As filed with the Securities and Exchange Commission on January 5, 2017

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811- 21715

NEUBERGER BERMAN ALTERNATIVE FUNDS

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

Registrant’s telephone number, including area code: (212) 476-8800

Robert Conti

Chief Executive Officer and President

Neuberger Berman Alternative Funds

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: October 31

Date of reporting period: October 31, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

Following are copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

		Neuberger Berman Alternative and Multi-Asset Class Funds
		Institutional Class Shares Class A Shares Class C Shares Class R6 Shares


		Global Allocation Fund Long Short Fund Long Short Credit Fund Multi-Asset Income Fund Risk Balanced Commodity Strategy Fund U.S. Equity Index PutWrite Strategy Fund

Annual Report

October 31, 2016

		Contents

		THE FUNDS
		President’s Letter	1

		PORTFOLIO COMMENTARY
		Global Allocation Fund	2
		Long Short Fund	5
		Long Short Credit Fund	8
		Multi-Asset Income Fund	11
		Risk Balanced Commodity Strategy Fund	14
		U.S. Equity Index PutWrite Strategy Fund	17

		FUND EXPENSE INFORMATION	24

		SCHEDULE OF INVESTMENTS
		Global Allocation Fund	26
		Positions by Industry	51
		Long Short Fund	55
		Long Short Credit Fund	68
		Multi-Asset Income Fund	76
		Risk Balanced Commodity Strategy Fund	93
		U.S. Equity Index PutWrite Strategy Fund	100

		FINANCIAL STATEMENTS	103

		FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
		Global Allocation Fund	144
		Long Short Fund	146
		Long Short Credit Fund	148
		Multi-Asset Income Fund	148
		Risk Balanced Commodity Strategy Fund	150
		U.S. Equity Index PutWrite Strategy Fund	152

		Reports of Independent Registered Public Accounting Firms	157
		Directory	159
		Trustees and Officers	160
		Proxy Voting Policies and Procedures	170
		Quarterly Portfolio Schedule	170
		Board Consideration of the Management Agreements	171
		Notice to Shareholders	177

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Investment Advisers LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ^©2016 Neuberger Berman LLC. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this annual shareholder report for Neuberger Berman Global Allocation Fund, Neuberger Berman Long Short Fund, Neuberger Berman Long Short Credit Fund, Neuberger Berman Multi-Asset Income Fund and Neuberger Berman Risk Balanced Commodity Strategy Fund. This report also includes the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund, which launched on September 16, 2016.

While the global financial markets experienced several bouts of weakness, they posted positive returns overall for the 12 months ended October 31, 2016. Investor sentiment fluctuated at times given mixed global economic data, questions regarding future central bank monetary policy and several geopolitical issues, including "Brexit." However, demand for risk asset was solid for the fiscal year as a whole as investors looked to generate incremental returns in a low interest rate environment.

All told, the U.S. equity market, as measured by the S&P 500^® Index, gained 4.51% over the 12 month period ended October 31, 2016. In contrast, international developed equities posted weak results, whereas emerging markets equities rallied sharply. Within fixed income, longer-term U.S. Treasury yields declined and the overall U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 4.37% during the period. Finally, inflation was generally well contained.

Looking ahead, the outcome of the U.S. election could significantly impact the market. Nevertheless, we anticipate seeing the U.S. economy expand at a relatively modest pace, still better than many other developed countries. We also anticipate an uptick in inflation expectations from today's excessively low levels. Against this backdrop, we believe the U.S. Federal Reserve will take a measured approach in terms of normalizing monetary policy. From an investment perspective, we maintain high conviction in our portfolio managers and believe their portfolios are well positioned for the current and coming environment.

Thank you for your continued support and trust. We look forward to continue serving your investment needs in the years to come.

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Global Allocation Fund Commentary (Unaudited)

Neuberger Berman Global Allocation Fund Institutional Class generated a 0.87% total return for the 12 months ended October 31, 2016 and underperformed its custom benchmark, a blend consisting of 60% MSCI All Country World Index (ACWI) (Net) and 40% Bloomberg Barclays Global Aggregate Index, which provided a 3.59% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equity markets generated mixed results during the reporting period. Emerging markets (EM) equities posted the strongest performance; U.S. stocks performed positively while non-U.S. developed markets equities were a bit challenged, ending the period slightly negative. The global equity markets, as represented by the MSCI ACWI (Net), returned 2.05% over the period. In fixed income markets, all regions generated positive returns. EM debt was the strongest performing sector, followed by high yield debt. The return of the broad fixed income market, as measured by the Bloomberg Barclays Global Aggregate Index, was 5.59% for the period. Over the past 12 months, the U.S. continued to be among the strongest developed economies but has been challenged by sluggish GDP growth and weak corporate earnings. While the Eurozone was positioned to benefit from ongoing monetary stimulus, consumer sentiment remained volatile amidst increasing political risks, and corporate profitability has room for further improvement. Similarly, Japan maintained an accommodative stance fueled by stimulus from the Bank of Japan, but we did not see significant improvements in consumer confidence as corporate profits continued to decline while the yen strengthened.

The underperformance for the reporting period was primarily driven by security selection decisions in developed markets equities. Our underweight to fixed income in favor of more opportunistic strategies also detracted from performance, as fixed income was the best-performing asset class for the period. Positive contributions came from security selection within EM debt and our U.S. long duration positioning.

The Fund's aggregate use of futures, forward foreign currency and option contracts contributed to performance during the reporting period.

Looking ahead, we maintain a cautious stance on the global economy given additional geopolitical risks, growth concerns, and changing central bank policies. In the U.S., recent economic data reflect a rebound in U.S. economic growth, as October's advance estimate of Q3 2006 GDP growth surprised on the upside; likewise, Q3 earnings appeared to us to bode well for a long-awaited recovery. However, given a new political administration, uncertainty is likely to persist as changing economic policies and anti-trade sentiment continue to unfold. Data outside of the U.S. has been showing some signs of improvement as purchasing manager composite indices for China, the Eurozone and Japan all rose in October, but we believe further stimulus is needed. Overall, we anticipate a highly uncertain global growth backdrop as the U.S. balances pro-growth GOP policies with anti-trade rhetoric, Europe and Japan remain challenged as monetary stimulus ebbs; and EM may experience headwinds from potentially reduced trade. Given this outlook, we anticipate additional volatility and remain constructive on developed market equities with a bias towards the U.S. Within fixed income, we currently prefer credit over developed market government securities. We are cautious on both EM equities and debt as investors attempt to interpret the crosscurrents between greater trade tariffs and fiscal policy's positive impact on the commodity complex.

Sincerely,

ERIK KNUTZEN, BRADLEY TANK, WAI LEE AND AJAY JAIN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Global Allocation Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGLIX
Class A				NGLAX
Class C				NGLCX

PERFORMANCE HIGHLIGHTS³

	Inception Date	Average Annual Total Return Ended 10/31/2016
	Inception Date	1 Year			5 Year			Life of Fund
At NAV
Institutional Class	12/29/2010		0.87	%		4.89	%		4.69	%
Class A	12/29/2010		0.59	%		4.53	%		4.33	%
Class C	12/29/2010		–0.19	%		3.73	%		3.55	%
With Sales Charge
Class A			–5.18	%		3.29	%		3.28	%
Class C			–1.18	%		3.73	%		3.55	%
Index
60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Index^1,2,4			3.95	%		5.61	%		5.05	%
MSCI All Country World Index^1,2,4			2.64	%		8.62	%		6.72	%
60% MSCI All Country World Index (Net) and 40% Bloomberg Barclays Global Aggregate Index^1,2,4			3.59	%		5.26	%		4.71	%
MSCI All Country World Index (Net)^1,2,4			2.05	%		8.03	%		6.14	%

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 3.59%, 3.99% and 4.75% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 1.34%, 1.69% and 2.44% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 5.75% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Global Allocation Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

This graph shows the change in value of a hypothetical $1,000,000 investment in the Fund over the past 10 fiscal years, or since the Fund's inception if it has not operated for 10 years. The graph is based on the Institutional Class shares only; the performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses (see Performance Highlights chart on previous page). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Results represent past performance and do not indicate future results.

Long Short Fund Commentary (Unaudited)

Neuberger Berman Long Short Fund Institutional Class generated a –0.14% total return for the 12 months ended October 31, 2016 and outperformed its primary benchmark, the HFRX Equity Hedge Index, which returned –2.57% for the same period. The Fund, however, underperformed the S&P 500^® Index, which provided a 4.51% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of weakness early and late in the reporting period, the U.S. stock market generated a positive return over the Fund's fiscal year as measured by the S&P 500 Index. Market volatility was elevated at times given mixed economic data, questions regarding the timing of future U.S. Federal Reserve (Fed) interest rate hikes and uncertainty surrounding geopolitical events.

We maintained our positive outlook on risk assets such as equities and high yield bonds during the reporting period. This was reflected in the Fund's net long exposure during the period. The Fund remained constructively positioned during the period for a continued economic recovery in the U.S., with the largest average sector weights in Consumer Discretionary and Information Technology.

We categorize our long investment exposure into three groups: Capital Growth, Total Return and Opportunistic. Capital Growth continues to represent our largest allocation followed by Total Return and Opportunistic. We continued to identify compelling opportunities in Capital Growth relative to Total Return, as we believe higher interest rates could negatively impact longer duration assets and cash flows. The portfolio's short exposure includes both single name "Fundamental" shorts and "Market" shorts. During the period, Fundamental short exposure increased against the backdrop of heightened market volatility and greater dispersion within sectors. As fundamentals came back into focus, Market shorts consisted primarily of sector and market cap-specific indices in an attempt to help manage broader portfolio exposures, which also increased during the period.

Equity and credit long exposure added to Fund performance, while Fundamental shorts and the Fund's aggregate use of futures, options and swap contracts detracted from performance during the period.

We believe the U.S. economy will continue to grow steadily, while a still highly accommodative Fed may create a longer than expected (albeit certainly slower than expected) U.S. business cycle. Should more robust growth eventually appear, we believe markets are much more prepared today for future interest rate hikes, especially for monetary tightening related to higher inflation. With modest but still positive earnings growth forecasted for the remainder of 2016, our outlook for S&P 500 earnings remains similarly subdued, primarily due to uncertainty surrounding global growth. However, in our opinion, potential tailwinds are on the horizon as investors shift their attention to company fundamentals for the third quarter corporate earnings season. All that said, we also believe that being selective in deploying capital is particularly important in today's environment. Nevertheless, we are very mindful of the complex world in which we live and invest. Given the vicissitudes of an increasingly global economy, we will also remain flexible in our decisions and open-minded to new ideas across different asset classes and geographies.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Long Short Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLSIX
Class A				NLSAX
Class C				NLSCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Common Stocks		76.3	%		(12.1	)%
Corporate Bonds		9.4			(1.4	)
Exchange Traded Funds		—			(2.1	)
Master Limited Partnerships		0.8			—
Options Purchased		0.3			—
Preferred Stock		0.5			—
Short-Term Investment		12.1			—
Other Assets Less Liabilities		16.2	*		—
Total		115.6	%		(15.6	)%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 10/31/2016
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/29/2011		–0.14	%		5.53	%
Class A	12/29/2011		–0.48	%		5.17	%
Class C	12/29/2011		–1.30	%		4.38	%
With Sales Charge
Class A			–6.20	%		3.89	%
Class C			–2.29	%		4.38	%
Index
HFRX Equity Hedge Index^1,2			–2.57	%		2.72	%
S&P 500^® Index^1,2			4.51	%		13.99	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.67%, 2.05% and 2.79% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Long Short Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Long Short Credit Fund Commentary (Unaudited)

Neuberger Berman Long Short Credit Fund Institutional Class generated a –0.28% total return for the 12 months ended October 31, 2016 and underperformed its primary benchmark, the HFRX Fixed Income - Credit Index, which returned 0.07% for the same period. The Fund also underperformed the long only Bloomberg Barclays U.S. Aggregate Bond Index and the BofA Merrill Lynch U.S. High Yield Master II Index, which returned 4.37% and 10.16%, respectively, for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Notwithstanding the volatile and difficult start to the period, the credit markets performed well this year. Underpinning this performance has been the positive performance of sovereign bonds globally. This was buttressed by an unprecedented level of G3 Central Bank intervention. These measures to stabilize financial markets and foster growth globally have included large scale purchases of equities and sovereign and corporate bonds. By the end of October, global growth appeared to have stabilized. We believe the narrative from the central bankers has begun to subtly change. The adverse longer term effects of zero and negative rates on the banking and financial systems, and concerns about diminishing marginal returns from the policies at hand, have become a concern. The Federal Reserve appears to be committed to a rate increase at its final meeting in December. This subtle change in narrative and the prospect of U.S. rate hikes will, in our view, play an important role in determining the direction of credit asset returns over the next 12 months.

We have throughout the year run a balanced portfolio of longs and shorts and have not levered up the portfolios, nor have we grossed up the exposures. By sector, the largest contributors to performance were our positions in Technology, Media, and Telecommunications and Financials. The largest detractors were our short positions in Health Care and Gaming.

The Fund's aggregate use of futures, forward foreign currency, swap and option contracts contributed to performance during the reporting period.

While we believe the upcoming period may be volatile, we are not bearish on credit assets but we are cautious. We think credit spreads are attractive for projected default rates and for growth prospects. Interest rate duration worries us. It is our intention to position for a volatile interest rate environment while attempting to benefit from the attractiveness of credit spreads.

Our portfolio comprises baskets of single name long and short positions based on fundamental analysis. We hope to be able to capture the idiosyncratic opportunities that we believe are mispriced. We believe this continues to be expressed through relative value trades, capital structure arbitrage trades and directional long and short positions.

The credit market has had a very good year directionally. We believe that the rally in rates, the search for yield and the intervention by central banks on an unprecedented historical scale has underpinned the move. The narrative has begun to change albeit ever so gently, and it's our opinion that to ignore this is a mistake. We believe that a portfolio of idiosyncratic longs and shorts, where duration risk is managed, may be able to capture some exciting opportunities.

Sincerely,

RICK DOWDLE AND NORMAN MILNER
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Long Short Credit Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLNIX
Class A				NLNAX
Class C				NLNCX
Class R6				NRLNX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Corporate Bonds		84.5	%		—	%
Foreign Government Securities		4.0			—
Loan Assignments		3.7			—
Preferred Stock		2.5			—
Short Term Investment		12.7			—
Other Assets Less Liabilities		(7.4	)*		—
Total		100.0	%		0.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 10/31/2016
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	06/29/2015		–0.28	%		–1.73	%
Class A	06/29/2015		–0.55	%		–2.02	%
Class C	06/29/2015		–1.10	%		–2.60	%
Class R6	06/29/2015		–0.12	%		–1.60	%
With Sales Charge
Class A			–4.75	%		–5.11	%
Class C			–2.07	%		–2.60	%
Index
HFRX Fixed Income - Credit Index^1,2			0.07	%		–1.94	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			4.37	%		4.67	%
BofA Merrill Lynch U.S. High Yield Master II Index^1,2			10.16	%		5.30	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2016, the 30-day SEC yields were 3.03%, 2.55%, 1.92% and 3.11% for Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.60%, 0.75%, 0.02% and 2.49% for Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 2.67%, 3.04%, 3.79% and 2.60% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios are 2.38%, 2.75%, 3.50% and 2.31% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Returns shown with a sales charge reflect the deduction of the current maximum initial sales charge of 4.25% for Class A shares and the contingent deferred sales charge (CDSC) for Class C shares. The CDSC for Class C shares is 1%, which is reduced to 0% after 1 year. The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses. Please see the prospectus for more information about sales charge structures, if any, and class expenses for your share class.

Long Short Credit Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Multi-Asset Income Fund Commentary (Unaudited)

Neuberger Berman Multi-Asset Income Fund Institutional Class generated a 6.09% total return for the 12 months ended October 31, 2016 and outperformed its custom benchmark, a blend consisting of 60% Bloomberg Barclays U.S. Aggregate Bond Index and 40% S&P 500^® Index, which provided a 4.54% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equity markets generated mixed results during the reporting period. Emerging markets (EM) equities posted the strongest performance. U.S. stocks performed positively while non-US developed markets equities were a bit challenged, ending the period slightly negative. The domestic equity market, as represented by the S&P 500 Index, returned 4.51% over the period. In fixed income markets, all regions generated positive returns. EM debt was the strongest performing sector, followed by high yield debt. The return of the domestic fixed income market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, was 4.37% for the period. Over the past 12 months, the U.S. continued to be among the strongest developed economies but has been challenged by sluggish GDP growth and weak corporate earnings. While the Eurozone was positioned to benefit from ongoing monetary stimulus, consumer sentiment remained volatile amidst increasing political risks, and corporate profitability has room for further improvement. Similarly, Japan maintained an accommodative stance fueled by stimulus from the Bank of Japan, but we did not see significant improvements in consumer confidence as corporate profits continued to decline while the yen strengthened.

During the reporting period, fixed income assets were the largest positive contributors to the Fund's performance. The underweight to the asset class as a whole was additive, as the Bloomberg Barclays U.S. Aggregate underperformed the S&P 500. However, diverse allocations to EM debt, high yield debt, and U.S. investment grade credit, all of which posted strong returns, significantly boosted performance, as did security selection decisions across high dividend U.S. equities and master limited partnerships (MLPs).

Looking ahead, we maintain a cautious stance on the global economy given additional geopolitical risks, growth concerns, and changing central bank policies. In the U.S., recent economic data reflect a rebound in U.S. economic growth, as October's advanced estimate of Q3 2016 GDP growth surprised on the upside; likewise, Q3 earnings appeared to us to bode well for a long-awaited recovery. However, given a new political administration, uncertainty is likely to persist as changing economic policies and anti-trade sentiment continue to unfold. Data outside of the U.S. has been showing some signs of improvement as purchasing manager composite indices for China, the Eurozone and Japan all rose in October, but we believe further stimulus is needed. Overall, we anticipate a highly uncertain global growth backdrop as the U.S. balances pro-growth GOP policies with anti-trade rhetoric. Europe and Japan remain challenged as monetary stimulus ebbs; and EM may experience headwinds from potentially reduced trade. Against that backdrop, we will continue to seek opportunities for yield enhancement across a diversified set of exposures.

Sincerely,

ERIK KNUTZEN, BRADLEY TANK, WAI LEE AND AJAY JAIN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Multi-Asset Income Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NANIX
Class A				NANAX
Class C				NANCX
Class R6				NRANX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Common Stocks	29.5	%
Convertible Bonds	0.3
Convertible Preferred Stocks	0.1
Exchange Traded Funds	6.9
Master Limited Partnerships	2.8
Investment Companies	43.3
Preferred Stocks	1.1
U.S. Government Agency Securities	2.0
U.S. Treasury Obligations	10.6
Short-Term Investment	3.3
Other Assets Less Liabilities	0.1	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 10/31/2016
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	03/27/2015		6.09	%		1.52	%
Class A	03/27/2015		5.70	%		1.15	%
Class C	03/27/2015		4.91	%		0.40	%
Class R6	03/27/2015		6.16	%		1.59	%
With Sales Charge
Class A			1.19	%		–1.53	%
Class C			3.91	%		0.40	%
Index
60% Bloomberg Barclays U.S. Aggregrate Bond Index and 40% S&P 500^® Index^1,2			4.54	%		3.49	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			4.37	%		2.69	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

For the period ended October 31, 2016, the 30-day SEC yields were 3.39%, 2.84%, 2.18% and 3.46% for Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been –0.30%, –0.63%, –1.40% and –0.22% for Institutional Class, Class A, Class C and Class R6 shares, respectively. A negative 30-day SEC yield results when a fund's accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund's actual rate of income earned and distributed by the Fund and, therefore, a per share distribution may still be paid to shareholders.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 3.50%, 4.39%, 5.13% and 3.47% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 0.69%, 1.06%, 1.81% and 0.62% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Multi-Asset Income Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Risk Balanced Commodity Strategy Fund Commentary (Unaudited)

Neuberger Berman Risk Balanced Commodity Strategy Fund¹ Institutional Class generated a total return of –3.39% for the 12 months ended October 31, 2016 and underperformed its benchmark, the Bloomberg Commodity Index, which posted a –2.62% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Commodity markets remained overall volatile and posted a negative return during the reporting period. That being said, there were periods of strength, most notably in March, April, June and September. Despite the market's decline over the 12-months as a whole, in general, we saw some firming in the commodity complex. This was evident by a reduction of the negativity surrounding the overall commodity market that has been in place over the last five calendar years.

The Fund seeks to gain exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments. The Fund's tactical positioning detracted from performance during the reporting period.

Looking at the commodity sectors in which the Fund currently invests, soft commodities were the largest detractor from relative performance, followed by agriculture and livestock. On the upside, the Fund's positioning in the energy and industrial metals sectors was beneficial, whereas precious metals was largely flat over the reporting period. Within the soft commodities sector, an underweight to sugar was the largest headwind for results. This positioning was not rewarded as sugar prices rallied sharply. Elsewhere, out-of-benchmark allocations to gas oil and feeder cattle were headwinds for returns. In contrast, an underweight to crude oil was a positive for performance as it experienced a nearly 30% decline over the period. An underweight to natural gas positively contributed to results given the sector's weak performance. Finally, an out-of-benchmark allocation to lead contributed to results, as it posted a strong gain over the period.

We anticipate commodity prices to continue to improve over the medium to longer term. Despite their rally year-to-date, we still consider commodities to be undervalued across the board, particularly when evaluated based on inflation-adjusted historical prices. We also anticipate supply and demand in certain commodities markets to continue to move more into balance, which could lend support to prices. Additionally, while not currently problematic, we continue to monitor inflation, as commodities have historically done well in inflationary environments and, in our opinion, there have been some signs of a pick-up in inflation, such as the 10-year inflation breakeven rate. Finally, we believe commodities remain an attractive diversifier for investors' portfolios as they have become less correlated with stock and bonds. Pulling these views together, we believe in the near term the asset class may face some short term headwinds both from a potential Federal Reserve interest rate hike and some uncertainties around global growth. However, we believe that over the long term, the supply/demand balance in many commodity markets and other factors may be more supportive of continued strength in the asset class.

Sincerely,

WAI LEE, HAKAN KAYA, THOMAS SONTAG AND DAVID YI WAN
PORTFOLIO MANAGERS

¹ Much of the Fund's investment exposure is accomplished through the use of derivatives which may not require the Fund to deposit the full notional amount of the investment with its counterparties, such as a futures commission merchant. The Fund's resulting cash balances are invested in a variety of conservative fixed income securities.

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

Risk Balanced Commodity Strategy Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NRBIX
Class A				NRBAX
Class C				NRBCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	18.7	%
Corporate Bonds	54.4
U.S. Treasury Obligation	5.5
Short-Term Investment	15.7
Other Assets Less Liabilities	5.7	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives, if any.

COMMODITY DERIVATIVES

(as a % of Total Notional Value)
Commodity Futures:
Agriculture	22.4	%
Energy	29.0
Industrial Metals	17.9
Livestock	6.9
Precious Metals	17.1
Softs	6.7
Total	100.0	%

PERFORMANCE HIGHLIGHTS³

Inception

Average Annual Total
Return Ended 10/31/2016

Date

1 Year

Life of Fund

At NAV

Institutional Class

08/27/2012

–3.39

–11.53

Class A

08/27/2012

–3.59

–11.85

Class C

08/27/2012

–4.52

–12.53

With Sales Charge

Class A

–9.09

–13.09

Class C

–5.47

–12.53

Index

Bloomberg Commodity Index^1,2

–2.62

–11.97

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 1.47%,1.84% and 2.70% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 1.10%, 1.46% and 2.21% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Risk Balanced Commodity Strategy Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

U.S. Equity Index PutWrite Strategy Fund Commentary (Unaudited)

Since its launch on September 16, 2016, the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund Institutional Class generated a total return of 0.90% for the period ended October 31, 2016 and outperformed its primary benchmark, a blend consisting of 85% CBOE S&P 500 PutWrite Index and 15% Russell 2000 PutWrite Index, which had a return of 0.83% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's investment strategy seeks to collect near-the-money index put option premiums and hold a fixed income portfolio of cash and limited duration U.S. Treasury Notes that "collateralize" the short index put option positions. The market value of the fixed income portfolio is generally equal to the notional exposure of the short index put option portfolio's aggregate notional value, rendering the strategy unlevered. Our first full month of performance, October, proved to be a well-defined example of the benefits of a put writing strategy. The Fund returned –0.30% during the month while the S&P 500^® Index and the Russell 2000^® Index returned –1.82% and –4.75%, respectively. As expected, the upfront collection of put option premiums on U.S. equity index exposures offset a portion of the losses associated with underlying index exposures. These results are consistent with our expectations of providing "structurally" lower volatility equity index exposure through index put writing. Shareholders should keep in mind that the Fund's upside can be limited in a rising equity market.

In general, index put option premiums have historically increased during times of greater market uncertainty, which may allow the Fund to partially offset the risk of decline during periods of equity market stress as well as provide an opportunity to improve its total return potential. The setting of option premiums is a continuous process that assimilates investor sentiments and market risk factors into explicit estimates of prospective index price distributions for specific time horizons, i.e., option implied volatilities. The CBOE S&P 500 Volatility Index and CBOE Russell 2000 Volatility Index are two popular measures of implied volatilities relevant to the Fund's investment strategy. Both indexes increased as equity markets declined in October and ended the month up approximately 28% and 18%, respectively. The anticipation of the U.S. Presidential election and corresponding uncertainties were, in our opinion, likely significant contributors to the declines in equity markets and increases in put option premiums as the election drew closer. In retrospect, equity markets appeared to be most concerned with the potential for a contested outcome rather than a Clinton or Trump win and seemed to have quickly found relative relief when results indicated a clear winner, albeit a controversial one.

With each passing month, we believe the likelihood of rising interest rates seems to increase, which raises questions about the potential impact on the Fund's fixed income exposures. The market value of the Fund's cash and short-duration U.S. Treasury positions, which had an average duration of less than one year, was roughly unchanged for the period. Despite a long history of interest rate data, most modern investment strategies have histories that only span a few brief periods of rising interest rates. So looking at history offers only a limited perspective. However, we remain firm in our conviction that our limited duration exposure has the potential to help the Fund avoid significant losses should rates increase substantially. Further, in our view, any increase in equity market volatility will likely lead to higher option premiums, which may improve the return prospects of the Fund's index put writing strategy.

Sincerely,

DEREK DEVENS
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

U.S. Equity Index PutWrite Strategy Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NUPIX
Class A				NUPAX
Class C				NUPCX
Class R6				NUPRX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
U.S. Treasury Obligations	94.9	%
Put Options Written	(1.8	)
Short-Term Investment	3.9
Other Assets Less Liabilities	3.0
Total	100.0	%

PERFORMANCE HIGHLIGHTS

	Inception Date	Cumulative Total Return Ended 10/31/2016 Life of Fund
At NAV
Institutional Class	09/16/2016		0.90	%
Class A	09/16/2016		0.90	%
Class C	09/16/2016		0.80	%
Class R6	09/16/2016		1.00	%
With Sales Charge
Class A			–4.90	%
Class C			–0.20	%
Index
85% CBOE S&P 500 PutWrite Index and 15% Russell 2000 PutWrite Index^1,2			0.83	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during the period shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2016 are 1.49%, 1.85%, 2.60% and 1.42% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated total annual operating expense ratios for the current fiscal year are 0.65%, 1.01%, 1.76% and 0.58% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the period from September 16, 2016 to October 31, 2016 can be found in the Financial Highlights section of this report.

U.S. Equity Index PutWrite Strategy Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes

1 Please see "Glossary of Indices" on page 21 for a description of indices. Please note that individuals cannot invest directly in any index. The HFRX Equity Hedge Index and HFRX Fixed Income-Credit Index do take into account fees and expenses of investing since they are based on the underlying hedge funds' net returns. The other indices described in this report do 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 December 2010 through April 2011, Neuberger Berman Global Allocation Fund had only one shareholder and the Fund was relatively small, which could have impacted Fund performance. During the period from August 2012 through January 2013, Neuberger Berman Risk Balanced Commodity Strategy 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 Effective September 30, 2016, the Board approved a change in the benchmark of Global Allocation Fund so that the Fund will use the version of its current benchmark that is net of foreign tax withholdings rather than gross of foreign tax withholdings, which is a more appropriate benchmark for the Fund. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience.

* On January 1, 2016, Neuberger Berman Management LLC ("NBM") and Neuberger Berman LLC ("Neuberger Berman") transferred to Neuberger Berman Fixed Income LLC ("NBFI") their rights and obligations pertaining to all services they provided to any Fund under any investment management, investment sub-advisory, and/or administration agreement, as applicable (the "Agreements"). Following such transfer, NBFI was renamed Neuberger Berman Investment Advisers LLC ("NBIA" or "Management"). In addition, on the date of the transfer, the services previously provided by NB Alternative Investment Management LLC ("NBAIM") are provided by NBIA. Following the consolidation, the investment professionals of NBM and NBAIM who provided services to any Fund under the Agreements continue to provide the same services, except that they provide those services in their new capacities as investment professionals of NBIA. Further, the consolidation did not result in any change in the investment processes employed by any Fund, the nature or level of services provided to any Fund, or the fees any Fund pays under its Agreements.

On July 1, 2016, NBM was reorganized into Neuberger Berman (the "Reorganization"). Upon the completion of the Reorganization, Neuberger Berman assumed all rights and obligations pertaining to all services NBM provided to any Fund under any distribution agreement or distribution and services agreement (the "Agreements") or plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, (the "Plans"). Accordingly, after the Reorganization, Neuberger Berman became each Fund's distributor and the services previously provided by NBM under the Agreements and Plans are provided by Neuberger Berman.

Following the Reorganization, the employees of NBM provide the same services to each Fund under the Agreements and Plans, except that they provide those services in their capacities as employees of Neuberger Berman. Further, the Reorganization did not result in any change in the nature or level of services provided to each Fund, or the fees, if any, each Fund pays under the Agreements or the Plans.

On or about January 1, 2017, Neuberger Berman the Funds' distributor, ("Distributor"), will change its name to Neuberger Berman BD LLC.

For more complete information on any of the Neuberger Berman Alternative and Multi-Asset Class Funds, call us at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices

Bloomberg Barclays Global Aggregate Index:		The index measures global investment grade debt from twenty-four different local currency markets and includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. The index is largely comprised of three major regional aggregate components: the Bloomberg Barclays U.S. Aggregate Bond Index, the Bloomberg Barclays Pan-European Aggregate Bond Index, and the Bloomberg Barclays Asian-Pacific Aggregate Index. In addition to securities from these three indices, the Bloomberg Barclays Global Aggregate Index also includes investment grade Eurodollar, Euro-Yen, Canadian, and 144A Index-eligible securities not already in these three indices. On August 24, 2016, Bloomberg acquired the Barclays fixed income benchmark indices from Barclays. Barclays and Bloomberg have agreed to co-brand the indices as the Bloomberg Barclays Indices for an initial term of five years. For more information, please visit www.bloombergindices.com/.
Bloomberg Barclays U.S. Aggregate Bond Index:		The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and nonagency). On August 24, 2016, Bloomberg acquired the Barclays fixed income benchmark indices from Barclays. Barclays and Bloomberg have agreed to co-brand the indices as the Bloomberg Barclays Indices for an initial term of five years. For more information, please visit www.bloombergindices.com/.
60% Bloomberg Barclays U.S. Aggregate Bond Index and 40% S&P 500^® Index:		The blended index is composed of 60% Bloomberg Barclays U.S. Aggregate Bond Index (described above) and 40% S&P 500^® Index (described below), and is rebalanced monthly.
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 Treasury Bills.
BofA Merrill Lynch U.S. High Yield Master II Index:		The index is an unmanaged market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Qualifying bonds must have at least one year remaining to maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. Qualifying bonds are capitalization weighted.
85% CBOE S&P 500^® PutWrite Index and 15% CBOE Russell 2000^® PutWrite Index:		The blended index is composed of 85% CBOE S&P 500 PutWrite Index (described below) and 15% CBOE Russell 2000 PutWrite Index (described below), and is rebalanced monthly.
CBOE S&P 500^® PutWrite Index:		The index tracks the value of a passive investment strategy which consists of overlaying S&P 500 (SPX) short put options over a money market account invested in one- and three-months Treasury bills. The SPX puts are struck at-the-money and are sold on a monthly basis.
CBOE Russell 2000^® PutWrite Index:		The index tracks the value of a passive investment strategy which consists of overlaying Russell 2000 (RUT) short put options over a money market account invested in one-month Treasury bills. The RUT puts are struck at-the-money and are sold on a monthly basis.

Glossary of Indices (cont'd)

HFRX Fixed Income- Credit Index:		The index tracks the performance of hedge fund strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. The investment thesis across all strategies is predicated on realization of a valuation discrepancy between the related credit instruments. Strategies may also include and utilize equity securities, credit derivatives, government fixed income, commodities, currencies or other hybrid securities. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. Constituents are weighted by a representative optimization methodology. The index is rebalanced quarterly.
HFRX Equity Hedge Index:		The index comprises equity hedge strategies. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, both long and short. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
MSCI All Country World Index:		The index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience.

Glossary of Indices (cont'd)

60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Index:		The blended index is composed of 60% MSCI All Country World Index (described above) and 40% Bloomberg Barclays Global Aggregate Index (described above), and is rebalanced monthly. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Gross total return indexes reinvest as much as possible of a company's dividend distributions, regardless of withholding taxes that a non-resident may experience.
S&P 500^® Index:		The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and compare these costs with the ongoing costs of investing in other mutual funds.

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2016 and held for the entire period. The table illustrates each Fund's costs in two ways:

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.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as sales charges (loads) (if applicable). Therefore, the information under the heading "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Example (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid During the Period⁽¹⁾ 5/1/16 - 10/31/16			Expense Ratio			Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid During the Period⁽¹⁾ 5/1/16 - 10/31/16		Expense Ratio
Global Allocation Fund
Institutional Class	$	1,000.00	$	1,017.50	$	5.27			1.04	%	$	1,000.00	$	1,019.91	$	5.28		1.04	%
Class A	$	1,000.00	$	1,015.60	$	7.25			1.43	%	$	1,000.00	$	1,017.95	$	7.25		1.43	%
Class C	$	1,000.00	$	1,011.00	$	11.07			2.19	%	$	1,000.00	$	1,014.13	$	11.09		2.19	%
Long Short Fund
Institutional Class	$	1,000.00	$	1,004.70	$	9.62			1.91	%	$	1,000.00	$	1,015.53	$	9.68		1.91	%
Class A	$	1,000.00	$	1,003.20	$	11.43			2.27	%	$	1,000.00	$	1,013.72	$	11.49		2.27	%
Class C	$	1,000.00	$	999.20	$	15.13			3.01	%	$	1,000.00	$	1,010.00	$	15.21		3.01	%
Long Short Credit Fund
Institutional Class	$	1,000.00	$	1,025.30	$	8.71			1.71	%	$	1,000.00	$	1,016.54	$	8.67		1.71	%
Class A	$	1,000.00	$	1,023.70	$	10.63			2.09	%	$	1,000.00	$	1,014.63	$	10.58		2.09	%
Class C	$	1,000.00	$	1,020.60	$	13.97			2.75	%	$	1,000.00	$	1,011.31	$	13.90		2.75	%
Class R6	$	1,000.00	$	1,026.70	$	7.79			1.53	%	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Multi-Asset Income Fund
Institutional Class	$	1,000.00	$	1,040.20	$	2.36			0.46	%	$	1,000.00	$	1,022.82	$	2.34		0.46	%
Class A	$	1,000.00	$	1,038.30	$	4.25			0.83	%	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class C	$	1,000.00	$	1,034.40	$	8.08			1.58	%	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R6	$	1,000.00	$	1,040.60	$	2.00			0.39	%	$	1,000.00	$	1,023.18	$	1.98		0.39	%
Risk Balanced Commodity Strategy Fund
Institutional Class	$	1,000.00	$	988.40	$	5.50			1.10	%	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class A	$	1,000.00	$	986.60	$	7.29			1.46	%	$	1,000.00	$	1,017.80	$	7.41		1.46	%
Class C	$	1,000.00	$	981.10	$	11.01			2.21	%	$	1,000.00	$	1,014.03	$	11.19		2.21	%
U.S. Equity Index PutWrite Strategy Fund
Institutional Class	$	1,000.00	$	1,009.00	$	0.82	⁽²⁾		0.65	%	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Class A	$	1,000.00	$	1,009.00	$	1.28	⁽²⁾		1.01	%	$	1,000.00	$	1,020.06	$	5.13		1.01	%
Class C	$	1,000.00	$	1,008.00	$	2.22	⁽²⁾		1.76	%	$	1,000.00	$	1,016.29	$	8.92		1.76	%
Class R6	$	1,000.00	$	1,010.00	$	0.73	⁽²⁾		0.58	%	$	1,000.00	$	1,022.22	$	2.95		0.58	%

(1) 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 184/366 (to reflect the one-half year period shown), unless otherwise indicated.

(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 46/366 (to reflect the period shown of September 16, 2016 (Commencement of Operations) to October 31, 2016.

(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 184/366 (to reflect the one-half year period shown).

Schedule of Investments Global Allocation Fund 10/31/16

	Number of Shares		Value (000's omitted)
Long Positions (103.9%)
Common Stocks (31.4%)
Australia (0.6%)
AGL Energy Ltd.		235	$	3
Aristocrat Leisure Ltd.		509		6
Australia & New Zealand Banking Group Ltd.		340		7
BlueScope Steel Ltd.		2,668		16	^(d)
CIMIC Group Ltd.		425		10
CSL Ltd.		18		1
Dexus Property Group		1,781		12
Fortescue Metals Group Ltd.		929		4
Goodman Group		666		3
GPT Group		649		2
Harvey Norman Holdings Ltd.		417		2
Metcash Ltd.		2,520		4	^*(d)
Mirvac Group		4,963		8	^(d)
National Australia Bank Ltd.		67		1
Newcrest Mining Ltd.		51		1
Northern Star Resources Ltd.		3,023		9	^(d)
Qantas Airways Ltd.		2,757		6	^(d)
Scentre Group		2,719		9	^(d)
South32 Ltd.		1,068		2
Stockland		1,668		6
Vicinity Centres		341		1
Wesfarmers Ltd.		135		4
Westfield Corp.		404		3
Westpac Banking Corp.		155		4
				124
Austria (0.2%)
Lenzing AG		11		2
OMV AG		1,066		33	^(a)
				35
Belgium (0.1%)
Bekaert NV		148		7
D'ieteren SA		285		12
UCB SA		75		5
				24
Canada (0.5%)
Alimentation Couche-Tard, Inc. Class B		68		4	^(a)
Bank of Montreal		147		9

	Number of Shares		Value (000's omitted)
Bank of Nova Scotia		170	$	9
Canadian Tire Corp. Ltd. Class A		8		1
First Quantum Minerals Ltd.		233		2	^(a)
Fortis, Inc.		63		3
Genworth MI Canada, Inc.		228		5
George Weston Ltd.		235		19	^(a)
Goldcorp, Inc.		215		3	^(a)
Kinross Gold Corp.		3,084		12	*^(a)
Magna International, Inc.		23		1	^(a)
Metro, Inc.		205		6	^(a)
National Bank of Canada		81		3
Power Corp. of Canada		292		6
Royal Bank of Canada		88		6
Transcontinental, Inc. Class A		87		1
WestJet Airlines Ltd.		756		12
				102
Denmark (0.2%)
Carlsberg A/S Class B		76		7
Dfds A/S		420		20
DSV A/S		121		6
ISS A/S		241		10
Vestas Wind Systems A/S		117		9
				52
Finland (0.3%)
Cargotec OYJ, B Shares		35		1
Kesko OYJ, B Shares		20		1
Neste OYJ		105		5
Nokian Renkaat OYJ		286		10
Outokumpu OYJ		1,001		7	*
Stora Enso OYJ, R Shares		2,378		22	^(d)
UPM-Kymmene OYJ		639		15	^(d)
				61
France (1.3%)
Alstom SA		234		6	*
AXA SA		262		6
BNP Paribas SA		514		30	^(d)
Casino Guichard Perrachon SA		270		13

	Number of Shares		Value (000's omitted)
Cie de Saint-Gobain		157	$	7
Cie Generale des Etablissements Michelin		165		18	^(d)
CNP Assurances		758		13
Eiffage SA		124		9
Engie SA		128		2
Faurecia		267		10
Orange SA		882		14
Peugeot SA		1,372		21	*^(d)
Renault SA		238		21	^(d)
Societe Generale SA		577		22	^(d)
Sodexo SA		82		9
Tarkett SA		112		4
Technip SA		204		14
TOTAL SA		395		19	^(d)
Valeo SA		147		8
Vallourec SA		1,237		6	*
Vinci SA		133		10
				262
Georgia (0.0%)
BGEO Group PLC		167		6
Germany (1.0%)
adidas AG		29		5
Allianz SE		23		4
Bayerische Motoren Werke AG, Preference Shares		49		4
Continental AG		31		6
Deutsche Pfandbriefbank AG		292		3	^(b)
E.ON SE		1,373		10
Fresenius SE & Co. KGaA		82		6
Hannover Rueck SE		26		3
HeidelbergCement AG		138		13
Henkel AG & Co. KGaA		28		3
HOCHTIEF AG		146		20	^(d)
KION Group AG		127		8
LANXESS AG		145		9
METRO AG		770		23	^(d)
MTU Aero Engines AG		66		7
OSRAM Licht AG		395		22	^(d)
RWE AG		426		7	*
SMA Solar Technology AG		355		9
Software AG		22		1
STADA Arzneimittel AG		66		3
Suedzucker AG		201		5
Uniper SE		137		2	*
Volkswagen AG		61		9

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares		Value (000's omitted)
Volkswagen AG, Preference Shares		137	$	19	^(d)
Wincor Nixdorf AG		100		7	^*
				208
Hong Kong (0.3%)
CLP Holdings Ltd.		1,000		10
HK Electric Investments & HK Electric Investments Ltd.		7,000		7	^(b)
Jardine Matheson Holdings Ltd.		100		6	^(a)
Man Wah Holdings Ltd.		2,400		2	^(d)
MTR Corp. Ltd.		500		3
WH Group Ltd.		17,500		14	^(b)(d)
Wheelock & Co. Ltd.		1,000		6
Xinyi Glass Holdings Ltd.		6,000		5	*^(d)
Yue Yuen Industrial Holdings Ltd.		2,500		10	^(d)
				63
India (0.0%)
Vedanta Resources PLC		870		8	^(a)
Ireland (0.0%)
Ryanair Holdings PLC ADR		87		7	*^(c)
Israel (0.1%)
Teva Pharmaceutical Industries Ltd. ADR		285		12	^(d)
Italy (0.4%)
Amplifon SpA		175		2
Brembo SpA		140		9
DiaSorin SpA		57		3
Enel SpA		3,733		16	^(d)
Eni SpA		175		3
EXOR SpA		159		7	^(k)
Italmobiliare SpA		111		5
Leonardo- Finmeccanica SpA		724		9	*
Recordati SpA		683		19
Snam SpA		153		1
				74
Japan (2.7%)
Adastria Co. Ltd.		100		3
Alfresa Holdings Corp.		200		4
ANA Holdings, Inc.		5,000		14	^(d)
Bridgestone Corp.		600		22	^(d)
Chubu Electric Power Co., Inc.		1,000		15

	Number of Shares		Value (000's omitted)
cocokara Fine, Inc.		100	$	4
FamilyMart UNY Holdings Co. Ltd.		100		6
Fuji Heavy Industries Ltd.		500		20
FUJIFILM Holdings Corp.		100		4
Fujitsu General Ltd.		1,000		23	^(d)
Fujitsu Ltd.		3,000		18	^(d)
G-Tekt Corp.		100		2
Hisamitsu Pharmaceutical Co., Inc.		100		5
Idemitsu Kosan Co. Ltd.		800		18
Isuzu Motors Ltd.		200		2
ITOCHU Corp.		2,000		25	^(a)
Japan Airlines Co. Ltd.		400		12	^(a)
Japan Tobacco, Inc.		200		8
JTEKT Corp.		500		7
JX Holdings, Inc.		1,900		8	^(a)
K's Holdings Corp.		100		2
Kajima Corp.		1,000		7
Kansai Electric Power Co., Inc.		1,000		10	*^(d)
KDDI Corp.		100		3	^(d)
Konami Holdings Corp.		100		4
Kyocera Corp.		100		5
Lion Corp.		1,000		16
Mazda Motor Corp.		400		7
Megmilk Snow Brand Co. Ltd.		300		10
Mitsubishi Motors Corp.		700		4	^(a)
Mitsubishi UFJ Financial Group, Inc.		600		3	^(a)
Mizuho Financial Group, Inc.		7,800		13	^(d)
Namco Bandai Holdings, Inc.		400		12
NEC Corp.		4,000		11	^(d)
Nippon Steel & Sumitomo Metal Corp.		300		6
NipponTelegraph & Telephone Corp.		400		18	^(a)
Nishimatsuya Chain Co. Ltd.		100		1
Nissan Motor Co. Ltd.		100		1
NTT DOCOMO, Inc.		300		8	^(a)
Obayashi Corp.		1,200		12	^(a)
ORIX Corp.		500		8
Panasonic Corp.		700		7

	Number of Shares		Value (000's omitted)
Resona Holdings, Inc.		3,100	$	14	^(a)
Seiko Epson Corp.		700		14
Shiseido Co. Ltd.		400		10
Sojitz Corp.		3,000		8	^(a)
Sony Corp.		200		6
Sumitomo Chemical Co. Ltd.		1,000		5	^(a)
Sumitomo Corp.		1,600		18	^(d)
Sumitomo Dainippon Pharma Co. Ltd.		1,300		23	^(a)(d)
Sumitomo Electric Industries Ltd.		500		7
Sumitomo Mitsui Financial Group, Inc.		500		17	^(d)
Sumitomo Rubber Industries Ltd.		100		2
Sundrug Co. Ltd.		100		8
Taisei Corp.		1,000		7
Toyota Tsusho Corp.		300		7
Tsuruha Holdings, Inc.		100		12
Yahoo Japan Corp.		400		2
Yamazaki Baking Co. Ltd.		500		11
				559
Luxembourg (0.0%)
APERAM SA		74		3
Tenaris SA		217		3	^(a)
				6
Netherlands (0.4%)
AerCap Holdings NV		239		10	*^(a)
Akzo Nobel NV		137		9
ASML Holding NV		84		9
Koninklijke Ahold Delhaize NV		36		1
Koninklijke KPN NV		1,827		6
NN Group NV		111		3
NXP Semiconductors NV		64		6	*^(a)
Royal Dutch Shell PLC, A Shares		878		22	^(d)
STMicroelectronics NV		855		8
				74
Norway (0.0%)
Salmar ASA		73		2
Subsea 7 SA		155		2	*^(a)
				4

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares		Value (000's omitted)
Portugal (0.1%)
Galp Energia SGPS SA		998	$	14	^(d)
Jeronimo Martins SGPS SA		309		5
				19
Singapore (0.1%)
Oversea-Chinese Banking Corp. Ltd.		600		4
Wilmar International Ltd.		5,200		12	^(a)
				16
South Africa (0.0%)
Mondi PLC		393		8
Spain (0.3%)
Abertis Infraestructuras SA		399		6
ACS Actividades de Construccion y Servicios SA		801		24	^(d)
Aena SA		86		13	^(b)
CIE Automotive SA		287		6
Gamesa Corporacion Tecnologica SA		599		14	^(a)
Prosegur Cia de Seguridad SA		132		1
Repsol SA		96		1
				65
Sweden (0.4%)
Alfa Laval AB		456		7
Boliden AB		519		12
Electrolux AB Series B		478		11
Fingerprint Cards AB, Class B		973		9	^*
L E Lundbergforetagen AB, B Shares		163		11
Mycronic AB		613		6
Sandvik AB		597		7
Skanska AB, B Shares		522		11
Svenska Cellulosa AB SCA, B Shares		53		2
Volvo AB, B Shares		944		10
				86
Switzerland (0.7%)
Actelion Ltd.		54		8	^*
Aryzta AG		23		1	^*
BKW AG		599		28	^(a)
Bobst Group SA		58		3
Lonza Group AG		58		11	^*
Nestle SA		133		10

	Number of Shares		Value (000's omitted)
Oriflame Holding AG		113	$	4	*
Roche Holding AG		38		9
Schindler Holding AG		37		7
Swiss Life Holding AG		119		31	*^(a)
Swiss Re AG		371		34	^(a)
Wizz Air Holdings PLC		443		8	*^(a)(b)
				154
United Kingdom (1.5%)
3i Group PLC		3,001		25	^(d)
Acacia Mining PLC		188		1
Amec Foster Wheeler PLC		3,031		17	^(d)
Anglo American PLC		793		11	*^(a)
BP PLC		2,020		12	^(a)
Centrica PLC		3,149		8	^(d)
Drax Group PLC		2,794		11	^(d)
easyJet PLC		422		5
Evraz PLC		10,290		26	*^(d)
Fiat Chrysler Automobiles NV		2,567		19	^(d)
GlaxoSmithKline PLC		633		12
Glencore PLC		5,987		18	*^(d)
Hochschild Mining PLC		246		1
HSBC Holdings PLC		1,843		14	^(a)
Hunting PLC		712		4
Indivior PLC		4,107		16	^(d)
J Sainsbury PLC		2,382		7	^(d)
JD Sports Fashion PLC		1,278		24	^(d)
Johnson Matthey PLC		181		7
Kingfisher PLC		1,616		7
Old Mutual PLC		3,848		9	^(d)
Pearson PLC		872		8
Royal Dutch Shell PLC, B Shares		299		8
RSA Insurance Group PLC		1,193		8
Smith & Nephew PLC		601		9	^(a)
Taylor Wimpey PLC		442		1
Unilever NV		222		9	^(a)
WM Morrison Supermarkets PLC		8,883		25	^(d)
				322
United States (20.2%)
Abbott Laboratories		20		1
AbbVie, Inc.		103		6	^(a)

	Number of Shares		Value (000's omitted)
ACCO Brands Corp.		315	$	3	*^(a)(c)
Activision Blizzard, Inc.		209		9	^(a)
Adobe Systems, Inc.		95		10	*^(a)
Advance Auto Parts, Inc.		5		1	^(c)
Advanced Micro Devices, Inc.		804		6	*^(a)(c)
AECOM		292		8	*^(a)
AES Corp.		878		10	^(a)
Aetna, Inc.		209		22	^(a)
Aflac, Inc.		311		21	^(a)
AGNC Investment Corp.		329		7
AK Steel Holding Corp.		1,914		10	*^(a)(c)
Alaska Air Group, Inc.		154		11	^(a)
Albemarle Corp.		210		18	^(a)
Alleghany Corp.		26		13	*^(a)
Allergan PLC		53		11	*^(a)
Allison Transmission Holdings, Inc.		322		9
Ally Financial, Inc.		409		7	^(a)
Alphabet, Inc. Class A		43		35	*^(a)(d)
Alphabet, Inc. Class C		67		53	*^(d)
Altria Group, Inc.		319		21	^(a)
Amazon.com, Inc.		26		21	*^(a)
Ameren Corp.		199		10	^(a)
American Electric Power Co., Inc.		295		19	^(a)
American Financial Group, Inc.		145		11
American International Group, Inc.		42		3	^(a)
American Tower Corp.		115		13	^(d)
Amgen, Inc.		159		22	^(a)
Annaly Capital Management, Inc.		815		8	^(a)
Anthem, Inc.		71		9	^(a)
AO Smith Corp.		148		7	^(a)
Apache Corp.		198		12	^(a)(c)
Apple, Inc.		563		64	^(d)
Aramark		244		9	^(a)
Archer-Daniels- Midland Co.		124		5
Arrow Electronics, Inc.		302		18	*^(a)
Ashland Global Holdings, Inc.		106		12	^(d)
Assurant, Inc.		222		18	^(a)
Assured Guaranty Ltd.		63		2	^(a)
AT&T, Inc.		574		21	^(a)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares		Value (000's omitted)
Avery Dennison Corp.		79	$	6	^(a)
Avnet, Inc.		782		33	^(a)
AVX Corp.		565		8	^(a)
Axis Capital Holdings Ltd.		110		6	^(a)
Bank of America Corp.		1,823		30	^(a)
Bank of Hawaii Corp.		136		10	^(a)(c)
Bank of New York Mellon Corp.		154		7	^(a)
BankUnited, Inc.		489		14	^(a)
Barnes & Noble, Inc.		157		2	^(c)
Baxter International, Inc.		485		23	^(a)
BB&T Corp.		319		12	^(a)
Becton, Dickinson & Co.		117		20	^(a)(d)
Bed Bath & Beyond, Inc.		166		7	^(a)(c)
Berkshire Hathaway, Inc. Class B		152		22	*^(a)
Best Buy Co., Inc.		455		18	^(a)(c)
Biogen, Inc.		9		3	*^(a)
BlackRock, Inc.		38		13	^(a)
Bloomin' Brands, Inc.		295		5
Boston Scientific Corp.		116		3	*^(a)
Bristol-Myers Squibb Co.		92		5	^(a)
Burlington Stores, Inc.		270		20	*^(a)
C.R. Bard, Inc.		36		8	^(a)
CA, Inc.		125		4	^(a)(c)
Cabot Oil & Gas Corp.		352		7	^(a)
Cadence Design Systems, Inc.		118		3	*^(a)
Caesars Acquisition Co. Class A		811		9	*^(a)
Caesars Entertainment Corp.		178		1	*^(c)
Campbell Soup Co.		129		7	^(a)
Capital One Financial Corp.		108		8	^(a)
Carnival Corp.		165		8	^(a)
Carter's, Inc.		62		5	^(a)
Casey's General Stores, Inc.		7		1	^(c)
CBS Corp. Class B		189		11	^(a)
CDW Corp.		592		27	^(a)
Celanese Corp. Series A		93		7	^(a)
Celgene Corp.		45		5	*^(a)

	Number of Shares		Value (000's omitted)
Centene Corp.		121	$	8	*^(a)
CenterPoint Energy, Inc.		270		6	^(a)
Central Garden & Pet Co. Class A		133		3	*^(a)
CenturyLink, Inc.		948		25	^(a)(c)
Charter Communications, Inc. Class A		69		17	*^(a)
Chesapeake Energy Corp.		955		5	*^(a)
Children's Place, Inc.		10		1	^(c)
Chimera Investment Corp.		591		9
Chubb Ltd.		170		22	^(d)
Cigna Corp.		47		6	^(a)
Cimarex Energy Co.		49		6	^(a)
Cincinnati Financial Corp.		143		10
Cisco Systems, Inc.		1,602		49	^(d)
CIT Group, Inc.		270		10	^(a)
Citigroup, Inc.		707		35	^(a)
Citrix Systems, Inc.		73		6	*^(a)
CME Group, Inc.		100		10	^(a)
CNA Financial Corp.		120		4	^(a)
Coeur Mining, Inc.		708		8	*^(a)
Colony Starwood Homes		329		10	^(c)
Comcast Corp. Class A		199		12	^(d)
Comerica, Inc.		199		10	^(a)
Communications Sales & Leasing, Inc.		206		6
Computer Sciences Corp.		185		10	^(a)
ConAgra Foods, Inc.		731		35	^(d)
Corning, Inc.		776		18	^(c)(d)
Corrections Corporation of America		389		6
Costco Wholesale Corp.		98		14	^(a)
CVS Health Corp.		114		10	^(a)
D.R. Horton, Inc.		231		7	^(a)
Danaher Corp.		53		4	^(a)
Darden Restaurants, Inc.		99		6	^(c)
Dave & Buster's Entertainment, Inc.		47		2	*^(a)
DaVita, Inc.		258		15	*^(a)
Deckers Outdoor Corp.		158		8	*^(c)
Dell Technologies, Inc. Class V		30		1	*
Delta Air Lines, Inc.		331		14	^(a)

	Number of Shares		Value (000's omitted)
Denbury Resources, Inc.		290	$	1	*^(c)
DENTSPLY SIRONA, Inc.		253		15	^(a)
Devon Energy Corp.		140		5	^(a)
Diamond Offshore Drilling, Inc.		819		14	^(a)(c)
Diamondback Energy, Inc.		64		6	*^(a)
Dollar General Corp.		58		4	^(a)
Duke Energy Corp.		160		13	^(a)
Eastman Chemical Co.		92		7	^(a)
Eaton Corp. PLC		276		18	^(a)
eBay, Inc.		612		17	*^(a)
Edison International		232		17	^(d)
Emergent BioSolutions, Inc.		29		1	*^(c)
Energen Corp.		110		6	^(a)
Ensco PLC Class A		980		8	^(a)
Entergy Corp.		148		11	^(a)
EOG Resources, Inc.		176		16	^(a)
EP Energy Corp. Class A		319		1	*^(c)
Equinix, Inc.		26		9
Everest Re Group Ltd.		36		7	^(a)
Exelixis, Inc.		177		2	*^(a)(c)
Exelon Corp.		396		13	^(d)
Express Scripts Holding Co.		57		4	*^(a)
Exxon Mobil Corp.		428		36	^(a)
Facebook, Inc. Class A		171		22	*^(a)
FedEx Corp.		71		12	^(a)
Fidelity National Information Services, Inc.		26		2	^(a)
Fifth Third Bancorp		695		15
FirstEnergy Corp.		330		11	^(a)
Fiserv, Inc.		38		4	*^(a)
Fitbit, Inc. Class A		114		2	*^(c)
Five Prime Therapeutics, Inc.		30		1	*^(a)
Foot Locker, Inc.		130		9	^(a)
Ford Motor Co.		2,345		28	^(d)
Forest City Realty Trust, Inc. Class A		362		8
Fresh Del Monte Produce, Inc.		284		17	^(a)
General Electric Co.		805		23	^(a)(d)
General Mills, Inc.		185		11	^(a)
General Motors Co.		138		4	^(a)
Gentex Corp.		687		12	^(c)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares		Value (000's omitted)
Genuine Parts Co.		192	$	17	^(a)(c)
Gilead Sciences, Inc.		178		13	^(a)
Glaukos Corp.		328		11	*^(c)
GNC Holdings, Inc. Class A		235		3
Goldman Sachs Group, Inc.		70		12	^(a)
Goodyear Tire & Rubber Co.		366		11	^(a)
Greif, Inc. Class B		81		5
Halliburton Co.		20		1	^(c)
Halyard Health, Inc.		28		1	*
Hartford Financial Services Group, Inc.		35		2	^(a)
Hasbro, Inc.		76		6	^(a)
Hawaiian Holdings, Inc.		511		23	*^(c)
HCA Holdings, Inc.		142		11	*^(a)
HD Supply Holdings, Inc.		202		7	*^(a)
Herbalife Ltd.		103		6	*^(c)
Hologic, Inc.		202		7	*^(a)
HP, Inc.		2,001		29	^(a)(d)
Huntington Ingalls Industries, Inc.		146		24	^(a)
IBM Corp.		84		13	^(a)
ICON PLC		100		8	*^(a)
IHS Markit Ltd.		553		20	*^(a)(c)
Ingram Micro, Inc. Class A		772		29	^(a)
Ingredion, Inc.		165		22	^(a)
Intel Corp.		392		14	^(a)
Intercontinental Exchange, Inc.		68		18	^(a)
International Game Game Technology PLC		119		3	^(a)(c)
InterpublicGroup of Cos., Inc.		289		6	^(a)
Intuitive Surgical, Inc.		2		1	*^(a)
J.M. Smucker Co.		37		5
Jacobs Engineering Group, Inc.		443		23	*^(a)
JetBlue Airways Corp.		1,310		23	*^(a)
Johnson & Johnson		323		37	^(a)
Joy Global, Inc.		418		12	^(a)
JPMorgan Chase & Co.		1,328		92	^(d)
Juniper Networks, Inc.		415		11	^(a)
Knowles Corp.		168		3	*^(c)
Kohl's Corp.		264		12	^(a)(c)
Kroger Co.		192		6	^(a)

	Number of Shares		Value (000's omitted)
L-3 Communications Holdings, Inc.		137	$	19	^(d)
Laboratory Corp. of America Holdings		143		18	*^(a)
Lam Research Corp.		130		13	^(a)
Laredo Petroleum, Inc.		546		7	*^(c)
Lear Corp.		124		15	^(a)
Leggett & Platt, Inc.		143		7	^(a)
Leidos Holdings, Inc.		545		23	^(a)
Lennar Corp. Class A		392		16	^(a)
Level 3 Communications, Inc.		198		11	*^(a)
Lincoln National Corp.		192		9
Lithia Motors, Inc. Class A		51		4
Loews Corp.		124		5	^(a)
Lowe's Cos., Inc.		157		10	^(a)
M&T BankCorp.		7		1	^(c)
Macy's, Inc.		326		12	^(d)
Manhattan Associates, Inc.		92		5	*^(a)
ManitowocCo., Inc.		611		2	^(c)
Marriott International, Inc. Class A		62		4
MasterCard, Inc. Class A		169		18	^(a)
McKesson Corp.		61		8	^(a)
Medtronic PLC		269		22	^(a)
Mentor Graphics Corp.		141		4	^(c)
Merck & Co., Inc.		244		14	^(a)
MetLife, Inc.		131		6	^(a)
MFA Financial, Inc.		107		1
MGM Resorts International		399		10	*^(a)
Michaels Cos., Inc		752		17	*^(a)
Microsoft Corp.		945		57	^(d)
Molson Coors Brewing Co. Class B		94		10	^(a)
Mondelez International, Inc. Class A		320		14	^(d)
Motorola Solutions, Inc.		247		18	^(a)
National Beverage Corp.		185		9	*^(a)
National Fuel Gas Co.		73		4	^(c)
Nevro Corp.		49		4	*

	Number of Shares		Value (000's omitted)
New Media Investment Group, Inc.		79	$	1	^(a)(c)
New Residential Investment Corp.		188		3
Newell Brands, Inc.		269		13	^(a)
Newfield Exploration Co.		135		5	*^(a)
Newmont Mining Corp.		278		10	^(a)
NiSource, Inc.		896		21	^(a)
Nordstrom, Inc.		117		6
Northrop Grumman Corp.		5		1	^(a)
Nucor Corp.		246		12	^(a)
NVIDIA Corp.		362		26	^(c)(d)
Office Depot, Inc.		930		3	^(c)
OGE Energy Corp.		286		9	^(a)
Old Republic International Corp.		198		3	^(a)
Oracle Corp.		627		24	^(a)
Ormat Technologies, Inc.		140		7	^(c)
Owens Corning		380		19	^(a)
Packaging Corp. of America		90		7	^(c)
Party City Holdco, Inc.		694		11	*^(a)(c)
PayPal Holdings, Inc.		195		8	*^(a)
PepsiCo, Inc.		70		7	^(a)
PerkinElmer, Inc.		142		7	^(a)
Pfizer, Inc.		1,428		45	^(a)
PG&E Corp.		13		1
Philip Morris International, Inc.		76		7
Phillips 66		119		10
Pinnacle Foods, Inc.		157		8	^(a)
Pinnacle West Capital Corp.		87		7	^(c)
Pioneer Natural Resources Co.		51		9	^(a)
Ply Gem Holdings, Inc.		101		1	*^(a)
PNC Financial Services Group, Inc.		310		30	^(d)
Pool Corp.		91		8	^(a)
Popular, Inc.		126		5	^(a)
PPG Industries, Inc.		50		5
Priceline Group, Inc.		4		6	*
Procter & Gamble Co.		547		47	^(a)
Prudential Financial, Inc.		285		24	^(a)
PVH Corp.		125		13	^(a)
Qorvo, Inc.		14		1	*^(c)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares		Value (000's omitted)
Quad/Graphics, Inc.		652	$	15	^(a)(c)
Quest Diagnostics, Inc.		372		30	^(a)
Ralph LaurenCorp.		79		8	^(a)
Range Resources Corp.		149		5
Regions Financial Corp.		1,552		17	^(a)
Reinsurance Group of America, Inc.		182		20	^(a)
Reliance Steel & Aluminum Co.		376		26	^(a)
Republic Services, Inc.		171		9	^(a)
Roper Technologies, Inc.		77		13	^(a)
RPM International, Inc.		149		7
salesforce.com, inc.		79		6	*^(a)
Sanmina Corp.		80		2	*^(a)
SCANA Corp.		87		6	^(c)
Schlumberger Ltd.		330		26	^(a)
Sensient Technologies Corp.		161		12	^(a)
Service Corp. International		318		8
ServiceMaster Global Holdings, Inc.		190		7	*
Shenandoah Telecommunications Co.		62		2	^(c)
Signet Jewelers Ltd.		64		5	^(a)
SkyWest, Inc.		123		4	^(c)
Sonoco Products Co.		242		12	^(c)
Southwest Airlines Co.		282		11	^(a)
Sprint Corp.		1,007		6	*^(a)
Starbucks Corp.		136		7
Steel Dynamics, Inc.		786		22	^(a)(c)
Stratasys Ltd.		52		1	*
Stryker Corp.		29		3	^(a)
SunTrust Banks, Inc.		708		32	^(a)(d)
SUPERVALU, Inc.		204		1	*^(c)
Synchrony Financial		225		6	^(a)
SYNNEX Corp.		23		2	^(a)(c)
Sysco Corp.		302		15	^(a)
T-Mobile US, Inc.		259		13	*^(a)
Tahoe Resources, Inc.		171		2	^(c)
Target Corp.		170		12	^(a)
Tech Data Corp.		64		5	*^(a)(c)
Teleflex, Inc.		116		17	^(a)

	Number of Shares		Value (000's omitted)
Telephone & Data Systems, Inc.		112	$	3	^(a)
Texas Instruments, Inc.		290		21	^(a)
Thermo Fisher Scientific, Inc.		85		12
Thomson Reuters Corp.		56		2
Tile Shop Holdings, Inc.		356		6	*^(c)
Time Warner, Inc.		65		6
TiVo Corp.		101		2	*^(a)(c)
TJX Cos., Inc.		72		5	^(a)
Total System Services, Inc.		89		4	^(a)
TransUnion		442		14	*^(a)
Travelers Cos., Inc.		58		6
Trinity Industries, Inc.		81		2	^(a)(c)
Trinseo SA		355		19	^(a)
Twenty-First Century Fox, Inc. Class A		384		10	^(a)
Tyler Technologies, Inc.		49		8	*^(a)
Tyson Foods, Inc. Class A		313		22	^(a)
U.S. Bancorp		201		9	^(a)
United Continental Holdings, Inc.		85		5	*^(a)
United Natural Foods, Inc.		215		9	*^(a)
United Rentals, Inc.		162		12	*^(a)
United Therapeutics Corp.		7		1	*^(c)
UnitedHealth Group, Inc.		307		43	^(a)
Universal Display Corp.		13		1	*^(c)
Universal Forest Products, Inc.		98		8
Universal Health Services, Inc. Class B		126		15	^(a)
Unum Group		383		14	^(a)
Valmont Industries, Inc.		77		10	^(a)
Vantiv, Inc. Class A		214		12	*^(a)
VCA, Inc.		38		2	*^(a)
Verint Systems, Inc.		134		5	*^(c)
VeriSign, Inc.		116		10	*^(c)
Verisk Analytics, Inc.		87		7	*
Verizon Communications, Inc.		755		36	^(a)(d)
Visa, Inc. Class A		132		11	^(d)

	Number of Shares		Value (000's omitted)
VMware, Inc. Class A		106	$	8	*^(c)
W. R. Berkley Corp.		106		6	^(a)
W.W. Grainger, Inc.		36		7	^(c)
Wabash National Corp.		125		1	*^(c)
WageWorks, Inc.		111		7	*^(a)
Wal-Mart Stores, Inc.		455		32	^(a)(d)
Walgreens Boots Alliance, Inc.		190		16	^(a)
Walt Disney Co.		95		9	^(a)
Waste Management, Inc.		96		6	^(a)
Wayfair, Inc. Class A		30		1	*^(c)
WellCare Health Plans, Inc.		76		9	*^(a)
Wells Fargo & Co.		285		13	^(a)
West Pharmaceutical Services, Inc.		249		19	^(d)
Westar Energy, Inc.		256		15	^(a)
Western Digital Corp.		160		9	^(a)
Western Union Co.		425		9	^(c)
Weyerhaeuser Co.		358		11
Whirlpool Corp.		65		10	^(a)(c)
WhiteWave Foods Co.		160		9	*
Whole Foods Market, Inc.		424		12	^(c)
Worthington Industries, Inc.		45		2
Wyndham Worldwide Corp.		85		6	^(a)
Xencor, Inc.		80		2	*^(c)
Xerox Corp.		2,301		22	^(a)
Xilinx, Inc.		114		6	^(a)
Yahoo! Inc.		36		1	*^(a)
Zimmer Biomet Holdings, Inc.		100		11	^(d)
Zoetis, Inc.		162		8
				4,182
Total Common Stocks (Cost $6,312)				6,533
	Principal Amount^(e)(000's omitted)
U.S. Treasury Obligations (4.6%)
U.S. Treasury Bonds
4.50%, due 2/15/36	$	21		29
3.88%, due 8/15/40		13		16

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Principal Amount^(e)(000's omitted)		Value (000's omitted)
3.00%, due 11/15/44	$	65	$	71	^(d)
2.50%, due 2/15/46		10		10
U.S. Treasury Inflation- Indexed Bonds
0.13%, due 7/15/24		61		61	^(d)(m)
2.38%, due 1/15/25		19		23	^(m)
0.63%, due 1/15/26		20		21	^(m)
2.38%, due 1/15/27		18		22	^(m)
1.75%, due 1/15/28		6		7	^(m)
2.50%, due 1/15/29		34		42	^(m)
3.88%, due 4/15/29		89		127	^(m)
3.38%, due 4/15/32		43		63	^(m)
2.13%, due 2/15/40		17		22	^(m)
0.75%, due 2/15/42		13		13	^(m)
0.63%, due 2/15/43		49		48	^(m)
0.75%, due 2/15/45		66		67	^(m)
U.S. Treasury Inflation- Indexed Notes, 0.13%, due 1/15/23		31		32	^(m)
U.S. Treasury Notes
0.75%, due 1/31/18		221		221
1.38%, due 4/30/20		48		48
4.75%, due 2/15/37		3		4
Total U.S. Treasury Obligations (Cost $937)				947
U.S. Government Agency Security (0.3%)
Federal Home Loan Bank, 5.50%, due 7/15/36 (Cost $57)		40		56	^(a)

	Principal Amount^(e)(000's omitted)		Value (000's omitted)
Mortgage-Backed Securities (0.8%)
Fannie Mae (0.3%)
4.50%, TBA, 30 Year Maturity	$	60	$	66	^(f)
Freddie Mac (0.5%)
4.00%, TBA, 30 Year Maturity		85		91	^(f)
Total Mortgage- Backed Securities (Cost $157)				157
Foreign Government Securities (8.0%)
Australia Government Bond
3.25%, due 4/21/29	AUD	30		25	^(g)
2.00%, due 8/21/35	AUD	15		15	^(g)
3.25%, due 6/21/39	AUD	40		32	^(g)
1.25%, due 8/21/40	AUD	20		17	^(g)
Canadian Government Bond
4.25%, due 6/1/18	CAD	145		114	^(a)
4.25%, due 12/1/21	CAD	23		21	^(a)
5.75%, due 6/1/33	CAD	40		47	^(a)
1.50%, due 12/1/44	CAD	17		17	^(a)
1.25%, due 12/1/47	CAD	10		10	^(a)
French Republic Government Bond OAT
1.75%, due 11/25/24	EUR	25		31	^(g)
3.25%, due 5/25/45	EUR	70		113	^(g)
Italy Buoni Poliennali Del Tesoro
3.10%, due 9/15/26	EUR	32		43	^(g)
4.00%, due 2/1/37	EUR	30		41	^(g)
2.55%, due 9/15/41	EUR	11		15	^(g)
2.70%, due 3/1/47	EUR	5		5	^(b)(g)

	Principal Amount^(e)(000's omitted)		Value (000's omitted)
Japanese Government Twenty Year Bond, 0.50%, due 9/20/36	JPY	6,000	$	58
Japanese Government CPI Linked Bond, 0.10%, due 3/10/25	JPY	11,155		112	^(m)
Mexican Bonos, Ser. M, 7.75%, due 11/13/42	MXN	840		50	^(a)
New Zealand Government Bond
Ser. 925, 2.00%, due 9/20/25	NZD	15		12	^(g)
Ser. 427, 4.50%, due 4/15/27	NZD	80		67	^(g)
Ser. 935, 2.50%, due 9/20/2035	NZD	75		59	^(g)
South Africa Government Bond, Ser. R214, 6.50%, due 2/28/41	ZAR	730		39
Spain Government Bond, 4.65%, due 7/30/25	EUR	45		64	^(a)(b)(g)
Spain Government Inflation Linked Bond, 1.00%, due 11/30/30	EUR	5		6	^(a)(b)(g)
United Kingdom Gilt
1.75%, due 7/22/19	GBP	125		159	^(g)
1.75%, due 9/7/22	GBP	135		175	^(g)
4.25%, due 12/7/27	GBP	75		119	^(g)
United Kingdom Gilt Inflation Linked Bonds, 0.13%, due 11/22/19	GBP	11		14	^(g)(m)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Principal Amount^(e)(000's omitted)		Value (000's omitted)
United Kingdom Gilt Inflation Linked Bonds
0.13%, due 3/22/2029	GBP	22	$	35	^(g)(m)
0.13%, due 3/22/2044	GBP	71		141	^(g)(m)
Total Foreign Government Securities (Cost $1,757)				1,656
	Number of Shares
Exchange Traded Funds (2.4%)
iShares 10+ Year Credit Bond ETF		2,500		154	^(a)
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,400		169	^(a)
SPDR Barclays Long Term Corporate Bond ETF		4,450		185	^(a)
Total Exchange Traded Funds (Cost $488)				508
Investment Companies (55.0%)
Neuberger Berman Emerging Markets Debt Fund Institutional Class		122,360		1,089	^(h)
Neuberger Berman Emerging Markets Equity Fund Class R6		83,409		1,360	^(h)
Neuberger Berman Floating Rate Income Fund Institutional Class		155,344		1,537	^(h)
Neuberger Berman Genesis Fund Class R6		19,987		1,092	^(h)
Neuberger Berman High Income Bond Fund Class R6		48,844		425	^(h)

	Number of Shares			Value (000's omitted)
Neuberger Berman International Select Fund Institutional Class		344,206		$	3,658	^(h)
Neuberger Berman Long Short Credit Fund Class R6		82,815			790	^(h)
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		97,139			582	*^(h)
Neuberger Berman U.S. Equity Index PutWrite Strategy Fund Class R6		86,224			871	^(h)
Total Investment Companies (Cost $11,503)					11,404
Short-Term Investment (1.4%)
Investment Company (1.4%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26% (Cost $292)		292,006			292	^(a)(i)
Total Long Positions (103.9%) (Cost $21,503)					21,553
Short Positions ((11.2)%)^(j)
Common Stocks Sold Short (11.2%)
Australia (0.1%)
Amcor Ltd.		(527	)		(6	)
APA Group		(950	)		(6	)
Woodside Petroleum Ltd.		(307	)		(6	)
					(18	)
Austria (0.0%)
ams AG		(174	)		(5	)
Belgium (0.1%)
Anheuser-Busch InBev SA		(53	)		(6	)
Solvay SA		(106	)		(12	)
					(18	)
Canada (0.1%)
CI Financial Corp.		(357	)		(7	)
Dollarama, Inc.		(81	)		(6	)
Franco-Nevada Corp.		(89	)		(6	)

	Number of Shares			Value (000's omitted)
Gildan Activewear, Inc.		(273	)	$	(7	)
					(26	)
Chile (0.0%)
Antofagasta PLC		(1,238	)		(8	)
China (0.1%)
Galaxy Entertainment Group Ltd.		(1,000	)		(4	)
MGM China Holdings Ltd.		(4,400	)		(7	)
Wynn Macau Ltd.		(4,800	)		(8	)
					(19	)
Denmark (0.1%)
Chr Hansen Holding A/S		(106	)		(6	)
Danske Bank A/S		(233	)		(7	)
Pandora A/S		(83	)		(11	)
William Demant Holding A/S		(473	)		(9	)*
					(33	)
Finland (0.1%)
Konecranes OYJ		(193	)		(7	)
Wartsila OYJ Abp		(213	)		(9	)
					(16	)
France (0.8%)
Accor SA		(163	)		(6	)
Aeroports de Paris		(72	)		(7	)
Air Liquide SA		(110	)		(11	)
Bollore SA		(2,595	)		(9	)
Capgemini SA		(63	)		(5	)
Danone SA		(109	)		(8	)
Electricite de France SA		(675	)		(8	)
Groupe Eurotunnel SE		(612	)		(6	)
Iliad SA		(48	)		(10	)
Imerys SA		(134	)		(9	)
Kering		(31	)		(7	)
L'Oreal SA		(43	)		(8	)
Legrand SA		(139	)		(8	)
Orpea		(85	)		(7	)
Pernod Ricard SA		(52	)		(6	)
SFR Group SA		(350	)		(9	)
Suez		(584	)		(9	)
Veolia Environnement SA		(335	)		(7	)
Virbac SA		(29	)		(5	)*
Wendel SA		(77	)		(9	)
Zodiac Aerospace		(453	)		(11	)
					(165	)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares			Value (000's omitted)
Germany (0.4%)
Brenntag AG		(131	)	$	(7	)
Daimler AG		(105	)		(7	)
HUGO BOSS AG		(132	)		(8	)
Infineon Technologies AG		(417	)		(8	)
LEG Immobilien AG		(78	)		(7	)*
Merck KGaA		(59	)		(6	)
ProSiebenSat.1 Media SE		(237	)		(10	)
Siemens AG		(68	)		(8	)
Symrise AG		(82	)		(6	)
Vonovia SE		(211	)		(7	)
Zalando SE		(154	)		(7	)*^(b)
					(81	)
Hong Kong (0.1%)
Hong Kong Exchanges & Clearing Ltd.		(200	)		(5	)
Melco International Development Ltd.		(6,000	)		(8	)
					(13	)
Ireland (0.1%)
CRH PLC		(259	)		(8	)
Kerry Group PLC Class A		(70	)		(5	)
					(13	)
Italy (0.1%)
Atlantia SpA		(279	)		(7	)
Terna Rete Elettrica Nazionale SpA		(1,453	)		(7	)
					(14	)
Japan (1.2%)
Aeon Mall Co. Ltd.		(500	)		(7	)
Ajinomoto Co., Inc.		(200	)		(5	)
Calbee, Inc.		(200	)		(7	)
Canon, Inc.		(200	)		(6	)
Chugai Pharmaceutical Co. Ltd.		(100	)		(3	)
Eisai Co. Ltd.		(100	)		(6	)
Hokuriku Electric Power Co.		(500	)		(6	)

	Number of Shares			Value (000's omitted)
Hulic Co. Ltd.		(800	)	$	(8	)
Inpex Corp.		(1,107	)		(10	)
Japan Exchange Group, Inc.		(600	)		(9	)
LIXIL Group Corp.		(400	)		(9	)
Minebea Co. Ltd.		(600	)		(6	)
NGK Insulators Ltd.		(200	)		(4	)
NGK Spark Plug Co. Ltd.		(300	)		(6	)
Nomura Holdings, Inc.		(1,700	)		(9	)
NTT Urban Development Corp.		(800	)		(7	)
Ono Pharmaceutical Co. Ltd.		(300	)		(8	)
Oriental Land Co. Ltd.		(200	)		(12	)
Otsuka Holdings Co. Ltd.		(200	)		(9	)
Seibu Holdings, Inc.		(400	)		(7	)
Seven & i Holdings Co. Ltd.		(200	)		(8	)
Sony Financial Holdings, Inc.		(500	)		(7	)
Sumitomo Metal Mining Co. Ltd.		(1,000	)		(13	)
Suntory Beverage & Food Ltd.		(200	)		(9	)
Sysmex Corp.		(100	)		(7	)
Takeda Pharmaceutical Co. Ltd.		(300	)		(13	)
Tokyo Gas Co. Ltd.		(3,000	)		(14	)
Topcon Corp.		(500	)		(8	)
Toray Industries, Inc.		(1,000	)		(9	)
Unicharm Corp.		(300	)		(7	)
Yakult Honsha Co. Ltd.		(200	)		(9	)
					(248	)

	Number of Shares			Value (000's omitted)
Luxembourg (0.1%)
Eurofins Scientific SE		(24	)	$	(11	)
Netherlands (0.2%)
Altice NV Class A		(737	)		(14	)*
Altice NV Class B		(398	)		(7	)*
Heineken NV		(101	)		(8	)
Koninklijke Philips NV		(363	)		(11	)
OCI NV		(349	)		(5	)*
					(45	)
Singapore (0.1%)
Broadcom Ltd.		(68	)		(12	)
Genting Singapore PLC		(13,200	)		(7	)
					(19	)
Spain (0.1%)
Amadeus IT Group SA		(166	)		(8	)
Iberdrola SA		(1,213	)		(8	)
					(16	)
Sweden (0.3%)
Assa Abloy AB, B Shares		(280	)		(5	)
Betsson AB		(587	)		(6	)*
Castellum AB		(439	)		(6	)
Hennes & Mauritz AB, B Shares		(337	)		(9	)
Hexpol AB		(667	)		(6	)
Kinnevik AB, B Shares		(243	)		(6	)
Lundin Petroleum AB		(356	)		(6	)*
Skandinaviska Enskilda Banken AB Class A		(665	)		(7	)
Svenska Handelsbanken AB, A Shares		(489	)		(7	)
Telia Co. AB		(1,536	)		(6	)
					(64	)
Switzerland (0.1%)
Adecco Group AG		(105	)		(6	)
Dufry AG		(52	)		(6	)*
LafargeHolcim Ltd.		(185	)		(10	)*

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares			Value (000's omitted)
Nestle SA		(77	)	$	(6	)
Sonova Holding AG		(44	)		(6	)
					(34	)
United Arab Emirates (0.0%)
NMC Health PLC		(363	)		(6	)
United Kingdom (1.0%)
Capita PLC		(725	)		(5	)
Capital & Counties Properties PLC		(2,247	)		(8	)
Croda International PLC		(248	)		(11	)
Delphi Automotive PLC		(144	)		(9	)
Diageo PLC		(216	)		(6	)
Essentra PLC		(929	)		(6	)
Hargreaves Lansdown PLC		(380	)		(5	)
Imperial Brands PLC		(115	)		(6	)
Inmarsat PLC		(909	)		(8	)
International Consolidated Airlines Group SA		(1,189	)		(6	)
ITV PLC		(4,425	)		(9	)
Next PLC		(129	)		(8	)
Pennon Group PLC		(525	)		(5	)
Pentair PLC		(95	)		(5	)
Provident Financial PLC		(236	)		(8	)
Reckitt Benckiser Group PLC		(64	)		(6	)
Rolls-Royce Holdings PLC		(27,094	)		(0	)*^(k)(l)(n)
Rolls-Royce Holdings PLC		(589	)		(5	)*
Rotork PLC		(2,885	)		(7	)
Sky PLC		(757	)		(8	)
Sophos Group PLC		(1,889	)		(5	)^(b)
St. James's Place PLC		(510	)		(6	)
Ted Baker PLC		(359	)		(11	)
Travis Perkins PLC		(286	)		(5	)

	Number of Shares			Value (000's omitted)
Tullow Oil PLC		(3,221	)	$	(10	)*
Unilever NV		(184	)		(8	)
United Utilities Group PLC		(837	)		(10	)
Vodafone Group PLC		(2,213	)		(6	)
Whitbread PLC		(208	)		(9	)
					(201	)
United States (6.0%)
3M Co.		(66	)		(11	)
Accenture PLC Class A		(67	)		(8	)
Acuity Brands, Inc.		(22	)		(5	)
AdvanSix, Inc.		(3	)		(0	)*^(l)
Allegion PLC		(86	)		(5	)
Allergan PLC		(25	)		(5	)*
Alliance Data Systems Corp.		(30	)		(6	)
Amazon.com, Inc.		(10	)		(8	)*
American Airlines Group, Inc.		(227	)		(9	)
American Water Works Co., Inc.		(80	)		(6	)
AmerisourceBergen Corp.		(87	)		(6	)
AMETEK, Inc.		(243	)		(11	)
Anadarko Petroleum Corp.		(109	)		(6	)
Analog Devices, Inc.		(169	)		(11	)
Antero Resources Corp.		(226	)		(6	)*
Applied Materials, Inc.		(205	)		(6	)
Aqua America, Inc.		(194	)		(6	)
Arch Capital Group Ltd.		(91	)		(7	)*
Atmos Energy Corp.		(82	)		(6	)
Autodesk, Inc.		(97	)		(7	)*
Ball Corp.		(153	)		(12	)
Blue Buffalo Pet Products, Inc.		(234	)		(6	)*
BorgWarner, Inc.		(178	)		(6	)

	Number of Shares			Value (000's omitted)
Brown-Forman Corp. Class A		(166	)	$	(8	)
Brown-Forman Corp. Class B		(235	)		(11	)
Cabot Oil & Gas Corp.		(237	)		(5	)
Caterpillar, Inc.		(95	)		(8	)
CBRE Group, Inc. Class A		(256	)		(7	)*
Cerner Corp.		(95	)		(6	)*
CF Industries Holdings, Inc.		(390	)		(9	)
Charles Schwab Corp.		(352	)		(11	)
Charter Communications, Inc. Class A		(24	)		(6	)*
Cheniere Energy, Inc.		(138	)		(5	)*
Chipotle Mexican Grill, Inc.		(19	)		(7	)*
CME Group, Inc.		(58	)		(6	)
Coach, Inc.		(194	)		(7	)
Colgate-Palmolive Co.		(134	)		(10	)
ConocoPhillips		(228	)		(10	)
Continental Resources, Inc.		(124	)		(6	)*
CVS Health Corp.		(108	)		(9	)
Deere & Co.		(107	)		(9	)
DISH Network Corp. Class A		(123	)		(7	)*
Dominion Resources, Inc.		(155	)		(12	)
Dover Corp.		(83	)		(6	)
Edwards Lifesciences Corp.		(52	)		(5	)*
Electronic Arts, Inc.		(74	)		(6	)*
EQT Corp.		(92	)		(6	)
Equinix, Inc.		(26	)		(9	)
Exelon Corp.		(178	)		(6	)
Expedia, Inc.		(84	)		(11	)
Exxon Mobil Corp.		(75	)		(6	)
F5 Networks, Inc.		(49	)		(7	)*

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares			Value (000's omitted)
FactSet Research Systems, Inc.		(63	)	$	(10	)
Fastenal Co.		(273	)		(11	)
FedEx Corp.		(56	)		(10	)
Flowserve Corp.		(125	)		(5	)
Gartner, Inc.		(67	)		(6	)*
General Dynamics Corp.		(46	)		(7	)
Global Payments, Inc.		(80	)		(6	)
H&R Block, Inc.		(375	)		(9	)
Hanesbrands, Inc.		(443	)		(11	)
Harley-Davidson, Inc.		(114	)		(6	)
Harman International Industries, Inc.		(120	)		(10	)
Harris Corp.		(85	)		(8	)
Hershey Co.		(56	)		(6	)
Hess Corp.		(109	)		(5	)
Home Depot, Inc.		(49	)		(6	)
Honeywell International, Inc.		(87	)		(10	)
Hormel Foods Corp.		(157	)		(6	)
Howard Hughes Corp.		(71	)		(8	)*
Illumina, Inc.		(35	)		(5	)*
Intercontinental Exchange, Inc.		(22	)		(6	)
International Flavors & Fragrances, Inc.		(61	)		(8	)
Intuit, Inc.		(76	)		(8	)
J.B. Hunt Transport Services, Inc.		(87	)		(7	)
Kennedy-Wilson Holdings, Inc.		(504	)		(10	)
Kraft Heinz Co.		(68	)		(6	)
L Brands, Inc.		(79	)		(6	)
Las Vegas Sands Corp.		(118	)		(7	)
Linear Technology Corp.		(111	)		(7	)
LinkedIn Corp. Class A		(32	)		(6	)*

	Number of Shares			Value (000's omitted)
Lockheed Martin Corp.		(47	)	$	(12	)
Marathon Petroleum Corp.		(147	)		(6	)
Markel Corp.		(6	)		(5	)*
MasterCard, Inc. Class A		(128	)		(14	)
McDonald's Corp.		(84	)		(9	)
Mead Johnson Nutrition Co.		(113	)		(8	)
MEDNAX, Inc.		(95	)		(6	)*
Microchip Technology, Inc.		(180	)		(11	)
Micron Technology, Inc.		(381	)		(6	)*
Middleby Corp.		(63	)		(7	)*
Monsanto Co.		(106	)		(11	)
Monster Beverage Corp.		(46	)		(7	)*
Moody's Corp.		(105	)		(11	)
Mosaic Co.		(210	)		(5	)
Motorola Solutions, Inc.		(80	)		(6	)
NetApp, Inc.		(176	)		(6	)
Netflix, Inc.		(108	)		(13	)*
NetSuite, Inc.		(56	)		(5	)*
Newell Brands, Inc.		(125	)		(6	)
NextEra Energy, Inc.		(75	)		(10	)
NIKE, Inc. Class B		(176	)		(9	)
Noble Energy, Inc.		(241	)		(8	)
Northern Trust Corp.		(103	)		(7	)
Pacira Pharmaceuticals, Inc.		(143	)		(5	)*
Pandora Media, Inc.		(437	)		(5	)*
Parker-Hannifin Corp.		(70	)		(9	)
Pattern Energy Group, Inc.		(259	)		(6	)
Paychex, Inc.		(102	)		(6	)

	Number of Shares			Value (000's omitted)
Perrigo Co. PLC		(90	)	$	(7	)
Pioneer Natural Resources Co.		(34	)		(6	)
Platform Specialty Products Corp.		(674	)		(5	)*
Polaris Industries, Inc.		(78	)		(6	)
PPG Industries, Inc.		(84	)		(8	)
Praxair, Inc.		(66	)		(8	)
QUALCOMM, Inc.		(159	)		(11	)
Reynolds American, Inc.		(124	)		(7	)
Rite Aid Corp.		(950	)		(6	)*
Rockwell Automation, Inc.		(93	)		(11	)
Roper Technologies, Inc.		(70	)		(12	)
S&P Global, Inc.		(92	)		(11	)
Sabre Corp.		(222	)		(6	)
SBA Communications Corp. Class A		(91	)		(10	)*
Sealed Air Corp.		(245	)		(11	)
SEI Investments Co.		(160	)		(7	)
Sempra Energy		(98	)		(10	)
Signature Bank		(86	)		(10	)*
Skyworks Solutions, Inc.		(131	)		(10	)
Southern Co.		(155	)		(8	)
Southern Copper Corp.		(470	)		(13	)
SS&C Technologies Holdings, Inc.		(227	)		(7	)
St. Jude Medical, Inc.		(141	)		(11	)
Starbucks Corp.		(195	)		(10	)
Stericycle, Inc.		(79	)		(6	)*
Stryker Corp.		(67	)		(8	)
SVB Financial Group		(58	)		(7	)*

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

	Number of Shares			Value (000's omitted)
TD Ameritrade Holding Corp.		(312	)	$	(11	)
Team Health Holdings, Inc.		(180	)		(8	)*
Tiffany & Co.		(106	)		(8	)
Tractor Supply Co.		(96	)		(6	)
TransDigm Group, Inc.		(22	)		(6	)
Ultimate Software Group, Inc.		(30	)		(6	)*
Under Armour, Inc. Class A		(283	)		(9	)*
Union Pacific Corp.		(76	)		(7	)
Valspar Corp.		(112	)		(11	)

	Number of Shares			Value (000's omitted)
Varian Medical Systems, Inc.		(70	)	$	(6	)*
Verisk Analytics, Inc.		(75	)		(6	)*
VF Corp.		(174	)		(9	)
Visa, Inc. A Shares		(145	)		(12	)
WABCO Holdings, Inc.		(58	)		(6	)*
Wabtec Corp.		(115	)		(9	)
Walt Disney Co.		(100	)		(9	)
WEC Energy Group, Inc.		(150	)		(9	)
WestRock Co.		(138	)		(6	)
WhiteWave Foods Co.		(204	)		(11	)*

	Number of Shares			Value (000's omitted)
Whole Foods Market, Inc.		(201	)	$	(6	)
WW Grainger, Inc.		(53	)		(11	)
Wynn Resorts Ltd.		(94	)		(9	)
Yum! Brands, Inc.		(69	)		(6	)
Zoetis, Inc.		(215	)		(10	)
					(1,244	)
Total Short Positions (Proceeds $(2,368))					(2,317	)
Total Investments (92.7%) (Cost $19,135)					19,236
Other Assets Less Liabilities (7.3%)					1,515⁽ⁿ⁾
Net Assets (100.0%)				$	20,751

* Non-income producing security.

(a) All or a portion of this security is segregated in connection with obligations for TBAs and/or options written and/or securities sold short and/or futures and/or forward foreign currency contracts with a total value of approximately $4,167,000.

(b) Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $120,000 of long positions and $(12,000) of short positions, or 0.6% and (0.1%), respectively, of net assets for the Fund. Securities denoted with a (b) but without a (k) have been deemed by the investment manager to be liquid.

(c) The security or a portion of this security is on loan at 10/31/2016. Total value of all such securities at 10/31/2016 amounted to approximately $227,000 for the Fund. (see Note A of the Notes to Financial Statements)

(d) All or a portion of the security is pledged as collateral for securities sold short and/or options written.

(e) Principal amount is stated in the currency in which the security is denominated.

AUD = Australian Dollar

CAD = Canadian Dollar

EUR = Euro

GBP = Pound Sterling

JPY = Japanese Yen

MXN = Mexican Peso

NZD = New Zealand Dollar

ZAR = South African Rand

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

(f) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at 10/31/2016 amounted to approximately $157,000, which represents 0.8% of net assets of the Fund.

(g) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at 10/31/2016 amounted to approximately $1,188,000, which represents 5.7% of net assets of the Fund.

(h) Affiliated company (see Note F of the Notes to Financial Statements).

(i) Represents 7-day effective yield as of 10/31/2016.

(j) At 10/31/2016 the Fund had approximately $1,383,000 deposited in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short. This collateral is made up of the proceeds from the securities sold short and collateral received from security lending activities.

(k) Illiquid security.

(l) Amount less than one thousand.

(m) Index-linked bond whose principal amount adjusts according to a government retail price index.

(n) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Board of Trustees ("Board"). Total value of all such securities at 10/31/2016 amounted to approximately $(0), which represents approximately (0.0)% of net assets of the Fund.

(o) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

6/19/2017

1 Canadian Bankers Acceptance, 90 Day

Long

(28

)

12/19/2016

2 Canadian Treasury Bond, 10 Year

Long

(3,048

)

12/19/2016

3 Euro

Long

(9,893

)

12/8/2016

1 Euro-BOBL

Long

(1,013

)

12/8/2016

1 Euro-BTP

Long

(6,204

)

12/8/2016

1 EUR Bund

Long

(3,746

)

12/8/2016

1 Euro-OAT

Long

(4,130

)

12/8/2016

2 Euro- SCHATZ

Long

(39

)

12/16/2016

4 FTSE 100 Index

Long

10,614

12/19/2016

3 Japanese Yen

Long

(8,693

)

12/16/2016

5 Mini MSCI Emerging Markets Index

Long

(3,102

)

12/19/2016

1 Pound Sterling

Long

(5,954

)

12/16/2016

1 Russell 2000 Index Mini

Long

(2,090

)

12/16/2016

4 S&P 500 E-Mini Index

Long

(4,969

)

12/30/2016

4 U.S. Treasury Note, 2 Year

Long

(1,451

)

12/20/2016

8 U.S. Treasury Note, 10 Year

Long

(13,685

)

12/20/2016

2 Canadian Dollar

Short

2,822

12/8/2016

2 Euro-Bund

Short

3,979

12/19/2016

2 New Zealand Dollar

Short

1,592

12/19/2016

4 Pound Sterling

Short

23,760

12/28/2016

1 UK Long Gilt Bond

Short

7,513

12/30/2016

7 U.S. Treasury Note, 5 Year

Short

4,717

12/20/2016

1 U.S. Treasury Note, 10 Year

Short

1,762

Total

(11,286

)

At October 31, 2016, the notional value of futures for the Fund was $5,156,086 for long positions and $(2,082,744) for short positions. The Fund had $122,793 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $4,721,962 for long positions and $(2,414,966) for short positions.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Forward foreign currency contracts ("forward contracts")

At October 31, 2016, open forward contracts for the Fund were as follows:

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	94,962	Australian Dollar	$	71,840	Deutsche Bank AG	11/16/16	$	371
	92,883	Australian Dollar		71,291	Goldman Sachs International	11/16/16		(662	)
	34,396	Australian Dollar		25,954	Goldman Sachs International	11/16/16		201
	15,770	Australian Dollar		11,958	Royal Bank of Canada	11/16/16		33
	22,911	Australian Dollar		17,469	Royal Bank of Canada	11/16/16		(47	)
	231,910	Australian Dollar		174,933	Societe Generale	11/16/16		1,415
	33,302	Australian Dollar		25,255	Societe Generale	11/16/16		68
	53,676	Australian Dollar		40,209	Societe Generale	11/16/16		607
	49,603	Australian Dollar		37,374	Societe Generale	11/16/16		345
	94,962	Australian Dollar		72,646	Societe Generale	11/16/16		(436	)
	55,298	Australian Dollar		42,292	State Street Bank and Trust Company	11/16/16		(243	)
	65,948	Australian Dollar		49,405	State Street Bank and Trust Company	11/16/16		743
	79,168	Australian Dollar		60,230	State Street Bank and Trust Company	11/16/16		(29	)
	91,395	Australian Dollar		70,026	State Street Bank and Trust Company	11/16/16		(528	)
	111,693	Australian Dollar		85,623	State Street Bank and Trust Company	11/16/16		(690	)
	30,821	Australian Dollar		23,343	State Street Bank and Trust Company	11/16/16		94
	348,328	Canadian Dollar		267,434	Deutsche Bank AG	11/16/16		(7,714	)
	48,789	Canadian Dollar		37,081	Goldman Sachs International	11/16/16		(703	)
	82,737	Canadian Dollar		61,808	Goldman Sachs International	11/16/16		(117	)
	31,779	Canadian Dollar		24,033	Goldman Sachs International	11/16/16		(338	)
	40,479	Canadian Dollar		30,754	Royal Bank of Canada	11/16/16		(572	)
	348,328	Canadian Dollar		266,122	Societe Generale	11/16/16		(6,401	)
	697,390	Canadian Dollar		532,764	Societe Generale	11/16/16		(12,775	)
	29,555	Canadian Dollar		22,556	Societe Generale	11/16/16		(519	)
	200,819	Canadian Dollar		151,547	Societe Generale	11/16/16		(1,812	)
	152,718	Canadian Dollar		117,298	State Street Bank and Trust Company	11/16/16		(3,428	)
	147,495	Canadian Dollar		112,497	State Street Bank and Trust Company	11/16/16		(2,522	)
	56,789	Canadian Dollar		43,681	State Street Bank and Trust Company	11/16/16		(1,338	)
	55,163	Canadian Dollar		41,687	State Street Bank and Trust Company	11/16/16		(556	)
	21,921	Canadian Dollar		16,672	State Street Bank and Trust Company	11/16/16		(328	)
	36,217	Canadian Dollar		28,232	State Street Bank and Trust Company	11/16/16		(1,227	)
	19,874	Euro		22,330	Deutsche Bank AG	11/16/16		(502	)
	50,810	Euro		56,787	Goldman Sachs International	11/16/16		(980	)
	125,608	Euro		140,835	Goldman Sachs International	11/16/16		(2,873	)
	13,338	Euro		14,967	Royal Bank of Canada	11/16/16		(318	)
	43,295	Euro		48,381	Royal Bank of Canada	11/16/16		(828	)
	54,098	Euro		60,685	Royal Bank of Canada	11/16/16		(1,266	)
	12,768	Euro		14,357	Royal Bank of Canada	11/16/16		(333	)
	45,443	Euro		50,845	Royal Bank of Canada	11/16/16		(932	)
	38,615	Euro		42,060	Societe Generale	11/16/16		353
	40,707	Euro		45,741	Societe Generale	11/16/16		(1,030	)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	14,630	Euro	$	16,236	Societe Generale	11/16/16	$	(167	)
	42,290	Euro		46,546	Societe Generale	11/16/16		(96	)
	48,485	Euro		54,421	Societe Generale	11/16/16		(1,167	)
	19,912	Euro		22,284	State Street Bank and Trust Company	11/16/16		(413	)
	37,390	Euro		41,951	State Street Bank and Trust Company	11/16/16		(884	)
	33,525	Euro		37,726	State Street Bank and Trust Company	11/16/16		(903	)
	144,056	Euro		160,507	State Street Bank and Trust Company	11/16/16		(2,282	)
	51,210	Euro		56,476	State Street Bank and Trust Company	11/16/16		(229	)
	97,780	Euro		107,657	State Street Bank and Trust Company	11/16/16		(259	)
	856,267,443	Indonesian Rupiah		65,529	Barclays Bank PLC	11/10/16		125
	1,538,736	Japanese Yen		14,900	Deutsche Bank AG	11/16/16		(221	)
	3,032,798	Japanese Yen		29,807	Goldman Sachs International	11/16/16		(874	)
	2,263,537	Japanese Yen		22,191	Goldman Sachs International	11/16/16		(597	)
	3,953,301	Japanese Yen		37,579	Goldman Sachs International	11/16/16		136
	6,471,114	Japanese Yen		62,138	Royal Bank of Canada	11/16/16		(404	)
	2,595,724	Japanese Yen		25,661	Royal Bank of Canada	11/16/16		(898	)
	5,507,418	Japanese Yen		53,593	Royal Bank of Canada	11/16/16		(1,053	)
	32,524,570	Japanese Yen		315,003	Royal Bank of Canada	11/16/16		(4,720	)
	9,673,497	Japanese Yen		95,408	Societe Generale	11/16/16		(3,123	)
	1,538,736	Japanese Yen		15,217	Societe Generale	11/16/16		(538	)
	2,989,209	Japanese Yen		28,797	Societe Generale	11/16/16		(280	)
	6,555,951	Japanese Yen		62,940	Societe Generale	11/16/16		(396	)
	1,169,894	Japanese Yen		11,558	Societe Generale	11/16/16		(397	)
	10,248,025	Japanese Yen		98,697	State Street Bank and Trust Company	11/16/16		(931	)
	6,524,884	Japanese Yen		64,051	State Street Bank and Trust Company	11/16/16		(1,804	)
	3,346,567	Japanese Yen		32,757	State Street Bank and Trust Company	11/16/16		(831	)
	3,560,219	Japanese Yen		34,326	State Street Bank and Trust Company	11/16/16		(362	)
	3,100,202	Japanese Yen		29,882	State Street Bank and Trust Company	11/16/16		(306	)
	148,717	Mexican Peso		7,696	Barclays Bank PLC	11/10/16		166
	1,590,262	Mexican Peso		82,268	State Street Bank and Trust Company	11/16/16		1,746
	10,762,834	New Taiwan Dollar		342,820	Barclays Bank PLC	11/10/16		(1,583	)
	166,866	New Zealand Dollar		120,995	Deutsche Bank AG	11/16/16		(1,738	)
	40,377	New Zealand Dollar		29,485	Goldman Sachs International	11/16/16		(629	)
	158,070	New Zealand Dollar		112,763	Goldman Sachs International	11/16/16		207
	16,420	New Zealand Dollar		11,951	Goldman Sachs International	11/16/16		(215	)
	34,046	New Zealand Dollar		24,146	Royal Bank of Canada	11/16/16		187
	199,810	New Zealand Dollar		145,274	Royal Bank of Canada	11/16/16		(2,473	)
	65,222	New Zealand Dollar		48,435	Royal Bank of Canada	11/16/16		(1,822	)
	138,478	New Zealand Dollar		101,690	Royal Bank of Canada	11/16/16		(2,722	)
	35,042	New Zealand Dollar		25,326	Royal Bank of Canada	11/16/16		(282	)
	59,938	New Zealand Dollar		43,008	Royal Bank of Canada	11/16/16		(171	)
	52,334	New Zealand Dollar		37,944	Royal Bank of Canada	11/16/16		(541	)
	62,469	New Zealand Dollar		44,540	Societe Generale	11/16/16		106

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	60,493	New Zealand Dollar	$	42,655	Societe Generale	11/16/16	$	579
	32,857	New Zealand Dollar		23,997	State Street Bank and Trust Company	11/16/16		(514	)
	138,515	New Zealand Dollar		100,104	State Street Bank and Trust Company	11/16/16		(1,109	)
	34,929	New Zealand Dollar		25,338	State Street Bank and Trust Company	11/16/16		(374	)
	20,239	New Zealand Dollar		14,679	State Street Bank and Trust Company	11/16/16		(214	)
	47,618	New Zealand Dollar		33,966	State Street Bank and Trust Company	11/16/16		66
	121,336	New Zealand Dollar		87,466	State Street Bank and Trust Company	11/16/16		(749	)
	15,887	New Zealand Dollar		11,321	State Street Bank and Trust Company	11/16/16		33
	68,088	New Zealand Dollar		49,599	State Street Bank and Trust Company	11/16/16		(938	)
	388,086	Norwegian Krone		48,236	Deutsche Bank AG	11/16/16		(1,265	)
	107,842	Norwegian Krone		12,991	Goldman Sachs International	11/16/16		62
	255,189	Norwegian Krone		30,658	Royal Bank of Canada	11/16/16		228
	103,497	Norwegian Krone		12,619	Royal Bank of Canada	11/16/16		(92	)
	145,816	Norwegian Krone		17,571	Royal Bank of Canada	11/16/16		77
	303,647	Norwegian Krone		37,506	Royal Bank of Canada	11/16/16		(754	)
	230,604	Norwegian Krone		27,939	Societe Generale	11/16/16		(28	)
	1,906,518	Norwegian Krone		229,084	Societe Generale	11/16/16		1,668
	187,585	Norwegian Krone		23,007	Societe Generale	11/16/16		(303	)
	114,875	Norwegian Krone		13,889	State Street Bank and Trust Company	11/16/16		14
	309,922	Norwegian Krone		38,604	State Street Bank and Trust Company	11/16/16		(1,094	)
	4,558,082	Norwegian Krone		549,256	State Street Bank and Trust Company	11/16/16		2,422
	99,609	Norwegian Krone		12,055	State Street Bank and Trust Company	11/16/16		1
	1,245,029	Polish Zloty		324,788	Barclays Bank PLC	11/10/16		(7,496	)
	45,386	Pound Sterling		58,997	Deutsche Bank AG	11/16/16		(3,430	)
	54,062	Pound Sterling		71,810	Goldman Sachs International	11/16/16		(5,620	)
	8,475	Pound Sterling		11,000	Goldman Sachs International	11/16/16		(624	)
	20,346	Pound Sterling		26,894	Goldman Sachs International	11/16/16		(1,984	)
	5,085	Pound Sterling		6,751	Royal Bank of Canada	11/16/16		(525	)
	23,724	Pound Sterling		31,636	Royal Bank of Canada	11/16/16		(2,590	)
	32,200	Pound Sterling		41,887	Royal Bank of Canada	11/16/16		(2,464	)
	44,311	Pound Sterling		57,622	Royal Bank of Canada	11/16/16		(3,370	)
	101,553	Pound Sterling		134,963	Societe Generale	11/16/16		(10,629	)
	24,990	Pound Sterling		32,509	Societe Generale	11/16/16		(1,913	)
	22,772	Pound Sterling		28,312	Societe Generale	11/16/16		(431	)
	56,186	Pound Sterling		72,477	Societe Generale	11/16/16		(3,687	)
	22,248	Pound Sterling		28,139	State Street Bank and Trust Company	11/16/16		(900	)
	21,790	Pound Sterling		28,804	State Street Bank and Trust Company	11/16/16		(2,126	)
	24,293	Pound Sterling		31,773	State Street Bank and Trust Company	11/16/16		(2,031	)
	35,055	Pound Sterling		46,831	State Street Bank and Trust Company	11/16/16		(3,912	)
	2,279,021	South African Rand		164,923	Barclays Bank PLC	11/10/16		3,830
	228,470,630	South Korean Won		205,164	Barclays Bank PLC	11/10/16		(5,479	)
	648,720	Swedish Krona		75,705	Deutsche Bank AG	11/16/16		(3,837	)
	321,034	Swedish Krona		35,558	Goldman Sachs International	11/16/16		8

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	2,777,601	Swedish Krona	$	324,335	Goldman Sachs International	11/16/16	$	(16,619	)
	112,180	Swedish Krona		13,143	Goldman Sachs International	11/16/16		(716	)
	251,301	Swedish Krona		29,668	Goldman Sachs International	11/16/16		(1,828	)
	1,304,800	Swedish Krona		152,521	Royal Bank of Canada	11/16/16		(7,969	)
	263,198	Swedish Krona		30,656	Royal Bank of Canada	11/16/16		(1,498	)
	359,688	Swedish Krona		42,081	Royal Bank of Canada	11/16/16		(2,233	)
	600,831	Swedish Krona		70,113	Royal Bank of Canada	11/16/16		(3,550	)
	121,422	Swedish Krona		14,204	Royal Bank of Canada	11/16/16		(753	)
	635,618	Swedish Krona		74,202	Societe Generale	11/16/16		(3,785	)
	357,974	Swedish Krona		40,658	Societe Generale	11/16/16		(1,000	)
	835,235	Swedish Krona		98,291	Societe Generale	11/16/16		(5,760	)
	225,373	Swedish Krona		25,299	Societe Generale	11/16/16		(331	)
	125,172	Swedish Krona		14,697	State Street Bank and Trust Company	11/16/16		(829	)
	421,761	Swedish Krona		47,948	State Street Bank and Trust Company	11/16/16		(1,223	)
	331,715	Swedish Krona		38,410	State Street Bank and Trust Company	11/16/16		(1,661	)
	906,914	Swedish Krona		106,057	State Street Bank and Trust Company	11/16/16		(5,585	)
	521,993	Swedish Krona		61,861	State Street Bank and Trust Company	11/16/16		(4,032	)
	491,448	Swedish Krona		57,593	State Street Bank and Trust Company	11/16/16		(3,148	)
	5,162	Swiss Franc		5,328	Deutsche Bank AG	11/16/16		(108	)
	47,037	Swiss Franc		47,340	Goldman Sachs International	11/16/16		226
	20,454	Swiss Franc		20,950	Goldman Sachs International	11/16/16		(266	)
	19,146	Swiss Franc		19,380	Royal Bank of Canada	11/16/16		(19	)
	24,562	Swiss Franc		25,345	Societe Generale	11/16/16		(507	)
	39,417	Swiss Franc		40,237	Societe Generale	11/16/16		(376	)
	28,090	Swiss Franc		28,465	Societe Generale	11/16/16		(59	)
	47,890	Swiss Franc		49,292	Societe Generale	11/16/16		(863	)
	24,273	Swiss Franc		24,462	Societe Generale	11/16/16		84
	251,493	Swiss Franc		258,304	State Street Bank and Trust Company	11/16/16		(3,979	)
	52,271	Swiss Franc		52,586	State Street Bank and Trust Company	11/16/16		274
	94,165	Swiss Franc		95,277	State Street Bank and Trust Company	11/16/16		(52	)
	38,761	Swiss Franc		39,566	State Street Bank and Trust Company	11/16/16		(369	)
	31,892	Swiss Franc		32,631	State Street Bank and Trust Company	11/16/16		(380	)
	15,155	Swiss Franc		15,651	State Street Bank and Trust Company	11/16/16		(325	)
Total							$	(212,188	)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	94,962	Australian Dollar	$	72,579	Deutsche Bank AG	11/16/16	$	369
	261,829	Australian Dollar		197,183	Goldman Sachs International	11/16/16		(1,915	)
	49,012	Australian Dollar		36,817	Goldman Sachs International	11/16/16		(453	)
	68,128	Australian Dollar		51,040	Goldman Sachs International	11/16/16		(765	)
	42,977	Australian Dollar		32,559	Goldman Sachs International	11/16/16		(121	)
	91,379	Australian Dollar		68,876	Royal Bank of Canada	11/16/16		(610	)
	37,880	Australian Dollar		28,316	Royal Bank of Canada	11/16/16		(488	)
	62,062	Australian Dollar		47,070	Royal Bank of Canada	11/16/16		(123	)
	96,450	Australian Dollar		73,655	Royal Bank of Canada	11/16/16		313
	76,021	Australian Dollar		58,287	Societe Generale	11/16/16		479
	35,418	Australian Dollar		26,892	Societe Generale	11/16/16		(41	)
	286,267	Australian Dollar		215,745	State Street Bank and Trust Company	11/16/16		(1,936	)
	578,742	Australian Dollar		438,495	State Street Bank and Trust Company	11/16/16		(1,587	)
	46,928	Australian Dollar		36,005	State Street Bank and Trust Company	11/16/16		320
	54,763	Brazilian Real		16,712	Barclays Bank PLC	11/10/16		(406	)
	348,328	Canadian Dollar		266,182	Deutsche Bank AG	11/16/16		6,461
	318,679	Canadian Dollar		243,224	Goldman Sachs International	11/16/16		5,610
	66,400	Canadian Dollar		51,340	Goldman Sachs International	11/16/16		1,831
	38,513	Canadian Dollar		29,426	Goldman Sachs International	11/16/16		710
	721,393	Canadian Dollar		550,804	Royal Bank of Canada	11/16/16		12,918
	83,197	Canadian Dollar		62,979	Royal Bank of Canada	11/16/16		945
	88,157	Canadian Dollar		66,994	Royal Bank of Canada	11/16/16		1,262
	82,450	Canadian Dollar		62,163	Royal Bank of Canada	11/16/16		687
	23,128	Canadian Dollar		17,529	Royal Bank of Canada	11/16/16		284
	76,809	Canadian Dollar		58,775	Societe Generale	11/16/16		1,504
	77,536	Canadian Dollar		58,587	Societe Generale	11/16/16		775
	75,101	Canadian Dollar		57,180	Societe Generale	11/16/16		1,183
	84,596	Canadian Dollar		63,347	Societe Generale	11/16/16		271
	24,167	Canadian Dollar		18,330	State Street Bank and Trust Company	11/16/16		311
	56,049	Canadian Dollar		42,497	State Street Bank and Trust Company	11/16/16		705
	27,177	Canadian Dollar		20,715	State Street Bank and Trust Company	11/16/16		451
	61,156	Canadian Dollar		46,367	State Street Bank and Trust Company	11/16/16		768
	67,876	Canadian Dollar		51,205	State Street Bank and Trust Company	11/16/16		595
	31,692	Canadian Dollar		24,185	State Street Bank and Trust Company	11/16/16		554
	173,388,601	Chilean Peso		260,578	Barclays Bank PLC	11/10/16		(4,723	)
	1,471,808	Czech Koruna		61,131	Barclays Bank PLC	11/10/16		1,332
	19,874	Euro		22,333	Deutsche Bank AG	11/16/16		505
	26,352	Euro		29,666	Goldman Sachs International	11/16/16		722
	22,855	Euro		25,772	Goldman Sachs International	11/16/16		669
	35,197	Euro		39,425	Goldman Sachs International	11/16/16		766
	15,936	Euro		17,399	Goldman Sachs International	11/16/16		(104	)
	44,963	Euro		50,676	Royal Bank of Canada	11/16/16		1,290
	59,114	Euro		66,744	Royal Bank of Canada	11/16/16		1,815

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	57,234	Euro	$	63,072	Royal Bank of Canada	11/16/16	$	208
	27,358	Euro		30,776	Societe Generale	11/16/16		727
	19,874	Euro		22,326	Societe Generale	11/16/16		497
	14,543	Euro		16,369	Societe Generale	11/16/16		396
	34,892	Euro		38,995	Societe Generale	11/16/16		671
	38,142	Euro		42,730	State Street Bank and Trust Company	11/16/16		836
	40,281	Euro		45,418	State Street Bank and Trust Company	11/16/16		1,175
	27,943	Euro		31,474	State Street Bank and Trust Company	11/16/16		783
	124,401	Euro		140,108	State Street Bank and Trust Company	11/16/16		3,471
	86,216	Euro		96,532	State Street Bank and Trust Company	11/16/16		1,835
	11,296	Euro		12,290	State Street Bank and Trust Company	11/16/16		(117	)
	70,315,358	Hungarian Forint		257,939	Barclays Bank PLC	11/10/16		7,938
	1,538,736	Japanese Yen		15,210	Deutsche Bank AG	11/16/16		531
	9,273,082	Japanese Yen		89,782	Goldman Sachs International	11/16/16		1,317
	1,631,351	Japanese Yen		15,827	Goldman Sachs International	11/16/16		264
	5,584,752	Japanese Yen		55,177	Goldman Sachs International	11/16/16		1,899
	1,684,131	Japanese Yen		16,778	Royal Bank of Canada	11/16/16		712
	33,488,766	Japanese Yen		324,554	Societe Generale	11/16/16		5,073
	6,307,310	Japanese Yen		61,979	Societe Generale	11/16/16		1,808
	7,644,948	Japanese Yen		74,005	Societe Generale	11/16/16		1,073
	1,944,773	Japanese Yen		18,724	Societe Generale	11/16/16		171
	22,677,943	Japanese Yen		219,089	State Street Bank and Trust Company	11/16/16		2,743
	5,853,811	Japanese Yen		57,678	State Street Bank and Trust Company	11/16/16		1,833
	6,610,015	Japanese Yen		65,297	State Street Bank and Trust Company	11/16/16		2,238
	4,544,968	Japanese Yen		43,815	State Street Bank and Trust Company	11/16/16		456
	1,590,621	Mexican Peso		83,814	State Street Bank and Trust Company	11/16/16		(219	)
	166,866	New Zealand Dollar		121,922	Deutsche Bank AG	11/16/16		2,666
	29,792	New Zealand Dollar		21,647	Goldman Sachs International	11/16/16		355
	24,576	New Zealand Dollar		17,959	Goldman Sachs International	11/16/16		395
	23,999	New Zealand Dollar		17,538	Royal Bank of Canada	11/16/16		387
	607,594	New Zealand Dollar		442,386	Societe Generale	11/16/16		8,147
	90,306	New Zealand Dollar		65,716	Societe Generale	11/16/16		1,176
	91,705	New Zealand Dollar		66,704	Societe Generale	11/16/16		1,164
	80,842	New Zealand Dollar		58,780	Societe Generale	11/16/16		1,004
	24,737	New Zealand Dollar		17,622	Societe Generale	11/16/16		(58	)
	113,922	New Zealand Dollar		83,203	State Street Bank and Trust Company	11/16/16		1,784
	65,160	New Zealand Dollar		47,267	State Street Bank and Trust Company	11/16/16		698
	159,325	New Zealand Dollar		117,660	State Street Bank and Trust Company	11/16/16		3,792
	166,866	New Zealand Dollar		121,063	State Street Bank and Trust Company	11/16/16		1,806
	69,950	New Zealand Dollar		49,772	State Street Bank and Trust Company	11/16/16		(221	)
	27,360	New Zealand Dollar		19,567	State Street Bank and Trust Company	11/16/16		13
	388,086	Norwegian Krone		46,822	Deutsche Bank AG	11/16/16		(149	)
	420,118	Norwegian Krone		50,413	Goldman Sachs International	11/16/16		(436	)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	821,634	Norwegian Krone	$	99,338	Goldman Sachs International	11/16/16	$	(107	)
	303,678	Norwegian Krone		37,877	Royal Bank of Canada	11/16/16		1,122
	241,330	Norwegian Krone		29,434	Royal Bank of Canada	11/16/16		225
	413,506	Norwegian Krone		51,412	Societe Generale	11/16/16		1,364
	365,443	Norwegian Krone		45,877	Societe Generale	11/16/16		1,646
	325,771	Norwegian Krone		40,148	Societe Generale	11/16/16		719
	110,257	Norwegian Krone		13,464	Societe Generale	11/16/16		120
	219,920	Norwegian Krone		26,665	Societe Generale	11/16/16		48
	151,968	Norwegian Krone		18,232	State Street Bank and Trust Company	11/16/16		(161	)
	1,364,010	Norwegian Krone		167,782	State Street Bank and Trust Company	11/16/16		2,692
	388,086	Norwegian Krone		48,238	State Street Bank and Trust Company	11/16/16		1,266
	883,233	Norwegian Krone		110,428	State Street Bank and Trust Company	11/16/16		3,527
	798,714	Norwegian Krone		98,791	State Street Bank and Trust Company	11/16/16		2,120
	389,743	Norwegian Krone		47,563	State Street Bank and Trust Company	11/16/16		392
	102,978	Norwegian Krone		12,633	State Street Bank and Trust Company	11/16/16		169
	45,386	Pound Sterling		60,614	Deutsche Bank AG	11/16/16		5,047
	25,911	Pound Sterling		31,469	Goldman Sachs International	11/16/16		(255	)
	17,216	Pound Sterling		22,554	Royal Bank of Canada	11/16/16		1,476
	22,368	Pound Sterling		29,697	Societe Generale	11/16/16		2,312
	45,386	Pound Sterling		58,998	Societe Generale	11/16/16		3,431
	14,750	Pound Sterling		17,989	Societe Generale	11/16/16		(69	)
	30,600	Pound Sterling		37,352	Societe Generale	11/16/16		(113	)
	29,761	Pound Sterling		39,654	State Street Bank and Trust Company	11/16/16		3,217
	27,697	Pound Sterling		34,261	State Street Bank and Trust Company	11/16/16		351
	33,639	Pound Sterling		41,281	State Street Bank and Trust Company	11/16/16		96
	11,620	Pound Sterling		14,306	State Street Bank and Trust Company	11/16/16		80
	9,283	Pound Sterling		11,330	State Street Bank and Trust Company	11/16/16		(35	)
	704,680	Singapore Dollar		514,560	Barclays Bank PLC	11/10/16		8,026
	648,720	Swedish Krona		76,197	Deutsche Bank AG	11/16/16		4,329
	272,432	Swedish Krona		32,135	Goldman Sachs International	11/16/16		1,954
	405,209	Swedish Krona		48,166	Royal Bank of Canada	11/16/16		3,275
	1,120,945	Swedish Krona		131,069	Societe Generale	11/16/16		6,886
	648,720	Swedish Krona		75,681	Societe Generale	11/16/16		3,812
	319,131	Swedish Krona		37,414	Societe Generale	11/16/16		2,059
	496,136	Swedish Krona		57,404	Societe Generale	11/16/16		2,440
	359,475	Swedish Krona		41,030	Societe Generale	11/16/16		1,205
	426,394	Swedish Krona		50,414	State Street Bank and Trust Company	11/16/16		3,176
	282,395	Swedish Krona		32,998	State Street Bank and Trust Company	11/16/16		1,713
	628,086	Swedish Krona		73,531	State Street Bank and Trust Company	11/16/16		3,948
	261,819	Swedish Krona		30,448	State Street Bank and Trust Company	11/16/16		1,443
	406,289	Swedish Krona		46,012	State Street Bank and Trust Company	11/16/16		1,001
	210,249	Swedish Krona		23,574	State Street Bank and Trust Company	11/16/16		282
	5,162	Swiss Franc		5,294	Deutsche Bank AG	11/16/16		73

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	8,992	Swiss Franc	$	9,214	Goldman Sachs International	11/16/16	$	121
	28,817	Swiss Franc		29,702	Goldman Sachs International	11/16/16		560
	45,179	Swiss Franc		46,307	Royal Bank of Canada	11/16/16		619
	11,754	Swiss Franc		12,171	Royal Bank of Canada	11/16/16		284
	17,152	Swiss Franc		17,673	Royal Bank of Canada	11/16/16		328
	49,600	Swiss Franc		50,794	Royal Bank of Canada	11/16/16		636
	73,083	Swiss Franc		75,283	Royal Bank of Canada	11/16/16		1,377
	26,946	Swiss Franc		27,622	Royal Bank of Canada	11/16/16		373
	810,525	Swiss Franc		830,529	Societe Generale	11/16/16		10,876
	32,057	Swiss Franc		33,121	Societe Generale	11/16/16		703
	5,162	Swiss Franc		5,328	Societe Generale	11/16/16		107
	34,215	Swiss Franc		34,707	Societe Generale	11/16/16		107
	20,485	Swiss Franc		21,211	State Street Bank and Trust Company	11/16/16		496
	11,019	Swiss Franc		11,284	State Street Bank and Trust Company	11/16/16		141
	34,658	Swiss Franc		35,067	State Street Bank and Trust Company	11/16/16		19
Total							$	187,024

For the year ended October 31, 2016, the Fund's investments in forward contracts had an average notional value of $17,284,551.

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
iShares MSCI EAFE ETF, Call		1	$	59	11/11/16	$	(16	)
iShares MSCI EAFE ETF, Call		2		59.5	11/11/16		(13	)
iShares MSCI EAFE ETF, Call		5		59	11/18/16		(125	)
iShares MSCI EAFE ETF, Call		11		60	11/18/16		(77	)
iShares MSCI EAFE ETF, Call		11		59.5	11/25/16		(198	)
iShares MSCI EAFE ETF, Call		5		60	11/25/16		(42	)
iShares MSCI EAFE ETF, Call		5		59.5	12/2/16		(112	)
iShares MSCI EAFE ETF, Put		15		57	11/4/16		(195	)
iShares MSCI EAFE ETF, Put		2		57.5	11/4/16		(46	)
iShares MSCI EAFE ETF, Put		1		55.5	11/11/16		(15	)
iShares MSCI EAFE ETF, Put		6		56	11/11/16		(132	)
iShares MSCI EAFE ETF, Put		1		56.5	11/11/16		(29	)
iShares MSCI EAFE ETF, Put		9		57	11/11/16		(342	)
iShares MSCI EAFE ETF, Put		14		56	11/18/16		(406	)
iShares MSCI EAFE ETF, Put		3		57	11/18/16		(147	)
iShares MSCI EAFE ETF, Put		14		56	11/25/16		(511	)
iShares MSCI EAFE ETF, Put		1		56.5	11/25/16		(46	)
iShares MSCI EAFE ETF, Put		1		56	12/2/16		(45	)

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
iShares MSCI Emerging Markets ETF, Call		5	$	38	11/11/16	$	(163	)
iShares MSCI Emerging Markets ETF, Call		6		38.5	11/11/16		(111	)
iShares MSCI Emerging Markets ETF, Call		4		38.5	11/18/16		(104	)
iShares MSCI Emerging Markets ETF, Call		6		39	11/18/16		(87	)
iShares MSCI Emerging Markets ETF, Call		7		39	11/25/16		(126	)
iShares MSCI Emerging Markets ETF, Call		3		39.5	11/25/16		(32	)
iShares MSCI Emerging Markets ETF, Call		4		38.5	12/2/16		(138	)
iShares MSCI Emerging Markets ETF, Put		9		36	11/4/16		(72	)
iShares MSCI Emerging Markets ETF, Put		2		36.5	11/4/16		(27	)
iShares MSCI Emerging Markets ETF, Put		2		35.5	11/11/16		(44	)
iShares MSCI Emerging Markets ETF, Put		3		36	11/11/16		(93	)
iShares MSCI Emerging Markets ETF, Put		6		36.5	11/11/16		(249	)
iShares MSCI Emerging Markets ETF, Put		1		35.5	11/18/16		(28	)
iShares MSCI Emerging Markets ETF, Put		9		36	11/18/16		(346	)
iShares MSCI Emerging Markets ETF, Put		1		36.5	11/18/16		(53	)
iShares MSCI Emerging Markets ETF, Put		4		35.5	11/25/16		(130	)
iShares MSCI Emerging Markets ETF, Put		2		36	11/25/16		(85	)
iShares MSCI Emerging Markets ETF, Put		5		36.5	11/25/16		(280	)
iShares MSCI Emerging Markets ETF, Put		1		35.5	12/2/16		(41	)
S&P 500 Mini Index, Call		3		220	11/4/16		(0	)^(a)
S&P 500 Mini Index, Call		4		217	11/11/16		(272	)
S&P 500 Mini Index, Call		2		218	11/11/16		(85	)
S&P 500 Mini Index, Call		1		217	11/18/16		(93	)
S&P 500 Mini Index, Call		5		219	11/18/16		(205	)
S&P 500 Mini Index, Call		2		216.5	11/25/16		(248	)
S&P 500 Mini Index, Call		4		218.5	11/25/16		(240	)
S&P 500 Mini Index, Call		2		217.5	12/2/16		(235	)
S&P 500 Mini Index, Put		4		210.5	11/4/16		(246	)
S&P 500 Mini Index, Put		2		211	11/4/16		(143	)
S&P 500 Mini Index, Put		4		208.5	11/11/16		(636	)
S&P 500 Mini Index, Put		2		209.5	11/11/16		(367	)
S&P 500 Mini Index, Put		1		211	11/11/16		(226	)
S&P 500 Mini Index, Put		4		209	11/18/16		(830	)
S&P 500 Mini Index, Put		3		210	11/18/16		(703	)
S&P 500 Mini Index, Put		3		208	11/25/16		(598	)
S&P 500 Mini Index, Put		3		210	11/25/16		(753	)
Total (premiums received: $13,297)						$	(10,586	)

(a) Security fair valued as of October 31, 2016 in accordance with procedures approved by the Fund's Board.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

At October 31, 2016, the Fund had $11,237 deposited in a segregated account to cover requirements on options written.

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 10/31/2015		—		$	—
Options written		545			26,983
Options expired		—			—
Options exercised		—			—
Options closed		(309	)		(13,686	)
Outstanding 10/31/2016		236		$	13,297

For the year ended October 31, 2016, the Fund had an average market value of $(9,226) in options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	6,538	$	—	$	—	$	6,538
U.S. Treasury Obligations		—		947		—		947
U.S. Government Agency Security		—		56		—		56
Mortgage-Backed Securities^(a)		—		157		—		157
Foreign Government Securities^(a)		—		1,656		—		1,656
Exchange Traded Funds		508		—		—		508
Investment Company		—		11,404		—		11,404
Short-Term Investment		—		292		—		292
Total Long Positions	$	7,046	$	14,512	$	—	$	21,558

(a) The Schedule of Investments provides a geographic categorization as well as a Long Positions by Industry summary.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Liability Valuation Inputs
(000's omitted)	Level 1			Level 2		Level 3^(c)		Total
Investments:
Common Stocks Sold Short^(b)	$	(2,322	)	$	—	$	—	$	(2,322	)
Total Short Positions	$	(2,322	)	$	—	$	—	$	(2,322	)

(b) The Schedule of Investments provides a geographic categorization as well as a Short Positions by Industry summary.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

(c) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/15			Accrued discounts/ (premiums)		Realized gain/(loss)		Change in unrealized appreciation/ (depreciation)		Purchases to cover positions sold short		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 10/31/16		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/16
Investments in Securities:
Rights Sold Short^(d)
United States	$	(18	)	$	—	$	—	$	—	$	18	$	—	$	—	$	—	$	—	$	—
Total	$	(18	)	$	—	$	—	$	—	$	18	$	—	$	—	$	—	$	—	$	—

(d) At the beginning of the period, the Fund's Level 3 investments were valued based on using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. The Fund held no Level 3 investments at October 31, 2016.

As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3		Total
Futures^(e)
Assets	$	57		$	—		$	—	$	57
Liabilities		(68	)		—			—		(68	)
Forward contracts^(e)
Assets		—			219			—		219
Liabilities		—			(244	)		—		(244	)
Options written
Liabilities		(11	)		—			—		(11	)
Total	$	(22	)	$	(25	)	$	—	$	(47	)

(e) Futures and forward contracts are reported at the cumulative appreciation/(depreciation) of the instrument.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

LONG POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Investment Companies*	$	11,404		55.0	%
Foreign Government Securities**		1,656		8.0	%
U.S. Treasury Obligations		947		4.6	%
Exchange Traded Funds		508		2.4	%
Banks		497		2.4	%
Insurance		329		1.6	%
Oil, Gas & Consumable Fuels		280		1.3	%
Food & Staples Retailing		258		1.2	%
Metals & Mining		241		1.2	%
Pharmaceuticals		224		1.1	%
Food Products		220		1.1	%
Health Care Providers & Services		212		1.0	%
Electric Utilities		205		1.0	%
Health Care Equipment & Supplies		182		0.9	%
Electronic Equipment, Instruments & Components		168		0.8	%
Automobiles		159		0.8	%
Specialty Retail		159		0.8	%
Mortgage-Backed Securities		157		0.8	%
Software		157		0.8	%
Airlines		155		0.7	%
IT Services		154		0.7	%
Construction & Engineering		151		0.7	%
Auto Components		144		0.7	%
Internet Software & Services		140		0.7	%
Technology Hardware, Storage & Peripherals		139		0.7	%
Diversified Telecommunication Services		131		0.6	%
Real Estate Investment Trusts		128		0.6	%
Chemicals		119		0.6	%
Semiconductors & Semiconductor Equipment		119		0.6	%
Household Durables		103		0.5	%
Energy Equipment & Services		95		0.5	%
Trading Companies & Distributors		94		0.5	%
Capital Markets		87		0.4	%
Hotels, Restaurants & Leisure		85		0.4	%
Machinery		82		0.4	%
Media		80		0.4	%
Communications Equipment		78		0.4	%
Multi-Utilities		73		0.4	%
Household Products		71		0.3	%
Biotechnology		65		0.3	%
Electrical Equipment		63		0.3	%
Aerospace & Defense		60		0.3	%
U.S. Government Agency Security		56		0.3	%
Multiline Retail		49		0.2	%
Textiles, Apparel & Luxury Goods		49		0.2	%
Professional Services		48		0.2	%
Diversified Financial Services		48		0.2	%
Industrial Conglomerates		47		0.2	%
Building Products		46		0.2	%
Commercial Services & Supplies		45		0.2	%
Paper & Forest Products		45		0.2	%
Life Sciences Tools & Services		38		0.2	%
Distributors		37		0.2	%

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

LONG POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (cont'd)

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Tobacco	$	36			0.2	%
Wireless Telecommunication Services		35			0.2	%
Beverages		33			0.2	%
Containers & Packaging		30			0.1	%
Independent Power and Renewable Electricity Producers		30			0.1	%
Personal Products		29			0.1	%
Internet & Catalog Retail		28			0.1	%
Consumer Finance		21			0.1	%
Marine		20			0.1	%
Transportation Infrastructure		19			0.1	%
Leisure Products		18			0.1	%
Diversified Consumer Services		15			0.1	%
Construction Materials		13			0.1	%
Air Freight & Logistics		12			0.1	%
Road & Rail		9			0.0	%
Thrifts & Mortgage Finance		8			0.0	%
Mortgage Real Estate Investment		7			0.0	%
Real Estate Management & Development		6			0.0	%
Gas Utilities		5			0.0	%
Short-Term Investment and Other Assets-Net		1,807			8.7	%
Short Positions (see summary below)		(2,317	)		(11.2	)%
	$	20,751			100.0	%

* Each position is an Investment Company under the 1940 Act and is not treated as an industry for purposes of the Fund's policy on industry concentration. This represents the aggregate of all investment companies.

** Each foreign government is deemed its own industry. This represents the aggregate of all foreign governments.

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

SHORT POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Chemicals	$	(137	)		(0.7	)%
Capital Markets		(115	)		(0.6	)%
Hotels, Restaurants & Leisure		(114	)		(0.5	)%
Oil, Gas & Consumable Fuels		(107	)		(0.5	)%
Machinery		(97	)		(0.5	)%
Textiles, Apparel & Luxury Goods		(89	)		(0.4	)%
Semiconductors & Semiconductor Equipment		(87	)		(0.4	)%
Food Products		(83	)		(0.4	)%
IT Services		(77	)		(0.4	)%
Pharmaceuticals		(77	)		(0.4	)%
Real Estate Management & Development		(75	)		(0.4	)%
Media		(70	)		(0.3	)%
Beverages		(61	)		(0.3	)%
Industrial Conglomerates		(59	)		(0.3	)%
Electric Utilities		(53	)		(0.3	)%
Health Care Equipment & Supplies		(52	)		(0.3	)%
Multi-Utilities		(47	)		(0.2	)%
Software		(44	)		(0.2	)%
Diversified Telecommunication Services		(43	)		(0.2	)%
Aerospace & Defense		(41	)		(0.2	)%
Specialty Retail		(41	)		(0.2	)%
Metals & Mining		(40	)		(0.2	)%
Internet & Catalog Retail		(39	)		(0.2	)%
Banks		(38	)		(0.2	)%
Electrical Equipment		(35	)		(0.2	)%
Containers & Packaging		(35	)		(0.2	)%
Trading Companies & Distributors		(34	)		(0.1	)%
Health Care Providers & Services		(33	)		(0.1	)%
Food & Staples Retailing		(29	)		(0.1	)%
Construction Materials		(28	)		(0.1	)%
Water Utilities		(27	)		(0.1	)%
Gas Utilities		(26	)		(0.1	)%
Insurance		(25	)		(0.1	)%
Household Products		(23	)		(0.1	)%
Auto Components		(21	)		(0.1	)%
Communications Equipment		(21	)		(0.1	)%
Transportation Infrastructure		(20	)		(0.1	)%
Air Freight & Logistics		(19	)		(0.1	)%
Building Products		(19	)		(0.1	)%
Professional Services		(17	)		(0.1	)%
Life Sciences Tools & Services		(16	)		(0.1	)%
Household Durables		(16	)		(0.1	)%
Personal Products		(16	)		(0.1	)%
Airlines		(15	)		(0.1	)%
Diversified Financial Services		(15	)		(0.1	)%
Multiline Retail		(14	)		(0.1	)%
Road & Rail		(14	)		(0.1	)%
Automobiles		(13	)		(0.1	)%
Tobacco		(13	)		(0.1	)%
Technology Hardware, Storage & Peripherals		(12	)		(0.1	)%
Internet Software & Services		(11	)		(0.1	)%
Diversified Consumer Services		(9	)		(0.0	)%
Real Estate Investment Trusts		(9	)		(0.0	)%

See Notes to Financial Statements

Schedule of Investments Global Allocation Fund (cont'd)

SHORT POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (cont'd)

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Electronic Equipment, Instruments & Components	$	(8	)		(0.0	)%
Consumer Finance		(8	)		(0.0	)%
Independent Power and Renewable Electricity Producers		(6	)		(0.0	)%
Commercial Services & Supplies		(6	)		(0.0	)%
Health Care Technology		(6	)		(0.0	)%
Leisure Products		(6	)		(0.0	)%
Wireless Telecommunication Services		(6	)		(0.0	)%
Total Short Positions	$	(2,317	)		(11.2	)%

See Notes to Financial Statements

Schedule of Investments Long Short Fund 10/31/16

	Number of Shares		Value (000's omitted)
Long Positions (99.4%)
Common Stocks (76.3%)
Aerospace & Defense (1.9%)
General Dynamics Corp.		75,000	$	11,306
Wesco Aircraft Holdings, Inc.		2,734,100		35,133	*^(a)
				46,439
Airlines (1.4%)
Delta Air Lines, Inc.		825,900		34,498	^(a)
Banks (3.0%)
JPMorgan Chase & Co.		484,100		33,529
U.S. Bancorp		841,700		37,674	^(b)
				71,203
Beverages (0.7%)
PepsiCo, Inc.		160,800		17,238
Biotechnology (1.7%)
Celgene Corp.		250,600		25,606	*
Gilead Sciences, Inc.		206,100		15,175
				40,781
Capital Markets (4.0%)
Bats Global Markets, Inc.		178,833		5,260
BlackRock, Inc.		66,000		22,522
Brookfield Asset Management, Inc. Class A		1,291,300		45,221	^(a)
CME Group, Inc.		218,700		21,892	^(b)
				94,895
Chemicals (1.9%)
Ashland Global Holdings, Inc.		341,250		38,128
Sherwin-Williams Co.		33,000		8,080
				46,208
Commercial Services & Supplies (0.4%)
Stericycle, Inc.		121,800		9,755	*
Construction & Engineering (0.5%)
Valmont Industries, Inc.		99,400		12,718
Construction Materials (0.2%)
Forterra, Inc.		252,500		4,343	*

	Number of Shares		Value (000's omitted)
Consumer Finance (1.4%)
Synchrony Financial		1,170,528	$	33,465	^(b)
Containers & Packaging (0.4%)
International Paper Co.		190,502		8,578
Diversified Financial Services (0.4%)
CF Corp.		927,700		9,518	*
Diversified Telecommunication Services (1.8%)
Level 3 Communications, Inc.		333,260		18,712	*
SBA Communications Corp. Class A		224,600		25,443	*^(b)
				44,155
Electric Utilities (2.8%)
Brookfield Infrastructure Partners LP		1,641,937		55,547
NextEra Energy, Inc.		98,900		12,659
				68,206
Electrical Equipment (0.4%)
Sensata Technologies Holding NV		265,000		9,468	*
Electronic Equipment, Instruments & Components (2.5%)
Amphenol Corp. Class A		286,000		18,856
CDW Corp.		927,100		41,636	^(b)
				60,492
Energy Equipment & Services (0.4%)
Schlumberger Ltd.		134,900		10,553
Equity Real Estate Investment Trusts (1.3%)
Starwood Property Trust, Inc.		701,000		15,590
Weyerhaeuser Co.		530,000		15,863	^(a)
				31,453
Food & Staples Retailing (5.2%)
Costco Wholesale Corp.		107,000		15,822
CVS Health Corp.		519,000		43,648	^(a)

	Number of Shares		Value (000's omitted)
Whole Foods Market, Inc.		2,290,000	$	64,784	^(a)
				124,254
Food Products (2.5%)
ConAgra Foods, Inc.		1,245,000		59,984	^(a)
Health Care Equipment & Supplies (1.8%)
DENTSPLY SIRONA, Inc.		754,000		43,408	^(a)
Health Care Providers & Services (3.8%)
Accretive Health, Inc.		1,278,675		3,056	*
DaVita, Inc.		1,060,900		62,190	*^(a)
UnitedHealth Group, Inc.		189,400		26,768
				92,014
Hotels, Restaurants & Leisure (3.0%)
Marriott International, Inc. Class A		194,000		13,328
McDonald's Corp.		245,400		27,625
Starbucks Corp.		337,900		17,932
Wyndham Worldwide Corp.		202,000		13,300
				72,185
Household Durables (1.0%)
Lennar Corp. Class A		600,000		25,014
Independent Power and Renewable Electricity Producers (0.2%)
Calpine Corp.		290,000		3,451	*
Internet & Catalog Retail (1.7%)
Amazon.com, Inc.		25,100		19,824	*
Priceline Group, Inc.		13,400		19,755	*
				39,579
Internet Software & Services (3.4%)
Alphabet, Inc. Class A		56,000		45,355	*^(b)
Alphabet, Inc. Class C		5,853		4,592	*
eBay, Inc.		1,083,000		30,876	*^(b)
				80,823
IT Services (3.0%)
Nets A/S		150,400		2,872	*^(c)
Visa, Inc. Class A		532,600		43,945	^(a)
WEX, Inc.		221,600		24,177	*^(a)
				70,994

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

	Number of Shares		Value (000's omitted)
Machinery (1.5%)
Allison Transmission Holdings, Inc.		716,800	$	20,995
Ingersoll-Rand PLC		220,500		14,838
				35,833
Multi-Utilities (1.8%)
NiSource, Inc.		216,100		5,026
WEC Energy Group, Inc.		625,000		37,325	^(a)
				42,351
Oil, Gas & Consumable Fuels (3.6%)
Cabot Oil & Gas Corp.		277,400		5,792
Cheniere Energy Partners LP		381,522		10,110
Enbridge, Inc.		1,214,700		52,439	^(a)
Kinder Morgan, Inc.		869,300		17,760
				86,101
Pharmaceuticals (0.6%)
Bristol-Myers Squibb Co.		300,800		15,314
Professional Services (4.6%)
IHS Markit Ltd.		1,696,300		62,407	*^(a)
Nielsen Holdings PLC		581,000		26,156
Verisk Analytics, Inc.		274,000		22,345	*
				110,908
Road & Rail (0.3%)
Canadian Pacific Railway Ltd.		47,800		6,833
Semiconductors & Semiconductor Equipment (0.7%)
ASML Holding NV		166,000		17,533
Specialty Retail (4.6%)
Asbury Automotive Group, Inc.		200,000		10,190	*
Five Below, Inc.		260,000		9,771	*^(a)
Home Depot, Inc.		404,000		49,292	^(a)
Party City Holdco, Inc.		870,581		14,147	*
TJX Cos., Inc.		53,000		3,909
Tractor Supply Co.		354,000		22,171
				109,480

	Number of Shares		Value (000's omitted)
Technology Hardware, Storage & Peripherals (1.7%)
Apple, Inc.		266,000	$	30,202	^(b)
Western Digital Corp.		166,000		9,701
				39,903
Textiles, Apparel & Luxury Goods (2.7%)
lululemon athletica, Inc.		44,200		2,531	*
PVH Corp.		586,700		62,765	^(a)
				65,296
Tobacco (0.6%)
Philip Morris International, Inc.		149,131		14,382
Water Utilities (0.9%)
American Water Works Co., Inc.		289,700		21,449
Total Common Stocks (Cost $1,618,873)				1,831,055
Preferred Stock (0.5%)
Health Care (0.5%)
Moderna Therapeutics Ser. F (Cost $11,550)		1,315,490		11,550	^(d)(j)
	Principal Amount (000's omitted)
Corporate Bonds (9.4%)
Chemicals (0.2%)
Valvoline, Inc., 5.50%, due 7/15/24	$	4,700		4,959	^(c)(i)
Commercial Services (0.4%)
Cenveo Corp., 11.50%, due 5/15/17		355		358
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 5/15/23		9,510		10,084	^(c)(i)
				10,442

	Principal Amount (000's omitted)		Value (000's omitted)
Food (1.1%)
Fresh Market, Inc., 9.75%, due 5/1/23	$	30,280	$	25,814	^(c)
Healthcare-Services (1.0%)
DaVita, Inc., 5.75%, due 8/15/22		8,740		8,969
HCA, Inc., 5.88%, due 3/15/22		10,285		11,314
Surgery Center Holdings, Inc., 8.88%, due 4/15/21		3,125		3,328	^(c)(i)
				23,611
Internet (0.1%)
Netflix, Inc., 4.38%, due 11/15/26		1,845		1,813	^(c)(i)
Leisure Time (0.5%)
Sabre GLBL, Inc., 5.25%, due 11/15/23		11,015		11,304	^(c)
Oil & Gas (0.3%)
Endeavor Energy Resources LP/EER Finance, Inc.
8.13%, due 9/15/23		4,615		4,926	^(c)(i)
7.00%, due 8/15/21		1,870		1,903	^(c)(i)
				6,829
Packaging & Containers (0.6%)
Ball Corp., 4.38%, due 12/15/20		5,685		6,054
Reynolds Group Issuer, Inc., 5.75%, due 10/15/20		9,610		9,863
				15,917
Pipelines (3.3%)
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, due 9/15/24		4,635		4,667	^(c)

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

	Principal Amount (000's omitted)		Value (000's omitted)
Enterprise Products Operating LLC, 4.59%, due 8/1/66	$	27,922	$	26,561	^(e)
NGPL PipeCo LLC, Ser. B, 7.77%, due 12/15/37		18,280		20,017	^(c)(i)
Niska Gas Storage Canada ULC/Niska Gas Storage Canada Finance Corp., 6.50%, due 4/1/19		24,132		23,649
TransCanada PipeLines Ltd., 6.35%, due 5/15/67		7,369		5,895	^(e)
				80,789
Retail (0.9%)
JC Penney Corp., Inc.
5.75%, due 2/15/18		743		764
7.95%, due 4/1/17		5,480		5,590
8.13%, due 10/1/19		6,885		7,496
Rite Aid Corp., 9.25%, due 3/15/20		6,702		7,046
				20,896
Semiconductors (0.2%)
Magnachip Semiconductor Corp., 6.63%, due 7/15/21		5,775		5,024
Software (0.8%)
First Data Corp., 6.75%, due 11/1/20		13,230		13,693	^(c)
IMS Health, Inc., 5.00%, due 10/15/26		4,625		4,775	^(c)
				18,468
Total Corporate Bonds (Cost $224,537)				225,866

	Contracts		Value (000's omitted)
Options Purchased (0.3%)
KKR & Co. LP Call, expiring 12/16/16 @ 15		4,600	$	81
Nielsen Holdings PLC Put, expiring 12/16/16 @ 43		322		34
Restoration Hardware Holdings, Inc. Call, expiring 1/20/17 @ 40		458		22
Russell 2000 Index Put, expiring 12/16/16 @ 1,120		235		290
S&P 500 Index Put, expiring 12/16/16 @ 1,950.00		64		69
SPDR S&P Retail ETF Put, expiring 11/18/16 @ 41		3,300		101
SPDR S&P Retail ETF Put, expiring 1/20/17 @ 55		4,050		5,275
Stericycle, Inc. Call, expiring 11/18/16 @ 80		500		111
Whole Foods Market, Inc. Call, expiring 11/18/16 @ 31		1,500		44
Whole Foods Market, Inc. Call, expiring 1/20/17 @ 33		3,000		90
Whole Foods Market, Inc. Call, expiring 1/20/17 @ 36		4,594		34
Whole Foods Market, Inc. Call, expiring 2/1717 @ 31		2,000		203

	Contracts			Value (000's omitted)
Wyndham Worldwide Corp. Call, expiring 1/20/17 @ 67.5		1,380		$	235
Total Options Purchased (Cost $8,493)					6,589
	Number of Shares
Master Limited Partnerships (0.8%)
Capital Markets (0.5%)
KKR & Co. LP		923,342			13,102
Oil, Gas & Consumable Fuels (0.3%)
Genesis Energy LP		193,500			6,759
Total Master Limited Partnerships (Cost $26,560)					19,861
Short-Term Investment (12.1%)
Investment Company (12.1%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26% (Cost $290,518)		290,518,129			290,518	^(b)(f)
Total Long Positions (99.4%) (Cost $2,180,531)					2,385,439
Short Positions ((15.6)%)^(g)
Common Stocks Sold Short (12.1%)
Aerospace & Defense (0.3%)
Hexcel Corp.		(75,000	)		(3,412	)
Spirit AeroSystems Holdings, Inc. Class A		(75,000	)		(3,777	)*
					(7,189	)
Auto Components (0.2%)
Dorman Products, Inc.		(93,100	)		(5,981	)*
Automobiles (0.2%)
Ford Motor Co.		(500,000	)		(5,870	)

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

	Number of Shares			Value (000's omitted)
Banks (0.3%)
Citizens Financial Group, Inc.		(298,800	)	$	(7,870	)
Capital Markets (1.2%)
Franklin Resources, Inc.		(430,100	)		(14,477	)
Nasdaq, Inc.		(119,400	)		(7,638	)
Prospect Capital Corp.		(750,180	)		(5,919	)
					(28,034	)
Construction & Engineering (0.4%)
Fluor Corp.		(171,000	)		(8,890	)
Consumer Finance (0.7%)
Capital One Financial Corp.		(88,000	)		(6,516	)
Discover Financial Services		(108,200	)		(6,095	)
OneMain Holdings, Inc.		(132,400	)		(3,752	)*
					(16,363	)
Electric Utilities (0.4%)
Southern Co.		(170,000	)		(8,767	)
Energy Equipment & Services (0.5%)
Core Laboratories NV		(112,300	)		(10,890	)
Food & Staples Retailing (0.2%)
Sprouts Farmers Market, Inc.		(240,000	)		(5,316	)*
Health Care Equipment & Supplies (0.7%)
Edwards Lifesciences Corp.		(42,800	)		(4,075	)*
Medtronic PLC		(141,210	)		(11,582	)
					(15,657	)
Health Care Providers & Services (0.2%)
Fresenius Medical Care AG & Co. KGaA		(71,700	)		(5,841	)
Hotels, Restaurants & Leisure (1.6%)
BJ's Restaurants, Inc.		(95,000	)		(3,429	)*
Brinker International, Inc.		(75,000	)		(3,693	)

	Number of Shares			Value (000's omitted)
Carnival Corp.		(285,000	)	$	(13,994	)
Cheesecake Factory, Inc.		(78,000	)		(4,149	)
Chuy's Holdings, Inc.		(199,300	)		(5,660	)*
Panera Bread Co. Class A		(20,000	)		(3,815	)*
Texas Roadhouse, Inc.		(95,500	)		(3,870	)
					(38,610	)
Household Durables (0.3%)
Newell Brands, Inc.		(80,000	)		(3,842	)
Tempur Sealy International, Inc.		(50,000	)		(2,703	)*
					(6,545	)
IT Services (0.5%)
CGI Group, Inc. Class A		(260,000	)		(12,342	)*
Life Sciences Tools & Services (0.5%)
Agilent Technologies, Inc.		(53,300	)		(2,322	)
Thermo Fisher Scientific, Inc.		(63,900	)		(9,395	)
					(11,717	)
Machinery (0.2%)
PACCAR, Inc.		(80,000	)		(4,393	)
Multi-Utilities (0.4%)
Consolidated Edison, Inc.		(127,000	)		(9,595	)
Multiline Retail (0.6%)
Dollar General Corp.		(224,500	)		(15,511	)
Road & Rail (0.1%)
Old Dominion Freight Line, Inc.		(40,000	)		(2,987	)*
Software (0.4%)
Citrix Systems, Inc.		(116,800	)		(9,905	)*
Specialty Retail (1.1%)
Group 1 Automotive, Inc.		(53,000	)		(3,194	)
Restoration Hardware Holdings, Inc.		(318,036	)		(9,214	)*
Sally Beauty Holdings, Inc.		(188,000	)		(4,877	)*

	Number of Shares			Value (000's omitted)
Sonic Automotive, Inc. Class A		(350,000	)	$	(6,265	)
Tiffany & Co.		(35,400	)		(2,599	)
					(26,149	)
Technology Hardware, Storage & Peripherals (0.2%)
Seagate Technology PLC		(110,000	)		(3,774	)
Textiles, Apparel & Luxury Goods (0.9%)
Ralph Lauren Corp.		(105,000	)		(10,301	)
Under Armour, Inc. Class A		(110,000	)		(3,421	)*
Under Armour, Inc. Class C		(75,000	)		(1,939	)*
VF Corp.		(109,000	)		(5,909	)
					(21,570	)
Total Common Stocks Sold Short (Proceeds $(291,970))					(289,766	)
	Principal Amount (000's omitted)
Corporate Bonds Sold Short (1.4%)
Entertainment (0.6%)
Pinnacle Entertainment, Inc., 5.63%, due 5/1/24	$	(6,200	)		(6,256	)^(c)(i)
Scientific Games Int'l, Inc., 7.00%, due 1/1/22		(7,000	)		(7,507	)^(c)
					(13,763	)
Food (0.2%)
Whole Foods Market, Inc., 5.20%, due 12/3/25		(4,000	)		(4,324	)
Internet (0.2%)
Zayo Group LLC/Zayo Capital, Inc., 6.38%, due 5/15/25		(5,000	)		(5,294	)

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

	Principal Amount (000's omitted)			Value (000's omitted)
Lodging (0.1%)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 3/1/25	$	(4,000	)	$	(4,030	)^(c)
Packaging & Containers (0.3%)
Reynolds Group Issuer, Inc., 7.00%, due 7/15/24		(6,600	)		(7,078	)^(c)
Total Corporate Bonds Sold Short (Cost $(33,135))					(34,489	)

	Number of Shares			Value (000's omitted)
Exchange Traded Funds Sold Short (2.1%)
Consumer Discretionary Select Sector SPDR Fund		(373,000	)	$	(29,131	)
iShares Core S&P Small-Cap ETF		(77,000	)		(9,138	)
Vanguard REIT ETF		(146,600	)		(11,986	)
Total Exchange Traded Funds Sold Short (Proceeds $(43,979))					(50,255	)

	Value (000's omitted)
Total Short Positions (Proceeds $(369,084))	$	(374,510	)
Total Investments (83.8%) (Cost $1,811,447)		2,010,929
Other Assets Less Liabilities (16.2%)		387,548	^(h)
Net Assets (100.0%)	$	2,398,477

* Non-income producing security.

(a) All or a portion of the security is pledged as collateral for futures and written options.

(b) All or a portion of this security is segregated in connection with obligations for securities sold short and/or options written and/or swap contracts and/or futures contracts with a total value of approximately $548,644,000.

(c) Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $110,155,000 of long positions and $(24,871,000) of short positions, or 4.6% and (1.0%), respectively, of net assets for the Fund. Securities denoted with a (c) but without a (i) have been deemed by the investment manager to be liquid.

(d) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Fund's Board of Trustees. Total value of all such securities at 10/31/2016 amounted to approximately $11,550,000, which represents 0.5% of net assets of the Fund.

(e) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.

(f) Represents 7-day effective yield as of 10/31/2016.

(g) At 10/31/2016 the Fund had approximately $381,110,000 deposited, in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

(h) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

(i) Illiquid security.

(j) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.

At 10/31/2016, this security amounted to approximately $11,550,000, which represents 0.5% of net assets of the Fund.

(000's omitted)				Acquisition Date				Acquisition Cost				Acquisition Cost Percentage of Net Assets				Value as of 10/31/2016				Fair Value Percentage of Net Assets as of 10/31/2016
Moderna Therapeutics (Series F Preferred Shares)				8/10/2016				$	11,550				0.5	%		$	11,550				0.5	%

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/16/2016

658 Russell 2000 Mini Index

Short

4,088,207

12/16/2016

3,238 S&P 500 E-Mini Index

Short

7,940,475

12/16/2016

160 S&P MidCap 400 E-Mini Index

Short

1,004,433

12/20/2016

96 U.S. Treasury Long Bond

Short

152,470

Total

13,185,585

At October 31, 2016, the notional value of futures for the Fund was $(461,229,930) for short positions. The Fund had $19,805,200 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $(419,459,784) for short positions.

Total return basket swap contracts ("total return basket swaps")

At October 31, 2016, the Fund had outstanding total return basket swaps^(a) as follows:

Counterparty

Description

Expiration Date(s)

Value

Citibank, N.A.

The Fund pays the total return on short positions and

receives a specified LIBOR or Federal Funds floating

rate, which is denominated in various foreign

currencies based on the local currencies of the

positions.

11/22/2017

167,001

(a) The following table represents the individual short positions and related values of the total return basket swaps as of October 31, 2016.

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Reference Entity	Shares			Notional Value^(b)			Net Unrealized Appreciation/ (Depreciation)
Short Positions
CGCBFOD2
United Natural Foods Inc.		(26,987	)	$	(2,878,894	)	$	96,278
Sprouts Farmers Market Inc.		(20,056	)		(2,139,540	)		71,552
		(47,043	)		(5,018,434	)		167,830
Total Short Positions of Total Return Basket Swaps							$	167,830
Net Cash and Other Receivables (Payables)								(829	)
Total Return Basket Swaps, at Value — Citibank N.A.							$	167,001

Counterparty		Description		Expiration Date(s)		Value
Goldman Sachs International		The Fund pays the total return on short positions and receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.		4/16/2017- 3/14/2018		$	(3,721,554	)

Reference Entity	Shares			Notional Value^(b)			Net Unrealized Appreciation/ (Depreciation)
Short Positions
GSCBNBCB
Bank of Nova Scotia		(6,580	)	$	(592,158	)	$	5,328
National Bank of Canada		(6,421	)		(577,883	)		5,199
Canadian Western Bank		(5,837	)		(525,349	)		4,726
Boardwalk Real Estate Investment Trust		(5,785	)		(520,691	)		4,685
CIBC		(5,777	)		(519,898	)		4,677
		(30,400	)		(2,735,979	)		24,615
GSCBNBCB
Bank of Nova Scotia		(14,913	)		(1,043,037	)		(287,041	)
National Bank of Canada		(14,554	)		(1,017,892	)		(280,121	)
Canadian Western Bank		(13,230	)		(925,359	)		(254,656	)
Boardwalk Real Estate Investment Trust		(13,113	)		(917,154	)		(252,399	)
CIBC		(13,093	)		(915,758	)		(252,014	)
		(68,903	)		(4,819,200	)		(1,326,231	)
GSCBNBCB
Bank of Nova Scotia		(6,152	)		(413,577	)		(135,129	)
National Bank of Canada		(6,004	)		(403,607	)		(131,872	)
Canadian Western Bank		(5,458	)		(366,916	)		(119,883	)
Boardwalk Real Estate Investment Trust		(5,410	)		(363,662	)		(118,820	)
CIBC		(5,401	)		(363,109	)		(118,639	)
		(28,425	)		(1,910,871	)		(624,343	)

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Reference Entity	Shares			Notional Value^(b)			Net Unrealized Appreciation/ (Depreciation)
GSCBNBCB
Bank of Nova Scotia		(5,267	)	$	(403,893	)	$	(65,860	)
National Bank of Canada		(5,140	)		(394,156	)		(64,273	)
Canadian Western Bank		(4,673	)		(358,325	)		(58,430	)
Boardwalk Real Estate Investment Trust		(4,631	)		(355,148	)		(57,912	)
CIBC		(4,624	)		(354,607	)		(57,824	)
		(24,335	)		(1,866,129	)		(304,299	)
GSCBNBCD
Restaurant Brands International Inc.		(34,784	)		(3,398,032	)		(661,311	)
Jack in the Box Inc.		(26,046	)		(2,544,355	)		(495,172	)
Sonic Corp.		(11,506	)		(1,123,994	)		(218,747	)
		(72,336	)		(7,066,381	)		(1,375,230	)
GSCBNINV
FS Investment Corp.		(15,364	)		(1,521,952	)		(19,178	)
Prospect Capital Corp.		(12,426	)		(1,230,992	)		(15,512	)
Triangle Capital Corp.		(8,380	)		(830,164	)		(10,461	)
Apollo Investment Corp.		(8,171	)		(809,412	)		(10,200	)
New Mountain Finance Corp.		(7,424	)		(735,415	)		(9,267	)
Fifth Street Finance Corp.		(5,288	)		(523,834	)		(6,601	)
PennantPark Investment Corp.		(4,373	)		(433,171	)		(5,459	)
Medley Capital Corp.		(3,784	)		(374,902	)		(4,724	)
THL Credit Inc.		(2,936	)		(290,829	)		(3,665	)
Ares Capital Corp.		(2,354	)		(233,179	)		(2,938	)
		(70,500	)		(6,983,850	)		(88,005	)
GSCBNINV
FS Investment Corp.		(12,344	)		(1,208,010	)		(30,250	)
Prospect Capital Corp.		(9,985	)		(977,068	)		(24,467	)
Triangle Capital Corp.		(6,733	)		(658,921	)		(16,500	)
Apollo Investment Corp.		(6,565	)		(642,450	)		(16,088	)
New Mountain Finance Corp.		(5,965	)		(583,717	)		(14,617	)
Fifth Street Finance Corp.		(4,249	)		(415,780	)		(10,411	)
PennantPark Investment Corp.		(3,513	)		(343,818	)		(8,610	)
Medley Capital Corp.		(3,041	)		(297,569	)		(7,451	)
THL Credit Inc.		(2,359	)		(230,838	)		(5,780	)
Ares Capital Corp.		(1,891	)		(185,080	)		(4,635	)
		(56,645	)		(5,543,251	)		(138,809	)
GSCBNML3
Tallgrass Energy Partners LP		(18,893	)		(1,842,740	)		35,825
Summit Midstream Partners LP		(18,460	)		(1,800,525	)		35,004
Tesoro Logistics LP		(11,610	)		(1,132,389	)		22,015
NuStar GP Holdings LLC		(11,584	)		(1,129,922	)		21,967
Enable Midstream Partners LP		(10,874	)		(1,060,576	)		20,618
MPLX LP		(3,912	)		(381,543	)		7,417
		(75,333	)		(7,347,695	)		142,846

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Reference Entity	Shares			Notional Value^(b)			Net Unrealized Appreciation/ (Depreciation)
GSCBNML3
Tallgrass Energy Partners LP		(2,599	)	$	(252,298	)	$	3,735
Summit Midstream Partners LP		(2,539	)		(246,518	)		3,649
Tesoro Logistics LP		(1,597	)		(155,041	)		2,295
NuStar GP Holdings LLC		(1,594	)		(154,703	)		2,290
Enable Midstream Partners LP		(1,496	)		(145,209	)		2,149
MPLX LP		(538	)		(52,239	)		773
		(10,363	)		(1,006,008	)		14,891
Total Short Positions of Total Return Basket Swaps							$	(3,674,565	)
Net Cash and Other Receivables (Payables)								(46,989	)
Total Return Basket Swaps, at Value — Goldman Sachs International							$	(3,721,554	)
Total Return Basket Swaps, at Value							$	(3,554,553	)

(b) Notional value represents the value (including any fees or commissions) of the short positions when they were established.

Total return swap contracts ("total return swaps")

At October 31, 2016, the Fund had outstanding over-the-counter ("OTC") total return swaps as follows:

Short Total Return Swaps

Swap Counterparty	Reference Entity	Notional Value^(c)			Termination Date	Fixed-rate			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
Goldman Sachs International	Russell Mid-Cap Index Fund	$	(35,890,213	)	11/29/2017		(0.02	)%^(d)	$	(1,576,765	)	$	(6,802	)	$	(1,583,567	)^(f)
Citibank N.A.	Utilities Select Sector SPDR ETF		(21,674,400	)	9/21/2017		0.60	%^(e)		(74,800	)		—			(74,800	)
Total									$	(1,651,565	)	$	(6,802	)	$	(1,658,367	)

(c) Notional value represents the value (including any fees or commissions) of the short positions when they were established.

(d) Variable-rate. 1-month LIBOR minus 0.55% as of 10/26/2016.

(e) Variable-rate. 1-month LIBOR plus 0.07% as of 10/19/2016.

At October 31, 2016, the Fund had cash collateral of $60,000 and $5,630,000 deposited in segregated accounts for Citibank, N.A and Goldman Sachs International, respectively, to cover collateral requirements on OTC derivatives.

For the year ended October 31, 2016, the average notional value of equity swaps, total return basket swaps and total return swaps for the Fund was $(71,104,604) for short positions.

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Allison Transmission Holdings, Inc., Put		3,653	$	22.5	11/18/16	$	(0	)^(f)
Ashland Global Holdings, Inc., Put		208		105	01/20/17		(50,440	)
Cheniere Energy Partners LP, Put		1,360		27	03/17/17		(309,400	)
DaVita, Inc., Put		225		55	11/18/16		(19,401	)
Five Below, Inc., Put		416		33	11/18/16		(6,240	)
Five Below, Inc., Put		500		36	11/18/16		(30,000	)
Kinder Morgan, Inc., Call		2,830		26	03/17/17		(59,430	)
Kinder Morgan, Inc., Put		2,830		18	03/17/17		(206,590	)
KKR & Co. LP, Put		4,600		10	03/17/17		(57,500	)
Nielsen Holdings PLC, Call		322		43	12/16/16		(9,016	)
Party City Holdco, Inc., Put		600		12.5	01/20/17		(16,500	)
Restoration Hardware Holdings, Inc., Call		458		50	01/20/17		(6,870	)^(f)
Restoration Hardware Holdings, Inc., Put		458		27.5	01/20/17		(103,050	)
Russell 2000 Index, Call		235		1,250	12/16/16		(179,775	)
Russell 2000 Index, Put		235		1,000	12/16/16		(54,637	)
Sally Beauty Holdings, Inc., Put		900		25	12/16/16		(85,500	)
SBA Communications Corp., Put		350		100	01/20/17		(46,375	)
Schlumberger Ltd., Put		465		67.5	01/20/17		(37,898	)
Sherwin-Williams Co., Put		218		230	12/16/16		(70,850	)
S&P 500 Index, Call		67		2,175	12/16/16		(111,555	)
S&P 500 Index, Put		67		1,750	12/16/16		(17,252	)
SPDR S&P Retail ETF, Call		4,050		55	01/20/17		(0	)^(f)
SPDR S&P Retail ETF, Put		6,600		37	11/18/16		(16,500	)
Starbucks Corp., Put		1,000		48.75	01/20/17		(81,000	)
Stericycle, Inc., Put		500		70	11/18/16		(16,250	)
Stericycle, Inc., Put		250		75	11/18/16		(15,000	)
Wells Fargo & Co., Put		875		42	04/21/17		(114,625	)
Wesco Aircraft Holdings, Inc., Put		2,836		12.5	12/16/16		(97,168	)^(g)
Wex, Inc., Call		460		95	11/18/16		(710,700	)
Wex, Inc., Call		460		105	02/17/17		(423,200	)
Weyerhaeuser Co., Put		510		28	01/20/17		(36,975	)
Whole Foods Market, Inc., Put		1,000		25	01/20/17		(54,000	)
Whole Foods Market, Inc., Put		3,000		26	01/20/17		(235,500	)
Whole Foods Market, Inc., Put		3,000		28	01/20/17		(466,500	)
Whole Foods Market, Inc., Put		1,000		25	02/17/17		(81,500	)
Wyndham Worldwide Corp., Put		1,380		60	01/20/17		(124,200	)
Total (premium received: $5,858,296)						$	(3,951,397	)

At October 31, 2016, the Fund had $50,827 deposited in a segregated account to cover requirements on options written.

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 10/31/2015		9,404		$	7,434,936
Options written		182,692			20,755,006
Options expired		(81,450	)		(7,536,715	)
Options exercised		(26,904	)		(6,032,988	)
Options closed		(35,824	)		(8,761,943	)
Outstanding 10/31/2016		47,918		$	5,858,296

For the year ended October 31, 2016, the Fund had an average market value of $5,756,735 in options purchased contracts, and $(4,787,766) in options written, respectively. At October 31, 2016 Long Short had pledged securities in the amount of $39,992,203 to cover collateral requirements for options written.

(f) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Fund's Board of Trustees.

(g) OTC option. Counterparty is Goldman Sachs International.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
Common Stocks^(a)	$	1,831,055	$	—	$	—	$	1,831,055
Preferred Stock^(a)		—		—		11,550		11,550
Corporate Bonds^(a)		—		225,866		—		225,866
Options Purchased		6,589		—		—		6,589
Master Limited Partnerships^(a)		19,861		—		—		19,861
Short-Term Investment		—		290,518		—		290,518
Total Long Positions	$	1,857,505	$	516,384	$	11,550	$	2,385,439

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

(b) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance, as of 11/1/16		Accrued discounts/ (premiums)		Realized gain/loss		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 10/31/16		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/16
Investments in Securities:
Preferred Stock
Health Care	$	—	$	—	$	—	$	—	$	11,550	$	—	$	—	$	—	$	11,550	$	—
Total	$	—	$	—	$	—	$	—	$	11,550	$	—	$	—	$	—	$	11,550	$	—

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2016.

Asset class

Fair value
at 10/31/16

Valuation techniques

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
decrease
in input^(c)

Preferred Stock

11,550,002

Market Transaction Method

Transaction Price

8.78

Decrease

(c) Represents the expected directional change in the fair value of the Level 3 investments that would result from a decrease in the corresponding input. An increase to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Liability Valuation Inputs
(000's omitted)	Level 1			Level 2			Level 3		Total
Investments:
Common Stocks Sold Short^(d)	$	(289,766	)	$	—		$	—	$	(289,766	)
Corporate Bonds Sold Short^(d)		—			(34,489	)		—		(34,489	)
Exchange Traded Funds Sold Short		(50,255	)		—			—		(50,255	)
Total Short Positions	$	(340,021	)	$	(34,489	)	$	—	$	(374,510	)

(d) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3^(f)			Total
Futures^(e)
Assets	$	13,186		$	—		$	—		$	13,186
Swap contracts^(e)
Assets		—			353			—			353
Liabilities		—			(5,566	)		—			(5,566	)
Options written
Liabilities		(3,847	)		(97	)		(7	)		(3,951	)
Total	$	9,339		$	(5,310	)	$	(7	)	$	4,022

(e)Futures are reported at the cumulative appreciation/(depreciation) of the instrument. Swap contracts are reported at the cumulative unrealized appreciation/(depreciation), with the exception of total return swaps, which are reported in the table at value.

See Notes to Financial Statements

Schedule of Investments Long Short Fund (cont'd)

(f) The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance, as of 11/1/15		Accrued discounts/ (premiums)		Realized gain/loss		Change in unrealized appreciation/ (depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 10/31/16			Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/16
Other Financial Instruments:
Options Written^(g)	$	—	$	—	$	—	$	15	$	—	$	(22	)	$	—	$	—	$	(7	)	$	15
Total	$	—	$	—	$	—	$	15	$	—	$	(22	)	$	—	$	—	$	(7	)	$	15

(g) As of the year ended October 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund 10/31/16

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
Loan Assignments^(b) (3.7%)
All Telecom (1.0%)
Thomas Reuters LP, Term Loan B, 4.75%, due 9/15/23	$	300	$	300
Lodging & Casinos (1.6%)
Caesars Growth Properties Holdings LLC, Term Loan B, due 5/8/21		499		498	^(c)(d)
Oil & Gas (1.1%)
Chesapeake Energy Corp., First Lien Term Loan, due 8/23/21		300		321	^(c)(d)
Total Loan Assignments1,119 (Cost $1,078)
	Number of Shares
Preferred Stock (2.5%)
Banks (2.5%)
GMAC Capital Trust I, Ser. 2, 6.60% (Cost $752)		30,000		766	^(b)
	Principal Amount^(a)(000's omitted)
Corporate Bonds (84.5%)
Agriculture (0.8%)
Philip Morris Int'l, Inc., 1.13%, due 8/21/17	$	235		235
Auto Manufacturers (6.5%)
American Honda Finance Corp., 0.49%, due 11/7/16		250		250
Daimler Finance North America LLC, 1.20%, due 3/10/17		500		500	^(b)(e)
Nissan Motor Acceptance Corp., 1.39%, due 3/03/17		400		401	^(b)(e)

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
Toyota Motor Credit Corp.
0.10%, due 1/4/17	$	250	$	250
1.02%, due 5/16/17		583		583	^(b)
				1,984
Banks (12.6%)
Capital One N.A., 1.46%, due 2/05/18		400		400	^(b)
HSBC USA, Inc., 1.16%, due 6/23/17		500		499	^(b)
JPMorgan Chase & Co.
7.90%, due 12/29/49		800		825	^(b)
1.34%, due 2/15/17		300		300	^(b)
Lloyds Bank PLC, 12.00%, due 12/29/49		1,000		1,360	^(b)(e)(f)
US Bancorp, 1.65%, due 5/15/17		450		451
				3,835
Biotechnology (0.3%)
Amgen, Inc., 1.19%, due 5/22/17		100		100	^(b)
Computers (0.7%)
Diamond 1 Finance Corp./ Diamond 2 Finance Corp., 5.88%, due 6/15/21		200		210	^(e)
Distribution/Wholesale (1.6%)
Mitsubishi Int'l Co., 0.10%, due 12/22/16		500		499
Diversified Financial Services (3.4%)
Nationstar Mortgage LLC/ Nationstar Capital Corp., 9.63%, due 5/1/19		1,000		1,048	^(f)
Electric (0.7%)
Duke Energy Progress LLC, 1.04%, due 3/6/17		200		200	^(b)

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
Food (0.5%)
JBS USA LUX SA/JBS USA Finance, Inc., 7.25%, due 6/1/21	$	150	$	154	^(e)
Forest Products & Paper (1.4%)
Suzano Trading Ltd., 5.88%, due 1/23/21		400		413	^(e)
Healthcare—Services (2.2%)
HCA, Inc., 6.50%, due 2/15/20		250		277
Roche Holdings, Inc., 0.94%, due 9/29/17		400		400	^(b)(e)
				677
Insurance (2.1%)
Berkshire Hathaway Finance Corp.
1.60%, due 5/15/17		150		151
1.03%, due 1/10/17		500		500	^(b)
				651
Iron—Steel (1.7%)
BlueScope Steel Finance Ltd./ BlueScope Steel Finance USA LLC, 7.13%, due 5/1/18		500		510	^(e)
Machinery—Construction & Mining (0.8%)
Caterpillar Finance Services Co., 0.10%, due 11/08/16		250		250
Media (10.9%)
Altice Financing SA, 7.50%, due 5/15/26		500		516	^(e)
Altice US Finance I Corp., 5.50%, due 5/15/26		200		204	^(e)
Cablevision Systems Corp., 8.63%, due 9/15/17		300		314	^(f)
CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 4/1/24		200		211	^(e)

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
CSC Holdings LLC, 10.88%, due 10/15/25	$	700	$	805	^(e)(f)
NBCUniversal Enterprise, Inc., 1.57%, due 4/15/18		400		403	^(b)(e)
SFR Group SA, 7.38%, due 5/1/26		200		202	^(e)
WideOpenWest Finance LLC/Wide OpenWest Capital Corp.
13.38%, due 10/15/19		45		48
10.25%, due 7/15/19		600		630
				3,333
Mining (1.3%)
First Quantum Minerals Ltd., 7.25%, due 10/15/19		200		197	^(e)
HudBay Minerals, Inc., 9.50%, due 10/1/20		200		205
				402
Oil & Gas (12.8%)
Chevron Corp., 1.15%, due 11/9/17		500		501	^(b)
Citgo Holding, Inc., 10.75%, due 2/15/20		500		512	^(e)
Exxon Mobil Corp., 0.54%, due 12/16/16		500		500
PBF Holding Co. LLC/PBF Finance Corp., 8.25%, due 2/15/20		415		423
Petrobras Global Finance BV
5.88%, due 3/7/22	EUR	300		345
4.38%, due 5/20/23	$	250		226
Seadrill Ltd., 6.13%, due 9/15/17		250		111	^(e)(g)
Shell Int'l Finance BV, 1.13%, due 5/10/17		500		501^(b)

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
YPF SA, 8.50%, due 3/23/21	$	700	$	770	^(e)(f)
				3,889
Packaging & Containers (3.9%)
Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc., 6.25%, due 1/31/19		650		662	^(e)
Reynolds Group Issuer, Inc.
8.25%, due 2/15/21		200		209
9.88%, due 8/15/19		100		103
4.38%, due 7/15/21		200		204	^(b)(e)
				1,178
Pipelines (1.7%)
Access Midstream Partners L.P., 4.88%, due 5/15/23		250		253
DCP Midstream Operating L.P., 2.50%, due 12/1/17		250		248
				501
Software (1.6%)
Oracle Corp., 1.07%, due 7/7/17		500		500	^(b)
Telecommunications (17.0%)
AT&T, Inc., 1.26%, due 3/30/17		300		300	^(b)
DigitalGlobe, Inc., 5.25%, due 2/01/21		300		302	^(e)
EarthLink, Inc.
8.88%, due 5/15/19		69		71
7.38%, due 6/1/20		1,000		1,050	^(f)
Frontier Communications Corp., 11.00%, due 9/15/25		350		357
Intelsat Jackson Holdings SA, 7.25%, due 4/01/19		235		188
Intelsat Luxembourg SA
8.13%, due 6/1/23		200		66

	Principal Amount^(a)(000's omitted)		Value (000's omitted)
7.75%, due 6/1/21	$	75	$	24
Sprint Corp., 7.13%, due 6/15/24		250		238
Sprint Nextel Corp.
7.00%, due 8/15/20		300		311
9.00%, due 11/15/18		850		935	^(e)(f)
Verizon Communications, Inc., 1.23%, due 6/9/17		500		501	^(b)
Wind Acquisition Finance SA, 7.38%, due 4/23/21		800		820	^(e)(f)
				5,163
Total Corporate Bonds (Cost $25,768)				25,732
Foreign Government Securities (4.0%)
Argentine Republic Government International Bond
2.50%, due 12/31/38		400		273	^(g)
6.25%, due 4/22/19		400		424	^(e)
Brazilian Government International Bond, 4.88%, due 1/22/21		500		529
Total Foreign Government Securities (Cost $1,233)				1,226
	Number of Shares
Short-Term Investment (12.7%)
Investment Company (12.7%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26% (Cost $3,877)		3,876,538		3,877	^(h)(f)
Total Investments (107.4%) (Cost $32,708)				32,720
Other Assets Less Liabilities [(7.4%)]				(2,257	)⁽ⁱ⁾
Net Assets (100.0%)			$	30,463

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

(a) Principal amount is stated in the currency in which the security is denominated.

EUR = Euro

(b) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.

(d) All or a portion of this security has not settled as of 10/31/2016 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(e) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $11,226,000 or 36.8% of net assets for the fund. These securities have been deemed by the investment manager to be liquid.

(f) All or a portion of this security is segregated in connection with obligations for forward foreign currency contracts and/or written options and/or futures and/or swaps with a total value of approximately $10,715,000.

(g) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a rating change made by a rating agency. The interest rate shown was the current rate as of 10/31/2016.

(h) Represents 7-day effective yield as of 10/31/2016.

(i) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/8/2016

3 Euro-BTP

Short

17,249

12/8/2016

15 Euro-Bund

Short

5,901

12/8/2016

3 Euro-Buxl Bond, 30 Year

Short

31,785

Total

54,935

At October 31, 2016, the notional value of futures for the Fund was $(3,719,035) for short positions. The Fund had $60,984 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $3,522,202 for long positions and $(1,321,284) for short positions.

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

Forward foreign currency contracts ("forward contracts")

At October 31, 2016, open forward contracts for the Fund were as follows:

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	4,600	Euro	$	5,179	Goldman Sachs International	11/16/16	$	127
	220,400	Euro		248,120	Goldman Sachs International	11/16/16		6,041
	125,000	Euro		137,651	Goldman Sachs International	11/16/16		356
Total							$	6,524

For the year ended October 31, 2016, the Fund's investments in forward contracts had an average notional value of $675,867.

Credit default swap contracts ("credit default swaps")

At October 31, 2016, the Fund had outstanding over-the-counter ("OTC") credit default swaps as follows:

OTC Credit Default Swaps — Buy Protection

Swap Counterparty	Reference Entity	Notional Amount^(a)		Contract Annual Fixed Rate^(b)			Termination Date	Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
Goldman Sachs International	South Africa (Republic of), Senior Unsecured Notes, 5.50%, due 3/9/2020	$	500,000		1.00	%	12/20/2021	$	37,999		$	(4,588	)	$	(583	)	$	32,828
JPMorgan Chase Bank, N.A.	Societe Generale SA, Senior Unsecured Notes, 3.75%, due 3/1/2017	EUR	500,000		1.00	%	12/20/2021		(7,063	)		(991	)		(646	)		(8,700	)
Goldman Sachs International	Chile (Republic of), Senior Unsecured Notes, 3.88%, due 8/5/2020	$	500,000		1.00	%	12/20/2021		(1,479	)		(1,263	)		(569	)		(3,311	)
Goldman Sachs International	KB Home, Senior Unsecured Notes, 9.10%, due 9/15/2017	$	250,000		5.00	%	12/20/2021		(16,879	)		(898	)		(1,458	)		(19,235	)
Total								$	12,578		$	(7,740	)	$	(3,256	)	$	1,582

(a) The notional amount is stated in the currency in which the contract is denominated.

EUR = Euro

(b) The contract annual fixed rate represents the annual fixed rate of interest paid by the Fund (as a buyer of protection) on the notional amount of the credit default swaps.

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

OTC Credit Default Swaps — Sell Protection

Swap Counterparty	Reference Entity	Notional Amount		Contract Annual Fixed Rate^(c)			Termination Date	Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)		Total Fair Value
Goldman Sachs International	United Mexican States, Senior Unsecured Medium Term Notes, 5.95%, due 3/19/2019	$	500,000		1.00	%	12/20/2021	$	(15,955	)	$	2,772	$	583	$	(12,600	)
Goldman Sachs International	Brazil, Federative Republic of (Government), 4.25%, due 1/7/2025		500,000		1.00	%	12/20/2021		(42,103	)		2,207		583		(39,313	)
JPMorgan Chase Bank, N.A.	Dell, Inc., Senior Unsecured Notes, 7.10%, due 4/15/2028		250,000		1.00	%	12/20/2021		(25,202	)		1,618		292		(23,292	)
Goldman Sachs International	Dell, Inc., Senior Unsecured Notes, 7.10%, due 4/15/2028		250,000		1.00	%	12/20/2021		(25,202	)		1,618		292		(23,292	)
Total								$	(108,462	)	$	8,215	$	1,750	$	(98,497	)

(c) The contract annual fixed rate represents the annual fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swaps.

At October 31, 2016, the Fund had outstanding centrally cleared credit default swaps as follows:

Centrally Cleared Credit Default Swaps — Sell Protection

Clearinghouse	Reference Entity	Notional Amount		Contract Annual Fixed Rate^(d)			Termination Date	Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)		Total Fair Value
ICE Clear Credit LLC	CDX.EM.26.V1	$	2,500,000		1.00	%	12/20/2021	$	(158,777	)	$	(5,117	)	$	2,917	$	(160,977	)
Total								$	(158,777	)	$	(5,117	)	$	2,917	$	(160,977	)

(d) The contract annual fixed rate represents the annual fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swaps.

For the year ended October 31, 2016, the average notional value of credit default swaps for the Fund was $2,889,825 for buy protection and $1,753,171 for sell protection.

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

Total return swap contracts ("total return swaps")

At October 31, 2016, the Fund had outstanding OTC total return swaps as follows:

Long Total Return Swaps

Swap Counterparty	Reference Entity	Notional Value^(e)		Termination Date	Fixed-rate			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
Goldman Sachs International	iShares iBoxx $ High Yield Corporate Bond ETF	$	435,150	4/12/2018		(0.77	)%^(f)		(5,050	)		205			(4,845	)
Goldman Sachs International	NXP Semiconductors NV US Equity		314,564	4/25/2018		0.92	%^(g)		(14,564	)		(64	)		(14,628	)
Total								$	(19,614	)	$	141		$	(19,473	)

(e) Notional value represents the value (including any fees or commissions) of the long positions when they were established and is stated in the currency in which the contract is denominated.

(f) Variable-rate. 1-month LIBOR minus 1.30% as of 10/13/2016.

(g) Variable-rate. 1-month LIBOR plus 0.40% as of 10/19/2016.

Short Total Return Swaps

Swap Counterparty	Reference Entity	Notional Value^(h)			Termination Date	Fixed-rate			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
BNP Paribas SA	Hexion, Inc., First Lien, 10.00%, due 4/15/2020	$	(100,000	)	9/15/2017		(0.03	)%⁽ⁱ⁾	$	1,821		$	—		$	1,821
BNP Paribas SA	Sabine Pass Long LP, First Lien, 7.50%, due 11/30/2016		(500,000	)	9/15/2017		(0.03	)%⁽ⁱ⁾		(4,032	)		(3	)		(4,035	)
BNP Paribas SA	Senior Unsecured HCA, Inc., Notes, 5.38%, due 2/1/2025		(200,000	)	9/15/2017		(0.03	)%⁽ⁱ⁾		10,006			(1	)		10,005
BNP Paribas SA	Michaels Stores, Inc., Senior Subordinated, 5.88%, due 12/15/2020		(500,000	)	9/15/2017		(0.03	)%⁽ⁱ⁾		(4,459	)		(3	)		(4,462	)
BNP Paribas SA	SBA Communications Corp., Senior Unsecured Notes, 4.88%, due 7/15/2022		(250,000	)	9/15/2017		(0.03	)%⁽ⁱ⁾		460			(1	)		459
BNP Paribas SA	Tenet Healthcare Corp., Senior Unsecured Notes, 6.75%, due 6/15/2023		(550,000	)	9/15/2017		(0.03	)%^(j)		34,771			(4	)		34,767
BNP Paribas SA	HCA, Inc., Senior Unsecured Notes, 5.88%, due 2/15/2026		(250,000	)	9/15/2017		(0.03	)%^(k)		9,877			(1	)		9,876

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

Swap Counterparty	Reference Entity	Notional Value^(h)			Termination Date	Fixed-rate			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
BNP Paribas SA	SFR Group SA/Numericable Group SA, First Lien, 5.38%, due 5/15/2022	EUR	(500,000	)	10/9/2017		(1.12	)%^(l)	$	(7,709	)	$	(250	)	$	(7,959	)
BNP Paribas SA	Intesa Sanpaolo SPA, Senior Unsecures Notes, 1.13%, due 3/4/2022	EUR	(300,000	)	11/17/2017		(1.07	)%^(m)		6,003			(126	)		5,877
BNP Paribas SA	Intesa Sanpaolo SPA, Senior Unsecured Notes, 1.13%, due 3/4/2022	EUR	(200,000	)	11/17/2017		(0.97	)%⁽ⁿ⁾		(471	)		(76	)		(547	)
Total									$	46,267		$	(465	)	$	45,802

(h) Notional value represents the value (including any fees or commissions) of the short positions when they were established and is stated in the currency in which the contract is denominated.

EUR = Euro

(i) Variable-rate. 1-month LIBOR minus 0.50% as of 10/13/2016.

(j) Variable-rate. 1-month LIBOR minus 0.50% as of 10/6/2016.

(k) Variable-rate. 1-month LIBOR minus 0.50% as of 10/4/2016.

(l) Variable-rate. 1-month Euribor minus 0.75% as of 10/13/2016.

(m) Variable-rate. 1-month Euribor minus 0.70% as of 10/13/2016.

(n) Variable-rate. 1-month Euribor minus 0.60% as of 10/13/2016.

At October 31, 2016, the Fund had cash collateral of $60,000 and $1,220,00 deposited in a segregated account for Goldman Sachs International and BNP Paribas SA, respectively, to cover collateral requirements on OTC derivatives.

For the year ended October 31, 2016, the average notional value of equity swaps, total return basket swaps and total return swaps for the Fund was $134,884 for long positions and $(1,705,882) for short positions.

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (cont'd)

Written option contracts ("options written")

At October 31, 2016, the Fund had no outstanding options written.

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Notional Amount—Swaptions^(a)(000's omitted)						Premium Received
				EUR			USD			USD
Outstanding 10/31/2015		150			—		$	—		$	13,362
Options written		235			2,500			20,500			135,823
Options expired		(10	)					(8,000	)		(43,391	)
Options exercised		—			(2,500	)		(10,000	)		(12,394	)
Options closed		(375	)		—			(2,500	)		(93,400	)
Outstanding 10/31/2016		—			—		$	—		$	—

(a) The notional amount is stated in the currency in which the contract is denominated.

EUR = Euro

For the year ended October 31, 2016, the Fund had an average market value of $19,443 in options purchased, and $(3,837) in options written, respectively.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Loan Assignments^(a)	$	—	$	1,119	$	—	$	1,119
Preferred Stock^(a)		766		—		—		766
Corporate Bonds^(a)		—		25,732		—		25,732
Foreign Government Securities^(a)		—		1,226		—		1,226
Short-Term Investment		—		3,877		—		3,877
Total Long Positions	$	766	$	31,954	$	—	$	32,720

(a) The Schedule of Investments provides information on the industry or sector categorization for the portfolio.

As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1		Level 2			Level 3		Total
Futures^(b)
Assets	$	55	$	—		$	—	$	55
Forwards^(b)
Assets		—		7			—		7
Swap contracts
Assets		—		96			—		96
Liabilities		—		(327	)		—		(327	)
Total	$	55	$	(224	)	$	—	$	(169	)

(b) Futures and forward contracts are reported at the cumulative appreciation/(depreciation) of the instrument.

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund 10/31/16

	Number of Shares		Value (000's omitted)
Common Stocks (29.5%)
Aerospace & Defense (0.5%)
BAE Systems PLC		2,008	$	13
Boeing Co.		122		18
Huntington Ingalls Industries, Inc.		24		4
Lockheed Martin Corp.		216		53
Raytheon Co.		37		5
				93
Air Freight & Logistics (0.3%)
Expeditors International of Washington, Inc.		39		2
Royal Mail PLC		231		1
United Parcel Service, Inc. Class B		379		41	^(a)
				44
Airlines (0.1%)
Cathay Pacific Airways Ltd.		2,000		3
Copa Holdings SA Class A		48		4
easyJet PLC		89		1
Japan Airlines Co. Ltd.		100		3
Singapore Airlines Ltd.		500		4
				15
Auto Components (0.2%)
Brembo SpA		88		5
CIE Automotive SA		223		5
Gentex Corp.		32		1
Metaldyne Performance Group, Inc.		24		0	^(b)
Nokian Renkaat OYJ		140		5
Sumitomo Rubber Industries Ltd.		200		3
Superior Industries International, Inc.		78		2
Xinyi Glass Holdings Ltd.		8,000		7	*
				28
Automobiles (0.1%)
Bayerische Motoren Werke AG, Preference Shares		77		6
Ford Motor Co.		551		6

	Number of Shares		Value (000's omitted)
General Motors Co.		19	$	1
Isuzu Motors Ltd.		100		1
Renault SA		38		3
				17
Banks (1.2%)
Australia & New Zealand Banking Group Ltd.		2,235		47
Bank of Queensland Ltd.		66		1
Bendigo & Adelaide Bank Ltd.		847		7
BGEO Group PLC		82		3
BNP Paribas SA		34		2
BOC Hong Kong Holdings Ltd.		4,000		14
Dah Sing Financial Holdings Ltd.		400		3
First Hawaiian, Inc.		500		14	*
Fulton Financial Corp.		338		5
Hang Seng Bank Ltd.		200		3
HSBC Holdings PLC		546		4
JPMorgan Chase & Co.		705		49	^(a)
Nordea Bank AB		108		1
Oversea-Chinese Banking Corp. Ltd.		400		2
PNC Financial Services Group, Inc.		200		19
Popular, Inc.		18		1
Resona Holdings, Inc.		200		1
Societe Generale SA		100		4
Swedbank AB, A Shares		27		1
Umpqua Holdings Corp.		2,450		37
				218
Beverages (0.5%)
Anheuser-Busch InBev NV ADR		175		20
Coca-Cola Co.		771		33	^(a)
PepsiCo, Inc.		299		32	^(a)
				85
Capital Markets (0.1%)
3i Group PLC		1,366		11
Aberdeen Asset Management PLC		173		1
ASX Ltd.		69		3
BlackRock, Inc.		15		5

	Number of Shares		Value (000's omitted)
Donnelley Financial Solutions, Inc.		6	$	0	*^(b)
				20
Chemicals (0.6%)
Agrium, Inc.		200		18
Air Products & Chemicals, Inc.		29		4
BASF SE		681		60
Dow Chemical Co.		213		11	^(a)
E.I. du Pont de Nemours & Co.		143		10	^(a)
LyondellBasell Industries NV Class A		70		6	^(a)
				109
Commercial Services & Supplies (0.1%)
ABM Industries, Inc.		90		4
De La Rue PLC		274		2
LSC Communications, Inc.		6		0	*^(b)
Quad/Graphics, Inc.		219		5
R.R. Donnelley & Sons Co.		16		0	^(b)
Republic Services, Inc.		95		5
Waste Management, Inc.		25		2
				18
Communications Equipment (0.4%)
Cisco Systems, Inc.		2,268		70	^(a)
Construction & Engineering (0.2%)
ACS Actividades de Construccion y Servicios SA		45		1
CIMIC Group Ltd.		192		4
Peab AB		170		2
Skanska AB, B Shares		353		8
Vinci SA		335		24
				39
Construction Materials (0.0%)
Fletcher Building Ltd.		242		2
Consumer Finance (0.0%)
Navient Corp.		153		2
Containers & Packaging (0.1%)
Greif, Inc. Class B		53		3
International Paper Co.		500		23	^(a)
Sonoco Products Co.		7		0	^(b)
				26

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

	Number of Shares		Value (000's omitted)
Distributors (0.1%)
D'ieteren SA		41	$	2
Genuine Parts Co.		86		8
				10
Diversified Financial Services (0.0%)
Aker ASA, A Shares		59		2
L E Lundbergforetagen AB, B Shares		81		5
				7
Diversified Telecommunication Services (0.7%)
AT&T, Inc.		1,404		52	^(a)
CenturyLink, Inc.		146		4
Elisa OYJ		69		2
HKT Trust & HKT Ltd.		5,000		7
Orange SA		98		2
PCCW Ltd.		11,003		7
Singapore Telecommunications Ltd.		5,800		16
Spark New Zealand Ltd.		840		2
TDC A/S		948		5	*
Telefonica SA		362		4
Telenor ASA		411		6
Telstra Corp. Ltd.		4,000		15
Verizon Communications, Inc.		13		1
				123
Electric Utilities (1.6%)
ALLETE, Inc.		31		2
American Electric Power Co., Inc.		110		7
AusNet Services		5,194		6
BKW AG		147		7
CLP Holdings Ltd.		1,500		15
Contact Energy Ltd.		201		1
Duke Energy Corp.		210		17	^(a)
Edison International		326		24
EDP—Energias de Portugal SA		1,511		5
Enel SpA		1,876		8
Entergy Corp.		390		29	^(a)
Eversource Energy		27		1
EVN AG		248		3
Exelon Corp.		950		32	^(a)
Fortum OYJ		628		10

	Number of Shares		Value (000's omitted)
HK Electric Investments & HK Electric Investments Ltd.		3,907	$	4	^(c)
Mercury NZ Ltd		984		2
NextEra Energy, Inc.		408		52	^(a)
OGE Energy Corp.		88		3
PG&E Corp.		75		5
Pinnacle West Capital Corp.		48		3
Power Assets Holdings Ltd.		500		5
PPL Corp.		82		3
Southern Co.		210		11	^(a)
SSE PLC		555		11
Terna Rete Elettrica Nazionale SpA		1,194		6
Westar Energy, Inc.		8		0	^(b)
Xcel Energy, Inc.		90		4
				276
Electrical Equipment (0.0%)
Eaton Corp. PLC		62		4
OSRAM Licht AG		14		1
				5
Electronic Equipment, Instruments & Components (0.1%)
Avnet, Inc.		188		8
Corning, Inc.		134		3
				11
Energy Equipment & Services (0.3%)
Amec Foster Wheeler PLC		1,380		7
Diamond Offshore Drilling, Inc.		237		4
Ensco PLC Class A		259		2
Helmerich & Payne, Inc.		545		34
National Oilwell Varco, Inc.		33		1
Petrofac Ltd.		249		2
RPC, Inc.		32		1	*
Tenaris SA		59		1
WorleyParsons Ltd.		91		1	*
				53
Food & Staples Retailing (0.6%)
Axfood AB		118		2
Casino Guichard Perrachon SA		90		4
J Sainsbury PLC		1,588		5

	Number of Shares		Value (000's omitted)
Kesko OYJ, B Shares		131	$	7
METRO AG		16		1
Rallye SA		57		1
Sysco Corp.		158		8
Wal-Mart Stores, Inc.		347		24	^(a)
Weis Markets, Inc.		33		2
Wesfarmers Ltd.		908		28
WM Morrison Supermarkets PLC		1,561		4
Woolworths Ltd.		747		13
				99
Food Products (0.4%)
Archer-Daniels- Midland Co.		144		6
Austevoll Seafood ASA		312		3
Campbell Soup Co.		11		1	^(a)
ConAgra Foods, Inc.		800		39	^(a)
Fresh Del Monte Produce, Inc.		91		5
General Mills, Inc.		99		6
Ingredion, Inc.		39		5
Salmar ASA		205		7
Tate & Lyle PLC		273		3
WH Group Ltd.		500		0	^(c)(b)
				75
Gas Utilities (0.1%)
Enagas SA		58		1
Gas Natural SDG SA		192		4
ONE Gas, Inc.		98		6
Southwest Gas Corp.		26		2
Spire, Inc.		63		4
				17
Health Care Equipment & Supplies (0.0%)
DiaSorin SpA		55		3
Health Care Providers & Services (0.2%)
Ansell Ltd.		37		1
Anthem, Inc.		38		5
National HealthCare Corp.		38		2
Owens & Minor, Inc.		114		4
Quest Diagnostics, Inc.		67		5
Sonic Healthcare Ltd.		294		5
UnitedHealth Group, Inc.		38		5
				27

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

	Number of Shares		Value (000's omitted)
Hotels, Restaurants & Leisure (0.4%)
Carnival Corp.		663	$	32	^(a)
Extended Stay America, Inc.		120		2
International Game Technology PLC		146		4
Las Vegas Sands Corp.		62		4
McDonald's Corp.		134		15	^(a)
Sands China Ltd.		800		3
Six Flags Entertainment Corp.		33		2
Tatts Group Ltd.		162		1
				63
Household Durables (0.0%)
Berkeley Group Holdings PLC		46		1
Persimmon PLC		134		3
				4
Household Products (0.7%)
Colgate-Palmolive Co.		134		9
Kimberly-Clark Corp.		84		10	^(a)
Procter & Gamble Co.		1,132		98	^(a)
				117
Independent Power and Renewable Electricity Producers (0.2%)
Drax Group PLC		559		2
Meridian Energy Ltd.		1,087		2
NextEra Energy Partners LP		1,225		34
Uniper SE		23		0	*^(b)
				38
Industrial Conglomerates (0.4%)
General Electric Co.		900		26	^(a)
Keppel Corp. Ltd.		1,100		4
Koninklijke Philips NV		550		16
NWS Holdings Ltd.		2,000		4
Siemens AG ADR		150		17
				67
Insurance (2.0%)
Aflac, Inc.		128		9
Allianz SE		361		56
American Financial Group, Inc.		86		6

	Number of Shares		Value (000's omitted)
American National Insurance Co.		56	$	6
Assicurazioni Generali SpA		200		3
Assurant, Inc.		7		1
AXA SA		1,615		36
Axis Capital Holdings Ltd.		73		4
Beazley PLC		283		1
Chubb Ltd.		14		2
Cincinnati Financial Corp.		146		10
CNA Financial Corp.		113		4
CNP Assurances		635		11
Direct Line Insurance Group PLC		473		2
Erie Indemnity Co. Class A		10		1
Everest Re Group Ltd.		10		2
Gjensidige Forsikring ASA		31		1
Hannover Rueck SE		68		8
Insurance Australia Group Ltd.		1,848		8
Legal & General Group PLC		3,447		9
Medibank Pvt Ltd.		221		0	^(b)
MetLife, Inc.		675		32	^(a)
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		117		23
NN Group NV		18		1
Old Mutual PLC		5,544		14
Progressive Corp.		52		2
Prudential Financial, Inc.		16		1
Reinsurance Group of America, Inc.		8		1
RSA Insurance Group PLC		207		1
Sampo OYJ, A Shares		109		5
SCOR SE		164		5
Selective Insurance Group, Inc.		21		1
Standard Life PLC		704		3
Suncorp Group Ltd.		75		1
Swiss Life Holding AG		19		5	*
Swiss Re AG		385		36

	Number of Shares		Value (000's omitted)
Travelers Cos., Inc.		49	$	5
Zurich Insurance Group AG		124		32	*
				348
IT Services (0.6%)
Automatic Data Processing, Inc.		400		35	^(a)
Convergys Corp.		70		2
IBM Corp.		209		32	^(a)
Leidos Holdings, Inc.		649		27
Western Union Co.		287		6
Xerox Corp.		612		6
				108
Machinery (0.0%)
Cummins, Inc.		9		1
Weir Group PLC		80		2
Yangzijiang Shipbuilding Holdings Ltd.		1,500		1
				4
Marine (0.0%)
Dfds A/S		82		4
Media (0.3%)
New Media Investment Group, Inc.		21		0	^(b)
Pearson PLC		918		8
Regal Entertainment Group Class A		1,900		41	^(a)
Viacom, Inc. Class B		21		1
Vivendi SA		129		3
				53
Metals & Mining (1.2%)
Acacia Mining PLC		253		2
Anglo American PLC		1,383		19	*^(a)
Bekaert NV		167		7
BHP Billiton Ltd.		2,223		39
BHP Billiton PLC		1,380		21	^(a)
BlueScope Steel Ltd.		807		5
Boliden AB		92		2
Centamin PLC		440		1
Evolution Mining Ltd.		289		0	^(b)
Fortescue Metals Group Ltd.		461		2
Franco-Nevada Corp.		200		13
Glencore PLC		1,104		3	*

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

	Number of Shares		Value (000's omitted)
Hitachi Metals Ltd.		100	$	1
Northern Star Resources Ltd.		518		2
OZ Minerals Ltd.		218		1
Reliance Steel & Aluminum Co.		107		7
Rio Tinto Ltd.		389		16
Rio Tinto PLC		1,109		39
Southern Copper Corp.		775		22	^(a)
Steel Dynamics, Inc.		155		4
Vedanta Resources PLC		196		2
voestalpine AG		19		1
Worthington Industries, Inc.		36		2
				211
Multi-Utilities (0.8%)
ACEA SpA		137		2
Ameren Corp.		650		33	^(a)
Avista Corp.		9		0	^(b)
Black Hills Corp.		300		19	^(a)
Centrica PLC		4,244		11
Consolidated Edison, Inc.		69		5
DUET Group		249		0	^(b)
E.ON SE		237		2
Engie SA		78		1
National Grid PLC		2,636		34
RWE AG		348		6	*
SCANA Corp.		13		1
WEC Energy Group, Inc.		325		19	^(a)
				133
Multiline Retail (0.3%)
Big Lots, Inc.		29		1
Dollar General Corp.		15		1
Harvey Norman Holdings Ltd.		858		3
Kohl's Corp.		96		4
Macy's, Inc.		30		1
Marks & Spencer Group PLC		532		2
Nordstrom, Inc.		18		1
Target Corp.		516		36	^(a)
				49
Oil, Gas & Consumable Fuels (3.6%)
Apache Corp.		107		6
BP PLC		240		1
Chevron Corp.		348		36	^(a)
DCP Midstream Partners LP		500		17
Denbury Resources, Inc.		557		1	*

	Number of Shares		Value (000's omitted)
EQT GP Holdings LP		1,050	$	25
Exxon Mobil Corp.		1,029		86	^(a)
Idemitsu Kosan Co. Ltd.		100		2
Occidental Petroleum Corp.		450		33	^(a)
OMV AG		118		4
ONEOK, Inc.		1,225		59	^(a)
Phillips 66		73		6
Royal Dutch Shell PLC, A Shares		2,221		55
Royal Dutch Shell PLC, B Shares		1,419		37
Spectra Energy Corp.		1,650		69	^(a)
Statoil ASA		664		11
Suncor Energy, Inc.		1,925		58
Targa Resources Corp.		675		30
TOTAL SA		1,657		79
Valero Energy Corp.		55		3	^(a)
Williams Cos., Inc.		400		12
Woodside Petroleum Ltd.		32		1
				631
Paper & Forest Products (0.1%)
Domtar Corp.		17		1
Navigator Co. SA		790		2
Stora Enso OYJ, R Shares		147		1
UPM-Kymmene OYJ		420		10
				14
Personal Products (0.0%)
Oriflame Holding AG		19		1	*
Pharmaceuticals (2.6%)
AstraZeneca PLC		919		52	^(a)
Bristol-Myers Squibb Co.		500		25	^(a)
Eli Lilly & Co.		372		27	^(a)
GlaxoSmithKline PLC		3,911		78
GlaxoSmithKline PLC ADR		225		9	^(a)
Indivior PLC		1,592		6
Johnson & Johnson		839		97	^(a)
Merck & Co., Inc.		574		34	^(a)
Pfizer, Inc.		1,291		41	^(a)
Recordati SpA		166		5
Sanofi		890		69

	Number of Shares		Value (000's omitted)
STADA Arzneimittel AG		10	$	1
Sumitomo Dainippon Pharma Co. Ltd.		100		2
Takeda Pharmaceutical Co. Ltd.		300		13
				459
Real Estate Investment Trusts (3.0%)
American Campus Communities, Inc.		202		11
Annaly Capital Management, Inc.		923		10
Blackstone Mortgage Trust, Inc. Class A		348		10
Brandywine Realty Trust		521		8
Care Capital Properties, Inc.		152		4
CBL & Associates Properties, Inc.		426		5
Corporate Office Properties Trust		362		10
Crown Castle International Corp.		478		43	^(a)
DCT Industrial Trust, Inc.		650		30
Digital Realty Trust, Inc.		173		16
Douglas Emmett, Inc.		550		20
EPR Properties		576		42
Equinix, Inc.		55		20	^(a)
Highwoods Properties, Inc.		214		11
Iron Mountain, Inc.		275		9
Kimco Realty Corp.		555		15
LaSalle Hotel Properties		183		4
Liberty Property Trust		246		10
Life Storage, Inc.		57		5
Mid-America Apartment Communities, Inc.		96		9
National Retail Properties, Inc.		185		8
OMEGA Healthcare Investors, Inc.		451		14
Prologis, Inc.		862		45	^(a)
Public Storage		64		14

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

	Number of Shares		Value (000's omitted)
Retail Opportunity Investments Corp.		271	$	5
Simon Property Group, Inc.		131		24	^(a)
Spirit Realty Capital, Inc.		693		8
STAG Industrial, Inc.		413		10
Starwood Property Trust, Inc.		1,543		34	^(a)
Sun Communities, Inc.		72		6
Ventas, Inc.		253		17
Washington Prime Group, Inc.		631		7
Welltower, Inc.		135		9
Weyerhaeuser Co.		1,243		37	^(a)
				530
Road & Rail (0.3%)
CSX Corp.		17		1
Norfolk Southern Corp.		87		8
Union Pacific Corp.		425		37	^(a)
				46
Semiconductors & Semiconductor Equipment (1.0%)
Brooks Automation, Inc.		198		2
Intel Corp.		1,054		37	^(a)
Intersil Corp.		138		3
KLA-Tencor Corp.		34		2
Maxim Integrated Products, Inc.		975		39	^(a)
MKS Instruments, Inc.		157		8
NVIDIA Corp.		31		2
QUALCOMM, Inc.		943		65	^(a)
Texas Instruments, Inc.		263		19	^(a)
Versum Materials, Inc.		14		0	*^(b)
				177
Software (0.7%)
Microsoft Corp.		2,042		122	^(a)
Specialty Retail (0.5%)
American Eagle Outfitters, Inc.		193		3
Best Buy Co., Inc.		1,043		40	^(a)
Cato Corp. Class A		93		3
Children's Place, Inc.		5		0	^(b)
Foot Locker, Inc.		41		3
Gap, Inc.		69		2

	Number of Shares		Value (000's omitted)
Hennes & Mauritz AB, B Shares		387	$	11
K's Holdings Corp.		100		2
TJX Cos., Inc.		11		1
Williams-Sonoma, Inc.		375		17
				82
Technology Hardware, Storage & Peripherals (0.7%)
Apple, Inc.		525		60	^(a)
Canon, Inc.		500		14
HP, Inc.		871		13
Western Digital Corp.		550		32
				119
Textiles, Apparel & Luxury Goods (0.0%)
Yue Yuen Industrial Holdings Ltd.		1,000		4
Tobacco (1.2%)
Altria Group, Inc.		531		35	^(a)
British American Tobacco PLC		1,363		78
Imperial Brands PLC		549		27
Philip Morris International, Inc.		788		76
				216
Trading Companies & Distributors (0.0%)
ITOCHU Corp.		100		1
Rexel SA		36		1
Sojitz Corp.		1,500		4
				6
Transportation Infrastructure (0.1%)
Sydney Airport		1,800		9
Wireless Telecommunication Services (0.3%)
Millicom International Cellular SA SDR		9		0	^(b)
StarHub Ltd.		100		0	^(b)
Vodafone Group PLC		20,561		57	^(a)
				57
Total Common Stocks (Cost $5,055)				5,164

	Number of Shares		Value (000's omitted)
Convertible Preferred Stocks (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
El Paso Energy Capital Trust I, 4.75%, due 3/31/28		400	$	20
Pharmaceuticals (0.0%)
Allergan PLC, Ser. A, Ser. A, 5.50%, due 3/01/18		10		8
Total Convertible Preferred Stocks (Cost $26)				28
Preferred Stocks (1.1%)
Real Estate Investment Trusts (1.1%)
American Homes 4 Rent, Ser. D, 6.50%		500		13
Cedar Realty Trust, Inc., Ser. B, 7.25%		600		15
DuPont Fabros Technology, Inc., Ser. C, 6.63%		500		14
General Growth Properties, Inc., Ser. A, 6.38%		200		5
Hersha Hospitality Trust, Ser. C, 6.88%		600		16
National Retail Properties, Inc., Ser. D, 6.63%		600		15
Pebblebrook Hotel Trust, Ser. D, 6.38%		700		18
Regency Centers Corp., Ser. 6, 6.63%		900		23
Retail Properties of America, Inc., Ser. A, 7.00%		600		16
Rexford Industrial Realty, Inc., , 5.88%		500		13
SL Green Realty Corp., Ser. I, 6.50%		900		23
VEREIT, Inc., Ser. F, 6.70%		600		16
Total Preferred Stocks (Cost $183)				187

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

	Principal Amount (000's omitted)		Value (000's omitted)
Convertible Bonds (0.3%)
Equity Real Estate Investment Trust (0.2%)
Extra Space Storage LP, 3.13%, due 10/1/35	$	50	$	53	^(c)
Internet Software & Services (0.1%)
Twitter, Inc., 1.00.%, due 9/15/21		10		9
Total Convertible Bonds (Cost $60)				62
U.S. Treasury Obligations (10.6%)
U.S. Treasury Bonds
5.50%, due 8/15/28		126		173
3.88%, due 8/15/40		161		202	^(d)
2.50%, due 2/15/46		247		243
4.50%, due 2/15/36		98		133
3.00%, due 11/15/44		183		199
U.S. Treasury Inflation-Indexed Bonds
1.75%, due 1/15/28		11		14	^(e)
0.75%, due 2/15/42		37		38
3.88%, due 4/15/29		37		52	^(e)
0.63%, due 2/15/43		84		82	^(e)
3.38%, due 4/15/32		156		226	^(e)
U.S. Treasury Notes, 4.75%, due 2/15/37		346		485	^(d)
Total U.S. Treasury Obligations (Cost $1,864)				1,847
U.S. Government Agency Securities (2.0%)
Federal Home Loan Bank, 5.50%, due 7/15/36		110		154
Federal Home Loan Mortgage Corp., 6.75%, due 3/15/31		100		151
Tennessee Valley Authority, Notes, 5.38%, due 4/1/56		30		41
Total U.S. Government Agency Securities (Cost $351)				346

	Number of Shares		Value (000's omitted)
Exchange Traded Funds (6.9%)
iShares 10+ Year Credit Bond ETF		4,560	$	280
iShares Core U.S. Aggregate Bond ETF		366		41
iShares Emerging Markets Dividend ETF		9,272		335
SPDR Barclays International Treasury Bond ETF		1,434		39	*
SPDR Barclays Long Term Corporate Bond ETF		10,860		452
Vanguard S&P 500 ETF		280		55
Total Exchange Traded Funds (Cost $1,184)				1,202
Master Limited Partnerships (2.8%)
Hotels, Restaurants & Leisure (0.3%)
Cedar Fair LP		1,000		57
Oil, Gas & Consumable Fuels (2.4%)
Alliance Holdings GP LP		1,325		40
Energy Transfer Equity LP		6,000		90
Energy Transfer Partners LP		1,699		59	^(a)
Enterprise Products Partners LP		2,000		51	^(a)
EQT Midstream Partners LP		575		43
NuStar Energy LP		900		42
Teekay LNG Partners LP		1,725		26
Western Gas Equity Partners LP		1,575		67
				418
Real Estate Management & Development (0.1%)
Brookfield Property Partners LP		372		8	*
Total Master Limited Partnerships (Cost $552)				483

	Number of Shares		Value (000's omitted)
Investment Companies (43.3%)
Neuberger Berman Emerging Markets Debt Fund Institutional Class		156,831	$	1,396	^(f)
Neuberger Berman Floating Rate Income Fund Institutional Class		322,521		3,192	^(f)
Neuberger Berman High Income Bond Fund Class R6		276,284		2,404	^(f)
Neuberger Berman Long Short Credit Fund Class R6		59,625		568	^(f)
Total Investment Companies (Cost $7,537)				7,560
Short-Term Investment (3.3%)
Investment Company (3.3%)
State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26% (Cost $575)		574,616		575	^(a)(g)
Total Investments (99.9%) (Cost $17,387)				17,454
Other Assets Less Liabilities (0.1%)				23	^(h)
Net Assets (100.0%)			$	17,477

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

* Non-income producing security.

(a) All or a portion of this security is segregated in connection with obligations for futures and/or forward foreign currency and/or options written with a total value of approximately $2,835,000.

(b) Amount less than one thousand.

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $57,000 or 0.3% of the net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(d) All or a portion of the security is pledged as collateral for options written.

(e) Index-linked bond whose principal amount adjusts according to a government retail price index.

(f) Affiliated company as defined under the Investment Company Act of 1940.

(g) Represents 7-day effective yield as of 10/31/2016.

(h) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/19/2016

1 Canadian Treasury Bond, 10 Year

Long

(1,524

)

12/8/2016

1 Euro-BOBL

Long

(1,013

)

12/8/2016

1 Euro-BTP

Long

(6,205

)

12/8/2016

1 Euro-Bund

Long

(2,209

)

12/8/2016

1 Euro-OAT

Long

(4,130

)

12/16/2016

3 FTSE 100 Index

Long

7,960

12/16/2016

4 Mini MSCI Emerging Markets Index

Long

(2,188

)

12/16/2016

1 Russell 2000 Index Mini

Long

(2,090

)

12/16/2016

3 S&P 500 E-Mini Index

Long

(3,245

)

12/20/2016

6 U.S. Treasury Note, 10 Year

Long

(10,264

)

12/30/2016

3 U.S. Treasury Note, 2 Year

Long

(1,089

)

12/16/2016

16 S&P 500 E-Mini Index

Short

2,500

12/30/2016

5 U.S. Treasury Note, 5 Year

Short

3,928

Total

(19,569

)

At October 31, 2016, the notional value of futures for the Fund was $3,057,702 for long positions and $(2,300,064) for short positions. The Fund had $59,691 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $1,837,400 for long positions and $(673,704) for short positions.

Forward foreign currency contracts ("forward contracts")

At October 31, 2016, open forward contracts for the Fund were as follows:

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	67,391	Australian Dollar	$	50,982	Deutsche Bank AG	11/16/16	$	263
	74,511	Australian Dollar		57,190	Goldman Sachs International	11/16/16		(531	)
	25,715	Australian Dollar		19,404	Goldman Sachs International	11/16/16		151
	184,718	Australian Dollar		139,335	Societe Generale	11/16/16		1,127
	67,391	Australian Dollar		51,554	Societe Generale	11/16/16		(309	)
	49,747	Australian Dollar		37,266	Societe Generale	11/16/16		562
	24,829	Australian Dollar		18,829	Societe Generale	11/16/16		51
	40,627	Australian Dollar		30,611	Societe Generale	11/16/16		283
	41,398	Australian Dollar		31,661	State Street Bank and Trust Company	11/16/16		(182	)
	89,326	Australian Dollar		68,477	State Street Bank and Trust Company	11/16/16		(552	)
	54,106	Australian Dollar		40,534	State Street Bank and Trust Company	11/16/16		609
	63,007	Australian Dollar		47,935	State Street Bank and Trust Company	11/16/16		(23	)

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	77,837	Australian Dollar	$	59,638	State Street Bank and Trust Company	11/16/16	$	(450	)
	24,754	Australian Dollar		18,748	State Street Bank and Trust Company	11/16/16		76
	21,475	Australian Dollar		16,254	State Street Bank and Trust Company	11/16/16		76
	233,829	Canadian Dollar		179,526	Deutsche Bank AG	11/16/16		(5,178	)
	66,109	Canadian Dollar		49,386	Goldman Sachs International	11/16/16		(94	)
	39,072	Canadian Dollar		29,696	Goldman Sachs International	11/16/16		(563	)
	25,009	Canadian Dollar		18,913	Goldman Sachs International	11/16/16		(266	)
	33,347	Canadian Dollar		25,336	Royal Bank of Canada	11/16/16		(471	)
	233,829	Canadian Dollar		178,645	Societe Generale	11/16/16		(4,297	)
	159,536	Canadian Dollar		120,393	Societe Generale	11/16/16		(1,439	)
	453,135	Canadian Dollar		346,168	Societe Generale	11/16/16		(8,301	)
	24,355	Canadian Dollar		18,588	Societe Generale	11/16/16		(428	)
	121,162	Canadian Dollar		93,061	State Street Bank and Trust Company	11/16/16		(2,720	)
	28,452	Canadian Dollar		22,179	State Street Bank and Trust Company	11/16/16		(964	)
	16,719	Canadian Dollar		12,716	State Street Bank and Trust Company	11/16/16		(250	)
	117,701	Canadian Dollar		89,773	State Street Bank and Trust Company	11/16/16		(2,012	)
	43,355	Canadian Dollar		32,764	State Street Bank and Trust Company	11/16/16		(437	)
	53,681	Canadian Dollar		41,291	State Street Bank and Trust Company	11/16/16		(1,265	)
	12,710	Euro		14,281	Deutsche Bank AG	11/16/16		(321	)
	81,341	Euro		91,202	Goldman Sachs International	11/16/16		(1,860	)
	39,650	Euro		44,315	Goldman Sachs International	11/16/16		(765	)
	10,875	Euro		12,203	Royal Bank of Canada	11/16/16		(259	)
	35,935	Euro		40,206	Royal Bank of Canada	11/16/16		(737	)
	34,037	Euro		38,036	Royal Bank of Canada	11/16/16		(651	)
	42,083	Euro		47,207	Royal Bank of Canada	11/16/16		(985	)
	10,027	Euro		11,275	Royal Bank of Canada	11/16/16		(262	)
	11,493	Euro		12,755	Societe Generale	11/16/16		(131	)
	32,497	Euro		36,516	Societe Generale	11/16/16		(822	)
	47,239	Euro		53,022	Societe Generale	11/16/16		(1,137	)
	33,981	Euro		37,401	Societe Generale	11/16/16		(77	)
	23,290	Euro		25,368	Societe Generale	11/16/16		213
	29,412	Euro		33,000	State Street Bank and Trust Company	11/16/16		(695	)
	36,246	Euro		39,973	State Street Bank and Trust Company	11/16/16		(162	)
	78,523	Euro		86,455	State Street Bank and Trust Company	11/16/16		(208	)
	114,231	Euro		127,276	State Street Bank and Trust Company	11/16/16		(1,809	)
	26,902	Euro		30,273	State Street Bank and Trust Company	11/16/16		(725	)
	17,345	Euro		19,411	State Street Bank and Trust Company	11/16/16		(360	)
	943,525	Japanese Yen		9,136	Deutsche Bank AG	11/16/16		(135	)
	3,165,356	Japanese Yen		30,089	Goldman Sachs International	11/16/16		109
	2,398,593	Japanese Yen		23,574	Goldman Sachs International	11/16/16		(691	)
	1,741,009	Japanese Yen		17,069	Goldman Sachs International	11/16/16		(459	)
	23,511,634	Japanese Yen		227,712	Royal Bank of Canada	11/16/16		(3,412	)
	2,056,843	Japanese Yen		20,334	Royal Bank of Canada	11/16/16		(712	)

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	4,413,490	Japanese Yen	$	42,948	Royal Bank of Canada	11/16/16	$	(844	)
	5,021,911	Japanese Yen		48,222	Royal Bank of Canada	11/16/16		(313	)
	7,740,079	Japanese Yen		76,339	Societe Generale	11/16/16		(2,499	)
	943,525	Japanese Yen		9,331	Societe Generale	11/16/16		(330	)
	1,074,084	Japanese Yen		10,611	Societe Generale	11/16/16		(365	)
	2,412,117	Japanese Yen		23,237	Societe Generale	11/16/16		(226	)
	5,311,227	Japanese Yen		50,990	Societe Generale	11/16/16		(321	)
	5,125,971	Japanese Yen		50,319	State Street Bank and Trust Company	11/16/16		(1,417	)
	2,832,011	Japanese Yen		27,305	State Street Bank and Trust Company	11/16/16		(288	)
	2,426,094	Japanese Yen		23,385	State Street Bank and Trust Company	11/16/16		(240	)
	2,706,655	Japanese Yen		26,494	State Street Bank and Trust Company	11/16/16		(672	)
	7,610,682	Japanese Yen		73,297	State Street Bank and Trust Company	11/16/16		(692	)
	1,257,186	Mexican Peso		65,037	State Street Bank and Trust Company	11/16/16		1,380
	105,958	New Zealand Dollar		76,830	Deutsche Bank AG	11/16/16		(1,103	)
	124,657	New Zealand Dollar		88,927	Goldman Sachs International	11/16/16		163
	31,933	New Zealand Dollar		23,319	Goldman Sachs International	11/16/16		(497	)
	14,302	New Zealand Dollar		10,409	Goldman Sachs International	11/16/16		(188	)
	100,110	New Zealand Dollar		72,786	Royal Bank of Canada	11/16/16		(1,239	)
	53,173	New Zealand Dollar		39,487	Royal Bank of Canada	11/16/16		(1,485	)
	106,001	New Zealand Dollar		77,841	Royal Bank of Canada	11/16/16		(2,083	)
	44,913	New Zealand Dollar		32,563	Royal Bank of Canada	11/16/16		(464	)
	20,761	New Zealand Dollar		15,005	Royal Bank of Canada	11/16/16		(167	)
	49,059	New Zealand Dollar		35,202	Royal Bank of Canada	11/16/16		(140	)
	21,674	New Zealand Dollar		15,371	Royal Bank of Canada	11/16/16		119
	48,260	New Zealand Dollar		34,409	Societe Generale	11/16/16		82
	49,074	New Zealand Dollar		34,603	Societe Generale	11/16/16		470
	98,802	New Zealand Dollar		71,222	State Street Bank and Trust Company	11/16/16		(610	)
	24,628	New Zealand Dollar		17,987	State Street Bank and Trust Company	11/16/16		(385	)
	109,516	New Zealand Dollar		79,147	State Street Bank and Trust Company	11/16/16		(877	)
	25,927	New Zealand Dollar		18,807	State Street Bank and Trust Company	11/16/16		(278	)
	16,078	New Zealand Dollar		11,661	State Street Bank and Trust Company	11/16/16		(170	)
	38,301	New Zealand Dollar		27,320	State Street Bank and Trust Company	11/16/16		53
	54,235	New Zealand Dollar		39,508	State Street Bank and Trust Company	11/16/16		(747	)
	13,314	New Zealand Dollar		9,488	State Street Bank and Trust Company	11/16/16		28
	378,210	Norwegian Krone		47,008	Deutsche Bank AG	11/16/16		(1,232	)
	162,177	Norwegian Krone		19,484	Royal Bank of Canada	11/16/16		145
	127,605	Norwegian Krone		15,558	Royal Bank of Canada	11/16/16		(114	)
	77,344	Norwegian Krone		9,320	Royal Bank of Canada	11/16/16		41
	312,056	Norwegian Krone		38,544	Royal Bank of Canada	11/16/16		(775	)
	1,772,486	Norwegian Krone		212,979	Societe Generale	11/16/16		1,551
	206,956	Norwegian Krone		25,074	Societe Generale	11/16/16		(24	)
	143,898	Norwegian Krone		17,649	Societe Generale	11/16/16		(232	)
	3,467,849	Norwegian Krone		417,881	State Street Bank and Trust Company	11/16/16		1,843

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	240,923	Norwegian Krone	$	30,010	State Street Bank and Trust Company	11/16/16	$	(850	)
	102,283	Norwegian Krone		12,367	State Street Bank and Trust Company	11/16/16		13
	91,313	Norwegian Krone		11,051	State Street Bank and Trust Company	11/16/16		1
	31,214	Pound Sterling		40,575	Deutsche Bank AG	11/16/16		(2,359	)
	6,673	Pound Sterling		8,661	Goldman Sachs International	11/16/16		(491	)
	16,399	Pound Sterling		21,676	Goldman Sachs International	11/16/16		(1,599	)
	8,749	Pound Sterling		11,621	Goldman Sachs International	11/16/16		(910	)
	3,524	Pound Sterling		4,678	Royal Bank of Canada	11/16/16		(364	)
	9,713	Pound Sterling		11,897	Royal Bank of Canada	11/16/16		(5	)
	18,593	Pound Sterling		24,794	Royal Bank of Canada	11/16/16		(2,030	)
	25,194	Pound Sterling		32,773	Royal Bank of Canada	11/16/16		(1,928	)
	38,030	Pound Sterling		49,454	Royal Bank of Canada	11/16/16		(2,893	)
	110,605	Pound Sterling		146,993	Societe Generale	11/16/16		(11,576	)
	19,007	Pound Sterling		23,631	Societe Generale	11/16/16		(360	)
	19,679	Pound Sterling		25,600	Societe Generale	11/16/16		(1,507	)
	43,713	Pound Sterling		56,387	Societe Generale	11/16/16		(2,868	)
	16,302	Pound Sterling		20,619	State Street Bank and Trust Company	11/16/16		(660	)
	29,100	Pound Sterling		38,876	State Street Bank and Trust Company	11/16/16		(3,248	)
	16,837	Pound Sterling		22,257	State Street Bank and Trust Company	11/16/16		(1,642	)
	19,390	Pound Sterling		25,361	State Street Bank and Trust Company	11/16/16		(1,621	)
	423,655	Swedish Krona		49,440	Deutsche Bank AG	11/16/16		(2,506	)
	2,045,601	Swedish Krona		238,860	Goldman Sachs International	11/16/16		(12,240	)
	346,872	Swedish Krona		38,420	Goldman Sachs International	11/16/16		8
	85,575	Swedish Krona		10,026	Goldman Sachs International	11/16/16		(546	)
	198,767	Swedish Krona		23,466	Goldman Sachs International	11/16/16		(1,445	)
	965,664	Swedish Krona		112,878	Royal Bank of Canada	11/16/16		(5,898	)
	258,777	Swedish Krona		30,275	Royal Bank of Canada	11/16/16		(1,607	)
	478,136	Swedish Krona		55,795	Royal Bank of Canada	11/16/16		(2,825	)
	284,047	Swedish Krona		33,085	Royal Bank of Canada	11/16/16		(1,617	)
	82,791	Swedish Krona		9,685	Royal Bank of Canada	11/16/16		(513	)
	128,927	Swedish Krona		14,640	Royal Bank of Canada	11/16/16		(357	)
	676,804	Swedish Krona		79,647	Societe Generale	11/16/16		(4,668	)
	501,386	Swedish Krona		58,532	Societe Generale	11/16/16		(2,986	)
	339,540	Swedish Krona		38,565	Societe Generale	11/16/16		(949	)
	182,395	Swedish Krona		20,475	Societe Generale	11/16/16		(268	)
	746,140	Swedish Krona		87,256	State Street Bank and Trust Company	11/16/16		(4,595	)
	410,087	Swedish Krona		48,599	State Street Bank and Trust Company	11/16/16		(3,168	)
	92,052	Swedish Krona		10,808	State Street Bank and Trust Company	11/16/16		(610	)
	280,133	Swedish Krona		32,437	State Street Bank and Trust Company	11/16/16		(1,403	)
	333,459	Swedish Krona		37,909	State Street Bank and Trust Company	11/16/16		(967	)
	465,368	Swedish Krona		54,537	State Street Bank and Trust Company	11/16/16		(2,981	)
	7,916	Swiss Franc		8,170	Deutsche Bank AG	11/16/16		(165	)
	30,060	Swiss Franc		30,254	Goldman Sachs International	11/16/16		145

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	14,892	Swiss Franc	$	15,253	Goldman Sachs International	11/16/16	$	(193	)
	35,406	Swiss Franc		36,443	Societe Generale	11/16/16		(637	)
	19,684	Swiss Franc		19,837	Societe Generale	11/16/16		68
	21,917	Swiss Franc		22,616	Societe Generale	11/16/16		(452	)
	29,539	Swiss Franc		30,154	Societe Generale	11/16/16		(282	)
	23,481	Swiss Franc		23,794	Societe Generale	11/16/16		(49	)
	39,110	Swiss Franc		39,345	State Street Bank and Trust Company	11/16/16		205
	167,049	Swiss Franc		171,573	State Street Bank and Trust Company	11/16/16		(2,643	)
	95,225	Swiss Franc		96,350	State Street Bank and Trust Company	11/16/16		(52	)
	20,400	Swiss Franc		20,824	State Street Bank and Trust Company	11/16/16		(194	)
	16,077	Swiss Franc		16,450	State Street Bank and Trust Company	11/16/16		(192	)
	12,948	Swiss Franc		13,372	State Street Bank and Trust Company	11/16/16		(278	)
Total							$	(153,486	)
Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	67,391	Australian Dollar	$	51,507	Deutsche Bank AG	11/16/16	$	262
	208,002	Australian Dollar		156,646	Goldman Sachs International	11/16/16		(1,521	)
	38,765	Australian Dollar		29,119	Goldman Sachs International	11/16/16		(358	)
	55,468	Australian Dollar		41,556	Goldman Sachs International	11/16/16		(623	)
	46,148	Australian Dollar		34,961	Goldman Sachs International	11/16/16		(130	)
	70,909	Australian Dollar		53,447	Royal Bank of Canada	11/16/16		(473	)
	26,093	Australian Dollar		19,505	Royal Bank of Canada	11/16/16		(336	)
	48,339	Australian Dollar		36,662	Royal Bank of Canada	11/16/16		(96	)
	85,963	Australian Dollar		65,647	Royal Bank of Canada	11/16/16		279
	59,893	Australian Dollar		45,921	Societe Generale	11/16/16		378
	31,863	Australian Dollar		24,192	Societe Generale	11/16/16		(37	)
	233,185	Australian Dollar		175,740	State Street Bank and Trust Company	11/16/16		(1,577	)
	441,840	Australian Dollar		334,769	State Street Bank and Trust Company	11/16/16		(1,212	)
	46,530	Australian Dollar		35,700	State Street Bank and Trust Company	11/16/16		318
	233,829	Canadian Dollar		178,685	Deutsche Bank AG	11/16/16		4,337
	239,696	Canadian Dollar		182,942	Goldman Sachs International	11/16/16		4,220
	52,548	Canadian Dollar		40,630	Goldman Sachs International	11/16/16		1,449
	30,460	Canadian Dollar		23,273	Goldman Sachs International	11/16/16		561
	452,701	Canadian Dollar		345,650	Royal Bank of Canada	11/16/16		8,106
	66,646	Canadian Dollar		50,450	Royal Bank of Canada	11/16/16		757
	69,420	Canadian Dollar		52,755	Royal Bank of Canada	11/16/16		994
	65,479	Canadian Dollar		49,368	Royal Bank of Canada	11/16/16		546
	18,281	Canadian Dollar		13,855	Royal Bank of Canada	11/16/16		225
	61,211	Canadian Dollar		46,839	Societe Generale	11/16/16		1,199
	61,681	Canadian Dollar		46,607	Societe Generale	11/16/16		616
	60,614	Canadian Dollar		46,150	Societe Generale	11/16/16		955

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	68,807	Canadian Dollar	$	51,524	Societe Generale	11/16/16	$	220
	18,708	Canadian Dollar		14,190	State Street Bank and Trust Company	11/16/16		241
	44,095	Canadian Dollar		33,433	State Street Bank and Trust Company	11/16/16		555
	21,691	Canadian Dollar		16,534	State Street Bank and Trust Company	11/16/16		360
	48,304	Canadian Dollar		36,623	State Street Bank and Trust Company	11/16/16		606
	54,218	Canadian Dollar		40,902	State Street Bank and Trust Company	11/16/16		476
	25,475	Canadian Dollar		19,440	State Street Bank and Trust Company	11/16/16		446
	12,710	Euro		14,283	Deutsche Bank AG	11/16/16		323
	20,841	Euro		23,462	Goldman Sachs International	11/16/16		571
	18,122	Euro		20,435	Goldman Sachs International	11/16/16		530
	27,693	Euro		31,020	Goldman Sachs International	11/16/16		603
	9,061	Euro		9,893	Goldman Sachs International	11/16/16		(59	)
	35,582	Euro		40,103	Royal Bank of Canada	11/16/16		1,021
	46,116	Euro		52,068	Royal Bank of Canada	11/16/16		1,416
	40,055	Euro		44,141	Royal Bank of Canada	11/16/16		146
	21,409	Euro		24,084	Societe Generale	11/16/16		569
	12,710	Euro		14,278	Societe Generale	11/16/16		318
	11,865	Euro		13,355	Societe Generale	11/16/16		323
	27,527	Euro		30,764	Societe Generale	11/16/16		529
	26,511	Euro		29,700	State Street Bank and Trust Company	11/16/16		581
	31,644	Euro		35,679	State Street Bank and Trust Company	11/16/16		923
	22,029	Euro		24,813	State Street Bank and Trust Company	11/16/16		617
	97,702	Euro		110,038	State Street Bank and Trust Company	11/16/16		2,726
	68,212	Euro		76,374	State Street Bank and Trust Company	11/16/16		1,451
	943,525	Japanese Yen		9,327	Deutsche Bank AG	11/16/16		325
	6,455,541	Japanese Yen		62,502	Goldman Sachs International	11/16/16		917
	1,243,904	Japanese Yen		12,068	Goldman Sachs International	11/16/16		201
	4,338,445	Japanese Yen		42,864	Goldman Sachs International	11/16/16		1,475
	1,628,555	Japanese Yen		16,225	Royal Bank of Canada	11/16/16		688
	26,567,693	Japanese Yen		257,479	Societe Generale	11/16/16		4,024
	5,153,012	Japanese Yen		50,637	Societe Generale	11/16/16		1,477
	6,156,486	Japanese Yen		59,597	Societe Generale	11/16/16		864
	1,554,341	Japanese Yen		14,965	Societe Generale	11/16/16		137
	15,678,974	Japanese Yen		151,473	State Street Bank and Trust Company	11/16/16		1,896
	4,536,255	Japanese Yen		44,696	State Street Bank and Trust Company	11/16/16		1,420
	5,347,331	Japanese Yen		52,824	State Street Bank and Trust Company	11/16/16		1,810
	3,642,028	Japanese Yen		35,110	State Street Bank and Trust Company	11/16/16		366
	1,257,470	Mexican Peso		66,259	State Street Bank and Trust Company	11/16/16		(174	)
	105,958	New Zealand Dollar		77,419	Deutsche Bank AG	11/16/16		1,693
	30,977	New Zealand Dollar		22,508	Goldman Sachs International	11/16/16		369
	19,357	New Zealand Dollar		14,145	Goldman Sachs International	11/16/16		311
	18,434	New Zealand Dollar		13,471	Royal Bank of Canada	11/16/16		297
	454,077	New Zealand Dollar		330,611	Societe Generale	11/16/16		6,088

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	74,397	New Zealand Dollar	$	54,139	Societe Generale	11/16/16	$	969
	72,658	New Zealand Dollar		52,850	Societe Generale	11/16/16		922
	60,481	New Zealand Dollar		43,976	Societe Generale	11/16/16		751
	20,027	New Zealand Dollar		14,266	Societe Generale	11/16/16		(47	)
	65,482	New Zealand Dollar		47,825	State Street Bank and Trust Company	11/16/16		1,026
	60,560	New Zealand Dollar		43,930	State Street Bank and Trust Company	11/16/16		649
	125,169	New Zealand Dollar		92,436	State Street Bank and Trust Company	11/16/16		2,979
	105,958	New Zealand Dollar		76,874	State Street Bank and Trust Company	11/16/16		1,147
	57,248	New Zealand Dollar		40,734	State Street Bank and Trust Company	11/16/16		(181	)
	23,763	New Zealand Dollar		16,994	State Street Bank and Trust Company	11/16/16		11
	378,210	Norwegian Krone		45,630	Deutsche Bank AG	11/16/16		(146	)
	454,019	Norwegian Krone		54,481	Goldman Sachs International	11/16/16		(471	)
	648,260	Norwegian Krone		78,376	Goldman Sachs International	11/16/16		(84	)
	250,251	Norwegian Krone		31,213	Royal Bank of Canada	11/16/16		924
	82,915	Norwegian Krone		10,113	Royal Bank of Canada	11/16/16		77
	335,169	Norwegian Krone		41,672	Societe Generale	11/16/16		1,106
	318,124	Norwegian Krone		39,937	Societe Generale	11/16/16		1,433
	251,794	Norwegian Krone		31,031	Societe Generale	11/16/16		556
	91,980	Norwegian Krone		11,233	Societe Generale	11/16/16		100
	178,228	Norwegian Krone		21,610	Societe Generale	11/16/16		39
	1,082,440	Norwegian Krone		133,147	State Street Bank and Trust Company	11/16/16		2,136
	378,210	Norwegian Krone		47,010	State Street Bank and Trust Company	11/16/16		1,234
	690,094	Norwegian Krone		86,280	State Street Bank and Trust Company	11/16/16		2,756
	621,423	Norwegian Krone		76,862	State Street Bank and Trust Company	11/16/16		1,649
	390,456	Norwegian Krone		47,650	State Street Bank and Trust Company	11/16/16		392
	85,677	Norwegian Krone		10,510	State Street Bank and Trust Company	11/16/16		141
	31,214	Pound Sterling		41,687	Deutsche Bank AG	11/16/16		3,471
	17,114	Pound Sterling		20,785	Goldman Sachs International	11/16/16		(168	)
	14,406	Pound Sterling		18,873	Royal Bank of Canada	11/16/16		1,235
	17,097	Pound Sterling		22,699	Societe Generale	11/16/16		1,767
	31,214	Pound Sterling		40,576	Societe Generale	11/16/16		2,360
	7,205	Pound Sterling		8,787	Societe Generale	11/16/16		(34	)
	30,727	Pound Sterling		37,507	Societe Generale	11/16/16		(113	)
	25,798	Pound Sterling		34,374	State Street Bank and Trust Company	11/16/16		2,789
	20,770	Pound Sterling		25,692	State Street Bank and Trust Company	11/16/16		263
	38,144	Pound Sterling		46,809	State Street Bank and Trust Company	11/16/16		108
	9,767	Pound Sterling		12,025	State Street Bank and Trust Company	11/16/16		67
	423,655	Swedish Krona		49,762	Deutsche Bank AG	11/16/16		2,827
	205,217	Swedish Krona		24,207	Goldman Sachs International	11/16/16		1,472
	313,682	Swedish Krona		37,286	Royal Bank of Canada	11/16/16		2,535
	881,098	Swedish Krona		103,024	Societe Generale	11/16/16		5,412
	423,655	Swedish Krona		49,424	Societe Generale	11/16/16		2,490
	294,357	Swedish Krona		34,510	Societe Generale	11/16/16		1,899

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	381,418	Swedish Krona	$	44,131	Societe Generale	11/16/16	$	1,876
	295,030	Swedish Krona		33,674	Societe Generale	11/16/16		988
	349,843	Swedish Krona		41,363	State Street Bank and Trust Company	11/16/16		2,606
	204,101	Swedish Krona		23,849	State Street Bank and Trust Company	11/16/16		1,238
	498,942	Swedish Krona		58,412	State Street Bank and Trust Company	11/16/16		3,136
	213,173	Swedish Krona		24,791	State Street Bank and Trust Company	11/16/16		1,175
	456,767	Swedish Krona		51,728	State Street Bank and Trust Company	11/16/16		1,126
	144,427	Swedish Krona		16,194	State Street Bank and Trust Company	11/16/16		193
	7,916	Swiss Franc		8,118	Deutsche Bank AG	11/16/16		113
	5,644	Swiss Franc		5,784	Goldman Sachs International	11/16/16		76
	22,793	Swiss Franc		23,493	Goldman Sachs International	11/16/16		443
	44,663	Swiss Franc		45,778	Royal Bank of Canada	11/16/16		612
	23,416	Swiss Franc		24,127	Royal Bank of Canada	11/16/16		447
	35,454	Swiss Franc		36,308	Royal Bank of Canada	11/16/16		454
	66,971	Swiss Franc		68,987	Royal Bank of Canada	11/16/16		1,262
	19,466	Swiss Franc		19,955	Royal Bank of Canada	11/16/16		269
	12,815	Swiss Franc		12,972	Royal Bank of Canada	11/16/16		13
	586,684	Swiss Franc		601,164	Societe Generale	11/16/16		7,873
	24,875	Swiss Franc		25,701	Societe Generale	11/16/16		546
	7,916	Swiss Franc		8,170	Societe Generale	11/16/16		165
	25,867	Swiss Franc		26,239	Societe Generale	11/16/16		81
	14,955	Swiss Franc		15,485	State Street Bank and Trust Company	11/16/16		362
	27,123	Swiss Franc		27,443	State Street Bank and Trust Company	11/16/16		14
Total							$	132,031

For the year ended October 31, 2016, the Fund's investments in forward contracts had an average notional value of $21,963,431.

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
S&P 500 Mini Index, Call		10	$	220	11/04/16	$	(0	)^(a)
S&P 500 Mini Index, Call		10		217	11/11/16		(680	)
S&P 500 Mini Index, Call		9		218	11/11/16		(382	)
S&P 500 Mini Index, Call		19		219	11/18/16		(779	)
S&P 500 Mini Index, Call		9		216.5	11/25/16		(1,116	)
S&P 500 Mini Index, Call		10		218.5	11/25/16		(600	)
S&P 500 Mini Index, Call		5		217.5	12/02/16		(587	)
S&P 500 Mini Index, Put		9		210.5	11/04/16		(554	)
S&P 500 Mini Index, Put		9		211	11/04/16		(644	)
S&P 500 Mini Index, Put		1		212.5	11/04/16		(117	)
S&P 500 Mini Index, Put		11		208.5	11/11/16		(1,749	)

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
S&P 500 Mini Index, Put		9	$	209.5	11/11/16	$	(1,652	)
S&P 500 Mini Index, Put		9		209	11/18/16		(1,868	)
S&P 500 Mini Index, Put		11		210	11/18/16		(2,579	)
S&P 500 Mini Index, Put		9		208	11/25/16		(1,795	)
S&P 500 Mini Index, Put		11		210	11/25/16		(2,761	)
S&P 500 Mini Index, Put		1		208.5	12/02/16		(246	)
Total (premium received: $21,463)						$	(18,109	)

(a) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Fund's Board of Trustees ("Board").

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 10/31/2015		126		$	5,860
Options written		742			68,529
Options expired		(238	)		(9,322	)
Options exercised		(18	)		(1,379	)
Options closed		(460	)		(42,225	)
Outstanding 10/31/2016		152		$	21,463

For the year ended October 31, 2016, the Fund had an average market value of $(13,115) in options written. At October 31, 2016, Multi-Asset Income had pledged securities in the amount of $489,879 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	5,164	$	—	$	—	$	5,164
Convertible Preferred Stocks^(a)		28		—		—		28
Preferred Stocks^(a)		187		—		—		187
Convertible Bonds^(a)		—		62		—		62
U.S. Treasury Obligations		—		1,847		—		1,847
U.S. Government Agency Securities		—		346		—		346
Exchange Traded Funds		1,202		—		—		1,202
Master Limited Partnerships^(a)		483		—		—		483
Investment Companies		—		7,560		—		7,560
Short-Term Investment		—		575		—		575
Total Investments	$	7,064	$	10,390	$	—	$	17,454

(a) The Schedule of Investments provides information on the industry categorization for the portfolio

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (cont'd)

As of the year ended October 31, 2016, certain securities were transferred from one level (as of October 31, 2015) to another. Based on beginning of period market values as of November 1, 2015, $240 was transferred from Level 2 to Level 1. Interactive Data Pricing and Reference Data, Inc. provided adjusted prices for these securities as of October 31, 2015, as stated in the description of the valuation methods of foreign equity securities in Note A of Notes to Financial Statements.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3		Total
Futures^(b)
Assets	$	14		$	—		$	—	$	14
Liabilities		(34	)		—			—		(34	)
Forward contracts^(b)
Assets		—			150			—		150
Liabilities		—			(171	)		—		(171	)
Options written
Liabilities		(18	)		—			—		(18	)
Total	$	(38	)	$	(21	)	$	—	$	(59	)

(b) Futures and forward contracts are reported at the cumulative appreciation/(depreciation) of the instrument.

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund 10/31/16

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
U.S. Treasury Obligation (5.5%)
$	4,500	U.S. Treasury Notes, 0.63%, due 12/15/16 (Cost $4,502)	$	4,502
Asset-Backed Securities (18.7%)
		Ally Auto Receivables Trust
	140	Ser. 2015-1, Class A2, 0.92%, due 2/15/18		140
	565	Ser. 2016-3, Class A2, 1.19%, due 12/17/18		566
	875	Ser. 2016-1, Class A3, 1.47%, due 4/15/20		878
	375	Bank of America Credit Card Trust, Ser. 2014-A2, Class A, 0.80%, due 9/16/19		375	^(a)
	1,230	BMW Vehicle Owner Trust, Ser. 2016-A, Class A2A, 0.99%, due 5/25/19		1,229
	990	Capital One Multi-Asset Execution Trust, Ser. 2007-A2, Class A2, 0.61%, due 12/16/19		990	^(a)
	2,100	Chase Issuance Trust, Ser. 2015-A1, Class A1, 0.85%, due 2/18/20		2,104	^(a)
	445	Citibank Credit Card Issuance Trust, Ser. 2013-A2, Class A2, 0.80%, due 5/26/20		446	^(a)
	590	Ford Credit Auto Owner Trust, Ser. 2016-C, Class A2A, 1.04%, due 9/15/19		590	^(a)
		Honda Auto Receivables Owner Trust
	624	Ser. 2016-1, Class A2, 1.01%, due 6/18/18		624
	685	Ser. 2016-2, Class A2, 1.13%, due 9/17/18		685
	420	Hyundai Auto Receivables Trust, Ser. 2016-A, Class A2A, 1.21%, due 6/17/19		421
	1,725	Mercedes-Benz Auto Receivables Trust, Ser. 2016-1, Class A2A, 1.11%, due 3/15/19		1,725
		Navient Student Loan Trust
	43	Ser. 2014-8, Class A1, 0.81%, due 8/25/20		43	^(a)
	1,270	Ser. 2016-3A, Class A1, 1.13%, due 6/25/65		1,273	^(a)(b)
		Nissan Auto Receivables Owner Trust
	4	Ser. 2013-B, Class A3, 0.84%, due 11/15/17		4
	300	Ser. 2016-B, Class A2A, 1.05%, due 4/15/19		300
	1,000	Ser. 2016-C, Class A2A, 1.07%, due 5/15/19		999
	590	Penarth Master Issuer PLC, Ser. 2015-2A, Class A1, 0.94%, due 5/18/19		590	^(a)(b)
		Toyota Auto Receivables Owner Trust
	495	Ser. 2016-A, Class A2A, 1.03%, due 7/16/18		495
	385	Ser. 2016-C, Class A2A, 1.00%, due 1/15/19		385
	329	Ser. 2015-A, Class A3, 1.12%, due 2/15/19		329
	243	USAA Auto Owner Trust, Ser. 2015-1, Class A2, 0.82%, due 3/15/18		243
		Total Asset-Backed Securities (Cost $15,425)		15,434
Corporate Bonds (54.4%)
Aerospace & Defense (1.0%)
	805	Rockwell Collins, Inc., 1.20%, due 12/15/16		805	^(a)
Auto Manufacturers (5.0%)
	1,100	Daimler Finance N.A. LLC, 1.23%, due 8/1/17		1,101	^(a)(b)
		Ford Motor Credit Co. LLC
	500	1.66%, due 1/17/17		501	^(a)
	300	8.00%, due 12/15/16		302
	575	4.25%, due 2/3/17		580
		Toyota Motor Credit Corp.
	520	1.01%, due 2/16/17		520	^(a)
	335	1.63%, due 2/19/19		339	^(a)
	785	1.24%, due 4/6/18		786	^(a)
				4,129
Banks (15.2%)
	960	Bank of America N.A., 1.29%, due 11/14/16		960	^(a)
	1,265	Citigroup, Inc., 1.69%, due 12/7/18		1,270	^(a)

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
$	1,200	Goldman Sachs Group, Inc., 1.46%, due 6/4/17	$	1,202	^(a)
	1,755	JPMorgan Chase & Co., 1.34%, due 2/15/17		1,757	^(a)
	530	Mizuho Bank Ltd., 1.31%, due 4/16/17		530	^(a)(b)
	1,200	Morgan Stanley, 1.73%, due 1/24/19		1,206	^(a)
	800	National Australia Bank Ltd., 1.12%, due 6/30/17		800	^(a)(b)
		Royal Bank of Canada
	525	1.14%, due 2/3/17		525	^(a)
	750	1.20%, due 1/23/17		750
	1,130	U.S. Bank N.A., 1.12%, due 1/30/17		1,130	^(a)
	1,740	Wells Fargo & Co., 1.10%, due 9/8/17		1,740	^(a)
	650	Westpac Banking Corp., 1.14%, due 5/19/17		650	^(a)
				12,520
Beverages (1.6%)
	300	Anheuser-Busch InBev Finance, Inc., 1.08%, due 1/27/17		300	^(a)
	1,025	SABMiller Holdings, Inc., 2.45%, due 1/15/17		1,028	^(b)
				1,328
Commercial Services (2.1%)
	1,720	ERAC USA Finance LLC, 6.20%, due 11/1/16		1,720	^(b)(c)
Computers (1.1%)
	900	Apple, Inc., 1.64%, due 2/22/19		915	^(a)
Cosmetics—Personal Care (1.0%)
	790	Procter & Gamble Co., 0.85%, due 11/4/16		790	^(a)
Diversified Financial Services (2.2%)
	850	American Express Credit Corp., 1.56%, due 11/5/18		856	^(a)
	955	Capital One Bank USA N.A., 1.20%, due 2/13/17		955
				1,811
Electric (2.9%)
	780	Dominion Resources, Inc., 1.25%, due 3/15/17		781
		Duke Energy Progress LLC
	340	1.04%, due 3/6/17		340	^(a)
	790	1.01%, due 11/20/17		790	^(a)
	460	Electricite de France, 1.34%, due 1/20/17		460	^(a)(b)
				2,371
Healthcare—Products (1.8%)
	1,470	Medtronic, Inc., 0.92%, due 2/27/17		1,471	^(a)
Healthcare—Services (1.0%)
	495	Aetna, Inc., 1.49%, due 12/8/17		497	^(a)
	370	UnitedHealth Group, Inc., 1.33%, due 1/17/17		371	^(a)
				868

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
Insurance (0.6%)
$	470	Berkshire Hathaway Finance Corp., 1.54%, due 3/15/19	$	476	^(a)
Machinery—Construction & Mining (1.3%)
	1,100	Caterpillar Financial Services Corp., 1.06%, due 11/20/17		1,102	^(a)
Media (1.1%)
	900	NBCUniversal Enterprise, Inc., 1.57%, due 4/15/18		906	^(a)(b)
Oil & Gas (6.3%)
		BP Capital Markets PLC
	865	2.25%, due 11/1/16		865
	535	1.21%, due 11/7/16		535	^(a)
		Chevron Corp.
	310	0.89%, due 11/9/16		310	^(a)
	1,350	1.01%, due 3/2/18		1,349	^(a)
	530	Exxon Mobil Corp., 1.43%, due 2/28/18		534	^(a)
		Shell Int'l Finance BV
	780	0.90%, due 11/15/16		780
	810	1.13%, due 5/10/17		811	^(a)
				5,184
Pharmaceuticals (1.6%)
	305	Johnson & Johnson, 1.11%, due 3/1/19		306	^(a)
	1,015	Teva Pharmaceutical Finance Co. BV, 2.40%, due 11/10/16		1,015
				1,321
Real Estate Investment Trusts (1.0%)
	855	Simon Property Group L.P., 2.80%, due 1/30/17		855
Retail (1.7%)
	630	CVS Health Corp., 1.20%, due 12/5/16		630
	750	Home Depot, Inc., 1.22%, due 9/15/17		752	^(a)
				1,382
Software (1.0%)
	825	Oracle Corp., 1.07%, due 7/7/17		826	^(a)
Telecommunications (4.9%)
	1,290	AT&T, Inc., 1.70%, due 6/1/17		1,295
	1,450	Cisco Systems, Inc., 1.12%, due 3/3/17		1,452	^(a)
	1,300	Verizon Communications, Inc., 1.23%, due 6/9/17		1,302	^(a)
				4,049
		Total Corporate Bonds (Cost $44,785)		44,829
Short-Term Investments (15.7%)
U.S. Treasury Obligation (3.7%)
	3,000	U.S. Treasury Bill, Disc. Notes, 0.14%, due 12/15/16		3,000	^(d)

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

NUMBER OF SHARES			VALUE
			(000's omitted)
Investment Company (12.0%)
	9,911,141	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26%	$	9,911	^(e)(f)(g)
		Total Short-Term Investments (Cost $12,911)		12,911
		Total Investments (94.3%) (Cost $77,623)		77,676
		Other Assets Less Liabilities (5.7%)		4,692	^(h)
		Net Assets (100.0%)	$	82,368

(a) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.

(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $8,408,000 or 10.2% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(c) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a rating change made by a rating agency. The interest rate shown was the current rate as of 10/31/2016.

(d) Rate shown was the discount rate at the date of purchase.

(e) All or a portion represents positions held by the Neuberger Berman Cayman Commodity Fund I Ltd. (the "Subsidiary").

(f) Represents 7-day effective yield as of 10/31/2016.

(g) All or a portion of this security is segregated in connection with obligations for futures contracts with a total value of approximately $9,911,000.

(h) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

Derivative Instruments Risk Balanced Commodity Strategy Fund

Futures contracts ("futures")

At October 31, 2016, open positions in futures^(a) for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/29/2016

96 Brent Crude Oil

Long

(135,407

)

3/16/2017

60 Cocoa

Long

(23,845

)

3/21/2017

16 Coffee 'C'

Long

73,265

3/14/2017

366 Corn

Long

427,894

3/9/2017

45 Cotton No. 2

Long

33,224

1/26/2017

24 Feeder Cattle

Long

(45,678

)

2/24/2017

52 Gold 100 Oz.

Long

(244,181

)

3/14/2017

114 Hard Red Winter Wheat

Long

(7,521

)

3/29/2017

66 High Grade Copper

Long

10,764

11/14/2016

68 Lead

Long

427,325

12/19/2016

60 Lead

Long

269,250

1/16/2017

63 Lead

Long

(101,218

)

2/14/2017

114 Lean Hogs

Long

159,745

2/28/2017

43 Live Cattle

Long

24,054

1/12/2017

62 Low Sulphur Gasoil

Long

(34,294

)

3/29/2017

68 Natural Gas

Long

34,641

12/30/2016

76 New York Harbor RBOB Gasoline

Long

(93,249

)

11/14/2016

47 Nickel

Long

(19,554

)

12/19/2016

52 Nickel

Long

202,956

1/16/2017

54 Nickel

Long

(29,356

)

1/27/2017

87 Platinum

Long

(324,511

)

11/14/2016

38 Primary Aluminum

Long

100,225

12/19/2016

40 Primary Aluminum

Long

108,500

1/16/2017

43 Primary Aluminum

Long

61,159

12/30/2016

84 RBOB Gasoline

Long

7,824

3/29/2017

36 Silver

Long

(245,013

)

3/14/2017

44 Soybean

Long

121,722

1/13/2017

90 Soybean Meal

Long

90,880

1/13/2017

80 Soybean Oil

Long

102,273

2/28/2017

56 Sugar 11

Long

46,485

3/14/2017

117 Wheat

Long

65,649

12/20/2016

94 WTI Crude Oil

Long

(157,730

)

11/14/2016

52 Zinc

Long

302,344

12/19/2016

52 Zinc

Long

190,580

1/16/2017

51 Zinc

Long

96,074

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

11/14/2016

68 Lead

Short

(305,150

)

12/19/2016

60 Lead

Short

98,602

1/16/2017

5 Lead

Short

(1,683

)

11/14/2016

38 Primary Aluminum

Short

(108,775

)

12/19/2016

40 Primary Aluminum

Short

(64,765

)

11/14/2016

47 Nickel

Short

(184,146

)

12/19/2016

52 Nickel

Short

27,111

1/16/2017

3 Nickel

Short

(4,649

)

11/14/2016

52 Zinc

Short

(187,200

)

12/19/2016

52 Zinc

Short

(95,245

)

1/16/2017

1 Zinc

Short

(3,919

)

Total

665,457

(a) Commodity futures are held by the Subsidiary, a wholly-owned subsidiary of the Fund. See Note A in the Notes to Financial Statements.

At October 31, 2016, the notional value of futures was $105,491,677 for long positions and $(23,060,614) for short positions. The Fund had $4,059,870 deposited in a segregated account to cover margin requirements on open futures.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $95,178,323 for long positions and $(20,414,317) for short positions.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Obligation	$	—	$	4,502	$	—	$	4,502
Asset-Backed Securities		—		15,434		—		15,434
Corporate Bonds^(a)		—		44,829		—		44,829
Short-Term Investments^(a)		—		12,911		—		12,911
Total Investments	$	—	$	77,676	$	—	$	77,676

(a) The Consolidated Schedule of Investments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (cont'd)

As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Futures^(b)
Assets	$	3,082		$	—	$	—	$	3,082
Liabilities		(2,417	)		—		—		(2,417	)
Total	$	665		$	—	$	—	$	665

(b) Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

See Notes to Financial Statements

Schedule of Investments U.S. Equity Index PutWrite Strategy Fund 10/31/16

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
U.S. Treasury Obligations (94.9%)
		U.S. Treasury Notes
$	675	0.75%, due 6/30/17	$	676
	1,250	0.88%, due 6/15/17		1,252
	2,500	0.88%, due 6/15/19		2,495	^(a)
	3,000	1.00%, due 9/15/17		3,008	^(a)
	3,550	1.00%, due 12/15/17		3,560	^(a)
	2,000	1.00%, due 3/15/18		2,006
	5,000	1.00%, due 9/15/18		5,012
	2,000	1.00%, due 3/15/19		2,003
	1,900	1.13%, due 6/15/18		1,909
	3,250	1.25%, due 12/15/18		3,273
		Total U.S. Treasury Obligations (Cost $25,211)		25,194
NUMBER OF SHARES
Short-Term Investment (3.9%)
Investment Company (3.9%)
	1,022,934	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.26% (Cost $1,023)		1,023	^(b)
		Total Investments (98.7%) (Cost $26,234)		26,217
		Other Assets Less Liabilities (1.2%)		317	^(c)
		Net Assets (100.0%)	$	26,534

(a) All or a portion of the security is pledged as collateral for written options for the Fund.

(b) Represents 7-day effective yield as of 10/31/2016.

See Notes to Financial Statements

100

Schedule of Investments U.S. Equity Index PutWrite Strategy Fund (cont'd)

Derivative Instruments

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Russell 2000 Index, Put		7	$	1,220	11/18/16	$	(25,340	)
Russell 2000 Index, Put		1		1,220	11/11/16		(3,350	)
Russell 2000 Index, Put		6		1,210	11/11/16		(16,440	)
Russell 2000 Index, Put		1		1,210	11/18/16		(3,035	)
Russell 2000 Index, Put		8		1,220	11/25/16		(30,520	)
Russell 2000 Index, Put		2		1,210	12/02/16		(7,120	)
Russell 2000 Index, Put		3		1,190	11/04/16		(2,325	)
Russell 2000 Index, Put		2		1,190	12/02/16		(5,280	)
Russell 2000 Index, Put		1		1,180	12/02/16		(2,260	)
Russell 2000 Index, Put		2		1,185	11/04/16		(1,220	)
S&P 500 Index, Put		2		2,125	11/18/16		(6,470	)
S&P 500 Index, Put		3		2,140	11/18/16		(11,625	)
S&P 500 Index, Put		1		2,150	11/25/16		(4,575	)
S&P 500 Index, Put		5		2,125	11/11/16		(14,400	)
S&P 500 Index, Put		8		2,155	11/04/16		(24,960	)
S&P 500 Index, Put		2		2,160	11/04/16		(7,120	)
S&P 500 Index, Put		4		2,140	11/11/16		(14,040	)
S&P 500 Index, Put		2		2,130	11/04/16		(2,990	)
S&P 500 Index, Put		17		2,135	11/18/16		(62,050	)
S&P 500 Index, Put		13		2,135	11/11/16		(42,705	)
S&P 500 Index, Put		3		2,140	11/25/16		(12,240	)
S&P 500 Index, Put		3		2,145	11/18/16		(12,360	)
S&P 500 Index, Put		22		2,135	11/25/16		(84,920	)
S&P 500 Index, Put		2		2,140	12/02/16		(9,010	)
S&P 500 Index, Put		2		2,135	12/02/16		(8,570	)
S&P 500 Index, Put		13		2,120	12/02/16		(47,905	)
S&P 500 Index, Put		3		2,125	12/02/16		(11,128	)
Total (premium received: $415,694)						$	(473,958	)

At October 31, 2016, the Fund had $9,746 deposited in a segregated account to cover requirements on options written.

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 9/16/2016		—		$	—
Options written		237			708,719
Options expired		(51	)		(172,501	)
Options exercised		—			—
Options closed		(48	)		(120,524	)
Outstanding 10/31/2016		138		$	415,694

See Notes to Financial Statements

101

Schedule of Investments U.S. Equity Index PutWrite Strategy Fund (cont'd)

For the year ended October 31, 2016, the Fund had an average market value of $(46,194) in options written. At October 31, 2016, U.S. Equity Index PutWrite Strategy had pledged securities in the amount of $5,509,180 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Obligations	$	—	$	25,194	$	—	$	25,194
Short-Term Investment		—		1,023		—		1,023
Total Investments	$	—	$	26,217	$	—	$	26,217

As of the period ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options written
Liabilities	$	(474	)	$	—	$	—	$	(474	)
Total	$	(474	)	$	—	$	—	$	(474	)

See Notes to Financial Statements

102

Statements of Assets and Liabilities

Neuberger Berman Alternative Funds
(000's omitted, except per share amounts)

	GLOBAL ALLOCATION FUND		LONG SHORT FUND		LONG SHORT CREDIT FUND
	October 31, 2016		October 31, 2016		October 31, 2016
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	10,149	$	2,385,439	$	32,720
Affiliated issuers		11,404		—		—
		21,553		2,385,439		32,720
Cash		—		1,825		—
Foreign currency*		71		—		11
Cash collateral segregated for short sales (Note A)		1,150		381,110		—
Cash collateral segregated for futures contracts (Note A)		123		19,805		61
Cash collateral segregated for option contracts (Note A)		11		51		—
Cash collateral segregated for swap contracts (Note A)		—		5,690		1,661
Cash collateral for securities loaned (Note A)		233		—		—
Dividends and interest receivable		39		5,930		399
Receivable for securities sold		650		40,812		34
Receivable for variation margin on futures contracts (Note A)		54		153		104
Receivable for Fund shares sold		—		1,865		1
Receivable from Management—net (Note B)		85		—		4
OTC swap contracts, at value (Note A)		—		353		96
Receivable for forward foreign currency contracts (Note A)		219		—		7
Prepaid expenses and other assets		18		141		13
Total Assets		24,206		2,843,174		35,111
Liabilities
Investments sold short, at value** (Note A)		2,317		374,510		—
OTC swap contracts, at value (Note A)		—		5,566		166
Dividends and interest payable for short sales		4		1,019		—
Cash collateral segregated for option contracts due to broker (Note A)		—		—		—
Payable for collateral on securities loaned (Note A)		233		—		—
Payable to investment manager—net (Notes A & B)		5		2,294		21
Option contracts written, at value*** (Note A)		11		3,951		—
Due to custodian		234		—		14
Payable for securities purchased		179		45,558		4,348
Payable for Fund shares redeemed		21		10,808		—
Payable to administrator—net (Note B)		—		485		—
Payable to trustees		6		6		6
Payable for organization costs		—		—		—
Payable for variation margin on futures contracts (Note A)		—		—		—
Payable for variation margin on centrally cleared swap contracts (Note A)		—		—		2
Payable for forward foreign currency contracts (Note A)		244		—		—
Distributions payable		—		—		—
Accrued expenses and other payables		201		500		91
Total Liabilities		3,455		444,697		4,648
Net Assets	$	20,751	$	2,398,477	$	30,463

See Notes to Financial Statements

103

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted, except per share amounts)

	GLOBAL ALLOCATION FUND			LONG SHORT FUND			LONG SHORT CREDIT FUND
	October 31, 2016			October 31, 2016			October 31, 2016
Net Assets consist of:
Paid-in capital	$	21,067		$	2,296,893		$	31,761
Undistributed net investment income (loss)		15			—			—
Distributions in excess of net investment income		—			(9,127	)		(63	)
Accumulated net realized gains (losses) on investments		(398	)		(98,651	)		(1,331	)
Net unrealized appreciation (depreciation) in value of investments		67			209,362			96
Net Assets	$	20,751		$	2,398,477		$	30,463
Net Assets
Institutional Class	$	10,109		$	2,074,729		$	22,340
Class A		5,942			206,414			999
Class C		4,700			117,334			979
Class R6		—			—			6,145
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		964			162,848			2,343
Class A		572			16,431			105
Class C		463			9,669			103
Class R6		—			—			644
Net Asset Value, offering and redemption price per share
Institutional Class	$	10.49		$	12.74		$	9.53
Class R6		—			—			9.54
Net Asset Value and redemption price per share
Class A	$	10.40		$	12.56		$	9.53
Offering Price per share
Class A‡	$	11.03		$	13.33		$	9.95
Net Asset Value and offering price per share
Class C^	$	10.14		$	12.13		$	9.53
†Securities on loan, at value:
Unaffiliated issuers	$	227		$	—		$	—
*Cost of Investments:
Unaffiliated issuers	$	10,000		$	2,180,531		$	32,708
Affiliated issuers		11,503			—			—
Total cost of investments	$	21,503		$	2,180,531		$	32,708
Total cost of foreign currency	$	71		$	—		$	11
**Proceeds from investments sold short	$	2,368		$	369,084		$	—
***Premium received from option contracts written	$	13		$	5,858		$	—

‡ 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.

See Notes to Financial Statements

104

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Alternative Funds
(000's omitted, except per share amounts)

	MULTI-ASSET INCOME FUND		RISK BALANCED COMMODITY STRATEGY FUND^a		U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	October 31, 2016		October 31, 2016		October 31, 2016
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	9,894	$	77,676	$	26,217
Affiliated issuers		7,560		—		—
		17,454		77,676		26,217
Cash		_—		503		227
Foreign currency*		4		—		—
Cash collateral segregated for short sales (Note A)		—		—		—
Cash collateral segregated for futures contracts (Note A)		60		4,060		—
Cash collateral segregated for option contracts (Note A)		—		—		10
Cash collateral segregated for swap contracts (Note A)		—		—		—
Cash collateral for securities loaned (Note A)		—		—		—
Dividends and interest receivable		51		207		67
Receivable for securities sold		22		—		14
Receivable for variation margin on futures contracts (Note A)		119		794		—
Receivable for Fund shares sold		—		20		500
Receivable from Management—net (Note B)		52		—		39
OTC swap contracts, at value (Note A)		—		—		—
Receivable for forward foreign currency contracts (Note A)		150		—		—
Prepaid expenses and other assets		12		26		83
Total Assets		17,924		83,286		27,157
Liabilities
Investments sold short, at value** (Note A)		—		—		—
OTC swap contracts, at value (Note A)		—		—		—
Dividends and interest payable for short sales		—		—		—
Cash collateral segregated for option contracts due to broker (Note A)		38		—		—
Payable for collateral on securities loaned (Note A)		—		—		—
Payable to investment manager—net (Notes A & B)		4		65		8
Option contracts written, at value*** (Note A)		18		—		474
Due to custodian		2		—		—
Payable for securities purchased		29		588		10
Payable for Fund shares redeemed		20		90		—
Payable to administrator—net (Note B)		—		6		—
Payable to trustees		6		6		6
Payable for organization costs		—		—		74
Premium received on swap contracts (Note A)		—		—		—
Payable for open forward foreign currency contracts (Note A)		171		—		—
Distributions payable		10		—		—
Accrued expenses and other payables		149		163		51
Total Liabilities		447		918		623
Net Assets	$	17,477	$	82,368	$	26,534

See Notes to Financial Statements

105

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted, except per share amounts)

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND^a			U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	October 31, 2016			October 31, 2016			October 31, 2016
Net Assets consist of:
Paid-in capital	$	17,973		$	82,016		$	26,440
Undistributed net investment income (loss)		6			(268	)		8
Distributions in excess of net investment income		—			—			—
Accumulated net realized gains (losses) on investments		(531	)		(98	)		161
Net unrealized appreciation (depreciation) in value of investments		29			718			(75	)
Net Assets	$	17,477		$	82,368		$	26,534
Net Assets
Institutional Class	$	12,406		$	48,957		$	21,201
Class A		563			33,326			422
Class C		642			85			103
Class R6		3,866			—			4,808
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		1,292			8,177			2,100
Class A		59			5,652			42
Class C		67			15			10
Class R6		403			—			476
Net Asset Value, offering and redemption price per share
Institutional Class	$	9.60		$	5.99		$	10.09
Class R6		9.60			—			10.10
Net Asset Value and redemption price per share
Class A	$	9.60		$	5.90		$	10.09
Offering Price per share
Class A‡	$	10.03		$	6.26		$	10.71
Net Asset Value and offering price per share
Class C^	$	9.60		$	5.71		$	10.08
†Securities on loan, at value:
Unaffiliated issuers	$	—		$	—		$	—
*Cost of Investments:
Unaffiliated issuers	$	9,850		$	77,623		$	26,234
Affiliated issuers		7,537			—			—
Total cost of investments	$	17,387		$	77,623		$	26,234
Total cost of foreign currency	$	4		$	—		$	—
**Proceeds from investments sold short	$	—		$	—		$	—
***Premium received from option contracts written	$	21		$	—		$	416

a Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

‡ 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.

See Notes to Financial Statements

106

Statements of Operations

Neuberger Berman Alternative Funds
(000's omitted)

	GLOBAL ALLOCATION FUND			LONG SHORT FUND			LONG SHORT CREDIT FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016			For the Year Ended October 31, 2016
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	272		$	32,689		$	23
Dividend income—affiliated issuers (Notes A & F)		138			—			—
Interest and other income—unaffiliated issuers		46			14,250			1,093
Income from securities loaned—net (Note A)		2			—			—
Foreign taxes withheld (Note A)		(10	)		(576	)		—
Total income	$	448		$	46,363		$	1,116
Expenses:
Investment management fees (Note B)		138			30,470			254
Administration fees (Note B)		13			1,645			19
Administration fees (Note B):
Institutional Class		8			2,089			22
Class A		13			542			3
Class C		11			298			2
Class R6		—			—			1
Distribution fees (Note B):
Class A		17			677			3
Class C		55			1,490			10
Shareholder servicing agent fees:
Institutional Class		—			216			1
Class A		3			44			1
Class C		2			12			—
Class R3		—			—			—
Class R6		—			—			—
Organization expense (Note A)		—			—			—
Subsidiary Administration Fees		—			—			—
Audit fees		70			35			43
Custodian and accounting fees		259			510			89
Insurance expense		1			100			1
Legal fees		106			156			139
Registration and filing fees		61			199			96
Shareholder reports		4			332			5
Trustees' fees and expenses		52			55			52
Dividend and interest expense on securities sold short (Note A)		111			16,038			271
Interest expense		—			23			1
Miscellaneous		45			198			19
Total expenses		969			55,129			1,032
Expenses reimbursed by Management (Note B)		(582	)		—			(366	)
Investment management fees waived (Note A)		(64	)		—			(36	)
Total net expenses		323			55,129			630
Net investment income (loss)	$	125		$	(8,766	)	$	486

See Notes to Financial Statements

107

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted)

	GLOBAL ALLOCATION FUND			LONG SHORT FUND			LONG SHORT CREDIT FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016			For the Year Ended October 31, 2016
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		37			(43,072	)		(788	)
Sales of investment securities of affiliated issuers		(41	)		—			—
Sales of investment securities of unaffiliated issuers sold short		(254	)		(14,133	)		(360	)
Forward foreign currency contracts		75			—			13
Foreign currency		(5	)		(18	)		(13	)
Futures contracts		27			(43,877	)		13
Option contracts and swaptions written		12			7,856			33
Swap contracts		—			(1,516	)		176
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(247	)		48,201			409
Affiliated investment securities		219			—			—
Unaffiliated investment securities sold short		136			5,338			10
Forward foreign currency contracts		(39	)		—			(3	)
Foreign currency		(1	)		1			—
Futures contracts		(35	)		28,035			80
Option contracts and swaptions written		2			1,860			5
Swap contracts		—			(2,931	)		(69	)
Net gain (loss) on investments		(114	)		(14,256	)		(494	)
Net increase (decrease) in net assets resulting from operations	$	11		$	(23,022	)	$	(8	)

See Notes to Financial Statements

108

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds
(000's omitted)

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND^a			U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016			Period from September 16, 2016 (Commencement of Operations) to October 31, 2016
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	331		$	—		$	—
Dividend income—affiliated issuers (Notes A & F)		234			—			—
Interest and other income—unaffiliated issuers		32			487			21
Income from securities loaned—net (Note A)		—			—			—
Foreign taxes withheld (Note A)		(6	)		—			—
Total income	$	591		$	487		$	21
Expenses:
Investment management fees (Note B)		70			521			11
Administration fees (Note B)		9			45			1
Administration fees (Note B):
Institutional Class		10			36			2
Class A		1			66			—
Class C		1			2			—
Class R6		1			—			—
Distribution fees (Note B):
Class A		1			82			—
Class C		5			10			—
Shareholder servicing agent fees:
Institutional Class		—			1			—
Class A		—			10			—
Class C		—			3			—
Class R6		—			—			—
Organization expense (Note A)		—			—			148
Subsidiary Administration Fees		—			50			—
Audit fees		53			81			20
Custodian and accounting fees		202			69			18
Insurance expense		1			3			—
Legal fees		100			116			10
Registration and filing fees		83			52			2
Shareholder reports		—			39			1
Trustees' fees and expenses		52			52			6
Dividend and interest expense on securities sold short (Note A)		—			—			—
Interest expense		—			—			—
Miscellaneous		18			41			1
Total expenses		607			1,279			220
Expenses reimbursed by Management (Note B)		(501	)		(329	)		(205	)
Investment management fees waived (Note A)		(33	)		—			—
Total net expenses		73			950			15
Net investment income (loss)	$	518		$	(463	)	$	6

See Notes to Financial Statements

109

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted)

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND^a			U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016			Period from September 16, 2016 (Commencement of Operations) to October 31, 2016
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		(176	)		(95	)		—
Sales of investment securities of affiliated issuers		(252	)		—			—
Sales of investment securities of unaffiliated issuers sold short		—			—			—
Forward foreign currency contracts		19			—			—
Foreign currency		(5	)		—			—
Futures contracts		(9	)		(1,333	)		—
Option contracts and swaptions written		40			—			161
Swap contracts		—			—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		460			195			(17	)
Affiliated investment securities		371			—			—
Unaffiliated investment securities sold short		—			—			—
Forward foreign currency contracts		(24	)		—			—
Foreign currency		(1	)		—			—
Futures contracts		(38	)		6			—
Option contracts and swaptions written		10			—			(58	)
Swap contracts		—			—			—
Net gain (loss) on investments		395			(1,227	)		86
Net increase (decrease) in net assets resulting from operations	$	913		$	(1,690	)	$	92

a Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

110

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111

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds
(000's omitted)

	GLOBAL ALLOCATION FUND						LONG SHORT FUND
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	125		$	31		$	(8,766	)	$	1,761
Net realized gain (loss) on investments		(149	)		297			(94,760	)		(16,597	)
Change in net unrealized appreciation (depreciation) of investments		35			(609	)		80,504			(42,736	)
Net increase (decrease) in net assets resulting from operations		11			(281	)		(23,022	)		(57,572	)
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		—			(291	)		(361	)		(4,410	)
Class A		—			(213	)		—			—
Class C		—			(120	)		—			—
Class R6		—			—			—			—
Net realized gain on investments:
Institutional Class		(16	)		—			—			(10,560	)
Class A		(14	)		—			—			(1,445	)
Class C		(13	)		—			—			(780	)
Tax return of capital:
Institutional Class		—			—			—			—
Class A		—			—			—			—
Class C		—			—			—			—
Class R6		—			—			—			—
Total distributions to shareholders		(43	)		(624	)		(361	)		(17,195	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		3,603			2,516			858,721			1,207,864
Class A		1,982			2,375			45,394			153,230
Class C		826			2,006			9,572			44,433
Class R6		—			—			—			—
Proceeds from reinvestment of dividends and distributions:
Institutional Class		16			288			185			9,520
Class A		14			196			—			1,289
Class C		12			112			—			570
Class R6		—			—			—			—
Payments for shares redeemed:
Institutional Class		(2,526	)		(5,994	)		(1,488,015	)		(1,066,159	)
Class A		(4,077	)		(3,761	)		(196,288	)		(172,179	)
Class C		(2,625	)		(2,298	)		(79,785	)		(59,121	)
Class R6		—			—			—			—
Net increase (decrease) from Fund share transactions		(2,775	)		(4,560	)		(850,216	)		119,447
Net Increase (Decrease) in Net Assets		(2,807	)		(5,465	)		(873,599	)		44,680
Net Assets:
Beginning of year		23,558			29,023			3,272,076			3,227,396
End of year	$	20,751		$	23,558		$	2,398,477		$	3,272,076
Undistributed net investment income (loss) at end of year	$	15		$	—		$	—		$	—
Distributions in excess of net investment income at end of year	$	—		$	(250	)	$	(9,127	)	$	(6,400	)

a Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

112

LONG SHORT CREDIT FUND						MULTI-ASSET INCOME FUND						RISK BALANCED COMMODITY STRATEGY FUND^a						U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
Year Ended October 31, 2016			Period from June 29, 2015 (Commencement of Operations) to October 31, 2015			Year Ended October 31, 2016			Period from March 27, 2015 (Commencement of Operations) to October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015			Period from September 16, 2016 (Commencement of Operations) to October 31, 2016
$	486		$	52		$	518		$	361		$	(463	)	$	(822	)	$	6
	(926	)		(264	)		(383	)		(164	)		(1,428	)		(27,882	)		161
	432			(336	)		778			(749	)		201			4,679			(75	)
	(8	)		(548	)		913			(552	)		(1,690	)		(24,025	)		92
	(499	)		(85	)		(344	)		(255	)		—			—			—
	(21	)		(3	)		(14	)		(11	)		—			—			—
	(11	)		(1	)		(10	)		(8	)		—			—			—
	(102	)		(24	)		(122	)		(94	)		—			—			—
	—			—			—			—			—			(2	)		—
	—			—			—			—			—			(5	)		—
	—			—			—			—			—			(0	)		—
	—			—			(104	)		—			—			—			—
	—			—			(5	)		—			—			—			—
	—			—			(4	)		—			—			—			—
	—			—			(36	)		—			—			—			—
	(633	)		(113	)		(639	)		(368	)		—			(7	)		—
	7,628			23,254			1,594			11,175			27,038			26,234			21,148
	135			1,342			122			505			16,243			43,996			422
	25			1,032			206			503			135			1,946			102
	1,353			5,000			—			4,000			—			—			4,770
	399			4			306			57			—			2			—
	7			—			5			2			—			5			—
	3			—			4			1			—			0			—
	29			—			44			13			—			—			—
	(7,971	)		(5	)		(279	)		(2	)		(9,690	)		(7,817	)		—
	(423	)		—			(51	)		—			(17,175	)		(59,467	)		—
	(33	)		—			(47	)		(3	)		(2,899	)		(1,943	)		—
	(14	)		—			(32	)		—			—			—			—
	1,138			30,627			1,872			16,251			13,652			2,956			26,442
	497			29,966			2,146			15,331			11,962			(21,076	)		26,534
	29,966			—			15,331			—			70,406			91,482			—
$	30,463		$	29,966		$	17,477		$	15,331		$	82,368		$	70,406		$	26,534
$	—		$	—		$	6		$	—		$	(268	)	$	(566	)	$	8
$	(63	)	$	(21	)	$	—		$	(7	)	$	—		$	—		$	—

113

Notes to Financial Statements Alternative Funds^ß

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Alternative Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Each of Neuberger Berman Global Allocation Fund ("Global Allocation"), Neuberger Berman Long Short Fund ("Long Short"), Neuberger Berman Long Short Credit Fund ("Long Short Credit"), Neuberger Berman Multi-Asset Income Fund ("Multi-Asset Income"), Neuberger Berman Risk Balanced Commodity Strategy Fund ("Risk Balanced Commodity Strategy") and Neuberger Berman U.S. Equity Index PutWrite Strategy Fund ("U.S. Equity Index PutWrite Strategy"), (each individually a "Fund," and collectively, the "Funds") is a separate operating series of the Trust. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified Fund (Global Allocation, Long Short and Risk Balanced Commodity Strategy became diversified in December 2013, December 2014 and August 2015, respectively). Long Short Credit, Multi-Asset Income and U.S. Equity Index PutWrite Strategy are each diversified. Long Short Credit had no operations until June 29, 2015, other than matters relating to its organization and its registration of shares under the 1933 Act. Multi-Asset Income had no operations until March 27, 2015, other than matters relating to its organization and its registration of shares under the 1933 Act. U.S. Equity Index PutWrite Strategy had no operations until September 16, 2016, other than matters relating to its organization and its registration of shares under the 1933 Act. Each Fund offers Institutional Class shares, Class A shares and Class C shares. Long Short Credit, Multi-Asset Income and U.S. Equity Index PutWrite Strategy also offer Class R6 shares. The Neuberger Berman Alternative Funds' Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

A zero balance, if any, reflects an actual amount rounding to less than $1,000.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Neuberger Berman Investment Advisers LLC ("NBIA" or "Management") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

Risk Balanced Commodity Strategy invests in commodity-related instruments through Neuberger Berman Cayman Commodity Fund I Ltd. (the "Subsidiary"), which is organized under the laws of the Cayman Islands. Subscription agreements were entered into between the Fund and the Subsidiary with the intent that Risk Balanced Commodity Strategy will remain the sole shareholder of the Subsidiary. The Subsidiary is governed by its own Board of Directors.

As of October 31, 2016, the value of Risk Balanced Commodity Strategy's investment in the Subsidiary was as follows:

Investment in Subsidiary				Percentage of Net Assets
$	13,805,044				16.8	%

^ß Consolidated Notes to Financial Statements for Risk Balanced Commodity Strategy

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The Consolidated Financial Statements include all investments and other accounts of the Subsidiary as if held directly by Risk Balanced Commodity Strategy. A summary of the Subsidiary's financial information is presented below:

Subsidiary Financial Statement Information (000's omitted)	Amount
Total Assets	$	14,001
Total Liabilities		196
Net Assets		13,805
Net investment income (loss)		(127	)
Net realized gain (loss)		(1,333	)
Change in net unrealized appreciation (depreciation)		6
Net increase (decrease) in net assets resulting from operations	$	(1,454	)

2 Consolidation: The accompanying financial statements of Risk Balanced Commodity Strategy present the consolidated accounts of Risk Balanced Commodity Strategy and the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

3 Portfolio valuation: In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant Management judgment may be necessary 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 – 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 Funds' investments (long and short positions) in equity securities, exchange-traded funds, preferred stocks, exchange-traded options purchased and options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities for long and short positions is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid or offer quotations, respectively, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of

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comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Corporate Bonds. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available ("Other Market Information").

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, dealer quotes, conversion premiums, listed bond and preferred stock prices and other market information, which may include benchmark curves, trade execution data, and sensitivity analysis, when available.

U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

U.S. Government Agency Securities. Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

Asset-Backed Securities and Mortgage-Backed Securities. Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

Emerging Markets Debt, Sovereign Debt and Quasi-Sovereign Debt. Inputs used to value emerging markets debt, sovereign debt and quasi-sovereign debt generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of futures 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 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 credit default swaps is determined by Management by obtaining valuations from independent pricing services using a model that considers a number of factors, which may include default probabilities, credit curves, recovery rates and cash flows (Level 2 inputs).

The value of total return swaps and total return basket swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated London Interbank Offered Rate ("LIBOR") or Federal Funds floating rate (Level 2 inputs).

Option contracts that are traded OTC are generally valued on the basis of quotations provided by broker-dealers or prices provided by independent pricing services who use a series of techniques including simulated pricing models and/or curve fitting (bootstrapping), which aids in determining the present value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, volatility surfaces, and exchange rates (Level 2 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).

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If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of Interactive Data Pricing and Reference Data, Inc. ("Interactive") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, Interactive will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). The Board has also approved the use of Interactive to evaluate the prices of foreign debt securities as of the time as of which a Fund's share price is calculated. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign income securities, in the absence of precise information about the market values of these foreign securities as of the time as of which a Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

4 Foreign currency translation: The accounting records of the Funds and Subsidiary are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

5 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount on securities, accretion of original issue discount, where applicable, and accretion of discount on short-term investments, if any, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations.

6 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund, except U.S. Equity Index PutWrite Strategy, to continue to, and the intention of U.S. Equity Index PutWrite Strategy to, qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

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The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of October 31, 2016, the Funds did not have any unrecognized tax positions.

The Subsidiary is a controlled foreign corporation under the U.S. Internal Revenue Code. As a U.S. shareholder of a controlled foreign corporation, Risk Balanced Commodity Strategy will include in its taxable income its share of the Subsidiary's current earnings and profits (including net realized gains). Any deficit generated by the Subsidiary will be disregarded for purposes of computing Risk Balanced Commodity Strategy's taxable income in the current period and also disregarded for all future periods.

As of October 31, 2016, selected fund information on a U.S. federal income tax basis was as follows:

(000's omitted)	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Global Allocation	$	21,621	$	490	$	553	$	(63	)
Long Short		2,195,596		328,034		138,191		189,843
Long Short Credit		32,731		327		338		(11	)
Multi-Asset Income		17,367		407		320		87
Risk Balanced Commodity Strategy		77,623		59		6		53
U.S. Equity Index PutWrite Strategy		26,234		15		32		(17	)

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

As determined on October 31, 2016, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: net operating loss netted against short term capital gains or written-off, current and prior year partnership basis adjustments, net operating losses, return of capital distributions, non-taxable distributions from real estate investment trusts ("REITs") and other underlying investments, paydown losses on mortgage backed and asset backed securities, Subsidiary income and gain (loss), gains and losses on swap contracts and futures, foreign currency gains and losses, tax adjustments related to short sales gains and losses from forwards, gains and losses from passive foreign investment companies ("PFICs"), non-deductible stock issuance fees, affiliated capital gain reclass to ordinary income, distributions in excess and re-designated, deemed distributions on shareholder redemptions and deflation adjustments on U.S. Treasury inflation-indexed bonds ("TIPs"). These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2016, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Global Allocation	$	(50,363	)	$	139,647		$	(89,284	)
Long Short		(5,998,740	)		6,400,392			(401,652	)
Long Short Credit		(1,049	)		105,143			(104,094	)
Multi-Asset Income		(206	)		(15,419	)		15,625
Risk Balanced Commodity Strategy		(2,093,593	)		760,448			1,333,145
U.S. Equity Index PutWrite Strategy		(1,681	)		1,681			—

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The tax character of distributions paid during the years ended October 31, 2016 and October 31, 2015 was as follows:

	Distributions Paid From:
	Ordinary Income						Tax-Exempt Income						Long-Term Capital Gain						Return of Capital						Total
	2016			2015			2016			2015			2016			2015			2016			2015			2016			2015
Global Allocation	$	—		$	624,099		$	—		$	—		$	43,247		$	64		$	—		$	—		$	43,247		$	624,163
Long Short		361,261			4,409,898			—			—			—			12,784,739			—			—			361,261			17,194,637
Long Short Credit		633,046			112,839	^(a)		—			—	^(a)		—			—	^(a)		—			—	^(a)		633,046			112,839	^(a)
Multi-Asset Income		489,748			367,993	^(b)		—			—	^(b)		—			—	^(b)		149,478			—	^(b)		639,226			367,993	^(b)
Risk Balanced Commodity Strategy		—			5,572			—			—			—			1,857			—			—			—			7,429
U.S. Equity Index PutWrite Strategy		—	^(c)		—			—	^(c)		—			—	^(c)		—			—	^(c)		—			—	^(c)		—

(a) Period from June 29, 2015 (Commencement of Operations) to October 31, 2015.

(b) Period from March 27, 2015 (Commencement of Operations) to October 31, 2015.

As of October 31, 2016, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)			Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Global Allocation	$	—	$	—	$	(7,524	)	$	(265,750	)	$	(42,213	)	$	(315,487	)
Long Short		—		—		185,956,312			(84,394,384	)		21,714			101,583,642
Long Short Credit		—		—		(11,093	)		(1,266,289	)		(20,636	)		(1,298,018	)
Multi-Asset Income		—		—		85,667			(560,863	)		(20,586	)		(495,782	)
Risk Balanced Commodity Strategy		—		—		53,071			(366,023	)		664,890			351,938
U.S. Equity Index PutWrite Strategy		53,798		61,369		(16,945	)		—			(5,170	)		93,052

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales, straddles and unsettled short sales; timing differences of distribution payments, swaps, futures contracts and forward contracts; adjustments related to post-October capital loss and late-year ordinary loss deferrals, unamortized organization expenses, mark-to-market adjustments on option contracts and tax adjustments related to REITs, TIPs, PFICs, short sales, partnerships, futures, swap contracts and other investments.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, if any, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for regulated investment companies to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2016, the Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Capital Loss Carryforwards
	Long-Term		Short-Term
Global Allocation	$	—	$	265,750
Long Short		14,737,120		55,591,523
Long Short Credit		89,293		1,176,996
Multi-Asset Income		85,276		475,587
Risk Balanced Commodity Strategy		89,554		8,790

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Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended October 31, 2016, Long Short and Risk Balanced Commodity Strategy elected to defer the following late-year ordinary losses:

	Late-Year Ordinary Loss Deferral
Long Short	$	14,065,741
Risk Balanced Commodity Strategy		267,679

7 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. At October 31, 2016, there were no outstanding balances of accrued capital gains taxes for any Fund.

8 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments. Distributions from net investment income, if any, are recorded on the ex-date and generally distributed once a year (usually in December) for Global Allocation, Long Short and Risk Balanced Commodity Strategy, monthly for Multi-Asset Income and quarterly for Long Short Credit (monthly prior to October 1, 2016) and U.S. Equity Index PutWrite Strategy. Distributions from net realized capital gains, if any, generally are distributed once a year (usually in December) and are recorded on the ex-date.

It is the policy of each of Global Allocation, Long Short and Multi-Asset Income to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At October 31, 2016, these Funds estimated these amounts for the period January 1, 2016 to October 31, 2016 within the financial statements because the 2016 information is not available from the REITs until after each Fund's fiscal year-end. All estimates are based upon REIT information sources available to these Funds together with actual IRS Forms 1099-DIV received to date. For the year ended October 31, 2016, the character of distributions paid to shareholders of these Funds disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted on the books of these Funds to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not

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directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.

10 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

11 Dollar rolls: The Funds may enter into dollar roll transactions with respect to mortgage-backed securities. In a dollar roll transaction, a Fund sells securities for delivery in the current month and simultaneously agrees to repurchase substantially similar (i.e., same type and coupon) securities on a specified future date from the same party. During the period before this repurchase, a Fund forgoes principal and interest payments on the securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls may increase fluctuations in a Fund's NAV and may be viewed as a form of leverage. There is a risk that the counterparty will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund.

12 Securities sold short: Each Fund may engage in short sales, which are sales of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities decreases, a Fund will make a profit by purchasing the securities in the open market at a price lower than the one at which it sold the securities. If the price of the securities increases, a Fund may have to cover its short positions at a price higher than the short sale price, resulting in a loss. Gains are limited to the price at which a Fund sold the security short, while losses are potentially unlimited in size. The Funds pledge securities and/or other assets, which may include cash collateral from securities lending activities, to the lender as collateral. Proceeds received from short sales may be maintained by the lender as collateral or may be released to the Funds and used to purchase additional securities or for any other purpose. Proceeds maintained by the lender are included in the "Cash collateral segregated for short sales" on the Statements of Assets and Liabilities. The Funds are required to segregate an amount of cash or liquid securities in an amount at least equal to the current market value of the securities sold short (less any additional collateral pledged to the lender). The Funds are contractually responsible to remit to the lender any dividends and interest payable on securities while those securities are being borrowed by the Fund. The Funds may receive or pay the net of the interest charged by the prime broker on the borrowed securities and a financing charge for the difference in the market value of the short position and the cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. These costs related to short sales (i.e., dividend and interest remitted to the lender and interest charged by the prime broker) are recorded as an expense of the Funds and are excluded from the contractual expense limitation. The net amount of fees incurred during the year ended October 31, 2016, are included in the "Dividend and interest expense on securities sold short" on the Statements of Operations and are as follows:

Global Allocation	$	30,243
Long Short		2,521,707
Long Short Credit		23,837

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At October 31, 2016, Global Allocation had cash pledged in the amount of $1,150,000 to State Street Bank and Trust Company ("State Street"), as collateral for short sales, in addition to cash collateral received from securities lending activities for the Fund. In addition, State Street has a perfected security interest in these Global Allocation assets. At October 31, 2016, Long Short had cash pledged in the amount of $381,109,733 to State Street to cover collateral requirements for borrowing in connection with securities sold short.

At October 31, 2016, Global Allocation had securities pledged in the amount of $1,585,923 to State Street to cover collateral requirements for borrowing in connection with securities sold short.

13 Security lending: Each Fund using State Street as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees disclosed within the Statements of Operations under the caption, "Income from securities loaned-net" are net of expenses retained by State Street as compensation for its services as lending agent. For the year ended October 31, 2016, Global Allocation received net income under the securities lending arrangement of $1,604. The Funds receive cash collateral at the beginning of each transaction equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Some or all of the cash collateral may be used to finance short sales. As of October 31, 2016, approximately 100% of the cash collateral received by Global Allocation was used to finance short sales.

As of October 31, 2016, Global Allocation had outstanding loans of securities to certain approved brokers for which it received collateral as follows:

				Value of Loaned Securities				Value of Collateral
Global Allocation				$	227,216			$	232,719

All securities on loan are classified as Common Stocks in the Portfolio's Schedule of Investments as of October 31, 2016 with a contractual maturity of overnight and continuous.

14 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act or pursuant to an exemptive order from the Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including exchange-traded funds, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order (see Note A-17 for more information about the exemptive order). Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

15 Derivative instruments: Certain of the Funds' use of derivatives during the year ended October 31, 2016, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at October 31, 2016. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Futures contracts: During the year ended October 31, 2016, Global Allocation used futures in an effort to enhance returns and to manage or adjust the risk profile and the investment exposure of the Fund to certain asset classes, countries and regions. In addition, Global Allocation also utilized futures to provide investment exposure to certain indices and markets other than the benchmark indices. During the year ended October 31, 2016, Long

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Short used futures on broader market indices and U.S. Treasuries in an effort either to enhance returns or to manage or adjust the risk profile and the investment exposure of the Fund. During the year ended October 31, 2016, Long Short Credit used futures in an effort to manage or adjust the risk profile of the Fund or the risk of individual positions, to adjust the duration of the Fund's portfolio, to hedge risk and to alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the year ended October 31, 2016, Multi-Asset Income used futures in an effort to adjust the investment exposure and/or risk profile of the portfolio based on the portfolio managers team's market views. During the year ended October 31, 2016, Risk Balanced Commodity Strategy used futures (through investments in the Subsidiary) to provide investment exposure to individual commodities, as well as in an effort to manage and/or adjust the risk profile of the Fund.

At the time a Fund or Subsidiary enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund or Subsidiary as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed, a Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund or Subsidiary may cause the Fund or Subsidiary to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund or Subsidiary. Also, a Fund's or Subsidiary's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating the Fund's or Subsidiary's taxable income.

Forward foreign currency contracts: During the year ended October 31, 2016, Global Allocation used forward contracts to manage or adjust the risk profile and investment exposure of the Fund. During the year ended October 31, 2016, Long Short Credit used forward contracts to alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the year ended October 31, 2016, Multi-Asset Income used forward contracts to obtain or reduce exposure to certain markets, establish net short or long positions for currencies and alter the Fund's exposure to markets and currencies.

A forward contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward contract fluctuates with changes in forward currency exchange rates. Forward contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, a Fund may either exchange the currencies specified at the maturity of the forward contract or enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain (loss) on forward foreign currency contracts" in the

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Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statement of Assets and Liabilities. In addition, a Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

Credit default swap contracts: During the year ended October 31, 2016, Long Short Credit used credit default swaps to replace more traditional direct investments, to establish net short or long positions for individual markets, currencies or securities and to hedge risk. When a Fund is the buyer of an OTC credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of an OTC credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation/(depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation/(depreciation) in an amount equal to the daily valuation of swaps.

Certain clearinghouses currently offer clearing for limited types of derivative transactions, including certain credit default swaps. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty that is then cleared through a central clearinghouse. Upon acceptance of a swap by a central clearinghouse, the original swap is extinguished and replaced with a swap with the clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. A Fund typically will be required to post specified levels of both initial and variation margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. The daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the centrally clearing party. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or (depreciation) and net interest received or paid on swap contracts to determine the fair value of swaps.

Equity swap contracts: During the year ended October 31, 2016, Long Short used equity swap contracts ("equity swaps") to increase returns, reduce risks and for hedging purposes. During the year ended October 31, 2016, Long Short Credit used equity swaps to replace more traditional direct investments and to hedge risk.

Equity swaps are two-party contracts in which counterparties exchange the return on a specified reference security, basket of securities, security index or index component for the return based on a fixed or floating interest rate during the period of the swap. Equity swaps are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that future market trends, the values of assets or economic factors are not accurately analyzed and predicted, the Fund may suffer a loss, which may exceed the related amounts shown in the Statements of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses.

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Total return basket swap contracts: During the year ended October 31, 2016, Long Short used total return basket swaps to increase returns, reduce risks and for hedging purposes. During the year ended October 31, 2016, Long Short Credit used total return basket swaps to replace more traditional direct investments and to hedge risk. Certain Funds may enter into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. The Funds have the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation/(depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs". Positions within the swap are reset periodically, and financing costs are reset monthly. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Funds and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an International Swaps and Derivatives Association (ISDA) agreement between the Funds and the counterparty. A change in the market value of a total return basket swap contract is recognized as a change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Cash settlements between a Fund and the counterparty are recognized as realized gains (losses) on swap contracts in the Statements of Operations.

Total return swap contracts: During the year ended October 31, 2016, Long Short used total return swaps to increase returns, reduce risks and for hedging purposes. During the year ended October 31, 2016, Long Short Credit used total return swaps to replace more traditional direct investments and to hedge risk. Total return swaps involve commitments to pay fixed or floating rate interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or (depreciation) in the Statements of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations.

Options: During the year ended October 31, 2016, Global Allocation used options written to enhance returns, manage or adjust the risk profile of the Fund or the risk of individual positions replace more traditional direct investments and obtain exposure to certain markets. During the year ended October 31, 2016, Long Short used options written to generate incremental returns. During the year ended October 31, 2016, Long Short Credit used options written (including swaptions and options on futures) to establish net short or long positions for individual markets, currencies or securities, hedge risk and alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the year ended October 31, 2016, Multi-Asset Income used options written primarily to seek to enhance yield. During the period ended October 31, 2016, U.S. Equity Index PutWrite Strategy used options written primarily to gain exposure to securities, markets, sectors or geographical areas and also to enhance income and gain exposure more efficiently than through a direct purchase of the underlying security.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the liability is eliminated.

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retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a covered call or put option that a Fund has written expires unexercised, a Fund will realize a gain in the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

A Fund may write or purchase options on exchange-traded futures contracts ("futures option") to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A futures option is an option contract in which the underlying instrument is a specific futures contract.

Premiums paid by a Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the asset is eliminated.

For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Purchased option transactions were used either for hedging purposes or to generate incremental returns for Long Short, Long Short Credit and Multi-Asset Income for the year ended October 31, 2016.

At October 31, 2016, the Funds had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Credit Risk		Commodity Risk		Total
Global Allocation
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	17,971	$	28,174	$	10,614	$	—	$	—	$	56,759
Forward contracts	Receivable for forward foreign currency contracts		—		218,711		—		—		—		218,711
Total Value—Assets		$	17,971	$	246,885	$	10,614	$	—	$	—	$	275,470
Long Short
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	152,470	$	—	$	13,033,115	$	—	$	—	$	13,185,585
OTC swaps	OTC swap contracts, at value^(b)		—		—		352,834		—		—		352,834
Options purchased	Investments in securities, at value		—		—		6,588,954		—		—		6,588,954
Total Value—Assets		$	152,470	$	—	$	19,974,903	$	—	$	—	$	20,127,373

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk		Commodity Risk		Total
Long Short Credit
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	54,935		$	—		$	—		$	—	$	—	$	54,935
Forward contracts	Receivable for forward foreign currency contracts		—			6,524			—			—		—		6,524
OTC swaps	OTC swap contracts, at value^(b)		—			—			—			95,633		—		95,633
Total Value—Assets		$	54,935		$	6,524		$	—		$	95,633	$	—	$	157,092
Multi-Asset Income
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	3,928		$	—		$	10,460		$	—	$	—	$	14,388
Forward contracts	Receivable for forward foreign currency contracts		—			149,706			—			—		—		149,706
Total Value—Assets		$	3,928		$	149,706		$	10,460		$	—	$	—	$	164,094
Risk Balanced Commodity Strategy
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	—		$	—		$	—		$	—	$	3,082,546	$	3,082,546
Total Value—Assets		$	—		$	—		$	—		$	—	$	3,082,546	$	3,082,546
Liability Derivatives
Global Allocation
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	(33,344	)	$	(24,540	)	$	(10,161	)	$	—	$	—	$	(68,045	)
Forward contracts	Payable for forward foreign currency contracts		—			(243,875	)		—			—		—		(243,875	)
Options written	Option contracts written, at value		—			—			(10,586	)		—		—		(10,586	)
Total Value—Liabilities		$	(33,344	)	$	(268,415	)	$	(20,747	)	$	—	$	—	$	(322,506	)

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk			Commodity Risk			Total
Long Short
OTC swaps	OTC swap contracts, at value^(b)	$	—		$	—		$	(5,565,754	)	$	—		$	—		$	(5,565,754	)
Options written	Option contracts written, at value		—			—			(3,951,397	)		—			—			(3,951,397	)
Total Value—Liabilities		$	—		$	—		$	(9,517,151	)	$	—		$	—		$	(9,517,151	)
Long Short Credit
OTC swaps	OTC swap contracts, at value^(b)	$	—		$	—		$	(14,628	)	$	(151,591	)	$	—		$	(166,219	)
Centrally cleared swaps	Receivable/Payable for variation margin on centrally cleared swap contracts^(c)		—			—			—			(160,977	)		—			(160,977	)
Total Value—Liabilities		$	—		$	—		$	(14,628	)	$	(312,568	)	$	—		$	(327,196	)
Multi-Asset Income
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	(26,434	)	$	—		$	(7,523	)	$	—		$	—		$	(33,957	)
Forward contracts	Payable for open forward foreign currency contracts		—			(171,161	)		—			—			—			(171,161	)
Options written	Option contracts written, at value		—			—			(18,109	)		—			—			(18,109	)
Total Value—Liabilities		$	(26,434	)	$	(171,161	)	$	(25,632	)	$	—		$	—		$	(223,227	)
Risk Balanced Commodity Strategy
Futures	Receivable/Payable for variation margin on futures contracts^(a)	$	—		$	—		$	—		$	—		$	(2,417,089	)	$	(2,417,089	)
Total Value—Liabilities		$	—		$	—		$	—		$	—		$	(2,417,089	)	$	(2,417,089	)
U.S. Equity Index PutWrite Strategy
Options written	Option contracts written, at value	$	—		$	—		$	(473,958	)	$	—		$	—		$	(473,958	)
Total Value—Liabilities		$	—		$	—		$	(473,958	)	$	—		$	—		$	(473,958	)

(a) "Futures" reflects the cumulative appreciation/(depreciation) of futures contracts as of October 31, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation/(depreciation) in value of investments." The current day's variation margin as of October 31, 2016, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on futures contracts."

(b) "OTC swaps" reflects the appreciation/(depreciation) of the OTC swap contracts plus accrued interest as of October 31, 2016 which is reflected in the Statements of Assets and Liabilities under the caption "OTC swap contracts, at value."

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(c) "Centrally cleared swaps" reflects cumulative unrealized appreciation or (depreciation). Variation margin on centrally cleared swaps is reported within the Statements of Assets and Liabilities as "Receivable/Payable for variation margin on centrally cleared swap contracts."

The impact of the use of these derivative instruments on the Statements of Operations during the year ended October 31, 2016, was as follows:

Realized Gain (Loss)
Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk			Commodity Risk		Total
Global Allocation
Futures	Net realized gain (loss) on: futures contracts	$	(45,334	)	$	60,270		$	12,498		$	—		$	—	$	27,434
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—			74,609			—			—			—		74,609
Options written	Net realized gain (loss) on: option contracts and swaptions written		—			—			12,046			—			—		12,046
Total Realized Gain (Loss)		$	(45,334	)	$	134,879		$	24,544		$	—		$	—	$	114,089
Long Short
Futures	Net realized gain (loss) on: futures contracts	$	85,220		$	—		$	(43,962,476	)	$	—		$	—	$	(43,877,256	)
Options purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—			—			(4,760,360	)		—			—		(4,760,360	)
Options written	Net realized gain (loss) on: option contracts and swaptions written		—			—			7,856,426			—			—		7,856,426
Swaps	Net realized gain (loss) on: swap contracts		—			—			(1,516,058	)		—			—		(1,516,058	)
Total Realized Gain (Loss)		$	85,220		$	—		$	(42,382,468	)	$	—		$	—	$	(42,297,248	)
Long Short Credit
Futures	Net realized gain (loss) on: futures contracts	$	59,938		$	—		$	(46,911	)	$	—		$	—	$	13,027
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—			13,411			—			—			—		13,411
Swaps	Net realized gain (loss) on: swap contracts		(166,758	)		—			417,910			(75,497	)		—		175,655
Options purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		(24,900	)		(61,000	)		(74,968	)		—			—		(160,868	)
Options and swaptions written	Net realized gain (loss) on: option contracts and swaptions written		62,899			—			(29,778	)		—			—		33,121
Total Realized Gain (Loss)		$	(68,821	)	$	(47,589	)	$	266,253		$	(75,497	)	$	—	$	74,346

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Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk		Commodity Risk			Total
Multi-Asset Income
Futures	Net realized gain (loss) on: futures contracts	$	328		$	—		$	(9,743	)	$	—	$	—		$	(9,415	)
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—			18,864			—			—		—			18,864
Options written	Net realized gain (loss) on: option contracts and swaptions written		—			—			40,212			—		—			40,212
Total Realized Gain (Loss)		$	328		$	18,864		$	30,469		$	—	$	—		$	49,661
Risk Balanced Commodity Strategy
Futures	Net realized gain (loss) on: futures contracts	$	—		$	—		$	—		$	—	$	(1,333,145	)	$	(1,333,145	)
Total Realized Gain (Loss)		$	—		$	—		$	—		$	—	$	(1,333,145	)	$	(1,333,145	)
U.S. Equity Index PutWrite Strategy
Options written	Net realized gain (loss) on: option contracts and swaptions written	$	—		$	—		$	160,547		$	—	$	—		$	160,547
Total Realized Gain (Loss)		$	—		$	—		$	160,547		$	—	$	—		$	160,547
Change in Appreciation/(Depreciation)
Global Allocation
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	(20,033	)	$	25,848		$	(41,307	)	$	—	$	—		$	(35,492	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—			(39,012	)		—			—		—			(39,012	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written and swaptions written		—			—			2,711			—		—			2,711
Total Change in Appreciation/ (Depreciation)		$	(20,033	)	$	(13,164	)	$	(38,596	)	$	—	$	—		$	(71,793	)

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Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Credit Risk			Commodity Risk		Total
Long Short
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	152,470	$	—		$	27,881,820		$	—		$	—	$	28,034,290
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: unaffiliated investment securities		—		—			(1,247,110	)		—			—		(1,247,110	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written and swaptions written		—		—			1,859,903			—			—		1,859,903
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—		—			(2,930,793	)		—			—		(2,930,793	)
Total Change in Appreciation/ (Depreciation)		$	152,470	$	—		$	25,563,820		$	—		$	—	$	25,716,290
Long Short Credit
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	50,322	$	—		$	29,688		$	—		$	—	$	80,010
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—		(3,152	)		—			—			—		(3,152	)
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—		—			(61,792	)		(7,720	)		—		(69,512	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written and swaptions written		—		—			4,988			—			—		4,988
Total Change in Appreciation/ (Depreciation)		$	50,322	$	(3,152	)	$	(27,116	)	$	(7,720	)	$	—	$	12,334

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Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk		Commodity Risk		Total
Multi-Asset Income
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	(23,660	)	$	—		$	(15,084	)	$	—	$	—	$	(38,744	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—			(24,047	)		—			—		—		(24,047	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written and swaptions written		—			—			10,803			—		—		10,803
Total Change in Appreciation/ (Depreciation)		$	(23,660	)	$	(24,047	)	$	(4,281	)	$	—	$	—	$	(51,988	)
Risk Balanced Commodity Strategy
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	—		$	—		$	—		$	—	$	6,067	$	6,067
Total Change in Appreciation/ (Depreciation)		$	—		$	—		$	—		$	—	$	6,067	$	6,067
U.S. Equity Index PutWrite Strategy
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts written and swaptions written	$	—		$	—		$	(58,264	)	$	—	$	—	$	(58,264	)
Total Change in Appreciation/ (Depreciation)		$	—		$	—		$	(58,264	)	$	—	$	—	$	(58,264	)

While the Funds may receive redeemable preference shares, rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

The Funds adopted the provisions of Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Pursuant to ASU 2011-11, an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. ASU 2011-11 is applicable to the Funds, except Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy, at October 31, 2016. The Funds' derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of October 31, 2016.

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Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Global Allocation
Forward contracts	$	218,711	$	—	$	218,711
Securities lending		227,216		—		227,216
Total	$	445,927	$	—	$	445,927
Long Short
Swap contracts	$	352,834	$	—	$	352,834
Total	$	352,834	$	—	$	352,834
Long Short Credit
OTC swaps	$	95,633	$	—	$	95,633
Forward contracts		6,524		—		6,524
Total	$	102,157	$	—	$	102,157
Multi-Asset Income
Forward contracts	$	149,706	$	—	$	149,706
Total	$	149,706	$	—	$	149,706

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)			Net Amount^(b)
Global Allocation
Barclays Bank PLC	$	21,417	$	(19,687	)	$	—		$	1,730
Deutsche Bank AG		20,352		(18,964	)		—			1,388
Goldman Sachs International		18,013		(18,013	)		—			—
Royal Bank of Canada		31,061		(31,061	)		—			—
Societe Generale		69,179		(59,090	)		—			10,089
State Street Bank and Trust Company		285,905		(59,913	)		(225,992	)		—
Total	$	445,927	$	(206,728	)	$	(225,992	)	$	13,207
Long Short
Citibank, N.A.	$	167,830	$	(74,800	)	$	—		$	93,030
Goldman Sachs International		185,004		(185,004	)		—			—
Total	$	352,834	$	(259,804	)	$	—		$	93,030
Long Short Credit
BNP Paribas SA	$	62,805	$	(17,003	)	$	—		$	45,802
Goldman Sachs International		39,352		(39,352	)		—			—
Total	$	102,157	$	(75,828	)	$	—		$	26,329
Multi-Asset Income
Deutsche Bank AG	$	13,614	$	(13,145	)	$	—		$	469
Goldman Sachs International		13,774		(13,774	)		—			—
Royal Bank of Canada		22,608		(22,608	)		—			—
Societe Generale		53,437		(47,771	)		—			5,666
State Street Bank and Trust Company		46,273		(46,273	)		—			—
Total	$	149,706	$	(143,571	)	$	—		$	6,135

133

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Global Allocation
Forward contracts	$	(243,875	)	$	—	$	(243,875	)
Total	$	(243,875	)	$	—	$	(243,875	)
Long Short
OTC swaps	$	(5,565,754	)	$	—	$	(5,565,754	)
OTC options written		(97,168	)		—		(97,168	)
Total	$	(5,662,922	)	$	—	$	(5,662,922	)
Long Short Credit
OTC swaps	$	(166,219	)	$	—	$	(166,219	)
Total	$	(166,219	)	$	—	$	(166,219	)
Multi-Asset Income
Forward contracts	$	(171,161	)	$	—	$	(171,161	)
Total	$	(171,161	)	$	—	$	(171,161	)

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
Global Allocation
Barclays Bank PLC	$	(19,687	)	$	19,687	$	—	$	—
Deutsche Bank AG		(18,964	)		18,964		—		—
Goldman Sachs International		(39,801	)		18,013		—		(21,788	)
Royal Bank of Canada		(46,420	)		31,061		—		(15,359	)
Societe Generale		(59,090	)		59,090		—		—
State Street Bank and Trust Company		(59,913	)		59,913		—		—
Total	$	(243,875	)	$	206,728	$	—	$	(37,147	)
Long Short
Citibank, N.A.	$	(74,800	)	$	74,800	$	—	$	—
Goldman Sachs International		(5,588,122	)		185,004		5,403,118		—
Total	$	(5,662,922	)	$	259,804	$	5,403,118	$	—
Long Short Credit
BNP Paribas SA	$	(17,003	)	$	17,003	$	—	$	—
Goldman Sachs International		(117,224	)		39,352		60,000		(17,872	)
J.P. Morgan Chase Bank N.A		(31,992	)		—		—		(31,992	)
Total	$	(166,219	)	$	56,355	$	60,000	$	(49,864	)
Multi-Asset Income
Deutsche Bank AG	$	(13,145	)	$	13,145	$	—	$	—
Goldman Sachs International		(26,752	)		13,774		—		(12,978	)
Royal Bank of Canada		(36,055	)		22,608		—		(13,447	)
Societe Generale		(47,771	)		47,771		—		—
State Street Bank and Trust Company		(47,438	)		46,273		—		(1,165	)
Total	$	(171,161	)	$	143,571	$	—	$	(27,590	)

134

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

(b) Net Amount represents amounts subject to loss as of October 31, 2016, in the event of a counterparty failure.

(c) Net Amount represents amounts under-collateralized by Global Allocation, Long Short and Multi-Asset Income to each counterparty as of October 31, 2016.

16 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

17 Transactions with other funds managed by Neuberger Berman Investment Advisers LLC: Neuberger Berman Alternative Funds and Management have obtained an exemptive order from the Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including exchange-traded funds, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, subject to the terms and conditions of such order. Through October 31, 2016, Global Allocation invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman Genesis Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman Long Short Credit Fund, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy (collectively the "Underlying Funds"). Through October 31, 2016, Multi-Asset Income invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman Global Long Short Fund, Neuberger Berman High Income Bond Fund and Long Short Credit (collectively the "Underlying Funds") (See Note F).

For the Funds' investments in the Underlying Funds, Management waived a portion of its management fee equal to the management fee it received from the Underlying Funds on those assets (the "Arrangement"). For the fiscal year ended October 31, 2016, management fees waived under this Arrangement are reflected in the Statements of Operations under the caption "Investment management fees waived." For the fiscal year ended October 31, 2016, income earned under this Arrangement on Global Allocation's and Multi-Asset Income's investments is reflected in the Statements of Operations under the caption "Dividend income—affiliated issuers." For the fiscal year ended October 31, 2016, management fees waived and income earned under this Arrangement on Global Allocation's and Multi-Asset Income's investments in the Underlying Funds were as follows:

	Management fees waived		Income earned
Global Allocation	$	64,526	$	137,537
Multi-Asset Income		33,494		233,710

18 Organization expenses: Costs incurred by U.S. Equity Index PutWrite Strategy in connection with its organization, which amounted to $148,112 and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.

19 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

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Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee according to the following table:

Investment Management Fee as a Percentage of Average Daily Net Assets^(a):

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Next $500 million			Next $1.5 billion			Thereafter
For Global Allocation:
		0.65	%		0.65	%		0.65	%		0.65	%		0.625	%		0.625	%		0.60	%		0.60	%		0.60	%
For Long Short:
		1.20	%		1.175	%		1.15	%		1.125	%		1.10	%		1.075	%		1.075	%		1.075	%		1.05	%
For Long Short Credit:
		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
For Multi-Asset Income:
		0.45	%		0.425	%		0.40	%		0.375	%		0.350	%		0.325	%		0.325	%		0.325	%		0.30	%
For Risk Balanced Commodity Strategy and Subsidiary:
		0.70	%		0.675	%		0.65	%		0.625	%		0.60	%		0.575	%		0.575	%		0.575	%		0.55	%
For U.S. Equity Index PutWrite Strategy:
		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

(a) Less the net asset value of the Subsidiary for Risk Balanced Commodity Strategy.

Accordingly, for the year ended October 31, 2016, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets^(a), as follows:

	Effective Rate
Global Allocation		0.35	%
Long Short		1.11	%
Multi-Asset Income		0.24	%
Risk Balanced Commodity Strategy		0.70	%
Subsidiary		0.70	%

(a) Less the net asset value of the Subsidiary for Risk Balanced Commodity Strategy.

Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Institutional Class of each Fund pays Management an administration fee at the annual rate of 0.09% of its average daily net assets under this agreement and Class A and Class C of each Fund (except Long Short Credit and Multi-Asset Income) pays Management an administration fee at the annual rate of 0.20% (0.21% for Long Short Credit and Multi-Asset Income) of its average daily net assets under this agreement. Long Short Credit's, Multi-Asset Income's and U.S. Equity Index PutWrite Strategy's Class R6 pays Management an administration fee of 0.02% of its average daily net assets. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement. The Subsidiary also retains Management as its administrator, and State Street as its sub-administrator.

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Management has contractually agreed to waive fees and/or reimburse certain expenses of the Institutional Class, Class A, Class C and Class R6 of each Fund so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales and extraordinary expenses, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion); consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class' annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense. The expenses of the Subsidiary are included in the total expenses used to calculate the reimbursement, which the Fund has agreed to share with the Subsidiary. For the year ended October 31, 2016, these Subsidiary expenses amounted to $141,930.

During the year ended October 31, 2016, there was no repayment to Management under these agreements.

At October 31, 2016, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Year Ending October 31,
					2014		2015			2016
					Subject to Repayment Until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2017		2018			2019
Global Allocation Institutional Class		0.90	%	10/31/19	$	297,504	$	219,561		$	249,350
Global Allocation Class A		1.26	%	10/31/19		168,872		187,516			182,783
Global Allocation Class C		2.01	%	10/31/19		105,371		142,390			149,577
Long Short Institutional Class		1.70	%	10/31/19		—		—			—
Long Short Class A		2.06	%	10/31/19		—		—			—
Long Short Class C		2.81	%	10/31/19		—		—			—
Long Short Credit Institutional Class		1.20	%^(e)	10/31/19		—		189,748	^(d)		283,260
Long Short Credit Class A		1.57	%^(e)	10/31/19		—		11,947	^(d)		14,957
Long Short Credit Class C		2.32	%^(e)	10/31/19		—		11,656	^(d)		10,932
Long Short Credit Class R6		1.13	%^(e)	10/31/19		—		51,840	^(d)		56,434
Multi-Asset Income Institutional Class		0.65	%^(c)	10/31/19		—		212,134	^(b)		349,252
Multi-Asset Income Class A		1.02	%^(c)	10/31/19		—		11,192	^(b)		16,514
Multi-Asset Income Class C		1.77	%^(c)	10/31/19		—		11,081	^(b)		15,614
Multi-Asset Income Class R6		0.58	%^(c)	10/31/19		—		77,638	^(b)		119,681
Risk Balanced Commodity Strategy Institutional Class		1.10	%	10/31/19		79,267		94,559			171,296
Risk Balanced Commodity Strategy Class A		1.46	%	10/31/19		260,968		210,384			150,132
Risk Balanced Commodity Strategy Class C		2.21	%	10/31/19		27,833		17,570			7,166
U.S. Equity Index PutWrite Strategy Institutional Class		0.65	%	10/31/19		—		—			154,906	^(g)
U.S. Equity Index PutWrite Strategy Class A		1.01	%	10/31/19		—		—			2,299	^(g)
U.S. Equity Index PutWrite Strategy Class C		1.76	%	10/31/19		—		—			912	^(g)
U.S. Equity Index PutWrite Strategy Class R6		0.58	%	10/31/19		—		—			46,827	^(g)

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(a) Expense limitation per annum of the respective class' average daily net assets.

(b) Period from March 27, 2015 (Commencement of Operations) to October 31, 2015.

(c) In addition, Management voluntarily waived its fees as necessary to maintain a minimum yield for Multi-Asset Income on March 27, 2015, for Institutional Class, Class A, Class C and Class R6 and March 30, 2015, for Class A and Class C. For the period ended October 31, 2015, voluntary reimbursements for Institutional Class, Class A, Class C and Class R6 of Multi-Asset Income amounted to $456, $43, $84 and $159, respectively.

(d) Period from June 29, 2015 (Commencement of Operations) to October 31, 2015.

(e) In addition, Management voluntarily waived its fees as necessary to maintain a minimum yield for Long Short Credit from June 29, 2015 to July 2, 2015, for Institutional Class, Class A, Class C and Class R6. For the period ended October 31, 2015, voluntary reimbursements for Institutional Class, Class A, Class C and Class R6 of Long Short Credit amounted to $3,229, $257, $394 and $830, respectively. In addition, Management voluntarily waived its fees as necessary to maintain a minimum yield for Long Short Credit on several days in 2016, for Institutional Class, Class A, Class C and Class R6. For the year ended October 31, 2016, voluntary reimbursements for Institutional Class, Class A, Class C and Class R6 of Long Short Credit amounted to $26,236, $2,133, $2,908 and $4,880, respectively.

(g) Period from September 16, 2016 (Commencement of Operations) to October 31, 2016.

Until December 31, 2015, Neuberger Berman Fixed Income LLC ("NBFI"), as the sub-adviser to Global Allocation, Long Short Credit, Multi-Asset Income and Risk Balanced Commodity Strategy, was retained by Neuberger Berman Management LLC ("NBM") to provide day-to-day investment management services and received a monthly fee paid by NBM. As investment manager, NBM was responsible for overseeing the investment activities of NBFI. Until December 31, 2015, Neuberger Berman LLC ("Neuberger Berman"), was the sub-adviser to Long Short and was retained by NBM to furnish it with investment recommendations and research information without added cost to the Funds. Several individuals who are Officers and/or Trustees of the Trust are also employees of NBFI, Neuberger Berman and/or NBM. As a result of the entity consolidation described on page 20 of this Annual Report, the services previously provided by NBFI and Neuberger Berman under the respective sub-advisory agreements are being provided by NBIA as of January 1, 2016.

Each Fund also has a distribution agreement with Neuberger Berman with respect to each class of shares. Neuberger Berman acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below for Class A and Class C shares, and bears the advertising and promotion expenses.

However, Neuberger Berman receives fees from Class A and Class C under their distribution plans (each a "Plan", collectively the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, Neuberger Berman's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, Neuberger Berman receives from each of these classes a fee at the annual rate of 0.25% of Class A's and 1.00% of Class C's average daily net assets. Neuberger Berman receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund (except Long Short Credit and Multi-Asset Income) are generally sold with an initial sales charge of up to 5.75%. Class A shares of Long Short Credit and Multi-Asset Income are generally sold with an initial sales charge of up to 4.25%. Class A shares of each Fund are generally sold with no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% will apply to certain redemptions made within 18 months following

138

purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the year ended October 31, 2016, Neuberger Berman, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Global Allocation Class A	$	559	$	—	$	—	$	—
Global Allocation Class C		—		867		—		—
Long Short Class A		41,039		—		—		—
Long Short Class C		—		44,372		—		—
Long Short Credit Class A		—		—		—		—
Long Short Credit Class C		—		32		—		—
Multi-Asset Income Class A		—		—		—		—
Multi-Asset Income Class C		—		—		—		—
Risk Balanced Commodity Strategy Class A		—		—		—		—
Risk Balanced Commodity Strategy Class C		—		1,140		—		—
U.S. Equity Index PutWrite Strategy Class A⁽¹⁾		—		—		—		—
U.S. Equity Index PutWrite Strategy Class C⁽¹⁾		—		—		—		—

(1) Period from September 16, 2016 (Commencement of Operations) to October 31, 2016.

Note C—Securities Transactions:

During the year ended October 31, 2016, there were purchase and sale transactions of long-term securities (excluding swaps, futures, forward contracts and option contracts) as follows:

(000's omitted)	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Securities Sold Short		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities excluding U.S. Government and Agency Obligations		Covers on Securities Sold Short
Global Allocation	$	3,115	$	38,096	$	4,160	$	3,015	$	41,822	$	5,532
Long Short		—		1,581,205		639,372		—		1,972,223		661,737
Long Short Credit		26,507		34,368		4,457		25,998		15,837		6,815
Multi-Asset Income		3,179		12,467		—		2,199		12,377		—
Risk Balanced Commodity Strategy		—		25,193		—		2,500		28,468		—
U.S. Equity Index PutWrite Strategy⁽¹⁾		33,809		—		—		—		—		—

(1) Period from September 16, 2016 (Commencement of Operations) to October 31, 2016.

During the year ended October 31, 2016, no brokerage commissions on securities transactions were paid to affiliated brokers.

139

Note D—Fund Share Transactions:

Share activity for the years ended October 31, 2016 and October 31, 2015 was as follows:

	For the Year Ended October 31, 2016											For the Year Ended October 31, 2015
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total
Global Allocation
Institutional Class		350		2			(244	)		108			238		27			(560	)		(295	)
Class A		194		2			(404	)		(208	)		222		18			(350	)		(110	)
Class C		83		1			(266	)		(182	)		190		11			(217	)		(16	)
Long Short
Institutional Class		68,394		15			(118,738	)		(50,329	)		93,007		735			(82,335	)		11,407
Class A		3,664		—			(15,880	)		(12,216	)		11,849		100			(13,400	)		(1,451	)
Class C		795		—			(6,641	)		(5,846	)		3,514		45			(4,714	)		(1,155	)
Long Short Credit
Institutional Class		811		42			(847	)		6			2,337		0	^z		(0	)^z		2,337	^(c)
Class A		14		1			(45	)		(30	)		135		0	^z		—			135	^(c)
Class C		3		—			(3	)		—			103		0	^z		—			103	^(c)
Class R6		143		3			(2	)		144			500		—			—			500	^(c)
Multi-Asset Income
Institutional Class		166		32			(29	)		169			1,117		6			(0	)^z		1,123	^(a)
Class A		13		1			(6	)		8			51		0	^z		—			51	^(a)
Class C		22		0	^z		(5	)		17			50		0	^z		(0	)^z		50	^(a)
Class R6		—		5			(3	)		2			400		1			—			401	^(a)
Risk Balanced Commodity Strategy
Institutional Class		4,718		—			(1,667	)		3,051			3,787		0	^z		(1,104	)		2,683
Class A		2,943		—			(3,090	)		(147	)		6,256		1			(8,483	)		(2,226	)
Class C		25		—			(534	)		(509	)		279		0	^z		(268	)		11
U.S. Equity Index PutWrite Strategy
Institutional Class^(d)		2,100		—			—			2,100			—		—			—			—
Class A^(d)		42		—			—			42			—		—			—			—
Class C^(d)		10		—			—			10			—		—			—			—
Class R6^(d)		476		—			—			476			—		—			—			—

(a) Period from March 27, 2015 (Commencement of Operations) to October 31, 2015.

(b) Period from May 11, 2015 (Commencement of Operations) to October 31, 2015.

(d) Period from September 16, 2016 (Commencement of Operations) to October 31, 2016.

z A zero balance reflects actual amounts rounding to less than $1,000.

140

Note E—Lines of Credit:

At October 31, 2016, each Fund (other than Neuberger Berman U.S. Equity Index PutWrite Strategy Fund) was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms except that some do not have access to the full amount of the Credit Facility. Interest is charged on borrowings under this Credit Facility at the higher of (a) a federal funds effective rate plus 1.00% per annum or (b) a eurodollar rate for a one-month period plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable and the level of its access to the Credit Facility, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at October 31, 2016. During the period ended October 31, 2016, none of the Funds utilized the line of credit.

Note F—Investments in Affiliates^(a):

	Balance of Shares Held October 31, 2015		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held October 31, 2016		Value October 31, 2016		Distributions from Investments in Affiliated Issuers^(b)		Net Realized Gain (Loss) from Investments in Affiliated Issuers
Global Allocation
Neuberger Berman Emerging Markets Debt Fund Institutional Class		76,021		97,018		50,679		122,360	$	1,088,994	$	5,738	$	(58,209	)
Neuberger Berman Emerging Markets Equity Fund Institutional Class		156,647		43,578		200,225		—		—		12,512		13,733
Neuberger Berman Emerging Markets Equity Fund R6 Class		—		159,688		76,279		83,409		1,359,573		—		21,149
Neuberger Berman Floating Rate Income Fund Institutional Class		—		155,344		—		155,344		1,537,567		4,974		—
Neuberger Berman Genesis Fund Class R6		—		19,987		—		19,987		1,092,207		—		—
Neuberger Berman High Income Bond Fund Institutional Class		134,797		23,579		158,376		—		—		51,377		(51,987	)
Neuberger Berman High Income Bond Fund R6 Class		—		90,915		42,071		48,844		424,936		9,219		954

141

	Balance of Shares Held October 31, 2015		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held October 31, 2016		Value October 31, 2016		Distributions from Investments in Affiliated Issuers^(b)			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Neuberger Berman International Equity Fund Institutional Class		265,492		46,253		311,745		—	$	—	$	36,956		$	169,855
Neuberger Berman International Equity R6 Shares		—		332,941		332,941		—		—		—			(83,671	)
Neuberger Berman International Select Fund Institutional Class		—		344,206		—		344,206		3,658,225		—			—
Neuberger Berman Long Short Credit Fund Institutional Class		105,628		1,361		106,989		—		—		13,926			(44,652	)
Neuberger Berman Long Short Credit Fund R6 Class		—		82,815		—		82,815		789,752		2,835			—
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		101,752		—		4,613		97,139		581,604		—	*		(8,395	)
Neuberger Berman U.S. Equity Index PutWrite Strategy Fund Class R6		—		86,224		—		86,224		871,201		—			—
Total									$	11,404,059	$	137,537		$	(41,223	)
Multi-Asset Income
Neuberger Berman Emerging Markets Debt Fund Institutional Class		182,438		20,110		45,717		156,831	$	1,395,784	$	14,598		$	(47,864	)
Neuberger Berman Floating Rate Income Fund Institutional Class		193,562		237,483		108,524		322,521		3,192,253		56,454			(67,444	)
Neuberger Berman Global Long Short Fund Institutional Class		43,732		385		44,117		—		—		3,918			(81,348	)
Neuberger Berman High Income Bond Fund Institutional Class		272,506		99,050		371,556		—		—		120,497			(36,901	)
Neuberger Berman High Income Bond Fund R6 Class		—		276,284		—		276,284		2,403,651		28,251			—

142

	Balance of Shares Held October 31, 2015		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held October 31, 2016		Value October 31, 2016		Distributions from Investments in Affiliated Issuers^(b)		Net Realized Gain (Loss) from Investments in Affiliated Issuers
Neuberger Berman Long Short Credit Fund Institutional Class		45,159		14,166		59,325		—	$	—	$	7,951	$	(18,746	)
Neuberger Berman Long Short Credit Fund R6 Class		—		59,625		—		59,625		568,640		2,041		—
Total									$	7,560,328	$	233,710	$	(252,303	)

(a) Affiliated issuers, as defined in the 1940 Act.

(b) Distributions received include distributions from net investment income and net realized capital gains, if any, from the Underlying Fund.

* Security did not produce income during the period.

Other: At October 31, 2016, Global Allocation, which is also managed by Management, held 0.70% of the outstanding shares of Risk Balanced Commodity Strategy. Global Allocation and Multi-Asset Income, which are also managed by Management, held 2.59% and 1.87%, respectively, of the outstanding shares of Long Short Credit. At October 31, 2016, Global Allocation, who is also managed by Management, held 3.28% of the outstanding shares of U.S. Equity Index PutWrite Strategy Fund.

In addition, at October 31, 2016, there were affiliated investors owning 7.53%, 68.39%, 82.94% and 38.05% of Global Allocation's, Long Short Credit's, Multi-Asset Income's and U.S. Equity Index PutWrite Strategy's outstanding shares, respectively.

Note G—Recent Accounting Pronouncement:

In October 2016, the U.S. Securities and Exchange Commission ("SEC") adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Funds' financial statements and related disclosures.

143

Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Per share amounts that round to less than $0.01 to $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that round to less than 0.00% or (0.00)% per share are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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			Tax Return of Capital		Total Distributions			Voluntary Contributions from Management
Global Allocation Fund
Institutional Class
10/31/2016	$	10.42	$	0.10		$	(0.01	)	$	0.09		$	—		$	(0.02	)	$	—	$	(0.02	)	$	—
10/31/2015	$	10.81	$	0.06		$	(0.17	)	$	(0.11	)	$	(0.28	)	$	(0.00	)	$	—	$	(0.28	)	$	—
10/31/2014	$	11.63	$	(0.12	)	$	0.29		$	0.17		$	(0.99	)	$	—		$	—	$	(0.99	)	$	0.00
10/31/2013	$	10.30	$	(0.09	)	$	1.57		$	1.48		$	(0.15	)	$	—		$	—	$	(0.15	)	$	—
10/31/2012	$	10.30	$	(0.12	)	$	1.02		$	0.90		$	(0.21	)	$	(0.69	)	$	—	$	(0.90	)	$	—
Class A
10/31/2016	$	10.36	$	0.06		$	(0.00	)	$	0.06		$	—		$	(0.02	)	$	—	$	(0.02	)	$	—
10/31/2015	$	10.76	$	0.02		$	(0.18	)	$	(0.16	)	$	(0.24	)	$	(0.00	)	$	—	$	(0.24	)	$	—
10/31/2014	$	11.57	$	(0.16	)	$	0.29		$	0.13		$	(0.94	)	$	—		$	—	$	(0.94	)	$	0.00
10/31/2013	$	10.25	$	(0.14	)	$	1.58		$	1.44		$	(0.12	)	$	—		$	—	$	(0.12	)	$	—
10/31/2012	$	10.27	$	(0.15	)	$	1.01		$	0.86		$	(0.19	)	$	(0.69	)	$	—	$	(0.88	)	$	—
Class C
10/31/2016	$	10.18	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	—		$	(0.02	)	$	—	$	(0.02	)	$	—
10/31/2015	$	10.60	$	(0.06	)	$	(0.18	)	$	(0.24	)	$	(0.18	)	$	(0.00	)	$	—	$	(0.18	)	$	—
10/31/2014	$	11.43	$	(0.25	)	$	0.30		$	0.05		$	(0.88	)	$	—		$	—	$	(0.88	)	$	0.00
10/31/2013	$	10.13	$	(0.21	)	$	1.55		$	1.34		$	(0.04	)	$	—		$	—	$	(0.04	)	$	—
10/31/2012	$	10.21	$	(0.23	)	$	1.00		$	0.77		$	(0.16	)	$	(0.69	)	$	—	$	(0.85	)	$	—

See Notes to Financial Highlights

144

Net Asset Value, End of Year			Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)


	$	10.49		0.87	%	$	10.1		4.17	%		3.66	%		1.11	%		0.60	%		0.97	%		176	%^a		174	%^a
	$	10.42		(1.12	)%	$	8.9		3.29	%		2.94	%		1.03	%		0.69	%		0.51	%		195	%^a		185	%^a
	$	10.81		1.37	%^b	$	12.5		3.25	%		2.72	%		1.50	%		0.98	%		(1.12	)%		228	%		216	%
	$	11.63		14.56	%	$	17.2		3.23	%		2.73	%		1.48	%		0.98	%		(0.85	)%		187	%		158	%
	$	10.30		9.60	%	$	8.9		5.01	%		4.55	%		1.68	%		1.22	%		(1.19	)%		446	%		423	%

	$	10.40		0.59	%	$	5.9		4.53	%		4.01	%		1.49	%		0.96	%		0.64	%		176	%^a		174	%^a
	$	10.36		(1.52	)%	$	8.1		3.69	%		3.34	%		1.39	%		1.04	%		0.16	%		195	%^a		185	%^a
	$	10.76		1.03	%^b	$	9.6		3.68	%		3.16	%		1.86	%		1.35	%		(1.49	)%		228	%		216	%
	$	11.57		14.15	%	$	7.9		3.58	%		3.07	%		1.84	%		1.33	%		(1.25	)%		187	%		158	%
	$	10.25		9.24	%	$	3.4		5.41	%		4.93	%		2.07	%		1.59	%		(1.48	)%		446	%		423	%

	$	10.14		(0.19	)%	$	4.7		5.26	%		4.74	%		2.24	%		1.71	%		(0.10	)%		176	%^a		174	%^a
	$	10.18		(2.29	)%	$	6.6		4.45	%		4.10	%		2.14	%		1.79	%		(0.57	)%		195	%^a		185	%^a
	$	10.60		0.30	%^b	$	7.0		4.46	%		3.95	%		2.63	%		2.11	%		(2.27	)%		228	%		216	%
	$	11.43		13.30	%	$	4.9		4.35	%		3.85	%		2.59	%		2.09	%		(1.99	)%		187	%		158	%
	$	10.13		8.34	%	$	2.2		6.47	%		6.03	%		2.78	%		2.34	%		(2.26	)%		446	%		423	%

145

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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			Tax Return of Capital		Total Distributions				Voluntary Contributions from Management
Long Short Fund
Institutional Class
10/31/2016	$	12.76	$	(0.03	)	$	0.01		$	(0.02	)	$	(0.00	)	$	—		$	—	$	(0.00	)	$	—
10/31/2015	$	13.02	$	0.02		$	(0.21	)	$	(0.19	)	$	(0.02	)	$	(0.05	)	$	—	$	(0.07	)	$	—
10/31/2014	$	12.48	$	0.02		$	0.58		$	0.60		$	—		$	(0.06	)	$	—	$	(0.06	)	$	0.00
10/31/2013	$	11.09	$	0.01		$	1.47		$	1.48		$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	—
Period from 12/29/2011^ to 10/31/2012	$	10.00	$	0.04		$	1.05		$	1.09		$	—		$	—		$	—	$	—		$	—
Class A
10/31/2016	$	12.62	$	(0.07	)	$	0.01		$	(0.06	)	$	—		$	—		$	—	$	—		$	—
10/31/2015	$	12.91	$	(0.03	)	$	(0.21	)	$	(0.24	)	$	—		$	(0.05	)	$	—	$	(0.05	)	$	—
10/31/2014	$	12.41	$	(0.03	)	$	0.58		$	0.55		$	—		$	(0.05	)	$	—	$	(0.05	)	$	0.00
10/31/2013	$	11.06	$	(0.03	)	$	1.47		$	1.44		$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	—
Period from 12/29/2011^ to 10/31/2012	$	10.00	$	0.00		$	1.06		$	1.06		$	—		$	—		$	—	$	—		$	—
Class C
10/31/2016	$	12.29	$	(0.16	)	$	0.00		$	(0.16	)	$	—		$	—		$	—	$	—		$	—
10/31/2015	$	12.66	$	(0.12	)	$	(0.20	)	$	(0.32	)	$	—		$	(0.05	)	$	—	$	(0.05	)	$	—
10/31/2014	$	12.26	$	(0.12	)	$	0.57		$	0.45		$	—		$	(0.05	)	$	—	$	(0.05	)	$	0.00
10/31/2013	$	10.99	$	(0.12	)	$	1.46		$	1.34		$	(0.00	)	$	(0.07	)	$	—	$	(0.07	)	$	—
Period from 12/29/2011^ to 10/31/2012	$	10.00	$	(0.06	)	$	1.05		$	0.99		$	—		$	—		$	—	$	—		$	—

See Notes to Financial Highlights

146

Net Asset Value, End of Year		Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)

$	12.74		(0.14	)%	$	2,074.7		1.91	%		1.33	%		1.91	%		1.33	%		(0.22	)%		86	%		72	%
$	12.76		(1.45	)%	$	2,719.8		1.66	%		1.31	%		1.66	%		1.31	%		0.16	%		91	%		69	%
$	13.02		4.83	%^b	$	2,627.8		1.72	%		1.48	%		1.72	%		1.48	%		0.17	%		61	%		44	%
$	12.48		13.47	%	$	1,038.2		1.75	%		1.60	%		1.75	%^§		1.60	%^§		0.10	%		103	%		52	%
$	11.09		10.90	%^**	$	92.6		2.78	%^‡*		2.65	%^‡*		1.83	%^‡*		1.70	%^‡*		0.40	%^‡*		93	%^**		56	%^**

$	12.56		(0.48	)%	$	206.4		2.28	%		1.69	%		2.28	%		1.69	%		(0.59	)%		86	%		72	%
$	12.62		(1.89	)%	$	361.7		2.03	%		1.68	%		2.03	%		1.68	%		(0.20	)%		91	%		69	%
$	12.91		4.47	%^b	$	388.6		2.09	%		1.85	%		2.09	%		1.85	%		(0.20	)%		61	%		44	%
$	12.41		13.08	%	$	502.1		2.08	%		1.94	%		2.08	%^§		1.94	%^§		(0.23	)%		103	%		52	%
$	11.06		10.60	%^**	$	27.0		3.21	%^‡*		3.11	%^‡*		2.17	%^‡*		2.06	%^‡*		0.05	%^‡*		93	%^**		56	%^**

$	12.13		(1.30	)%	$	117.3		3.02	%		2.44	%		3.02	%		2.44	%		(1.33	)%		86	%		72	%
$	12.29		(2.56	)%	$	190.6		2.77	%		2.42	%		2.77	%		2.42	%		(0.94	)%		91	%		69	%
$	12.66		3.71	%^b	$	211.0		2.84	%		2.60	%		2.84	%		2.60	%		(0.94	)%		61	%		44	%
$	12.26		12.23	%	$	115.1		2.83	%		2.68	%		2.83	%^§		2.68	%^§		(1.00	)%		103	%		52	%
$	10.99		9.90	%^**	$	3.4		4.34	%^‡*		4.20	%^‡*		2.95	%^‡*		2.81	%^‡*		(0.69	)%^‡*		93	%**		56	%^**

147

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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		Tax Return of Capital			Total Distributions			Voluntary Contributions from Management
Long Short Credit Fund
Institutional Class
10/31/2016	$	9.75	$	0.15		$	(0.18	)	$	(0.03	)	$	(0.19	)	$	—	$	—		$	(0.19	)	$	—
Period from 6/29/2015^ to 10/31/2015	$	10.00	$	0.02		$	(0.23	)	$	(0.21	)	$	(0.04	)	$	—	$	—		$	(0.04	)	$	—
Class A
10/31/2016	$	9.75	$	0.11		$	(0.17	)	$	(0.06	)	$	(0.16	)	$	—	$	—		$	(0.16	)	$	—
Period from 6/29/2015^ to 10/31/2015	$	10.00	$	0.01		$	(0.23	)	$	(0.22	)	$	(0.03	)	$	—	$	—		$	(0.03	)	$	—
Class C
10/31/2016	$	9.75	$	0.06		$	(0.17	)	$	(0.11	)	$	(0.11	)	$	—	$	—		$	(0.11	)	$	—
Period from 6/29/2015^ to 10/31/2015	$	10.00	$	(0.01	)	$	(0.23	)	$	(0.24	)	$	(0.01	)	$	—	$	—		$	(0.01	)	$	—
Class R6
10/31/2016	$	9.75	$	0.16		$	(0.18	)	$	(0.02	)	$	(0.19	)	$	—	$	—		$	(0.19	)	$	—
Period from 6/29/2015^ to 10/31/2015	$	10.00	$	0.02		$	(0.22	)	$	(0.20	)	$	(0.05	)	$	—	$	—		$	(0.05	)	$	—
Multi-Asset Income Fund
Institutional Class
10/31/2016	$	9.43	$	0.31		$	0.25		$	0.56		$	(0.30	)	$	—	$	(0.09	)	$	(0.39	)	$	—
Period from 3/27/2015^ to 10/31/2015	$	10.00	$	0.23		$	(0.57	)	$	(0.34	)	$	(0.23	)	$	—	$	—		$	(0.23	)	$	—

See Notes to Financial Highlights

148

Net Asset Value, End of Year		Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)

$	9.53		(0.28	)%	$	22.3		3.22	%		2.36	%		1.97	%		1.10	%		1.54	%		190	%		197	%
$	9.75		(2.06	)%**	$	22.8		3.50	%^‡*		3.45	%^‡*		1.21	%^‡*		1.15	%^‡*		0.64	%^‡*		32	%**		18	%**

$	9.53		(0.55	)%	$	1.0		3.72	%		2.82	%		2.29	%		1.40	%		1.16	%		190	%		197	%
$	9.75		(2.17	)%**	$	1.3		4.28	%^‡*		4.23	%^‡*		1.55	%^‡*		1.50	%^‡*		0.28	%^‡*		32	%**		18	%**

$	9.53		(1.10	)%	$	1.0		4.30	%*		3.47	%		2.85	%		2.02	%		0.64	%		190	%		197	%
$	9.75		(2.41	)%**	$	1.0		5.04	%^‡*		4.98	%^‡*		2.26	%^‡*		2.20	%^‡*		(0.43	)%^‡*		32	%**		18	%**

$	9.54		(0.12	)%	$	6.1		3.05	%*		2.26	%		1.83	%		(1.04	)%		1.71	%		190	%		197	%
$	9.75		(2.03	)%**	$	4.9		3.49	%^‡*		3.44	%^‡*		1.14	%^‡*		1.08	%^‡*		0.69	%^‡*		32	%**		18	%**


$	9.60		6.09	%	$	12.4		3.86	%		3.86	%*		0.44	%		0.44	%		3.33	%		94	%		94	%
$	9.43		(3.43	)%**	$	10.6		3.66	%^‡*		3.66	%^Ø‡*		0.43	%^‡*		0.43	%^Ø‡*		3.87	%^‡*		33	%**		33	%^Ø**

149

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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			Tax Return of Capital			Total Distributions			Voluntary Contributions from Management
Multi-Asset Income Fund (cont'd)
Class A
10/31/2016	$	9.43	$	0.28		$	0.24		$	0.52		$	(0.26	)	$	—		$	(0.09	)	$	(0.35	)	$	—
Period from 3/27/2015^ to 10/31/2015	$	10.00	$	0.20		$	(0.56	)	$	(0.36	)	$	(0.21	)	$	—		$	—		$	(0.21	)	$	—
Class C
10/31/2016	$	9.43	$	0.20		$	0.25		$	0.45		$	(0.19	)	$	—		$	(0.09	)	$	(0.28	)	$	—
Period from 3/27/2015^ to 10/31/2015	$	10.00	$	0.16		$	(0.56	)	$	(0.40	)	$	(0.17	)	$	—		$	—		$	(0.17	)	$	—
Class R6
10/31/2016	$	9.43	$	0.32		$	0.24		$	0.56		$	(0.30	)	$	—		$	(0.09	)	$	(0.39	)	$	—
Period from 3/27/2015^ to 10/31/2015	$	10.00	$	0.23		$	(0.57	)	$	(0.34	)	$	(0.23	)	$	—		$	—		$	(0.23	)	$	—
Risk Balanced Commodity Strategy Fund^c
Institutional Class
10/31/2016	$	6.20	$	(0.03	)	$	(0.18	)	$	(0.21	)	$	—		$	—		$	—		$	—		$	—
10/31/2015	$	8.39	$	(0.05	)	$	(2.14	)	$	(2.19	)	$	—		$	(0.00	)	$	—		$	(0.00	)	$	—
10/31/2014	$	9.01	$	(0.07	)	$	(0.55	)	$	(0.62	)	$	—		$	—		$	—		$	—		$	—
10/31/2013	$	9.84	$	(0.09	)	$	(0.74	)	$	(0.83	)	$	—		$	—		$	—		$	—		$	—
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.02	)	$	(0.14	)	$	(0.16	)	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Highlights

150

Net Asset Value, End of Year		Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)

$	9.60		5.70	%	$	0.6		4.27	%		4.27	%		0.81	%		0.81	%		2.98	%		94	%		94	%
$	9.43		(3.64	)%**	$	0.5		4.55	%^‡*		4.55	%^Ø‡*		0.79	%^‡*		0.79	%^Ø*^‡		3.50	%^‡*		33	%**		33	%^Ø**

$	9.60		4.91	%	$	0.6		4.99	%		4.99	%		1.56	%		1.56	%		2.20	%		94	%		94	%
$	9.43		(4.07	)%**	$	0.5		5.29	%^‡*		5.29	%^Ø‡*		1.53	%^‡*		1.53	%^Ø*^‡		2.76	%^‡*		33	%**		33	%^Ø**

$	9.60		6.16	%	$	3.9		3.78	%		3.78	%		0.37	%		0.37	%		3.42	%		94	%		94	%
$	9.43		(3.39	)%**	$	3.8		3.63	%^‡*		3.63	%^Ø‡*		0.36	%^‡*		0.36	%^Ø‡*		3.93	%^‡*		33	%**		33	%^Ø**

$	5.99		(3.39	)%	$	49.0		1.65	%		1.65	%^Ø*		1.10	%		1.10	%^Ø*		(0.44	)%		58	%^Ø		58	%^Ø
$	6.20		(26.09	)%	$	31.8		1.47	%		1.47	%^Ø*		1.10	%		1.10	%^Ø*		(0.67	)%		35	%^Ø		35	%^Ø
$	8.39		(6.88	)%	$	20.5		1.62	%		1.62	%^Ø*		1.10	%		1.10	%^Ø*		(0.73	)%		21	%^Ø		21	%^Ø
$	9.01		(8.43	)%	$	9.6		3.69	%		3.69	%^Ø*		1.10	%		0.10	%^Ø*		(0.94	)%		5	%^Ø		5	%^Ø
$	9.84		(1.60	)%**	$	5.0		25.60	%^‡*		25.60	%^Ø‡*		1.10	%^‡*		1.10	%^Ø‡*		(0.99	)%^‡*		0	%^Ø**		0	%^Ø**

151

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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			Tax Return of Capital		Total Distributions			Voluntary Contributions from Management
Risk Balanced Commodity Strategy Fund^c (cont'd)
Class A
10/31/2016	$	6.12	$	(0.05	)	$	(0.17	)	$	(0.22	)	$	—	$	—		$	—	$	—		$	—
10/31/2015	$	8.32	$	(0.07	)	$	(2.13	)	$	(2.20	)	$	—	$	(0.00	)	$	—	$	(0.00	)	$	—
10/31/2014	$	8.97	$	(0.10	)	$	(0.55	)	$	(0.65	)	$	—	$	—		$	—	$	—		$	—
10/31/2013	$	9.84	$	(0.12	)	$	(0.75	)	$	(0.87	)	$	—	$	—		$	—	$	—		$	—
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.03	)	$	(0.13	)	$	(0.16	)	$	—	$	—		$	—	$	—		$	—
Class C
10/31/2016	$	5.98	$	(0.09	)	$	(0.18	)	$	(0.27	)	$	—	$	—		$	—	$	—		$	—
10/31/2015	$	8.19	$	(0.12	)	$	(2.09	)	$	(2.21	)	$	—	$	(0.00	)	$	—	$	(0.00	)	$	—
10/31/2014	$	8.88	$	(0.16	)	$	(0.53	)	$	(0.69	)	$	—	$	—		$	—	$	—		$	—
10/31/2013	$	9.83	$	(0.18	)	$	(0.77	)	$	(0.95	)	$	—	$	—		$	—	$	—		$	—
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.04	)	$	(0.13	)	$	(0.17	)	$	—	$	—		$	—	$	—		$	—
U.S. Equity Index PutWrite Strategy Fund
Institutional Class
Period from 9/16/2016^ to10/31/2016	$	10.00	$	0.00		$	0.09		$	0.09		$	—	$	—		$	—	$	—		$	—
Class A
Period from 9/16/2016^ to 10/31/2016	$	10.00	$	(0.00	)	$	0.09		$	0.09		$	—	$	—		$	—	$	—		$	—

See Notes to Financial Highlights

152

Net Asset Value, End of Year		Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)

$	5.90		(3.59	)%	$	33.3		2.04	%		2.04	%^Ø		1.46	%		1.46	%		(0.82	)%		58	%		58	%
$	6.12		(26.43	)%	$	35.5		1.84	%		1.84	%^Ø		1.46	%		1.46	%		(1.05	)%		35	%		35	%
$	8.32		(7.25	)%	$	66.8		1.98	%		1.98	%^Ø		1.46	%		1.46	%		(1.09	)%		21	%		21	%
$	8.97		(8.84	)%	$	35.0		3.81	%		3.81	%^Ø		1.46	%		1.46	%		(1.27	)%		5	%		5	%
$	9.84		(1.60	)%**	$	0.1		33.04	%^‡*		33.04	%^Ø		1.46	%		1.46	%		(1.36	)%		0	%		0	%

$	5.71		(4.52	)%	$	0.1		3.06	%		3.06	%^Ø*		2.21	%		2.21	%^Ø*		(1.65	)%		58	%^Ø		58	%^Ø
$	5.98		(26.98	)%	$	3.1		2.70	%		2.70	%^Ø*		2.21	%		2.21	%^Ø*		(1.79	)%		35	%^Ø		35	%^Ø
$	8.19		(7.77	)%	$	4.2		2.84	%		2.84	%^Ø*		2.21	%		2.21	%^Ø*		(1.84	)%		21	%^Ø		21	%^Ø
$	8.88		(9.66	)%	$	3.6		4.69	%		4.69	%^Ø*		2.21	%		2.21	%^Ø*		(2.03	)%		5	%^Ø		5	%^Ø
$	9.83		(1.70	)%**	$	0.1		35.12	%^‡*		35.12	%^Ø‡*		2.21	%^‡*		2.21	%^Ø‡*		(2.11	)%^‡*		0	%^Ø**		0	%^Ø**

$	10.09		0.90	%**	$	21.2		3.84	%^‡*		3.84	%^Ø‡*		0.65	%^‡*		0.65	%^Ø‡*		0.26	%^‡*		0	%^Ø**		0	%^Ø**

$	10.09		0.90	%**	$	0.4		4.26	%^‡*		4.26	%^Ø‡*		1.01	%^‡*		1.01	%^Ø‡*		(0.05	)%^‡*		0	%^Ø **		0	%^Ø**

153

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			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		Tax Return of Capital		Total Distributions		Voluntary Contributions from Management

U.S. Equity Index PutWrite Strategy Fund (cont'd)
Class C
Period from 9/16/2016^ to 10/31/2016	$	10.00	$	(0.01	)	$	0.09	$	0.08	$	—	$	—	$	—	$	—	$	—
Class R6
Period from 9/16/16^ to 10/31/2016	$	10.00	$	0.00		$	0.10	$	0.10	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Highlights

154

Net Asset Value, End of Year		Total Return^††			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expense relating to short sales)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)

$	10.08		0.80	%**	$	0.1		5.10	%^‡*		5.10	%^Ø‡*		1.76	%^‡*		1.76	%^Ø‡*		(0.86	)%^‡*		0	%^Ø**		0	%^Ø**

$	10.10		1.00	%**	$	4.8		3.77	%^‡*		3.77	%^Ø‡*		0.58	%^‡*		0.58	%^Ø‡*		0.26	%^‡*		0	%^Ø**		0	%^Ø**

155

Notes to Financial Highlights

††	Total return based on per share NAV reflects the effects of changes in NAV on the performance of each 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 may 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.
^	The date investment operations commenced.
‡	Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.
@	Calculated based on the average number of shares outstanding during each fiscal period.
§	After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales
	Year Ended October 31, 2013
Long Short Institutional Class		1.69	%		1.54	%
Long Short Class A		2.06	%		1.92	%
Long Short Class C		2.81	%		2.66	%

*	Annualized.
**	Not annualized.
#	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.
Ø	Multi-Asset Income, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy did not engage in short sales.
a	The portfolio turnover rates including mortgage dollar roll transactions, including and excluding securities sold short, were 182% and 183%, respectively, for the year ended October 31, 2016 and 198% and 189%, respectively, for the year ended October 31, 2015, for Global Allocation.
b	The voluntary contributions received in 2014 had no impact on the Funds' total returns for the year ended October 31, 2014.
c	Consolidated financial highlights, see Note A in the Notes to Financial Statements.

156

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Neuberger Berman Alternative Funds and Shareholders of:

Neuberger Berman Global Allocation Fund
Neuberger Berman Long Short Credit Fund
Neuberger Berman Multi-Asset Income Fund
Neuberger Berman Risk Balanced Commodity Strategy Fund
Neuberger Berman U.S. Equity Index PutWrite Strategy Fund

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Global Allocation Fund, Neuberger Berman Long Short Credit Fund, Neuberger Berman Multi-Asset Income Fund, Neuberger Berman Risk Balanced Commodity Strategy Fund and Neuberger Berman U.S. Equity Index PutWrite Strategy Fund, five of the series constituting the Neuberger Berman Alternative Funds (the "Trust"), including the schedules of investments, as of October 31, 2016, the related statements of operations for the period then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Neuberger Berman Global Allocation Fund, Neuberger Berman Long Short Credit Fund, Neuberger Berman Multi-Asset Income Fund, Neuberger Berman Risk Balanced Commodity Strategy Fund and Neuberger Berman U.S. Equity Index PutWrite Strategy Fund, at October 31, 2016, the results of their operations for the period then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 29, 2016

157

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
Neuberger Berman Alternative Funds

We have audited the accompanying statement of assets and liabilities of the Neuberger Berman Long Short Fund, a series of the Neuberger Berman Alternative Funds (the "Trust"), including the schedule of investments, as of October 31, 2016, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period December 29, 2011 (commencement of operations) to October 31, 2012. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Neuberger Berman Long Short Fund, as of October 31, 2016, and the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period December 29, 2011 (commencement of operations) to October 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
December 22, 2016

158

Directory

Investment Manager and Administrator

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
212.476.8800
Intermediary Client Services 800.366.6264

Distributor

Neuberger Berman LLC
1290 Avenue of the Americas
New York, NY 10104-0002
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264

Sub-Advisers (prior to January 1, 2016)

Neuberger Berman Fixed Income LLC
190 South LaSalle Street
Chicago, IL 60603

Neuberger Berman LLC
605 Third Avenue
New York, NY 10158-3698

Custodian and Shareholder Servicing Agent

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

For Institutional Class Shareholders
Address correspondence to:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Intermediary Client Services 800.366.6264

For Class A, Class C and Class R6 Shareholders:

Please contact your investment provider

Legal Counsel

K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600

Independent Registered Public Accounting Firms

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Tait, Weller & Baker LLP
1818 Market Street
Suite 2400
Philadelphia, PA 19103

159

Trustee and Officer Information

The following tables set forth information concerning the Trustees and Officers of each of the Funds. All persons named as Trustees and Officers also serve in similar capacities for other funds administered or managed by Management or Neuberger Berman. Each Fund's Statement of Additional Information includes additional information about the Trustees as of the time of the Fund's most recent public offering and is available upon request, without charge, by calling (800) 877-9700.

Information about the Board of Trustees

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 Trustees
Faith Colish (1935)	Trustee since inception	Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.		55	Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
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.		55	Director, America Press, Inc. (not-for-profit Jesuit publisher), since 2015; Director, Fordham University, since 2001; formerly, Director, The Gabelli Go Anywhere Trust, June 2015 to June 2016; Director, Skin Cancer Foundation (not-for-profit), 2006 to 2015; Director, GE Investments Funds, Inc., 1997 to 2014; Trustee, GE Institutional Funds, 1997 to 2014; Director, GE Asset Management, 1988 to 2014; Director, Elfun Trusts, 1988 to 2014; Trustee, GE Pension & Benefit Plans, 1988 to 2014.

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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 and Chief Operating Officer, Jewish Theological Seminary, since 2012; formerly, Executive Vice President and General Counsel, Fidelity Investments, 2007 to 2012; Executive Vice President and General Counsel, BellSouth Corporation, 2004 to 2007; Vice President and Associate General Counsel, BellSouth Corporation, 2000 to 2004; Associate, Partner, and National Litigation Practice Co-Chair, Mayer, Brown LLP, 1981 to 2000; Associate Independent Counsel, Office of Independent Counsel, 1990 to 1992.			55			Trustee, Jewish Theological Seminary, since 2015; Director, Counsel on Call (privately held for-profit company), since 2012; Director, Lawyers Committee for Civil Rights Under Law (not-for-profit), since 2005; formerly, Director, Equal Justice Works (not-for-profit), 2005 to 2014; Director, Corporate Counsel Institute, Georgetown University Law Center, 2007 to 2012; Director, Greater Boston Legal Services (not-for-profit), 2007 to 2012.

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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 C. Goss (1949)		Trustee since 2007		President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; formerly, Consultant, Resources Global Professionals (temporary staffing), 2002 to 2006.			55			Director, American Water (water utility), since 2003; Director, Allianz Life of New York (insurance), since 2005; Director, Berger Group Holdings, Inc. (engineering consulting firm), since 2013; Director, Financial Women's Association of New York (not-for-profit association), since 2003; 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.

162

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 October 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.		55	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, 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.		55	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; Director, National Executive Service Corps (not-for-profit), 2012 to 2013; Trustee, Richmond, The American International University in London, 1999 to 2013.
Howard A. Mileaf (1937)	Trustee since inception	Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.		55	Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.

163

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	Adjunct Professor, Columbia University School of International and Public Affairs, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People's United Bank, Connecticut (a financial services company), 1991 to 2001.		55	Director, National Association of Corporate Directors, Connecticut Chapter, since 2011; Trustee, Steben Alternative Investment Funds, Steben Select Multi-Strategy Fund, and Steben Select Multi-Strategy Master Fund, since 2013; 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 inception; Chairman of the Board since 2008; formerly Lead Independent Trustee from 2006 to 2008	General Partner, Ridgefield Farm LLC (a private investment vehicle); 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.		55	Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
James G. Stavridis (1955)	Trustee since 2015	Dean, Fletcher School of Law and Diplomacy, Tufts University since 2013; formerly, Admiral, United States Navy, 2006 to 2013, including Supreme Allied Commander, NATO and Commander, European Command, 2009 to 2013, and Commander, United States Southern Command, 2006 to 2009.		55	Director, Utilidata Inc., since 2015; Director, BMC Software Federal, LLC, since 2014; Director, Vertical Knowledge, LLC, since 2013; formerly, Director, Navy Federal Credit Union, 2000-2002.

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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⁾
Candace L. Straight (1947)	Trustee since inception	Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to 2003.		55	Formerly, Public Member, Board of Governors and Board of Trustees, Rutgers University, 2011 to 2016; formerly, Director, Montpelier Re Holdings Ltd. (reinsurance company), 2006 to 2015; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
Peter P. Trapp (1944)	Trustee since inception	Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.		55	None.

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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)	Trustee since 2009	President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman LLC ("Neuberger Berman") and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer (Equities) and President (Equities), Neuberger Berman Investment Advisers LLC ("NBIA") (formerly, Neuberger Berman Fixed Income LLC ("NBFI") 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.		55	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.

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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⁾
Robert Conti* (1956)		Chief Executive Officer, President and Trustee since 2008; prior thereto, Executive Vice President in 2008 and Vice President from inception to 2008		Managing Director, Neuberger Berman, since 2007; President—Mutual Funds, NBIA, since 2008; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003; President and Chief Executive Officer, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.			55			Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.

(1)	The business address of each listed person is 1290 Avenue of the Americas New York, NY 10104.
(2)	Pursuant to the Trust's Trust Instrument, each of these Fund Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Fund Trustee may resign by delivering a written resignation; (b) any Fund Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Fund Trustees; and (d) any Fund Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.
(3)	Except as otherwise indicated, each individual has held the positions shown during at least the last five years.
*	Indicates a Fund Trustee who is an "interested person" within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of NBIA and/or its affiliates.

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Information about the Officers of the Trust

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 inception	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, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator; Secretary, fifteen 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, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony DiBernardo (1979)	Assistant Treasurer since 2011	Senior Vice President, NBIA, since 2014, and Employee since 2003; formerly, Vice President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, ten 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) and Anti-Money Laundering Compliance Officer since 2016	General Counsel and Head of Compliance—Mutual Funds since 2016 and Senior Vice President, NBIA, since 2013, formerly, Associate General Counsel (2015 to 2016), Counsel (2007 to 2015), Vice President (2009-2013); Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator; Anti-Money Laundering Compliance Officer, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.
Sheila R. James (1965)	Assistant Secretary since inception	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, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.

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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 and Employee since 1991; formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator; Vice President, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.
Kevin Lyons (1955)	Assistant Secretary since inception	Assistant Vice President, Neuberger Berman, since 2008 and Employee since 1999; Assistant Vice President, NBIA, since 2008; formerly, Employee, NBIA, 1993 to 1999; Assistant Secretary, ten 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, ten 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, ten 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 inception	Senior Vice President, Neuberger Berman, since 2007; 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, twenty-eight registered investment companies for which NBIA acts as investment manager and/or administrator.
Frank Rosato (1971)	Assistant Treasurer since inception	Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since 2006 and Employee since 1995; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Chamaine Williams (1971)	Chief Compliance Officer since inception	Chief Compliance Officer—Mutual Funds and Senior Vice President, NBIA, since 2006; formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007; Chief Compliance Officer, fifteen registered investment companies for which NBIA acts as investment manager and/or administrator.

(1)	The business address of each listed person is 1290 Avenue of the Americas New York, NY 10104.
(2)	Pursuant to the By-Laws of the Trust, each officer elected by the Fund Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Fund Trustees and may be removed at any time with or without cause.
(3)	Except as otherwise indicated, each individual has held the positions shown during at least the last five years.

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Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission's website at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available, without charge upon request, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission's website at www.sec.gov, and on Management's website at www.nb.com.

Quarterly Portfolio Schedule

The Trust files a complete schedule of portfolio holdings for each Fund with the Securities and Exchange Commission for the first and third quarters of the fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities and Exchange Commission's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).

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Board Consideration of the Management Agreement

In evaluating the Agreement with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to ensure that Management has time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including investment performance reports and related portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; compliance; and shareholder and other services provided by Management and its affiliates. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports that feed into the Contract Review Committee, which reviews and takes account of the information.

The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreement. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

In connection with its approval of the continuation of the Agreement, the Board evaluated the terms of the Agreement, the overall fairness of the Agreement to each Fund and whether the Agreement was in the best interests of each Fund and Fund shareholders. The Board considered all factors it deemed relevant with respect to each Fund, including the following factors: (1) the nature, extent, and quality of the services provided by Management; (2) the investment performance of each Fund compared to an appropriate market index and a peer group of investment companies; (3) the costs of the services provided and the profit or loss realized by Management and its affiliates from their relationship with each Fund; (4) the extent to which economies of scale have been or might be realized as each Fund grows; and (5) whether fee or service levels reflect any such potential economies of scale for the benefit of each Fund's shareholders. The Board's determination to approve the continuation of the Agreement was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreement to each Fund and, through the Funds, their shareholders.

With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of Management and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The

171

Board also considered Management's policies and practices regarding brokerage and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. The Board also reviewed whether Management used brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Funds and other clients of Management. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and considered information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to the firm. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Funds.

As in past years, the Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management in response to recent market conditions, such as regulatory concerns about changes in fixed-income market liquidity and potential volatility, and considered the overall performance of Management in this context.

The Board factored into its evaluation of the Funds' fees and performance a consideration of the limitations inherent in the methodology for constructing peer groups and determining which investment companies should be included in the peer groups. With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, both on an absolute basis and relative to an appropriate benchmark index and the average performance of a composite peer group (as constructed by an independent organization) of investment companies pursuing broadly similar strategies. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. In the case of those Funds that had underperformed their benchmark indices and/or peer groups, the Board discussed with Management each Fund's performance and steps that Management had taken, or intended to take, to improve performance. In the case of certain Funds, the Board met with the Portfolio Managers of those Funds during the period since the last contract renewal to discuss the Fund's performance. The Board also considered Management's responsiveness with respect to the Funds that experienced lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund's Agreement and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreement notwithstanding a Fund's underperformance.

With respect to the overall fairness of the Agreement, the Board considered the fee structure for each Fund under the Agreement as compared to a peer group of comparable funds. The Board also considered any fall-out (i.e. indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund. With respect to Neuberger Berman Global Allocation Fund and Neuberger Berman Multi-Asset Income Fund, the Board considered that each Fund invests in affiliated underlying funds pursuant to exemptive relief obtained from the Securities and Exchange Commission. The Board further considered, for any assets that Neuberger Berman Global Allocation Fund and Neuberger Berman Multi-Asset Income Fund invest in an affiliated underlying fund, Management's undertaking to waive a portion of each Fund's advisory fee equal to the advisory fee it receives from such affiliated underlying fund. The Board also considered the profitability of Management and its affiliates from their association with the Funds, and year-over-year changes in each of Management's reported expense categories.

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limit on expenses of certain classes of each Fund. The Board noted that Management incurred a loss on certain of the Funds during the review period. The Board also noted that for some classes of certain Funds, the overall expense ratio of each class is maintained through expense reimbursements by Management.

With regard to the investment performance of each Fund and the costs of the services provided to each Fund, the Board considered the following information. Where a Fund has more than one class of shares outstanding, information for a single class has been provided as identified below. For each Fund, the Board looked at the Institutional Class as provided below as a proxy for all of the Fund's classes:

•

Neuberger Berman Global Allocation Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1-year period and higher than the median for the 3-year period. Due to limited performance information for the funds in the peer group, the Fund was the only Fund in the group with five years of performance. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3 and 5-year periods. The Fund was launched in 2010 and therefore does not have 10-year performance.

•

Neuberger Berman Long Short Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1-year period, but higher for the 3-year period. The Fund was launched in 2011 and therefore does not have 5 or 10-year performance.

•

Neuberger Berman Long Short Credit Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee was equal to the median, but the actual management fee net of fees waived by Management was higher than the median. The Board did not consider the Fund's performance relative to its peer group because the Fund has been in operation for less than one year and, as such, does not have comparable peer group performance. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the period since the Fund's inception. The Fund was launched in 2015 and while the Board reviewed its performance as compared to its benchmark, the Board recognizes the limitations of relying on very short-term performance.

•

Neuberger Berman Multi-Asset Income Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was higher than the median for the period since the Fund's inception. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the period since the Fund's inception. The Fund was launched in 2015 and while the Board reviewed its performance as compared to its benchmark and peer group, the Board recognizes the limitations of relying on very short-term performance.

•

Neuberger Berman Risk Balanced Commodity Strategy Fund (Institutional Class)—The Board considered that, as compared to its peer group, the Fund's contractual management fee and the actual management fee net of fees waived by Management were both lower than the respective medians. The Board considered that, as compared to its peer group, the Fund's performance was lower than the median for the 1 and 3-year periods. The Board also considered that, as compared to its benchmark, the Fund's performance was lower for the 1 and 3-year periods. The Fund was launched in 2012 and therefore does not have 5 or 10-year performance.

The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of any of the

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Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the comparable Fund to the fees charged to any such funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a comparable Fund and any such funds and/or separate accounts, including any breakpoints, and determined that differences in fees and fee structures were consistent with the management and other services provided. The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether any such breakpoints are set at appropriate asset levels. As in past years, the Board gave careful thought to the size of any breakpoints in the Funds' advisory fees and the asset levels at which they are set. It also considered whether the fees were set at an appropriate level and compared the fee structures to that of the peer group. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services that were required by new regulations or regulatory interpretations, impelled by changes in the securities markets or the business landscape, and/or requested by the Board. In concluding that the benefits accruing to Management and affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund, the Board reviewed specific data as to Management's profit or loss on each Fund for a recent period. The Board also considered Management's cost allocation methodology. The Board recognized that Management should be entitled to earn a reasonable level of profits for services it provides to the Funds and, based on its review, concluded that Management's reported level of profitability on each Fund was reasonable.

Conclusions

In approving the continuation of the Agreement, the Board concluded that the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreement is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of an underperforming Fund, that it retained confidence in Management's capabilities to manage the Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Funds were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreement in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreement.

174

Neuberger Berman U.S. Equity Index PutWrite Strategy Fund: Initial Consideration of the Management Agreement

At meetings held on June 22-23, 2016, the Board of Trustees ("Board") of Neuberger Berman Alternative Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Investment Advisers LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), evaluated and approved the management agreement with Management (the "Agreement") with respect to Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the "Fund"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel").

In evaluating the Agreement, the Board, including the Independent Fund Trustees, reviewed materials provided by Management and met with senior representatives of Management regarding its personnel, operations and financial condition as they relate to the Fund.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year and for the annual consideration of continuance of contracts for other series of the Trust. To assist the Board in its deliberations regarding the annual contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports that feed into the Contract Review Committee, which reviews and takes account of the information.

The Independent Fund Trustees receive, at least annually, from Independent Counsel a memorandum discussing the legal standards for their consideration of management and advisory agreements. During the course of their deliberations regarding their review of the Agreement, the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

In connection with its approval of the Agreement, the Board evaluated the terms of the Agreement, the overall fairness of the Agreement to the Fund and whether the Agreement was in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and quality of the services to be provided by Management; (2) the expected costs of the services to be provided by Management; (3) the extent to which economies of scale might be realized as the Fund grows; and (4) whether proposed fee levels reflect any such potential economies of scale for the benefit of the Fund's shareholders. The Board's determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the overall costs and benefits of the Agreement to the Fund and, through the Fund, its shareholders.

With respect to the nature, extent and quality of the services to be provided, the Board considered the investment philosophy and decision-making processes of Management and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also reviewed whether Management would use brokers to execute Fund transactions that provide research and other services to Management and the types of benefits potentially derived from such services by Management, the Fund and other clients of Management. The Board also considered that Management's responsibilities include daily management of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and considered information regarding Management's processes for managing risk. In addition, the Board noted the positive compliance history of Management as no significant compliance problems were reported to

175

the Board with respect to the firm. The Board also considered the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Fund.

The Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management in response to recent market conditions, such as regulatory concerns about changes in fixed-income market liquidity and potential volatility, and considered the overall performance of Management in this context.

With respect to the overall fairness of the Agreement, the Board considered the fee structures proposed for the Fund under the Agreement for the four classes to be registered initially as compared to a peer group of comparable funds. The Board also considered any fall-out (i.e. indirect) benefits likely to accrue to Management or its affiliates from their relationship with the Fund. The Board reviewed a comparison of the Fund's proposed management fee and total expense ratio to a peer group of comparable funds and determined that the management fee and the overall expense ratio for Class A, Class C, Institutional Class and Class R6 are lower than the median for the peer group. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fees paid to Management, but it was not clear whether this was the case for all funds in the peer group. In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. The Board also considered whether it would be appropriate to evaluate any anticipated economies of scale in relation to the services Management would provide to the Fund, noting that it may be too soon to anticipate the economies at the start-up phase of a fund. The Board concluded that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.

Conclusions

In approving the Agreement, the Board concluded that the terms of the Agreement are fair and reasonable to the Fund and that approval of the Agreement is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to provide a high level of service to the Fund; that the Fund's proposed fee structure appeared to the Board to be reasonable given the nature, extent and quality of services expected to be provided; and that the benefits expected to accrue to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.

176

Notice to Shareholders

In early 2017 you will receive information to be used in filing your 2016 tax returns, which will include a notice of the exact tax status of all distributions paid to you by the Fund during calendar year 2016. Please consult your own tax advisor for details as to how this information should be reflected on your tax returns.

For the fiscal year ended October 31, 2016, each Fund makes the following designation, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending upon an individual's tax bracket. Complete information regarding each Funds distributions during the calendar year 2016 will be reported in conjunction with Form 1099-DIV.

Fund	Qualified Dividend Income
Global Allocation	$	409,686
Long Short		32,688,763
Long Short Credit		24,471
Multi-Asset Income		564,431
U.S. Equity Index PutWrite Strategy		—

Neuberger Berman Global Allocation Fund hereby designate $43,247 as a capital gain distribution.

177




		Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104-0002 Shareholder Services 800.877.9700 Intermediary Client Services 800.366.6264 www.nb.com
		Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 887.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing
		L0265 12/16

				Neuberger Berman Alternative and Multi-Asset Class Funds
				Institutional Class Shares Class A Shares Class C Shares Class R6 Shares
				Absolute Return Multi-Manager Fund Long Short Multi-Manager Fund

Annual Report

October 31, 2016

Contents


	THE FUNDS
	President's Letter			1
	PORTFOLIO COMMENTARY
	Absolute Return Multi-Manager Fund			2
	Long Short Multi-Manager Fund			5
	FUND EXPENSE INFORMATION			10
	SCHEDULE OF INVESTMENTS
	Absolute Return Multi-Manager Fund			12
	Long Short Multi-Manager Fund			56
	FINANCIAL STATEMENTS			69
	FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
	Absolute Return Multi-Manager Fund			95
	Long Short Multi-Manager Fund			97
	Report of Independent Registered Public Accounting Firm			101
	Directory			102
	Trustees and Officers			103
	Proxy Voting Policies and Procedures			113
	Quarterly Portfolio Schedule			113
	Notice to Shareholders			113
	Board Consideration of the Management and Sub-Advisory Agreements			114

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Investment Advisers LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^_©2016 Neuberger Berman LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this annual shareholder report for Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund.

U.S. equity markets experienced several periods of weakness and elevated volatility throughout the fiscal year, driven by the energy selloff to start the year, the "Brexit" decision in June and the uncertainty regarding the November U.S. elections. Still, U.S. equities were positive for the period overall. Corporate bonds and asset-backed securities started the period with significant spread widening despite no obvious changes to credit quality. Those markets subsequently rallied and ended higher for the period. Currency volatility picked up during the period as the U.S. dollar and yen strengthened while the euro and pound weakened. Commodity volatility was higher during the period as well, particularly in the energies and metals sectors.

Looking ahead, we believe the lows for interest rates are behind us and they may continue to trend higher in the long term. In our view, volatility across asset classes has the potential to remain elevated, driven by diverging growth trajectories and monetary policies across global economies. Lastly, we anticipate an interesting spread environment, whether that be in fixed income markets or merger arbitrage. This could be driven, for example, by higher interest rates, a robust merger and acquisition (M&A) environment with mega-deals, or strong fixed income exchange-traded fund (ETF) flows, among other dynamics. These three factors (rising rates, elevated volatility and interesting arbitrage) have historically been tailwinds for hedge fund strategy performance, in our opinion.

Thank you for your continued support and trust. We look forward to continue serving your investment needs in the years to come.

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Absolute Return Multi-Manager Fund Commentary (Unaudited)

Neuberger Berman Absolute Return Multi-Manager Fund Institutional Class generated a -1.57% total return for the 12 months ended October 31, 2016. During the period, the Fund underperformed its primary benchmark, the HFRX Global Hedge Fund Index which posted a -1.30% return for the same period. (Performance for all share classes and benchmarks is provided in the table following this letter.)

Despite periods of weakness and elevated volatility throughout the year, U.S. equities were positive for the period overall. After a weak start, corporate bonds and asset-backed securities rallied and ended higher for the period. Currency volatility was higher for much of the period as the U.S. dollar and yen strengthened, while the euro and pound weakened. We observed several strong trends in commodities markets, including Energies and Metals.

Following a difficult start to the period for the Fund, characterized by technical selling pressure in crowded hedge fund trades, performance recovered partially and was in line with expectations for the last eight months. We added some value through our subadviser weighting decisions for the period, as the four subadvisers that had the largest weights throughout the fiscal year were among the top five performing subadvisers.

Overall, the Fund's allocation to credit strategies was the largest positive contributor. Both the corporate credit long/short and asset-backed securities subadvisers were active buyers after spreads widened out materially through mid-February 2016 and benefited from subsequent spread tightening over the next several months. Positive catalysts in a number of long and short positions were additive to performance as well.

The allocation to long/short equity strategies was the largest detractor, as a strong recovery in the second half of the period was overshadowed by a difficult first few months. Gains from longs outpaced losses from shorts. On a positive note, single name shorts generated strong alpha versus the broader market.

The Fund's merger arbitrage/event driven allocation was a marginal detractor. As a reminder, we materially reduced this allocation since the third quarter of 2015 and rotated the vast majority of capital in the strategy out of softer catalyst special situations and into merger arbitrage. This proved to be prudent as the latter contributed positively for the period, while the former detracted.

The allocation to global macro/managed futures strategy was another marginal detractor. Gains from the global macro subadviser that were primarily the result of U.S. dollar strengthening were offset by losses from the managed futures subadviser. The latter had a strong start to the period as long rates and short equities positioning paid off, but that ended up being costly later.

The Fund's aggregate use of futures, forward foreign currency, swap and option contracts detracted from performance during the reporting period.

Looking ahead, we believe the portfolio is well positioned to benefit from potentially rising interest rates, higher volatility and attractive spreads. With regard to rising rates, the 10 year U.S. Treasury yield bottomed on July 8, 2016 and ended the period 47 basis points higher. From July through September, the Fund outperformed its primary benchmark and the Bloomberg Barclays U.S. Aggregate Bond Index, in particular, as has historically been the case in similar environments. We have seen this trend strengthen in November 2016 and anticipate rates will continue rising in the long term. President-elect Trump's victory has created uncertainty regarding the direction of a long list of far reaching policies and we anticipate that uncertainty to drive volatility higher in the near term. In our view, our exposure to global macro/managed futures strategies should perform well in this environment. Finally, strong flows both into and out of fixed income markets that we have seen more recently, as well as higher interest rates, in our opinion, should create interesting spreads both in fixed income markets and for merger arbitrage.

Sincerely,

DAVID KUPPERMAN AND JEFF MAJIT
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers and subadvisers. The opinions are as of the date of this report and are subject to change without notice.

Absolute Return Multi-Manager Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NABIX
Class A				NABAX
Class C				NABCX
Class R6				NRABX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Asset-Backed Securities		6.1	%		—	%
Collateralized Mortgage Obligations		1.9			—
Commercial Mortgage-Backed Securities		6.6			—
Common Stocks		41.0			(15.3	)
Convertible Bonds		0.8			—
Corporate Bonds		7.3			(2.2	)
Exchange Traded Funds		—			(2.3	)
Exchange Traded Note		—			(0.3	)
Loan Assignments		8.5			—
Master Limited Partnerships		3.2			(0.2	)
Options Purchased		0.0			—
Preferred Stock		0.0			—
Rights		0.3			—
U.S. Treasury Obligation		0.2			—
Warrants		0.0			—
Short-Term Investments		19.2			—
Other Assets Less Liabilities		25.2	*		—
Total		120.3	%		(20.3	)%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS³

	Inception	Average Annual Total Return Ended 10/31/2016
	Date	1 Year			Life of Fund
At NAV
Institutional Class	05/15/2012		–1.57	%		1.59	%
Class A	05/15/2012		–1.91	%		1.21	%
Class C	05/15/2012		–2.66	%		0.46	%
Class R6⁴	12/31/2013		–1.58	%		1.59	%
With Sales Charge
Class A			–7.51	%		–0.12	%
Class C			–3.62	%		0.46	%
Index
HFRX Global Hedge Fund Index^1,2*			–1.30	%		0.97	%
HFRX Absolute Return Index^1,2			–0.66	%		1.85	%
S&P 500^® Index^1,2			4.51	%		13.30	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			4.37	%		2.59	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

* The Fund's primary benchmark changed during the reporting period; the prior benchmark was the HFRX Absolute Return Index. The benchmark was modified because the HFRX Global Hedge Fund Index is believed to be a fairer representation of the Fund's investment universe.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 2.73%, 3.09%, 3.84% and 2.68% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for each of Institutional Class, Class A, Class C and Class R6 includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Absolute Return Multi-Manager Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Long Short Multi-Manager Fund Commentary (Unaudited)

Neuberger Berman Long Short Multi-Manager Fund Institutional Class generated a -1.75% total return for the 12 months ended October 31, 2016. During this same time period, its primary benchmark, the HFRX Equity Hedge Index returned -2.57%. (Performance for all share classes and benchmarks is provided in the table immediately following this letter.)

Despite periods of weakness early and late in the reporting period, the U.S. stock market generated a positive return over the Fund's fiscal year. Market volatility was elevated at times given mixed economic data, questions regarding the timing of future U.S. Federal Reserve (Fed) interest rate hikes and numerous geopolitical issues.

While the Fund posted a negative return for its full fiscal year, losses were concentrated in the first four months of the period as equity markets struggled. Beginning in the middle of February 2016, however, the Fund staged a substantial recovery that benefited from rallying equity markets, as well as meaningful alpha generation from both long and short positions.

For the full fiscal year, positive contributions from the Fund's long positions were partly offset by losses from its short positions. From a sector perspective, Energy and Financials were the largest detractors, whereas gains were led by Information Technology (IT), Industrials and Consumer Staples.

Within Energy, the bulk of losses occurred during the fourth quarter of 2015 and the first quarter of 2016 when the price of oil fell sharply and reached a bottom in February 2016. The Fund's energy subadviser has since recovered some of its losses as commodity prices have stabilized and the U.S. energy infrastructure outlook has improved. Within Financials, persistently low and declining interest rates created headwinds in the sector. The Fund's long Financials positions modestly recovered as the U.S. economy showed signs of improvement and the market appears to have priced in a greater likelihood for interest rate hikes in the near to medium-term.

The Fund's aggregate use of futures, forward foreign currency, swap and option contracts detracted from performance during the reporting period.

On the positive side, some of the largest individual winners over the period were from the IT sector. Two of these positions benefited from merger and acquisition (M&A) activity, including a long position in an IT services provider and a long position in a semiconductor company, both of which reached deals to be acquired at substantial premiums to where their stocks were trading. Within Industrials, a long position in a security systems company was a meaningful contributor as the company completed its merger with a multinational conglomerate. The subadviser who holds the position believes there are substantial margin improvement opportunities for the combined business.

We believe the Fund is well positioned heading into the end of the calendar year and into 2017. We have been encouraged by the strong positive alpha from both longs and shorts that our long/short equity subadvisers generated in aggregate during much of the fiscal year. We believe President-elect Trump's victory has created the potential for a number of policies that could provide both long and short opportunities in select sectors such as financials, energy and health care. More broadly, we believe the results of the election may result in a period of elevated volatility as optimism and pessimism ebb and flow around the new administration's policies. We believe the resulting valuation inefficiencies should serve as a tailwind for long/short equity managers. Lastly, we look forward to kicking off earnings season over the next several weeks, which has historically benefited our fundamentally-focused subadvisers.

Sincerely,

DAVID KUPPERMAN AND JEFF MAJIT
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers and subadvisers. The opinions are as of the date of this report and are subject to change without notice.

Long Short Multi-Manager Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLMIX
Class A				NLMAX
Class C				NLMCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Common Stocks		69.2	%		(29.2	)%
Exchange Traded Funds		—			(4.6	)
Exchange Traded Note		—			(0.7	)
Master Limited Partnerships		7.7			(0.6	)
Option Purchased		0.0			—
Short-Term Investment		20.6			—
Other Assets Less Liabilities		37.6	*		—
Total		135.1	%		(35.1	)%

* Includes the impact of the Fund's open positions in derivatives, if any.

PERFORMANCE HIGHLIGHTS

Inception

Average Annual Total Return
Ended 10/31/2016

Date

1 Year

Life of Fund

At NAV

Institutional Class

12/19/2013

–1.75

–0.12

Class A

12/19/2013

–2.09

–0.46

Class C

12/19/2013

–2.84

–1.21

With Sales Charge

Class A

–7.71

–2.49

Class C

–3.79

–1.21

Index

HFRX Equity Hedge Index^1,2

–2.57

–0.41

S&P 500^® Index^1,2

4.51

7.98

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2015 were 4.22%, 4.65% and 5.45% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 2.93%, 3.30% and 4.07% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the annual period ended October 31, 2016 can be found in the Financial Highlights section of this report.

Long Short Multi-Manager Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes

1 Please see "Glossary of Indices" on page 9 for a description of indices. Please note that individuals cannot invest directly in any index. The S&P 500^® and the Bloomberg Barclays U.S. Aggregate Bond indices do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. The HFRX Absolute Return, HFRX Equity Hedge and HFRX Global Hedge Fund indices do take into account fees and expenses of investing since they are based on the underlying hedge funds' net returns. 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 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

4 The performance information for Class R6 prior to the class's inception date is that of the Institutional Class of Neuberger Berman Absolute Return Multi-Manager Fund. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses. The Institutional Class has higher expenses and typically lower returns than Class R6.

On July 1, 2016, NBM was reorganized into "Neuberger Berman" (the "Reorganization"). Upon the completion of the Reorganization, Neuberger Berman assumed all rights and obligations pertaining to all services NBM provided to any Fund under any distribution agreement or distribution and services agreement (the "Agreements") or plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, (the "Plans"). Accordingly, after the Reorganization, Neuberger Berman became each Fund's distributor and the services previously provided by NBM under the Agreements and Plans are provided by Neuberger Berman.

On or about January 1, 2017, Neuberger Berman, the Funds' distributor, ("Distributor"), will change its name to Neuberger Berman BD LLC.

For more complete information on any of the Neuberger Berman Alternative and Multi-Asset Class Funds, call us at (800) 877-9700, or visit our website at www.nb.com.

Glossary of Indices

Bloomberg Barclays U.S. Aggregate Bond Index:		The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and non-agency). On August 24, 2016, Bloomberg acquired the Barclays fixed income benchmark indices from Barclays. Barclays and Bloomberg have agreed to co-brand the indices as the Bloomberg Barclays Indices for an initial term of five years. For more information, please visit www.bloombergindices.com/.
HFRX Absolute Return Index:		The index is designed to be representative of the overall composition of the hedge fund universe. The index comprises all eligible hedge fund strategies including, but not limited to, convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The index employs a constituent weighting methodology that selects constituent funds which characteristically exhibit lower volatilities and lower correlations to standard directional benchmarks of equity market and hedge fund industry performance. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
HFRX Equity Hedge Index:		The index comprises equity hedge strategies. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, both long and short. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
HFRX Global Hedge Fund Index:		The index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
S&P 500^® Index:		The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

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.

Expense Example (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid During the Period⁽¹⁾ 5/1/16 - 10/31/16			Expense Ratio			Beginning Account Value 5/1/16		Ending Account Value 10/31/16		Expenses Paid During the Period⁽²⁾ 5/1/16 - 10/31/16			Expense Ratio
Absolute Return Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,029.30	$	14.38	⁽³⁾		2.82	%	$	1,000.00	$	1,010.96	$	14.25	⁽³⁾		2.82	%
Class A	$	1,000.00	$	1,027.50	$	16.16	⁽³⁾		3.17	%	$	1,000.00	$	1,009.20	$	16.01	⁽³⁾		3.17	%
Class C	$	1,000.00	$	1,023.00	$	19.98	⁽³⁾		3.93	%	$	1,000.00	$	1,005.38	$	19.81	⁽³⁾		3.93	%
Class R6	$	1,000.00	$	1,028.30	$	13.77	⁽³⁾		2.70	%	$	1,000.00	$	1,011.56	$	13.65	⁽³⁾		2.70	%
Long Short Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,026.80	$	15.69			3.08	%	$	1,000.00	$	1,009.65	$	15.56			3.08	%
Class A	$	1,000.00	$	1,025.90	$	17.47			3.43	%	$	1,000.00	$	1,007.89	$	17.31			3.43	%
Class C	$	1,000.00	$	1,020.80	$	21.39			4.21	%	$	1,000.00	$	1,003.97	$	21.21			4.21	%

(2) 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 184/366 (to reflect the one-half year period shown).

(3) Includes expenses of the Fund's subsidiary (See Note A of the Notes to Financial Statements).

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund 10/31/2016

Investments	Shares		Value (000)
Long Positions (95.1%)
Common Stocks (41.0%)
Air Freight & Logistics (0.5%)
FedEx Corp.^(a)		12,905	$	2,250
XPO Logistics Europe SADIR (France)*^(a)		2,000		450
				2,700
Airlines (0.0%)^(b)
AMR Corp. Escrow*^(c)		14,383		10
Virgin America, Inc.*^(a)		3,700		201
				211
Auto Components (1.1%)
Adient plc*		1,439		65
Federal-Mogul Holdings Corp.*^(a)		4,400		41
Johnson Controls International plc^(a)		157,787		6,362
				6,468
Banks (0.9%)
Barclays plc (United Kingdom)		136,811		319
PrivateBancorp, Inc.^(a)		40,600		1,837
Societe Generale SA (France)^(a)		16,890		659
Synovus Financial Corp.^(a)		68,040		2,250
				5,065
Beverages (0.6%)
Cott Corp. (Canada)^(d)		12,470		163
Molson Coors Brewing Co., Class B^(a)		31,035		3,222
				3,385
Biotechnology (2.3%)
Alexion Pharmaceuticals, Inc.*		14,250		1,860
BioMarin Pharmaceutical, Inc.*		22,196		1,787
Cepheid*^(a)		29,750		1,574
Incyte Corp.*^(a)		19,940		1,734
Ironwood Pharmaceuticals, Inc.*		103,159		1,317
Neurocrine Biosciences, Inc.*		38,912		1,703

Investments	Shares		Value (000)
QLT, Inc. (Canada)*^(d)		378,858	$	640
TESARO, Inc.*^(a)		15,667		1,894
Tobira Therapeutics, Inc.*		6,900		290
Vertex Pharmaceuticals, Inc.*		14,493		1,100
				13,899
Capital Markets (0.7%)
American Capital Ltd.*^(a)		38,200		649
Electrum Special Acquisition Corp.*^(d)		3,600		35
Evercore Partners, Inc., Class A		30,330		1,630
GP Investments Acquisition Corp.*		141,413		1,372
Intertrust NV (Netherlands)*^(e)		1,072		23
Janus Capital Group, Inc.		8,800		113
NorthStar Asset Management Group, Inc.^(d)		3,481		48
RCS Capital Corp., Class A*^(c)(f)(g)		183,806		—
				3,870
Chemicals (2.1%)
Air Products & Chemicals, Inc.^(a)		21,590		2,881
Chemtura Corp.*^(a)		16,800		551
Croda International plc (United Kingdom)^(a)		12,203		522
Monsanto Co.^(d)		4,775		481
PPG Industries, Inc.^(a)		24,090		2,244
Syngenta AG, ADR (Switzerland)^(d)		28,749		2,312
Valspar Corp. (The)^(a)		18,100		1,803
WR Grace & Co.^(a)		24,900		1,667
				12,461
Commercial Services & Supplies (0.0%)^(b)
G&K Services, Inc., Class A		1,600		152
Communications Equipment (0.6%)
Harris Corp.^(a)		13,830		1,234

Investments	Shares		Value (000)
Palo Alto Networks, Inc.*^(a)		13,940	$	2,144
				3,378
Construction Materials (0.7%)
Forterra, Inc.*^(a)		95,896		1,649
HeidelbergCement AG (Germany)^(a)		5,683		538
Martin Marietta Materials, Inc.^(a)		10,190		1,889
				4,076
Containers & Packaging (0.2%)
AEP Industries, Inc.^(d)		5,200		570
Ball Corp.^(a)		7,298		562
				1,132
Diversified Consumer Services (0.1%)
Apollo Education Group, Inc.*^(a)		46,292		407
LifeLock, Inc.*^(d)		2,990		48
				455
Diversified Financial Services (0.6%)
Acasta Enterprises, Inc., Class A (Canada)*^(a)		89,582		657
Gores Holdings, Inc., Class A*^(d)		3,600		41
Pace Holdings Corp.*^(a)		290,000		3,013
Pace Holdings Corp.*^(d)		5,400		53
Voya Financial, Inc.^(d)		3,398		104
				3,868
Electric Utilities (1.3%)
Exelon Corp.		8,400		286
Great Plains Energy, Inc.^(a)		18,683		531
NextEra Energy, Inc.^(a)		36,165		4,629
PG&E Corp.^(a)		16,705		1,038
PNM Resources, Inc.^(a)		7,743		255
Westar Energy, Inc.^(d)		18,700		1,072
				7,811
Electronic Equipment, Instruments & Components (0.4%)
Axis Communications AB (Sweden)^(a)		16,400		629
DTS, Inc.		7,300		309
Ingram Micro, Inc., Class A^(a)		31,300		1,165
				2,103

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares		Value (000)
Energy Equipment & Services (0.2%)
FMC Technologies, Inc.*^(a)		46,329	$	1,495
Equity Real Estate Investment Trusts (REITs) (0.1%)
New Senior Investment Group, Inc.^(d)		18,310		191
New York REIT, Inc.		49,143		463
NorthStar Realty Finance Corp.^(d)		3,370		49
				703
Food & Staples Retailing (0.6%)
Cia Brasileira de Distribuicao, ADR (Brazil)		9,845		187
Magnit PJSC, GDR (Russia)^(a)		9,690		385
Rite Aid Corp.*^(d)		317,371		2,129
Wal-Mart de Mexico SAB de CV (Mexico)		118,600		251
X5 Retail Group NV, GDR (Russia)*^(a)		26,030		777
				3,729
Food Products (0.7%)
GrainCorp. Ltd., Class A (Australia)		8,600		55
Mead Johnson Nutrition Co.		11,403		852
Nomad Foods Ltd. (United Kingdom)*^(d)		28,772		354
Warrnambool Cheese & Butter Factory Co. Holdings Ltd. (Australia)*^(a)		13,750		69
WhiteWave Foods Co. (The)*^(d)		51,081		2,783
				4,113
Gas Utilities (0.1%)
Atmos Energy Corp.^(a)		7,238		539
Health Care Equipment & Supplies (3.3%)
ABIOMED, Inc.*		9,783		1,027
Alere, Inc.*		45,476		2,032
Boston Scientific Corp.*		49,885		1,097
CR Bard, Inc.		5,508		1,193
Danaher Corp.^(a)		21,370		1,679

Investments	Shares		Value (000)
DENTSPLY SIRONA, Inc.^(a)		25,935	$	1,493
Edwards Lifesciences Corp.*		9,265		882
EndoChoice Holdings, Inc.*		10,500		84
Hologic, Inc.*^(a)		41,980		1,512
Integra LifeSciences Holdings Corp.*		10,690		850
Masimo Corp.*		16,165		889
NuVasive, Inc.*		14,966		894
Smith & Nephew plc (United Kingdom)		7,345		106
Smith & Nephew plc, ADR (United Kingdom)		50,554		1,479
St. Jude Medical, Inc.		28,500		2,218
West Pharmaceutical Services, Inc.^(d)		7,020		534
Wright Medical Group NV*		69,178		1,516
				19,485
Health Care Providers & Services (0.4%)
Envision Healthcare Holdings, Inc.*		3,800		75
Humana, Inc.^(d)		12,023		2,062
Shanghai Pharmaceuticals Holding Co. Ltd., Class H (China)		77,407		200
Sinopharm Group Co. Ltd., Class H (China)		43,454		212
Team Health Holdings, Inc.*		2,600		111
				2,660
Hotels, Restaurants & Leisure (0.7%)
Belmond Ltd., Class A (United Kingdom)*^(d)		3,000		39
Bloomin' Brands, Inc.^(a)		89,120		1,542
Fiesta Restaurant Group, Inc.*^(d)		5,312		140
Morgans Hotel Group Co.*^(a)		40,000		82
Vail Resorts, Inc.^(a)		16,610		2,648
				4,451
Household Durables (0.6%)
Lennar Corp., Class B^(d)		25,500		854

Investments	Shares		Value (000)
Mohawk Industries, Inc.*^(d)		13,325	$	2,456
WCI Communities, Inc.*^(d)		6,600		153
				3,463
Independent Power & Renewable Electricity Producers (0.8%)
8Point3 Energy Partners LP		906		14
Calpine Corp.*^(a)		23,718		282
Dynegy, Inc.*^(a)		42,089		448
NextEra Energy Partners LP^(a)		41,515		1,135
NRG Yield, Inc., Class A^(a)		55,976		825
Pattern Energy Group, Inc.^(a)		58,730		1,313
Talen Energy Corp.*^(a)		46,800		652
				4,669
Industrial Conglomerates (0.0%)^(b)
Smiths Group plc (United Kingdom)		9,113		158
Insurance (1.2%)
Admiral Group plc (United Kingdom)		9,710		228
AIA Group Ltd. (Hong Kong)		200,292		1,264
American International Group, Inc.^(a)		21,210		1,309
Endurance Specialty Holdings Ltd.^(a)		8,900		818
Genworth Financial, Inc., Class A*		2,700		11
Hartford Financial Services Group, Inc. (The)		46,770		2,063
National Interstate Corp.		24,027		779
RSA Insurance Group plc (United Kingdom)^(a)		69,411		469
Syncora Holdings Ltd.*^(a)		82,749		103
WMIH Corp.*^(d)		29,234		61
				7,105
Internet & Direct Marketing Retail (0.4%)
Amazon.com, Inc.*^(a)		311		246
ASOS plc (United Kingdom)*		5,535		356
Expedia, Inc.^(a)		6,111		790

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares		Value (000)
Priceline Group, Inc. (The)*^(a)		490	$	722
				2,114
Internet Software & Services (3.1%)
Alibaba Group Holding Ltd., ADR (China)*^(a)		11,763		1,196
Alphabet, Inc., Class A*^(a)		1,889		1,530
Apigee Corp.*		12,400		215
Baidu, Inc., ADR (China)*^(a)		2,352		416
Cvent, Inc.*^(a)		49,700		1,552
eBay, Inc.*^(a)		13,204		377
Facebook, Inc., Class A*^(a)		9,958		1,304
inContact, Inc.*^(a)		118,500		1,648
LinkedIn Corp., Class A*^(a)(d)		26,845		5,090
Mail.Ru Group Ltd., GDR (Russia)*		7,718		126
MercadoLibre, Inc. (Argentina)^(a)		2,913		489
Monster Worldwide, Inc.*		55,000		188
Rackspace Hosting, Inc.*^(d)		50,600		1,616
Tencent Holdings Ltd. (China)		26,398		701
Twitter, Inc.*^(d)		2,600		47
Yahoo!, Inc.*^(d)		39,813		1,654
Yandex NV, Class A (Russia)*		8,448		166
				18,315
IT Services (0.8%)
PayPal Holdings, Inc.*^(a)		13,203		550
Total System Services, Inc.		31,155		1,554
Visa, Inc., Class A^(a)(d)		27,590		2,276
Xerox Corp.^(d)		10,698		105
				4,485
Life Sciences Tools & Services (0.6%)
Gerresheimer AG (Germany)^(a)		14,947		1,127
Pacific Biosciences of California, Inc.*^(d)		11,243		96
QIAGEN NV*^(a)		100,462		2,449
				3,672
Machinery (0.6%)
EnPro Industries, Inc.		23,138		1,252
Joy Global, Inc.^(a)		38,800		1,080

Investments	Shares		Value (000)
Mueller Water Products, Inc., Class A^(a)		101,416	$	1,250
				3,582
Media (2.6%)
Carmike Cinemas, Inc.*^(a)		15,812		516
CBS Corp., Class B^(a)		57,017		3,228
Crown Media Holdings, Inc., Class A*^(c)(f)		65,800		332
DISH Network Corp., Class A*^(a)		21,903		1,283
EW Scripps Co. (The), Class A*		34,406		456
Gray Television, Inc.*^(a)		89,014		792
ITV plc (United Kingdom)^(a)		369,442		771
Liberty Global plc, Series C (United Kingdom)*		12,219		389
Liberty Global plc LiLAC, Series C (United Kingdom)*		1,668		46
Loral Space & Communications, Inc.*^(d)		47,706		1,851
Media General, Inc.*^(d)		91,726		1,546
Nexstar Broadcasting Group, Inc., Class A		7,846		383
Sinclair Broadcast Group, Inc., Class A		10,963		275
Sirius XM Canada Holdings, Inc. (Canada)		43,400		157
Stroeer SE & Co. KGaA (Germany)		47,839		2,181
Time Warner, Inc.		1,500		133
Tribune Co. Litigation, Class 1C*^(c)		300,000		1
Tribune Media Co., Class A^(a)		37,586		1,225
Tronc, Inc.^(d)		1,225		15
				15,580
Metals & Mining (0.1%)
Constellium NV, Class A (Netherlands)*^(a)		162,259		852

Investments	Shares		Value (000)
Mortgage Real Estate Investment Trusts (REITs) (0.0%)^(b)
Newcastle Investment Corp.^(d)		10,696	$	47
Multi-Utilities (1.2%)
Black Hills Corp.^(a)		66,533		4,115
CMS Energy Corp.^(a)		11,066		466
DTE Energy Co.^(a)		9,441		906
SCANA Corp.^(a)		3,625		266
Sempra Energy^(a)		14,440		1,547
				7,300
Oil, Gas & Consumable Fuels (1.4%)
Cheniere Energy Partners LP Holdings LLC		1,136		23
Cheniere Energy, Inc.*^(d)		39,314		1,482
Cobalt International Energy, Inc.*		129,780		122
Enbridge, Inc. (Canada)^(a)		14,522		627
Golar LNG Ltd.^(a)		8,317		182
InterOil Corp. (Singapore)*^(d)		2,500		124
Kinder Morgan, Inc.^(a)		59,945		1,225
Midstates Petroleum Co., Inc.*		69,739		1,309
Phillips 66^(a)		5,556		451
SemGroup Corp., Class A		6,628		214
Targa Resources Corp.^(a)		18,648		818
TransCanada Corp. (Canada)^(a)		13,091		593
Williams Cos., Inc. (The)^(a)		36,995		1,080
				8,250
Pharmaceuticals (1.2%)
Allergan plc*^(d)		14,207		2,968
Aralez Pharmaceuticals, Inc. (Canada)*^(d)		345		1
Depomed, Inc.*^(d)		2,404		54
Dermira, Inc.*^(a)		41,327		1,296
Hikma Pharmaceuticals plc (Jordan)^(a)		17,797		382
Merck & Co., Inc.		32,350		1,899
Mylan NV*		1,666		61
Teva Pharmaceutical Industries Ltd., ADR (Israel)		4,273		183
				6,844

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares		Value (000)
Real Estate Management & Development (0.0%)^(b)
Conwert Immobilien Invest SE (Austria)*^(a)		7,700	$	137
Road & Rail (0.8%)
Kansas City Southern^(a)		22,145		1,944
Norfolk Southern Corp.^(d)		27,660		2,572
				4,516
Semiconductors & Semiconductor Equipment (1.5%)
Broadcom Ltd. (Singapore)^(a)		11,596		1,974
Intersil Corp., Class A^(a)		31,700		700
Linear Technology Corp.^(a)		23,922		1,437
NXP Semiconductors NV (Netherlands)*^(d)		47,574		4,757
SunEdison Semiconductor Ltd.*^(a)		24,200		288
				9,156
Software (1.7%)
Activision Blizzard, Inc.^(a)		70,060		3,025
Dell Technologies, Inc., Class V*^(d)		7,994		392
Fleetmatics Group plc*		38,000		2,276
Imperva, Inc.*^(d)		4,200		155
Infoblox, Inc.*^(a)		33,500		888
Interactive Intelligence Group, Inc.*		4,400		266
NetSuite, Inc.*		8,566		798
PTC, Inc.*		42,920		2,036
				9,836
Specialty Retail (0.8%)
Cabela's, Inc.*^(d)		15,200		936
CST Brands, Inc.^(a)		26,700		1,282
Hennes & Mauritz AB, Class B (Sweden)		32,080		903
Office Depot, Inc.^(d)		55,668		175
Pets at Home Group plc (United Kingdom)		18,604		49

Investments	Shares		Value (000)
Sports Direct International plc (United Kingdom)*^(a)		426,928	$	1,446
				4,791
Technology Hardware, Storage & Peripherals (0.7%)
Apple, Inc.^(a)		11,700		1,328
Hewlett Packard Enterprise Co.^(d)		14,600		328
Lexmark International, Inc., Class A^(a)		33,500		1,330
Samsung Electronics Co. Ltd., GDR (South Korea)^(a)		927		654
Silicon Graphics International Corp.*		96,300		746
				4,386
Textiles, Apparel & Luxury Goods (1.5%)
Burberry Group plc (United Kingdom)		4,013		72
Deckers Outdoor Corp.*^(a)		29,060		1,517
G-III Apparel Group Ltd.*^(a)		41,000		1,071
Michael Kors Holdings Ltd.*^(a)		11,495		584
NIKE, Inc., Class B^(a)		15,997		803
PVH Corp.^(a)		30,265		3,238
Steven Madden Ltd.*^(a)		41,935		1,400
				8,685
Thrifts & Mortgage Finance (0.1%)
Astoria Financial Corp.^(d)		9,000		132
EverBank Financial Corp.^(a)		18,500		357
				489
Trading Companies & Distributors (0.3%)
Brenntag AG (Germany)		35,830		1,915
Transportation Infrastructure (0.6%)
Macquarie Infrastructure Corp.		40,432		3,308
Water Utilities (0.2%)
American Water Works Co., Inc.^(a)		18,426		1,364
Total Common Stocks (Cost $246,762)				243,228

Investments	Principal Amount		Value (000)
Loan Assignments (8.5%)^(h)
Chemicals (0.1%)
Avantor Performance Materials, Inc., Term Loan 6.00%, 6/17/2022	$	517,665	$	521
Commercial Services & Supplies (0.0%)^(b)
GCA Services Group, Inc., 1st Lien Term Loan 6.25%, 11/25/2020		243,698		235
Diversified Consumer Services (0.5%)
Affinion Group, Inc., 1st Lien Term Loan B 6.75%, 4/30/2018		3,191,361		3,106
Diversified Financial Services (0.8%)
4L Technologies, Inc., Term Loan B 5.50%, 4/3/2020		1,776,749		1,677
Environmental Resources Management, 1st Lien Term Loan 5.00%, 5/9/2021		2,881,000		2,607
IG Investments Holdings LLC, 1st Lien Term Loan 6.00%, 10/31/2021		308,199		311
				4,595
Diversified Telecommunication Services (0.9%)
ConvergeOne Holdings Corp., 1st Lien Term Loan 6.37%, 6/16/2020		2,400,524		2,383
Global Telcom Link Corp., 2nd Lien Term Loan 9.00%, 5/21/2020		2,825,000		2,714
				5,097

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Principal Amount		Value (000)
Electric Utilities (0.0%)^(b)
Texas Competitive Electric Holdings Co. LLC, DIP Term Loan B 5.00%, 8/4/2023	$	91,200	$	92
Texas Competitive Electric Holdings Co. LLC, Term Loan 5.00%, 8/4/2023		20,800		21
				113
Energy Equipment & Services (0.4%)
CGG Holding US, Inc., 1st Lien Term Loan 6.50%, 5/15/2019		2,618,610		2,324
Pacific Drilling SA, Term Loan 4.50%, 5/18/2018⁽ⁱ⁾		621,000		175
				2,499
Food Products (0.2%)
Del Monte Corp., 2nd Lien Term Loan 8.25%, 7/26/2021		1,917,000		1,467
Health Care Equipment & Supplies (0.1%)
ABB Optical Group LLC, Term Loan B 6.00%, 6/14/2023		521,000		522
Health Care Providers & Services (1.0%)
21st Century Oncology, Inc., Term Loan 7.12%, 4/28/2022		3,052,803		2,809
Beacon Health Strategies LLC, Term Loan B 5.00%, 9/30/2021		1,360,285		1,321
Quorum Health Corp., Term Loan B 6.75%, 4/12/2022⁽ⁱ⁾		1,697,617		1,574
				5,704

Investments	Principal Amount		Value (000)
Hotels, Restaurants & Leisure (0.8%)
Caesars Entertainment Operating Co., Inc., Term Loan B 3/1/2017^(j)	$	1,057,068	$	1,235
Caesars Entertainment Resort Properties LLC, 1st Lien Term Loan 7.00%, 10/9/2020		1,458,750		1,466
Harrah's Entertainment, Inc., Term Loan B5 1/28/2018^(j)		1,732,971		1,877
				4,578
Independent Power & Renewable Electricity Producers (0.1%)
Star West Generation LLC, Term Loan B 5.75%, 3/13/2020		771,058		636
Insurance (0.9%)
Asurion LLC, 2nd Lien Term Loan 8.50%, 2/19/2021		2,009,000		2,023
Confie Seguros Holding II Co., 2nd Lien Term Loan 10.25%, 5/8/2019		1,275,000		1,232
Cunningham Lindsey US, Inc., 1st Lien Term Loan 5.00%, 12/10/2019		2,433,410		2,036
				5,291
Internet Software & Services (0.6%)
Extreme Reach, Inc., 2nd Lien Term Loan 10.50%, 12/31/2025		1,593,000		1,516
ProQuest LLC, Term Loan B 5.75%, 9/23/2021		1,733,079		1,731
				3,247

Investments	Principal Amount		Value (000)
Media (0.1%)
Cirque du Soleil, Inc., 2nd Lien Term Loan 9.25%, 6/25/2023	$	830,000	$	801
Professional Services (0.3%)
Duff & Phelps Corp., 2nd Lien Term Loan 9.50%, 8/14/2021		2,009,250		1,989
Road & Rail (0.2%)
YRC Worldwide, Inc., 1st Lien Term Loan 8.00%, 2/12/2019		968,365		912
Semiconductors & Semiconductor Equipment (0.7%)
SunEdison, Inc., 1st Lien DIP Term Loan 11.50%, 4/26/2017⁽ⁱ⁾		1,936,031		1,944
SunEdison, Inc., 2nd Lien Term Loan A2 7/2/2018^(j)		1,852,000		977
SunEdison, Inc., Term Loan A 11.50%, 4/21/2017^(f)		1,087,000		1,098
				4,019
Software (0.3%)
Epiq Systems, Inc., Term Loan 6.25%, 9/23/2023		1,634,000		1,618
Technology Hardware, Storage & Peripherals (0.5%)
Eastman Kodak Co., Term Loan 7.25%, 7/31/2019		3,163,554		3,156
Total Loan Assignments (Cost $50,552)				50,106
Corporate Bonds (7.3%)
Auto Components (0.0%)^(b)
Icahn Enterprises LP 6.00%, 8/1/2020		257,000		251

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Principal Amount		Value (000)
Banks (2.0%)
Emigrant Capital Trust V 2.40%, 7/1/2037^(c)(e)(h)	$	10,000,000	$	5,400
First National of Colorado Statutory Trust 5.25%, 9/15/2037^(c)(h)		5,000,000		2,675
First National of Nebraska Statutory Trust II 6.47%, 3/15/2037^(c)(h)		7,500,000		4,012
				12,087
Capital Markets (1.2%)
Sterling Capital Corp. 5.34%, 10/1/2037^(c)(h)		14,000,000		7,402
Chemicals (0.0%)^(b)
Momentive Performance Materials, Inc. Escrow 10.00%, 10/15/2020^(c)(j)		613,000		—	^(l)
Commercial Services & Supplies (0.2%)
Constellis Holdings LLC 9.75%, 5/15/2020^(a)(e)		1,204,000		1,222
Energy Equipment & Services (0.3%)
Transocean, Inc. 9.00%, 7/15/2023^(d)(e)		1,872,000		1,829
Health Care Providers & Services (0.1%)
Centene Corp. 4.75%, 1/15/2025		104,000		104
Quorum Health Corp. 11.63%, 4/15/2023^(e)		428,000		308
				412
Independent Power & Renewable Electricity Producers (0.2%)
GenOn Energy, Inc. 9.50%, 10/15/2018		998,000		801
10/15/2020 9.88%,		671,000		501
				1,302

Investments	Principal Amount		Value (000)
Insurance (0.2%)
Ambac Assurance Corp. 5.10%, 6/7/2020^(e)	$	828,509	$	965
Syncora Guarantee, Inc., 5% Short-Term Surplus Notes 6/7/2023		30,634		29
Syncora Guarantee, Inc., 6% Long-Term Surplus Notes 6/7/2023		130,652		109
				1,103
Internet & Direct Marketing Retail (0.1%)
Netflix, Inc. 4.38%, 11/15/2026^(c)(e)		601,000		590
Machinery (0.0%)^(b)
Xerium Technologies, Inc. 9.50%, 8/15/2021^(d)(e)		167,000		170
Media (0.9%)
Cengage Learning, Inc. 9.50%, 6/15/2024^(d)(e)		1,114,000		1,036
Cenveo Corp. 6.00%, 8/1/2019^(a)(e)		4,550,000		4,004
Live Nation Entertainment, Inc. 4.88%, 11/1/2024^(c)(e)		104,000		104
				5,144
Metals & Mining (0.3%)
Wise Metals Group LLC 8.75%, 12/15/2018^(e)		2,004,000		2,000
Oil, Gas & Consumable Fuels (0.5%)
Midstates Petroleum Co., Inc. 10.00%, 6/1/2020^(c)(f)(j)		1,848,000		—
Niska Gas Storage Ltd. 6.50%, 4/1/2019^(a)		2,860,000		2,803
				2,803

Investments	Principal Amount			Value (000)
Pharmaceuticals (0.7%)
Endo Ltd. 6.50%, 2/1/2025^(e)	$	1,965,000		$	1,656
Valeant Pharmaceuticals International, Inc. 6.13%, 4/15/2025^(e)		2,930,000			2,256
					3,912
Professional Services (0.4%)
Corporate Risk Holdings LLC 9.50%, 7/1/2019^(e)		2,229,000			2,290
Trading Companies & Distributors (0.2%)
United Rentals North America, Inc. 4.63%, 7/15/2023		732,000			756
5.50%, 5/15/2027		207,000			207
					963
Total Corporate Bonds (Cost $48,727)					43,480
Commercial Mortgage-Backed Securities (6.6%)
BAMLL Commercial Mortgage Securities Trust Series 2016-ASMZ, Class MZA, 9.78%, 12/15/2017^(c)(e)(h)		5,000,000			5,009
Series 2013-DSNY, Class F, 4.03%, 9/15/2026^(a)(e)(h)		4,600,000			4,558
Series 2014-ICTS, Class E, 3.48%, 6/15/2028^(a)(e)(h)		3,450,000			3,398
CDGJ Commercial Mortgage Trust Series 2014-BXCH, Class DPB, 4.38%, 12/15/2027^(e)(h)		—	^(l)		—	^(l)
Series 2014-BXCH, Class EPB, 5.53%, 12/15/2027^(e)(h)		1,335,438			1,316
Series 2014-BXCH, Class EPA, 4.78%, 12/15/2027^(e)(h)		1,777,586			1,762

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Principal Amount		Value (000)
Citigroup Commercial Mortgage Trust Series 2015-SHP2, Class E, 4.35%, 7/15/2027^(e)(h)	$	550,000	$	545
COMM Mortgage Trust Series 2014-PAT, Class E, 3.68%, 8/13/2027^(a)(e)(h)		4,800,000		4,732
Series 2007-C9, Class G, 5.81%, 12/10/2049^(e)(h)		800,000		758
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class E, 4.14%, 6/15/2029^(e)(h)		4,150,000		4,082
Series 2014-CBM, Class E, 4.39%, 10/15/2029^(e)(h)		1,700,000		1,631
Series 2015-CSMO, Class D, 3.83%, 1/15/2032^(e)(h)		4,000,000		3,999
Lone Star Portfolio Trust Series 2015-LSP, Class E, 6.13%, 9/15/2028^(e)(h)		1,109,189		1,118
NorthStar Series 2013-1A, Class B, 5.53%, 8/25/2029^(e)(h)		199,255		199
Palisades Center Trust Series 2016-PLSD, Class D, 4.74%, 4/13/2033^(e)		1,000,000		1,006
PFP Ltd. Series 2015-2, Class D, 4.53%, 7/14/2034^(e)(h)		1,800,000		1,746
Series 2015-2, Class E, 5.13%, 7/14/2034^(e)(h)		1,900,000		1,827

Investments	Principal Amount		Value (000)
Wells Fargo Commercial Mortgage Trust Series 2014-TISH, Class WTS2, 3.78%, 2/15/2027^(e)(h)	$	1,700,000	$	1,653
Total Commercial Mortgage-Backed Securities (Cost $39,872)				39,339
Asset-Backed Securities (6.1%)
Allegro CLO I Ltd. Series 2013-1A, Class C, 4.34%, 1/30/2026^(e)(h)		1,000,000		966
Allegro CLO II Ltd. Series 2014-1A, Class C, 5.03%, 1/21/2027^(e)(h)		1,400,000		1,402
Ares XXV CLO Ltd. Series 2012-3A, Class DR, 4.45%, 1/17/2024^(e)(h)		1,000,000		1,002
Babson CLO Ltd. Series 2013-IA, Class D, 4.38%, 4/20/2025^(e)(h)		1,450,000		1,410
Series 2015-2A, Class E, 6.43%, 7/20/2027^(e)(h)		550,000		498
Catamaran CLO Ltd. Series 2013-1A, Class D, 4.64%, 1/27/2025^(e)(h)		1,000,000		958
Series 2015-1A, Class E, 6.03%, 4/22/2027^(e)(h)		800,000		664
Series 2015-1A, Class D, 4.53%, 4/22/2027^(e)(h)		1,200,000		1,138
Cedar Funding III CLO Ltd. Series 2014-3A, Class E, 5.71%, 5/20/2026^(e)(h)		1,200,000		1,036

Investments	Principal Amount		Value (000)
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class D, 4.17%, 1/16/2023^(e)	$	2,000,000	$	2,051
Series 2016-AA, Class D, 4.22%, 2/15/2023^(e)		1,000,000		1,028
Countrywide Asset-Backed Certificates Trust Series 2005-7, Class AF4, 4.87%, 10/25/2035^(h)		276,047		282
DT Auto Owner Trust Series 2015-1A, Class D, 4.26%, 2/15/2022^(e)		1,500,000		1,524
Flagship Credit Auto Trust Series 2015-2, Class C, 4.08%, 12/15/2021^(e)		1,400,000		1,412
Golub Capital Partners CLO 22B Ltd. Series 2015-22A, Class C, 4.96%, 2/20/2027^(e)(h)		900,000		903
Halcyon Loan Advisors Funding Ltd. Series 2012-2A, Class E, 6.26%, 12/20/2024^(e)(h)		300,000		235
JP Morgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6, 5.03%, 11/25/2036^(m)		341,619		342
Kingsland VI Ltd. Series 2013-6A, Class D, 4.54%, 10/28/2024^(e)(h)		3,000,000		2,880
KKR CLO Trust Series 2012-1A, Class C, 5.35%, 12/15/2024^(e)(h)		600,000		604

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Principal Amount		Value (000)
Nelder Grove CLO Ltd. Series 2014-1A, Class D1, 5.35%, 8/28/2026^(e)(h)	$	1,400,000	$	1,348
Ocean Trails CLO V Series 2014-5A, Class E, 6.23%, 10/13/2026^(e)(h)		400,000		339
Series 2014-5A, Class D, 4.84%, 10/13/2026^(a)(e)(h)		2,050,000		1,993
Octagon Investment Partners X Ltd. Series 2006-10A, Class D, 2.28%, 10/18/2020^(e)(h)		500,000		499
Octagon Investment Partners XVII Ltd. Series 2013-1A, Class E, 5.38%, 10/25/2025^(e)(h)		600,000		517
Octagon Investment Partners XX Ltd. Series 2014-1A, Class E, 6.07%, 8/12/2026^(e)(h)		250,000		211
Octagon Investment Partners XXII Ltd. Series 2014-1A, Class E1, 6.13%, 11/25/2025^(e)(h)		600,000		533
OZLM Funding IV Ltd. Series 2013-4A, Class C, 4.08%, 7/22/2025^(e)(h)		1,200,000		1,165
OZLM Funding V Ltd. Series 2013-5A, Class D, 5.63%, 1/17/2026^(a)(e)(h)		1,650,000		1,503
OZLM XI Ltd. Series 2015-11A, Class D, 6.16%, 1/30/2027^(e)(h)		1,200,000		1,059

Investments	Principal Amount		Value (000)
Sound Point CLO I Ltd. Series 2012-1A, Class E, 6.88%, 10/20/2023^(e)(h)	$	300,000	$	300
Sound Point CLO IX Ltd. Series 2015-2A, Class D, 4.43%, 7/20/2027^(e)(h)		1,600,000		1,538
Venture XIV CLO Ltd. Series 2013-14A, Class D, 4.58%, 8/28/2025^(e)(h)		2,400,000		2,305
Venture XIX CLO Ltd. Series 2014-19A, Class D, 4.88%, 1/15/2027^(e)(h)		2,500,000		2,455
Total Asset-Backed Securities (Cost $36,041)				36,100
	Shares
Master Limited Partnerships (3.2%)
Oil, Gas & Consumable Fuels (3.2%)
Antero Midstream Partners LP^(a)		45,253		1,319
Boardwalk Pipeline Partners LP^(a)		84,636		1,457
Buckeye Partners LP^(a)		7,598		490
Cheniere Energy Partners LP		2,807		74
Delek Logistics Partners LP		1,299		32
Enable Midstream Partners LP		310		5
Energy Transfer Equity LP^(a)		73,174		1,093
Energy Transfer Partners LP		33,750		1,181
Enterprise Products Partners LP^(a)		52,010		1,313
EQT GP Holdings LP^(a)		29,143		681
EQT Midstream Partners LP^(a)		10,796		808
Magellan Midstream Partners LP		208		14
MPLX LP		216		7

Investments	Shares		Value (000)
Noble Midstream Partners LP*		2,396	$	72
NuStar Energy LP		348		16
NuStar GP Holdings LLC^(a)		28,261		701
ONEOK Partners LP		13,823		549
Phillips 66 Partners LP		2,419		107
Plains All American Pipeline LP		8,412		255
Rice Midstream Partners LP^(a)		21,542		467
Shell Midstream Partners LP^(a)		47,052		1,277
Spectra Energy Partners LP^(a)		4,108		175
Sunoco Logistics Partners LP		28,908		741
Sunoco LP^(a)		35,849		1,021
Tesoro Logistics LP		5,301		253
Valero Energy Partners LP^(a)		37,114		1,512
Western Gas Equity Partners LP^(a)		25,316		1,079
Western Gas Partners LP^(a)		14,365		792
Western Refining Logistics LP^(d)		73,791		1,682
Total Master Limited Partnerships (Cost $19,773)				19,173
	Principal Amount
Collateralized Mortgage Obligations (1.9%)
Alternative Loan Trust Series 2005-J2, Class 1A5, 1.03%, 4/25/2035^(h)	$	1,828,663		1,498
Series 2005-21CB, Class A17, 6.00%, 6/25/2035^(a)		1,335,230		1,324
Chase Mortgage Finance Trust Series 2007-A2, Class 3A2, 3.03%, 7/25/2037^(h)		392,956		375

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Principal Amount		Value (000)
Citicorp Mortgage Securities Trust Series 2006-3, Class 1A10, 6.25%, 6/25/2036	$	2,268,310	$	2,300
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-HQA1, Class B, 9.33%, 3/25/2028^(c)(h)		3,999,803		4,040
MASTR Alternative Loan Trust Series 2004-10, Class 4A1, 6.00%, 9/25/2019		79,671		81
WaMu Mortgage Pass-Through Certificates Trust Series 2004-S1, Class 1A11, 5.50%, 3/25/2034		133,464		138
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2005-1, Class 1A1, 5.50%, 3/25/2035		689,094		682
Wells Fargo Mortgage Backed Securities Trust Series 2007-14, Class 1A1, 6.00%, 10/25/2037^(a)		568,622		558
Total Collateralized Mortgage Obligations (Cost $11,197)				10,996
Convertible Bonds (0.8%)
Diversified Consumer Services (0.2%)
Ascent Capital Group, Inc. 4.00%, 7/15/2020		1,568,000		1,135
Internet Software & Services (0.2%)
Twitter, Inc. 0.25%, 9/15/2019		1,172,000		1,096

Investments	Principal Amount		Value (000)
Oil, Gas & Consumable Fuels (0.2%)
Cobalt International Energy, Inc. 3.13%, 5/15/2024^(a)	$	3,003,000	$	983
Semiconductors & Semiconductor Equipment (0.2%)
SunEdison, Inc. 5.00%, 7/2/2018^(e)(j)		2,809,000		1,327
Total Convertible Bonds (Cost $5,828)				4,541
U.S. Treasury Obligation (0.2%)
U.S. Treasury Bond 2.50%, 5/15/2046^(d) (Cost $1,004)		983,000		966
	No. of Rights
Rights (0.3%)
Biotechnology (0.0%)^(b)
Ambit Biosciences Corp. (Daiichi Sankyo Co. Ltd.)*^(c)(f)		70,000		42
Chelsea Therapeutics, Inc. (H Lundbeck A/S) (Denmark)*^(c)(f)		3,500		—	^(l)
Durata Therapeutics, Inc. (Actavis plc)*^(c)(f)		40,000		—
Dyax Corp.*^(c)		40,350		51
Prosensa Holding NV*^(c)(f)		20,000		—
Trius Therapeutics, Inc. (Cubist Pharmaceuticals, Inc.)*^(c)(f)		24,000		3
				96
Food & Staples Retailing (0.0%)^(b)
Safeway, Inc. (Casa Ley)*^(c)		112,000		28
Safeway, Inc. (Property Development Centers)*^(c)		112,000		2
				30
Health Care Providers & Services (0.0%)^(b)
Community Health Systems, Inc., expiring 12/31/2049*		19,082		—	^(l)

Investments	No. of Rights		Value (000)
Pharmaceuticals (0.0%)
Omthera Pharmaceuticals, Inc. (AstraZeneca plc)*^(c)(f)		100	$	—
Semiconductors & Semiconductor Equipment (0.2%)
SunEdison, Inc., 2nd Lien DIP Roll Up Rights 4/22/2017		3,662,393		1,392
Wireless Telecommunication Services (0.1%)
Leap Wireless International, Inc. (AT&T, Inc.)*^(c)		60,000		189
Total Rights (Cost $1,035)				1,707
	No. of Contracts
Options Purchased (0.0%)^(b)
Put Options (0.0%)^(b)
Icahn Enterprises LP 1/20/2017 @ 50.00		34		17
Icahn Enterprises LP 1/20/2017 @ 60.00		97		131
Imperva, Inc. 11/18/2016 @ 42.50		42		31
iShares Russell 2000 Fund 12/30/2016 @ 114.00		266		61
Molson Coors Brewing Co. 11/18/2016 @ 103.00		155		40
Rite Aid Corp. 1/20/2017 @ 7.00		130		14
Twitter, Inc. 11/18/2016 @ 18.00		12		1
Twitter, Inc. 1/20/2017 @ 16.00		14		1
Total Options Purchased (Cost $272)				296

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	No. of Warrants		Value (000)
Warrants (0.0%)^(b)
Capital Markets (0.0%)^(b)
Electrum Special Acquisition Corp., expiring 6/11/2021*^(d)		3,600	$	1
Diversified Financial Services (0.0%)^(b)
Acasta Enterprises, Inc., expiring 9/8/2020 (Canada)*		219,049		39
Gores Holdings, Inc., expiring 10/16/2020*^(d)		3,600		5
Pace Holdings Corp., expiring 10/29/2020*^(d)		5,400		2
				46
Insurance (0.0%)^(b)
TIG Holdings, Inc., expiring 12/31/2016*^(c)(f)		73		—
Total Warrants (Cost $132)				47
	Shares
Preferred Stock (0.0%)^(b)
Thrifts & Mortgage Finance (0.0%)^(b)
Federal National Mortgage Association, Series S, 8.25%, 12/31/2020 (Cost $28)*^(d)(h)(n)		6,533		26
Short-Term Investments (19.2%)
Investment Companies (19.2%)
Dreyfus Treasury Securities Cash Management Institutional Class, 0.20%^(o)		460,935		461
Morgan Stanley Institutional Liquidity Fund Treasury Portfolio Institutional Class, 0.19%^(a)(o)		88,726,125		88,726

Investments	Shares			Value (000)
Western Asset Institutional U.S. Treasury Reserves, 0.21%^(a)(o)(p)		24,564,936		$	24,565
Total Investment Companies (Cost $113,752)					113,752
Total Long Positions (Cost $574,975)					563,757
Short Positions (20.3%)^(q)
Common Stocks (15.3%)
Aerospace & Defense (0.2%)
Triumph Group, Inc.		(41,800	)		(991	)
Air Freight & Logistics (0.2%)
Royal Mail plc (United Kingdom)		(194,150	)		(1,167	)
Airlines (0.2%)
Deutsche Lufthansa AG (Germany)		(91,145	)		(1,165	)
Auto Components (0.2%)
Autoliv, Inc. (Sweden)		(10,220	)		(989	)
Banks (0.7%)
Canadian Imperial Bank of Commerce (Canada)		(14,849	)		(1,113	)
Canadian Western Bank (Canada)		(47,190	)		(895	)
Home BancShares, Inc.		(58,810	)		(1,265	)
National Bank of Canada (Canada)		(27,810	)		(993	)
					(4,266	)
Beverages (0.2%)
Brown-Forman Corp., Class B		(20,390	)		(941	)
Biotechnology (0.2%)
AbbVie, Inc.		(8,509	)		(475	)
Amgen, Inc.		(4,070	)		(574	)
					(1,049	)
Capital Markets (0.5%)
Ameriprise Financial, Inc.		(10,450	)		(924	)
Ares Capital Corp.		(18,452	)		(282	)
Franklin Resources, Inc.		(36,190	)		(1,218	)

Investments	Shares			Value (000)
Waddell & Reed Financial, Inc., Class A		(30,350	)	$	(477	)
					(2,901	)
Chemicals (0.1%)
Axalta Coating Systems Ltd.*		(19,590	)		(492	)
Commercial Services & Supplies (0.2%)
Quad/Graphics, Inc.		(16,388	)		(389	)
RR Donnelley & Sons Co.		(47,260	)		(839	)
					(1,228	)
Containers & Packaging (0.0%)^(b)
Berry Plastics Group, Inc.*		(6,503	)		(285	)
Diversified Consumer Services (0.2%)
ServiceMaster Global Holdings, Inc.*		(33,530	)		(1,200	)
Electric Utilities (0.4%)
Duke Energy Corp.		(4,390	)		(351	)
Eversource Energy		(5,944	)		(327	)
Southern Co. (The)		(24,988	)		(1,289	)
Xcel Energy, Inc.		(3,217	)		(134	)
					(2,101	)
Electrical Equipment (0.5%)
Acuity Brands, Inc.		(5,410	)		(1,209	)
Emerson Electric Co.		(19,920	)		(1,010	)
Sensata Technologies Holding NV*		(28,800	)		(1,029	)
					(3,248	)
Food & Staples Retailing (0.4%)
Costco Wholesale Corp.		(5,100	)		(754	)
CVS Health Corp.		(6,458	)		(543	)
Metro, Inc. (Canada)		(16,200	)		(501	)
Walgreens Boots Alliance, Inc.		(6,767	)		(560	)
					(2,358	)
Food Products (0.3%)
Flowers Foods, Inc.		(34,900	)		(542	)
Hormel Foods Corp.		(39,570	)		(1,523	)
					(2,065	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares			Value (000)
Health Care Equipment & Supplies (1.0%)
Abbott Laboratories		(24,993	)	$	(981	)
Danaher Corp.		(6,227	)		(489	)
DENTSPLY SIRONA, Inc.		(8,138	)		(469	)
DexCom, Inc.*		(4,517	)		(353	)
Halyard Health, Inc.*		(29,400	)		(951	)
ICU Medical, Inc.*		(5,050	)		(703	)
LivaNova plc*		(30,470	)		(1,727	)
Medtronic plc		(5,545	)		(455	)
					(6,128	)
Health Care Providers & Services (0.8%)
Aetna, Inc.		(7,540	)		(809	)
Amsurg Corp.*		(1,270	)		(76	)
Anthem, Inc.		(5,300	)		(646	)
Cardinal Health, Inc.		(6,775	)		(465	)
DaVita, Inc.*		(7,950	)		(466	)
Express Scripts Holding Co.*		(6,659	)		(449	)
Henry Schein, Inc.*		(2,835	)		(423	)
Patterson Cos., Inc.		(7,528	)		(321	)
Quest Diagnostics, Inc.		(4,796	)		(391	)
UnitedHealth Group, Inc.		(3,699	)		(523	)
VCA, Inc.*		(6,438	)		(396	)
					(4,965	)
Hotels, Restaurants & Leisure (0.5%)
Darden Restaurants, Inc.		(27,600	)		(1,788	)
Starbucks Corp.		(18,600	)		(987	)
					(2,775	)
Household Durables (0.1%)
Lennar Corp., Class A		(20,400	)		(850	)
Household Products (0.3%)
Church & Dwight Co., Inc.		(19,200	)		(927	)
Clorox Co. (The)		(9,290	)		(1,115	)
					(2,042	)
Independent Power & Renewable Electricity Producers (0.1%)
NRG Yield, Inc., Class C		(15,499	)		(239	)
TerraForm Power, Inc., Class A*		(44,230	)		(549	)
					(788	)
Industrial Conglomerates (0.1%)
Honeywell International, Inc.		(4,700	)		(516	)

Investments	Shares			Value (000)
Insurance (0.5%)
Primerica, Inc.		(38,325	)	$	(2,097	)
Unum Group		(21,276	)		(753	)
					(2,850	)
Internet Software & Services (0.3%)
Alibaba Group Holding Ltd., ADR (China)*		(13,899	)		(1,414	)
Cvent, Inc.*		(2,188	)		(68	)
					(1,482	)
IT Services (0.5%)
Cognizant Technology Solutions Corp., Class A*		(19,990	)		(1,026	)
EPAM Systems, Inc.*		(7,530	)		(485	)
International Business Machines Corp.		(9,240	)		(1,420	)
iPayment Holdings, Inc.*^(c)		(27,027	)		(27	)
					(2,958	)
Life Sciences Tools & Services (0.3%)
Agilent Technologies, Inc.		(8,903	)		(388	)
Bruker Corp.		(23,570	)		(483	)
Quintiles IMS Holdings, Inc.*		(8,035	)		(577	)
Thermo Fisher Scientific, Inc.		(3,342	)		(491	)
					(1,939	)
Media (0.7%)
AMC Entertainment Holdings, Inc., Class A		(2,378	)		(75	)
Comcast Corp., Class A		(11,970	)		(740	)
New Media Investment Group, Inc.		(33,358	)		(480	)
Nexstar Broadcasting Group, Inc., Class A		(10,473	)		(511	)
SES SA, FDR (Luxembourg)		(25,096	)		(577	)
Walt Disney Co. (The)		(17,950	)		(1,664	)
					(4,047	)
Multiline Retail (0.7%)
Big Lots, Inc.		(25,700	)		(1,116	)
Dillard's, Inc., Class A		(1,130	)		(69	)
JC Penney Co., Inc.*		(100,736	)		(865	)

Investments	Shares			Value (000)
Kohl's Corp.		(1,785	)	$	(78	)
Macy's, Inc.		(1,999	)		(73	)
Nordstrom, Inc.		(1,756	)		(91	)
Target Corp.		(23,680	)		(1,628	)
					(3,920	)
Multi-Utilities (0.8%)
Ameren Corp.		(20,860	)		(1,042	)
Consolidated Edison, Inc.		(31,621	)		(2,389	)
Dominion Resources, Inc.		(15,992	)		(1,203	)
Public Service Enterprise Group, Inc.		(4,574	)		(192	)
					(4,826	)
Oil, Gas & Consumable Fuels (0.1%)
Exxon Mobil Corp.		(1,271	)		(106	)
ONEOK, Inc.		(6,184	)		(299	)
Plains GP Holdings LP, Class A		(14,782	)		(186	)
Tallgrass Energy GP LP		(4,340	)		(102	)
					(693	)
Pharmaceuticals (1.6%)
Allergan plc*		(1,849	)		(386	)
GlaxoSmithKline plc, ADR (United Kingdom)		(11,821	)		(473	)
Jazz Pharmaceuticals plc*		(3,712	)		(406	)
Johnson & Johnson		(3,625	)		(420	)
Mallinckrodt plc*		(7,054	)		(418	)
Merck & Co., Inc.		(8,138	)		(478	)
Mylan NV*		(11,123	)		(406	)
Novartis AG, ADR (Switzerland)		(6,609	)		(469	)
Perrigo Co. plc		(8,170	)		(680	)
Pfizer, Inc.		(15,474	)		(491	)
Roche Holding AG (Switzerland)		(7,790	)		(1,791	)
Sanofi, ADR (France)		(13,611	)		(529	)
Teva Pharmaceutical Industries Ltd., ADR (Israel)		(10,970	)		(469	)
UCB SA (Belgium)		(13,243	)		(897	)
Valeant Pharmaceuticals International, Inc.*		(28,750	)		(513	)
Zoetis, Inc.		(15,312	)		(732	)
					(9,558	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares			Value (000)
Road & Rail (0.2%)
Union Pacific Corp.		(10,320	)	$	(910	)
YRC Worldwide, Inc.*		(15,803	)		(140	)
					(1,050	)
Semiconductors & Semiconductor Equipment (0.3%)
Analog Devices, Inc.		(5,341	)		(342	)
Applied Materials, Inc.		(41,250	)		(1,200	)
					(1,542	)
Software (0.3%)
Citrix Systems, Inc.*		(11,690	)		(991	)
SS&C Technologies Holdings, Inc.		(15,790	)		(504	)
VMware, Inc., Class A*		(2,285	)		(180	)
					(1,675	)
Specialty Retail (0.9%)
American Eagle Outfitters, Inc.		(75,900	)		(1,293	)
Bed Bath & Beyond, Inc.		(1,551	)		(63	)
Best Buy Co., Inc.		(19,035	)		(741	)
Dick's Sporting Goods, Inc.		(1,189	)		(66	)
DSW, Inc., Class A		(26,690	)		(554	)
Foot Locker, Inc.		(8,616	)		(575	)
GameStop Corp., Class A		(2,551	)		(62	)
Gap, Inc. (The)		(3,074	)		(85	)
GNC Holdings, Inc., Class A		(2,768	)		(37	)
Hibbett Sports, Inc.*		(6,136	)		(239	)
L Brands, Inc.		(985	)		(71	)
Lowe's Cos., Inc.		(17,930	)		(1,195	)
Williams-Sonoma, Inc.		(1,302	)		(60	)
					(5,041	)
Textiles, Apparel & Luxury Goods (0.2%)
Kate Spade & Co.*		(67,900	)		(1,137	)
Thrifts & Mortgage Finance (0.2%)
BofI Holding, Inc.*		(27,960	)		(521	)
Home Capital Group, Inc. (Canada)		(41,777	)		(827	)
New York Community Bancorp, Inc.		(9,000	)		(129	)
					(1,477	)

Investments	Shares			Value (000)
Trading Companies & Distributors (0.3%)
GATX Corp.		(28,300	)	$	(1,239	)
MSC Industrial Direct Co., Inc., Class A		(10,360	)		(754	)
					(1,993	)
Total Common Stocks (Proceeds $(93,291))					(90,698	)
Exchange Traded Funds (2.3%)
Alerian MLP Fund		(253,112	)		(3,096	)
CurrencyShares Euro Trust*		(27,300	)		(2,914	)
Energy Select Sector SPDR Fund		(37,011	)		(2,540	)
Health Care Select Sector SPDR Fund		(4,116	)		(277	)
iShares Russell 2000 Fund		(1,997	)		(237	)
iShares U.S. Real Estate Fund		(3,626	)		(278	)
SPDR S&P MidCap 400 Fund Trust		(1,810	)		(497	)
SPDR S&P500 Fund Trust		(1,877	)		(399	)
Utilities Select Sector SPDR Fund		(65,811	)		(3,253	)
Total Exchange Traded Funds (Proceeds $(12,790))					(13,491	)
	Principal Amount
Corporate Bonds (2.2%)
Chemicals (0.2%)
Chemours Co. (The) 6.63%, 5/15/2023	$	(1,037,800	)		(1,017	)
Food Products (0.1%)
Flowers Foods, Inc. 4.38%, 4/1/2022		(516,000	)		(545	)
Hotels, Restaurants & Leisure (0.2%)
Wynn Las Vegas LLC 5.50%, 3/1/2025^(e)		(1,395,000	)		(1,405	)

Investments	Principal Amount			Value (000)
IT Services (0.4%)
iPayment, Inc. 9.50%, 12/15/2019^(e)	$	(312,962	)	$	(318	)
Sungard Availability Services Capital, Inc. 8.75%, 4/1/2022^(e)		(2,830,000	)		(1,981	)
					(2,299	)
Media (0.1%)
Gray Television, Inc. 5.88%, 7/15/2026^(c)(e)		(742,000	)		(742	)
Metals & Mining (0.0%)^(b)
Cliffs Natural Resources, Inc. 8.00%, 9/30/2020^(e)		(21,000	)		(21	)
Multiline Retail (0.3%)
Macy's Retail Holdings, Inc. 4.50%, 12/15/2034		(1,844,000	)		(1,700	)
Pharmaceuticals (0.7%)
Endo Finance LLC 5.75%, 1/15/2022^(e)		(1,965,000	)		(1,788	)
Valeant Pharmaceuticals International, Inc. 5.38%, 3/15/2020^(e)		(2,930,000	)		(2,520	)
					(4,308	)
Specialty Retail (0.1%)
Gap, Inc. (The) 5.95%, 4/12/2021		(226,000	)		(243	)
Trading Companies & Distributors (0.1%)
United Rentals North America, Inc. 5.75%, 11/15/2024		(706,000	)		(740	)
Total Corporate Bonds (Proceeds $(12,689))					(13,020	)
	Shares
Exchange Traded Note (0.3%)
JPMorgan Alerian MLP Index ETN (Proceeds $(1,860))		(61,013	)		(1,839	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Investments	Shares			Value (000)
Master Limited Partnerships (0.2%)
Gas Utilities (0.0%)^(b)
Ferrellgas Partners LP		(26,965	)	$	(235	)
Oil, Gas & Consumable Fuels (0.2%)
Crestwood Equity Partners LP		(2,537	)		(51	)
Enable Midstream Partners LP		(3,503	)		(51	)
Enbridge Energy Partners LP		(2,427	)		(60	)
Golar LNG Partners LP (United Kingdom)		(11,543	)		(237	)
Holly Energy Partners LP		(7,142	)		(218	)
Midcoast Energy Partners LP		(18,638	)		(145	)
TC PipeLines LP		(6,281	)		(328	)
Williams Partners LP		(6,766	)		(242	)
					(1,332	)
Total Master Limited Partnerships (Proceeds $(1,829))					(1,567	)
Total Short Positions (Proceeds $(122,459))					(120,615	)
Total Investments (74.8%) (Cost $452,516)					443,142
Other Assets Less Liabilities (25.2%)^(r)					149,837
Net assets (100.0%)				$	592,979

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

*	Non-income producing security.

(a)	All or a portion of this security is segregated in connection with obligations for futures, swaps, options written, delayed delivery securities and/or forward foreign currency contracts with a total value of approximately $258,046,000.

(b)	Represents less than 0.05% of net assets.

(c)	Illiquid security.

(d)	All or a portion of this security is pledged with the custodian for securities sold short and options written.

(e)

Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $99,995,000 of long positions and $(8,775,000) of short positions, or 16.9% and (1.5%), respectively, of net assets for the Fund. Securities denoted with "(e)" but without "(c)" have been deemed by the investment manager to be liquid.

(f)	Security fair valued as of 10/31/2016 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at 10/31/2016 amounted to approximately $1,475,000, which represents approximately 0.2% of net assets of the Fund.

(g)	Issuer filed for bankruptcy.

(h)	Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.

(i)	All or a portion of this security had not settled as of 10/31/2016 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(j)	Defaulted security.

(k)	All or a portion of this security was purchased on a delayed delivery basis.

(l)	Amount less than one thousand.

(m)	Step bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a rating change made by a rating agency. The interest rate shown was the current rate as of 10/31/2016.

(n)	Perpetual Security. The rate reflected was the rate in effect on 10/31/2016. The maturity date reflects the next call date.

(o)	Represents 7-day effective yield as of 10/31/2016.

(p)	All or a portion represents positions held by Neuberger Berman Cayman ARMM Fund I Ltd. (the "Subsidiary") (See Note A in Notes to Financial Statements).

(q)	At 10/31/2016 the Fund had approximately $122,643,000 deposited in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

(r)	Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Abbreviations

ADR American Depositary Receipt

CLO Collateralized Loan Obligations

DIP Debtor-in-Possession

FDR Fiduciary Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

SPDR Standard & Poor's Depositary Receipt

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

11/10/2016

16 Low Sulphur Gas Oil^(a)

Long

(38,575

)

11/14/2016

5 Lead^(a)

Long

28,454

11/14/2016

20 Nickel^(a)

Long

16,894

11/14/2016

46 Premium High Grade Aluminum^(a)

Long

86,970

11/14/2016

20 Zinc^(a)

Long

122,191

11/15/2016

2 White Sugar^(a)

Long

(932

)

11/18/2016

9 Amsterdam Index^(a)

Long

334

11/18/2016

16 CAC40 Index^(a)

Long

(2,357

)

11/18/2016

80 OMXS30 Index^(a)

Long

(5,528

)

11/21/2016

8 WTI Crude Oil^(a)

Long

(29,668

)

11/24/2016

66 SGX Nifty 50 Index^(a)

Long

(12,970

)

11/28/2016

19 Natural Gas^(a)

Long

(78,053

)

11/29/2016

85 FTSE China A50 Index^(a)

Long

(1,618

)

11/29/2016

7 Hang Seng Index^(a)

Long

(18,659

)

11/29/2016

10 H-SHARES Index^(a)

Long

(7,046

)

11/29/2016

23 MSCI Singapore Index^(a)

Long

(5,120

)

11/29/2016

43 MSCI Taiwan Stock Index^(a)

Long

(8,773

)

11/30/2016

15 Brent Crude Oil^(a)

Long

(61,724

)

11/30/2016

12 New York Harbor ULSD^(a)

Long

(44,684

)

11/30/2016

9 RBOB Gasoline^(a)

Long

(26,798

)

12/7/2016

35 Cotton No. 2^(a)

Long

(20,672

)

12/8/2016

50 Euro—Bobl^(a)

Long

(32,149

)

12/8/2016

6 Euro-BTP Italian Government Bond^(a)

Long

(27,101

)

12/8/2016

43 Euro-BTP Italian Government Bond^(a)

Long

(19,467

)

12/8/2016

8 Euro—Bund^(a)

Long

(20,616

)

12/8/2016

7 Euro—Bund

Long

(21,658

)

12/8/2016

2 Euro-Buxl 30-Year Bond^(a)

Long

(19,969

)

12/8/2016

9 Euro—OAT^(a)

Long

(29,260

)

12/8/2016

90 Euro—SCHATZ^(a)

Long

(6,885

)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Expiration	Open Contracts	Position	Unrealized Appreciation/ (Depreciation)
12/8/2016	5 Nikkei 225^(a)	Long	$	7,515
12/8/2016	1 TOPIX Index^(a)	Long		1,188
12/13/2016	1 10-Year Japanese Government Bond^(a)	Long		(5,815	)
12/14/2016	7 Soybean Meal^(a)	Long		(2,366	)
12/14/2016	71 Soybean Oil^(a)	Long		66,274
12/15/2016	19 Australia 10-Year Bond^(a)	Long		(42,002	)
12/15/2016	1 Australia 3-Year Bond^(a)	Long		(450	)
12/15/2016	15 S&P/Toronto Stock Exchange 60 Index^(a)	Long		52,042
12/15/2016	11 SPI 200 Index^(a)	Long		9,031
12/16/2016	3 DAX Index^(a)	Long		12,804
12/16/2016	14 E-Mini DJIA CBOT^(a)	Long		(22,288	)
12/16/2016	1 E-Mini MSCI EAFE Index^(a)	Long		(107	)
12/16/2016	22 E-Mini MSCI Emerging Markets Index^(a)	Long		1,510
12/16/2016	7 E-Mini Russell 2000^(a)	Long		(17,204	)
12/16/2016	17 FTSE 100 Index^(a)	Long		59,704
12/16/2016	15 NASDAQ 100 E-Mini^(a)	Long		4,131
12/16/2016	12 S&P 500 E-Mini Index^(a)	Long		(19,521	)
12/16/2016	6 S&P MID 400 E-Mini^(a)	Long		(21,585	)
12/16/2016	15 The EURO STOXX 600 Index^(a)	Long		(2,238	)
12/16/2016	15 The EURO STOXX 50 Index^(a)	Long		6,147
12/19/2016	13 Australian Dollar^(a)	Long		16,104
12/19/2016	13 Canadian 10-Year Bond^(a)	Long		(18,958	)
12/19/2016	25 Coffee 'C'^(a)	Long		125,814
12/19/2016	8 Euro/Pound Sterling Cross Rate^(a)	Long		52,731
12/19/2016	3 Euro/Swiss Franc Cross Rate^(a)	Long		(2,398	)
12/19/2016	7 Japanese Yen^(a)	Long		(23,842	)
12/19/2016	4 Lead^(a)	Long		11,963
12/19/2016	14 New Zealand Dollar^(a)	Long		(11,241	)
12/19/2016	17 Nickel^(a)	Long		51,082
12/19/2016	35 Premium High Grade Aluminum^(a)	Long		95,515
12/19/2016	17 U.S. Dollar Index^(a)	Long		1,966
12/19/2016	4 USD/Czech Koruna Cross Rate	Long		9,461
12/19/2016	2 USD/Norwegian Krone Cross Rate	Long		159
12/19/2016	2 USD/Swedish Krona Cross Rate	Long		12,646
12/19/2016	15 Zinc^(a)	Long		87,549
12/20/2016	16 U.S. Treasury 10-Year Note^(a)	Long		(21,507	)
12/20/2016	9 U.S. Treasury 10-Year Note	Long		(2,115	)
12/20/2016	2 U.S. Treasury Long Bond^(a)	Long		(15,028	)
12/28/2016	7 Gold 100 Oz.^(a)	Long		(31,386	)
12/28/2016	5 Long Gilt^(a)	Long		(36,883	)
12/28/2016	9 Nymex Palladium^(a)	Long		(73,564	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/28/2016

8 Silver^(a)

Long

(47,338

)

12/30/2016

21 U.S. Treasury 2-Year Note^(a)

Long

(3,218

)

12/30/2016

25 U.S. Treasury 5-Year Note^(a)

Long

(12,473

)

1/13/2017

12 Canola (WCE)^(a)

Long

4,612

1/13/2017

14 Soybean^(a)

Long

3,154

1/16/2017

5 Lead^(a)

Long

6,354

1/16/2017

19 Nickel^(a)

Long

1,298

1/16/2017

39 Premium High Grade Aluminum^(a)

Long

72,591

1/16/2017

17 Zinc^(a)

Long

80,900

1/31/2017

3 Robusta Coffee^(a)

Long

156

2/28/2017

46 Sugar 11^(a)

Long

19,261

6/8/2017

28 ASX 90 Day Bank Accepted Bills^(a)

Long

(6,002

)

6/19/2017

15 Euro CHF 3-Month LIFFE^(a)

Long

(1,949

)

9/18/2017

86 3-Month Euro Euribor^(a)

Long

(15,354

)

9/18/2017

1 Canadian 3-Month Bank Acceptance^(a)

Long

9/20/2017

106 90-Day Sterling^(a)

Long

(29,631

)

12/18/2017

43 90-Day EURODollar^(a)

Long

(5,501

)

11/14/2016

5 Lead^(a)

Short

(14,655

)

11/14/2016

20 Nickel^(a)

Short

(73,438

)

11/14/2016

46 Premium High Grade Aluminum^(a)

Short

(185,261

)

11/14/2016

20 Zinc^(a)

Short

(118,197

)

12/8/2016

2 Euro-BTP Italian Government Bond

Short

5,014

12/8/2016

2 Euro—OAT

Short

(225

)

12/13/2016

11 Cocoa^(a)

Short

(838

)

12/14/2016

27 Cocoa^(a)

Short

23,490

12/14/2016

72 Corn^(a)

Short

(57,463

)

12/14/2016

10 Hard Red Winter Wheat^(a)

Short

144

12/14/2016

47 Lean Hog^(a)

Short

16,563

12/14/2016

49 Wheat^(a)

Short

(10,364

)

12/15/2016

32 FTSE/JSE Top 40 Index^(a)

Short

29,329

12/16/2016

2 FTSE/MIB Index^(a)

Short

(7,343

)

12/16/2016

29 S&P 500 E-Mini Index

Short

(6,058

)

12/16/2016

319 The EURO STOXX 50 Index

Short

(209,106

)

12/19/2016

9 Australian Dollar

Short

(13,159

)

12/19/2016

7 British Pound

Short

38,671

12/19/2016

15 British Pound^(a)

Short

83,281

12/19/2016

17 Canadian 10-Year Bond

Short

(2,004

)

12/19/2016

339 Euro Fx Future with American Style Options

Short

1,122,639

12/19/2016

9 Euro Fx Future with American Style Options^(a)

Short

(2,652

)

12/19/2016

5 Euro/Japanese Yen^(a)

Short

(127

)

12/19/2016

78 Japanese Yen

Short

138,774

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Expiration

Open Contracts

Position

Unrealized
Appreciation/
(Depreciation)

12/19/2016

4 Lead^(a)

Short

(6,112

)

12/19/2016

25 Mexican Peso^(a)

Short

(7,288

)

12/19/2016

3 New Zealand Dollar

Short

2,376

12/19/2016

17 Nickel^(a)

Short

(611

)

12/19/2016

1 Polish Zloty

Short

2,277

12/19/2016

35 Premium High Grade Aluminum^(a)

Short

(77,704

)

12/19/2016

9 Swiss Franc^(a)

Short

(108

)

12/19/2016

8 Swiss Franc

Short

2,552

12/19/2016

15 Zinc^(a)

Short

(74,294

)

12/20/2016

3 Canadian Dollar

Short

4,122

12/20/2016

3 Canadian Dollar^(a)

Short

718

12/28/2016

6 Copper^(a)

Short

(14,301

)

12/28/2016

8 Long Gilt

Short

(3,349

)

12/30/2016

33 Live Cattle^(a)

Short

47,240

1/16/2017

6 Copper^(a)

Short

(21,105

)

1/16/2017

1 Nickel^(a)

Short

(1,491

)

1/26/2017

10 Feeder Cattle^(a)

Short

(11,609

)

1/27/2017

8 Platinum^(a)

Short

(14,317

)

Total

680,344

(a) The investment is held by the Subsidiary (see Note A in Notes to Financial Statements.)

At October 31, 2016, the notional value of futures for the Fund was $175,377,199 for long positions and $(98,809,895) for short positions.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $313,784,251 for long positions and $(86,024,627) for short positions. The Fund had $5,919,435 deposited in segregated accounts to cover margin requirements on open futures.

Forward foreign currency contracts ("forward contracts")

At October 31, 2016, open forward contracts for the Fund were as follows:

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
132,614	Australian Dollar	$	101,021	JPMorgan Chase Bank, NA	11/16/2016	$	(179	)
1,425,411	Brazilian Real		437,862	Bank of America, NA^(a)	11/3/2016		8,552
26,964	Brazilian Real		8,231	Bank of America, NA^(a)	11/3/2016		213
3,724	Brazilian Real		1,155	Bank of America, NA^(a)	11/3/2016		11
769	Brazilian Real		246	Bank of America, NA^(a)	11/3/2016		(5	)
16,114	Brazilian Real		5,131	Bank of America, NA^(a)	11/3/2016		(84	)
11,450	Brazilian Real		3,565	Bank of America, NA^(a)	11/3/2016		21
3,717	Brazilian Real		1,174	Bank of America, NA^(a)	11/3/2016		(10	)
4,437	Brazilian Real		1,392	Bank of America, NA^(a)	11/3/2016		(2	)
4,894	Brazilian Real		1,517	Bank of America, NA^(a)	11/3/2016		16

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
17,644	Brazilian Real	$	5,414	Bank of America, NA^(a)	11/3/2016	$	112
13,950	Brazilian Real		4,452	Bank of America, NA^(a)	11/3/2016		(83	)
1,748	Brazilian Real		558	Bank of America, NA^(a)	11/3/2016		(10	)
1,412,961	Brazilian Real		440,583	Bank of America, NA^(a)	12/2/2016		(2,048	)
10,250	Brazilian Real		3,199	Bank of America, NA^(a)	12/2/2016		(18	)
16,461	Brazilian Real		5,136	Bank of America, NA^(a)	12/2/2016		(27	)
659,155	Canadian Dollar		502,863	JPMorgan Chase Bank, NA	11/16/2016		(11,388	)
3,110,242	Chilean Peso		4,617	Bank of America, NA^(a)	12/21/2016		128
761,664,864	Chilean Peso		1,124,393	Bank of America, NA^(a)	12/21/2016		37,502
1,924,098	Chilean Peso		2,898	Bank of America, NA^(a)	12/21/2016		37
7,914,532	Chilean Peso		11,776	Bank of America, NA^(a)	12/21/2016		297
1,274,679	Chilean Peso		1,882	Bank of America, NA^(a)	12/21/2016		62
8,697	Chilean Peso		13	Bank of America, NA^(a)	12/21/2016		—	^(b)
423,917	Chilean Peso		640	Bank of America, NA^(a)	12/21/2016		7
871,198	Chilean Peso		1,294	Bank of America, NA^(a)	12/21/2016		35
3,924,729	Chilean Peso		5,939	Bank of America, NA^(a)	12/21/2016		48
1,072,770	Chilean Peso		1,634	Bank of America, NA^(a)	12/21/2016		2
4,910,545	Chilean Peso		7,480	Bank of America, NA^(a)	12/21/2016		11
1,294,562	Chilean Peso		1,983	Bank of America, NA^(a)	12/21/2016		(8	)
1,444,748	Chilean Peso		2,165	Bank of America, NA^(a)	12/21/2016		39
299,646	Chilean Peso		450	Bank of America, NA^(a)	12/21/2016		7
1,272,998	Chilean Peso		1,906	Bank of America, NA^(a)	12/21/2016		36
12,219,578	Czech Koruna		508,939	Bank of America, NA^(a)	12/21/2016		(10,651	)
4,029,713	Danish Krone		608,226	JPMorgan Chase Bank, NA	11/16/2016		(13,150	)
129,000	Euro		141,340	Bank of America, NA^(a)	11/7/2016		297
456,359	Euro		497,237	JPMorgan Chase Bank, NA	11/14/2016		3,967
519,501	Euro		591,026	JPMorgan Chase Bank, NA	11/16/2016		(20,429	)
528,218	Euro		598,091	JPMorgan Chase Bank, NA	11/16/2016		(17,920	)
980,561	Euro		1,105,055	JPMorgan Chase Bank, NA	11/16/2016		(28,051	)
927,362	Euro		1,047,390	JPMorgan Chase Bank, NA	11/16/2016		(28,817	)
2,356,777	Euro		2,649,064	JPMorgan Chase Bank, NA	11/16/2016		(60,485	)
53,613	Euro		59,471	JPMorgan Chase Bank, NA	12/30/2016		(451	)
109,319	Euro		119,383	JPMorgan Chase Bank, NA	12/30/2016		961
4,108,715	Hong Kong Dollar		529,862	JPMorgan Chase Bank, NA	11/14/2016		(53	)
287,167	Hungarian Forint		1,047	Bank of America, NA^(a)	12/21/2016		(25	)
97,052	Hungarian Forint		349	Bank of America, NA^(a)	12/21/2016		(4	)
321,472	Hungarian Forint		1,181	Bank of America, NA^(a)	12/21/2016		(37	)
117,461	Hungarian Forint		415	Bank of America, NA^(a)	12/21/2016		3
31,694	Hungarian Forint		112	Bank of America, NA^(a)	12/21/2016		1
342,973	Hungarian Forint		1,239	Bank of America, NA^(a)	12/21/2016		(19	)
191,347	Hungarian Forint		691	Bank of America, NA^(a)	12/21/2016		(10	)
428,569	Hungarian Forint		1,513	Bank of America, NA^(a)	12/21/2016		12
214,833	Hungarian Forint		782	Bank of America, NA^(a)	12/21/2016		(18	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
191,656	Hungarian Forint	$	703	Bank of America, NA^(a)	12/21/2016	$	(21	)
320,901	Hungarian Forint		1,151	Bank of America, NA^(a)	12/21/2016		(9	)
124,398	Hungarian Forint		451	Bank of America, NA^(a)	12/21/2016		(8	)
82,544,485	Hungarian Forint		298,399	Bank of America, NA^(a)	12/21/2016		(4,703	)
4,030,427	Indian Rupee		59,502	Bank of America, NA^(a)	12/21/2016		503
806,058	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		101
80,613	Indian Rupee		1,190	Bank of America, NA^(a)	12/21/2016		10
806,142	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		102
4,031,090	Indian Rupee		59,503	Bank of America, NA^(a)	12/21/2016		512
80,625	Indian Rupee		1,190	Bank of America, NA^(a)	12/21/2016		10
8,061,807	Indian Rupee		119,004	Bank of America, NA^(a)	12/21/2016		1,020
806,142	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		102
806,308	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		104
806,507	Indian Rupee		11,901	Bank of America, NA^(a)	12/21/2016		106
806,189	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		102
4,031,337	Indian Rupee		59,504	Bank of America, NA^(a)	12/21/2016		514
806,320	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		104
806,273	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		104
806,340	Indian Rupee		11,901	Bank of America, NA^(a)	12/21/2016		104
976,498	Indian Rupee		14,409	Bank of America, NA^(a)	12/21/2016		129
784,187	Indian Rupee		11,649	Bank of America, NA^(a)	12/21/2016		26
201,326	Indian Rupee		2,990	Bank of America, NA^(a)	12/21/2016		7
246,549	Indian Rupee		3,660	Bank of America, NA^(a)	12/21/2016		11
157,643	Indian Rupee		2,340	Bank of America, NA^(a)	12/21/2016		7
1,018,757	Indian Rupee		15,105	Bank of America, NA^(a)	12/21/2016		62
921,022	Indian Rupee		13,664	Bank of America, NA^(a)	12/21/2016		48
85,352	Indian Rupee		1,266	Bank of America, NA^(a)	12/21/2016		5
278,130	Indian Rupee		4,133	Bank of America, NA^(a)	12/21/2016		8
806,142	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		102
1,433,047	Indian Rupee		21,314	Bank of America, NA^(a)	12/21/2016		21
806,189	Indian Rupee		11,900	Bank of America, NA^(a)	12/21/2016		102
164,420,616	Indian Rupee		2,423,724	Bank of America, NA^(a)	12/21/2016		24,163
40,604	Indian Rupee		603	Bank of America, NA^(a)	12/21/2016		2
436,035	Indian Rupee		6,489	Bank of America, NA^(a)	12/21/2016		3
13,921	Indian Rupee		207	Bank of America, NA^(a)	12/21/2016		—	^(b)
237,338	Indian Rupee		3,518	Bank of America, NA^(a)	12/21/2016		15
2,839,710,000	Indonesian Rupiah		217,602	JPMorgan Chase Bank, NA	11/16/2016		(86	)
23,871	Israeli New Shekel		6,263	Bank of America, NA^(a)	12/21/2016		(33	)
385,306	Israeli New Shekel		102,648	Bank of America, NA^(a)	12/21/2016		(2,090	)
16,897	Israeli New Shekel		4,505	Bank of America, NA^(a)	12/21/2016		(95	)
22,786	Israeli New Shekel		6,073	Bank of America, NA^(a)	12/21/2016		(126	)
8,669	Israeli New Shekel		2,251	Bank of America, NA^(a)	12/21/2016		11
5,896	Israeli New Shekel		1,537	Bank of America, NA^(a)	12/21/2016		2

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
3,421,641	Israeli New Shekel	$	909,054	Bank of America, NA^(a)	12/21/2016	$	(16,069	)
11,888	Israeli New Shekel		3,098	Bank of America, NA^(a)	12/21/2016		5
32,113	Israeli New Shekel		8,374	Bank of America, NA^(a)	12/21/2016		7
451,460	Israeli New Shekel		119,892	Bank of America, NA^(a)	12/21/2016		(2,069	)
1,460	Israeli New Shekel		388	Bank of America, NA^(a)	12/21/2016		(7	)
100,249,276	Japanese Yen		980,431	JPMorgan Chase Bank, NA	11/16/2016		(24,057	)
44,201,636	Japanese Yen		431,782	JPMorgan Chase Bank, NA	11/16/2016		(10,100	)
247,558,500	Korean Won		223,327	JPMorgan Chase Bank, NA	11/16/2016		(6,964	)
63,000,000	Korean Won		56,308	Bank of America, NA^(a)	12/21/2016		(1,256	)
488,712	Korean Won		430	Bank of America, NA^(a)	12/21/2016		(3	)
746,426	Korean Won		667	Bank of America, NA^(a)	12/21/2016		(15	)
1,637,621,706	Korean Won		1,455,158	Bank of America, NA^(a)	12/21/2016		(24,142	)
746,253	Korean Won		657	Bank of America, NA^(a)	12/21/2016		(5	)
7,215,621	Korean Won		6,481	Bank of America, NA^(a)	12/21/2016		(176	)
3,851,915	Korean Won		3,487	Bank of America, NA^(a)	12/21/2016		(121	)
4,533,825	Korean Won		3,964	Bank of America, NA^(a)	12/21/2016		(2	)
32,544,573	Korean Won		28,918	Bank of America, NA^(a)	12/21/2016		(479	)
264,028	Korean Won		241	Bank of America, NA^(a)	12/21/2016		(10	)
29,572,770	Korean Won		26,011	Bank of America, NA^(a)	12/21/2016		(169	)
4,586,909	Korean Won		4,018	Bank of America, NA^(a)	12/21/2016		(10	)
1,293,106	Korean Won		1,166	Bank of America, NA^(a)	12/21/2016		(36	)
6,413,178	Korean Won		5,662	Bank of America, NA^(a)	12/21/2016		(58	)
2,414,809	Korean Won		2,196	Bank of America, NA^(a)	12/21/2016		(86	)
1,843,808	Korean Won		1,624	Bank of America, NA^(a)	12/21/2016		(13	)
10,294,516	Korean Won		9,351	Bank of America, NA^(a)	12/21/2016		(355	)
10,901	Malaysian Ringgit		2,624	Bank of America, NA^(a)	12/21/2016		(32	)
6,482	Malaysian Ringgit		1,536	Bank of America, NA^(a)	12/21/2016		5
7,770	Malaysian Ringgit		1,849	Bank of America, NA^(a)	12/21/2016		(1	)
2,491,943	Malaysian Ringgit		599,730	Bank of America, NA^(a)	12/21/2016		(7,120	)
2,929	Malaysian Ringgit		707	Bank of America, NA^(a)	12/21/2016		(10	)
8,680	Malaysian Ringgit		2,094	Bank of America, NA^(a)	12/21/2016		(30	)
9,246	Malaysian Ringgit		2,229	Bank of America, NA^(a)	12/21/2016		(30	)
1,614	Malaysian Ringgit		382	Bank of America, NA^(a)	12/21/2016		2
9,926	Malaysian Ringgit		2,364	Bank of America, NA^(a)	12/21/2016		(4	)
1,577	Malaysian Ringgit		373	Bank of America, NA^(a)	12/21/2016		2
1,311	Malaysian Ringgit		318	Bank of America, NA^(a)	12/21/2016		(6	)
5,157	Malaysian Ringgit		1,238	Bank of America, NA^(a)	12/21/2016		(12	)
7,739	Malaysian Ringgit		1,869	Bank of America, NA^(a)	12/21/2016		(29	)
631,527	Mexican Peso		33,524	JPMorgan Chase Bank, NA	11/14/2016		(158	)
8,215	New Taiwan Dollar		261	Bank of America, NA^(a)	12/21/2016		(1	)
10,949	New Taiwan Dollar		345	Bank of America, NA^(a)	12/21/2016		2
204,141	New Taiwan Dollar		6,473	Bank of America, NA^(a)	12/21/2016		(2	)
3,709,563	New Taiwan Dollar		119,063	Bank of America, NA^(a)	12/21/2016		(1,470	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
113,799	New Taiwan Dollar	$	3,602	Bank of America, NA^(a)	12/21/2016	$	5
110,492	New Taiwan Dollar		3,492	Bank of America, NA^(a)	12/21/2016		11
47,813	New Taiwan Dollar		1,528	Bank of America, NA^(a)	12/21/2016		(12	)
36,129,458	New Taiwan Dollar		1,145,712	Bank of America, NA^(a)	12/21/2016		(411	)
270,629	New Taiwan Dollar		8,687	Bank of America, NA^(a)	12/21/2016		(108	)
370,911	New Taiwan Dollar		11,906	Bank of America, NA^(a)	12/21/2016		(148	)
42,931	New Taiwan Dollar		1,359	Bank of America, NA^(a)	12/21/2016		2
4,479	New Taiwan Dollar		144	Bank of America, NA^(a)	12/21/2016		(2	)
65,105	New Taiwan Dollar		2,090	Bank of America, NA^(a)	12/21/2016		(26	)
92,828	New Taiwan Dollar		2,925	Bank of America, NA^(a)	12/21/2016		18
241,199	New Taiwan Dollar		7,612	Bank of America, NA^(a)	12/21/2016		34
39,802	New Taiwan Dollar		1,262	Bank of America, NA^(a)	12/21/2016		—	^(b)
3,016,066	Norwegian Krone		366,290	JPMorgan Chase Bank, NA	11/16/2016		(1,247	)
3,936,769	Norwegian Krone		473,358	JPMorgan Chase Bank, NA	11/16/2016		3,121
1,864	Norwegian Krone		228	Bank of America, NA^(a)	12/21/2016		(2	)
6,607	Norwegian Krone		801	Bank of America, NA^(a)	12/21/2016		(1	)
749,741	Norwegian Krone		92,449	Bank of America, NA^(a)	12/21/2016		(1,698	)
973,577	Norwegian Krone		119,900	Bank of America, NA^(a)	12/21/2016		(2,055	)
121,142	Norwegian Krone		15,175	Bank of America, NA^(a)	12/21/2016		(512	)
6,101	Norwegian Krone		761	Bank of America, NA^(a)	12/21/2016		(23	)
9,940	Norwegian Krone		1,208	Bank of America, NA^(a)	12/21/2016		(5	)
130,960	Norwegian Krone		16,139	Bank of America, NA^(a)	12/21/2016		(287	)
35,148	Norwegian Krone		4,245	Bank of America, NA^(a)	12/21/2016		9
368,800	Norwegian Krone		45,449	Bank of America, NA^(a)	12/21/2016		(808	)
25,257	Norwegian Krone		3,143	Bank of America, NA^(a)	12/21/2016		(86	)
1,158,976	Norwegian Krone		139,730	Bank of America, NA^(a)	12/21/2016		556
8,921	Norwegian Krone		1,093	Bank of America, NA^(a)	12/21/2016		(13	)
1,641	Norwegian Krone		198	Bank of America, NA^(a)	12/21/2016		1
2,895	Norwegian Krone		349	Bank of America, NA^(a)	12/21/2016		1
8,945	Norwegian Krone		1,081	Bank of America, NA^(a)	12/21/2016		2
416,893	Norwegian Krone		51,415	Bank of America, NA^(a)	12/21/2016		(953	)
5,472	Norwegian Krone		667	Bank of America, NA^(a)	12/21/2016		(5	)
2,759	Norwegian Krone		333	Bank of America, NA^(a)	12/21/2016		1
9,444	Norwegian Krone		1,168	Bank of America, NA^(a)	12/21/2016		(25	)
8,507	Norwegian Krone		1,043	Bank of America, NA^(a)	12/21/2016		(13	)
74,034,729	Philippine Peso		1,531,637	Bank of America, NA^(a)	12/21/2016		(8,705	)
114,684	Philippine Peso		2,383	Bank of America, NA^(a)	12/21/2016		(24	)
29,409	Philippine Peso		611	Bank of America, NA^(a)	12/21/2016		(6	)
126	Polish Zloty		32	Bank of America, NA^(a)	12/21/2016		—	^(b)
66,032	Polish Zloty		17,226	Bank of America, NA^(a)	12/21/2016		(411	)
707	Polish Zloty		185	Bank of America, NA^(a)	12/21/2016		(5	)
458,369	Polish Zloty		119,899	Bank of America, NA^(a)	12/21/2016		(3,178	)
277	Polish Zloty		70	Bank of America, NA^(a)	12/21/2016		1

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
73,972	Polish Zloty	$	19,327	Bank of America, NA^(a)	12/21/2016	$	(491	)
694	Polish Zloty		175	Bank of America, NA^(a)	12/21/2016		2
89	Polish Zloty		23	Bank of America, NA^(a)	12/21/2016		—	^(b)
627	Polish Zloty		162	Bank of America, NA^(a)	12/21/2016		(2	)
62	Polish Zloty		16	Bank of America, NA^(a)	12/21/2016		—	^(b)
455,805	Polish Zloty		119,098	Bank of America, NA^(a)	12/21/2016		(3,030	)
1,714	Polish Zloty		444	Bank of America, NA^(a)	12/21/2016		(8	)
4,887	Polish Zloty		1,280	Bank of America, NA^(a)	12/21/2016		(36	)
454	Polish Zloty		116	Bank of America, NA^(a)	12/21/2016		(1	)
831	Polish Zloty		211	Bank of America, NA^(a)	12/21/2016		1
216	Polish Zloty		56	Bank of America, NA^(a)	12/21/2016		(1	)
133	Polish Zloty		34	Bank of America, NA^(a)	12/21/2016		—	^(b)
1,021,844	Pound Sterling		1,334,528	JPMorgan Chase Bank, NA	11/16/2016		(83,458	)
2,707	Pound Sterling		3,515	JPMorgan Chase Bank, NA	11/16/2016		(201	)
365,578	Pound Sterling		475,452	JPMorgan Chase Bank, NA	11/16/2016		(27,865	)
833,171	Pound Sterling		1,062,342	JPMorgan Chase Bank, NA	12/30/2016		(40,997	)
265,392	Pound Sterling		344,948	JPMorgan Chase Bank, NA	12/30/2016		(19,616	)
20,778,829	Russian Ruble		318,774	JPMorgan Chase Bank, NA	11/16/2016		7,811
284	Singapore Dollar		206	Bank of America, NA^(a)	12/21/2016		(2	)
1,538,895	Singapore Dollar		1,125,474	Bank of America, NA^(a)	12/21/2016		(19,003	)
1,540	Singapore Dollar		1,107	Bank of America, NA^(a)	12/21/2016		—	^(b)
9,234	Singapore Dollar		6,651	Bank of America, NA^(a)	12/21/2016		(12	)
5,214	Singapore Dollar		3,756	Bank of America, NA^(a)	12/21/2016		(7	)
8,129	Singapore Dollar		5,958	Bank of America, NA^(a)	12/21/2016		(113	)
802	Singapore Dollar		584	Bank of America, NA^(a)	12/21/2016		(7	)
67	Singapore Dollar		48	Bank of America, NA^(a)	12/21/2016		—	^(b)
4,232	Singapore Dollar		3,114	Bank of America, NA^(a)	12/21/2016		(71	)
382	Singapore Dollar		280	Bank of America, NA^(a)	12/21/2016		(5	)
255	Singapore Dollar		187	Bank of America, NA^(a)	12/21/2016		(4	)
717	Singapore Dollar		526	Bank of America, NA^(a)	12/21/2016		(10	)
1,688	Singapore Dollar		1,233	Bank of America, NA^(a)	12/21/2016		(19	)
2,864	Singapore Dollar		2,109	Bank of America, NA^(a)	12/21/2016		(50	)
963	Singapore Dollar		709	Bank of America, NA^(a)	12/21/2016		(17	)
3,219	Singapore Dollar		2,313	Bank of America, NA^(a)	12/21/2016		2
10,894,905	South African Rand		797,333	JPMorgan Chase Bank, NA	11/16/2016		8,437
686	South African Rand		49	Bank of America, NA^(a)	12/21/2016		1
19,768	South African Rand		1,366	Bank of America, NA^(a)	12/21/2016		85
59,247	South African Rand		4,263	Bank of America, NA^(a)	12/21/2016		87
182,140	South African Rand		13,084	Bank of America, NA^(a)	12/21/2016		288
805,031	South African Rand		58,926	Bank of America, NA^(a)	12/21/2016		175
13,869	South African Rand		1,008	Bank of America, NA^(a)	12/21/2016		10
33,400	South African Rand		2,378	Bank of America, NA^(a)	12/21/2016		74
6,451	South African Rand		448	Bank of America, NA^(a)	12/21/2016		26

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
9,357	South African Rand	$	684	Bank of America, NA^(a)	12/21/2016	$	3
12,149	South African Rand		866	Bank of America, NA^(a)	12/21/2016		26
29,276	South African Rand		2,042	Bank of America, NA^(a)	12/21/2016		107
4,027,817	South African Rand		277,770	Bank of America, NA^(a)	12/21/2016		17,932
22,214	South African Rand		1,599	Bank of America, NA^(a)	12/21/2016		32
69,073	South African Rand		4,896	Bank of America, NA^(a)	12/21/2016		175
18,066	South African Rand		1,273	Bank of America, NA^(a)	12/21/2016		53
30,983	South African Rand		2,240	Bank of America, NA^(a)	12/21/2016		35
19,689	South African Rand		1,411	Bank of America, NA^(a)	12/21/2016		34
12,091	South African Rand		856	Bank of America, NA^(a)	12/21/2016		32
11,704	South African Rand		802	Bank of America, NA^(a)	12/21/2016		57
48,843	South African Rand		3,378	Bank of America, NA^(a)	12/21/2016		208
10,146	South African Rand		720	Bank of America, NA^(a)	12/21/2016		25
8,877	South African Rand		636	Bank of America, NA^(a)	12/21/2016		16
1,070,955	Swedish Krona		118,057	JPMorgan Chase Bank, NA	11/14/2016		578
11,690	Swedish Krona		1,368	JPMorgan Chase Bank, NA	11/16/2016		(73	)
2,753,014	Swedish Krona		328,596	JPMorgan Chase Bank, NA	11/16/2016		(23,605	)
161,918	Swedish Krona		18,911	Bank of America, NA^(a)	12/21/2016		(938	)
7,289	Swedish Krona		828	Bank of America, NA^(a)	12/21/2016		(19	)
10,137	Swedish Krona		1,182	Bank of America, NA^(a)	12/21/2016		(57	)
227,459	Swedish Krona		26,751	Bank of America, NA^(a)	12/21/2016		(1,503	)
42,083	Swedish Krona		4,932	Bank of America, NA^(a)	12/21/2016		(261	)
2,113	Swedish Krona		238	Bank of America, NA^(a)	12/21/2016		(4	)
6,807	Swedish Krona		801	Bank of America, NA^(a)	12/21/2016		(45	)
52,438	Swedish Krona		5,965	Bank of America, NA^(a)	12/21/2016		(145	)
8,635	Swedish Krona		1,018	Bank of America, NA^(a)	12/21/2016		(60	)
5,866	Swedish Krona		666	Bank of America, NA^(a)	12/21/2016		(15	)
61,953	Swedish Krona		7,179	Bank of America, NA^(a)	12/21/2016		(302	)
3,968	Swedish Krona		451	Bank of America, NA^(a)	12/21/2016		(11	)
3,638	Swedish Krona		409	Bank of America, NA^(a)	12/21/2016		(5	)
6,212	Swedish Krona		728	Bank of America, NA^(a)	12/21/2016		(38	)
9,382	Swedish Krona		1,098	Bank of America, NA^(a)	12/21/2016		(57	)
43,277	Swedish Krona		4,923	JPMorgan Chase Bank, NA	12/30/2016		(117	)
207,074	Swiss Franc		208,333	JPMorgan Chase Bank, NA	11/14/2016		1,050
1,580,543	Swiss Franc		1,631,293	JPMorgan Chase Bank, NA	11/16/2016		(32,956	)
33,185	Turkish Lira		10,632	JPMorgan Chase Bank, NA	11/14/2016		66
11,496	Turkish Lira		3,710	Bank of America, NA^(a)	12/21/2016		(34	)
4,585	Turkish Lira		1,473	Bank of America, NA^(a)	12/21/2016		(7	)
3,982	Turkish Lira		1,317	Bank of America, NA^(a)	12/21/2016		(44	)
14,404	Turkish Lira		4,749	Bank of America, NA^(a)	12/21/2016		(143	)
12,560	Turkish Lira		4,015	Bank of America, NA^(a)	12/21/2016		1
1,060	Turkish Lira		338	Bank of America, NA^(a)	12/21/2016		1
12,529	Turkish Lira		4,110	Bank of America, NA^(a)	12/21/2016		(104	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Receive		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
3,056	Turkish Lira	$	981	Bank of America, NA^(a)	12/21/2016	$	(4	)
4,894	Turkish Lira		1,615	Bank of America, NA^(a)	12/21/2016		(50	)
3,705	Turkish Lira		1,190	Bank of America, NA^(a)	12/21/2016		(6	)
230	Turkish Lira		76	Bank of America, NA^(a)	12/21/2016		(2	)
9,108	Turkish Lira		2,889	Bank of America, NA^(a)	12/21/2016		23
4,713	Turkish Lira		1,556	Bank of America, NA^(a)	12/21/2016		(49	)
6,696	Turkish Lira		2,135	Bank of America, NA^(a)	12/21/2016		6
761	Turkish Lira		254	Bank of America, NA^(a)	12/21/2016		(11	)
2,538	Turkish Lira		837	Bank of America, NA^(a)	12/21/2016		(26	)
4,064	Turkish Lira		1,299	Bank of America, NA^(a)	12/21/2016		—	^(b)
2,280,169	Turkish Lira		751,458	Bank of America, NA^(a)	12/21/2016		(22,406	)
16,160	Turkish Lira		5,176	Bank of America, NA^(a)	12/21/2016		(9	)
Total						$	(473,318	)
Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
132,614	Australian Dollar	$	102,058	JPMorgan Chase Bank, NA	11/16/2016	$	1,216
158,898	Australian Dollar		121,122	JPMorgan Chase Bank, NA	12/30/2016		429
1,412,961	Brazilian Real		444,202	Bank of America, NA^(a)	11/3/2016		1,687
3,347	Brazilian Real		1,044	Bank of America, NA^(a)	11/3/2016		(4	)
3,010	Brazilian Real		942	Bank of America, NA^(a)	11/3/2016		(1	)
13,304	Brazilian Real		4,084	Bank of America, NA^(a)	11/3/2016		(83	)
4,428	Brazilian Real		1,397	Bank of America, NA^(a)	11/3/2016		10
41,635	Brazilian Real		12,855	Bank of America, NA^(a)	11/3/2016		(184	)
38,912	Brazilian Real		11,926	Bank of America, NA^(a)	11/3/2016		(260	)
3,812	Brazilian Real		1,171	Bank of America, NA^(a)	11/3/2016		(23	)
553	Brazilian Real		171	Bank of America, NA^(a)	11/3/2016		(2	)
8,859	Brazilian Real		2,742	Bank of America, NA^(a)	11/3/2016		(33	)
35,648	Canadian Dollar		27,073	Bank of America, NA^(a)	11/7/2016		495
659,155	Canadian Dollar		499,707	JPMorgan Chase Bank, NA	11/16/2016		8,232
208,734	Canadian Dollar		158,750	JPMorgan Chase Bank, NA	12/30/2016		3,055
3,544,656	Chilean Peso		5,334	Bank of America, NA^(a)	12/21/2016		(73	)
183,543	Chilean Peso		270	Bank of America, NA^(a)	12/21/2016		(10	)
445,840	Chilean Peso		659	Bank of America, NA^(a)	12/21/2016		(21	)
1,261,037	Chilean Peso		1,884	Bank of America, NA^(a)	12/21/2016		(40	)
15,283,585	Chilean Peso		23,072	Bank of America, NA^(a)	12/21/2016		(243	)
12,237,750	Chilean Peso		18,375	Bank of America, NA^(a)	12/21/2016		(293	)
1,199,395	Chilean Peso		1,785	Bank of America, NA^(a)	12/21/2016		(45	)
190,394,563	Chilean Peso		280,611	Bank of America, NA^(a)	12/21/2016		(9,830	)
2,261,281	Chilean Peso		3,364	Bank of America, NA^(a)	12/21/2016		(86	)
148,251	Chilean Peso		221	Bank of America, NA^(a)	12/21/2016		(5	)
490,502	Chilean Peso		735	Bank of America, NA^(a)	12/21/2016		(13	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
2,889,823	Chilean Peso	$	4,376	Bank of America, NA^(a)	12/21/2016	$	(32	)
722,781	Chilean Peso		1,105	Bank of America, NA^(a)	12/21/2016		2
738,463	Chilean Peso		1,100	Bank of America, NA^(a)	12/21/2016		(26	)
4,583,580	Chilean Peso		6,923	Bank of America, NA^(a)	12/21/2016		(69	)
165,214	Chilean Peso		246	Bank of America, NA^(a)	12/21/2016		(6	)
4,360,093	Chilean Peso		6,481	Bank of America, NA^(a)	12/21/2016		(170	)
12,063	Czech Koruna		487	Bank of America, NA^(a)	12/21/2016		(5	)
2,446,973	Czech Koruna		98,958	Bank of America, NA^(a)	12/21/2016		(824	)
630,689	Czech Koruna		25,664	Bank of America, NA^(a)	12/21/2016		(54	)
30,697	Czech Koruna		1,278	Bank of America, NA^(a)	12/21/2016		26
4,029,713	Danish Krone		608,704	JPMorgan Chase Bank, NA	11/16/2016		13,628
117,000	Euro		128,247	Bank of America, NA^(a)	11/7/2016		(214	)
32,104	Euro		35,292	Bank of America, NA^(a)	11/7/2016		43
33,482	Euro		36,468	Bank of America, NA^(a)	11/7/2016		(294	)
7,560,463	Euro		8,358,583	JPMorgan Chase Bank, NA	11/14/2016		55,178
421,440	Euro		473,787	JPMorgan Chase Bank, NA	11/16/2016		10,896
2,865,832	Euro		3,220,421	JPMorgan Chase Bank, NA	11/16/2016		72,719
613,652	Euro		692,481	JPMorgan Chase Bank, NA	11/16/2016		18,473
509,314	Euro		568,797	JPMorgan Chase Bank, NA	11/16/2016		9,389
398,008	Euro		448,165	JPMorgan Chase Bank, NA	11/16/2016		11,011
504,173	Euro		569,249	JPMorgan Chase Bank, NA	11/16/2016		15,488
613,883	Euro		690,992	JPMorgan Chase Bank, NA	12/30/2016		15,200
51,186	Euro		57,517	JPMorgan Chase Bank, NA	12/30/2016		1,169
218,930	Hong Kong Dollar		28,223	Bank of America, NA^(a)	11/7/2016		(6	)
314,701	Hong Kong Dollar		40,572	Bank of America, NA^(a)	11/7/2016		(6	)
391,414	Hong Kong Dollar		50,461	Bank of America, NA^(a)	11/7/2016		(9	)
21,666,275	Hong Kong Dollar		2,793,754	JPMorgan Chase Bank, NA	11/14/2016		(58	)
99,666	Hungarian Forint		352	Bank of America, NA^(a)	12/21/2016		(3	)
325,056	Hungarian Forint		1,182	Bank of America, NA^(a)	12/21/2016		25
106,288	Hungarian Forint		390	Bank of America, NA^(a)	12/21/2016		12
465,853	Hungarian Forint		1,691	Bank of America, NA^(a)	12/21/2016		33
775,800	Hungarian Forint		2,782	Bank of America, NA^(a)	12/21/2016		22
178,470	Hungarian Forint		648	Bank of America, NA^(a)	12/21/2016		13
203,139	Hungarian Forint		745	Bank of America, NA^(a)	12/21/2016		22
41,036	Hungarian Forint		145	Bank of America, NA^(a)	12/21/2016		(1	)
441,889	Hungarian Forint		1,618	Bank of America, NA^(a)	12/21/2016		46
115,916	Hungarian Forint		425	Bank of America, NA^(a)	12/21/2016		13
2,963,449	Hungarian Forint		10,801	Bank of America, NA^(a)	12/21/2016		257
10,790	Hungarian Forint		39	Bank of America, NA^(a)	12/21/2016		1
692,458	Hungarian Forint		2,537	Bank of America, NA^(a)	12/21/2016		73
2,047,562	Hungarian Forint		7,424	Bank of America, NA^(a)	12/21/2016		139
30,310	Hungarian Forint		111	Bank of America, NA^(a)	12/21/2016		3
205,473	Hungarian Forint		742	Bank of America, NA^(a)	12/21/2016		11

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
164,791	Indian Rupee	$	2,425	Bank of America, NA^(a)	12/21/2016	$	(28	)
184,065	Indian Rupee		2,726	Bank of America, NA^(a)	12/21/2016		(14	)
227,537	Indian Rupee		3,345	Bank of America, NA^(a)	12/21/2016		(43	)
6,596,314	Indian Rupee		97,983	Bank of America, NA^(a)	12/21/2016		(223	)
23,959	Indian Rupee		355	Bank of America, NA^(a)	12/21/2016		(2	)
1,366,104	Indian Rupee		20,293	Bank of America, NA^(a)	12/21/2016		(46	)
327,422	Indian Rupee		4,868	Bank of America, NA^(a)	12/21/2016		(7	)
1,419,337	Indian Rupee		21,117	Bank of America, NA^(a)	12/21/2016		(14	)
850,031	Indian Rupee		12,559	Bank of America, NA^(a)	12/21/2016		(96	)
5,372,614	Indian Rupee		79,832	Bank of America, NA^(a)	12/21/2016		(155	)
29,466	Indian Rupee		438	Bank of America, NA^(a)	12/21/2016		(1	)
29,656	Indian Rupee		441	Bank of America, NA^(a)	12/21/2016		(1	)
821,965	Indian Rupee		12,210	Bank of America, NA^(a)	12/21/2016		(27	)
2,839,710,000	Indonesian Rupiah		213,608	JPMorgan Chase Bank, NA	11/16/2016		(3,908	)
8,025	Israeli New Shekel		2,120	Bank of America, NA^(a)	12/21/2016		26
513	Israeli New Shekel		134	Bank of America, NA^(a)	12/21/2016		—	^(b)
9,833	Israeli New Shekel		2,622	Bank of America, NA^(a)	12/21/2016		56
1,703	Israeli New Shekel		442	Bank of America, NA^(a)	12/21/2016		(3	)
123	Israeli New Shekel		33	Bank of America, NA^(a)	12/21/2016		1
664	Israeli New Shekel		177	Bank of America, NA^(a)	12/21/2016		4
4,161	Israeli New Shekel		1,092	Bank of America, NA^(a)	12/21/2016		6
1,459	Israeli New Shekel		387	Bank of America, NA^(a)	12/21/2016		6
6,972	Israeli New Shekel		1,847	Bank of America, NA^(a)	12/21/2016		27
2,999	Israeli New Shekel		795	Bank of America, NA^(a)	12/21/2016		12
9,485	Israeli New Shekel		2,466	Bank of America, NA^(a)	12/21/2016		(9	)
5,340	Israeli New Shekel		1,423	Bank of America, NA^(a)	12/21/2016		29
240	Israeli New Shekel		64	Bank of America, NA^(a)	12/21/2016		1
30,928	Israeli New Shekel		8,095	Bank of America, NA^(a)	12/21/2016		23
250,298	Israeli New Shekel		66,316	Bank of America, NA^(a)	12/21/2016		993
144,450,912	Japanese Yen		1,434,155	JPMorgan Chase Bank, NA	11/16/2016		56,099
247,558,500	Korean Won		221,707	JPMorgan Chase Bank, NA	11/16/2016		5,344
7,683,989	Korean Won		6,910	Bank of America, NA^(a)	12/21/2016		195
1,063,693	Korean Won		956	Bank of America, NA^(a)	12/21/2016		27
550,129	Korean Won		484	Bank of America, NA^(a)	12/21/2016		3
403,290,479	Korean Won		360,084	Bank of America, NA^(a)	12/21/2016		7,673
878,026	Korean Won		779	Bank of America, NA^(a)	12/21/2016		12
30,212,320	Korean Won		27,348	Bank of America, NA^(a)	12/21/2016		947
1,389,004	Korean Won		1,236	Bank of America, NA^(a)	12/21/2016		22
722,047	Korean Won		646	Bank of America, NA^(a)	12/21/2016		15
778,307	Korean Won		694	Bank of America, NA^(a)	12/21/2016		14
10,927,808	Korean Won		9,893	Bank of America, NA^(a)	12/21/2016		344
124,480	Korean Won		109	Bank of America, NA^(a)	12/21/2016		—	^(b)
36,630,614	Korean Won		32,862	Bank of America, NA^(a)	12/21/2016		853

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
10,431,053	Korean Won	$	9,197	Bank of America, NA^(a)	12/21/2016	$	82
30,400,000	Korean Won		27,732	Bank of America, NA^(a)	12/21/2016		1,167
7,252,016	Korean Won		6,608	Bank of America, NA^(a)	12/21/2016		271
70,073,024	Korean Won		63,348	Bank of America, NA^(a)	12/21/2016		2,116
523,130	Korean Won		465	Bank of America, NA^(a)	12/21/2016		8
49,481,581	Korean Won		43,198	Bank of America, NA^(a)	12/21/2016		(41	)
28,096,600	Korean Won		25,032	Bank of America, NA^(a)	12/21/2016		480
2,229,104	Korean Won		1,991	Bank of America, NA^(a)	12/21/2016		43
580,900	Korean Won		512	Bank of America, NA^(a)	12/21/2016		4
14,321	Malaysian Ringgit		3,420	Bank of America, NA^(a)	12/21/2016		14
6,651	Malaysian Ringgit		1,604	Bank of America, NA^(a)	12/21/2016		22
19,882	Malaysian Ringgit		4,816	Bank of America, NA^(a)	12/21/2016		88
3,327	Malaysian Ringgit		791	Bank of America, NA^(a)	12/21/2016		—	^(b)
2,892	Malaysian Ringgit		699	Bank of America, NA^(a)	12/21/2016		11
624,651	Malaysian Ringgit		150,336	Bank of America, NA^(a)	12/21/2016		1,788
4,511	Malaysian Ringgit		1,080	Bank of America, NA^(a)	12/21/2016		7
4,001	Malaysian Ringgit		962	Bank of America, NA^(a)	12/21/2016		11
20,715	Malaysian Ringgit		5,017	Bank of America, NA^(a)	12/21/2016		91
2,089	Malaysian Ringgit		497	Bank of America, NA^(a)	12/21/2016		—	^(b)
955	Malaysian Ringgit		227	Bank of America, NA^(a)	12/21/2016		—	^(b)
662	Malaysian Ringgit		158	Bank of America, NA^(a)	12/21/2016		1
555	Malaysian Ringgit		134	Bank of America, NA^(a)	12/21/2016		2
6,384	Malaysian Ringgit		1,526	Bank of America, NA^(a)	12/21/2016		8
13,280	Malaysian Ringgit		3,149	Bank of America, NA^(a)	12/21/2016		(9	)
11,070	Malaysian Ringgit		2,656	Bank of America, NA^(a)	12/21/2016		24
119,540	Malaysian Ringgit		28,902	Bank of America, NA^(a)	12/21/2016		474
1,719	Malaysian Ringgit		410	Bank of America, NA^(a)	12/21/2016		1
13,793	Malaysian Ringgit		3,315	Bank of America, NA^(a)	12/21/2016		35
7,276,695	Mexican Peso		380,913	JPMorgan Chase Bank, NA	11/14/2016		(3,544	)
3,506,243	New Taiwan Dollar		112,603	Bank of America, NA^(a)	12/21/2016		1,455
65,784	New Taiwan Dollar		2,093	Bank of America, NA^(a)	12/21/2016		8
22,097	New Taiwan Dollar		699	Bank of America, NA^(a)	12/21/2016		(1	)
45,214	New Taiwan Dollar		1,444	Bank of America, NA^(a)	12/21/2016		11
16,425	New Taiwan Dollar		516	Bank of America, NA^(a)	12/21/2016		(5	)
358,235	New Taiwan Dollar		11,504	Bank of America, NA^(a)	12/21/2016		148
17,419	New Taiwan Dollar		550	Bank of America, NA^(a)	12/21/2016		(2	)
41,809	New Taiwan Dollar		1,339	Bank of America, NA^(a)	12/21/2016		14
152,338	New Taiwan Dollar		4,883	Bank of America, NA^(a)	12/21/2016		54
1,255,607	New Taiwan Dollar		40,238	Bank of America, NA^(a)	12/21/2016		435
240,913	New Taiwan Dollar		7,594	Bank of America, NA^(a)	12/21/2016		(43	)
6,513	New Taiwan Dollar		207	Bank of America, NA^(a)	12/21/2016		1
89,244	New Taiwan Dollar		2,858	Bank of America, NA^(a)	12/21/2016		29
55,207	New Taiwan Dollar		1,759	Bank of America, NA^(a)	12/21/2016		9

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
988,547	New Taiwan Dollar	$	31,671	Bank of America, NA^(a)	12/21/2016	$	334
305,302	New Taiwan Dollar		9,645	Bank of America, NA^(a)	12/21/2016		(33	)
5,593,643	Norwegian Krone		683,535	JPMorgan Chase Bank, NA	11/16/2016		6,520
1,359,192	Norwegian Krone		165,077	JPMorgan Chase Bank, NA	11/16/2016		570
10,751	Norwegian Krone		1,307	Bank of America, NA^(a)	12/21/2016		6
3,149	Norwegian Krone		382	Bank of America, NA^(a)	12/21/2016		1
8,232	Norwegian Krone		1,008	Bank of America, NA^(a)	12/21/2016		12
9,009	Norwegian Krone		1,095	Bank of America, NA^(a)	12/21/2016		5
6,611	Norwegian Krone		821	Bank of America, NA^(a)	12/21/2016		21
892	Norwegian Krone		108	Bank of America, NA^(a)	12/21/2016		—	^(b)
33,927	Norwegian Krone		4,169	Bank of America, NA^(a)	12/21/2016		62
77,939	Norwegian Krone		9,607	Bank of America, NA^(a)	12/21/2016		173
2,872	Norwegian Krone		351	Bank of America, NA^(a)	12/21/2016		3
5,235	Norwegian Krone		634	Bank of America, NA^(a)	12/21/2016		—	^(b)
6,591	Norwegian Krone		812	Bank of America, NA^(a)	12/21/2016		14
25,174	Norwegian Krone		3,159	Bank of America, NA^(a)	12/21/2016		112
31,591	Norwegian Krone		3,918	Bank of America, NA^(a)	12/21/2016		94
1,320,121	Philippine Peso		26,955	Bank of America, NA^(a)	12/21/2016		(201	)
2,955,270	Philippine Peso		61,024	Bank of America, NA^(a)	12/21/2016		233
2,310,686	Philippine Peso		47,080	Bank of America, NA^(a)	12/21/2016		(452	)
2,880,266	Philippine Peso		59,244	Bank of America, NA^(a)	12/21/2016		(5	)
67,850	Philippine Peso		1,399	Bank of America, NA^(a)	12/21/2016		3
2,864,886	Philippine Peso		58,878	Bank of America, NA^(a)	12/21/2016		(54	)
1,910,197	Philippine Peso		39,405	Bank of America, NA^(a)	12/21/2016		111
556,916	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		6
556,916	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		6
556,526	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		14
72,107	Philippine Peso		1,472	Bank of America, NA^(a)	12/21/2016		(11	)
543,049	Philippine Peso		11,172	Bank of America, NA^(a)	12/21/2016		1
556,916	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		6
557,145	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		1
2,894,266	Philippine Peso		59,950	Bank of America, NA^(a)	12/21/2016		413
2,780,316	Philippine Peso		56,863	Bank of America, NA^(a)	12/21/2016		(330	)
1,044,826	Philippine Peso		21,350	Bank of America, NA^(a)	12/21/2016		(143	)
2,926,650	Philippine Peso		59,949	Bank of America, NA^(a)	12/21/2016		(254	)
2,894,883	Philippine Peso		59,142	Bank of America, NA^(a)	12/21/2016		(407	)
2,872,328	Philippine Peso		58,864	Bank of America, NA^(a)	12/21/2016		(221	)
2,917,741	Philippine Peso		59,829	Bank of America, NA^(a)	12/21/2016		(190	)
24,093,540	Philippine Peso		497,749	Bank of America, NA^(a)	12/21/2016		2,133
65,674	Philippine Peso		1,356	Bank of America, NA^(a)	12/21/2016		5
2,721,106	Philippine Peso		55,907	Bank of America, NA^(a)	12/21/2016		(68	)
14,924	Philippine Peso		308	Bank of America, NA^(a)	12/21/2016		1
2,911,149	Philippine Peso		59,846	Bank of America, NA^(a)	12/21/2016		(38	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
2,915,788	Philippine Peso	$	59,950	Bank of America, NA^(a)	12/21/2016	$	(29	)
2,697,202	Philippine Peso		55,153	Bank of America, NA^(a)	12/21/2016		(330	)
2,749,096	Philippine Peso		56,312	Bank of America, NA^(a)	12/21/2016		(238	)
77,558	Philippine Peso		1,600	Bank of America, NA^(a)	12/21/2016		5
556,641	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		12
593,385	Philippine Peso		12,191	Bank of America, NA^(a)	12/21/2016		(15	)
5,417,764	Philippine Peso		111,718	Bank of America, NA^(a)	12/21/2016		272
593,385	Philippine Peso		12,191	Bank of America, NA^(a)	12/21/2016		(15	)
593,385	Philippine Peso		12,191	Bank of America, NA^(a)	12/21/2016		(15	)
593,372	Philippine Peso		12,192	Bank of America, NA^(a)	12/21/2016		(14	)
593,372	Philippine Peso		12,192	Bank of America, NA^(a)	12/21/2016		(14	)
587,484	Philippine Peso		12,071	Bank of America, NA^(a)	12/21/2016		(14	)
593,372	Philippine Peso		12,192	Bank of America, NA^(a)	12/21/2016		(14	)
107,904	Philippine Peso		2,216	Bank of America, NA^(a)	12/21/2016		(4	)
36,201	Philippine Peso		742	Bank of America, NA^(a)	12/21/2016		(3	)
2,159,498	Philippine Peso		43,886	Bank of America, NA^(a)	12/21/2016		(536	)
2,818,284	Philippine Peso		57,824	Bank of America, NA^(a)	12/21/2016		(150	)
593,263	Philippine Peso		12,191	Bank of America, NA^(a)	12/21/2016		(13	)
2,821,224	Philippine Peso		57,825	Bank of America, NA^(a)	12/21/2016		(209	)
593,372	Philippine Peso		12,192	Bank of America, NA^(a)	12/21/2016		(14	)
2,886,892	Philippine Peso		59,950	Bank of America, NA^(a)	12/21/2016		565
2,886,245	Philippine Peso		59,949	Bank of America, NA^(a)	12/21/2016		577
2,778,397	Philippine Peso		57,097	Bank of America, NA^(a)	12/21/2016		(56	)
43,821	Philippine Peso		910	Bank of America, NA^(a)	12/21/2016		9
556,916	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		6
556,916	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		6
1,547,107	Philippine Peso		31,884	Bank of America, NA^(a)	12/21/2016		59
1,027,247	Philippine Peso		21,099	Bank of America, NA^(a)	12/21/2016		(32	)
2,770,640	Philippine Peso		56,899	Bank of America, NA^(a)	12/21/2016		(94	)
556,469	Philippine Peso		11,462	Bank of America, NA^(a)	12/21/2016		15
593,372	Philippine Peso		12,192	Bank of America, NA^(a)	12/21/2016		(14	)
15,144	Philippine Peso		311	Bank of America, NA^(a)	12/21/2016		(1	)
1,619,533	Philippine Peso		33,345	Bank of America, NA^(a)	12/21/2016		30
2,673,930	Philippine Peso		55,354	Bank of America, NA^(a)	12/21/2016		350
2,769,331	Philippine Peso		56,899	Bank of America, NA^(a)	12/21/2016		(68	)
89	Polish Zloty		23	Bank of America, NA^(a)	12/21/2016		—	^(b)
942,476	Polish Zloty		243,426	Bank of America, NA^(a)	12/21/2016		3,431
473	Polish Zloty		123	Bank of America, NA^(a)	12/21/2016		3
1,707	Polish Zloty		442	Bank of America, NA^(a)	12/21/2016		7
3,881	Polish Zloty		1,014	Bank of America, NA^(a)	12/21/2016		26
40	Polish Zloty		10	Bank of America, NA^(a)	12/21/2016		—	^(b)
2,473	Polish Zloty		642	Bank of America, NA^(a)	12/21/2016		12
1,549	Polish Zloty		394	Bank of America, NA^(a)	12/21/2016		—	^(b)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
2,683	Polish Zloty	$	696	Bank of America, NA^(a)	12/21/2016	$	13
78	Polish Zloty		20	Bank of America, NA^(a)	12/21/2016		—	^(b)
1,203	Polish Zloty		313	Bank of America, NA^(a)	12/21/2016		7
38,618	Pound Sterling		49,077	Bank of America, NA^(a)	11/7/2016		1,804
4,268,902	Pound Sterling		5,217,704	JPMorgan Chase Bank, NA	11/14/2016		(8,621	)
452,728	Pound Sterling		597,912	JPMorgan Chase Bank, NA	11/16/2016		43,625
937,401	Pound Sterling		1,238,522	JPMorgan Chase Bank, NA	11/16/2016		90,838
1,098,563	Pound Sterling		1,426,822	JPMorgan Chase Bank, NA	12/30/2016		80,145
20,778,829	Russian Ruble		312,887	JPMorgan Chase Bank, NA	11/16/2016		(13,698	)
10,984	Singapore Dollar		7,916	Bank of America, NA^(a)	12/21/2016		18
515	Singapore Dollar		370	Bank of America, NA^(a)	12/21/2016		—	^(b)
447	Singapore Dollar		322	Bank of America, NA^(a)	12/21/2016		1
257	Singapore Dollar		186	Bank of America, NA^(a)	12/21/2016		2
2,097	Singapore Dollar		1,538	Bank of America, NA^(a)	12/21/2016		30
51,835	Singapore Dollar		37,964	Bank of America, NA^(a)	12/21/2016		695
773	Singapore Dollar		558	Bank of America, NA^(a)	12/21/2016		2
950	Singapore Dollar		693	Bank of America, NA^(a)	12/21/2016		10
4	Singapore Dollar		3	Bank of America, NA^(a)	12/21/2016		—	^(b)
4,141	Singapore Dollar		3,041	Bank of America, NA^(a)	12/21/2016		63
854	Singapore Dollar		614	Bank of America, NA^(a)	12/21/2016		—	^(b)
11,280	Singapore Dollar		8,215	Bank of America, NA^(a)	12/21/2016		104
23	Singapore Dollar		17	Bank of America, NA^(a)	12/21/2016		—	^(b)
39,509	Singapore Dollar		28,882	Bank of America, NA^(a)	12/21/2016		475
6,794	Singapore Dollar		5,020	Bank of America, NA^(a)	12/21/2016		135
561,352	South African Rand		39,242	Bank of America, NA^(a)	11/07/2016		(2,349	)
10,894,905	South African Rand		795,192	JPMorgan Chase Bank, NA	11/16/2016		(10,578	)
4,866	South African Rand		346	Bank of America, NA^(a)	12/21/2016		(11	)
3,454	South African Rand		250	Bank of America, NA^(a)	12/21/2016		(4	)
5,766	South African Rand		397	Bank of America, NA^(a)	12/21/2016		(26	)
36,039	South African Rand		2,535	Bank of America, NA^(a)	12/21/2016		(111	)
143,821	South African Rand		10,416	Bank of America, NA^(a)	12/21/2016		(143	)
1,538	South African Rand		110	Bank of America, NA^(a)	12/21/2016		(3	)
17,674	South African Rand		1,263	Bank of America, NA^(a)	12/21/2016		(35	)
26,048	South African Rand		1,845	Bank of America, NA^(a)	12/21/2016		(67	)
16,282	South African Rand		1,159	Bank of America, NA^(a)	12/21/2016		(36	)
24,432	South African Rand		1,709	Bank of America, NA^(a)	12/21/2016		(85	)
171,643	South African Rand		12,436	Bank of America, NA^(a)	12/21/2016		(165	)
9,715,928	Swedish Krona		1,104,957	JPMorgan Chase Bank, NA	11/14/2016		28,679
2,764,704	Swedish Krona		329,565	JPMorgan Chase Bank, NA	11/16/2016		23,279
13,698	Swedish Krona		1,605	Bank of America, NA^(a)	12/21/2016		85
5,671,753	Swedish Krona		664,965	Bank of America, NA^(a)	12/21/2016		35,408
13,003	Swedish Krona		1,478	Bank of America, NA^(a)	12/21/2016		35
692,966	Swedish Krona		81,560	Bank of America, NA^(a)	12/21/2016		4,642

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Contracts to Deliver		In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
36,096	Swedish Krona	$	4,204	Bank of America, NA^(a)	12/21/2016	$	197
9,481	Swedish Krona		1,114	Bank of America, NA^(a)	12/21/2016		62
4,169	Swedish Krona		489	Bank of America, NA^(a)	12/21/2016		26
598	Swedish Krona		70	Bank of America, NA^(a)	12/21/2016		4
571,982	Swedish Krona		66,857	Bank of America, NA^(a)	12/21/2016		3,368
4,566	Swedish Krona		522	Bank of America, NA^(a)	12/21/2016		15
24,252	Swedish Krona		2,759	Bank of America, NA^(a)	12/21/2016		67
33,068	Swedish Krona		3,669	Bank of America, NA^(a)	12/21/2016		(1	)
13,194	Swedish Krona		1,473	Bank of America, NA^(a)	12/21/2016		8
1,039	Swedish Krona		117	Bank of America, NA^(a)	12/21/2016		2
1,066,781	Swedish Krona		119,767	Bank of America, NA^(a)	12/21/2016		1,356
164	Swedish Krona		19	Bank of America, NA^(a)	12/21/2016		1
263,897	Swedish Krona		29,378	Bank of America, NA^(a)	12/21/2016		86
7,557	Swedish Krona		858	Bank of America, NA^(a)	12/21/2016		19
342,293	Swedish Krona		38,418	Bank of America, NA^(a)	12/21/2016		424
6,242,796	Swedish Krona		731,042	JPMorgan Chase Bank, NA	12/30/2016		37,700
102,655	Swiss Franc		104,175	JPMorgan Chase Bank, NA	11/14/2016		375
954,220	Swiss Franc		986,003	JPMorgan Chase Bank, NA	11/16/2016		21,040
306,739	Swiss Franc		318,475	JPMorgan Chase Bank, NA	11/16/2016		8,283
319,584	Swiss Franc		331,297	JPMorgan Chase Bank, NA	11/16/2016		8,115
83,000	Turkish Lira		26,700	JPMorgan Chase Bank, NA	11/14/2016		(56	)
6,093	Turkish Lira		1,966	Bank of America, NA^(a)	12/21/2016		18
5,585	Turkish Lira		1,830	Bank of America, NA^(a)	12/21/2016		44
21,456	Turkish Lira		6,831	Bank of America, NA^(a)	12/21/2016		(29	)
15,690	Turkish Lira		5,035	Bank of America, NA^(a)	12/21/2016		18
14,408	Turkish Lira		4,799	Bank of America, NA^(a)	12/21/2016		192
60,399	Turkish Lira		19,602	Bank of America, NA^(a)	12/21/2016		290
5,757	Turkish Lira		1,858	Bank of America, NA^(a)	12/21/2016		17
75,886	Turkish Lira		24,825	Bank of America, NA^(a)	12/21/2016		561
1,371	Turkish Lira		437	Bank of America, NA^(a)	12/21/2016		(1	)
3,875	Turkish Lira		1,251	Bank of America, NA^(a)	12/21/2016		12
53	Turkish Lira		17	Bank of America, NA^(a)	12/21/2016		—	^(b)
3,250	Turkish Lira		1,034	Bank of America, NA^(a)	12/21/2016		(5	)
6,544	Turkish Lira		2,101	Bank of America, NA^(a)	12/21/2016		9
Total						$	667,738

(a) The investment is held by the Subsidiary (see Note A in Notes to Financial Statements.)

(b) Amount less than one dollar.

For the year ended October 31, 2016, the average notional value of forward contracts for the Fund was $43,921,935. The Fund had cash collateral of $277,945 deposited in a segregated account for JPMorgan Chase Bank, NA.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Credit default swap contracts ("credit default swaps")

At October 31, 2016, the Fund had outstanding over-the-counter ("OTC") credit default swaps as follows:

OTC Credit Default Swaps—Buy Protection

Swap Counterparty	Reference Entity	Notional Amount		Contract Annual Fixed Rate*			Termination Date	Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
JPMorgan Chase Bank, NA	Assured Guaranty Municipal Corp., 0.00%, 12/31/2099	$	1,000,000		5.00	%	12/20/2021	$	(144,644	)	$	(16,256	)	$	(5,833	)	$	(166,733	)
JPMorgan Chase Bank, NA	Avon Products, Inc., 6.50%, 3/1/2019		2,000,000		5.00		12/20/2021		137,868			(137,838	)		(11,667	)		(11,637	)
JPMorgan Chase Bank, NA	Best Buy Co., Inc., 5.50%, 3/15/2021		2,000,000		5.00		12/20/2021		(294,578	)		(19,542	)		(11,667	)		(325,787	)
JPMorgan Chase Bank, NA	Gap, Inc. (The), 5.95%, 4/12/2021		2,000,000		1.00		12/20/2021		237,515			(38,173	)		(2,333	)		197,009
JPMorgan Chase Bank, NA	Goodyear Tire & Rubber Co. (The), 7.00%, 3/15/2028		1,000,000		5.00		12/20/2021		(145,663	)		3,452			(5,833	)		(148,044	)
JPMorgan Chase Bank, NA	Hertz Corp. (The), 5.88%, 10/15/2020		1,000,000		5.00		12/20/2021		(38,311	)		27,975			(5,833	)		(16,169	)
JPMorgan Chase Bank, NA	International Lease Finance Corp., 8.25%, 12/15/2020		1,000,000		5.00		12/20/2021		(152,612	)		(6,692	)		(5,833	)		(165,137	)
JPMorgan Chase Bank, NA	JC Penney Corp., Inc., 6.38%, 10/15/2036		1,000,000		5.00		12/20/2021		29,543			2,700			(5,833	)		26,410
JPMorgan Chase Bank, NA	Nordstrom, Inc., 6.95%, 3/15/2028		1,000,000		1.00		12/20/2021		28,355			(73	)		(1,167	)		27,115
JPMorgan Chase Bank, NA	Staples, Inc., 2.75%, 1/12/2018		2,000,000		1.00		12/20/2021		132,204			29,692			(2,333	)		159,563
JPMorgan Chase Bank, NA	United States Steel Corp., 6.65%, 6/1/2037		2,000,000		5.00		9/20/2020		34,941			97,867			(11,667	)		121,141
Total								$	(175,382	)	$	(56,888	)	$	(69,999	)	$	(302,269	)

* The contract annual fixed rate represents the annual fixed rate of interest paid by the Fund (as a buyer of protection) on the notional amount of the OTC credit default swaps.

OTC Credit Default Swaps—Sell Protection

Swap Counterparty	Reference Entity	Notional Amount		Contract Annual Fixed Rate*			Termination Date	Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)		Total Fair Value
JPMorgan Chase Bank, NA	United States Steel Corp., 6.65%, 6/1/2037	$	2,000,000		5.00	%	6/20/2019	$	(152,737	)	$	167,107	$	11,667	$	26,037
								$	(152,737	)	$	167,107	$	11,667	$	26,037

* The contract annual fixed rate represents the annual fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the OTC credit default swaps.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

For the year ended October 31, 2016, the average notional value of credit default swaps for the Fund was $20,538,462 for buy protection and $2,000,000 for sell protection.

At October 31, 2016, the Fund had outstanding centrally cleared credit default swaps as follows:

Centrally Cleared Credit Default Swaps—Buy Protection

Clearinghouse	Reference Entity	Notional Amount^(a)		Contract Annual Fixed Rate*			Termination Date		Unamortized Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)			Total Fair Value
ICE Clear Credit	CDX North America Investment Grade	$	5,000,000		1.00	%		12/20/2021	$	(60,646	)	$	8,826	$	(5,833	)	$	(57,653	)
ICE Clear Credit	iTraxx Europe Crossover Index	EUR	4,000,000		5.00			12/20/2021		(343,535	)		4,681		(25,614	)		(364,468	)
	Total								$	(404,181	)	$	13,507	$	(31,447	)	$	(422,121	)

(a) Notional amount is stated in the currency in which it is denominated.

EUR Euro

* The contract annual fixed rate represents the annual fixed rate of interest paid by the Fund (as a buyer of protection) on the notional amount of the centrally cleared credit default swaps.

For the year ended October 31, 2016, the average notional value of credit default swaps for the Fund was $19,469,000 for buy protection. The Fund had $377,899 deposited in segregated accounts to cover margin requirements on centrally cleared swaps.

Equity swap contracts ("equity swaps")

At October 31, 2016, the outstanding equity swaps* for the Fund were as follows:

Counterparty		Description		Expiration Date(s)		Value
JPMorgan Chase Bank, NA		The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions. The Fund pays the total return on short positions and receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.		12/19/2016- 10/31/2017			$(1,127,752)

* The following table represents the individual long and short positions and related values of the equity swaps with JPMorgan Chase Bank, NA as of October 31, 2016.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation/ (Depreciation)
Long Positions
Australia
Bradken Ltd.		51,270	$	125,394	$	190
SAI Global Ltd.		147,019		521,216		2,183
						2,373
Brazil
Porto Sudeste Royalties FIP		3,867,765		2,335,635		(1,123,929	)^(c)(d)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation/ (Depreciation)
Canada
Athabasca Oil Corp.		42,929		$	47,525		$	(7,198	)
Finland
Powerflute OYJ		194,600			211,886			1,890
Italy
Buzzi Unicem SpA		33,554			361,312			(18,757	)
Netherlands
Delta Lloyd NV		3,800			21,913			1,071
United States
Reynolds American, Inc.		2,000			108,920			1,240
Safeway, Inc.		429,292			0	^(e)		107,323	^(c)
Safeway, Inc.		429,292			0	^(e)		8,586	^(c)
								117,149
Total Long Positions of Equity Swaps								(1,027,401	)
Short Positions
France
Technip SA		(22,964	)		(1,409,042	)		(114,069	)
Germany
Vonovia SE		(2,830	)		(106,107	)		6,431
Italy
Buzzi Unicem SpA		(18,107	)		(358,136	)		5,916
United Kingdom
British American Tobacco plc		(1,100	)		(61,505	)		(1,662	)
Henderson Group plc		(27,370	)		(81,754	)		4,133
								2,471
Total Short Positions of Equity Swaps								(99,251	)
Total Long and Short Positions of Equity Swaps								(1,126,652	)
Financing Costs and Other Receivables/(Payables)								(1,100	)
Equity Swaps, at value—JPMorgan Chase Bank, NA							$	(1,127,752	)

Counterparty		Description		Expiration Date(s)		Value
Morgan Stanley Capital Services LLC		The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions. The Fund pays the total return on short positions and receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.		12/12/2016- 09/15/2017			$748,748

* The following table represents the individual long and short positions and related values of the equity swaps with Morgan Stanley Capital Services LLC as of October 31, 2016.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation/ (Depreciation)
Long Positions
Brazil
Hypermarcas SA		35,704	$	224,665	$	74,658
France
Amundi SA		6,909		344,306		(5,703	)
BNP Paribas SA		15,189		857,262		23,778
Iliad SA		5,666		1,339,350		(150,736	)
JCDecaux SA		4,843		192,922		(44,834	)
LVMH Moet Hennessy Louis Vuitton SE		5,123		778,698		152,318
Publicis Groupe SA		12,320		808,141		37,126
Remy Cointreau SA		7,853		573,359		63,706
Societe Generale SA		1,505		53,807		4,942
						80,597
India
Dr Reddy's Laboratories Ltd.		7,821		363,701		21,796
Ireland
Ryanair Holdings plc		100,224		1,580,441		(194,178	)
Jordan
Hikma Pharmaceuticals plc		13,775		402,635		(106,900	)
Luxembourg
Eurofins Scientific SE		1,481		524,287		148,618
South Africa
Aspen Pharmacare Holdings Ltd.		13,787		273,382		26,954
South Korea
NAVER Corp.		549		297,228		113,953
Switzerland
LafargeHolcim Ltd.		23,536		1,048,051		208,963
Syngenta AG		1,243		486,319		10,604
						219,567
Turkey
Migros Ticaret A/S		44,527		267,640		(11,637	)
United Kingdom
Admiral Group plc		7,515		178,002		(1,669	)
Barclays plc		105,890		224,333		22,313
Burberry Group plc		3,106		47,809		8,266
Croda International plc		9,445		350,803		53,589
ITV plc		251,414		598,825		(74,144	)
Pets At Home Group plc		15,218		54,515		(14,765	)

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation/ (Depreciation)
RSA Insurance Group plc		43,307		$	238,314		$	54,554
Smith & Nephew plc		5,686			89,219			(6,886	)
Smiths Group plc		7,053			79,899			42,515
Sports Direct International plc		245,517			1,037,126			(205,607	)
								(121,834	)
United States
Coach, Inc.		18,638			628,447			40,470
Mead Johnson Nutrition Co.		9,432			749,096			(43,865	)
								(3,395	)
Total Long Positions of Equity Swaps								248,199
Short Positions
France
Air France-KLM		(54,160	)		(405,740	)		75,294
Electricite de France SA		(16,362	)		(228,045	)		44,659
Kering		(2,484	)		(433,397	)		(117,555	)
Lagardere SCA		(22,437	)		(649,250	)		77,829
Orange SA		(45,293	)		(782,056	)		68,569
								148,796
Germany
adidas AG		(5,162	)		(885,366	)		38,778
Deutsche Lufthansa AG		(29,139	)		(441,856	)		69,364
Deutsche Telekom AG		(45,781	)		(825,033	)		78,981
								187,123
Italy
Eni SpA		(40,249	)		(630,841	)		47,179
Netherlands
Koninklijke Ahold Delhaize NV		(39,946	)		(923,751	)		11,875
Spain
Industria de Diseno Textil SA		(30,299	)		(1,011,848	)		(47,339	)
Switzerland
Givaudan SA		(385	)		(720,817	)		(24,244	)
Roche Holding AG		(1,128	)		(304,227	)		44,897
								20,653
United Kingdom
Bunzl plc		(29,995	)		(687,022	)		(120,316	)
GlaxoSmithKline plc		(24,091	)		(393,694	)		(83,559	)
Marks & Spencer Group plc		(421,587	)		(2,239,559	)		482,502
WPP plc		(34,930	)		(656,557	)		(103,615	)
								175,012

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation/ (Depreciation)
United States
Merck & Co., Inc.		(4,871	)	$	(260,010	)	$	(26,016	)
Pfizer, Inc.		(8,353	)		(267,845	)		2,972
								(23,044	)
Total Short Positions of Equity Swaps								520,255
Total Long and Short Positions of Equity Swaps								768,454
Financing Costs and Other Receivables/(Payables)								(19,706	)
Equity Swaps, at value—Morgan Stanley Capital Services LLC							$	748,748
Total Equity Swaps, at value							$	(379,004	)

(a) Notional value represents the value (including any fees or commissions) of the long and short positions when they were established.

(b) For the year ended October 31, 2016, the average notional value of equity swaps for the Fund was $59,122,644 for long positions and $(20,991,300) for short positions.

(d) Security fair valued as of October 31, 2016 in accordance with procedures approved by the Board of Trustees.

(e) Amount less than one dollar.

At October 31, 2016, the Fund had cash collateral of $3,802,055, $1,920,604 and $4,770,000 deposited in a segregated account for JPMorgan Chase Bank, NA, Bank of America, N.A. and Morgan Stanley Capital Services LLC, respectively, to cover collateral requirements on OTC derivatives.

Total return swap contracts ("total return swaps")

At October 31, 2016, the Fund had outstanding total return swaps as follows:

Long Total Return Swaps

Swap Counterparty

Reference Entity

Termination
Date

Notional
Value^(b)

Unrealized
Appreciation/
(Depreciation)

Bank of America, NA

FTSE Bursa Malaysia KLCI Index Futures^(a)

11/30/2016

MYR

250,600

(42

)

Bank of America, NA

IBEX 35 Index Futures^(a)

11/18/2016

EUR

450,336

6,541

Bank of America, NA

KOSPI 200 Index Futures^(a)

12/8/2016

KRW

1,959,016,725

(31,625

)

Bank of America, NA

SET50 Index Futures^(a)

12/29/2016

THB

8,301,716

8,516

Total

(16,610

)

(a) The investment is held by the Subsidiary (see Note A in Notes to Financial Statements.)

(b) Notional value represents the value (including any fees or commissions) of the long positions when they were established, and is stated in the currency in which it is denominated.

EUR  Euro
KRW  Korean Won
MYR  Malaysian Ringgit
THB  Thai Baht

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

For the year ended October 31, 2016, the average notional value of total return swaps for the Fund was $2,385,888 for long positions and $(2,647,348) for short positions.

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Hewlett Packard Enterprise Co., Call		6	$	21	11/18/2016	$	(945	)
Hewlett Packard Enterprise Co., Call		65		22	11/18/2016		(5,362	)
Imperva, Inc., Call		42		55	11/18/2016		(735	)
iShares Russell 2000 Fund, Put		266		102	12/30/2016		(13,566	)
Molson Coors Brewing Co., Put		155		95	11/18/2016		(10,075	)
NetSuite, Inc., Call		14		110	11/18/2016		(1,050	)
NXP Semiconductors NV, Call		17		105	11/18/2016		(128	)
Pacific Biosciences of California, Inc., Call		112		10	11/18/2016		(2,240	)
Rackspace Hosting, Inc., Call		177		32	12/16/2016		(885	)^(a)
Rite Aid Corp., Call		46		8	11/18/2016		(138	)
Rite Aid Corp., Put		130		5	1/20/2017		(3,965	)
Time Warner, Inc., Put		4		85	1/20/2017		(600	)
Time Warner, Inc., Put		16		87.5	1/20/2017		(4,056	)
Twitter, Inc., Call		12		18	11/18/2016		(1,116	)
Twitter, Inc., Call		14		19	11/18/2016		(812	)
Total (Premium received $(72,594))						$	(45,673	)

(a) Security fair valued as of October 31, 2016 in accordance with procedures approved by the Board of Trustees.

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 10/31/15		13,969		$	4,939,440
Options written		22,197			1,540,678
Options closed		(18,461	)		(5,504,488	)
Options exercised		(1	)		(69	)
Options expired		(16,628	)		(902,967	)
Outstanding 10/31/16		1,076		$	72,594

For the year ended October 31, 2016, the Fund had an average market value of $2,601,186 in purchased option contracts, and $(547,620) in options written, respectively.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1			Level 2		Level 3*			Total
Investments:
Common Stocks
Airlines	$	201		$	—	$	10		$	211
Capital Markets		3,870			—		—			3,870
Media		15,247			332		1			15,580
Other Common Stocks^(a)		223,567			—		—			223,567
Total Common Stocks		242,885			332		11			243,228
Loan Assignments
Health Care Equipment & Supplies		—			—		522			522
Independent Power & Renewable Electricity Producers		—			—		636			636
Professional Services		—			—		1,989			1,989
Other Loan Assignments^(a)		—			46,959		—			46,959
Total Loan Assignments		—			46,959		3,147			50,106
Corporate Bonds
Banks		—			—		12,087			12,087
Capital Markets		—			—		7,402			7,402
Oil, Gas & Consumable Fuels		—			2,803		—	^(b)		2,803
Other Corporate Bonds^(a)		—			21,188		—			21,188
Total Corporate Bonds		—			23,991		19,489			43,480
Commercial Mortgage-Backed Securities		—			39,339		—			39,339
Asset-Backed Securities		—			36,100		—			36,100
Master Limited Partnerships		19,173			—		—			19,173
Collateralized Mortgage Obligations		—			10,996		—			10,996
Convertible Bonds^(a)		—			4,541		—			4,541
U.S. Treasury Obligation		—			966		—			966
Rights
Biotechnology		—			—		96			96
Food & Staples Retailing		—			—		30			30
Pharmaceuticals		—			—		—	^(b)		—	^(b)
Semiconductors & Semiconductor Equipment		—			1,392		—			1,392
Wireless Telecommunication Services		—			—		189			189
Other Rights^(a)		—	^(b)		—		—			—	^(b)
Total Rights		—			1,392		315			1,707
Options Purchased		296			—		—			296

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3*			Total
Warrants
Insurance	$	—	$	—	$	—	^(b)	$	—	^(b)
Other Warrants^(a)		47		—		—			47
Total Warrants		47		—		—			47
Preferred Stock^(a)		26		—		—			26
Short-Term Investments		—		113,752		—			113,752
Total Long Positions	$	262,427	$	278,368	$	22,962		$	563,757

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

(b) Amount less than one thousand.

* The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance as of 11/1/2015		Accrued discounts/ (premiums)			Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of 10/31/2016		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2016
Investments in Securities:
Common Stocks^(a)
Airlines	$	—	$	—		$	(45	)	$	—	$	—		$	55	$	—		$	10	$	(45	)
Capital Markets		—		—			(197	)		—		(60	)		257		—			—		1,128
Health Care Equipment & Supplies		16		—			(16	)		—		—			—		—			—		—
Media		1		—			—			—		—			—		—			1		—
Loan Assignments^(b)
Commercial Services & Supplies		448		0	^(c)		(27	)		—		(421	)		—		—			—		—
Diversified Financial Services		2,867		—			—			—		—			—		(2,867	)		—		—
Electronic Equipment, Instruments & Components		289		0	^(c)		(12	)		—		(277	)		—		—			—		—
Food Products		1,843		5			11			5		(1,864	)		—		—			—		—
Health Care Equipment & Supplies		—		0	^(c)		9			773		(260	)		—		—			522		6

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

(000's omitted)	Beginning balance as of 11/1/2015			Accrued discounts/ (premiums)			Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases			Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of 10/31/2016			Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2016
Household Products	$	376		$	0	^(c)	$	(11	)	$	—		$	(365	)	$	—	$	—		$	—		$	—
Independent Power & Renewable Electricity Producers		687			11			95			518			(675	)		—		—			636			109
Insurance		771			0	^(c)		(24	)		—			(747	)		—		—			—			—
Professional Services		2,652			8			12			—			(683	)		—		—			1,989			(13	)
Corporate Bonds^(b)
Banks		14,887			217			(3,017	)		—			—			—		—			12,087			(3,017	)
Capital Markets		9,870			123			(2,591	)		—			—			—		—			7,402			(2,591	)
Chemicals		1			—			—			—			—			—		(1	)		—			—
Oil, Gas & Consumable Fuels		—			—			—			—	^(c)		—			—		—			—	^(c)		—
Rights^(a)
Biotechnology		3			—			65			—			(40	)		68		—			96			24
Food & Staples Retailing		45			—			(15	)		—			—			—		—			30			(15	)
Life Sciences Tools & Services		15			—			0	^(c)		—			(15	)		—		—			—			—
Pharmaceuticals		—	^(c)		—			—			—			—			—		—			—	^(c)		—
Wireless Telecommunication Services		222			—			(33	)		—			—			—		—			189			(33	)
Warrants^(a)
Insurance		—	^(c)		—			—			—			—			—		—			—	^(c)		—
Total	$	34,993		$	364		$	(5,796	)	$	1,296		$	(5,407	)	$	380	$	(2,868	)	$	22,962		$	(4,447	)

(a) As of the year ended October 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(b) These securities are 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.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

As of the year ended October 31, 2016, certain securities were transferred from one level (as of October 31, 2015) to another. Based on beginning of period market values as of November 1, 2015, $2,867,361 was transferred from Level 3 to Level 2. In addition, $123,143 was transferred from Level 2 to Level 3. In addition, $256,611 was transferred from Level 1 to Level 3. Bank loans, corporate bonds and common stocks that transferred in or out of Level 3 were primarily due to the pricing methodology being based on a single broker quote (Level 3) or the pricing methodology being based on dated inputs by Management (Level 3). In addition, $183,849 was transferred from Level 2 to Level 1 due to active market activity on recognized exchanges as of October 31, 2016. As of October 31, 2015, these securities had been categorized as Level 2 due to the use of Interactive provided adjusted prices as stated in the description of the valuation methods of foreign equity securities.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's short investments as of October 31, 2016:

Liability Valuation Inputs
(000's omitted)	Level 1			Level 2			Level 3*			Total
Investments:
Common Stocks Sold Short
IT Services	$	(2,931	)	$	—		$	(27	)	$	(2,958	)
Other Common Stocks Sold Short^(a)		(87,740	)		—			—			(87,740	)
Total Common Stocks Sold Short		(90,671	)		—			(27	)		(90,698	)
Exchange Traded Funds Sold Short		(13,491	)		—			—			(13,491	)
Corporate Bonds Sold Short^(a)		—			(13,020	)		—			(13,020	)
Exchange Traded Note Sold Short		(1,839	)		—			—			(1,839	)
Master Limited Partnerships Sold Short^(a)		(1,567	)		—			—			(1,567	)
Total Short Positions	$	(107,568	)	$	(13,020	)	$	(27	)	$	(120,615	)

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

* The following is a reconciliation between the beginning and ending balances of short investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance as of 11/1/2015			Accrued discounts/ (premiums)		Realized gain/loss and change in unrealized appreciation/ (depreciation)		Purchases to cover positions sold short		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 10/31/2016			Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2016
Investments in Securities:
Common Stocks Sold Short^(a)
IT Services	$	(122	)	$	—	$	95	$	—	$	—	$	—	$	—	$	(27	)	$	95
Total	$	(122	)	$	—	$	95	$	—	$	—	$	—	$	—	$	(27	)	$	95

(a) These securities are 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.

See Notes to Financial Statements

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3*			Total
Forward contracts^(a)
Assets	$	—		$	851		$	—		$	851
Liabilities		—			(657	)		—			(657	)
Futures^(a)
Assets		2,646			—			—			2,646
Liabilities		(1,966	)		—			—			(1,966	)
Swap contracts^(a)
Assets		—			2,747			116			2,863
Liabilities		—			(2,833	)		(1,124	)		(3,957	)
Option contracts written
Liabilities		(45	)		—			(1	)		(46	)
Total	$	635		$	108		$	(1,009	)	$	(266	)

(a) Forward contracts and futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument. Swap contracts are reported at the cumulative unrealized appreciation/(depreciation), with the exception of credit default swaps, which are reported in the table at value.

* The following is a reconciliation between the beginning and ending balances of derivative investments in which unobservable inputs (Level 3) were used in determining value:

(000's omitted)	Beginning balance as of 11/1/2015		Accrued discounts/ (premiums)		Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers into Level 3			Transfers out of Level 3		Balance as of 10/31/2016			Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/2016
Investments in Securities:
Equity Swaps^(a)
Brazil	$	—	$	—	$	1,189		$	—	$	—		$	(2,313	)	$	—	$	(1,124	)	$	1,189
United States		172		—		(56	)		—		—			—			—		116			(56	)
Option contracts written^(b)
United States		—		—		1			—		0	^(c)		(2	)		—		(1	)		2
Total	$	172	$	—	$	1,134		$	—	$	0	^(c)	$	(2,315	)	$	—	$	(1,009	)	$	1,135

(b) As of the year ended October 31, 2016, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund 10/31/2016

Investments	Shares		Value (000)
Long Positions (97.5%)
Common Stocks (69.2%)
Air Freight & Logistics (0.8%)
FedEx Corp.^(a)		1,010	$	176
Auto Components (2.2%)
Adient plc*		110		5
Johnson Controls International plc^(a)		12,394		500
				505
Banks (1.0%)
Barclays plc (United Kingdom)^(a)		17,249		40
Societe Generale SA (France)^(a)		392		16
Synovus Financial Corp.^(a)		5,330		176
				232
Beverages (1.1%)
Molson Coors Brewing Co., Class B^(a)		2,425		252
Biotechnology (6.4%)
Alexion Pharmaceuticals, Inc.*^(a)		1,868		244
BioMarin Pharmaceutical, Inc.*^(a)(b)		2,910		234
Incyte Corp.*^(b)		2,614		228
Ironwood Pharmaceuticals, Inc.*^(b)		13,528		173
Neurocrine Biosciences, Inc.*^(b)		5,102		223
TESARO, Inc.*^(b)		2,054		248
Vertex Pharmaceuticals, Inc.*		1,900		144
				1,494
Capital Markets (0.6%)
Evercore Partners, Inc., Class A^(a)		2,375		127
Intertrust NV (Netherlands)*^(a)(c)		130		3
				130
Chemicals (2.6%)
Air Products & Chemicals, Inc.^(a)		1,700		227
Croda International plc (United Kingdom)^(a)		1,650		71
PPG Industries, Inc.^(a)		1,885		175
WR Grace & Co.^(a)		1,975		132
				605

Investments	Shares		Value (000)
Communications Equipment (1.1%)
Harris Corp.^(a)		1,080	$	96
Palo Alto Networks, Inc.*^(a)		1,090		168
				264
Construction Materials (1.0%)
HeidelbergCement AG (Germany)^(a)		808		77
Martin Marietta Materials, Inc.^(a)		800		148
				225
Containers & Packaging (0.3%)
Ball Corp.^(a)		1,038		80
Diversified Financial Services (1.0%)
Pace Holdings Corp.*^(a)		22,750		236
Electric Utilities (2.5%)
Exelon Corp.		792		27
Great Plains Energy, Inc.^(a)		1,762		50
NextEra Energy, Inc.^(a)		3,021		387
PG&E Corp.^(a)		1,575		98
PNM Resources, Inc.^(a)		730		24
				586
Food & Staples Retailing (1.0%)
Cia Brasileira de Distribuicao, ADR (Brazil)^(a)		1,399		27
Magnit PJSC, GDR (Russia)^(a)		1,377		55
Wal-Mart de Mexico SAB de CV (Mexico)^(a)		16,859		36
X5 Retail Group NV, GDR (Russia)*^(a)		3,704		110
				228
Food Products (0.5%)
Mead Johnson Nutrition Co.		1,495		112
Gas Utilities (0.2%)
Atmos Energy Corp.^(a)		683		51
Health Care Equipment & Supplies (7.7%)
ABIOMED, Inc.*		1,283		135
Boston Scientific Corp.*		6,540		144
CR Bard, Inc.		722		156
Danaher Corp.^(a)		1,675		131
DENTSPLY SIRONA, Inc.^(a)		2,030		117
Edwards Lifesciences Corp.*		1,215		116
Hologic, Inc.*^(b)		5,506		198
Integra LifeSciences Holdings Corp.*		1,401		111

Investments	Shares		Value (000)
Masimo Corp.*^(b)		2,120	$	117
NuVasive, Inc.*		1,962		117
Smith & Nephew plc (United Kingdom)^(a)		926		13
Smith & Nephew plc, ADR (United Kingdom)^(b)		6,629		194
West Pharmaceutical Services, Inc.^(a)		550		42
Wright Medical Group NV*^(b)		9,071		199
				1,790
Health Care Providers & Services (0.2%)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H (China)^(a)		11,003		28
Sinopharm Group Co. Ltd., Class H (China)^(a)		6,177		30
				58
Hotels, Restaurants & Leisure (1.4%)
Bloomin' Brands, Inc.^(a)		6,990		121
Vail Resorts, Inc.^(a)		1,295		206
				327
Household Durables (0.8%)
Mohawk Industries, Inc.*^(a)		1,040		192
Independent Power & Renewable Electricity Producers (1.6%)
8Point3 Energy Partners LP^(a)		85		1
Calpine Corp.*^(a)		2,237		27
Dynegy, Inc.*^(a)		3,968		42
NextEra Energy Partners LP^(a)		3,915		107
NRG Yield, Inc., Class A^(a)		5,279		78
Pattern Energy Group, Inc.^(a)		5,538		124
				379
Industrial Conglomerates (0.1%)
Smiths Group plc (United Kingdom)^(a)		1,149		20
Insurance (2.3%)
Admiral Group plc (United Kingdom)^(a)		1,225		29
AIA Group Ltd. (Hong Kong)^(a)		27,649		175
American International Group, Inc.^(a)		1,660		102
Hartford Financial Services Group, Inc. (The)^(a)		3,655		161

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Investments	Shares		Value (000)
RSA Insurance Group plc (United Kingdom)^(a)		8,751	$	59
				526
Internet & Direct Marketing Retail (1.3%)
Amazon.com, Inc.*^(a)		44		35
ASOS plc (United Kingdom)*^(a)		665		43
Expedia, Inc.^(a)		869		112
Priceline Group, Inc. (The)*^(a)		70		103
				293
Internet Software & Services (3.9%)
Alibaba Group Holding Ltd., ADR (China)*^(a)		1,624		165
Alphabet, Inc., Class A*^(a)		261		211
Baidu, Inc., ADR (China)*^(a)		334		59
eBay, Inc.*^(a)		1,877		53
Facebook, Inc., Class A*^(a)		1,375		180
LinkedIn Corp., Class A*^(a)		194		37
Mail.Ru Group Ltd., GDR (Russia)*^(a)		1,097		18
MercadoLibre, Inc. (Argentina)^(a)		414		70
Tencent Holdings Ltd. (China)^(a)		3,643		97
Yandex NV, Class A (Russia)*^(a)		1,201		24
				914
IT Services (1.6%)
PayPal Holdings, Inc.*^(a)		1,877		78
Total System Services, Inc.^(a)		2,440		122
Visa, Inc., Class A^(a)		2,150		177
				377
Life Sciences Tools & Services (1.8%)
Gerresheimer AG (Germany)^(a)		2,130		160
QIAGEN NV*^(b)		10,735		262
				422
Machinery (0.4%)
Mueller Water Products, Inc., Class A^(a)		7,950		98

Investments	Shares		Value (000)
Media (3.0%)
CBS Corp., Class B^(a)		4,475	$	253
ITV plc (United Kingdom)^(a)		46,615		97
Liberty Global plc, Series C (United Kingdom)*^(a)		1,686		54
Liberty Global plc LiLAC, Series C (United Kingdom)*^(a)		237		7
Stroeer SE & Co. KGaA (Germany)^(a)		6,602		301
				712
Multi-Utilities (2.7%)
Black Hills Corp.^(a)		5,439		336
CMS Energy Corp.^(a)		1,044		44
DTE Energy Co.^(a)		890		86
SCANA Corp.^(a)		342		25
Sempra Energy^(a)		1,362		146
				637
Oil, Gas & Consumable Fuels (2.7%)
Cheniere Energy Partners LP Holdings LLC^(a)		106		2
Cheniere Energy, Inc.*^(a)		3,552		134
Enbridge, Inc. (Canada)^(a)		1,368		59
Golar LNG Ltd.^(a)		784		17
Kinder Morgan, Inc.^(a)		5,653		115
Phillips 66^(a)		524		43
SemGroup Corp., Class A^(a)		625		20
Targa Resources Corp.^(a)		1,709		75
TransCanada Corp. (Canada)^(a)		1,235		56
Williams Cos., Inc. (The)^(a)		3,487		102
				623
Pharmaceuticals (2.6%)
Allergan plc*^(a)		990		207
Dermira, Inc.*^(b)		5,418		170
Hikma Pharmaceuticals plc (Jordan)^(a)		2,178		47
Merck & Co., Inc.		2,540		149
Teva Pharmaceutical Industries Ltd., ADR (Israel)^(a)		607		26
				599
Road & Rail (1.5%)
Kansas City Southern^(a)		1,735		152
Norfolk Southern Corp.^(a)		2,170		202
				354

Investments	Shares		Value (000)
Semiconductors & Semiconductor Equipment (1.7%)
Broadcom Ltd. (Singapore)^(a)		915	$	156
NXP Semiconductors NV (Netherlands)*^(a)		2,375		237
				393
Software (1.7%)
Activision Blizzard, Inc.^(a)		5,490		237
PTC, Inc.*^(a)		3,360		159
				396
Specialty Retail (1.3%)
Hennes & Mauritz AB, Class B (Sweden)^(a)		4,568		129
Pets at Home Group plc (United Kingdom)^(a)		2,873		7
Sports Direct International plc (United Kingdom)*^(a)		49,105		166
				302
Technology Hardware, Storage & Peripherals (1.2%)
Apple, Inc.^(a)		1,615		184
Samsung Electronics Co. Ltd., GDR (South Korea)^(a)		132		93
				277
Textiles, Apparel & Luxury Goods (3.3%)
Burberry Group plc (United Kingdom)^(a)		506		9
Deckers Outdoor Corp.*^(a)		2,285		120
G-III Apparel Group Ltd.*^(a)		3,225		84
Michael Kors Holdings Ltd.*^(a)		1,634		83
NIKE, Inc., Class B^(a)		2,209		111
PVH Corp.^(a)		2,385		255
Steven Madden Ltd.*^(a)		3,300		110
				772
Trading Companies & Distributors (1.1%)
Brenntag AG (Germany)^(a)		4,946		264
Transportation Infrastructure (0.5%)
Macquarie Infrastructure Corp.		1,319		108
Water Utilities (0.5%)
American Water Works Co., Inc.^(a)		1,738		129
Total Common Stocks (Cost $16,082)				16,138

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Investments	Shares		Value (000)
Master Limited Partnerships (7.7%)
Oil, Gas & Consumable Fuels (7.7%)
Antero Midstream Partners LP^(a)		4,268	$	124
Boardwalk Pipeline Partners LP^(a)		7,981		137
Buckeye Partners LP^(a)		717		46
Cheniere Energy Partners LP		264		7
Delek Logistics Partners LP		122		3
Enable Midstream Partners LP		29		—	^(e)
Energy Transfer Equity LP^(a)		6,900		103
Energy Transfer Partners LP^(a)		3,184		111
Enterprise Products Partners LP^(a)		4,904		124
EQT GP Holdings LP^(a)		2,748		64
EQT Midstream Partners LP^(a)		1,018		76
Magellan Midstream Partners LP^(a)		19		1
MPLX LP		20		1
Noble Midstream Partners LP*^(a)		226		7
NuStar Energy LP		33		2
NuStar GP Holdings LLC^(a)		2,665		66
ONEOK Partners LP^(a)		1,304		52
Phillips 66 Partners LP		228		10
Plains All American Pipeline LP^(a)		836		25
Rice Midstream Partners LP^(a)		2,031		44
Shell Midstream Partners LP		4,438		120
Spectra Energy Partners LP		450		19
Sunoco Logistics Partners LP^(a)		2,744		70
Sunoco LP		3,387		97
Tesoro Logistics LP^(a)		500		24
Valero Energy Partners LP^(a)		3,500		143
Western Gas Equity Partners LP^(a)		2,388		102
Western Gas Partners LP^(a)		1,355		75
Western Refining Logistics LP^(a)		6,958		159
Total Master Limited Partnerships (Cost $1,786)				1,812

Investments	No. of Contracts			Value (000)
Option Purchased (0.0%)^(f)
Put Option (0.0%)^(f)
Molson Coors Brewing Co. 11/18/2016 @ 103.00 (Cost $3)		12		$		3
	Shares
Short-Term Investment (20.6%)
Investment Company (20.6%)
Morgan Stanley Institutional Liquidity Fund Treasury Portfolio Institutional Class, 0.19% (Cost $4,807)^(a)(g)		4,806,748			4,807
Total Long Positions (Cost $22,678)					22,760
Short Positions (35.1%)^(h)
Common Stocks (29.2%)
Aerospace & Defense (0.3%)
Triumph Group, Inc.		(3,280	)		(78	)
Air Freight & Logistics (0.4%)
Royal Mail plc (United Kingdom)		(15,250	)		(92	)
Airlines (0.4%)
Deutsche Lufthansa AG (Germany)		(7,200	)		(92	)
Auto Components (0.3%)
Autoliv, Inc. (Sweden)		(800	)		(77	)
Banks (1.1%)
Canadian Western Bank (Canada)		(3,700	)		(70	)
Home BancShares, Inc.		(4,610	)		(99	)
National Bank of Canada (Canada)		(2,180	)		(78	)
					(247	)
Beverages (0.3%)
Brown-Forman Corp., Class B		(1,600	)		(74	)
Biotechnology (0.6%)
AbbVie, Inc.		(1,116	)		(62	)
Amgen, Inc.		(533	)		(75	)
					(137	)

Investments	Shares			Value (000)
Capital Markets (0.9%)
Ameriprise Financial, Inc.		(815	)	$	(72	)
Franklin Resources, Inc.		(2,830	)		(95	)
Waddell & Reed Financial, Inc., Class A		(2,400	)		(38	)
					(205	)
Chemicals (0.2%)
Axalta Coating Systems Ltd.*		(1,540	)		(39	)
Commercial Services & Supplies (0.3%)
RR Donnelley & Sons Co.		(3,710	)		(66	)
Diversified Consumer Services (0.4%)
ServiceMaster Global Holdings, Inc.*		(2,625	)		(94	)
Electric Utilities (0.8%)
Duke Energy Corp.		(414	)		(33	)
Eversource Energy		(561	)		(31	)
Southern Co. (The)		(2,044	)		(105	)
Xcel Energy, Inc.		(303	)		(13	)
					(182	)
Electrical Equipment (1.1%)
Acuity Brands, Inc.		(430	)		(96	)
Emerson Electric Co.		(1,560	)		(79	)
Sensata Technologies Holding NV*		(2,250	)		(81	)
					(256	)
Food & Staples Retailing (1.0%)
Costco Wholesale Corp.		(405	)		(60	)
CVS Health Corp.		(847	)		(71	)
Metro, Inc. (Canada)		(1,300	)		(40	)
Walgreens Boots Alliance, Inc.		(887	)		(74	)
					(245	)
Food Products (0.7%)
Flowers Foods, Inc.		(2,750	)		(43	)
Hormel Foods Corp.		(3,100	)		(119	)
					(162	)
Health Care Equipment & Supplies (2.1%)
Danaher Corp.		(816	)		(64	)
DENTSPLY SIRONA, Inc.		(1,067	)		(62	)
DexCom, Inc.*		(592	)		(46	)
Halyard Health, Inc.*		(2,300	)		(74	)
ICU Medical, Inc.*		(390	)		(54	)
LivaNova plc*		(2,400	)		(136	)
Medtronic plc		(727	)		(60	)
					(496	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Investments	Shares			Value (000)
Health Care Providers & Services (2.2%)
Anthem, Inc.		(695	)	$	(85	)
Cardinal Health, Inc.		(888	)		(61	)
DaVita, Inc.*		(620	)		(36	)
Express Scripts Holding Co.*		(873	)		(59	)
Henry Schein, Inc.*		(372	)		(55	)
Patterson Cos., Inc.		(987	)		(42	)
Quest Diagnostics, Inc.		(629	)		(51	)
UnitedHealth Group, Inc.		(485	)		(69	)
VCA, Inc.*		(844	)		(52	)
					(510	)
Hotels, Restaurants & Leisure (0.9%)
Darden Restaurants, Inc.		(2,150	)		(139	)
Starbucks Corp.		(1,500	)		(80	)
					(219	)
Household Products (0.7%)
Church & Dwight Co., Inc.		(1,500	)		(72	)
Clorox Co. (The)		(725	)		(87	)
					(159	)
Independent Power & Renewable Electricity Producers (0.1%)
NRG Yield, Inc., Class C		(1,462	)		(22	)
Industrial Conglomerates (0.2%)
Honeywell International, Inc.		(370	)		(41	)
Insurance (0.2%)
Unum Group		(1,670	)		(59	)
IT Services (1.0%)
Cognizant Technology Solutions Corp., Class A*		(1,570	)		(81	)
EPAM Systems, Inc.*		(590	)		(38	)
International Business Machines Corp.		(725	)		(111	)
					(230	)
Life Sciences Tools & Services (1.0%)
Agilent Technologies, Inc.		(1,167	)		(51	)
Bruker Corp.		(1,850	)		(38	)
Quintiles IMS Holdings, Inc.*		(1,054	)		(76	)
Thermo Fisher Scientific, Inc.		(438	)		(64	)
					(229	)

Investments	Shares			Value (000)
Media (0.8%)
Comcast Corp., Class A		(940	)	$	(58	)
Walt Disney Co. (The)		(1,430	)		(133	)
					(191	)
Multiline Retail (0.9%)
Big Lots, Inc.		(2,000	)		(87	)
Target Corp.		(1,875	)		(129	)
					(216	)
Multi-Utilities (1.7%)
Ameren Corp.		(1,640	)		(82	)
Consolidated Edison, Inc.		(2,768	)		(209	)
Dominion Resources, Inc.		(1,286	)		(97	)
Public Service Enterprise Group, Inc.		(431	)		(18	)
					(406	)
Oil, Gas & Consumable Fuels (0.2%)
ONEOK, Inc.		(583	)		(28	)
Plains GP Holdings LP, Class A		(1,394	)		(17	)
Tallgrass Energy GP LP		(409	)		(10	)
					(55	)
Pharmaceuticals (4.6%)
Allergan plc*		(242	)		(51	)
GlaxoSmithKline plc, ADR (United Kingdom)		(1,550	)		(62	)
Jazz Pharmaceuticals plc*		(487	)		(53	)
Johnson & Johnson		(475	)		(55	)
Mallinckrodt plc*		(925	)		(55	)
Merck & Co., Inc.		(1,067	)		(63	)
Mylan NV*		(1,458	)		(53	)
Novartis AG, ADR (Switzerland)		(866	)		(62	)
Perrigo Co. plc		(630	)		(52	)
Pfizer, Inc.		(2,029	)		(64	)
Roche Holding AG (Switzerland)		(610	)		(140	)
Sanofi, ADR (France)		(1,784	)		(69	)
Teva Pharmaceutical Industries Ltd., ADR (Israel)		(1,438	)		(62	)
UCB SA (Belgium)		(1,035	)		(70	)
Valeant Pharmaceuticals International, Inc.*		(3,769	)		(67	)
Zoetis, Inc.		(2,008	)		(96	)
					(1,074	)

Investments	Shares			Value (000)
Road & Rail (0.3%)
Union Pacific Corp.		(810	)	$	(71	)
Semiconductors & Semiconductor Equipment (0.4%)
Applied Materials, Inc.		(3,240	)		(94	)
Software (0.5%)
Citrix Systems, Inc.*		(920	)		(78	)
SS&C Technologies Holdings, Inc.		(1,225	)		(39	)
					(117	)
Specialty Retail (1.2%)
American Eagle Outfitters, Inc.		(5,930	)		(101	)
DSW, Inc., Class A		(2,090	)		(43	)
Foot Locker, Inc.		(580	)		(39	)
Lowe's Cos., Inc.		(1,410	)		(94	)
					(277	)
Textiles, Apparel & Luxury Goods (0.4%)
Kate Spade & Co.*		(5,350	)		(90	)
Thrifts & Mortgage Finance (0.3%)
Home Capital Group, Inc. (Canada)		(3,280	)		(65	)
Trading Companies & Distributors (0.7%)
GATX Corp.		(2,210	)		(97	)
MSC Industrial Direct Co., Inc., Class A		(815	)		(59	)
					(156	)
Total Common Stocks (Proceeds $(7,045))					(6,823	)
Exchange Traded Funds (4.6%)
Alerian MLP Fund		(23,869	)		(292	)
CurrencyShares Euro Trust*		(2,125	)		(227	)
Energy Select Sector SPDR Fund		(3,381	)		(232	)
Utilities Select Sector SPDR Fund		(6,206	)		(307	)
Total Exchange Traded Funds (Proceeds $(970))					(1,058	)
Exchange Traded Note (0.7%)
JPMorgan Alerian MLP Index ETN (Proceeds $(155))		(5,752	)		(173	)
Master Limited Partnerships (0.6%)
Gas Utilities (0.1%)
Ferrellgas Partners LP		(2,543	)		(22	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Investments	Shares			Value (000)
Oil, Gas & Consumable Fuels (0.5%)
Crestwood Equity Partners LP		(244	)	$	(5	)
Enable Midstream Partners LP		(350	)		(5	)
Enbridge Energy Partners LP		(229	)		(6	)
Golar LNG Partners LP (United Kingdom)		(1,089	)		(22	)
Holly Energy Partners LP		(674	)		(21	)
Midcoast Energy Partners LP		(1,860	)		(14	)
TC PipeLines LP		(592	)		(31	)
Williams Partners LP		(638	)		(23	)
					(127	)
Total Master Limited Partnerships (Proceeds $(167))					(149	)
Total Short Positions (Proceeds $(8,337))					(8,203	)
Total Investments 62.4% (Cost $14,341)					14,557
Other Assets Less Liabilities (37.6%)⁽ⁱ⁾					8,778
Net assets (100.0%)				$	23,335

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

* Non-income producing security.

(a) All or a portion of this security is segregated in connection with obligations for futures, swaps, options written, and/or forward foreign currency contracts with a total value of approximately $18,369,000.

(b) All or a portion of this security is pledged with the custodian for securities sold short and options written.

(c) Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $3,000 of long positions or 0.0% of net assets for the Fund. These securities have been deemed by the investment manager to be liquid.

(e) Amount less than one thousand.

(f) Represents less than 0.05% of net assets.

(g) Represents 7-day effective yield as of 10/31/2016.

(h) At 10/31/2016, the Fund had approximately $7,870,000 deposited in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

(i) Includes the impact of the Fund's open positions in derivatives at 10/31/2016.

Abbreviations

ADR American Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

SPDR Standard & Poor's Depositary Receipt

Derivative Instruments

Futures contracts ("futures")

At October 31, 2016, open positions in futures for the Fund were as follows:

Expiration	Open Contracts	Position	Unrealized Appreciation/ (Depreciation)
12/16/2016	5 S&P 500 E-Mini Index	Short	$	(878	)
12/16/2016	42 The EURO STOXX 50 Index	Short		(29,164	)
Total			$	(30,042	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

At October 31, 2016, the notional value of futures for the fund was $(1,937,626) for short positions.

For the year ended October 31, 2016, the average notional value of futures for the Fund was $(1,352,511) for short positions. The Fund had $133,489 deposited in segregated accounts to cover margin requirements on open futures.

Forward foreign currency contracts ("forward contracts")

At October 31, 2016, open forward contracts for the Fund were as follows:

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	102,480	Canadian Dollar	$	78,181	JPMorgan Chase Bank, NA	11/16/2016	$	(1,770	)
	654,118	Danish Krone		98,729	JPMorgan Chase Bank, NA	11/16/2016		(2,134	)
	741,208	Euro		807,602	JPMorgan Chase Bank, NA	11/14/2016		6,442
	61,016	Euro		69,417	JPMorgan Chase Bank, NA	11/16/2016		(2,400	)
	365,593	Euro		410,934	JPMorgan Chase Bank, NA	11/16/2016		(9,383	)
	150,779	Euro		169,922	JPMorgan Chase Bank, NA	11/16/2016		(4,313	)
	62,096	Euro		70,310	JPMorgan Chase Bank, NA	11/16/2016		(2,106	)
	40,264	Euro		45,475	JPMorgan Chase Bank, NA	11/16/2016		(1,251	)
	2,099,056	Hong Kong Dollar		270,695	JPMorgan Chase Bank, NA	11/14/2016		(27	)
	17,637,120	Japanese Yen		172,490	JPMorgan Chase Bank, NA	11/16/2016		(4,233	)
	29,101,500	Korean Won		26,253	JPMorgan Chase Bank, NA	11/16/2016		(819	)
	622,000	Mexican Peso		33,018	JPMorgan Chase Bank, NA	11/14/2016		(156	)
	354,423	Norwegian Krone		43,043	JPMorgan Chase Bank, NA	11/16/2016		(146	)
	463,390	Norwegian Krone		55,718	JPMorgan Chase Bank, NA	11/16/2016		367
	158,555	Pound Sterling		192,952	JPMorgan Chase Bank, NA	11/14/2016		1,164
	645	Pound Sterling		838	JPMorgan Chase Bank, NA	11/16/2016		(48	)
	30,826	Pound Sterling		40,091	JPMorgan Chase Bank, NA	11/16/2016		(2,350	)
	120,355	Pound Sterling		157,184	JPMorgan Chase Bank, NA	11/16/2016		(9,830	)
	2,444,764	Russian Ruble		37,506	JPMorgan Chase Bank, NA	11/16/2016		919
	1,283,135	South African Rand		93,905	JPMorgan Chase Bank, NA	11/16/2016		994
	1,170,000	Swedish Krona		128,975	JPMorgan Chase Bank, NA	11/14/2016		631
	1,034	Swedish Krona		121	JPMorgan Chase Bank, NA	11/16/2016		(6	)
	243,468	Swedish Krona		29,060	JPMorgan Chase Bank, NA	11/16/2016		(2,087	)
	20,720	Swiss Franc		20,846	JPMorgan Chase Bank, NA	11/14/2016		105
	243,476	Swiss Franc		251,294	JPMorgan Chase Bank, NA	11/16/2016		(5,077	)
Total							$	(37,514	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	102,480	Canadian Dollar	$	77,690	JPMorgan Chase Bank, NA	11/16/2016	$	1,280
	420,435	Danish Krone		63,508	JPMorgan Chase Bank, NA	11/16/2016		1,421
	233,683	Danish Krone		35,013	JPMorgan Chase Bank, NA	11/16/2016		505
	718,000	Euro		790,547	JPMorgan Chase Bank, NA	11/14/2016		1,991
	627,989	Euro		692,509	JPMorgan Chase Bank, NA	11/14/2016		2,810
	1,000	Euro		1,091	JPMorgan Chase Bank, NA	11/14/2016		(7	)
	216,560	Euro		239,421	JPMorgan Chase Bank, NA	11/14/2016		1,580
	49,480	Euro		55,626	JPMorgan Chase Bank, NA	11/16/2016		1,279
	62,511	Euro		70,389	JPMorgan Chase Bank, NA	11/16/2016		1,730
	336,166	Euro		377,760	JPMorgan Chase Bank, NA	11/16/2016		8,530
	72,452	Euro		81,759	JPMorgan Chase Bank, NA	11/16/2016		2,181
	78,729	Euro		88,891	JPMorgan Chase Bank, NA	11/16/2016		2,419
	80,410	Euro		89,801	JPMorgan Chase Bank, NA	11/16/2016		1,482
	2,000,000	Hong Kong Dollar		257,829	JPMorgan Chase Bank, NA	11/14/2016		(66	)
	781,000	Hong Kong Dollar		100,706	JPMorgan Chase Bank, NA	11/14/2016		(2	)
	1,734,963	Hong Kong Dollar		223,689	JPMorgan Chase Bank, NA	11/14/2016		(30	)
	14,832,179	Japanese Yen		147,259	JPMorgan Chase Bank, NA	11/16/2016		5,761
	2,804,941	Japanese Yen		27,994	JPMorgan Chase Bank, NA	11/16/2016		1,235
	29,101,500	Korean Won		26,063	JPMorgan Chase Bank, NA	11/16/2016		629
	195,000	Mexican Peso		10,208	JPMorgan Chase Bank, NA	11/14/2016		(95	)
	622,000	Mexican Peso		32,619	JPMorgan Chase Bank, NA	11/14/2016		(244	)
	519,023	Mexican Peso		27,596	JPMorgan Chase Bank, NA	11/14/2016		174
	159,249	Norwegian Krone		19,341	JPMorgan Chase Bank, NA	11/16/2016		67
	658,564	Norwegian Krone		80,476	JPMorgan Chase Bank, NA	11/16/2016		768
	300,000	Pound Sterling		365,543	JPMorgan Chase Bank, NA	11/14/2016		(1,741	)
	129,440	Pound Sterling		158,209	JPMorgan Chase Bank, NA	11/14/2016		(262	)
	253,180	Pound Sterling		310,329	JPMorgan Chase Bank, NA	11/14/2016		366
	31,000	Pound Sterling		40,941	JPMorgan Chase Bank, NA	11/16/2016		2,987
	120,826	Pound Sterling		159,639	JPMorgan Chase Bank, NA	11/16/2016		11,709
	2,444,764	Russian Ruble		36,813	JPMorgan Chase Bank, NA	11/16/2016		(1,612	)
	1,283,135	South African Rand		93,653	JPMorgan Chase Bank, NA	11/16/2016		(1,246	)
	353,573	Swedish Krona		40,211	JPMorgan Chase Bank, NA	11/14/2016		1,044
	975,142	Swedish Krona		110,970	JPMorgan Chase Bank, NA	11/14/2016		2,949
	1,170,000	Swedish Krona		132,931	JPMorgan Chase Bank, NA	11/14/2016		3,325
	244,502	Swedish Krona		29,146	JPMorgan Chase Bank, NA	11/16/2016		2,059
	70,000	Swiss Franc		71,036	JPMorgan Chase Bank, NA	11/14/2016		255
	39,798	Swiss Franc		41,141	JPMorgan Chase Bank, NA	11/16/2016		895
	93,764	Swiss Franc		96,887	JPMorgan Chase Bank, NA	11/16/2016		2,067
	80,299	Swiss Franc		83,242	JPMorgan Chase Bank, NA	11/16/2016		2,039
	29,615	Swiss Franc		30,354	JPMorgan Chase Bank, NA	11/16/2016		406
	5,000	Turkish Lira		1,608	JPMorgan Chase Bank, NA	11/14/2016		(4	)
Total							$	60,634

For the year ended October 31, 2016, the average notional value of forward contracts for the Fund was $2,820,564.

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Equity swap contracts ("equity swaps")

At October 31, 2016, the outstanding equity swaps* for the Fund were as follows:

Counterparty		Description		Expiration Date(s)		Value
Morgan Stanley Capital Services LLC		The Fund receives the total return on long positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions. The Fund pays the total return on short positions and receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.		12/12/2016- 9/15/2017			$91,951

* The following table represents the individual long and short positions and related values of the equity swaps with Morgan Stanley Capital Services LLC as of October 31, 2016.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation/ (Depreciation)
Long Positions
Brazil
Hypermarcas SA		5,075	$	27,665	$	14,881
France
Amundi SA		1,183		51,714		6,264
BNP Paribas SA		2,159		122,668		2,565
Iliad SA		782		186,920		(22,872	)
JCDecaux SA		688		27,387		(6,350	)
LVMH Moet Hennessy Louis Vuitton SE		707		106,708		21,777
Publicis Groupe SA		1,701		111,105		5,600
Remy Cointreau SA		1,078		76,507		10,944
Societe Generale SA		2,223		101,009		(14,232	)
						3,696
India
Dr Reddy's Laboratories Ltd.		1,112		50,819		3,992
Ireland
Ryanair Holdings plc		13,835		220,754		(29,393	)
Jordan
Hikma Pharmaceuticals plc		2,178		63,674		(16,915	)
Luxembourg
Eurofins Scientific SE		204		72,506		20,183
South Africa
Aspen Pharmacare Holdings Ltd.		1,903		37,245		4,209
South Korea
NAVER Corp.		76		39,164		17,757
Switzerland
LafargeHolcim Ltd.		3,249		144,676		28,847
Syngenta AG		177		69,251		1,510
						30,357
Turkey
Migros Ticaret A/S		6,337		38,090		(1,656	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation/ (Depreciation)
United Kingdom
Admiral Group plc		1,225		$	27,849		$	895
ASOS plc		99			3,492			2,878
Barclays plc		17,250			44,443			(4,264	)
Burberry Group plc		506			7,271			1,864
Croda International plc		1,651			61,979			8,710
ITV plc		39,090			104,458			(22,881	)
Pets at Home Group plc		2,874			9,735			(2,228	)
RSA Insurance Group plc		6,809			33,439			12,608
Smith & Nephew plc		927			14,546			(1,123	)
Smiths Group plc		1,149			12,580			7,363
Sports Direct International plc		43,786			184,251			(35,956	)
								(32,134	)
United States
Coach, Inc.		2,572			84,710			7,599
Mead Johnson Nutrition Co.		1,302			100,592			(3,241	)
								4,358
Total Long Positions of Equity Swaps								19,335
Short Positions
France
Air France-KLM		(7,699	)		(59,922	)		12,948
Electricite de France SA		(2,326	)		(32,932	)		6,862
Kering		(353	)		(59,900	)		(18,395	)
Lagardere SCA		(3,192	)		(93,358	)		12,065
Orange SA		(6,444	)		(108,799	)		7,288
								20,768
Germany
adidas AG		(713	)		(122,267	)		5,333
Deutsche Lufthansa AG		(4,142	)		(65,915	)		12,966
Deutsche Telekom AG		(6,508	)		(116,047	)		9,992
								28,291
Italy
Eni SpA		(5,721	)		(85,063	)		2,101
Netherlands
Koninklijke Ahold Delhaize NV		(5,514	)		(126,655	)		783
Spain
Industria de Diseno Textil SA		(4,183	)		(139,114	)		(7,115	)
Switzerland
Givaudan SA		(53	)		(95,999	)		(6,568	)
Roche Holding AG		(178	)		(48,671	)		7,748
								1,180

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation/ (Depreciation)
United Kingdom
Bunzl plc		(4,271	)	$	(94,784	)	$	(20,173	)
GlaxoSmithKline plc		(3,424	)		(55,413	)		(12,418	)
Marks & Spencer Group plc		(58,197	)		(316,397	)		73,849
WPP plc		(4,822	)		(88,755	)		(16,185	)
								25,073
United States
Merck & Co., Inc.		(692	)		(35,838	)		(4,796	)
Pfizer, Inc.		(1,187	)		(37,737	)		97
								(4,699	)
Total Short Positions of Equity Swaps								66,382
Total Long and Short Positions of Equity Swaps								85,717
Financing Costs and Other Receivables/(Payables)								6,234
Equity Swaps, at value—Morgan Stanley Capital Services LLC							$	91,951
Financing Costs and Other Receivables/(Payables)— JPMorgan Chase Bank, NA							$	52
Total Equity Swaps, at value							$	92,003

(a) Notional value represents the value (including any fees or commissions) of the long and short positions when they were established.

(b) For the year ended October 31, 2016, the average notional value of equity swaps was $4,036,045 for long positions and $(1,809,912) for short positions, respectively for the Fund.

At October 31, 2016, the Fund had cash collateral of $880,000 deposited in a segregated account for Morgan Stanley Capital Services LLC, to cover collateral requirements on OTC derivatives.

Total return swap contracts ("total return swaps")

For the year ended October 31, 2016, the average notional value of total return swaps for the Fund was $119,397 for long positions and $(91,404) for short positions. At October 31, 2016, the Fund had no total return swaps outstanding.

Written option contracts ("options written")

At October 31, 2016, the Fund had outstanding options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Molson Coors Brewing Co.		12	$	95	11/18/2016	$	(780	)
Total (Premium received $(708))						$	(780	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

Options written for the Fund for the year ended October 31, 2016 were as follows:

	Number of Contracts			Premium Received
Outstanding 10/31/15		255		$	9,074
Options written		159			15,771
Options closed		(126	)		(14,005	)
Options exercised		—			—
Options expired		(276	)		(10,132	)
Outstanding 10/31/16		12		$	708

For the year ended October 31, 2016, the Fund had an average market value of $26,809 in purchased option contracts, and $(1,742) in options written, respectively.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of October 31, 2016:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	16,138	$	—	$	—	$	16,138
Master Limited Partnerships		1,812		—		—		1,812
Option Purchased		3		—		—		3
Short-Term Investment		—		4,807		—		4,807
Total Long Positions	$	17,953	$	4,807	$	—	$	22,760

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

As of the year ended October 31, 2016, there were no transfers between Levels 1, 2 or 3.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's short investments as of October 31, 2016:

Liability Valuation Inputs
(000's omitted)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks Sold Short^(a)	$	(6,823	)	$	—	$	—	$	(6,823	)
Exchange Traded Funds Sold Short		(1,058	)		—		—		(1,058	)
Exchange Traded Note Sold Short		(173	)		—		—		(173	)
Master Limited Partnerships Sold Short^(a)		(149	)		—		—		(149	)
Total Short Positions	$	(8,203	)	$	—	$	—	$	(8,203	)

See Notes to Financial Statements

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (cont'd)

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of October 31, 2016:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3		Total
Forward contracts^(a)
Assets	$	—		$	76		$	—	$	76
Liabilities		—			(53	)		—		(53	)
Futures^(a)
Liabilities		(30	)		—			—		(30	)
Swap contracts^(a)
Assets		—			339			—		339
Liabilities		—			(247	)		—		(247	)
Option contracts written
Liabilities		(1	)		—			—		(1	)
Total	$	(31	)	$	115		$	—	$	84

(a) Forward contracts, futures and swap contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

See Notes to Financial Statements

Statements of Assets and Liabilities

Neuberger Berman Alternative Funds
(000's omitted, except per share amounts)

	ABSOLUTE RETURN MULTI-MANAGER FUND†			LONG SHORT MULTI-MANAGER FUND
	October 31, 2016			October 31, 2016
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	563,757		$	22,760
Cash		3,342			—
Foreign currency*		8,489			636
Cash collateral segregated for short sales (Note A)		122,643			7,870
Cash collateral segregated for futures contracts (Note A)		5,919			133
Cash collateral segregated for swap contracts (Note A)		10,871			880
Cash collateral segregated for forward foreign currency contracts (Note A)		278			—
Dividends and interest receivable		1,718			21
Receivable for securities sold		37,806			2,290
Receivable for Fund shares sold		444			—
OTC swap contracts, at value (Note A)		2,863			339
Receivable for variation margin on futures contracts (Note A)		22			10
Receivable for forward foreign currency contracts (Note A)		851			76
Prepaid expenses and other assets		47			18
Total Assets		759,050			35,033
Liabilities
Investments sold short, at value** (Note A)		120,615			8,203
Option contracts written, at value*** (Note A)		46			1
Due to custodian		530			575
Dividends and interest payable for short sales		314			9
OTC swap contracts, at value (Note A)		3,535			247
Payable to administrator—net (Note B)		80			15
Payable to investment manager (Note B)		885			34
Payable for securities purchased		35,035			2,439
Payable for variation margin on centrally cleared swap contracts		1			—
Payable for Fund shares redeemed		3,997			—
Payable for forward foreign currency contracts (Note A)		657			53
Accrued expenses and other payables		376			122
Total Liabilities		166,071			11,698
Net Assets	$	592,979		$	23,335
Net Assets consist of:
Paid-in capital	$	732,032		$	25,991
Undistributed net investment income (loss)		14			(395	)
Accumulated net realized gains (losses) on investments		(130,196	)		(2,543	)
Net unrealized appreciation (depreciation) in value of investments		(8,871	)		282
Net Assets	$	592,979		$	23,335
Net Assets
Institutional Class	$	485,799		$	22,173
Class A		62,891			423
Class C		40,895			739
Class R6		3,394			—

See Notes to Financial Statements

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted, except per share amounts)

	ABSOLUTE RETURN MULTI-MANAGER FUND†		LONG SHORT MULTI-MANAGER FUND
	October 31, 2016		October 31, 2016
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		47,733		2,313
Class A		6,227		44
Class C		4,181		79
Class R6		334		—
Net Asset Value, offering and redemption price per share
Institutional Class	$	10.18	$	9.59
Class R6	$	10.17		—
Net Asset Value and redemption price per share
Class A	$	10.10	$	9.52
Offering Price per share
Class A‡	$	10.72	$	10.10
Net Asset Value and offering price per share
Class C^	$	9.78	$	9.31
*Cost of Investments:
Unaffiliated issuers	$	574,975	$	22,678
Total cost of foreign currency	$	8,451	$	647
**Proceeds from investments sold short	$	122,459	$	8,337
***Premium received from option contracts written	$	73	$	1

† Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

‡ 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.

See Notes to Financial Statements

Statements of Operations

Neuberger Berman Alternative Funds
(000's omitted)

	ABSOLUTE RETURN MULTI-MANAGER FUND†			LONG SHORT MULTI-MANAGER FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	10,943		$	653
Interest and other income—unaffiliated issuers		18,794			—
Foreign taxes withheld (Note A)		(139	)		(12	)
Total income	$	29,598		$	641
Expenses:
Investment management fees (Note B)		16,591			514
Administration fees (Note B)		600			18
Administration fees (Note B):
Institutional Class		721			26
Class A		252			2
Class C		124			2
Class R6		2			—
Distribution fees (Note B):
Class A		315			2
Class C		622			11
Shareholder servicing agent fees:
Institutional Class		9			—
Class A		50			—
Class C		13			—
Organization expense (Note A)		19			—
Audit fees		146			78
Custodian and accounting fees (Note A)		740			183
Legal fees		373			124
Registration and filing fees		157			46
Repayment to Management of expenses previously assumed by Management (Note B)		128			—
Shareholder reports		324			2
Trustees' fees and expenses		49			49
Dividend and interest expense on securities sold short (Note A)		8,056			330
Interest expense		11			—
Miscellaneous		116			5
Total expenses		29,418			1,392
Expenses reimbursed by Management (Note B)		(510	)		(451	)
Expenses reduced by custodian fee expense offset arrangement (Note A)		(2	)		—
Total net expenses		28,906			941
Net investment income (loss)	$	692		$	(300	)

See Notes to Financial Statements

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)
(000's omitted)

	ABSOLUTE RETURN MULTI-MANAGER FUND†			LONG SHORT MULTI-MANAGER FUND
	For the Year Ended October 31, 2016			For the Year Ended October 31, 2016
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		(96,185	)		(1,485	)
Sales of investment securities of unaffiliated issuers sold short		11,941			52
Forward foreign currency contracts		(3,545	)		(165	)
Foreign currency		(1,640	)		(106	)
Futures contracts		267			44
Option contracts written		2,828			12
Swap contracts		(8,150	)		(63	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		50,962			1,036
Unaffiliated investment securities sold short		(4,364	)		(46	)
Forward foreign currency contracts		2,315			117
Foreign currency		(166	)		(3	)
Futures contracts		680			(30	)
Option contracts written		(2,128	)		—	^(a)
Swap contracts		4,150			148
Net gain (loss) on investments		(43,035	)		(489	)
Net increase (decrease) in net assets resulting from operations	$	(42,343	)	$	(789	)

† Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

(a) Amount rounds to less than $1,000.

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds
(000's omitted)

	ABSOLUTE RETURN MULTI-MANAGER FUND						LONG SHORT MULTI-MANAGER FUND
	Year Ended October 31, 2016†			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	692		$	(8,136	)	$	(300	)	$	(536	)
Net realized gain (loss) on investments		(94,484	)		18,826			(1,711	)		792
Change in net unrealized appreciation (depreciation) of investments		51,449			(56,709	)		1,222			(1,544	)
Net increase (decrease) in net assets resulting from operations		(42,343	)		(46,019	)		(789	)		(1,288	)
Distributions to shareholders from (Note A):
Net investment income:
Institutional Class		(2,529	)		(8,525	)		(35	)		(46	)
Class A		—			(488	)		—			—
Class R6		(53	)		(231	)		—			—
Net realized gain on investments:
Institutional Class		(10,417	)		(27,552	)		(877	)		(215	)
Class A		(1,839	)		(5,036	)		(33	)		(5	)
Class C		(784	)		(2,072	)		(31	)		(2	)
Class R6		(165	)		(688	)		—			—
Total distributions to shareholders		(15,787	)		(44,592	)		(976	)		(268	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		244,845			777,257			6,083			15,632
Class A		25,581			100,675			81			939
Class C		5,121			24,880			489			1,321
Class R6		7,223			25,419			—			—
Proceeds from reinvestment of dividends and distributions:
Institutional Class		11,386			31,496			897			253
Class A		1,650			4,809			33			5
Class C		583			1,512			31			2
Class R6		218			919			—			—
Payments for shares redeemed:
Institutional Class		(1,067,992	)		(668,142	)		(16,697	)		(11,780	)
Class A		(166,834	)		(126,053	)		(828	)		(541	)
Class C		(48,443	)		(29,562	)		(1,001	)		(200	)
Class R6		(20,564	)		(39,577	)		—			—
Net increase (decrease) from Fund share transactions		(1,007,226	)		103,633			(10,912	)		5,631
Net Increase (Decrease) in Net Assets		(1,065,356	)		13,022			(12,677	)		4,075
Net Assets:
Beginning of year		1,658,335			1,645,313			36,012			31,937
End of year	$	592,979		$	1,658,335		$	23,335		$	36,012
Undistributed net investment income (loss) at end of year		14			4,302			(395	)		36

† Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

Notes to Financial Statements Alternative and Multi-Asset Class Funds^ß

Note A—Summary of Significant Accounting Policies:

A zero balance, if any, reflects an actual amount rounding to less than $1,000.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles

("GAAP") requires Neuberger Berman Investment Advisers LLC ("NBIA" or "Management") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

As of November 2, 2015, Absolute Return Multi-Manager invests in commodity-related instruments through the Subsidiary, which is organized under the laws of the Cayman Islands. Absolute Return Multi-Manager is and expects to be the sole shareholder of the Subsidiary. The Subsidiary is governed by its own Board of Directors.

As of October 31, 2016, the value of Absolute Return Multi-Manager's investment in the Subsidiary was as follows:

Investment in Subsidiary				Percentage of Net Assets
$	30,160,772				5.1	%

The Consolidated Financial Statements include all investments and other accounts of the Subsidiary as if held directly by Absolute Return Multi-Manager. A summary of the Subsidiary's financial information is presented below.

Subsidiary Financial Statement Information	Amount ($000)
Total Assets		30,603
Total Liabilities		(442	)
Net Assets		30,161
Net Investment Income (Loss)		(180	)
Realized Net Gain (Loss)		(316	)
Change in Unrealized Appreciation (Depreciation)		(399	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(895	)

^ß Consolidated Notes to Financial Statements for Absolute Return Multi-Manager

2 Consolidation: The accompanying financial statements of Absolute Return Multi-Manager present the consolidated accounts of the Fund and the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

• Level 1 — quoted prices in active markets for identical investments

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

• Level 3 — unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments (long and short positions) in equity securities, preferred stocks, exchange-traded funds, exchange-traded notes, exchange-traded purchased option contracts, exchange-traded written option contracts, master limited partnerships, rights and warrants, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments for long and short positions in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid or offer quotations, respectively, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

The value of the Funds' investments in convertible bonds is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions (generally Level 2 inputs).

The value of futures is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of total return swaps on futures contracts is determined by Management by obtaining valuations from independent pricing services based on the settlement price of the underlying futures contract.

The value of equity swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated London Interbank Offered Rate ("LIBOR") or Federal Funds floating rate (generally Level 2 or Level 3 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).

factors (Level 2 inputs). The Board has also approved the use of Interactive to evaluate the prices of foreign income debt as of the time as of which a Fund's share price is calculated. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign income debt. In the case of both foreign equity and foreign income securities, in the absence of precise information about the market values of these foreign securities as of the time as of which a Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

4 Foreign currency translation: The accounting records of the Funds and Subsidiary are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business. to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

5 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, and accretion of discount on short-term investments, if any, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain (loss) on investments are proceeds from the settlement of a class action litigation in which Absolute Return Multi-Manager participated as a class member. The amount of such proceeds for the year ended October 31, 2016, was $22,369.

6 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as regulated investment companies ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

At October 31, 2016, selected Fund information on a U.S. federal income tax basis was as follows:

(000's omitted)	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Absolute Return Multi-Manager	$	589,945	$	15,370	$	(41,558	)	$	(26,188	)
Long Short Multi-Manager		23,407		877		(1,524	)		(647	)

The Subsidiary is a controlled foreign corporation under the U.S. Internal Revenue Code. As a U.S. shareholder of a controlled foreign corporation, Absolute Return Multi-Manager will include in its taxable income its share of the Subsidiary's current earnings and profits (including net realized gains). Any deficit generated by the Subsidiary will be disregarded for purposes of computing Absolute Return Multi-Manager's taxable income in the current period and also disregarded for all future periods.

As determined on October 31, 2016, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: distributions re-designated, foreign currency gains and losses, paydown gains and losses, net operating losses, prior year partnership adjustments, partnership basis adjustments, Subsidiary income gain (loss), distributions in excess of current year earnings, prior period adjustments, and tax adjustments related to real estate investment trusts ("REITs"), passive foreign investment companies ("PFICs"), partnerships, futures, forward contracts, swap contracts, short sales, and other investments. These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2016, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gains/(Losses) on Investments
Absolute Return Multi-Manager	$	(3,579,305	)		$(2,397,422)		$	5,976,727
Long Short Multi-Manager		(231,159	)		(95,556	)		326,715

The tax character of distributions paid during the years ended October 31, 2016 and October 31, 2015 was as follows:

	Distributions Paid From:
	Ordinary Income				Tax-Exempt Income				Long-Term Capital Gain				Return of Capital				Total
	2016		2015		2016		2015		2016		2015		2016		2015		2016		2015
Absolute Return Multi-Manager	$	15,787,471	$	43,555,538	$	—	$	—	$	—	$	1,036,454	$	—	$	—	$	15,787,471	$	44,591,992
Long Short Multi-Manager		843,144		268,302		—		—		132,209		—		—		—		975,353		268,302

As of October 31, 2016, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)			Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Absolute Return Multi-Manager	$	—	$	—	$	(26,745,380	)	$	(110,616,921	)	$	(1,689,485	)	$	(139,051,786	)
Long Short Multi-Manager		—		—		(746,548	)		(1,568,234	)		(340,733	)		(2,655,515	)

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales, short sales, options and straddles, mark-to-market adjustments on swaps,

futures and forwards, unamortized organization expenses, tax adjustments related to REITs, PFICs, partnerships, swap contracts, short sales and other investments, capital loss carryforwards and partnership basis adjustments.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, if any, it is the policy of each Fund not to distribute such gains. As determined at October 31, 2016, for federal income tax purposes, the Funds had unused capital loss carryforwards, with no expiration, available to offset net realized capital gains, if any, as follows:

	Long-Term		Short-Term
Absolute Return Multi-Manager	$	44,286,401	$	66,330,520
Long Short Multi-Manager		790,506		777,728

7 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

8 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments. Distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) and are recorded on the ex-date.

It is the policy of each of Absolute Return Multi-Manager and Long Short Multi-Manager to pass through to its shareholders substantially all Real Estate Investment Trust ("REIT") distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At October 31, 2016, these Funds estimated these amounts for the period January 1, 2016 to October 31, 2016 within the financial statements because the 2016 information is not available from the REITs until after each Fund's fiscal year-end. All estimates are based upon REIT information sources available to these Funds together with actual IRS Forms 1099-DIV received to date. For the year ended October 31, 2016, the character of distributions paid to shareholders of these Funds disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted on the books of these Funds to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds' shareholders on IRS Form 1099-DIV.

9 Organization expenses: Costs incurred by the Subsidiary in connection with its organization, which amounted to $19,302, and are reflected in "Organization expense" in the Statement of Operations of Absolute Return Multi-Manager and have been expensed as incurred.

10 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies or series thereof in the complex on the basis of relative net assets,

except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.

11 Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

12 Securities sold short: Each Fund may engage in short sales, which are sales of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities decreases, a Fund will make a profit by purchasing the securities in the open market at a price lower than the one at which it sold the securities. If the price of the securities increases, a Fund may have to cover its short positions at a price higher than the short sale price, resulting in a loss. Gains are limited to the price at which a Fund sold the security short, while losses are potentially unlimited in size. The Funds pledge securities and/or other assets to the lender as collateral. Proceeds received from short sales may be maintained by the lender as collateral or may be released to the Funds and used to purchase additional securities or for any other purpose. Proceeds maintained by the lender are included in the "Cash collateral segregated for short sales" on the Statements of Assets and Liabilities. The Funds are required to segregate an amount of cash or liquid securities in an amount at least equal to the current market value of the securities sold short (less any additional collateral pledged to the lender). The Funds are contractually responsible to remit to the lender any dividends and interest payable on securities while those securities are being borrowed by the Fund. The Funds may receive or pay the net of the interest charged by the prime broker on the borrowed securities and a financing charge for the difference in the market value of the short position and the cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. These costs related to short sales (i.e., dividend and interest remitted to the lender and interest charged by the prime broker) are recorded as an expense of the Funds and are excluded from the contractual expense limitation.

The net amount of fees incurred during the year ended October 31, 2016, are included in the "Dividend and interest expense on securities sold short" on the Statements of Operations and are as follows:

(000's omitted)
Absolute Return Multi-Manager	$	1,640
Long Short Multi-Manager		51

At October 31, 2016, Absolute Return Multi-Manager and Long Short Multi-Manager had cash pledged in the amount of $122,642,837 and $7,870,464, respectively, to JPMorgan Chase Bank, NA ("JPM"), as collateral for short sales. In addition, JPM has a perfected security interest in these Absolute Return Multi-Manager and Long Short Multi-Manager assets. At October 31, 2016, Absolute Return Multi-Manager and Long Short Multi-Manager had securities pledged in the amount of $24,372,205 and $2,066,189, respectively, to JPM to cover collateral requirements for borrowing in connection with securities sold short and options written.

13 Investment company securities, exchange-traded funds and exchange-traded notes: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have actively-managed investment objectives. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment

companies, which will increase expenses and decrease returns. The Funds may also invest in exchange-traded notes ("ETNs"). ETNs are senior, unsecured, unsubordinated debt securities that are linked to the performance of a particular market index or strategy. The issuer of the ETN pays the Fund an amount based on the returns of the underlying index or strategy, plus principal at maturity. A Fund will bear any applicable fees to the issuer upon redemption or maturity, which will increase expenses and decrease returns.

14 Derivative instruments: The Funds' use of derivatives during the year ended October 31, 2016, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at October 31, 2016. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Credit default swap contracts: During the year ended October 31, 2016, Absolute Return Multi-Manager used centrally cleared and OTC credit default swaps as part of its investment strategies, to enhance returns and to hedge against unfavorable changes in the value of investments and to protect against adverse movements in interest rates or credit performance with counterparties.

When a Fund is the buyer of a credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of an OTC credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation of the swap.

Certain clearinghouses currently offer clearing for limited types of derivative transactions, including certain credit default swaps. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty that is then cleared through a central clearinghouse. Upon acceptance of a swap by a central clearinghouse, the original swap is extinguished and replaced with a swap with the clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. A Fund typically will be required to post specified levels of both initial and variation margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. The daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the centrally clearing party daily. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation and net interest received or paid on swap contracts to determine the fair value of swaps. For the year ended October 31, 2016, only the credit default index swaps in Absolute Return Multi-Manager were centrally cleared.

Futures contracts: During the year ended October 31, 2016, Absolute Return Multi-Manager used futures for economic hedging purposes and to enhance returns. Long Short Multi-Manager used futures for economic hedging purposes.

At the time a Fund enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund or Subsidiary as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed, the Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause that Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

Equity swap contracts: During the year ended October 31, 2016, the Funds used equity swaps to provide investment exposure to certain investments, primarily foreign securities.

Equity swaps are two-party contracts in which counterparties exchange the return on a specified reference security, basket of securities, security index or index component for the return based on a fixed or floating interest rate during the period of the swap. Equity swaps are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that future market trends, the values of assets or economic factors are not accurately analyzed and predicted, the Fund may suffer a loss, which may exceed the related amounts shown in the Statements of Assets and Liabilities. Periodic payments received or paid by a Fund are recorded as realized gains or losses.

Total return swap contracts: During the year ended October 31, 2016, the Funds used total return swaps to hedge certain indices and provide investment exposure to certain investments, primarily foreign securities.

Total return swaps involve commitments to pay fixed or floating rate interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of total return swaps is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Payments received

or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations.

Forward foreign currency contracts: During the year ended October 31, 2016, the Funds used forward foreign currency contracts to hedge foreign currency and to enhance returns.

Options: For the year ended October, 31, 2016, the Funds used written options to generate incremental returns for the Funds. The Funds used purchased option contracts ("options purchased") to manage or adjust the risk profile and the investment exposure of the Fund to certain securities and to enhance returns.

For purchased call options, a Fund's loss is limited to the amount of the option premium paid.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the liability is eliminated.

When a Fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. When writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a covered call or put option that a Fund has written expires unexercised, the Fund will realize a gain in the amount of the premium.

At October 31, 2016, the Funds had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Credit Risk		Currency Risk		Equity Risk		Interest Rate Risk		Commodity Risk		Total
Absolute Return Multi-Manager
OTC swaps	OTC swap contracts, at value⁽¹⁾	$	557,275	$	—	$	2,306,042	$	—	$	—	$	2,863,317
Futures	Receivable/Payable for variation margin on futures contracts⁽²⁾		—		1,488,477		183,735		5,088		968,469		2,645,769
Forward contracts	Receivable for forward foreign currency contracts		—		851,152		—		—		—		851,152
Options purchased	Investments in securities, at value		—		—		295,992		—		—		295,992
Total Value—Assets		$	557,275	$	2,339,629	$	2,785,769	$	5,088	$	968,469	$	6,656,230
Long Short Multi-Manager
OTC swaps	OTC swap contracts, at value⁽¹⁾	$	—	$	—	$	338,764	$	—	$	—	$	338,764
Forward contracts	Receivable for forward foreign currency contracts		—		76,565		—		—		—		76,565
Options purchased	Investments in securities, at value		—		—		3,090		—		—		3,090
Total Value—Assets		$	—	$	76,565	$	341,854	$	—	$	—	$	418,419

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Commodity Risk			Total
Absolute Return Multi-Manager
OTC swap contracts	OTC swap contracts, at value⁽¹⁾	$	(833,507	)	$	—		$	(2,701,656	)	$	—		$	—		$	(3,535,163	)
Centrally cleared swaps	Receivable/Payable for variation margin on centrally cleared swap contracts⁽³⁾		(422,121	)		—			—			—			—			(422,121	)
Futures	Receivable/Payable for variation margin on futures contracts⁽²⁾		—			(60,815	)		(367,521	)		(399,569	)		(1,137,520	)		(1,965,425	)
Forward contracts	Payable for forward foreign currency contracts		—			(656,732	)		—			—			—			(656,732	)
Options written	Option contracts written, at value		—			—			(45,673	)		—			—			(45,673	)
Total Value—Liabilities		$	(1,255,628	)	$	(717,547	)	$	(3,114,850	)	$	(399,569	)	$	(1,137,520	)	$	(6,625,114	)
Long Short Multi-Manager
OTC swaps	OTC swap contracts, at value⁽¹⁾	$	—		$	—		$	(246,761	)	$	—		$	—		$	(246,761	)
Futures	Receivable/Payable for variation margin on futures contracts⁽²⁾		—			—			(30,042	)		—			—			(30,042	)
Forward contracts	Payable for forward foreign currency contracts		—			(53,445	)		—			—			—			(53,445	)
Options written	Option contracts written, at value		—			—			(780	)		—			—			(780	)
Total Value—Liabilities		$	—		$	(53,445	)	$	(277,583	)	$	—		$	—		$	(331,028	)

(1) "OTC swap contracts" reflects the appreciation/(depreciation) of the OTC swap contracts plus accrued interest as of October 31, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "OTC swap contracts, at value."

(2) "Futures" reflects the cumulative appreciation/(depreciation) of futures contracts as of October 31, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation/(depreciation) in value of investments." The current day's variation margin as of October 31, 2016, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on futures contracts."

(3) "Centrally cleared swap contracts" reflects the cumulative unrealized appreciation/(depreciation) of centrally cleared default index swaps as of October 31, 2016, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments". Only the current day's

variation margin on centrally cleared swap contracts is reported within the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on centrally cleared swap contracts."

The impact of the use of these derivative instruments on the Statements of Operations during the year ended October 31, 2016, was as follows:

Realized Gain/(Loss)

Derivative Type	Statements of Operations Location	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk		Commodity Risk			Total
Absolute Return Multi-Manager
Forward contracts	Net realized gain (loss) on: Forward foreign currency contracts	$	—		$	(3,544,707	)	$	—		$	—	$	—		$	(3,544,707	)
Futures contracts	Net realized gain (loss) on: Futures contracts		—			(640,923	)		(1,432,937	)		3,168,422		(827,987	)		266,575
Options written	Net realized gain (loss) on: Option contracts written		—			—			2,827,566			—		—			2,827,566
Options purchased	Net realized gain (loss) on: Sales of investment securities of unaffiliated issuers		—			—			(17,506,678	)		—		—			(17,506,678	)
Swaps	Net realized gain (loss) on: Swap contracts		(1,996,124	)		—			(6,154,010	)		—		—			(8,150,134	)
Total Realized Gain/(Loss)		$	(1,996,124	)	$	(4,185,630	)	$	(22,266,059	)	$	3,168,422	$	(827,987	)	$	(26,107,378	)
Long Short Multi-Manager
Forward contracts	Net realized gain (loss) on: Forward foreign currency contracts	$	—		$	(165,377	)	$	—		$	—	$	—		$	(165,377	)
Futures contracts	Net realized gain (loss) on: Futures contracts		—			—			44,096			—		—			44,096
Options written	Net realized gain (loss) on: Option contracts written		—			—			11,741			—		—			11,741
Options purchased	Net realized gain (loss) on: Sales of investment securities of unaffiliated issuers		—			—			(301,811	)		—		—			(301,811	)
Swaps	Net realized gain (loss) on: Swap contracts		—			—			(63,281	)		—		—			(63,281	)
Total Realized Gain/(Loss)		$	—		$	(165,377	)	$	(309,255	)	$	—	$	—		$	(474,632	)

Change in Appreciation/(Depreciation)

Derivative Type	Statements of Operations Location	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Commodity Risk			Total
Absolute Return Multi-Manager
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: Forward foreign currency contracts	$	—		$	2,315,420	$	—		$	—		$	—		$	2,315,420
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: Futures contracts		—			1,427,662		(183,786	)		(394,481	)		(169,051	)		680,344
Options written	Change in net unrealized appreciation (depreciation) in value of: Option contracts written		—			—		(2,128,079	)		—			—			(2,128,079	)
Options purchased	Change in net unrealized appreciation (depreciation) in value of: Unaffiliated investment securities		—			—		9,114,296			—			—			9,114,296
Swaps	Change in net unrealized appreciation (depreciation) in value of: Swap contracts		(439,740	)		—		4,589,939			—			—			4,150,199
Total Change in Appreciation/(Depreciation)		$	(439,740	)	$	3,743,082	$	11,392,370		$	(394,481	)	$	(169,051	)	$	14,132,180
Long Short Multi-Manager
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: Forward foreign currency contracts	$	—		$	117,120	$	—		$	—		$	—		$	117,120
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: Futures contracts		—			—		(30,042	)		—			—			(30,042	)
Options written	Change in net unrealized appreciation (depreciation) in value of: Option contracts written		—			—		(217	)		—			—			(217	)
Options purchased	Change in net unrealized appreciation (depreciation) in value of: Unaffiliated investment securities		—			—		117,143			—			—			117,143
Swaps	Change in net unrealized appreciation (depreciation) in value of: Swap contracts		—			—		147,830			—			—			147,830
Total Change in Appreciation/(Depreciation)		$	—		$	117,120	$	234,714		$	—		$	—		$	351,834

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

The Funds disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Funds' derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Funds for assets and pledged by the Funds for liabilities as of October 31, 2016.

Absolute Return Multi-Manager

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
OTC swap contracts	$	2,863,317	$	—	$	2,863,317
Forward contracts		851,152		—		851,152
Total	$	3,714,469	$	—	$	3,714,469

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
Bank of America, NA	$	193,523	$	(193,523	)	$	—	$	—
JPMorgan Chase Bank, NA		1,368,924		(1,368,924	)		—		—
Morgan Stanley Capital Services LLC		2,152,022		(1,403,274	)		—		748,748
	$	3,714,469	$	(2,965,721	)	$	—	$	748,748

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
OTC swap contracts	$	(3,535,163	)	$	—	$	(3,535,163	)
Forward contracts		(656,732	)		—		(656,732	)
Total	$	(4,191,895	)	$	—	$	(4,191,895	)

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
Bank of America, NA	$	(195,513	)	$	193,523	$	1,990	$	—
JPMorgan Chase Bank, NA		(2,593,108	)		1,368,924		1,224,184		—
Morgan Stanley Capital Services LLC		(1,403,274	)		1,403,274		—		—
	$	(4,191,895	)	$	2,965,721	$	1,226,174	$	—

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

(b) Net Amount represents amounts subject to loss as of October 31, 2016, in the event of a counterparty failure.

Long Short Multi-Manager

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
OTC swap contracts	$	338,764	$	—	$	338,764
Forward contracts		76,565		—		76,565
Total	$	415,329	$	—	$	415,329

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
JPMorgan Chase Bank, NA	$	76,617	$	(53,445	)	$	—	$	23,172
Morgan Stanley Capital Services LLC		338,712		(246,761	)		—		91,951
	$	415,329	$	(300,206	)	$	—	$	115,123

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
OTC swap contracts	$	(246,761	)	$	—	$	(246,761	)
Forward contracts		(53,445	)		—		(53,445	)
Total	$	(300,206	)	$	—	$	(300,206	)

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
JPMorgan Chase Bank, NA	$	(53,445	)	$	53,445	$	—	$	—
Morgan Stanley Capital Services LLC		(246,761	)		246,761		—		—
	$	(300,206	)	$	300,206	$	—	$	—

(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

(b) Net Amount represents amounts subject to loss as of October 31, 2016, in the event of a counterparty failure.

15 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

16 Unfunded loan commitments: Absolute Return Multi-Manager may enter into certain credit agreements all or a portion of which may be unfunded. Absolute Return Multi-Manager is obligated to fund these commitments at the borrower's discretion. As of October 31, 2016, there were no outstanding unfunded loan commitments.

17 Expense offset arrangement: Absolute Return Multi-Manager has an expense offset arrangement in connection with its custodian contract. For the year ended October 31, 2016, the impact of this arrangement was a reduction of expenses of $2,127.

18 Other: All net investment income and realized and unrealized capital gains and losses of each Fund are allocated, on the basis of relative net assets, pro rata among its respective classes.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 1.700% of the first $250 million of the Fund's average daily net assets, 1.675% of the next $250 million, 1.650% of the next $250 million, 1.625% of the next $250 million, 1.600% of the next $500 million, 1.575% of the next $2.5 billion, and 1.550% of average daily net assets in excess of $4 billion. Accordingly, for the year ended October 31, 2016, the Investment Management fee pursuant to the Investment Management Agreement was equivalent to an annual effective rate of 1.66% and 1.70% of Absolute Return Multi-Manager's and Long Short Multi- Manager's average daily net assets, respectively.

Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays

Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Institutional Class of each Fund pays Management an administration fee at the annual rate of 0.09% of its average daily net assets, Class A and Class C of each Fund pays Management an administration fee at the annual rate of 0.20% of its average daily net assets and Class R6 of Absolute Return Multi-Manager pays Management an administration fee at the annual rate of 0.02% of its average daily net assets under this agreement. Additionally, Management retains JPM as its sub-administrator under a Sub-Administration Agreement. Management pays JPM a fee for all services received under the agreement.

Management has contractually agreed to waive fees and/or reimburse certain expenses of the Institutional Class, Class A, Class C and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, as of August 12, 2014, dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion); consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class' annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed. Any such repayment must be made within three years after the year in which Management incurred the expense. The expenses of the Subsidiary are included in the total expenses used to calculate the reimbursement, which Absolute Return Multi-Manager has agreed to share with the Subsidiary. For the year ended October 31, 2016, these Subsidiary expenses amounted to $199,574.

During the year ended October 31, 2016, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Absolute Return Multi-Manager Institutional Class	$	117,074
Absolute Return Multi-Manager Class A		6,019
Absolute Return Multi-Manager Class C		3,776
Absolute Return Multi-Manager Class R6		965

At October 31, 2016, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Year Ending October 31,
					2014			2015		2016
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2017			2018		2019
Absolute Return Multi-Manager Institutional Class		1.97	%	10/31/19	$	759,554		$	—	$	377,847
Absolute Return Multi-Manager Class A		2.33	%	10/31/19		316,015			—		89,779
Absolute Return Multi-Manager Class C		3.08	%	10/31/19		44,890			—		40,256
Absolute Return Multi-Manager Class R6		1.90	%	10/31/19		—			—		1,667
Long Short Multi-Manager Institutional Class		1.97	%	10/31/19		459,171	⁽²⁾		448,751		422,780
Long Short Multi-Manager Class A		2.33	%	10/31/19		13,772	⁽²⁾		12,486		11,768
Long Short Multi-Manager Class C		3.08	%	10/31/19		6,443	⁽²⁾		8,317		16,491

(1) Expense limitation per annum of the respective class's average daily net assets.

(2) Period from December 19, 2013 (Commencement of Operations) to October 31, 2014.

Until December 31, 2015, NB Alternative Investment Management LLC ("NBAIM"), was the investment adviser to the Funds, and was retained by Neuberger Berman Management LLC ("NBM") to provide day-to-day investment management services, including oversight of each Fund's investments and handling its day-to-day business, including the oversight of the subadvisers' investment activities, and received a monthly fee paid by NBM. As investment manager, NBM was responsible for overseeing the investment activities of NBAIM. Several individuals who are Officers and/or Trustees of the Trust are also employees of NBAIM and/or Management. As a result of the entity consolidation described on page 8 of this Annual Report, the services previously provided by NBAIM are being provided by NBIA as of January 1, 2016.

Management has retained Blue Jay Capital Management, LLC, Cramer Rosenthal McGlynn, LLC, GAMCO Asset Management Inc., Good Hill Partners LP, GSA Capital Partners LLP, Lazard Asset Management LLC, Levin Capital Strategies, L.P., P/E Global, LLC, Portland Hill Capital LLP, Sound Point Capital Management, L.P., and TPH Asset Management, LLC as subadvisers of Absolute Return Multi-Manager to provide investment management services. Management engages Blue Jay Capital Management, LLC, Cramer Rosenthal McGlynn, LLC, Lazard Asset Management LLC, Levin Capital Strategies, L.P., Portland Hill Capital LLP, and TPH Asset Management, LLC as subadvisers of Long Short Multi-Manager to provide investment management services. Management compensates the subadvisers out of the investment advisory fees it receives from each Fund.

Each Fund also has a distribution agreement with Neuberger Berman LLC ("Neuberger Berman") with respect to each class of shares. Neuberger Berman acts as agent in arranging for the sale of class shares without sales commission or other compensation, except as described below for Class A and Class C shares, and bears advertising and promotion expenses.

However, Neuberger Berman receives fees from Class A and Class C under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, Neuberger Berman activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, Neuberger Berman receives from each of these respective classes a fee at the annual rate of 0.25% of Class A's and 1.00% of Class C's average daily net assets. Neuberger Berman receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder

servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

	Underwriter				Broker-Dealer
	Net Initial Sales Charges		CDSC		Net Initial Sales Charges		CDSC
Absolute Return Multi-Manager Class A	$	10,125	$	—	$	—	$	—
Absolute Return Multi-Manager Class C		—		44,055		—		—
Long Short Multi-Manager Class A		—		—		—		—
Long Short Multi-Manager Class C		—		1,873		—		—

Note C—Securities Transactions:

During the year ended October 31, 2016, there were purchase and sale transactions of long-term securities (excluding equity swaps, total return swaps, credit default swaps, forward contracts, futures and option contracts) as follows:

(000's omitted)	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Securities Sold Short 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		Covers excluding U.S. Government and Agency Obligations on Securities Sold Short
Absolute Return Multi-Manager	$	1,867	$	4,315,965	$	902,726	$	2,001	$	5,295,672	$	1,236,173
Long Short Multi-Manager		—		226,021		64,835		—		235,682		70,265

During the year ended October 31, 2016, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended October 31, 2016 and October 31, 2015 was as follows:

	For the Year Ended October 31, 2016										For the Year Ended October 31, 2015
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Absolute Return Multi-Manager Fund:
Institutional Class		24,318		1,124		(106,001	)		(80,559	)		71,126		2,935		(61,686	)		12,375
Class A		2,545		164		(16,727	)		(14,018	)		9,264		450		(11,647	)		(1,933	)
Class C		523		59		(4,974	)		(4,392	)		2,336		144		(2,791	)		(311	)
Class R6		710		22		(2,059	)		(1,327	)		2,320		86		(3,693	)		(1,287	)
Long Short Multi-Manager Fund:
Institutional Class		636		94		(1,746	)		(1,016	)		1,472		25		(1,135	)		362
Class A		9		3		(89	)		(77	)		89		1		(52	)		38
Class C		52		3		(108	)		(53	)		128		0		(20	)		108

Other: At October 31, 2016, there was an affiliated investor owning 48.3% of Long Short Multi-Manager's outstanding shares.

Note E—Lines of Credit:

At October 31, 2016, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Absolute Return Multi-Manager Fund, Long Short Multi-Manager Fund, and another multi-managed fund in the complex are subject to a separate limitation under the Credit Facility and collectively can only borrow $200,000,000 at any one time. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms except that they are not subject to that $200,000,000 limitation. Interest is charged on borrowings under this Credit Facility at the higher of (a) a Federal Funds effective rate plus 1.00% per annum or (b) a Eurodollar rate for a one-month period plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable and the level of its access to the Credit Facility, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that an individual Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at October 31, 2016. During the period ended October 31, 2016, none of the Funds utilized the line of credit.

Note F—Recent Accounting Pronouncement:

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Financial Highlights

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding period.

	Net Asset Value, Beginning of Year		Net Investment Income/ (Loss)^@			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			Tax Return of Capital		Total Distributions
Absolute Return Multi-Manager Fund
Institutional Class
10/31/16^ß	$	10.47	$	0.02		$	(0.18	)	$	(0.16	)	$	(0.03	)	$	(0.10	)	$	—	$	(0.13	)
10/31/15	$	11.00	$	(0.04	)	$	(0.19	)	$	(0.23	)	$	(0.07	)	$	(0.23	)	$	—	$	(0.30	)
10/31/14	$	10.86	$	(0.01	)	$	0.22		$	0.21		$	—		$	(0.07	)	$	—	$	(0.07	)
10/31/13	$	10.00	$	(0.08	)	$	1.00		$	0.92		$	(0.02	)	$	(0.04	)	$	—	$	(0.06	)
Period from 05/15/2012^{^} to 10/31/2012	$	10.00	$	(0.08	)	$	0.08		$	—		$	—		$	—		$	—	$	—
Class A
10/31/16^ß	$	10.40	$	(0.02	)	$	(0.18	)	$	(0.20	)	$	—		$	(0.10	)	$	—	$	(0.10	)
10/31/15	$	10.92	$	(0.08	)	$	(0.18	)	$	(0.26	)	$	(0.03	)	$	(0.23	)	$	—	$	(0.26	)
10/31/14	$	10.82	$	(0.04	)	$	0.21		$	0.17		$	—		$	(0.07	)	$	—	$	(0.07	)
10/31/13	$	9.99	$	(0.12	)	$	0.99		$	0.87		$	—		$	(0.04	)	$	—	$	(0.04	)
Period from 05/15/2012^{^} to 10/31/2012	$	10.00	$	(0.09	)	$	0.08		$	(0.01	)	$	—		$	—		$	—	$	—
Class C
10/31/16^ß	$	10.15	$	(0.09	)	$	(0.18	)	$	(0.27	)	$	—		$	(0.10	)	$	—	$	(0.10	)
10/31/15	$	10.72	$	(0.16	)	$	(0.18	)	$	(0.34	)	$	—		$	(0.23	)	$	—	$	(0.23	)
10/31/14	$	10.71	$	(0.13	)	$	0.21		$	0.08		$	—		$	(0.07	)	$	—	$	(0.07	)
10/31/13	$	9.95	$	(0.21	)	$	1.01		$	0.80		$	—		$	(0.04	)	$	—	$	(0.04	)
Period from 05/15/2012^{^} to 10/31/2012	$	10.00	$	(0.13	)	$	0.08		$	(0.05	)	$	—		$	—		$	—	$	—
Class R6
10/31/16^ß	$	10.47	$	0.04		$	(0.21	)	$	(0.17	)	$	(0.03	)	$	(0.10	)	$	—	$	(0.13	)
10/31/15	$	11.01	$	(0.01	)	$	(0.22	)	$	(0.23	)	$	(0.08	)	$	(0.23	)	$	—	$	(0.31	)
Period from 12/31/2013^{^} to 10/31/2014	$	10.99	$	0.01		$	0.01		$	0.02		$	—		$	—		$	—	$	—

See Notes to Financial Highlights

Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses relating to securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses relating to securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)


$	10.18		(1.57	)%	$	485.8		2.83	%^‡		2.02	%^‡		2.78	%^Ø§‡		1.97	%^Ø§‡		0.18	%^‡		485	%		474	%
$	10.47		(2.10	)%	$	1,343.3		2.71	%		1.97	%		2.71	%^Ø§		1.97	%^Ø§		(0.40	)%		433	%		452	%
$	11.00		1.96	%	$	1,275.3		2.64	%		2.13	%		2.55	%^Ø		2.04	%^Ø		(0.10	)%		329	%		257	%
$	10.86		9.19	%	$	324.3		2.89	%		2.60	%		2.30	%^Ø		2.01	%^Ø		(0.74	)%		421	%		330	%
$	10.00		0.00	%**	$	33.2		7.86	%*^‡		7.50	%*^‡		2.81	%*^‡		2.45	%*^‡		(1.81	)%*^‡		270	%**		213	%**

$	10.10		(1.91	)%	$	62.9		3.20	%^‡		2.40	%^‡		3.13	%^Ø§‡		2.33	%^Ø§‡		(0.16	)%^‡		485	%		474	%
$	10.40		(2.47	)%	$	210.6		3.06	%		2.33	%		3.06	%^Ø§		2.33	%^Ø§		(0.71	)%		433	%		452	%
$	10.92		1.60	%	$	242.2		3.02	%		2.49	%		2.90	%^Ø		2.38	%^Ø		(0.40	)%		329	%		257	%
$	10.82		8.70	%	$	124.7		3.27	%		2.99	%		2.62	%^Ø		2.34	%^Ø		(1.17	)%		421	%		330	%
$	9.99		(0.10	)%**	$	1.8		8.67	%*^‡		8.26	%*^‡		3.22	%*^‡		2.81	%*^‡		(2.02	)%*^‡		270	%**		213	%**

$	9.78		(2.66	)%	$	40.9		3.96	%^‡		3.15	%^‡		3.89	%^Ø§‡		3.08	%^Ø§‡		(0.96	)%^‡		485	%		474	%
$	10.15		(3.21	)%	$	87.1		3.81	%		3.08	%		3.81	%^Ø§		3.08	%^Ø§		(1.48	)%		433	%		452	%
$	10.72		0.77	%	$	95.3		3.77	%		3.26	%		3.66	%^Ø		3.15	%^Ø		(1.18	)%		329	%		257	%
$	10.71		8.03	%	$	21.3		4.01	%		3.72	%		3.38	%^Ø		3.09	%^Ø		(1.94	)%		421	%		330	%
$	9.95		(0.50	)%**	$	0.2		13.12	%*^‡		12.74	%*^‡		3.94	%*^‡		3.56	%*^‡		(2.86	)%*^‡		270	%**		213	%**

$	10.17		(1.58	)%	$	3.4		2.71	%^‡		1.92	%^‡		2.69	%^Ø§‡		1.90	%^Ø§‡		0.37	%^‡		485	%		474	%
$	10.47		(2.14	)%	$	17.4		2.66	%		1.90	%		2.66	%^Ø§		1.90	%^Ø§		(0.08	)%		433	%		452	%
$	11.01		0.18	%**	$	32.5		2.56	%*		2.08	%*		2.46	%*^Ø		1.98	%*^Ø		0.10	%*		329	%^ØØ		257	%^ØØ

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income/ (Loss)^@			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			Tax Return of Capital		Total Distributions
Long Short Multi-Manager Fund
Institutional Class
10/31/16	$	10.06	$	(0.09	)	$	(0.09	)	$	(0.18	)	$	(0.01	)	$	(0.28	)	$	—	$	(0.29	)
10/31/15	$	10.39	$	(0.15	)	$	(0.09	)	$	(0.24	)	$	(0.02	)	$	(0.07	)	$	—	$	(0.09	)
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.11	)	$	0.50		$	0.39		$	—		$	—		$	—	$	—
Class A
10/31/16	$	10.01	$	(0.11	)	$	(0.10	)	$	(0.21	)	$	—		$	(0.28	)	$	—	$	(0.28	)
10/31/15	$	10.36	$	(0.19	)	$	(0.09	)	$	(0.28	)	$	—		$	(0.07	)	$	—	$	(0.07	)
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.15	)	$	0.51		$	0.36		$	—		$	—		$	—	$	—
Class C
10/31/16	$	9.87	$	(0.18	)	$	(0.10	)	$	(0.28	)	$	—		$	(0.28	)	$	—	$	(0.28	)
10/31/15	$	10.29	$	(0.26	)	$	(0.09	)	$	(0.35	)	$	—		$	(0.07	)	$	—	$	(0.07	)
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.21	)	$	0.50		$	0.29		$	—		$	—		$	—	$	—

See Notes to Financial Highlights

Net Asset Value, End of Year		Total Return^†d			Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses relating to securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses relating to securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)


$	9.59		(1.75	)%	$	22.2		4.55	%		3.46	%		3.06	%		1.97	%		(0.95	)%		752	%		786	%
$	10.06		(2.36	)%	$	33.5		4.15	%		3.26	%		2.86	%		1.97	%		(1.46	)%		536	%		570	%
$	10.39		3.90	%**	$	30.8		5.09	%*^‡		4.50	%*^‡		2.64	%*^‡		2.05	%*^‡		(1.26	)%*^‡		293	%**		168	%**

$	9.52		(2.09	)%	$	0.4		4.93	%		3.86	%		3.40	%		2.33	%		(1.14	)%		752	%		786	%
$	10.01		(2.71	)%	$	1.2		4.58	%		3.68	%		3.23	%		2.33	%		(1.79	)%		536	%		570	%
$	10.36		3.60	%**	$	0.9		5.87	%*^‡		5.30	%*^‡		2.99	%*^‡		2.42	%*^‡		(1.66	)%*^‡		293	%**		168	%**

$	9.31		(2.84	)%	$	0.7		5.69	%		4.61	%		4.17	%		3.08	%		(1.96	)%		752	%		786	%
$	9.87		(3.41	)%	$	1.3		5.38	%		4.46	%		4.00	%		3.08	%		(2.52	)%		536	%		570	%
$	10.29		2.90	%**	$	0.3		8.18	%*^‡		7.59	%*^‡		3.73	%*^‡		3.15	%*^‡		(2.34	)%*^‡		293	%**		168	%**

Notes to Financial Highlights

@ Calculated based on the average number of shares outstanding during each fiscal period.

† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each 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 may 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 certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

d The class action proceeds listed in Note A-5 of the Notes to Financial Statements, if any, had no impact on the Funds' total returns for the year ended October 31, 2016.

# 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.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

** Not annualized.

* Annualized.

^ The date investment operations commenced.

ß Consolidated financial highlights (see Note A in Notes to Financial Statements).

Ø After reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had Absolute Return Multi-Manager not received expense reductions related to expense offset arrangements, the annualized ratios of net expenses to average daily net assets would have been:

	Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales			Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales			Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales			Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales
	Year Ended October 31, 2016						Year Ended October 31, 2015						Year Ended October 31, 2014						Year Ended October 31, 2013
Absolute Return Multi-Manager Institutional Class		2.78	%		1.97	%		2.71	%		1.97	%		2.55	%		2.04	%		2.30	%		2.01	%
Absolute Return Multi-Manager Class A		3.13	%		2.33	%		3.06	%		2.33	%		2.90	%		2.38	%		2.63	%		2.35	%
Absolute Return Multi-Manager Class C		3.89	%		3.08	%		3.81	%		3.08	%		3.66	%		3.15	%		3.39	%		3.10	%
Absolute Return Multi-Manager Fund Class R6		2.69	%		1.90	%		2.66	%		1.90	%		2.46	%		1.98	%⁽¹⁾		—			—

Notes to Financial Highlights (cont'd)

(1) Period from December 31, 2013 (Commencement of Operations) to October 31, 2014.

ØØ Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended October 31, 2014 for Absolute Return Multi-Manager.

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had Absolute Return Multi-Manager not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales			Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales
	Year Ended October 31, 2016						Year Ended October 31, 2015
Absolute Return Multi-Manager Institutional Class		2.77	%		1.96	%		2.64	%		1.90	%
Absolute Return Multi-Manager Class A		3.13	%		2.33	%		3.02	%		2.29	%
Absolute Return Multi-Manager Class C		3.88	%		3.07	%		3.75	%		3.02	%
Absolute Return Multi-Manager Class R6		2.68	%		1.89	%		2.59	%		1.83	%

100

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Neuberger Berman Alternative Funds and Shareholders of
Neuberger Berman Absolute Return Multi-Manager Fund
Neuberger Berman Long Short Multi-Manager Fund

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund (the "Trust"), two of the series constituting the Neuberger Berman Alternative Funds, including the schedules of investments, as of October 31, 2016, the related statements of operations for the year then ended, and the statements of changes in net assets for each of two years in the period the ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund, at October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 27, 2016

101

By:	/s/ Robert Conti
	Robert Conti
	Chief Executive Officer and President

By:	/s/ John M. McGovern
	John M. McGovern
	Treasurer and Principal Financial
	and Accounting Officer