1,172,674(c)
|
1,175,000
|
(SOFR + 1.35%), 3.64%, due 5/9/2025
|
1,159,434(c)
|
|
|
6,371,727
|
Electric 7.7%
|
||
1,855,000
|
Duke Energy Corp., (SOFR + 0.25%), 2.05%, due 6/10/2023
|
1,846,360(c)
|
2,745,000
|
Florida Power & Light Co., (SOFR + 0.25%), 2.54%, due 5/10/2023
|
2,737,220(c)
|
|
National Rural Utilities Cooperative Finance Corp.
|
|
1,040,000
|
Ser. D, (SOFR + 0.40%), 2.69%, due 8/7/2023
|
1,039,150(c)
|
2,220,000
|
Ser. D, (SOFR + 0.33%), 2.51%, due 10/18/2024
|
2,196,532(c)
|
4,500,000
|
NextEra Energy Capital Holdings, Inc., (SOFR + 0.40%), 2.69%, due 11/3/2023
|
4,461,435(c)
|
3,767,000
|
PPL Electric Utilities Corp., (SOFR + 0.33%), 2.32%, due 6/24/2024
|
3,723,154(c)
|
2,507,000
|
Southern California Edison Co., (SOFR + 0.47%), 2.77%, due 12/2/2022
|
2,504,513(c)
|
|
|
18,508,364
|
Entertainment 0.8%
|
||
2,010,000
|
Magallanes, Inc., (SOFR + 1.78%), 3.66%, due 3/15/2024
|
2,009,289(b)(c)
|
Gas 0.7%
|
||
565,000
|
Atmos Energy Corp., (3M USD LIBOR + 0.38%), 2.07%, due 3/9/2023
|
564,785(c)
|
601,000
|
CenterPoint Energy Resources Corp., (3M USD LIBOR + 0.50%), 3.60%, due
3/2/2023
|
600,024(c)
|
585,000
|
Southern California Gas Co., (3M USD LIBOR + 0.35%), 2.09%, due 9/14/2023
|
582,102(c)
|
|
|
1,746,911
|
Healthcare - Products 2.6%
|
||
2,500,000
|
Baxter Int'l, Inc., (SOFR + 0.26%), 2.56%, due 12/1/2023
|
2,481,916(c)
|
|
Thermo Fisher Scientific, Inc.
|
|
1,995,000
|
(SOFR + 0.35%), 2.53%, due 4/18/2023
|
1,993,859(c)
|
1,755,000
|
(SOFR + 0.39%), 2.57%, due 10/18/2023
|
1,747,671(c)
|
|
|
6,223,446
|
Healthcare - Services 1.2%
|
||
2,845,000
|
Roche Holdings, Inc., (SOFR + 0.56%), 2.35%, due 3/10/2025
|
2,837,307(b)(c)
|
Insurance 0.6%
|
||
1,356,000
|
Protective Life Global Funding, (SOFR + 0.98%), 2.99%, due 3/28/2025
|
1,350,237(b)(c)
|
Machinery - Construction & Mining 2.0%
|
||
|
Caterpillar Financial Services Corp.
|
|
605,000
|
(SOFR + 0.15%), 2.45%, due 11/17/2022
|
604,752(c)
|
4,344,000
|
(SOFR + 0.27%), 2.09%, due 9/13/2024
|
4,304,279(c)
|
|
|
4,909,031
|
Principal Amount
|
Value
|
|
|
||
Machinery - Diversified 1.8%
|
||
|
John Deere Capital Corp.
|
|
$ 955,000
|
(3M USD LIBOR + 0.55%), 2.18%, due 6/7/2023
|
$ 956,771(c)
|
2,323,000
|
(SOFR + 0.12%), 2.19%, due 7/10/2023
|
2,316,969(c)
|
605,000
|
(SOFR + 0.20%), 2.27%, due 10/11/2024
|
599,331(c)
|
398,000
|
(SOFR + 0.56%), 2.22%, due 3/7/2025
|
394,788(c)
|
|
|
4,267,859
|
Media 1.3%
|
||
2,504,000
|
Comcast Cable Communications Holdings, Inc., 9.46%, due 11/15/2022
|
2,533,318
|
645,000
|
Comcast Corp., (3M USD LIBOR + 0.63%), 3.14%, due 4/15/2024
|
645,137(c)
|
|
|
3,178,455
|
Miscellaneous Manufacturer 2.0%
|
||
|
General Electric Co.
|
|
3,440,000
|
(3M USD LIBOR + 1.00%), 2.83%, due 3/15/2023
|
3,438,890(c)
|
580,000
|
(3M USD LIBOR + 1.00%), 3.51%, due 4/15/2023
|
578,459(c)
|
730,000
|
Siemens Financieringsmaatschappij NV, (SOFR + 0.43%), 2.24%, due 3/11/2024
|
729,753(b)(c)
|
|
|
4,747,102
|
Pharmaceuticals 1.9%
|
||
4,659,000
|
AbbVie, Inc., (3M USD LIBOR + 0.65%), 3.63%, due 11/21/2022
|
4,662,821(c)
|
Pipelines 1.2%
|
||
3,040,000
|
Enbridge, Inc., (SOFR + 0.63%), 2.92%, due 2/16/2024
|
3,015,672(c)
|
Real Estate Investment Trusts 1.7%
|
||
4,090,000
|
Simon Property Group L.P., (SOFR + 0.43%), 2.55%, due 1/11/2024
|
4,052,299(c)
|
Retail 1.0%
|
||
2,505,000
|
Starbucks Corp., (SOFR + 0.42%), 2.71%, due 2/14/2024
|
2,491,370(c)
|
Semiconductors 1.0%
|
||
2,462,000
|
Analog Devices, Inc., (SOFR + 0.25%), 2.30%, due 10/1/2024
|
2,427,396(c)
|
Telecommunications 3.2%
|
||
|
AT&T, Inc.
|
|
455,000
|
(3M USD LIBOR + 0.89%), 3.80% NBIA, due 2/15/2023
|
455,329(c)
|
4,759,000
|
(SOFR + 0.64%), 2.64%, due 3/25/2024
|
4,729,037(c)
|
2,605,000
|
Verizon Communications, Inc., (SOFR + 0.50%), 2.45%, due 3/22/2024
|
2,585,377(c)
|
|
|
7,769,743
|
Total Corporate Bonds (Cost $136,169,183)
|
135,488,236
|
Number of Shares
|
Value
|
|
|
||
Short-Term Investments 13.9%
|
||
Investment Companies 13.9%
|
||
33,637,212
|
State Street Institutional U.S. Government Money Market Fund Premier Class,
2.25%(e)
(Cost $33,637,212)
|
$33,637,212
|
Total Investments 91.1% (Cost $220,810,253)
|
219,614,311
|
|
Other Assets Less Liabilities 8.9%
|
21,370,755(f)
|
|
Net Assets 100.0%
|
$240,985,066
|
(a)
|
Rate shown was the discount rate at the date of purchase.
|
(b)
|
Securities were purchased 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 August
31, 2022,
these securities amounted to $22,416,474, which represents 9.3% of net assets of the Fund.
|
(c)
|
Variable or floating rate security. The interest rate shown was the current rate as of August
31, 2022 and
changes periodically.
|
(d)
|
Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate
shown is the
rate in effect as of period end.
|
(e)
|
Represents 7-day effective yield as of August 31, 2022.
|
(f)
|
Includes the impact of the Fund’s open positions in derivatives at August 31, 2022.
|
Long Futures:
|
Expiration
Date
|
Number of
Contracts
|
Open Contracts
|
Notional
Amount
|
Value and
Unrealized
Appreciation/
(Depreciation)
|
9/2022
|
63
|
Nickel
|
$8,065,386
|
$(4,692,408)
|
10/2022
|
61
|
Lead
|
2,979,469
|
(217,252)
|
10/2022
|
33
|
Nickel
|
4,230,666
|
(1,161,179)
|
10/2022
|
65
|
Platinum
|
2,687,750
|
(415,616)
|
10/2022
|
129
|
Primary Aluminum
|
7,633,575
|
(1,533,003)
|
10/2022
|
134
|
Zinc
|
11,730,025
|
(394,443)
|
11/2022
|
62
|
Lead
|
3,024,825
|
(250,599)
|
11/2022
|
126
|
New York Harbor ULSD
|
19,098,828
|
2,467,111
|
11/2022
|
41
|
Nickel
|
5,264,892
|
(901,538)
|
11/2022
|
122
|
Primary Aluminum
|
7,196,475
|
(459,385)
|
11/2022
|
107
|
Soybean
|
7,610,375
|
(555,235)
|
11/2022
|
155
|
Zinc
|
13,455,937
|
(242,305)
|
12/2022
|
94
|
Cocoa
|
2,268,220
|
61,206
|
12/2022
|
38
|
Coffee 'C'
|
3,352,313
|
30,260
|
12/2022
|
176
|
Copper
|
15,481,400
|
(3,542,991)
|
12/2022
|
587
|
Corn
|
19,679,175
|
2,681,993
|
12/2022
|
123
|
Cotton No. 2
|
6,962,415
|
(53,250)
|
12/2022
|
200
|
Gold 100 Oz.
|
34,524,000
|
(1,206,684)
|
12/2022
|
135
|
Hard Red Winter Wheat
|
6,159,375
|
(1,352,455)
|
12/2022
|
57
|
Lead
|
2,778,750
|
(46,104)
|
12/2022
|
77
|
Natural Gas
|
7,181,020
|
1,105,718
|
12/2022
|
45
|
Nickel
|
5,787,990
|
(150,445)
|
12/2022
|
7
|
Palladium
|
1,455,230
|
(127,376)
|
12/2022
|
131
|
Primary Aluminum
|
7,735,550
|
(126,908)
|
12/2022
|
182
|
RBOB Gasoline
|
18,024,552
|
(895,356)
|
12/2022
|
78
|
Silver
|
6,973,980
|
(1,125,545)
|
12/2022
|
278
|
Soybean Meal
|
11,539,780
|
415,029
|
12/2022
|
153
|
Soybean Oil
|
6,194,664
|
(571,715)
|
12/2022
|
106
|
Wheat
|
4,406,950
|
(1,177,315)
|
12/2022
|
169
|
Zinc
|
14,542,450
|
1,771,393
|
1/2023
|
182
|
Brent Crude Oil
|
16,913,260
|
121,049
|
1/2023
|
25
|
Cattle Feeder
|
2,314,063
|
(55,250)
|
1/2023
|
134
|
Low Sulphur Gasoil
|
13,199,000
|
1,050,027
|
1/2023
|
165
|
WTI Crude Oil
|
14,440,800
|
90,086
|
2/2023
|
172
|
Lean Hogs
|
6,040,640
|
(279,605)
|
2/2023
|
51
|
Live Cattle
|
3,127,830
|
(35,835)
|
3/2023
|
206
|
Sugar 11
|
4,099,894
|
(57,226)
|
Total Long Positions
|
$328,161,504
|
$(11,833,151)
|
Short Futures:
|
Expiration
Date
|
Number of
Contracts
|
Open Contracts
|
Notional
Amount
|
Value and
Unrealized
Appreciation/
(Depreciation)
|
9/2022
|
63
|
Nickel
|
$(8,065,386)
|
$3,346,141
|
10/2022
|
61
|
Lead
|
(2,979,469)
|
251,699
|
10/2022
|
33
|
Nickel
|
(4,230,666)
|
835,535
|
10/2022
|
129
|
Primary Aluminum
|
(7,633,575)
|
575,535
|
10/2022
|
134
|
Zinc
|
(11,730,025)
|
269,445
|
11/2022
|
62
|
Lead
|
(3,024,825)
|
14,726
|
11/2022
|
41
|
Nickel
|
(5,264,892)
|
118,370
|
11/2022
|
122
|
Primary Aluminum
|
(7,196,475)
|
74,725
|
11/2022
|
155
|
Zinc
|
(13,455,938)
|
(1,827,062)
|
12/2022
|
16
|
Lead
|
(780,000)
|
58,324
|
12/2022
|
6
|
Nickel
|
(771,732)
|
18,133
|
12/2022
|
20
|
Primary Aluminum
|
(1,181,000)
|
26,075
|
12/2022
|
15
|
Zinc
|
(1,290,750)
|
(135,884)
|
Total Short Positions
|
$(67,604,733)
|
$3,625,762
|
||
Total Futures
|
|
$(8,207,389)
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Investments:
|
|
|
|
|
U.S. Treasury Obligations
|
$—
|
$2,993,561
|
$—
|
$2,993,561
|
Asset-Backed Securities
|
—
|
47,495,302
|
—
|
47,495,302
|
Corporate Bonds#
|
—
|
135,488,236
|
—
|
135,488,236
|
Short-Term Investments
|
—
|
33,637,212
|
—
|
33,637,212
|
Total Investments
|
$—
|
$219,614,311
|
$—
|
$219,614,311
|
#
|
The Consolidated Schedule of Investments provides information on the industry or sector
categorization.
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Futures@
|
|
|
|
|
Assets
|
$15,382,580
|
$—
|
$—
|
$15,382,580
|
Liabilities
|
(23,589,969)
|
—
|
—
|
(23,589,969)
|
Total
|
$(8,207,389)
|
$—
|
$—
|
$(8,207,389)
|
@
|
Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.
|
|
Commodity
Strategy Fund**
|
|
August 31, 2022
|
Assets
|
|
Investments in securities, at value* (Note A)—
see Consolidated Schedule of Investments:
|
|
Unaffiliated issuers(a)
|
$219,614,311
|
Cash collateral segregated for futures contracts (Note A)
|
29,252,332
|
Interest receivable
|
651,480
|
Receivable from Management—net (Note B)
|
83,924
|
Receivable for Fund shares sold
|
75,202
|
Prepaid expenses and other assets
|
49,590
|
Total Assets
|
249,726,839
|
Liabilities
|
|
Payable to investment manager (Note B)
|
118,087
|
Payable for Fund shares redeemed
|
236,985
|
Payable for accumulated variation margin on futures contracts (Note A)
|
8,207,389
|
Payable to trustees
|
7,976
|
Other accrued expenses and payables
|
171,336
|
Total Liabilities
|
8,741,773
|
Net Assets
|
$240,985,066
|
Net Assets consist of:
|
|
Paid-in capital
|
$321,264,023
|
Total distributable earnings/(losses)
|
(80,278,957)
|
Net Assets
|
$240,985,066
|
Net Assets
|
|
Institutional Class
|
$209,469,125
|
Class A
|
31,215,166
|
Class C
|
300,775
|
Shares Outstanding ($.001 par value; unlimited shares authorized)
|
|
Institutional Class
|
8,084,443(b)
|
Class A
|
5,494,715
|
Class C
|
53,314
|
Net Asset Value, offering and redemption price per share
|
|
Institutional Class
|
$25.91(b)
|
Net Asset Value and redemption price per share
|
|
Class A
|
$5.68
|
Offering Price per share
|
|
Class A‡
|
$6.03
|
Net Asset Value and offering price per share
|
|
Class C^
|
$5.64
|
*Cost of Investments:
|
|
(a) Unaffiliated issuers
|
$220,810,253
|
|
|
(b)
|
Updated to reflect the effect of a reverse stock split that occurred after the close of business
on October 14, 2022. See Note J of the
Notes to Consolidated Financial Statements.
|
**
|
The Fund has changed its fiscal year end from October 31 to August 31. See Note G of the Notes to
Consolidated Financial
Statements.
|
‡
|
On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other
circumstances described in the Fund's
prospectus, offering price is reduced.
|
^
|
Redemption price per share is equal to net asset value less any applicable contingent deferred
sales charge.
|
|
Commodity
Strategy Fund
|
Commodity
Strategy Fund
|
|
For the Period From
November 1, 2021 to
August 31, 2022**
|
For the Fiscal
Year Ended
October 31, 2021
|
Investment Income:
|
|
|
Income (Note A):
|
|
|
Interest and other income—unaffiliated issuers
|
$1,703,216
|
$544,460
|
Expenses:
|
|
|
Investment management fees (Note B)
|
898,810
|
721,725
|
Administration fees (Note B):
|
|
|
Institutional Class
|
231,024
|
181,132
|
Class A
|
66,643
|
61,274
|
Class C
|
360
|
61
|
Distribution fees (Note B):
|
|
|
Class A
|
64,080
|
58,917
|
Class C
|
1,386
|
234
|
Shareholder servicing agent fees:
|
|
|
Institutional Class
|
2,770
|
1,347
|
Class A
|
5,642
|
5,194
|
Class C
|
144
|
194
|
Audit fees
|
69,384
|
73,496
|
Subsidiary Administration Fees
|
41,667
|
50,001
|
Custodian and accounting fees
|
92,231
|
97,734
|
Insurance
|
3,355
|
4,207
|
Legal fees
|
136,479
|
123,061
|
Registration and filing fees
|
48,702
|
59,200
|
Shareholder reports
|
40,756
|
11,852
|
Trustees' fees and expenses
|
38,140
|
43,394
|
Interest
|
383
|
6,569
|
Miscellaneous and other fees (Note A)
|
14,412
|
14,437
|
Total expenses
|
1,756,368
|
1,514,029
|
Expenses reimbursed by Management (Note B)
|
(344,424)
|
(363,816)
|
Total net expenses
|
1,411,944
|
1,150,213
|
Net investment income/(loss)
|
$291,272
|
$(605,753)
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
|
Net realized gain/(loss) on:
|
|
|
Transactions in investment securities of unaffiliated issuers
|
(38,036)
|
73,986
|
Expiration or closing of futures contracts
|
34,289,508
|
56,462,005
|
Change in net unrealized appreciation/(depreciation) in value of:
|
|
|
Investment securities of unaffiliated issuers
|
(1,299,180)
|
(113,507)
|
Futures contracts
|
(13,254,576)
|
2,437,048
|
Net gain/(loss) on investments
|
19,697,716
|
58,859,532
|
Net increase/(decrease) in net assets resulting from operations
|
$19,988,988
|
$58,253,779
|
|
|
**
|
The Fund has changed its fiscal year end from October 31 to August 31. See Note G of the Notes to
Consolidated Financial
Statements.
|
|
Commodity
Strategy Fund
|
||
|
Period Ended From
|
Year Ended
|
Year Ended
|
|
November 1, 2021 to
August 31, 2022**
|
October 31, 2021
|
October 31, 2020
|
Increase/(Decrease) in Net Assets:
|
|
|
|
From Operations (Note A):
|
|
|
|
Net investment income/(loss)
|
$291,272
|
$(605,753)
|
$940,335
|
Net realized gain/(loss) on investments
|
34,251,472
|
56,535,991
|
(28,653,917)
|
Change in net unrealized appreciation/(depreciation) of
investments
|
(14,553,756)
|
2,323,541
|
1,061,851
|
Net increase/(decrease) in net assets resulting from operations
|
19,988,988
|
58,253,779
|
(26,651,731)
|
Distributions to Shareholders From (Note A):
|
|
|
|
Distributable earnings:
|
|
|
|
Institutional Class
|
(46,096,951)
|
(575,526)
|
(2,329,766)
|
Class A
|
(9,160,442)
|
(66,009)
|
(263,335)
|
Class C
|
(13,555)
|
—(a)
|
(146)
|
Total distributions to shareholders
|
(55,270,948)
|
(641,535)
|
(2,593,247)
|
From Fund Share Transactions (Note D):
|
|
|
|
Proceeds from shares sold:
|
|
|
|
Institutional Class
|
135,750,562
|
44,013,444
|
46,842,515
|
Class A
|
12,529,181
|
6,431,839
|
8,442,516
|
Class C
|
330,177
|
35,000(a)
|
8,250
|
Proceeds from reinvestment of dividends and distributions:
|
|
|
|
Institutional Class
|
45,825,965
|
569,330
|
2,310,028
|
Class A
|
9,129,267
|
66,000
|
261,469
|
Class C
|
9,547
|
—(a)
|
146
|
Payments for shares redeemed:
|
|
|
|
Institutional Class
|
(89,597,836)
|
(34,656,618)
|
(79,271,860)
|
Class A
|
(11,773,110)
|
(7,764,625)
|
(9,336,309)
|
Class C
|
(45,016)
|
(8,422)(a)
|
(19,204)
|
Net increase/(decrease) from Fund share transactions
|
102,158,737
|
8,685,948
|
(30,762,449)
|
Net Increase/(Decrease) in Net Assets
|
66,876,777
|
66,298,192
|
(60,007,427)
|
Net Assets:
|
|
|
|
Beginning of period
|
174,108,289
|
107,810,097
|
167,817,524
|
End of period
|
$240,985,066
|
$174,108,289
|
$107,810,097
|
|
|
**
|
The Fund has changed its fiscal year end from October 31 to August 31. See Note G of the Notes to
Consolidated Financial
Statements.
|
(a)
|
Neuberger Berman Commodity Strategy Fund Class C shares were fully redeemed on February 2, 2021.
Operations recommenced on
March 24, 2021. The data includes transactions for the full period ended October 31, 2021.
|
|
Investment in
CS Subsidiary
|
Percentage of
Net Assets
|
|
$45,685,747
|
19.0%
|
|
Paid-in Capital
|
Total Distributable
Earnings/(Losses)
|
|
$36,404,219
|
$(36,404,219)
|
Distributions Paid From:
|
|||||||||||
Ordinary
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
||||||||
2022
|
2021
|
2020
|
2022
|
2021
|
2020
|
2022
|
2021
|
2020
|
2022
|
2021
|
2020
|
$55,270,948
|
$641,535
|
$2,593,247
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
$55,270,948
|
$641,535
|
$2,593,247
|
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Capital Gain
|
Unrealized
Appreciation/
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Other
Temporary
Differences
|
Total
|
|
$25,607,556
|
$—
|
$(103,280,755)
|
$(2,605,497)
|
$(261)
|
$(80,278,957)
|
|
Capital Loss Carryforwards
|
|
|
Long-Term
|
Short-Term
|
Commodity Strategy
|
127,718
|
2,477,779
|
|
Asset Derivatives
|
Liability Derivatives
|
||
Fund
|
Consolidated Statement of
Assets and Liabilities
Location
|
Value
|
Consolidated Statement of
Assets and Liabilities
Location
|
Value
|
Commodity Strategy
|
|
|
|
|
Futures
|
|
|
|
|
Commodity risk
|
Receivable/Payable for
accumulated variation margin on
futures contracts
|
$15,382,580
|
Receivable/Payable for
accumulated variation margin on
futures contracts
|
$(23,589,969)
|
Fund
|
Net Realized Gain/
(Loss) on Derivatives(a)
|
|
Change in Net Unrealized
Appreciation/
(Depreciation) on
Derivatives(b)
|
Commodity Strategy
|
|
|
|
Futures
|
|
|
|
Commodity risk
|
$34,289,508
|
|
(13,254,576)
|
(a)
|
Realized gains/(losses) on derivatives are located in the Consolidated Statements of Operations
each under
the caption, "Net realized gain/(loss) on:"
|
Futures
|
Expiration or closing of futures contracts
|
(b)
|
Change in unrealized appreciation/(depreciation) is located in the Consolidated Statements of
Operations
each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"
|
Futures
|
Futures contracts
|
|
||||||||
|
First
$250
million
|
Next
$250
million
|
Next
$250
million
|
Next
$250
million
|
Next
$500
million
|
Next
$500
million
|
Next
$2
billion
|
Thereafter
|
For Commodity Strategy and CS Subsidiary:
|
||||||||
|
0.50%
|
0.475%
|
0.45%
|
0.425%
|
0.40%
|
0.375%
|
0.375%
|
0.35%
|
|
||
|
|
Effective Rate
|
Commodity Strategy
|
0.50%
|
|
CS Subsidiary
|
0.50%
|
|
|
|
Expenses Reimbursed in
Year Ended August 31,
|
||
|
|
|
2020(a)
|
2021(a)
|
2022(b)
|
|
|
|
Subject to Repayment until
October 31,
|
||
Class
|
Contractual
Expense
Limitation(c)
|
Expiration
|
2023
|
2024
|
2025
|
Commodity Strategy Institutional Class
|
0.73%
|
10/31/25
|
$291,571
|
$300,249
|
$290,598
|
Commodity Strategy Class A
|
1.09%
|
10/31/25
|
52,155
|
63,318
|
53,415
|
Commodity Strategy Class C
|
1.84%
|
10/31/25
|
—
|
237(d)
|
411
|
(a)
|
Year ended October 31.
|
(b)
|
Period from November 1, 2021 to August 31, 2022.
|
(c)
|
Expense limitation per annum of the respective class’s average daily net assets.
|
(d)
|
Period from March 24, 2021 (Recommencement of Operations) to October 31, 2021.
|
Commodity Strategy Class A
|
$1,002
|
$—
|
$—
|
$—
|
Commodity Strategy Class C
|
—
|
437
|
—
|
—
|
Purchases of
U.S. Government
and Agency
Obligations
|
Purchases
excluding
U.S. Government
and Agency
Obligations
|
Sales and
Maturities
of
U.S. Government
and Agency
Obligations
|
Sales and
Maturities
excluding
U.S. Government
and Agency
Obligations
|
$—
|
$142,440,007
|
$—
|
$76,837,958
|
Commodity Strategy
|
||||||||
Institutional Class(a)
|
5,117,728
|
2,084,342
|
(3,382,268)
|
3,819,802
|
1,470,242
|
22,415
|
(1,197,351)
|
295,306
|
Class A
|
2,169,512
|
1,890,117
|
(2,057,845)
|
2,001,784
|
956,126
|
11,703
|
(1,163,240)
|
(195,411)
|
Class C(b)
|
53,545
|
1,981
|
(7,615)
|
47,911
|
5,403
|
—
|
(1,445)
|
3,958
|
|
For the Year Ended October 31, 2020
|
|||
|
Shares
Sold
|
Shares
Issued on
Reinvestment
of Dividends
and
Distributions
|
Shares
Redeemed
|
Total
|
Commodity Strategy
|
||||
Institutional Class(a)
|
2,161,179
|
87,002
|
(3,739,742)
|
(1,491,561)
|
Class A
|
1,755,272
|
44,317
|
(1,932,134)
|
(132,545)
|
|
For the Year Ended October 31, 2020
|
|||
|
Shares
Sold
|
Shares
Issued on
Reinvestment
of Dividends
and
Distributions
|
Shares
Redeemed
|
Total
|
Class C(b)
|
1,446
|
25
|
(4,359)
|
(2,888)
|
(a)
|
After the close of business on October 14, 2022, the Fund's Institutional Class underwent a
reverse stock
split. The capital share activity presented here has been retroactively adjusted to reflect this
split. See Note J
of the Notes to Consolidated Financial Statements.
|
(b)
|
Commodity Strategy Class C shares were fully redeemed on February 2, 2021. Operations
recommenced on
March 24, 2021. The data includes share transactions for the full period ended October 31, 2021.
|
|
Affiliated Person(s)
Percentage
Ownership of
Outstanding Shares
|
Commodity Strategy
|
1.82%
|
(a)
|
Affiliated persons, as defined in the 1940 Act.
|
|
|
|
|
|
|
|
|
|
Net Asset
Value,
Beginning
of Year
|
Net
Investment
Income/
(Loss)a
|
Net Gains
or
(Losses) on
Securities
(both
realized
and
unrealized)
|
Total From
Investment
Operations
|
Dividends
from Net
Investment
Income
|
Distributions
from Net
Realized
Capital
Gains
|
Total
Distributions
|
Commodity Strategy Fund
|
|||||||
Institutional Class
|
|||||||
Period from
11/1/2021d,eto
8/31/2022
|
$34.57
|
$ 0.04
|
$ 2.65
|
$2.69
|
$(11.35)
|
$—
|
$(11.35)
|
10/31/2021
|
$22.52
|
$(0.09)
|
$12.27
|
$12.18
|
$(0.13)
|
$—
|
$(0.13)
|
10/31/2020
|
$26.60
|
$0.18
|
$(3.82)
|
$(3.64)
|
$(0.44)
|
$—
|
$(0.44)
|
10/31/2019
|
$27.44
|
$0.53
|
$(0.71)
|
$(0.18)
|
$(0.66)
|
$(0.00)
|
$(0.66)
|
10/31/2018
|
$28.19
|
$0.35
|
$(0.04)
|
$0.31
|
$(1.06)
|
$—
|
$(1.06)
|
10/31/2017
|
$26.55
|
$0.09
|
$1.55
|
$1.64
|
$—
|
$—
|
$—
|
|
|||||||
Class A
|
|||||||
Period from
11/1/2021d to
8/31/2022
|
$7.64
|
$(0.01)
|
$0.58
|
$0.57
|
$(2.53)
|
$—
|
$(2.53)
|
10/31/2021
|
$4.99
|
$(0.05)
|
$2.72
|
$2.67
|
$(0.02)
|
$—
|
$(0.02)
|
10/31/2020
|
$5.89
|
$0.02
|
$(0.85)
|
$(0.83)
|
$(0.07)
|
$—
|
$(0.07)
|
10/31/2019
|
$6.07
|
$0.09
|
$(0.14)
|
$(0.05)
|
$(0.13)
|
$(0.00)
|
$(0.13)
|
10/31/2018
|
$6.24
|
$0.06
|
$(0.01)
|
$0.05
|
$(0.22)
|
$—
|
$(0.22)
|
10/31/2017
|
$5.90
|
$—
|
$0.34
|
$0.34
|
$—
|
$—
|
$—
|
|
|||||||
Class C
|
|||||||
Period from
11/1/2021d to
8/31/2022
|
$7.62
|
$(0.03)
|
$0.56
|
$0.53
|
$(2.51)
|
$—
|
$(2.51)
|
Period from
3/24/2021j to
10/31/2021 |
$6.26
|
$(0.07)
|
$1.43
|
$1.36
|
$—
|
$—
|
$—
|
10/31/2020
|
$5.66
|
$(0.01)
|
$(0.84)
|
$(0.85)
|
$(0.03)
|
$—
|
$(0.03)
|
10/31/2019
|
$5.83
|
$0.05
|
$(0.14)
|
$(0.09)
|
$(0.08)
|
$(0.00)
|
$(0.08)
|
10/31/2018
|
$5.95
|
$0.01
|
$—
|
$0.01
|
$(0.13)
|
$—
|
$(0.13)
|
10/31/2017
|
$5.71
|
$(0.05)
|
$0.29
|
$0.24
|
$—
|
$—
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
Value,
End of
Year
|
Total
Returnb
|
Net Assets,
End of
Year
(in millions)
|
Ratio
of Gross
Expenses to
Average Net
Assetsc
|
Ratio
of Net
Expenses to
Average
Net
Assets
|
Ratio
of Net
Investment
Income/
(Loss)
to
Average
Net
Assets
|
Portfolio
Turnover
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$25.91
|
13.67%f
|
$209.5
|
0.92%g
|
0.73%g
|
0.22%g
|
57%f
|
$34.57
|
54.44% h
|
$147.4
|
0.99 %
|
0.74%
|
(0.36) %
|
56%
|
$22.52
|
(13.98)%
|
$89.4
|
0.99%
|
0.74%
|
0.74%
|
109%
|
$26.60
|
(0.41)%
|
$145.3
|
0.96%
|
0.74%
|
1.99%
|
88%
|
$27.44
|
1.19%
|
$100.3
|
0.98%
|
0.74%
|
1.31%
|
107%
|
$28.19
|
6.18%
|
$83.1
|
1.18%
|
0.85%
|
0.36%
|
105%
|
|
||||||
|
|
|
|
|
|
|
$5.68
|
13.35%f
|
$31.2
|
1.30%g
|
1.09%g
|
(0.19)%g
|
57%f
|
$7.64
|
53.60% h
|
$26.7
|
1.37 %
|
1.10%
|
(0.72) %
|
56%
|
$4.99
|
(14.29)%
|
$18.4
|
1.36%
|
1.10%
|
0.34%
|
109%
|
$5.89
|
(0.64)%
|
$22.5
|
1.37%
|
1.09%
|
1.65%
|
88%
|
$6.07
|
0.81%
|
$47.9
|
1.35%
|
1.10%
|
0.95%
|
107%
|
$6.24
|
5.76%
|
$42.4
|
1.56%
|
1.21%
|
(0.02)%
|
105%
|
|
||||||
|
|
|
|
|
|
|
$5.64
|
12.54%f
|
$0.3
|
2.14%g
|
1.84 % g
|
(0.58)%g
|
57%f
|
$7.62
|
21.73%f,h
|
$0.0
|
2.97%g
|
1.86%g
|
(1.55)%g
|
56%i
|
$4.78
|
(15.05)%
|
$0.0
|
2.31%
|
1.86%
|
(0.23)%
|
109%
|
$5.66
|
(1.51)%
|
$0.0
|
2.32%
|
1.84%
|
0.88%
|
88%
|
$5.83
|
0.15%
|
$0.0
|
2.34%
|
1.85%
|
0.19%
|
107%
|
$5.95
|
4.20%
|
$0.0
|
3.20%
|
2.03%
|
(0.92)%
|
105%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a
|
Calculated based on the average number of shares outstanding during each fiscal period.
|
b
|
Total return based on per share NAV reflects the effects of changes in NAV on the performance of
the Fund
during each fiscal period. Returns assume income dividends and other distributions, if any, were
reinvested,
but do not reflect the effect of sales charges. Results represent past performance and do not
indicate future
results. Current returns may be lower or higher than the performance data quoted. Investment
returns and
principal will fluctuate and shares, when redeemed, may be worth more or less than original
cost. Total
return would have been lower if Management had not reimbursed and/or waived certain expenses.
Total
return would have been higher if Management had not recouped previously reimbursed and/or waived
expenses.
|
c
|
Represents the annualized ratios of net expenses to average daily net assets if Management had
not
reimbursed certain expenses and/or waived a portion of the investment management fee.
|
d
|
The Fund has changed its fiscal year end from October 31 to August 31. This period represents
the
ten-month period from November 1, 2021 to August 31, 2022. See Note G of the Notes to
Consolidated
Financial Statements for more information.
|
e
|
After the close of business on October 14, 2022, the Fund's Institutional Class underwent a
reverse stock
split. The per share data presented here has been retroactively adjusted to reflect this split.
See Note J of the
Notes to Consolidated Financial Statements.
|
f
|
Not annualized.
|
g
|
Annualized.
|
h
|
The class action proceeds received in 2021 had no impact on the Fund's total returns for the
year ended
October 31, 2021.
|
i
|
Portfolio turnover is calculated at the Fund level. Percentage indicated was for the year ended
October 31,
2021.
|
j
|
Commodity Strategy Class C shares were fully redeemed on February 2, 2021. Operations
recommenced on
March 24, 2021. The Consolidated Financial highlights presented are only for the period after
commencement of operations.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
Independent Fund Trustees
|
||||
Michael J. Cosgrove (1949)
|
Trustee since
2015
|
President, Carragh
Consulting USA, since 2014;
formerly, Executive, General
Electric Company, 1970 to
2014, including President,
Mutual Funds and Global
Investment Programs, GE
Asset Management, 2011 to
2014, President and Chief
Executive Officer, Mutual
Funds and Intermediary
Business, GE Asset
Management, 2007 to
2011, President, Institutional
Sales and Marketing, GE
Asset Management, 1998 to
2007, and Chief Financial
Officer, GE Asset
Management, and Deputy
Treasurer, GE Company,
1988 to 1993.
|
50
|
Director, America Press, Inc.
(not-for-profit Jesuit
publisher), 2015 to 2021;
formerly, Director, Fordham
University, 2001 to 2018;
formerly, Director, The
Gabelli Go Anywhere Trust,
June 2015 to June 2016;
formerly, Director, Skin
Cancer Foundation
(not-for-profit), 2006 to
2015; formerly, Director, GE
Investments Funds, Inc.,
1997 to 2014; formerly,
Trustee, GE Institutional
Funds, 1997 to 2014;
formerly, Director, GE Asset
Management, 1988 to
2014; formerly, Director,
Elfun Trusts, 1988 to 2014;
formerly, Trustee, GE Pension
& Benefit Plans, 1988 to
2014; formerly, Member of
Board of Governors,
Investment Company
Institute.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
Marc Gary (1952)
|
Trustee since
2015
|
Executive Vice Chancellor
Emeritus, The Jewish
Theological Seminary, since
2020; formerly, Executive
Vice Chancellor and Chief
Operating Officer, Jewish
Theological Seminary, 2012
to 2020; formerly, Executive
Vice President and General
Counsel, Fidelity
Investments, 2007 to
2012;formerly, Executive
Vice President and General
Counsel, BellSouth
Corporation, 2004 to 2007;
formerly, Vice President and
Associate General Counsel,
BellSouth Corporation, 2000
to 2004; formerly, Associate,
Partner, and National
Litigation Practice Co-Chair,
Mayer, Brown LLP, 1981 to
2000; formerly, Associate
Independent Counsel, Office
of Independent Counsel,
1990 to 1992.
|
50
|
Chair and Director, USCJ
Supporting Foundation,
since 2021; Director, UJA
Federation of Greater New
York, since 2019; Trustee,
Jewish Theological Seminary,
since 2015; formerly,
Director, Legility, Inc.
(privately held for-profit
company), 2012 to 2021;
Director, Lawyers Committee
for Civil Rights Under Law
(not-for-profit), since 2005;
formerly, Director, Equal
Justice Works
(not-for-profit), 2005 to
2014; formerly, Director,
Corporate Counsel Institute,
Georgetown University Law
Center, 2007 to 2012;
formerly, Director, Greater
Boston Legal Services
(not-for-profit), 2007 to
2012.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
Martha Clarke Goss (1949)
|
Trustee since
2007
|
President, Woodhill
Enterprises Inc./Chase
Hollow Associates LLC
(personal investment
vehicle), 2006 to 2020;
formerly, Consultant,
Resources Global
Professionals (temporary
staffing), 2002 to 2006;
formerly, Chief Financial
Officer, Booz-Allen &
Hamilton, Inc., 1995 to
1999; formerly, Enterprise
Risk Officer, Prudential
Insurance, 1994 to1995;
formerly, President,
Prudential Asset
Management Company,
1992 to 1994; formerly,
President, Prudential Power
Funding (investments in
electric and gas utilities and
alternative energy projects),
1989 to 1992; formerly,
Treasurer, Prudential
Insurance Company, 1983 to
1989.
|
50
|
Director, American Water
(water utility), since 2003;
Director, Allianz Life of New
York (insurance), since 2005;
formerly, Director, Berger
Group Holdings, Inc.
(engineering consulting
firm), from 2013 to 2018;
formerly, Director, Financial
Women’s Association of
New York (not-for-profit
association), from 1987 to
1996, 2003 to 2019; ;
Trustee Emerita, Brown
University, since 1998;
Director, Museum of
American Finance
(not-for-profit), since 2013;
formerly, Non-Executive
Chair and Director, Channel
Reinsurance (financial
guaranty reinsurance), 2006
to 2010; formerly, Director,
Ocwen Financial Corporation
(mortgage servicing), 2005
to 2010; formerly, Director,
Claire’s Stores, Inc. (retailer),
2005 to 2007; formerly,
Director, Parsons
Brinckerhoff Inc.
(engineering consulting
firm), 2007 to 2010;
formerly, Director, Bank
Leumi (commercial bank),
2005 to 2007; formerly,
Advisory Board Member,
Attensity (software
developer), 2005 to 2007;
formerly, Director of Foster
Wheeler Manufacturing,
1994 to 2004; formerly
Director Dexter Corp.,
Manufacturer of
Non-Wovens, Plastics, and
Medical Supplies, 1992 to
2001.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
Michael M. Knetter (1960)
|
Trustee since
2007
|
President and Chief
Executive Officer, University
of Wisconsin Foundation,
since 2010; formerly, Dean,
School of Business,
University of Wisconsin -
Madison; formerly, Professor
of International Economics
and Associate Dean, Amos
Tuck School of Business -
Dartmouth College, 1998 to
2002.
|
50
|
Director, 1 William Street
Credit Income Fund, since
2018; Board Member,
American Family Insurance (a
mutual company, not
publicly traded), since March
2009; formerly, Trustee,
Northwestern Mutual
Series Fund, Inc., 2007 to
2011; formerly, Director,
Wausau Paper, 2005 to
2011; formerly, Director,
Great Wolf Resorts, 2004 to
2009.
|
Deborah C. McLean (1954)
|
Trustee since
2015
|
Member, Circle Financial
Group (private wealth
management membership
practice), since 2011;
Managing Director, Golden
Seeds LLC (an angel
investing group), since 2009;
Adjunct Professor (Corporate
Finance), Columbia
University School of
International and Public
Affairs, since 2008; formerly,
Visiting Assistant Professor,
Fairfield University, Dolan
School of Business, Fall
2007; formerly, Adjunct
Associate Professor of
Finance, Richmond, The
American International
University in London, 1999
to 2007.
|
50
|
Board member, The
Maritime Aquarium at
Norwalk, since 2020; Board
member, Norwalk
Community College
Foundation, since 2014;
Dean’s Advisory Council,
Radcliffe Institute for
Advanced Study, since 2014;
formerly, Director and
Treasurer, At Home in Darien
(not-for-profit), 2012 to
2014; formerly, Director,
National Executive Service
Corps (not-for-profit), 2012
to 2013; formerly, Trustee,
Richmond, The American
International University in
London, 1999 to 2013.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
George W. Morriss (1947)
|
Trustee since
2007
|
Formerly, adjunct Professor,
Columbia University School
of International and Public
Affairs, from 2012 to 2018;
formerly, Executive Vice
President and Chief Financial
Officer, People’s United
Bank, Connecticut (a
financial services company),
1991 to 2001.
|
50
|
Director, 1 WS Credit Income
Fund; Chair, Audit
Committee, since 2018;
Director and Chair, Thrivent
Church Loan and Income
Fund, since 2018; formerly,
Trustee, Steben Alternative
Investment Funds, Steben
Select Multi-Strategy Fund,
and Steben Select
Multi-Strategy Master Fund,
2013 to 2017; formerly,
Treasurer, National
Association of Corporate
Directors, Connecticut
Chapter, 2011 to 2015;
formerly, Manager, Larch
Lane Multi-Strategy Fund
complex (which consisted of
three funds), 2006 to 2011;
formerly, Member, NASDAQ
Issuers’ Affairs Committee,
1995 to 2003.
|
Tom D. Seip (1950)
|
Trustee since
2000;
Chairman of
the Board since
2008; formerly
Lead
Independent
Trustee in Fund
Complex from
2006 to 2008
|
Formerly, Managing
Member, Ridgefield
Farm LLC (a private
investment vehicle), 2004 to
2016; formerly, President
and CEO, Westaff, Inc.
(temporary staffing), May
2001 to January 2002;
formerly, Senior Executive,
The Charles Schwab
Corporation, 1983 to 1998,
including Chief Executive
Officer, Charles Schwab
Investment Management,
Inc.; Trustee, Schwab Family
of Funds and Schwab
Investments, 1997 to 1998;
and Executive Vice
President-Retail Brokerage,
Charles Schwab & Co., Inc.,
1994 to 1997.
|
50
|
Trustee, University of
Maryland, Shore Regional
Health System, since 2020;
Formerly, Director, H&R
Block, Inc. (tax services
company), 2001 to 2018;
formerly, Director, Talbot
Hospice Inc., 2013 to 2016;
formerly, Chairman,
Governance and Nominating
Committee, H&R Block, Inc.,
2011 to 2015; formerly,
Chairman, Compensation
Committee, H&R Block, Inc.,
2006 to 2010; formerly,
Director, Forward
Management, Inc. (asset
management company),
1999 to 2006.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
James G. Stavridis (1955)
|
Trustee since
2015
|
Vice Chairman Global
Affairs, The Carlyle Group,
since 2018; Commentator,
NBC News, since 2015;
formerly, Dean, Fletcher
School of Law and
Diplomacy, Tufts University,
2013 to 2018; formerly,
Admiral, United States Navy,
1976 to 2013, including
Supreme Allied Commander,
NATO and Commander,
European Command, 2009
to 2013, and Commander,
United States Southern
Command, 2006 to 2009.
|
50
|
Director, Fortinet
(cybersecurity), since 2021;
Director, Ankura, since 2020;
Director, Vigor Shipyard,
since 2019; Director,
Rockefeller Foundation,
since 2018; Director,
American Water (water
utility), since 2018; Director,
NFP Corp. (insurance broker
and consultant), since 2017;
Director, Onassis Foundation,
since 2014; Director, Michael
Baker International
(construction) since 2014;
Director, Vertical Knowledge,
LLC, since 2013; formerly,
Director, U.S. Naval Institute,
2014 to 2019; formerly,
Director, Navy Federal Credit
Union, 2000-2002; formerly,
Director, BMC Software
Federal, LLC, 2014-2019.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Fund Trustee
|
Other Directorships Held
Outside Fund Complex by
Fund Trustee(3)
|
Fund Trustees who are "Interested Persons"
|
||||
Joseph V. Amato* (1962)
|
Chief Executive
Officer and
President since
2018 and
Trustee since
2009
|
President and Director,
Neuberger Berman
Group LLC, since 2009;
President and Chief
Executive Officer, Neuberger
Berman BD LLC and
Neuberger Berman
Holdings LLC (including its
predecessor, Neuberger
Berman Inc.), since 2007;
Chief Investment Officer
(Equities) and President
(Equities), NBIA (formerly,
Neuberger Berman Fixed
Income LLC and including
predecessor entities), since
2007, and Board Member of
NBIA since 2006; formerly,
Global Head of Asset
Management of Lehman
Brothers Holdings Inc.’s
(“LBHI”) Investment
Management Division, 2006
to 2009; formerly, member
of LBHI’s Investment
Management Division’s
Executive Management
Committee, 2006 to 2009;
formerly, Managing Director,
Lehman Brothers Inc.
(“LBI”), 2006 to 2008;
formerly, Chief Recruiting
and Development Officer,
LBI, 2005 to 2006; formerly,
Global Head of LBI’s Equity
Sales and a Member of its
Equities Division Executive
Committee, 2003 to 2005;
President and Chief
Executive Officer, twelve
registered investment
companies for which NBIA
acts as investment manager
and/or administrator.
|
50
|
Member of Board of
Advisors, McDonough
School of Business,
Georgetown University, since
2001; Member of New York
City Board of Advisors, Teach
for America, since 2005;
Trustee, Montclair Kimberley
Academy (private school),
since 2007; Member of
Board of Regents,
Georgetown University, since
2013.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Claudia A. Brandon (1956)
|
Executive Vice
President since
2008 and
Secretary since
1985
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since
1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since
2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly,
Vice President — Mutual Fund Board Relations, NBIA, 2000 to 2008;
formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999;
Executive Vice President and Secretary, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Agnes Diaz (1971)
|
Vice President
since 2013
|
Senior Vice President, Neuberger Berman, since 2012; Senior Vice
President, NBIA, since 2012 and Employee since 1996; formerly, Vice
President, Neuberger Berman, 2007 to 2012; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony DiBernardo (1979)
|
Assistant
Treasurer since
2011
|
Senior Vice President, Neuberger Berman, since 2014; Senior Vice
President, NBIA, since 2014, and Employee since 2003; formerly, Vice
President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Savonne L. Ferguson (1973)
|
Chief
Compliance
Officer since
2018
|
Senior Vice President, Chief Compliance Officer (Mutual Funds) and
Associate General Counsel, NBIA, since November 2018; formerly, Vice
President T. Rowe Price Group, Inc. (2018), Vice President and Senior Legal
Counsel, T. Rowe Price Associates, Inc. (2014-2018), Vice President and
Director of Regulatory Fund Administration, PNC Capital Advisors, LLC
(2009-2014), Secretary, PNC Funds and PNC Advantage Funds
(2010-2014); Chief Compliance Officer, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Corey A. Issing (1978)
|
Chief Legal
Officer since
2016 (only for
purposes of
sections 307 and
406 of the
Sarbanes-Oxley
Act of 2002)
|
General Counsel— Mutual Funds since 2016 and Managing Director, NBIA,
since 2017; formerly, Associate General Counsel (2015 to 2016), Counsel
(2007 to 2015), Senior Vice President (2013-2016), Vice President (2009 —
2013); Chief Legal Officer (only for purposes of sections 307 and 406 of
the Sarbanes-Oxley Act of 2002), thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Sheila R. James (1965)
|
Assistant
Secretary since
2002
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999;
Vice President, NBIA, since 2008; formerly, Assistant Vice President,
Neuberger Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant
Secretary, thirty-three registered investment companies for which NBIA acts
as investment manager and/or administrator.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Brian Kerrane (1969)
|
Chief Operating
Officer since
2015 and Vice
President since
2008
|
Managing Director, Neuberger Berman, since 2013; Chief Operating
Officer — Mutual Funds and Managing Director, NBIA, since 2015;
formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice
President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating
Officer, twelve registered investment companies for which NBIA acts as
investment manager and/or administrator; Vice President, thirty-three
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony Maltese (1959)
|
Vice President
since 2015
|
Senior Vice President, Neuberger Berman, since 2014 and Employee since
2000; Senior Vice President, NBIA, since 2014; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Josephine Marone (1963)
|
Assistant
Secretary since
2017
|
Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007;
Assistant Secretary, thirty-three registered investment companies for which
NBIA acts as investment manager and/or administrator.
|
Owen F. McEntee, Jr. (1961)
|
Vice President
since 2008
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1992; Vice President, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
John M. McGovern (1970)
|
Treasurer and
Principal
Financial and
Accounting
Officer since
2005
|
Managing Director, Neuberger Berman since 2022; Senior Vice President,
Neuberger Berman, 2007 to 2021; Senior Vice President, NBIA, since 2007
and Employee since 1993; formerly, Vice President, Neuberger Berman,
2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and
Principal Financial and Accounting Officer, twelve registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Frank Rosato (1971)
|
Assistant
Treasurer since
2005
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1995; Assistant Treasurer, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
Niketh Velamoor (1979)
|
Anti-Money
Laundering
Compliance
Officer since
2018
|
Senior Vice President and Associate General Counsel, Neuberger Berman,
since July 2018; Assistant United States Attorney, Southern District of New
York, 2009 to 2018; Anti-Money Laundering Compliance Officer, five
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Neuberger Berman Alternative Funds
|
|
|
|
|
Number of Shares
|
|
Votes For
|
Votes
Against
|
Abstentions
|
Michael J. Cosgrove
|
327,577,100
|
—
|
1,014,069
|
Marc Gary
|
327,610,552
|
—
|
980,617
|
Deborah C. McLean
|
328,139,995
|
—
|
451,173
|
James G. Stavridis
|
325,982,569
|
—
|
2,608,599
|
Commodity Strategy:
|
Number of Shares
|
||
Proposal
|
Votes For
|
Votes
Against
|
Abstentions
|
A
|
14,260,736
|
122,281
|
158,028
|
B
|
14,258,084
|
135,218
|
147,743
|
C
|
14,274,442
|
110,336
|
156,267
|
D
|
14,219,772
|
163,683
|
157,589
|
E
|
14,265,943
|
122,062
|
153,040
|
F
|
14,229,502
|
149,398
|
162,145
|
G
|
14,214,245
|
172,424
|
154,376
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief
Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be
disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s most
recent fiscal half-year period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a)(1) |
(a)(2) |
(a)(3) |
Not applicable to the Registrant.
|
(a)(4) |
Not applicable to the Registrant.
|
1. |
The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and
|
2. |
The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
|
By: |
/s/ Joseph V. Amato |
Joseph V. Amato
Chief Executive Officer and President
|
||
By: |
/s/ John M. McGovern |
|
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
|
||
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