As filed with the Securities and Exchange Commission on July 6, 2015

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 Management 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 Management 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: April 30, 2015

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 semi-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

Absolute Return Multi-Manager Fund

Long Short Multi-Manager Fund

Semi-Annual Report

April 30, 2015

Contents

THE FUNDS
President's Letter					1
PORTFOLIO COMMENTARY
Absolute Return Multi-Manager Fund					2
Long Short Multi-Manager Fund					4
FUND EXPENSE INFORMATION					8
SCHEDULE OF INVESTMENTS/TOP TEN EQUITY HOLDINGS
Absolute Return Multi-Manager Fund					10
Long Short Multi-Manager Fund					34
FINANCIAL STATEMENTS					54
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
Absolute Return Multi-Manager Fund					83
Long Short Multi-Manager Fund					85
Directory					89
Proxy Voting Policies and Procedures					90
Quarterly Portfolio Schedule					90

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^©2015 Neuberger Berman Management LLC. All rights reserved.

President's Letter

Dear Shareholder,

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

The global financial markets experienced periods of volatility but largely generated positive results during the six months ended April 30, 2015. Investor sentiment was challenged at times given mixed global economic data, questions regarding future central bank monetary policy and a host of geopolitical issues. Despite several setbacks, the global equity market posted solid returns during the period. In the U.S., the S&P 500^® Index reached several new all-time highs. Elsewhere, optimism regarding the European Central Bank's aggressive actions to stimulate growth supported a number of international developed market equities. While emerging market equities also rose, their gains were less robust. Within fixed income, longer-term Treasury yields declined and the yield curve flattened. The high yield corporate bond market was largely flat as headwinds in the energy sector lead to overall spread widening.

Looking ahead, we think the U.S. economy is likely to continue to strengthen as the year progresses. However, data suggest that expansion may be modest and is unlikely to trigger a sharp uptick in inflation. This scenario, along with ongoing slack in the broader global economy, leads us to believe the U.S. Federal Reserve's (Fed) initial interest rate hike will not occur until later in the year. Furthermore, we believe the Fed will take a cautious and measured approach in terms of monetary tightening after interest rate "liftoff" begins.

From an investment perspective, we believe that potentially rising interest rates in the U.S. and divergent central bank policies across the globe could lead to greater volatility in the broader markets, which we think presents a healthy opportunity set for hedge fund strategies. In the U.S., the end of quantitative easing has already led to lower correlations between stocks and improved performance for short positions, both of which are beneficial to long/short equity strategies—and we anticipate those dynamics will persist. In our opinion, event driven strategies appear poised to benefit from a healthy pipeline of corporate activity stimulated by the low growth environment and we anticipate seeing more attractive merger spreads driven by higher interest rates. Within fixed income, we believe credit long/short managers should be able to capitalize on rising interest rates by focusing on floating rate debt and increasing their exposure to short positions.

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

Neuberger Berman Absolute Return Multi-Manager Fund Institutional Class generated a 3.33% total return for the six months ended April 30, 2015. During the period, the Fund outperformed its primary benchmark, the HFRX Absolute Return Index, which posted a 1.15% return. (Performance for all share classes is provided in the table immediately following this letter.)

The global financial markets largely posted positive results during the reporting period. Still, there were periods of volatility given mixed global economic data, shifting central bank monetary policy, declining oil prices and a number of geopolitical issues. Despite periods of weakness, U.S. equities generated positive results. Elsewhere, international developed equities rallied sharply and outperformed emerging market equities. Within fixed income, Treasury yields declined and the curve flattened. High yield was largely flat as headwinds in the Energy sector lead to overall spread widening.

All of the portfolio's strategies generated positive absolute returns for the period. Equity long/short was the largest positive contributor. In the U.S., equity markets began to normalize after the U.S. Federal Reserve's (Fed) quantitative easing (QE) program ended and our equity long/short subadvisers benefited from more fundamentally driven stock prices. Importantly, after several years of underperformance from short positions primarily due to QE, performance for shorts began to improve during the reporting period. Outside the U.S., our subadvisers increased their net long exposure to capture the effects of QE in Europe and Japan.

Event driven strategies were the next most material positive contributors for the period. Special situations were responsible for the majority of gains, while merger arbitrage contributed to a lesser extent. The largest contributor was a long position in a special purpose acquisition company that traded up after announcing the purchase of a frozen foods business. The largest detractors were long positions in the Energy sector that traded down with the sharp decline in oil prices.

The Fund's credit strategies also generated positive performance. In particular, credit long/short strategies were the largest contributors, followed by gains from asset-backed securities (ABS) strategies. Within credit long/short, the largest positive contributing sectors were Consumer Non-Cyclicals and Communications, while the largest detractors were index hedges, municipal bonds and Energy. In ABS, collateralized loan obligations (CLOs) and commercial mortgage-backed securities (CMBS) were the largest contributors, followed by smaller gains from residential mortgage-backed securities (RMBS).

Divergent central bank policies across the globe and the ending of QE in the U.S. have led to slightly higher volatility, lower correlations between stocks and prices driven more by company fundamentals. We think this provides a strong opportunity set for long/short equity strategies focused on fundamentals.

The trend of high corporate activity continued during the reporting period. Given the current low growth environment, potential interest rate rises in the U.S., growth in activist shareholder campaigns and still high corporate cash balances, we think the pieces are in place for a strong pipeline of deals over the next several quarters. We have therefore maintained our high conviction in event driven strategies.

We believe U.S. Treasury rates are unsustainable at the current low levels, especially given indications from the Fed that it will soon begin raising rates. Our credit long/short subadviser remains positioned in a way they expect will benefit from higher rates. Our ABS subadviser continues to favor CMBS and CLOs over RMBS.

Sincerely,

DAVID KUPPERMAN AND JEFF MAJIT
PORTFOLIO CO-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.

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.

Absolute Return Multi-Manager Fund

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		4.8	%		—	%
Bank Loan Obligations		9.4			—
Common Stocks		62.1			(17.1	)
Corporate Debt Securities		3.9			(0.7	)
Exchange Traded Funds		0.5			(9.9	)
Mortgage-Backed Securities		4.8			—
Municipal Notes		0.8			—
Preferred Stocks		0.1			—
Purchased Options		0.3			—
Rights		0.0			—
Warrants		0.2			—
Short-Term Investments		15.0			—
Cash, receivables and other assets, less liabilities		25.8			—
Total		127.7	%		(27.7	)%

PERFORMANCE HIGHLIGHTS³

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2015
	Date	04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	05/15/2012		3.33	%		3.05	%		4.84	%
Class A	05/15/2012		3.15	%		2.68	%		4.46	%
Class C	05/15/2012		2.71	%		1.85	%		3.66	%
Class R6⁴	12/31/2013		3.29	%		3.01	%		4.86	%
With Sales Charge
Class A			–2.81	%		–3.23	%		2.40	%
Class C			1.71	%		0.85	%		3.66	%
Index
HFRX Absolute Return Index^1,2			1.15	%		1.54	%		2.35	%
S&P 500^® Index^1,2			4.40	%		12.98	%		18.64	%
Barclays U.S. Aggregate Bond Index^1,2			2.06	%		4.46	%		2.48	%

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 Management 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 2014 were 2.68%, 3.05%, 3.80% and 2.58% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 2.57% for Class R6 shares after expense reimbursements and/or fee waivers. The total annual operating expense ratio for each of Institutional Class, Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for the semi-annual period ending April 30, 2015 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.

Long Short Multi-Manager Fund Commentary

Neuberger Berman Long Short Multi-Manager Fund Institutional Class generated a 2.88% total return for the six months ended April 30, 2015. During this period, the Fund underperformed its benchmarks, the HFRX Equity Hedge Index and the S&P 500^® Index, which returned 3.76% and 4.40%, respectively. (Performance for all share classes is provided in the table immediately following this letter.)

During the reporting period, gains from our subadvisors' long positions outweighed losses from their short positions. From a sector perspective, most areas of the portfolio were additive to performance. In particular, Consumer Cyclicals was the largest positive contributor, followed by Financials, Communications and Health Care. The only real detractor was Utilities, which was down during the period.

At the position level, a number of the Fund's largest contributors were beneficiaries of M&A activity. Within Health Care, the Fund made money in a long position in a provider of injectable drugs and infusion technologies that agreed to be acquired by a global pharmaceutical company at a significant premium. The Fund was also rewarded for its two long positions in pharmaceutical companies whose stock prices appreciated amid a three-way merger battle. Elsewhere, a long position in a consumer packaged food and beverage company also generated a gain as it announced its intentions to merge with another firm in the industry.

The Fund also owns a number of companies that we believe are well capitalized and have been active in making acquisitions. This has been an attractive environment for this type of activity, as acquirer stocks have appreciated alongside their targets' stocks in many instances. For example, the Fund benefited from its long position in a commercial real estate services firm that announced a highly accretive acquisition of a facility maintenance company.

Another main theme over the period was holdings that reacted positively to an improving U.S. consumer backdrop given lower energy prices. Beneficiaries of this included a long position in an owner and operator of amusement parks and a long position in a provider of horseracing events, casino gaming and entertainment.

On the negative side, a long position in a Greek bank detracted from performance as its shares declined due to macro concerns over Greece. Another notable detractor was a long position in a provider of home infusion and other home health care services. In a surprise move, the company announced a dilutive convertible preferred stock offering.

During the reporting period, the subadvisors' use of futures, options and equity swaps had an overall positive impact on the Fund's performance.

Divergent central bank policies across the globe and the ending of quantitative easing in the U.S. have led to slightly higher volatility, lower correlations between stocks and prices driven more by company fundamentals. We think this provides a strong opportunity set for equity long/short strategies focused on fundamentals. Looking ahead, we anticipate that company specific issues will continue to be primary drivers of stock prices once the U.S. Federal Reserve begins raising interest rates.

Sincerely,

DAVID KUPPERMAN AND JEFF MAJIT
PORTFOLIO CO-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.

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 Multi-Manager Fund

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		75.2	%		(32.7	)%
Exchange Traded Funds		1.1			(4.0	)
Preferred Stocks		0.3			—
Purchased Options		0.2			—
Short-Term Investments		23.0			—
Cash, receivables and other assets, less liabilities		36.9			—
Total		136.7	%		(36.7	)%

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2015
	Date	04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	12/19/2013		2.88	%		4.49	%		5.01	%
Class A	12/19/2013		2.64	%		4.05	%		4.60	%
Class C	12/19/2013		2.36	%		3.37	%		3.88	%
With Sales Charge
Class A			–3.24	%		–1.90	%		0.16	%
Class C			1.36	%		2.37	%		3.88	%
Index
HFRX Equity Hedge Index^1,2			3.76	%		5.09	%		4.55	%
S&P 500^® Index^1,2			4.40	%		12.98	%		13.16	%

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 estimated total annual operating expense ratios for fiscal year 2014 were 5.12%, 5.90% and 8.21% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 2.80%, 3.14% and 3.90% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Glossary of Indices" on page 7 for a description of indices. Please note that individuals cannot invest directly in any index. The S&P 500^® and the 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 and HFRX Equity Hedge 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 Management LLC ("Management") 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 the 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' inception date is that of the Institutional Class of Neuberger Berman Absolute Return Multi-Manager Fund. The Institutional Class has higher expenses and typically lower returns than Class R6.

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

Glossary of Indices

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).
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.
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 April 30, 2015 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 Information as of 4/30/15 (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽²⁾
	Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15		Expense Ratio			Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15		Expense Ratio
Absolute Return Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,033.30	$	13.31		2.64	%	$	1,000.00	$	1,011.70	$	13.17		2.64	%
Class A	$	1,000.00	$	1,031.50	$	15.11		3.00	%	$	1,000.00	$	1,009.92	$	14.95		3.00	%
Class C	$	1,000.00	$	1,027.10	$	18.85		3.75	%	$	1,000.00	$	1,006.20	$	18.65		3.75	%
Class R6	$	1,000.00	$	1,032.90	$	13.21		2.62	%	$	1,000.00	$	1,011.80	$	13.07		2.62	%
Long Short Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,028.80	$	14.08		2.80	%	$	1,000.00	$	1,010.91	$	13.96		2.80	%
Class A	$	1,000.00	$	1,026.40	$	15.88		3.16	%	$	1,000.00	$	1,009.12	$	15.74		3.16	%
Class C	$	1,000.00	$	1,023.60	$	19.67		3.92	%	$	1,000.00	$	1,005.36	$	19.49		3.92	%

(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 181/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) 4/30/15

TOP TEN EQUITY HOLDINGS LONG POSITIONS (as a % of Net Assets)

		Country	Industry
1	TRW Automotive Holdings Corp.	United States	Auto Components	1.6	%
2	DIRECTV	United States	Media	1.5	%
3	Nomad Holdings Ltd.	United Kingdom	Diversified Financial Services	1.2	%
4	Sigma-Aldrich Corp.	United States	Chemicals	1.2	%
5	Family Dollar Stores, Inc.	United States	Multiline Retail	1.1	%
6	NorthStar Realty Finance Corp.	United States	Real Estate Investment Trusts	0.9	%
7	New Senior Investment Group, Inc.	United States	Real Estate Investment Trusts	0.8	%
8	Actavis PLC	United States	Pharmaceuticals	0.8	%
9	Dresser-Rand Group, Inc.	United States	Energy Equipment & Services	0.7	%
10	Verint Systems, Inc.	United States	Software	0.7	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS (as a % of Net Assets)

		Country	Industry
1	AT&T, Inc.	United States	Diversified Telecommunication Services	(0.6	)%
2	Simon Property Group, Inc.	United States	Real Estate Investment Trusts	(0.5	)%
3	Dollar Tree, Inc.	United States	Multiline Retail	(0.3	)%
4	Alibaba Group Holding Ltd.	China	Internet Software & Services	(0.2	)%
5	Fastenal Co.	United States	Trading Companies & Distributors	(0.2	)%
6	Guess?, Inc.	United States	Specialty Retail	(0.2	)%
7	Deere & Co.	United States	Machinery	(0.2	)%
8	Praxair, Inc.	United States	Chemicals	(0.2	)%
9	Exxon Mobil Corp.	United States	Oil, Gas & Consumable Fuels	(0.2	)%
10	Wisconsin Energy Corp.	United States	Multi-Utilities	(0.2	)%

	Number of Shares		Value†
Long Positions (101.9%)
Common Stocks (62.1%)
Aerospace & Defense (1.6%)
B/E Aerospace, Inc.		90,618	$	5,418,050	^Ø
Exelis, Inc.		284,224		6,969,173	^Ø
Honeywell International, Inc.		43,800		4,420,296	^Ø
KLX, Inc.		71,750		3,007,043	*^Ø
MacDonald Dettwiler & Associates Ltd.		13,452		1,067,909
United Technologies Corp.		40,175		4,569,906	^Ø
				25,452,377
Air Freight & Logistics (0.3%)
Norbert Dentressangle SA		2,000		486,444
TNT Express NV		241,500		2,061,462
Toll Holdings Ltd.		30,000		212,332
XPO Logistics, Inc.		44,664		2,166,204	*
				4,926,442

	Number of Shares		Value†
Airlines (0.2%)
AMR Corp.		14,383	$	41,567	*^fN
Delta Air Lines, Inc.		7,800		348,192
United Continental Holdings, Inc.		46,700		2,789,858	*
				3,179,617
Auto Components (2.5%)
American Axle & Manufacturing Holdings, Inc.		90,502		2,256,215	*^Ø
Cooper Tire & Rubber Co.		27,000		1,147,230
Delphi Automotive PLC		39,270		3,259,410
Lear Corp.		8,604		955,302	^Ø
TRW Automotive Holdings Corp.		228,128		23,967,128	*^Ø
Visteon Corp.		65,741		6,666,137	*^Ø
				38,251,422
Banks (1.9%)
BOC Hong Kong Holdings Ltd.		368,500		1,429,308	^Ø

	Number of Shares		Value†
Chongqing Rural Commercial Bank Co. Ltd. Class H		2,473,000	$	2,205,946	^Ø
Citizens Financial Group, Inc.		119,900		3,123,395
City National Corp.		23,676		2,206,603	^Ø
ING Groep NV CVA		104,160		1,597,976	*^Ø
Israel Discount Bank Ltd. Class A		643,632		1,130,678	*^Ø
Kasikornbank PCL		112,400		713,586	^Ø
Mitsubishi UFJ Financial Group, Inc.		419,000		2,976,723	^Ø
Mizuho Financial Group, Inc.		2,144,900		4,088,782	^Ø
Piraeus Bank SA		997,714		445,278	*^Ø
Sumitomo Mitsui Financial Group, Inc.		100,200		4,375,193	^Ø
Sumitomo Mitsui Trust Holdings, Inc.		676,000		2,975,710	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Susquehanna Bancshares, Inc.		26,875	$	361,200	^Ø
The Bank of Kentucky Financial Corp.		14,000		670,460	^Ø
Turkiye Garanti Bankasi AS		499,416		1,589,019	^Ø
				29,889,857
Beverages (1.0%)
Ambev SA		82,700		519,869
Belvedere SA		61,345		1,209,554	*^Ø
Cott Corp.		584,378		5,089,932	^£
Davide Campari- Milano SpA		217,014		1,678,340	^Ø
PepsiCo, Inc.		39,800		3,785,776
The Coca-Cola Co.		60,641		2,459,599	^Ø
				14,743,070
Biotechnology (2.4%)
Actelion Ltd.		11,936		1,570,549	*^Ø
Alexion Pharmaceuticals, Inc.		16,987		2,874,710	*
Auspex Pharmaceuticals, Inc.		35,000		3,531,150	*^Ø
BioMarin Pharmaceutical, Inc.		30,921		3,464,698	*^Ø
Cellular Dynamics International, Inc.		115,000		1,899,800	*
Cepheid		63,341		3,553,430	*
Hyperion Therapeutics, Inc.		55,000		2,527,800	*^Ø
Pharmacyclics, Inc.		10,100		2,587,620	*^Ø
QLT, Inc.		130,670		488,706	*^£
Receptos, Inc.		30,895		4,552,069	*^£
United Therapeutics Corp.		38,334		6,121,557	*^£
Vertex Pharmaceuticals, Inc.		30,912		3,810,831	*^£
				36,982,920
Building Products (0.3%)
LIXIL Group Corp.		115,500		2,407,429	^Ø

	Number of Shares		Value†
Norcraft Cos., Inc.		74,200	$	1,915,844	*^Ø
				4,323,273
Capital Markets (1.6%)
Apollo Global Management LLC Class A		216,906		4,958,471
Apollo Investment Corp.		179,524		1,436,192	^Ø
Azimut Holding SpA		24,018		704,994
Capital Southwest Corp.		6,550		311,845
Jafco Co. Ltd.		66,000		2,472,937	^Ø
Morgan Stanley		40,885		1,525,419
Nomura Holdings, Inc.		442,300		2,869,386	^Ø
RCS Capital Corp. Class A		399,831		3,434,548
Solar Capital Ltd.		161,322		3,187,723	^Ø
The Blackstone Group LP		74,087		3,034,603	^Ø
The Goldman Sachs Group, Inc.		7,990		1,569,396
				25,505,514
Chemicals (3.3%)
Air Products & Chemicals, Inc.		30,250		4,338,758	^Ø
Asahi Kasei Corp.		97,000		913,414	^Ø
Ashland, Inc.		67,243		8,496,825	^£
Auriga Industries A/S Class B		12,000		577,332	*^Ø
FMC Corp.		41,185		2,442,682
Huntsman Corp.		166,625		3,840,706	^Ø
Nissan Chemical Industries Ltd.		95,700		1,896,573	^Ø
Nitto Denko Corp.		29,600		1,896,931	^Ø
Shin-Etsu Chemical Co. Ltd.		25,800		1,577,124	^Ø
Sigma-Aldrich Corp.		130,394		18,114,335	^Ø

	Number of Shares		Value†
Ube Industries Ltd.		472,000	$	783,068	^Ø
WR Grace & Co.		49,258		4,764,234	*^Ø
Zep, Inc.		49,000		974,120
				50,616,102
Commercial Services & Supplies (0.6%)
Courier Corp.		154,000		3,739,120	^Ø
Steelcase, Inc. Class A		36,907		648,456	^Ø
Tyco International PLC		114,480		4,508,222	^£Ø
				8,895,798
Communications Equipment (0.5%)
Aruba Networks, Inc.		97,853		2,408,162	*^Ø
Emulex Corp.		120,000		962,400	*^Ø
Juniper Networks, Inc.		153,911		4,067,868
Mitel Networks Corp.		24,056		223,476	*
				7,661,906
Construction & Engineering (0.2%)
Taisei Corp.		496,000		2,873,251	^Ø
Consumer Finance (0.1%)
Springleaf Holdings, Inc.		20,100		1,005,000	*^Ø
Containers & Packaging (0.4%)
Berry Plastics Group, Inc.		41,648		1,425,195	*^Ø
Nampak Ltd.		743,102		2,661,309	^Ø
Pact Group Holdings Ltd.		496,083		1,612,513	^Ø
				5,699,017
Diversified Consumer Services (0.5%)
Regis Corp.		184,600		3,049,592	*^Ø
Service Corp. International		94,621		2,619,109	^Ø
ServiceMaster Global Holdings, Inc.		22,537		778,879	*
Stonemor Partners LP		42,288		1,294,013	^Ø
				7,741,593

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Diversified Financial Services (1.5%)
Boulevard Acquisition Corp.		63,528	$	736,290	*
Nomad Holdings Ltd.		1,060,114		19,082,052	*^fN
ORIX Corp.		191,700		2,948,039	^Ø
				22,766,381
Diversified Telecommunication Services (0.8%)
FairPoint Communications, Inc.		49,501		976,160	*^Ø
Globalstar, Inc.		378,288		979,766	*^Ø
Intelsat SA		265,510		3,342,771	*^Ø
Jazztel PLC		190,000		2,743,284	*^Ø
Koninklijke KPN NV		35,000		129,771	^Ø
Sunrise Communications Group AG		17,268		1,613,987	*^ñØ
Telecom Italia SpA		2,843,232		2,736,311	*
				12,522,050
Electric Utilities (0.7%)
Cleco Corp.		68,000		3,695,800	^Ø
Hawaiian Electric Industries, Inc.		30,000		939,000	^Ø
Pepco Holdings, Inc.		40,000		1,039,200	^Ø
PPL Corp.		91,292		3,106,667	^Ø
The Kansai Electric Power Co., Inc.		114,900		1,154,732	*^Ø
UIL Holdings Corp.		4,000		199,520
				10,134,919
Electrical Equipment (0.4%)
Hubbell, Inc. Class B		9,336		1,016,037	^Ø
Nidec Corp.		23,200		1,735,472	^Ø
Polypore International, Inc.		40,000		2,342,400	*^Ø
Sensata Technologies Holding NV		17,945		990,743	*^Ø
				6,084,652

	Number of Shares		Value†
Electronic Equipment, Instruments & Components (0.4%)
Axis Communications AB		16,400	$	667,546
Belden, Inc.		35,440		2,975,188	^Ø
Hitachi Ltd.		101,000		689,113	^Ø
Keyence Corp.		3,900		2,082,012	^Ø
Viasystems Group, Inc.		4,000		71,120	*^Ø
				6,484,979
Energy Equipment & Services (0.9%)
Baker Hughes, Inc.		18,181		1,244,671	^Ø
Dresser-Rand Group, Inc.		139,052		11,495,429	*^Ø
Halliburton Co.		26,732		1,308,532	^Ø
Paragon Offshore PLC		183,579		332,278
				14,380,910
Food & Staples Retailing (0.5%)
CVS Health Corp.		39,810		3,952,735	^Ø
Sysco Corp.		14,487		536,454
Walgreens Boots Alliance, Inc.		33,425		2,771,935
				7,261,124
Food Products (0.4%)
Cal-Maine Foods, Inc.		19,934		891,249
GrainCorp. Ltd. Class A		18,000		140,319	^Ø
Kellogg Co.		31,434		1,990,715	^Ø
Oceana Group Ltd.		64,770		578,354	^Ø
The JM Smucker Co.		26,800		3,106,656	^Ø
Warrnambool Cheese & Butter Factory Co. Holding Ltd.		10,000		65,761	*^Ø
				6,773,054
Health Care Equipment & Supplies (2.3%)
Alere, Inc.		153,365		7,281,770	*^£Ø
ArthroCare Corp.		46,000		16,100	*^fN
Edwards Lifesciences Corp.		33,988		4,304,580	*^Ø
Globus Medical, Inc. Class A		103,497		2,472,543	*
Insulet Corp.		61,789		1,844,402	*

	Number of Shares		Value†
Intuitive Surgical, Inc.		7,725	$	3,831,446	*
NuVasive, Inc.		49,431		2,211,049	*
Optos PLC		1,000		5,219	*
STERIS Corp.		42,900		2,852,850	^Ø
The Cooper Cos., Inc.		20,076		3,574,933	^Ø
Wright Medical Group, Inc.		11,572		293,582	*
Zimmer Holdings, Inc.		67,754		7,442,099	^£
				36,130,573
Health Care Providers & Services (1.4%)
Accretive Health, Inc.		189,790		1,066,620	*
Brookdale Senior Living, Inc.		167,947		6,084,720	*^Ø
Catamaran Corp.		127,348		7,558,104	*^Ø
Fresenius SE & Co. KGaA		20,395		1,213,358	^Ø
Mediclinic International Ltd.		88,885		941,238
Omnicare, Inc.		62,234		5,475,347
				22,339,387
Health Care Technology (0.2%)
HMS Holdings Corp.		171,482		2,916,909	*^Ø
Hotels, Restaurants & Leisure (2.6%)
Accor SA		95,360		5,229,050
Aramark		158,140		4,859,642
Belmond Ltd. Class A		3,000		36,960	*^Ø
Bloomin' Brands, Inc.		159,350		3,610,871	^Ø
Bob Evans Farms, Inc.		131,639		5,663,110	^Ø
Churchill Downs, Inc.		47,250		5,630,782	^Ø
Life Time Fitness, Inc.		31,953		2,284,639	*^Ø
MGM Resorts International		253,499		5,361,504	*
Morgans Hotel Group Co.		85,898		588,401	*^£Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Pinnacle Entertainment, Inc.		193,181	$	7,101,334	*^£Ø
				40,366,293
Household Durables (0.3%)
Blyth, Inc.		4,000		30,720	*^Ø
Lennar Corp. Class B		38,108		1,392,085	^Ø
Rinnai Corp.		11,800		895,302	^Ø
Sony Corp.		68,700		2,076,921	*^Ø
				4,395,028
Industrial Conglomerates (0.3%)
Alliance Global Group, Inc.		4,368,100		2,482,407	^Ø
Toshiba Corp.		425,000		1,702,788	^Ø
				4,185,195
Insurance (1.9%)
Ambac Financial Group, Inc.		26,615		612,411	*^Ø
American International Group, Inc.		66,050		3,717,955	^Ø
Aspen Insurance Holdings Ltd.		2,000		93,460	^Ø
Assured Guaranty Ltd.		216,074		5,615,763	^£
BB Seguridade Participacoes SA		101,829		1,191,348	^Ø
Brit PLC		15,000		63,826	^ñ
MetLife, Inc.		28,800		1,477,152
Montpelier Re Holdings Ltd.		200		7,622
National Interstate Corp.		145,295		4,071,166	^Ø
PartnerRe Ltd.		5,500		704,000
Sampo OYJ Class A		31,684		1,535,226	^Ø
Sanlam Ltd.		164,850		1,066,186	^Ø
Syncora Holdings Ltd.		22,879		33,175	*^Ø

	Number of Shares		Value†
The Hartford Financial Services Group, Inc.		105,820	$	4,314,281	^Ø
WMI Holdings Corp.		450,764		1,162,971	*^£
XL Group PLC		99,311		3,682,452	^Ø
				29,348,994
Internet & Catalog Retail (0.4%)
Liberty Ventures Series A		123,149		5,132,850	*^Ø
Orbitz Worldwide, Inc.		44,231		518,388	*
				5,651,238
Internet Software & Services (1.4%)
AOL, Inc.		76,600		3,056,340	*^Ø
Baidu, Inc. ADR		4,901		981,572	*^Ø
eBay, Inc.		89,865		5,235,535	*^Ø
Equinix, Inc.		14,816		3,791,859	^Ø
Google, Inc. Class A		3,990		2,189,592	*^Ø
Travelport LLC		71,059		1,124,864	*^N
Yahoo!, Inc.		122,908		5,231,579	*^£
				21,611,341
IT Services (0.5%)
Blackhawk Network Holdings, Inc. Class B		5,000		183,550	*^Ø
Computer Sciences Corp.		57,950		3,734,877	^Ø
IGATE Corp.		31,800		1,512,408	*
InterXion Holding NV		200		6,090	*
Visa, Inc. Class A		46,150		3,048,208	^Ø
				8,485,133
Life Sciences Tools & Services (0.1%)
Thermo Fisher Scientific, Inc.		11,500		1,445,320	^Ø
Machinery (0.7%)
Amada Holdings Co. Ltd.		183,500		1,851,745	^Ø
EnPro Industries, Inc.		16,577		1,061,094

	Number of Shares		Value†
FANUC Corp.		5,700	$	1,253,787	^Ø
ITT Corp.		37,200		1,474,980
Komatsu Ltd.		42,300		851,039	^Ø
Makita Corp.		30,500		1,522,080	^Ø
Pentair PLC		6,461		401,551	^£
Xylem, Inc.		46,604		1,725,280	^£
				10,141,556
Marine (0.1%)
Nippon Yusen KK		273,000		858,177	^Ø
Media (5.6%)
Altice SA		11,633		1,230,121	*^Ø
Cablevision Systems Corp. Class A		124,984		2,497,180	^Ø
CBS Corp. Class B		76,725		4,766,924	^£
Cineplex, Inc.		26,432		1,058,156
Cumulus Media, Inc. Class A		115,591		263,548	*
DIRECTV		261,536		23,722,623	*^Ø
DISH Network Corp. Class A		67,166		4,544,452	*^Ø
Gannett Co., Inc.		139,548		4,789,287	^Ø
Gray Television, Inc.		301,285		3,995,039	*^Ø
Journal Media Group, Inc.		23,618		219,411	*
Liberty Global PLC Class A		3,994		208,247	*^Ø
Liberty Global PLC Series C		83,201		4,197,490	*^Ø
Loral Space & Communications, Inc.		59,010		4,071,690	*^Ø
Media General, Inc.		50,000		844,500	*^Ø
New Media Investment Group, Inc.		86,545		2,001,786	^£
Nexstar Broadcasting Group, Inc. Class A		23,550		1,376,733	^Ø
SFX Entertainment, Inc.		1,000		4,370	*

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Sinclair Broadcast Group, Inc. Class A		39,792	$	1,219,227	^Ø
The EW Scripps Co. Class A		62,690		1,460,050	^Ø
Time Warner Cable, Inc.		35,606		5,537,445	^Ø
Time Warner, Inc.		43,624		3,682,302	^Ø
Time, Inc.		202,800		4,629,924	^Ø
Tribune Co. Class 1C Litigation		300,000		750	*^N
Tribune Media Co. Class A		122,266		6,855,455	^Ø
Viacom, Inc. Class B		17,260		1,198,707	^Ø
Videocon d2h Ltd. ADR		234,361		2,608,438	*^£
				86,983,855
Metals & Mining (0.6%)
Gold Fields Ltd. ADR		594,189		2,715,444	^Ø
Nippon Steel & Sumitomo Metal Corp.		392,000		1,019,677	^Ø
RTI International Metals, Inc.		10,596		398,939	*
SunCoke Energy, Inc.		275,988		4,838,070	^Ø
				8,972,130
Multiline Retail (1.4%)
Dollar Tree, Inc.		37,100		2,834,811	*^Ø
Family Dollar Stores, Inc.		224,618		17,551,651	^Ø
Takashimaya Co. Ltd.		136,000		1,269,214	^Ø
				21,655,676
Multi-Utilities (0.4%)
Integrys Energy Group, Inc.		21,000		1,535,100	^Ø
NiSource, Inc.		98,050		4,257,331	^Ø
				5,792,431

	Number of Shares		Value†
Oil, Gas & Consumable Fuels (2.2%)
Anadarko Petroleum Corp.		80,354	$	7,561,311	^£
BG Group PLC		13,000		235,476
Caltex Australia Ltd.		22,629		631,120
Cheniere Energy Partners LP		117,199		3,819,515	^Ø
Cheniere Energy Partners LP Holdings LLC		181,138		4,582,791	^Ø
Cheniere Energy, Inc.		61,281		4,687,384	*^£Ø
Encana Corp.		71,727		1,019,241
Freehold Royalties Ltd.		61,500		908,355
Hess Corp.		41,605		3,199,425	^Ø
Liquefied Natural Gas Ltd.		283,105		1,019,590	*
SemGroup Corp. Class A		39,750		3,346,552	^Ø
Talisman Energy, Inc.		288,606		2,300,190	^Ø
Whiting Petroleum Corp.		2,000		75,820	*
				33,386,770
Paper & Forest Products (0.0%)
Norbord, Inc.		5,000		100,870
Personal Products (0.1%)
Asaleo Care Ltd.		1,247,588		1,815,353	^Ø
Pharmaceuticals (4.1%)
Actavis PLC		41,746		11,808,274	*^Ø
Bayer AG		10,376		1,493,445	*^Ø
Hospira, Inc.		66,020		5,762,886	*^Ø
Impax Laboratories, Inc.		77,215		3,494,751	*
Jazz Pharmaceuticals PLC		27,797		4,967,324	*^Ø
Mallinckrodt PLC		44,785		5,068,766	*^£Ø
Mylan NV		104,944		7,583,253	*^£
Nektar Therapeutics		285,775		2,720,578	*^£
Novartis AG		11,887		1,213,332	^Ø

	Number of Shares		Value†
Perrigo Co. PLC		27,091	$	4,965,239	^Ø
Revance Therapeutics, Inc.		26,334		518,121	*
Shire PLC ADR		20,765		5,056,485
Teva Pharmaceutical Industries Ltd. ADR		16,867		1,019,104
Zoetis, Inc.		173,358		7,700,562	^£
				63,372,120
Professional Services (0.1%)
Nielsen NV		36,901		1,658,331
Real Estate Investment Trusts (3.9%)
American Realty Capital Properties, Inc.		205,071		1,851,791	^£
Apollo Commercial Real Estate Finance, Inc.		112,694		1,925,940	^Ø
Associated Estates Realty Corp.		1,000		28,500
Colony Capital, Inc. Class A		174,945		4,532,825	^Ø
CyrusOne, Inc.		44,362		1,440,878	^Ø
Easterly Government Properties, Inc.		56,054		882,851	*^Ø
Home Properties, Inc.		35,293		2,596,153
Lamar Advertising Co. Class A		101,627		5,890,301
New Senior Investment Group, Inc.		742,849		12,004,440	^£Ø
Newcastle Investment Corp.		219,864		1,171,875	^£
NorthStar Realty Finance Corp.		720,110		13,509,264	^£
Simon Property Group, Inc.		16,638		3,019,631	^Ø
STAG Industrial, Inc.		87,040		1,891,379	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
The Macerich Co.		114,150	$	9,332,904	^Ø
Xenia Hotels & Resorts, Inc.		40,274		882,403	^Ø
				60,961,135
Real Estate Management & Development (1.7%)
Altus Group Ltd.		51,008		853,163	^Ø
CBRE Group, Inc. Class A		170,188		6,525,008	*^Ø
Conwert Immobilien Invest SE		2,000		25,284	*
Daito Trust Construction Co. Ltd.		9,300		1,082,991	^Ø
Daiwa House Industry Co. Ltd.		204,600		4,567,700	^Ø
DO Deutsche Office AG		312,679		1,487,364	*
Kennedy Wilson Europe Real Estate PLC		246,425		4,228,973	^Ø
Mitsubishi Estate Co. Ltd.		80,000		1,882,983	^Ø
Pruksa Real Estate PCL		1,235,200		1,026,859	^Ø
Tokyo Tatemono Co. Ltd.		298,000		2,160,696	^Ø
Tokyu Fudosan Holdings Corp.		329,400		2,447,753	^Ø
				26,288,774
Road & Rail (0.9%)
Canadian Pacific Railway Ltd.		7,374		1,405,337
Hertz Global Holdings, Inc.		116,268		2,423,025	*^Ø

	Number of Shares		Value†
Roadrunner Transportation Systems, Inc.		156,710	$	3,834,694	*
Ryder System, Inc.		31,222		2,977,330	^Ø
Swift Transportation Co.		111,531		2,699,050	*
				13,339,436
Semiconductors & Semiconductor Equipment (1.3%)
Altera Corp.		114,108		4,756,021	^£
Applied Materials, Inc.		457,500		9,053,925
Broadcom Corp. Class A		75,000		3,315,375	^Ø
OmniVision Technologies, Inc.		1,000		27,895	*^Ø
REC Solar ASA		1,500		20,320	*^Ø
SCREEN Holdings Co. Ltd.		283,000		1,921,179	^Ø
Tokyo Electron Ltd. ADR		102,105		1,393,733	^£
				20,488,448
Software (1.7%)
Advent Software, Inc.		60,000		2,604,600	^Ø
ClickSoftware Technologies Ltd.		3,000		37,260	*
Informatica Corp.		9,800		471,086	*
Nintendo Co. Ltd.		4,900		822,711	^Ø
Nuance Communications, Inc.		412,331		6,321,034	*^Ø
PTC, Inc.		143,050		5,484,537	*^Ø
Verint Systems, Inc.		170,617		10,481,002	*^£
				26,222,230
Specialty Retail (0.8%)
Advance Auto Parts, Inc.		10,237		1,463,891	^Ø
ANN, Inc.		74,100		2,805,426	*^Ø
GLENTEL, Inc.		5,000		104,227	^Ø
JB Hi-Fi Ltd.		60,319		931,749	^Ø

	Number of Shares		Value†
Office Depot, Inc.		10,000	$	92,200	*
Tiffany & Co.		28,013		2,450,577	^£
Vitamin Shoppe, Inc.		101,412		4,247,135	*^Ø
World Duty Free SpA		8,000		89,306	*
				12,184,511
Technology Hardware, Storage & Peripherals (0.7%)
EMC Corp.		157,759		4,245,295	^Ø
NCR Corp.		65,350		1,793,204	*
Ricoh Co. Ltd.		71,400		737,900
Western Digital Corp.		37,006		3,616,966	^£
				10,393,365
Textiles, Apparel & Luxury Goods (0.2%)
PVH Corp.		35,450		3,663,758	^Ø
Thrifts & Mortgage Finance (0.1%)
Federal National Mortgage Association		121,249		328,585	*
Home Loan Servicing Solutions Ltd.		500		337
Hudson City Bancorp, Inc.		103,500		962,550	^Ø
				1,291,472
Tobacco (0.0%)
Lorillard, Inc.		9,763		682,043
Trading Companies & Distributors (0.5%)
AerCap Holdings NV		66,268		3,093,390	*^Ø
Air Lease Corp.		85,007		3,283,820
Mitsubishi Corp.		35,400		763,816	^Ø
				7,141,026
Transportation Infrastructure (0.3%)
Macquarie Infrastructure Co. LLC		61,689		5,105,382	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Water Utilities (0.1%)
Cia de Saneamento Basico do Estado de Sao Paulo		195,000	$	1,152,027	^Ø
Wireless Telecommunication Services (0.2%)
SoftBank Corp.		28,000		1,750,290	^Ø
Turkcell Iletisim Hizmetleri		201,428		896,871	^Ø
				2,647,161
Total Common Stocks (Cost $926,111,117)				957,328,676
Preferred Stocks (0.1%)
Banks (0.1%)
National Bank of Greece SA , Ser. A, 9.00% (Cost $3,572,349)		222,541		2,042,926	*^Ø
Exchange Traded Funds (0.5%)
iPATH S&P 500 VIX Short-Term Futures ETN		108,080		2,357,225	*
PowerShares DB U.S. Dollar Index Bullish Fund		235,600		5,868,796	*^Ø
Total Exchange Traded Funds (Cost $8,495,433)				8,226,021
	Number of Rights
Rights (0.0%)
Biotechnology (0.0%)
Ambit Biosciences Corp. (Daiichi Sankyo Co. Ltd.)		70,000		42,000	*^fNØ
Chelsea Therapeutics International Ltd. (H Lundbeck A/S)		3,500		385	*^fNØ

	Number of Rights		Value†
Durata Therapeutics, Inc. (Actavis PLC)		40,000	$	6,400	*^fN
Prosensa Holding NV		20,000		19,800	*^fN
Trius Therapeutics Inc. (Cubist Pharmaceuticals Inc.)		24,000		3,120	*^fN
				71,705
Food & Staples Retailing (0.0%)

Safeway, 112,000 33,600^fN
Inc.
(Casa Ley)

Safeway, 112,000 5,466^fN
Inc.
(Property
Development
Centers)

		39,066
Health Care Providers & Services (0.0%)
Community Health Systems, Inc., due 1/4/16	19,880	320	*^£
Pharmaceuticals (0.0%)
Furiex Pharmaceuticals, Inc. (Actavis PLC)	1,500	14,655	*^fN
Omthera Pharmaceuticals, Inc. (AstraZeneca PLC)	100	—	*^fN
		14,655
Wireless Telecommunication Services (0.0%)
Leap Wireless International, Inc. (AT&T Inc.)	60,000	151,200	*^fN
Total Rights (Cost $438)		276,946

	Number of Warrants		Value†
Warrants (0.2%)
Diversified Financial Services (0.2%)
Nomad Holdings Ltd., due 4/10/17		1,071,510	$	2,678,775	*^fN
Insurance (0.0%)
TIG Holdings, Inc., due 12/31/15		73		—	*^fN
Media (0.0%)
Tribune Media Co., due 12/31/32		1,877		105,243	*^f
Metals & Mining (0.0%)
HudBay Minerals, Inc., due 7/20/18		1,360		1,860	*
Total Warrants (Cost $314,913)				2,785,878
	Principal Amount
Mortgage-Backed Securities (4.8%)
Collateralized Mortgage Obligations (1.2%)
Alternative Loan Trust, Ser. 2005-21CB, Class A17, 6.00%, due 6/25/35	$	1,050,952		1,078,068
Alternative Loan Trust, Ser. 2005-J2, Class 1A5, 0.68%, due 4/25/35		2,825,568		2,478,721	^µ
Banc of America Alternative Loan Trust, Ser. 2005-6, Class 2CB2, 6.00%, due 7/25/35		726,650		681,500

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Bear Stearns Asset Backed Securities Trust, Ser. 2004-AC4, Class A1, 5.83%, due 8/25/34	$	376,010	$	385,752	^a
Chase Mortgage Finance Trust, Ser. 2007-A2, Class 3A2, 2.56%, due 7/25/37		548,814		522,628	^µ
CHL Mortgage Pass-Through Trust, Ser. 2005-19, Class 1A1, 5.50%, due 8/25/35		334,509		325,161
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Ser. 2005-7, Class 1A4, 5.50%, due 10/25/35		283,580		285,490
Citicorp Mortgage Securities, Inc., Ser. 2006-3, Class 1A10, 6.25%, due 6/25/36		3,143,440		3,266,449
Citicorp Mortgage Securities, Inc., Ser. 2006-3, Class 1A9, 5.75%, due 6/25/36		641,518		655,294
Citicorp Mortgage Securities, Inc., Ser. 2006-4, Class 1A2, 6.00%, due 8/25/36		798,135		810,822

	Principal Amount		Value†
Citicorp Mortgage Securities, Inc., Ser. 2007-8, Class 1A4, 6.00%, due 9/25/37	$	179,199	$	178,921
GSR Mortgage Loan Trust, Ser. 2005-AR6, Class 3A2, 2.70%, due 9/25/35		498,497		474,272	^µ
JP Morgan Alternative Loan Trust, Ser. 2005-A2, Class 1A1, 0.70%, due 1/25/36		124,858		114,412	^µ
JP Morgan Alternative Loan Trust, Ser. 2006-S4, Class A3A, 5.78%, due 12/25/36		761,034		731,100	^a
JP Morgan Alternative Loan Trust, Ser. 2006-S4, Class A6, 5.71%, due 12/25/36		711,572		691,572	^a
JP Morgan Mortgage Trust, Ser. 2007-A1, Class 4A1, 2.49%, due 7/25/35		281,925		282,269	^µ
JP Morgan Mortgage Trust, Ser. 2007-A1, Class 5A6, 2.56%, due 7/25/35		324,838		312,443	^µ

	Principal Amount		Value†
MASTR Alternative Loans Trust, Ser. 2004-10, Class 4A1, 6.00%, due 9/25/19	$	125,925	$	129,835
WaMu Mortgage Pass-Through Certificates Trust, Ser. 2004-S1, Class 1A11, 5.50%, due 3/25/34		194,979		205,346
Washington Mutual Mortgage Pass-Through Certificates Trust, Ser. 2005-1, Class 1A1, 5.50%, due 3/25/35		1,019,036		1,023,832
Wells Fargo Mortgage Backed Securities Trust, Ser. 2005-9, Class 1A12, 5.50%, due 10/25/35		1,101,685		1,106,967
Wells Fargo Mortgage Backed Securities Trust, Ser. 2006-13, Class A5, 6.00%, due 10/25/36		327,123		336,091
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-10, Class 2A5, 6.25%, due 7/25/37		1,126,425		1,129,172
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-12, Class A6, 5.50%, due 9/25/37		798,251		814,744

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-14, Class 1A1, 6.00%, due 10/25/37	$	888,871	$	900,128
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-16, Class 1A7, 6.00%, due 12/28/37		249,082		256,786
				19,177,775
Commercial Mortgage-Backed (3.6%)
BAMLL Commercial Mortgage Securities Trust, Ser. 2013-DSNY, Class F, 3.68%, due 9/15/26		4,600,000		4,587,000	^ñØµ
BAMLL Commercial Mortgage Securities Trust, Ser. 2014-ICTS, Class E, 3.13%, due 6/15/28		3,450,000		3,436,907	^ñµ
BAMLL Commercial Mortgage Securities Trust, Ser. 2014-INLD, Class D, 3.68%, due 12/15/29		100,000		100,438	^ñµ
Boca Hotel Portfolio Trust, Ser. 2013-BOCA, Class E, 3.93%, due 8/15/26		700,000		699,999	^ñØµ
CDGJ Commercial Mortgage Trust, Ser. 2014-BXCH, Class DPB, 4.02%, due 12/15/27		1,400,000		1,404,487	^ñµ

	Principal Amount		Value†
CDGJ Commercial Mortgage Trust, Ser. 2014-BXCH, Class EPB, 5.17%, due 12/15/27	$	1,500,000	$	1,502,509	^ñµ
COMM Mortgage Trust, Ser. 2014-PAT, Class E, 3.33%, due 8/13/27		4,800,000		4,800,010	^ñØµ
Credit Suisse Commercial Mortgage Trust, Ser. 2006-C4, Class AJ, 5.54%, due 9/15/39		4,450,000		4,452,594	^Øµ
GE Capital Commercial Mortgage Corp., Ser. 2005-C3, Class G, 5.32%, due 7/10/45		3,000,000		3,007,956	^ñµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2006-CB15, Class AM, 5.86%, due 6/12/43		4,800,000		4,909,997	^Øµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2013-JWRZ, Class E, 3.92%, due 4/15/30		4,330,000		4,330,732	^ñµ

	Principal Amount		Value†
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2014-FL5, Class D, 3.68%, due 7/15/31	$	1,150,000	$	1,156,326	^ñµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2015-CSMO, Class D, 3.48%, due 1/15/32		3,800,000		3,806,050	^ñµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2015-CSMO, Class E, 4.13%, due 1/15/32		800,000		801,242	^ñµ
Morgan Stanley Capital I Trust, Ser. 2007-T25, Class AJ, 5.57%, due 11/12/49		7,725,000		7,907,194	^Øµ
NorthStar, Ser. 2013-1A, Class B, 5.18%, due 8/25/29		500,000		506,250	^ñØµ
PFP III Ltd., Ser. 2014-1, Class D, 4.28%, due 6/14/31		3,300,000		3,304,610	^ñØµ
Resource Capital Corp., Ser. 2015-CRE3, Class D, 4.18%, due 3/15/32		2,400,000		2,399,993	^ñµ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Wells Fargo Commercial Mortgage Trust, Ser. 2014-TISH, Class WTS2, 3.43%, due 2/15/27	$	1,700,000	$	1,696,401	^ñØµ
				54,810,695
Total Mortgage-Backed Securities (Cost $74,172,287)				73,988,470
Asset-Backed Securities (4.8%)
Ameri- Credit Automobile Receivables Trust, Ser. 2014-1, Class E, 3.58%, due 8/9/21		3,500,000		3,520,958
AMMC CDO, Ser. 2015-16A, Class E, 5.87%, due 4/14/27		750,000		697,500	^fñµ
AMMC CLO XII Ltd., Ser. 2013-12A, Class D1, 4.01%, due 5/10/25		750,000		732,560	^ñØµ
Ares XXVI CLO Ltd., Ser. 2013-1A, Class D, 4.03%, due 4/15/25		400,000		381,387	^ñµ
Ares XXVIII CLO Ltd., Ser. 2013-3A, Class D, 3.77%, due 10/17/24		1,100,000		1,043,285	^ñµ
Atlas Senior Loan Fund II Ltd., Ser. 2012-2A, Class D, 4.53%, due 1/30/24		2,200,000		2,218,853	^ñµ
Babson CLO Ltd., Ser. 2006-2A, Class D, 1.68%, due 10/16/20		5,000,000		4,810,224	^ñØµ

	Principal Amount		Value†
Babson CLO Ltd., Ser. 2013-IA, Class D, 3.78%, due 4/20/25	$	1,450,000	$	1,399,983	^ñµ
Canyon Capital CLO Ltd., Ser. 2012-1A, Class D, 4.58%, due 1/15/24		500,000		498,150	^ñµ
Carrington Mortgage Loan Trust, Ser. 2007-FRE1, Class A2, 0.38%, due 2/25/37		79,373		72,663	^µ
Catamaran CLO Ltd., Ser. 2015-1A, Class D, 3.93%, due 4/22/27		600,000		570,720	^fñµ
Catamaran CLO Ltd., Ser. 2015-1A, Class E, 5.43%, due 4/22/27		800,000		716,080	^fñµ
Cedar Funding III CLO Ltd., Ser. 2014-3A, Class E, 5.16%, due 5/20/26		1,200,000		1,072,991	^ñµ
CIFC Funding Ltd., Ser. 2006-1BA, Class B2L, 4.26%, due 12/22/20		1,900,000		1,900,935	^ñµ
ColumbusNova CLO IV Ltd., Ser. 2007-2A, Class D, 4.78%, due 10/15/21		900,000		902,026	^ñµ
Countrywide Asset-Backed Certificates, Ser. 2005-7, Class AF4, 4.87%, due 10/25/35		446,690		450,345	^µ

	Principal Amount		Value†
DT Auto Owner Trust, Ser. 2015-1A, Class D, 4.26%, due 2/15/22	$	1,500,000	$	1,510,065	^ñ
Exeter Automobile Receivables Trust, Ser. 2014-1A, Class D, 5.53%, due 2/16/21		3,000,000		3,046,170	^ñ
Exeter Automobile Receivables Trust, Ser. 2014-2A, Class D, 4.93%, due 12/15/20		1,300,000		1,291,469	^ñ
Exeter Automobile Receivables Trust, Ser. 2014-3A, Class C, 4.17%, due 6/15/20		300,000		303,135	^ñ
Fraser Sullivan CLO VII Ltd., Ser. 2012-7A, Class D, 5.78%, due 4/20/23		1,600,000		1,555,546	^ñµ
Gale Force 4 CLO Ltd., Ser. 2007-4A, Class E, 6.66%, due 8/20/21		1,300,000		1,307,471	^µ
Golub Capital Partners CLO Ltd., Ser. 2011-10AR, Class DR, 4.13%, due 10/20/21		750,000		736,572	^ñµ
Greens Creek Funding Ltd., Ser. 2007-1A, Class C, 2.53%, due 4/18/21		2,000,000		1,970,203	^ñµ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Halcyon Loan Advisors Funding Ltd., Ser. 2012-2A, Class E, 5.67%, due 12/20/24	$	300,000	$	272,504	^ñµ
JP Morgan Mortgage Acquisition Trust, Ser. 2007-CH1, Class AF3, 5.40%, due 11/25/36		656,722		669,227	^a
JP Morgan Mortgage Acquisition Trust, Ser. 2007-CH1, Class AF6, 5.40%, due 11/25/36		709,390		714,340	^a
Kingsland VI Ltd., Ser. 2013-6A, Class D, 3.93%, due 10/28/24		3,000,000		2,907,585	^ñµ
KKR CLO Trust, Ser. 2012-1A, Class C, 4.77%, due 12/15/24		600,000		609,806	^ñµ
LCM XI LP, Ser. 11A, Class D2, 4.23%, due 4/19/22		2,600,000		2,614,701	^ñµ
LCM XII LP, Ser. 12A, Class D, 4.78%, due 10/19/22		500,000		500,000	^ñµ
Morgan Stanley ABS Capital I, Inc. Trust, Ser. 2006-HE3, Class A2C, 0.34%, due 4/25/36		1,663,024		1,628,931	^µ

	Principal Amount		Value†
Morgan Stanley ABS Capital I, Inc. Trust, Ser. 2006-NC4, Class A2C, 0.33%, due 6/25/36	$	1,623,795	$	1,481,957	^µ
Nationstar Home Equity Loan Trust, Ser. 2007-C, Class 2AV2, 0.31%, due 6/25/37		636,328		613,525	^µ
Nelder Grove CLO Ltd., Ser. 2014-1A, Class D1, 4.78%, due 8/28/26		1,400,000		1,411,975	^ñµ
Ocean Trails CLO IV, Ser. 2013-4A, Class D, 4.26%, due 8/13/25		400,000		394,040	^ñµ
Ocean Trails CLO V, Ser. 2014-5A, Class D, 4.24%, due 10/13/26		2,050,000		1,980,796	^ñµ
Ocean Trails CLO V, Ser. 2014-5A, Class E, 5.63%, due 10/13/26		400,000		361,086	^ñµ
Octagon Investment Partners XII Ltd., Ser. 2012-1AR, Class DR, 4.06%, due 5/5/23		2,300,000		2,304,171	^ñµ
Octagon Investment Partners XIV Ltd., Ser. 2012-1A, Class C, 4.28%, due 1/15/24		400,000		403,093	^ñµ

	Principal Amount		Value†
Octagon Investment Partners XVII Ltd., Ser. 2013-1A, Class E, 4.73%, due 10/25/25	$	600,000	$	530,656	^ñµ
Octagon Investment Partners XX Ltd., Ser. 2014-1A, Class E, 5.51%, due 8/12/26		250,000		223,936	^ñµ
OZLM Funding IV Ltd., Ser. 2013-4A, Class C, 3.78%, due 7/22/25		1,200,000		1,138,914	^ñµ
OZLM Funding V Ltd., Ser. 2013-5A, Class D, 5.03%, due 1/17/26		950,000		857,144	^ñµ
OZLM VII Ltd., Ser. 2014-7A, Class C, 3.87%, due 7/17/26		3,200,000		3,086,483	^ñµ
OZLM XI Ltd., Ser. 2015-11A, Class D, 5.67%, due 1/30/27		1,200,000		1,098,872	^ñµ
OZLM XII Ltd., Ser. 2015-12A, Class SUB, due 4/30/27		1,000,000		904,100	^fñ
Race Point VI CLO Ltd., Ser. 2012-6RA, Class DR, 4.34%, due 5/24/23		625,000		629,719	^ñµ
Sound Point CLO I Ltd., Ser. 2012-1A, Class D, 4.86%, due 10/20/23		3,000,000		3,010,158	^ñµ

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Structured Asset Securities Corp. Mortgage Loan Trust, Ser. 2005-4XS, Class 1A3, 5.00%, due 3/25/35	$	281,126	$	283,004	^a
Symphony CLO IX LP, Ser. 2012-9A, Class E, 5.28%, due 4/16/22		1,000,000		976,459	^ñµ
Symphony CLO XII Ltd., Ser. 2013-12A, Class D, 3.78%, due 10/15/25		750,000		722,385	^ñµ
Venture IX CDO Ltd., Ser. 2007-9A, Class D, 4.42%, due 10/12/21		2,500,000		2,514,485	^ñµ
Venture XIV CLO Ltd., Ser. 2013-14A, Class D, 4.01%, due 8/28/25		2,400,000		2,342,349	^ñµ
Venture XIX CLO Ltd., Ser. 2014-19A, Class D, 4.25%, due 1/15/27		2,500,000		2,458,438	^ñµ
Voya CLO Ltd., Ser. 2014-3A, Class SUB, due 7/25/26		2,000,000		1,580,734	^ñ
Total Asset-Backed Securities (Cost $73,442,296)				73,934,864
Bank Loan Obligations^µ (9.4%)
Advertising (0.4%)
Affinion Group, Inc., 1st Lien Term Loan B, 6.75%, due 4/30/18		3,240,459		3,100,989

	Principal Amount		Value†
CBS Outdoor Americas Capital LLC, Term Loan 3.00%, due 1/31/21	$	750,000	$	748,943	^Ø
Extreme Reach, Inc., 1st Lien Term Loan, 6.75%, due 12/31/25		980,632		987,986
Extreme Reach, Inc., 2nd Lien Term Loan, 10.50%, due 12/31/25		1,593,000		1,585,035
				6,422,953
Aerospace & Defense (0.1%)
The SI Organization, Inc., 1st Lien Term Loan, 5.75%, due 10/24/19		1,426,437		1,433,569
The SI Organization, Inc., Delayed Draw 1st Lien Term Loan, 5.75%, due 11/23/19		95,054		95,529	^††
				1,529,098
Auto Components (0.1%)
TI Group Automotive Systems LLC, Term Loan, 4.25%, due 7/2/21		496,250		496,662
Visteon Corp., Initial Term Loan, 3.50%, due 4/9/21		595,500		595,250
				1,091,912
Building Materials (0.1%)
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, due 9/18/20		714,367		716,453	^Ø

	Principal Amount		Value†
Chemicals (0.1%)
Axalta Coating Systems US Holdings, Inc., Term Loan 3.75%, due 2/1/20	$	710,186	$	711,606
Commercial Services & Supplies (0.8%)
Accuvant, Inc., Term Loan B, 6.25%, due 12/15/21		2,040,000		2,047,650
Aramark Services, Inc., 1st Lien Term Loan F, 3.25%, due 2/21/21		743,120		743,120
Indiana Toll Road Concession Co. LLC, Swap Claim		2,322,432		2,177,280	^≠ØN
Indiana Toll Road Concession Co. LLC, Term Loan A, due 6/28/15		6,279,921		5,897,223	^≠Ø
Indiana Toll Road Concession Co. LLC, Term Loan B, due 6/28/15		290,355		272,661	^≠Ø
Indiana Toll Road Concession Co. LLC, Term Loan C, due 6/28/15		886,852		832,807	^≠Ø
Insight Global, Inc., 5.25%, due 12/31/19		492,443		493,674
iQor US, Inc., 2nd Lien Term Loan, 9.75%, due 2/18/22		293,667		274,211	^Ø
				12,738,626
Communications Equipment (0.1%)
Riverbed Technology, Inc., Term Loan B, 6.00%, due 2/25/22		1,567,000		1,583,454

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Diversified Financial Services (0.5%)
4L Technologies, Inc., Term Loan B, 5.50%, due 4/3/20	$	1,814,880	$	1,768,002	^Ø
BATS Global Markets Holdings, Inc., Term Loan, 5.75%, due 1/31/20		335,596		338,113
Connolly Corp., Term Loan, 5.00%, due 5/9/21		1,354,763		1,362,810
Environmental Resources Management, 1st Lien Term Loan, 5.00%, due 5/9/21		2,881,000		2,823,380	^N
Twin River Management Group, Inc., 1st Lien Term Loan, 5.25%, due 4/10/20		1,323,369		1,323,025
				7,615,330
Diversified Telecommunication Services (0.3%)
Fairpoint Communications, Inc., Term Loan B, 7.50%, due 2/14/19		2,301,151		2,341,421
Global Telcom Link Corp., 2nd Lien Term Loan, 9.00%, due 5/21/20		2,825,000		2,712,000	^ØN
Level 3 Communications, Inc., Term Loan, 4.50%, due 1/31/22		200,000		200,126
				5,253,547

	Principal Amount		Value†
Electric Utilities (0.2%)
Texas Competitive Electric Holdings Co., Term Loan, 4.25%, due 6/6/16	$	3,300,000	$	3,317,886	^≠Ø
Food Products (0.2%)
Del Monte Corp., 2nd Lien Term Loan, 8.25%, due 7/26/21		1,917,000		1,725,300	^Ø
Ferrara Candy Co., Term Loan, 7.50%, due 6/8/17		1,875,899		1,873,554	^N
				3,598,854
Health Care Equipment & Supplies (0.1%)
Hologic, Inc., Refinanced Term Loan, 3.25%, due 8/1/19		544,342		545,398
US Renal Care, Inc., 1st Lien Term Loan, 4.25%, due 7/3/19		494,975		497,242
				1,042,640
Health Care Providers & Services (0.2%)
21st Century Oncology, Inc., Term Loan, due 4/28/22		2,804,000		2,789,980	^{^^N}
Genesis HealthCare DE LLC, Term Loan, 10.00%, due 10/2/17		169,254		172,639	^N
MPH Acquisition Holdings LLC, Initial Term Loan, 4.00%, due 3/31/21		653,781		653,231
				3,615,850

	Principal Amount		Value†
Healthcare—Products (0.1%)
Curo Health Services Holdings, Inc., Term Loan B, 6.50%, due 2/2/22	$	1,546,000	$	1,557,595
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, due 6/30/21		446,625		445,062
				2,002,657
Hotels, Restaurants & Leisure (1.3%)
Amaya BV, 1st Lien Term Loan, 5.00%, due 7/29/21		3,019,825		3,021,727
Amaya BV, 2nd Lien Term Loan, 8.00%, due 7/29/22		1,095,000		1,104,921
Aristocrat Leisure, Term Loan B, 4.75%, due 9/29/21		3,128,108		3,153,915
Boyd Gaming Corp., 1st Lien Term Loan, due 4/17/22		314,000		315,570	^{^^}
Caesars Entertainment Corp., 1st Lien Term Loan, 7.00%, due 10/9/20		1,481,250		1,415,527
Caesars Entertainment Operating Co., Inc., Term Loan B, 9.75%, due 3/1/17		2,119,810		1,944,629
ClubCorp Club Operations, Inc., Term Loan B, 4.50%, due 7/24/20		500,000		503,125	^Ø
Fitness International LLC, 1st Lien Term Loan B, 5.50%, due 6/10/20		1,526,914		1,446,751

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Great Wolf Resorts, Inc., Term Loan B, 5.75%, due 8/6/20	$	1,497,380	$	1,497,380
Harrah's Operating Co., Inc., Term Loan B5, 6.01%, due 1/28/18		1,835,830		1,678,866	^Ø
Harrah's Operating Co., Inc., Term Loan B6, 7.01%, due 1/28/18		837,804		764,496	^Ø
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, due 9/23/20		616,506		618,590
Mohegan Tribal Gaming Authority, 1st Lien Term Loan B, 5.50%, due 11/19/19		1,461,500		1,454,455
Scientific Games International, Inc., Initial Term Loan, 6.00%, due 10/18/20		494,987		499,799
SeaWorld Parks & Entertainment, Inc., Term Loan B2, 3.00%, due 5/14/20		484,893		474,711
Varsity Brands LLC, Term Loan B, 6.00%, due 12/10/21		196,113		198,156
				20,092,618
Household Products (0.2%)
Huish Detergent, Inc., 1st Lien Term Loan, 5.50%, due 3/23/20		2,018,336		1,936,169

	Principal Amount		Value†
KIK Custom Products, Inc., 1st Lien Term Loan, 5.50%, due 4/29/19	$	493,730	$	493,833
Prestige Brands, Inc., Term Loan, 4.50%, due 4/28/21		496,528		498,236
				2,928,238
Independent Power & Renewable Electricity Producers (0.1%)
NRG Energy, Inc., 4.50%, due 2/4/21		1,980,000		1,937,925	^Ø
Insurance (0.5%)
Asurion LLC, 1st Lien Term Loan, 5.00%, due 12/31/20		850,535		854,635
Asurion LLC, 2nd Lien Term Loan, 8.50%, due 2/19/21		5,002,000		5,069,527
Cunningham Lindsey US, Inc., 2nd Lien Initial Term Loan, 9.25%, due 6/10/20		1,000,000		970,000	^ØN
Hyperion Insurance Group Ltd., Term Loan B, due 3/26/22		1,283,000		1,294,226	^{^^}
				8,188,388
Internet Software & Services (0.4%)
Answers Corp., Term Loan, 6.25%, due 10/3/21		647,378		617,708
ProQuest LLC, Term Loan B, 5.25%, due 9/23/21		1,759,590		1,767,297
Travelclick, 1st Lien Term Loan, 5.50%, due 5/8/21		458,623		457,096

	Principal Amount		Value†
Travelport LLC, Term Loan B, 5.75%, due 8/15/21	$	2,853,350	$	2,880,542	^Ø
				5,722,643
Machinery (0.2%)
Dynacast International LLC, Term Loan, 5.25%, due 1/29/22		747,000		755,717
Husky Injection Molding Systems Ltd., 1st Lien Term Loan, 4.25%, due 6/30/21		746,250		750,757
Milacron LLC, Term Loan B, 4.00%, due 3/28/20		594,000		596,228
Milacron LLC, Term Loan B, due 9/28/20		600,000		603,000	^{^^}
				2,705,702
Media (1.2%)
Charter Communications Operating LLC, Term Loan F, 3.00%, due 1/31/21		744,318		742,145
Endemol, 1st Lien Term Loan, 6.75%, due 8/6/21		2,706,400		2,695,574
IMG Worldwide, Inc., 1st Lien Term Loan, 5.25%, due 3/19/21		2,317,488		2,320,384
IMG Worldwide, Inc., 2nd Lien Term Loan, 8.25%, due 3/21/22		1,262,000		1,229,403	^Ø
NEP/NCP Holdco, Inc., Incremental Term Loan, 4.25%, due 1/22/20		2,507,055		2,486,171

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
NEP/NCP Holdco, Inc., Term Loan, due 7/22/20	$	766,000	$	763,128	^{^^}
RentPath, Inc., 1st Lien Term Loan, 6.25%, due 12/11/21		1,081,433		1,090,895
Springer Science+Business Media GmbH, 4.75%, due 8/15/20		2,220,079		2,229,093	^{^^Ø}
Thomson Learning, 1st Lien Term Loan, 7.00%, due 3/6/21		2,994,617		3,010,518
Top Right Group Ltd., Term Loan B, due 4/13/22		1,965,000		1,945,350
				18,512,661
Metals & Mining (0.1%)
FMG Resources August 2006 Pty Ltd., Term Loan B, 3.75%, due 6/30/19		743,086		670,063
Miscellaneous Manufacturing (0.2%)
Filtration Group, Inc., 2nd Lien Term Loan, 8.25%, due 11/15/21		400,000		401,620	^Ø
Gates Global LLC, Term Loan, 4.25%, due 6/12/21		721,375		721,375
Novolex Holdings, Inc., 1st Lien Term Loan, 6.00%, due 12/4/21		256,265		258,828
Novolex Holdings, Inc., 2st Lien Term Loan, 9.75%, due 6/3/22		950,000		957,125	^N

	Principal Amount		Value†
Trinseo Materials Operating SCA, Term Loan B, due 10/28/21	$	467,000	$	468,896	^{^^}
				2,807,844
Multiline Retail (0.1%)
JC Penney Co., Inc., 1st Lien Term Loan, 5.00%, due 6/13/19		968,680		962,975
JC Penney Corp., Inc., Term Loan, 6.00%, due 5/21/18		1,166,466		1,165,731
				2,128,706
Oil & Gas Services (0.1%)
Expro Oilfield Services PLC, Term Loan B, 5.75%, due 8/12/21		1,300,465		1,154,397
Preferred Proppants LLC, Term Loan B, 6.75%, due 8/12/20		405,426		331,436
				1,485,833
Oil, Gas & Consumable Fuels (0.2%)
Bowie Resources Holdings LLC, 2nd Lien Term Loan, 11.75%, due 12/31/20		35,100		34,047	^N
Energy Transfer Equity LP, Term Loan, 3.25%, due 12/2/19		750,000		746,347	^Ø
Energy Transfer Equity LP, Term Loan, due 4/24/21		478,000		479,616	^{^^}
Fieldwood Energy LLC, 2nd Lien Term Loan, 8.38%, due 9/30/20		1,097,000		850,175	^Ø

	Principal Amount		Value†
Penn Products Terminals LLC, Term Loan B, 4.75%, due 4/1/22	$	1,089,000	$	1,101,251	^N
				3,211,436
Packaging & Containers (0.1%)
Ardagh Holdings USA, Inc., 1st Lien Term Loan B, 4.00%, due 12/17/19		495,000		497,104
Kloeckner Pentaplast of America, Inc., Initial Term Loan, due 4/22/20		214,671		215,342
Kloeckner Pentaplast of America, Inc., Term Loan B, due 4/22/20		502,329		503,902
				1,216,348
Pharmaceuticals (0.3%)
Alvogen Pharma US, Inc., 1st Lien Term Loan, 6.00%, due 4/2/22		313,000		315,216
Atrium Innovations, Inc., 1st Lien Term Loan, 4.25%, due 1/29/21		1,752,049		1,729,413	^Ø
Packaging Coordinators, Inc. Term Loan, 5.25%, due 8/12/21		1,828,810		1,826,524	^ØN
Valeant Pharmaceuticals International, Inc., Term Loan, 4.00%, due 4/1/22		1,305,000		1,313,456
				5,184,609
Real Estate Invesment Trusts (0.0%)
Communications Sales & Leasing, Inc., Term Loan B, 5.00%, due 10/16/22		477,000		475,808

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Real Estate Management & Development (0.1%)
Realogy Group LLC, New Term Loan B, 3.75%, due 3/5/20	$	744,347	$	746,907
Software (0.5%)
Ascend Learning LLC, 2nd Lien Term Loan, 9.50%, due 11/28/20		2,000,000		1,982,080	^Ø
Ascend Learning LLC, Term Loan B, 6.00%, due 12/31/20		736,426		740,660
First Data Corp., Extended Term Loan, 4.18%, due 3/24/21		500,000		503,440	^Ø
First Data Corp., Term Loan C1, 3.68%, due 3/24/18		250,000		250,470
P2 Energy Solutions, Inc., 2nd Lien Term Loan, 9.00%, due 4/30/21		605,000		558,869	^Ø
Progressive Solutions, Inc., 1st Lien Term Loan, 5.50%, due 10/16/20		1,328,398		1,330,059
Progressive Solutions, Inc., 2nd Lien Term Loan, 9.50%, due 10/22/21		2,073,000		2,052,270	^ØN
TeamViewer US LCC, 1st Lien Term Loan, 6.00%, due 12/11/20		932,315		918,917
				8,336,765

	Principal Amount		Value†
Specialty Retail (0.0%)
Payless, Inc., 1st Lien Term Loan, 5.00%, due 3/5/21	$	154,955	$	150,371
Steel—Specialty (0.0%)
Signode Industrial Group US, Inc., 1st Lien Term Loan, 3.75%, due 4/8/21		608,333		607,001
Technology Hardware, Storage & Peripherals (0.1%)
Eastman Kodak Co., Term Loan, 7.25%, due 7/31/19		1,971,168		1,976,096
Telecommunications (0.2%)
ConvergeOne Holdings Corp., 1st Lien Term Loan, 6.00%, due 6/16/20		2,437,361		2,432,803
Transportation (0.1%)
Coyote Logistics LLC, Term Loan B, 6.25%, due 3/24/22		802,000		806,347	^N
Wireless Telecommunication Services (0.1%)
SBA Senior Finance II LLC, Term Loan B-1A, 4.00%, due 3/24/21		744,375		743,757
Total Bank Loan Obligations (Cost $142,938,661)				144,309,735
Corporate Debt Securities (3.9%)
Aerospace & Defense (0.1%)
Bombardier, Inc., 7.50%, due 3/15/18		645,000		691,440	^ñ
TransDigm, Inc., 6.00%, due 7/15/22		330,000		333,300	^Ø
				1,024,740

	Principal Amount		Value†
Auto Components (0.2%)
American Axle & Manufacturing, Inc., 5.13%, due 2/15/19	$	650,000	$	669,500	^Ø
Icahn Enterprises LP, 4.88%, due 3/15/19		725,000		738,702	^Ø
Schaeffler Holding Finance BV, 6.88% Cash/7.63% PIK, due 8/15/18		695,000		726,275	^cñØ
ZF North America Capital, Inc., 4.00%, due 4/29/20		290,000		291,813	^ñ
				2,426,290
Banks (0.2%)
Bancolombia SA, 5.13%, due 9/11/22		245,000		250,022	^Ø
CIT Group, Inc., 5.25%, due 3/15/18		650,000		673,725	^Ø
Citigroup, Inc., Ser. M, 6.30%, due 5/15/24		375,000		379,425	^Øµ
ICICI Bank Ltd., 6.37%, due 4/30/22		100,000		104,250	^µ
Industrial Senior Trust, 5.50%, due 11/1/22		245,000		241,448	^ñØ
Lloyds Banking Group PLC, 7.50%, due 6/27/24		500,000		533,750	^Øµ
VTB Bank OJSC Via VTB Capital SA, 6.95%, due 10/17/22		250,000		228,471	^Ø
Wells Fargo & Co., Ser. S, 5.90%, due 6/15/24		350,000		366,625	^Øµ
				2,777,716

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Building Products (0.0%)
Associated Materials LLC, 9.13%, due 11/1/17	$	175,000	$	148,750	^Ø
Chemicals (0.0%)
Momentive Performance Materials, Inc., 10.00%, due 10/15/20		613,000		766	^≠Ø
Communications Equipment (0.1%)
Avaya, Inc., 7.00%, due 4/1/19		485,000		487,425	^ñ
Avaya, Inc., 10.50%, due 3/1/21		1,135,000		998,800	^ñ
				1,486,225
Construction & Engineering (0.0%)
Michael Baker Holdings LLC, 8.88% Cash/9.63% PIK, due 4/15/19		304,000		278,160	^cNñ
Consumer Finance (0.1%)
Navient Corp., 8.45%, due 6/15/18		700,000		780,990	^Ø
Containers & Packaging (0.0%)
Ardagh Holdings USA, Inc., 3.27%, due 12/15/19		325,000		320,531	^ñØµ
Diversified Consumer Services (0.0%)
Service Corp. International, 7.63%, due 10/1/18		575,000		664,125	^Ø
Diversified Financial Services (0.2%)
Comcel Trust via Comunicaciones Celulares SA, 6.88%, due 2/6/24		270,000		289,575	^ñØ
Corolla Trust, 0.00%, due 8/28/39		2,954,000		2,329,968	^ñØµ
				2,619,543

	Principal Amount		Value†
Diversified Telecommunication Services (0.4%)
FairPoint Communications, Inc., 8.75%, due 8/15/19	$	1,115,000	$	1,193,050	^ñØ
Intelsat Jackson Holdings SA, 5.50%, due 8/1/23		4,683,000		4,407,874	^Ø
Intelsat Luxembourg SA, 6.75%, due 6/1/18		575,000		579,312	^Ø
Sprint Capital Corp., 8.75%, due 3/15/32		600,000		615,000	^Ø
				6,795,236
Electric Utilities (0.1%)
Energy Future Intermediate Holding Co. LLC, 11.75%, due 3/1/22		1,325,815		1,494,857	^≠ñØ
Energy Equipment & Services (0.0%)
CHC Helicopter SA, 9.25%, due 10/15/20		270,000		235,656	^Ø
PHI, Inc., 5.25%, due 3/15/19		240,000		231,600
				467,256
Food Products (0.1%)
ESAL GmbH, 6.25%, due 2/5/23		250,000		248,750	^ñØ
Minerva Luxembourg SA, 7.75%, due 1/31/23		240,000		240,600	^ñØ
Premier Foods Finance PLC, 6.50%, due 3/15/21		400,000		579,179	^ñØ
				1,068,529
Gas Utilities (0.1%)
Niska Gas Storage Canada Finance Corp., 6.50%, due 4/1/19		1,148,000		886,830

	Principal Amount		Value†
Health Care Providers & Services (0.1%)
Community Health Systems, Inc., 5.13%, due 8/15/18	$	350,000	$	363,125	^Ø
Community Health Systems, Inc., 6.88%, due 2/1/22		500,000		530,625	^Ø
HCA, Inc., 5.00%, due 3/15/24		715,000		763,262	^Ø
Tenet Healthcare Corp., 8.13%, due 4/1/22		400,000		436,500	^Ø
				2,093,512
Healthcare—Products (0.0%)
Kinetic Concepts, Inc., 10.50%, due 11/1/18		100,000		107,625	^Ø
Hotels, Restaurants & Leisure (0.1%)
Caesars Entertainment Resort Properties LLC, 8.00%, due 10/1/20		753,000		753,000
Isle of Capri Casinos, Inc., 5.88%, due 3/15/21		15,000		15,488
Isle of Capri Casinos, Inc., 5.88%, due 3/15/21		90,000		92,925	^ñ
MGM Resorts International, 6.00%, due 3/15/23		800,000		828,000
Royal Caribbean Cruises Ltd., 7.25%, due 3/15/18		320,000		354,784	^Ø
				2,044,197
Household Durables (0.1%)
KB Home, 7.50%, due 9/15/22		350,000		365,750	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Lennar Corp., 6.95%, due 6/1/18	$	575,000	$	633,938	^Ø
Standard Pacific Corp., 8.38%, due 5/15/18		460,000		528,425	^Ø
				1,528,113
Household Products (0.1%)
Reynolds Group Issuer, Inc., 7.13%, due 4/15/19		550,000		569,938
Reynolds Group Issuer, Inc., 5.75%, due 10/15/20		525,000		548,625	^Ø
The Sun Products Corp., 7.75%, due 3/15/21		655,000		575,581	^ñØ
				1,694,144
Independent Power & Renewable Electricity Producers (0.0%)
Calpine Corp., 5.75%, due 1/15/25		325,000		326,641	^Ø
Insurance (0.5%)
Ambac Assurance Corp., 5.10%, due 6/7/20		2,433,885		2,826,348	^ñØ
Liberty Mutual Group, Inc., 7.00%, due 3/15/37		550,000		567,188	^ñØµ
Syncora Holdings Ltd., Ser. A, 6.88%, due 9/30/17		665,000		295,925	^µ
TIG FINCO PLC, 8.50%, due 3/2/20		695,500		1,112,965	^ñµ
TIG FINCO PLC, 8.75%, due 4/2/20		2,050,477		3,147,482	^ñ
				7,949,908

	Principal Amount		Value†
Machinery (0.1%)
CNH Industrial Capital LLC, 3.63%, due 4/15/18	$	725,000	$	726,812	^Ø
Navistar International Corp., 8.25%, due 11/1/21		275,000		271,906	^Ø
SPX Corp., 6.88%, due 9/1/17		490,000		533,488	^Ø
				1,532,206
Marine (0.1%)
Hapag- Lloyd AG, 9.75%, due 10/15/17		800,000		832,000	^ñØ
Stena AB, 7.00%, due 2/1/24		280,000		268,800	^ñØ
				1,100,800
Media (0.2%)
Cenveo Corp., 8.50%, due 9/15/22		1,320,000		1,105,500	^ñ
DISH DBS Corp., 5.88%, due 7/15/22		650,000		654,875	^Ø
DISH DBS Corp., 5.00%, due 3/15/23		639,000		610,245
iHeart- Communications, Inc., 9.00%, due 3/1/21		360,000		345,150	^Ø
WideOpen West Finance LLC, 10.25%, due 7/15/19		800,000		859,160
				3,574,930
Metals & Mining (0.1%)
AK Steel Corp., 8.75%, due 12/1/18		575,000		609,500	^Ø
ArcelorMittal, 7.00%, due 2/25/22		725,000		787,531	^Øa
Severstal OAO Via Steel Capital SA, 5.90%, due 10/17/22		250,000		234,725	^ñØ

	Principal Amount		Value†
United States Steel Corp., 7.00%, due 2/1/18	$	600,000	$	637,500	^Ø
				2,269,256
Multiline Retail (0.0%)
Family Tree Escrow LLC, 5.25%, due 3/1/20		110,000		115,225	^ñ
Oil, Gas & Consumable Fuels (0.3%)
Alpha Natural Resources, Inc., 7.50%, due 8/1/20		196,000		71,540	^ñ
Arch Coal, Inc., 8.00%, due 1/15/19		645,000		267,675	^ñØ
Carrizo Oil & Gas, Inc., 6.25%, due 4/15/23		161,000		163,415
Chesapeake Energy Corp., 7.25%, due 12/15/18		550,000		589,875	^Ø
CITGO Petroleum Corp., 6.25%, due 8/15/22		215,000		210,700	^ñØ
EP Energy LLC, 6.88%, due 5/1/19		600,000		618,246	^Ø
Kinder Morgan Finance Co. LLC, 6.00%, due 1/15/18		600,000		659,094	^ñØ
Linn Energy LLC, 6.25%, due 11/1/19		500,000		423,750	^Ø
Petrobras Global Finance BV, 6.25%, due 3/17/24		170,000		169,694
Regency Energy Partners LP, 8.38%, due 6/1/19		495,000		517,275	^ñØ
Tesoro Corp., 5.38%, due 10/1/22		625,000		653,125	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount		Value†
Tesoro Logistics LP, 5.50%, due 10/15/19	$	275,000	$	290,813	^ñØ
The Williams Cos., Inc., 4.55%, due 6/24/24		470,000		462,200	^Ø
				5,097,402
Pharmaceuticals (0.1%)
Valeant Pharmaceuticals International, Inc., 5.63%, due 12/1/21		725,000		742,219	^ñØ
Real Estate Management & Development (0.0%)
TRI Pointe Holdings, Inc., 4.38%, due 6/15/19		280,000		275,800	^ñØ
Road & Rail (0.1%)
Avis Budget Car Rental LLC, 4.88%, due 11/15/17		345,000		352,762	^Ø
The Hertz Corp., 6.75%, due 4/15/19		650,000		672,614	^Ø
				1,025,376
Specialty Retail (0.1%)
Petco Holdings, Inc., 8.50% Cash/9.25% PIK, due 10/15/17		944,000		972,320	^cñØ
Wireless Telecommunication Services (0.3%)
Eileme 2 AB, 11.75%, due 1/31/20		400,000		505,826	^Ø
Hughes Satellite Systems Corp., 7.63%, due 6/15/21		450,000		501,750	^Ø
NII International Telecom SCA, 7.88%, due 8/15/19		2,778,000		2,569,650	^≠ñØ

	Principal Amount		Value†
NII International Telecom SCA, 11.38%, due 8/15/19	$	909,000	$	854,460	^≠ñ
T-Mobile USA, Inc., 5.25%, due 9/1/18		650,000		672,750	^Ø
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, due 2/2/21		250,000		251,620	^ñØ
				5,356,056
Total Corporate Debt Securities (Cost $61,734,115)				61,046,274
Municipal Notes (0.8%)
Puerto Rico (0.8%)
Puerto Rico Commonwealth Development Bank Senior Notes, Ser. B-1A, 7.75%, due 6/30/15		2,013,351		2,010,231	^N
Puerto Rico Commonwealth GO Bonds, Ser. A, 8.00%, due 7/1/35		12,361,000		9,610,678	^Ø
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement, Ser. B, 6.00%, due 7/1/39		315,000		215,784	^Ø
Total Municipal Notes (Cost $13,518,652)				11,836,693
	Number of Contracts
Purchased Options (0.3%)
Call Options (0.1%)
Alcatel- Lucent, Call, Jun 2015 @ 3.5		10		150

	Number of Contracts		Value†
Allscripts Healthcare Solutions, Inc., Call, May 2015 @ 14		135	$	5,940
Applied Materials, Inc., Call, Jul 2015 @ 25		230		1,840
AT&T, Inc., Call, Jun 2015 @ 46		1,342		1,342	^f
AT&T, Inc., Call, Jun 2015 @ 47		4,610		9,220	^f
Dresser-Rand Group, Inc., Call, Jun 2015 @ 75		343		281,260
General Electric Co., Call, Jan 2016 @ 27		2,543		350,934
MGM Resorts International, Call, Sep 2015 @ 23		318		34,980
Molson Coors Brewing Co., Call, Jan 2016 @ 82.5		879		307,650
Starwood Hotels & Resorts Worldwide, Inc., Call, Nov 2015 @ 87.5		635		384,175
Talisman Energy, Inc., Call, Jul 2015 @ 6		138		27,600	^f
				1,405,091
Put Options (0.2%)
Altera Corp., Put, May 2015 @ 40		133		31,920
AT&T, Inc., Put, Jun 2015 @ 33		697		32,062
Cumulus Media, Inc., Put, Sep 2015 @ 2.5		926		46,300
Cumulus Media, Inc., Put, Sep 2015 @ 5		232		62,640
Delta Air Lines, Inc., Put, Sep 2015 @ 44		78		24,570

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Contracts		Value†
DIRECTV, Put, Jun 2015 @ 85		223	$	20,516
Dresser- Rand Group, Inc., Put, Sep 2015 @ 70		93		13,020
EuroTrust A/S, Put, May 2015 @ 3700		237		351,805
Halliburton Co., Put, Jul 2015 @ 40		108		3,672
Hudson City Bancorp, Inc., Put, May 2015 @ 10		635		47,625
iShares Russell 2000 ETF, Put, Sep 2015 @ 111		1,426		456,320
Lorillard, Inc., Put, Jun 2015 @ 67.5		71		3,195
NCR Corp., Put, May 2015 @ 27		395		23,700
Pharmacyclics, Inc., Put, Aug 2015 @ 220		46		5,520
SPDR S&P 500 ETF Trust, Put, May 2015 @ 200		1,519		63,798
SPDR S&P 500 ETF Trust, Put, Jun 2015 @ 206		512		179,200
SPDR S&P 500 ETF Trust, Put, Jun 2015 @ 205		5,000		1,880,000
SPDR S&P 500 ETF Trust, Put, Jul 2015 @ 205		919		418,145
Talisman Energy, Inc., Put, Jan 2016 @ 3		1,075		5,375	^f
Time Warner Cable, Inc., Put, Jul 2015 @ 150		75		33,750
United Continental Holdings, Inc., Put, Sep 2015 @ 60		467		272,728
				3,975,861
Total Purchased Options (Cost $6,927,676)				5,380,952

	Number of Shares			Value†
Short-Term Investments (15.0%)
Mutual Funds (0.2%)
AP Alternative Assets LP		74,936		$	2,735,164	*^Ø
Money Market Funds (14.8%)
Morgan Stanley Institutional Liquidity Fund		227,387,271			227,387,271	^Ø
Total Short-Term Investments (Cost $229,605,533)					230,122,435
Total Long Positions (101.9%) (Cost $1,540,833,470)					1,571,279,870	^##
Cash, receivables and other assets, less liabilities (25.8%)					398,218,194	^{±Ø†††}
Short Positions (see summary below) ((27.7)%)					(427,944,921	)
Total Net Assets (100.0%)				$	1,541,553,143
Short Positions ((27.7)%)
Common Stocks Sold Short (17.1%)^£ØØ
Aerospace & Defense (0.2%)
The Boeing Co.		(10,250	)		(1,469,235	)
Triumph Group, Inc.		(25,500	)		(1,510,620	)
					(2,979,855	)
Airlines (0.0%)
American Airlines Group, Inc.		(624	)		(30,130	)
Auto Components (0.1%)
Gentherm, Inc.		(30,805	)		(1,624,348	)*
Banks (0.3%)
BB&T Corp.		(6,805	)		(260,563	)
Canadian Western Bank		(31,400	)		(816,426	)
First Midwest Bancorp, Inc.		(25,990	)		(444,429	)
FirstMerit Corp.		(25,804	)		(499,823	)
M&T Bank Corp.		(377	)		(45,116	)

	Number of Shares			Value†
Royal Bank of Canada		(14,441	)	$	(960,038	)
UMB Financial Corp.		(28,800	)		(1,433,952	)
Wintrust Financial Corp.		(11,038	)		(537,992	)
					(4,998,339	)
Beverages (0.0%)
The Boston Beer Co., Inc. Class A		(450	)		(111,510	)*
Biotechnology (0.3%)
Amgen, Inc.		(12,844	)		(2,028,196	)
Celgene Corp.		(14,866	)		(1,606,420	)*
Exact Sciences Corp.		(20,600	)		(430,540	)*
Keryx Biopharmaceuticals, Inc.		(45,801	)		(488,239	)*
					(4,553,395	)
Building Products (0.1%)
LIXIL Group Corp.		(52,800	)		(1,100,539	)
Capital Markets (0.1%)
Deutsche Bank AG		(31,084	)		(994,124	)
Julius Baer Group Ltd.		(23,868	)		(1,249,269	)*
					(2,243,393	)
Chemicals (0.6%)
Cabot Corp.		(22,200	)		(948,828	)
Calgon Carbon Corp.		(22,837	)		(506,753	)
CF Industries Holdings, Inc.		(4,000	)		(1,149,880	)
International Flavors & Fragrances, Inc.		(11,319	)		(1,298,855	)
Kaneka Corp.		(125,000	)		(871,487	)
Kuraray Co. Ltd.		(13,800	)		(186,614	)
Potash Corp. of Saskatchewan, Inc.		(35,100	)		(1,145,664	)
Praxair, Inc.		(25,000	)		(3,048,250	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Rayonier Advanced Materials, Inc.		(50,300	)	$	(840,513	)
					(9,996,844	)
Commercial Services & Supplies (0.4%)
HNI Corp.		(24,648	)		(1,149,583	)
Rollins, Inc.		(26,400	)		(654,720	)
RR Donnelley & Sons Co.		(107,800	)		(2,007,236	)
Stericycle, Inc.		(15,936	)		(2,126,340	)*
					(5,937,879	)
Communications Equipment (0.2%)
Arista Networks, Inc.		(11,400	)		(729,714	)*
Harris Corp.		(27,100	)		(2,174,504	)
Mitel Networks Corp.		(8,804	)		(81,789	)*
					(2,986,007	)
Diversified Telecommunication Services (0.8%)
AT&T, Inc.		(287,263	)		(9,950,790	)
Telecom Italia SpA		(2,244,062	)		(2,648,595	)*
					(12,599,385	)
Electric Utilities (0.1%)
CEZ AS		(46,443	)		(1,206,598	)
NextEra Energy, Inc.		(7,239	)		(730,632	)
					(1,937,230	)
Electronic Equipment, Instruments & Components (0.3%)
Anixter International, Inc.		(28,882	)		(2,039,069	)*
Hirose Electric Co. Ltd.		(2,200	)		(309,768	)
Ibiden Co. Ltd.		(25,400	)		(444,236	)
Japan Display, Inc.		(211,000	)		(866,777	)
Kyocera Corp.		(3,300	)		(172,265	)
Ryosan Co. Ltd.		(6,500	)		(154,797	)
Taiyo Yuden Co. Ltd.		(37,000	)		(547,019	)

	Number of Shares			Value†
Yaskawa Electric Corp.		(25,900	)	$	(355,853	)
					(4,889,784	)
Energy Equipment & Services (0.2%)
Halliburton Co.		(27,825	)		(1,362,034	)
National Oilwell Varco, Inc.		(21,172	)		(1,151,968	)
					(2,514,002	)
Food & Staples Retailing (0.7%)
CVS Health Corp.		(18,700	)		(1,856,723	)
Sysco Corp.		(45,810	)		(1,696,344	)
Walgreens Boots Alliance, Inc.		(26,095	)		(2,164,059	)
Wal-Mart Stores, Inc.		(22,205	)		(1,733,100	)
Woolworths Ltd.		(110,326	)		(2,561,509	)
					(10,011,735	)
Food Products (0.8%)
Campbell Soup Co.		(53,065	)		(2,372,536	)
Ezaki Glico Co. Ltd.		(13,800	)		(574,713	)
Flowers Foods, Inc.		(57,000	)		(1,273,380	)
General Mills, Inc.		(30,906	)		(1,710,338	)
House Foods Group, Inc.		(29,600	)		(604,467	)
Ingredion, Inc.		(13,400	)		(1,063,960	)
Kewpie Corp.		(35,300	)		(861,269	)
Kikkoman Corp.		(20,000	)		(570,377	)
McCormick & Co., Inc.		(20,200	)		(1,521,060	)
MEIJI Holdings Co. Ltd.		(5,300	)		(608,867	)
The Hain Celestial Group, Inc.		(24,280	)		(1,462,627	)*
					(12,623,594	)
Health Care Equipment & Supplies (1.1%)
Abbott Laboratories		(45,489	)		(2,111,599	)
Becton Dickinson and Co.		(13,185	)		(1,857,371	)

	Number of Shares			Value†
Boston Scientific Corp.		(93,912	)	$	(1,673,512	)*
Getinge AB Class B		(54,858	)		(1,333,318	)
Medtronic PLC		(24,737	)		(1,841,670	)
St. Jude Medical, Inc.		(27,571	)		(1,931,348	)
Stryker Corp.		(20,459	)		(1,887,138	)
Sysmex Corp.		(17,900	)		(990,439	)
Tornier NV		(11,996	)		(310,336	)*
Varian Medical Systems, Inc.		(19,427	)		(1,726,089	)*
Zimmer Holdings, Inc.		(15,721	)		(1,726,795	)
					(17,389,615	)
Health Care Providers & Services (0.6%)
Amerisource- Bergen Corp.		(16,306	)		(1,863,776	)
Cardinal Health, Inc.		(21,199	)		(1,787,924	)
Henry Schein, Inc.		(15,056	)		(2,064,178	)*
Laboratory Corp. of America Holdings		(15,945	)		(1,906,384	)*
McKesson Corp.		(7,819	)		(1,746,764	)
					(9,369,026	)
Hotels, Restaurants & Leisure (0.1%)
Texas Roadhouse, Inc.		(42,500	)		(1,428,000	)
Household Durables (0.1%)
Lennar Corp. Class A		(37,141	)		(1,701,058	)
Nikon Corp.		(31,300	)		(445,038	)
					(2,146,096	)
Household Products (0.1%)
The Clorox Co.		(12,900	)		(1,368,690	)
Industrial Conglomerates (0.4%)
3M Co.		(9,500	)		(1,485,705	)
Danaher Corp.		(22,077	)		(1,807,665	)
Siemens AG ADR		(20,150	)		(2,192,118	)
					(5,485,488	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Insurance (0.5%)
Primerica, Inc.		(47,933	)	$	(2,215,463	)
Reinsurance Group of America, Inc.		(16,300	)		(1,493,406	)
The Allstate Corp.		(19,900	)		(1,386,234	)
The Travelers Cos., Inc.		(20,550	)		(2,077,811	)
					(7,172,914	)
Internet & Catalog Retail (0.1%)
Expedia, Inc.		(19,704	)		(1,856,708	)
Travelport Worldwide Ltd.		(16,196	)		(256,383	)
					(2,113,091	)
Internet Software & Services (0.2%)
Alibaba Group Holding Ltd. ADR		(47,139	)		(3,831,929	)*
IT Services (0.2%)
International Business Machines Corp.		(9,100	)		(1,558,739	)
iPayment Holdings, Inc.		(27,027	)		(97,297	)*^N
The Western Union Co.		(32,100	)		(650,988	)
					(2,307,024	)
Leisure Products (0.1%)
Mattel, Inc.		(36,993	)		(1,041,723	)
Life Sciences Tools & Services (0.2%)
Quintiles Transnational Holdings, Inc.		(28,278	)		(1,862,955	)*
Thermo Fisher Scientific, Inc.		(15,050	)		(1,891,484	)
					(3,754,439	)
Machinery (1.1%)
Caterpillar, Inc.		(12,816	)		(1,113,454	)
Cummins, Inc.		(10,050	)		(1,389,513	)
Deere & Co.		(34,312	)		(3,105,922	)
Dover Corp.		(26,361	)		(1,996,055	)

	Number of Shares			Value†
Hitachi Construction Machinery Co. Ltd.		(51,900	)	$	(921,414	)
Kennametal, Inc.		(56,950	)		(2,016,599	)
Kone OYJ Class B		(51,305	)		(2,207,225	)
Parker- Hannifin Corp.		(9,100	)		(1,086,176	)
Tennant Co.		(34,871	)		(2,241,857	)
The Manitowoc Co., Inc.		(57,496	)		(1,134,396	)
					(17,212,611	)
Media (0.5%)
Comcast Corp. Class A		(5,422	)		(313,175	)
Dex Media, Inc.		(173,688	)		(456,799	)*
Discovery Communications, Inc. Class A		(70,875	)		(2,293,515	)*
Gannett Co., Inc.		(56,100	)		(1,925,352	)
Omnicom Group, Inc.		(33,800	)		(2,560,688	)
					(7,549,529	)
Metals & Mining (0.0%)
Alcoa, Inc.		(30,000	)		(402,600	)
Multiline Retail (0.4%)
Dollar Tree, Inc.		(54,480	)		(4,162,817	)*
JC Penney Co., Inc.		(260,344	)		(2,160,855	)*
					(6,323,672	)
Multi-Utilities (0.2%)
Wisconsin Energy Corp.		(57,002	)		(2,799,938	)
Oil, Gas & Consumable Fuels (0.3%)
Boardwalk Pipeline Partners LP		(57,679	)		(1,009,959	)
Exxon Mobil Corp.		(34,300	)		(2,996,791	)
					(4,006,750	)
Paper & Forest Products (0.1%)
Domtar Corp.		(52,700	)		(2,277,694	)
Pharmaceuticals (1.3%)
AbbVie, Inc.		(4,888	)		(316,058	)

	Number of Shares			Value†
Eisai Co. Ltd.		(13,700	)	$	(913,206	)
Endo International PLC		(13,850	)		(1,164,300	)*
Johnson & Johnson		(24,308	)		(2,411,354	)
Merck & Co., Inc.		(37,046	)		(2,206,460	)
Novartis AG ADR		(21,195	)		(2,157,651	)
Novo Nordisk A/S ADR		(29,184	)		(1,642,184	)
Ono Pharmaceutical Co. Ltd.		(8,900	)		(964,575	)
Pacira Pharmaceuticals, Inc.		(5,513	)		(377,530	)*
Pfizer, Inc.		(61,984	)		(2,103,117	)
Sagent Pharmaceuticals, Inc.		(30,800	)		(717,948	)*
Sanofi ADR		(42,405	)		(2,143,573	)
Shionogi & Co. Ltd.		(28,500	)		(939,493	)
Valeant Pharmaceuticals International, Inc.		(6,900	)		(1,496,817	)*
					(19,554,266	)
Professional Services (0.1%)
Nielsen NV		(26,000	)		(1,168,440	)
Real Estate Investment Trusts (1.6%)
CBL & Associates Properties, Inc.		(79,500	)		(1,431,795	)
Digital Realty Trust, Inc.		(14,487	)		(918,621	)
Gaming and Leisure Properties, Inc.		(40,405	)		(1,442,458	)
Inland Real Estate Corp.		(173,679	)		(1,787,157	)
National Retail Properties, Inc.		(28,787	)		(1,105,421	)
Pebblebrook Hotel Trust		(22,265	)		(956,059	)
Post Properties, Inc.		(8,364	)		(478,170	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
PS Business Parks, Inc.		(29,465	)	$	(2,249,653	)
Realty Income Corp.		(26,433	)		(1,241,558	)
Regency Centers Corp.		(24,087	)		(1,512,182	)
Retail Opportunity Investments Corp.		(29,310	)		(491,822	)
Retail Properties of America, Inc. Class A		(87,854	)		(1,327,474	)
Simon Property Group, Inc.		(41,818	)		(7,589,549	)
Taubman Centers, Inc.		(27,642	)		(1,990,500	)
					(24,522,419	)
Real Estate Management & Development (0.0%)
Altisource Portfolio Solutions SA		(16,872	)		(409,146	)*
Road & Rail (0.3%)
Knight Transportation, Inc.		(41,988	)		(1,213,453	)
Old Dominion Freight Line, Inc.		(18,872	)		(1,342,365	)*
Werner Enterprises, Inc.		(55,719	)		(1,497,170	)
					(4,052,988	)
Semiconductors & Semiconductor Equipment (0.2%)
KLA-Tencor Corp.		(38,550	)		(2,266,740	)
Maxim Integrated Products, Inc.		(45,500	)		(1,493,765	)
					(3,760,505	)
Software (0.4%)
NetScout Systems, Inc.		(30,478	)		(1,252,646	)*
VMware, Inc. Class A		(27,214	)		(2,397,553	)*

	Number of Shares			Value†
Workday, Inc. Class A		(23,200	)	$	(2,116,072	)*
					(5,766,271	)
Specialty Retail (0.9%)
Barnes & Noble, Inc.		(105,212	)		(2,304,143	)*
Bed Bath & Beyond, Inc.		(30,329	)		(2,136,981	)*
Five Below, Inc.		(65,100	)		(2,195,172	)*
Guess?, Inc.		(170,400	)		(3,120,024	)
Outerwall, Inc.		(36,586	)		(2,430,408	)
Staples, Inc.		(2,188	)		(35,708	)
Tiffany & Co.		(17,500	)		(1,530,900	)
					(13,753,336	)
Technology Hardware, Storage & Peripherals (0.2%)
Diebold, Inc.		(45,115	)		(1,568,648	)
Seagate Technology PLC		(33,362	)		(1,959,017	)
					(3,527,665	)
Textiles, Apparel & Luxury Goods (0.1%)
Coach, Inc.		(11,584	)		(442,625	)
Michael Kors Holdings Ltd.		(23,000	)		(1,422,780	)*
					(1,865,405	)
Thrifts & Mortgage Finance (0.1%)
Home Capital Group, Inc.		(20,800	)		(820,967	)
Tobacco (0.0%)
Reynolds American, Inc.		(2,078	)		(152,317	)
Trading Companies & Distributors (0.4%)
Fastenal Co.		(76,667	)		(3,267,547	)
WW Grainger, Inc.		(9,785	)		(2,430,888	)
					(5,698,435	)
Total Common Stocks Sold Short (Proceeds $(267,279,181))					(264,170,958	)
Exchange Traded Funds Sold Short (9.9%)^£ØØ
Energy Select Sector SPDR Fund		(115,880	)		(9,580,958	)

	Number of Shares			Value†
Health Care Select Sector SPDR Fund		(89,375	)	$	(6,406,400	)
Industrial Select Sector SPDR Fund		(72,605	)		(4,039,016	)
iShares MSCI Emerging Markets ETF		(122,824	)		(5,266,693	)
iShares Nasdaq Biotechnology ETF		(15,605	)		(5,206,764	)
iShares Russell 2000 ETF		(177,219	)		(21,471,854	)
iShares U.S. Real Estate ETF		(229,303	)		(17,312,377	)
Materials Select Sector SPDR Fund		(82,637	)		(4,166,558	)
Powershares QQQ Trust Series 1		(47,240	)		(5,084,441	)
SPDR S&P 500 ETF Trust		(208,043	)		(43,381,126	)
SPDR S&P MidCap 400 ETF Trust		(91,721	)		(25,053,591	)
Vanguard REIT ETF		(14,125	)		(1,121,243	)
WisdomTree Japan Hedged Equity Fund		(91,700	)		(5,173,714	)
Total Exchange Traded Funds Sold Short (Proceeds $(147,180,849))					(153,264,735	)
	Principal Amount
Corporate Debt Securities Sold Short (0.7%)^£ØØ
Commercial Services & Supplies (0.0%)
ACCO Brands Corp., 6.75%, due 4/30/20	$	(275,000	)		(292,187	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) (cont'd)

	Principal Amount			Value†
Diversified Financial Services (0.1%)
Alphabet Holding Co., Inc., 7.75% Cash/8.50% PIK, due 11/1/17	$	(1,773,200	)	$	(1,773,200	)^c
Health Care Providers & Services (0.1%)
HCA, Inc., 5.88%, due 5/1/23		(650,000	)		(706,063	)
IT Services (0.2%)
iPayment, Inc., 9.50%, due 12/15/19		(431,775	)		(412,345	)^ñ
Sungard Availability Services Capital, Inc., 8.75%, due 4/1/22		(3,036,000	)		(2,170,740	)^ñ
					(2,583,085	)
Metals & Mining (0.0%)
Cliffs Natural Resources, Inc., 7.75%, due 3/31/20		(230,000	)		(167,900	)^ñ
Cliffs Natural Resources, Inc., 7.75%, due 3/31/20		(5,000	)		(3,650	)
Cliffs Natural Resources, Inc., 6.25%, due 10/1/40		(133,000	)		(65,170	)
					(236,720	)
Oil, Gas & Consumable Fuels (0.1%)
Rice Energy, Inc., 6.25%, due 5/1/22		(365,000	)		(370,475	)
SESI LLC, 7.13%, due 12/15/21		(1,028,000	)		(1,079,400	)
Williams Partners LP, 4.88%, due 5/15/23		(450,000	)		(457,670	)
					(1,907,545	)

	Principal Amount			Value†
Specialty Retail (0.2%)
Staples, Inc., 4.38%, due 1/12/23	$	(3,000,000	)	$	(3,010,428	)
Total Corporate Debt Securities Sold Short (Proceeds $(10,143,554))					(10,509,228	)
Total Short Positions (Proceeds $(424,603,585))					(427,944,921	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) 4/30/15

TOP TEN EQUITY HOLDINGS LONG POSITIONS (as a % of Net Assets)

		Country	Industry
1	CBRE Group, Inc.	United States	Real Estate Management & Development	1.5	%
2	Verint Systems, Inc.	United States	Software	1.3	%
3	Covanta Holding Corp.	United States	Commercial Services & Supplies	1.1	%
4	PPL Corp.	United States	Electric Utilities	1.1	%
5	Apollo Global Management LLC	United States	Capital Markets	1.1	%
6	Cheniere Energy Partners LP Holdings LLC	United States	Oil, Gas & Consumable Fuels	1.0	%
7	The Williams Cos., Inc.	United States	Oil, Gas & Consumable Fuels	0.9	%
8	CVS Health Corp.	United States	Food & Staples Retailing	0.9	%
9	Cheniere Energy Partners LP	United States	Oil, Gas & Consumable Fuels	0.9	%
10	Roadrunner Transportation Systems, Inc.	United States	Road & Rail	0.9	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS (as a % of Net Assets)

		Country	Industry
1	Fastenal Co.	United States	Trading Companies & Distributors	(0.6	)%
2	Wisconsin Energy Corp.	United States	Multi-Utilities	(0.6	)%
3	WW Grainger, Inc.	United States	Trading Companies & Distributors	(0.5	)%
4	PS Business Parks, Inc.	United States	Real Estate Investment Trusts	(0.5	)%
5	Tennant Co.	United States	Machinery	(0.5	)%
6	Anixter International, Inc.	United States	Electronic Equipment, Instruments & Components	(0.5	)%
7	Dover Corp.	United States	Machinery	(0.4	)%
8	Taubman Centers, Inc.	United States	Real Estate Investment Trusts	(0.4	)%
9	Guess?, Inc.	United States	Specialty Retail	(0.4	)%
10	Praxair, Inc.	United States	Chemicals	(0.4	)%

	Number of Shares		Value†
Long Positions (99.8%)
Common Stocks (75.2%)
Aerospace & Defense (1.8%)
Honeywell International, Inc.		2,050	$	206,886	^Ø
KLX, Inc.		3,350		140,399	*^Ø
MacDonald Dettwiler & Associates Ltd.		448		35,565	^Ø
United Technologies Corp.		1,900		216,125	^Ø
				598,975
Airlines (0.7%)
Delta Air Lines, Inc.		600		26,784
United Continental Holdings, Inc.		3,553		212,256	*^Ø
				239,040
Auto Components (1.9%)
American Axle & Manufacturing Holdings, Inc.		6,909		172,241	*^Ø

	Number of Shares		Value†
Delphi Automotive PLC		2,976	$	247,008	^Ø
Lear Corp.		657		72,947	^Ø
Visteon Corp.		1,450		147,030	*^Ø
				639,226
Banks (3.0%)
Chongqing Rural Commercial Bank Co. Ltd. Class H		61,000		54,413	^Ø
Citizens Financial Group, Inc.		5,650		147,183	^Ø
ING Groep NV CVA		3,468		53,205	*^Ø
Israel Discount Bank Ltd. Class A		21,451		37,683	*^Ø
Kasikornbank PCL		3,700		23,490	^Ø
Mitsubishi UFJ Financial Group, Inc.		19,400		137,824	^Ø
Mizuho Financial Group, Inc.		91,600		174,615	^Ø

	Number of Shares		Value†
Sumitomo Mitsui Financial Group, Inc.		4,300	$	187,758	^Ø
Sumitomo Mitsui Trust Holdings, Inc.		31,000		136,460	^Ø
Turkiye Garanti Bankasi AS		16,595		52,801	^Ø
				1,005,432
Beverages (0.9%)
Ambev SA ADR		1,300		8,229
Ambev SA		1,378		8,662
Davide Campari- Milano SpA		7,218		55,823	^Ø
PepsiCo, Inc.		1,543		146,770	^Ø
The Coca-Cola Co.		2,351		95,357	^Ø
				314,841
Biotechnology (3.1%)
Actelion Ltd.		397		52,238	*^Ø
Alexion Pharmaceuticals, Inc.		702		118,799	*
BioMarin Pharmaceutical, Inc.		1,277		143,088	*^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Cepheid		2,617	$	146,814	*^Ø
Receptos, Inc.		1,276		188,006	*^Ø
United Therapeutics Corp.		1,512		241,451	*^£Ø
Vertex Pharmaceuticals, Inc.		1,277		157,428	*
				1,047,824
Building Products (0.3%)
LIXIL Group Corp.		5,400		112,555	^Ø
Capital Markets (4.0%)
Apollo Global Management LLC Class A		16,487		376,893	^Ø
Apollo Investment Corp.		13,657		109,256	^Ø
Azimut Holding SpA		800		23,482
Capital Southwest Corp.		217		10,331
Jafco Co. Ltd.		3,100		116,153	^Ø
Morgan Stanley		1,579		58,912	^Ø
Nomura Holdings, Inc.		20,600		133,641	^Ø
Solar Capital Ltd.		12,297		242,989	^Ø
The Blackstone Group LP		5,659		231,793	^Ø
The Goldman Sachs Group, Inc.		309		60,694	^Ø
				1,364,144
Chemicals (1.8%)
Air Products & Chemicals, Inc.		1,425		204,388	^Ø
Asahi Kasei Corp.		4,000		37,666	^Ø
FMC Corp.		1,597		94,718	^Ø
Nissan Chemical Industries Ltd.		4,500		89,181	^Ø
Nitto Denko Corp.		1,300		83,311	^Ø
Shin-Etsu Chemical Co. Ltd.		1,200		73,355	^Ø
Ube Industries Ltd.		22,000		36,499	^Ø
				619,118

	Number of Shares		Value†
Commercial Services & Supplies (1.8%)
Covanta Holding Corp.		19,021	$	385,936	^Ø
Steelcase, Inc. Class A		2,812		49,407	^Ø
Tyco International PLC		4,250		167,365	^Ø
				602,708
Communications Equipment (0.5%)
Juniper Networks, Inc.		5,966		157,681	^Ø
Construction & Engineering (0.4%)
Taisei Corp.		23,000		133,235	^Ø
Consumer Finance (0.1%)
Springleaf Holdings, Inc.		707		35,350	*^Ø
Containers & Packaging (0.7%)
Berry Plastics Group, Inc.		3,165		108,306	*^Ø
Nampak Ltd.		24,762		88,681	^Ø
Pact Group Holdings Ltd.		16,510		53,666	^Ø
				250,653
Diversified Consumer Services (1.5%)
Regis Corp.		8,725		144,137	*^Ø
Service Corp. International		7,218		199,794	^Ø
ServiceMaster Global Holdings, Inc.		1,713		59,201	*^Ø
Stonemor Partners LP		3,216		98,410	^Ø
				501,542
Diversified Financial Services (0.4%)
ORIX Corp.		8,900		136,868	^Ø
Diversified Telecommunication Services (0.5%)
Sunrise Communications Group AG		576		53,837	*^ñØ
Telecom Italia SpA		108,843		104,750	*^Ø
				158,587
Electric Utilities (2.8%)
ALLETE, Inc.		1,710		86,013	^Ø
American Electric Power Co., Inc.		2,841		161,568	^Ø
Enel SpA		5,952		28,212	^Ø
Exelon Corp.		1,364		46,403	^Ø

	Number of Shares		Value†
OGE Energy Corp.		1,888	$	61,700	^Ø
Pinnacle West Capital Corp.		1,028		62,914	^Ø
Portland General Electric Co.		856		30,097	^Ø
PPL Corp.		11,144		379,230	^Ø
The Kansai Electric Power Co., Inc.		5,400		54,269	*^Ø
Xcel Energy, Inc.		748		25,365	^Ø
				935,771
Electrical Equipment (0.3%)
Nidec Corp.		1,100		82,285	^Ø
Sensata Technologies Holding NV		598		33,016	*
				115,301
Electronic Equipment, Instruments & Components (0.6%)
Belden, Inc.		1,675		140,616	^Ø
Hitachi Ltd.		4,000		27,292	^Ø
Keyence Corp.		100		53,385	^Ø
				221,293
Energy Equipment & Services (0.1%)
Halliburton Co.		890		43,566	^Ø
Food & Staples Retailing (1.3%)
CVS Health Corp.		3,037		301,544	^Ø
Sysco Corp.		482		17,848	^Ø
Walgreens Boots Alliance, Inc.		1,575		130,615	^Ø
				450,007
Food Products (0.8%)
Cal-Maine Foods, Inc.		1,515		67,736
Kellogg Co.		1,047		66,306	^Ø
Oceana Group Ltd.		2,155		19,243	^Ø
The JM Smucker Co.		893		103,516	^Ø
				256,801
Health Care Equipment & Supplies (3.4%)
Alere, Inc.		5,898		280,037	*^Ø
Edwards Lifesciences Corp.		1,404		177,816	*^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Globus Medical, Inc. Class A		4,275	$	102,130	*
Insulet Corp.		2,552		76,177	*
Intuitive Surgical, Inc.		319		158,218	*^Ø
NuVasive, Inc.		2,042		91,339	*
STERIS Corp.		2,000		133,000	^Ø
The Cooper Cos., Inc.		829		147,620	^Ø
				1,166,337
Health Care Providers & Services (1.4%)
Accretive Health, Inc.		7,362		41,374	*^Ø
Brookdale Senior Living, Inc.		3,871		140,246	*^Ø
Fresenius SE & Co. KGaA		679		40,396	^Ø
Mediclinic International Ltd.		2,963		31,376
Omnicare, Inc.		2,425		213,352
				466,744
Health Care Technology (0.4%)
HMS Holdings Corp.		7,084		120,499	*^Ø
Hotels, Restaurants & Leisure (2.6%)
Accor SA		3,698		202,779	^Ø
Aramark		5,675		174,393
Bloomin' Brands, Inc.		7,500		169,950	^Ø
Churchill Downs, Inc.		2,250		268,132	^Ø
Pinnacle Entertainment, Inc.		1,606		59,037	*^Ø
				874,291
Household Durables (0.4%)
Rinnai Corp.		500		37,936	^Ø
Sony Corp.		3,200		96,742	*^Ø
				134,678
Independent Power & Renewable Electricity Producers (1.2%)
AES Corp.		12,513		165,797	^Ø
EDP Renovaveis SA		4,557		31,855	^Ø
NRG Energy, Inc.		8,034		202,778^Ø
				400,430
Industrial Conglomerates (0.5%)
Alliance Global Group, Inc.		145,490		82,683	^Ø

	Number of Shares		Value†
Toshiba Corp.		20,000	$	80,131	^Ø
				162,814
Insurance (1.7%)
American International Group, Inc.		3,100		174,499	^Ø
Assured Guaranty Ltd.		8,432		219,148	^Ø
BB Seguridade Participacoes SA ADR		3,349		38,748	^Ø
MetLife, Inc.		1,350		69,241
Sampo OYJ Class A		1,056		51,168	^Ø
Sanlam Ltd.		5,495		35,539	^Ø
				588,343
Internet Software & Services (1.3%)
AOL, Inc.		3,650		145,635	*^Ø
Baidu, Inc. ADR		163		32,646	*
Equinix, Inc.		738		188,876	^Ø
Google, Inc. Class A		133		72,986	*^Ø
				440,143
IT Services (0.9%)
Computer Sciences Corp.		2,700		174,015	^Ø
Visa, Inc. Class A		2,150		142,007	^Ø
				316,022
Life Sciences Tools & Services (0.1%)
Thermo Fisher Scientific, Inc.		383		48,135	^Ø
Machinery (0.9%)
Amada Holdings Co. Ltd.		8,500		85,776	^Ø
FANUC Corp.		200		43,993	^Ø
ITT Corp.		1,750		69,387
Komatsu Ltd.		2,000		40,238	^Ø
Makita Corp.		1,300		64,876	^Ø
				304,270
Marine (0.1%)
Nippon Yusen KK		12,000		37,722	^Ø
Media (2.6%)
CBS Corp. Class B		3,625		225,221	^Ø
Cineplex, Inc.		881		35,269	^Ø
Liberty Global PLC Series C		2,885		145,548	*^Ø

	Number of Shares		Value†
Time Warner, Inc.		1,497	$	126,362	^Ø
Time, Inc.		9,550		218,027	^Ø
Viacom, Inc. Class B		575		39,934	^£
Videocon d2h Ltd. ADR		7,600		84,588	*^Ø
				874,949
Metals & Mining (0.1%)
Nippon Steel & Sumitomo Metal Corp.		18,000		46,822	^Ø
Multiline Retail (0.6%)
Dollar Tree, Inc.		1,725		131,807	*^Ø
Takashimaya Co. Ltd.		7,000		65,327	^Ø
				197,134
Multi-Utilities (0.9%)
CMS Energy Corp.		867		29,417	^Ø
Dominion Resources, Inc.		1,046		74,977	^Ø
NiSource, Inc.		4,625		200,818	^Ø
				305,212
Oil, Gas & Consumable Fuels (5.4%)
Anadarko Petroleum Corp.		1,225		115,272	^Ø
Caltex Australia Ltd.		756		21,085	^Ø
Cheniere Energy Partners LP		8,964		292,137	^Ø
Cheniere Energy Partners LP Holdings LLC		13,823		349,722	^Ø
Encana Corp.		2,391		33,976
Freehold Royalties Ltd.		2,000		29,540
GasLog Ltd.		3,101		69,121	^Ø
Golar LNG Ltd.		3,275		117,884	^Ø
Kinder Morgan, Inc.		2,507		107,676
Liquefied Natural Gas Ltd.		21,578		77,710	*^Ø
SemGroup Corp. Class A		3,170		266,882	^Ø
Targa Resources Corp.		368		38,629	^Ø

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
The Williams Cos., Inc.		6,063	$	310,365	^Ø
				1,829,999
Personal Products (0.2%)
Asaleo Care Ltd.		41,544		60,450	^Ø
Pharmaceuticals (5.1%)
Actavis PLC		785		222,045	*^Ø
Bayer AG		346		49,801	*^Ø
Impax Laboratories, Inc.		3,189		144,334	*
Jazz Pharmaceuticals PLC		1,148		205,148	*^Ø
Mallinckrodt PLC		1,850		209,383	*^Ø
Mylan NV		2,871		207,458	*
Nektar Therapeutics		11,804		112,374	*^Ø
Novartis AG		395		40,319	^Ø
Perrigo Co. PLC		550		100,804	^Ø
Shire PLC ADR		858		208,932
Teva Pharmaceutical Industries Ltd. ADR		551		33,291
Zoetis, Inc.		4,262		189,318	^£
				1,723,207
Professional Services (0.4%)
Nielsen NV		2,805		126,057	^Ø
Real Estate Investment Trusts (3.0%)
Apollo Commercial Real Estate Finance, Inc.		8,591		146,820	^Ø
CyrusOne, Inc.		3,383		109,880	^Ø
Easterly Government Properties, Inc.		4,275		67,331	*^Ø
NorthStar Realty Finance Corp.		9,951		186,681	^Ø
Simon Property Group, Inc.		1,268		230,129	^Ø
STAG Industrial, Inc.		6,640		144,287	^Ø
The Macerich Co.		891		72,848

	Number of Shares		Value†
Xenia Hotels & Resorts, Inc.		3,073	$	67,330	^Ø
				1,025,306
Real Estate Management & Development (4.1%)
Altus Group Ltd.		1,700		28,434	^Ø
CBRE Group, Inc. Class A		12,942		496,196	*^Ø
Daito Trust Construction Co. Ltd.		300		34,935	^Ø
Daiwa House Industry Co. Ltd.		8,700		194,228	^Ø
DO Deutsche Office AG		23,763		113,037	*^Ø
Kennedy Wilson Europe Real Estate PLC		11,600		199,071	^Ø
Mitsubishi Estate Co. Ltd.		3,000		70,612	^Ø
Pruksa Real Estate PCL		41,077		34,149	^Ø
Tokyo Tatemono Co. Ltd.		14,000		101,509	^Ø
Tokyu Fudosan Holdings Corp.		15,300		113,693	^Ø
				1,385,864
Road & Rail (2.4%)
Canadian Pacific Railway Ltd.		560		106,725
Roadrunner Transportation Systems, Inc.		11,908		291,389	*
Ryder System, Inc.		2,383		227,243	^Ø
Swift Transportation Co.		8,476		205,119	*
				830,476
Semiconductors & Semiconductor Equipment (1.0%)
Applied Materials, Inc.		4,800		94,992	^Ø
Broadcom Corp. Class A		3,550		156,928	^Ø

	Number of Shares		Value†
SCREEN Holdings Co. Ltd.		13,000	$	88,252	^Ø
				340,172
Software (2.2%)
Nintendo Co. Ltd.		300		50,370	^Ø
PTC, Inc.		6,750		258,795	*^Ø
Verint Systems, Inc.		7,268		446,473	*^£Ø
				755,638
Specialty Retail (0.9%)
Advance Auto Parts, Inc.		341		48,763	^Ø
ANN, Inc.		3,525		133,456	*^Ø
JB Hi-Fi Ltd.		2,007		31,002	^Ø
Tiffany & Co.		1,085		94,916	^Ø
				308,137
Technology Hardware, Storage & Peripherals (0.8%)
NCR Corp.		3,140		86,161	*
Ricoh Co. Ltd.		3,300		34,105
Western Digital Corp.		1,436		140,355	^£
				260,621
Textiles, Apparel & Luxury Goods (0.5%)
PVH Corp.		1,625		167,944	^Ø
Thrifts & Mortgage Finance (0.0%)
Federal National Mortgage Association		4,780		12,954	*^Ø
Trading Companies & Distributors (0.5%)
Air Lease Corp.		3,296		127,325	^Ø
Mitsubishi Corp.		1,700		36,680	^Ø
				164,005
Water Utilities (0.1%)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,700		10,013
Cia de Saneamento Basico do Estado de Sao Paulo		4,820		28,476	^Ø
				38,489

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Wireless Telecommunication Services (0.2%)
SoftBank Corp.		900	$	56,259	^Ø
Turkcell Iletisim Hizmetleri AS		6,701		29,837	^Ø
				86,096
Total Common Stocks (Cost $24,556,534)				25,540,478
Preferred Stocks (0.3%)
Banks (0.3%)
National Bank of Greece SA , Ser. A, 9.00% (Cost $205,657)		11,804		108,361	*^Ø
Exchange Traded Funds (1.1%)
iPATH S&P 500 VIX Short-Term Futures ETN		4,185		91,275	*
PowerShares DB U.S. Dollar Index Bullish Fund		11,050		275,256	*^Ø
Total Exchange Traded Funds (Cost $376,616)				366,531
	Number of Contracts
Purchased Options (0.2%)
Put Options (0.2%)
Delta Air Lines, Inc., Put, Sep 2015 @ 44		6		1,890
EuroTrust A/S, Put, May 2015 @ 3700		8		11,875
NCR Corp., Put, May 2015 @ 27		18		1,080
SPDR S&P 500 ETF Trust, Put, May 2015 @ 200		66		2,772
SPDR S&P 500 ETF Trust, Put, Jun 2015 @ 206		22		7,700
SPDR S&P 500 ETF Trust, Put, Jul 2015 @ 205		43		19,565

	Number of Shares			Value†
United Continental Holdings, Inc., Put, Sep 2015 @ 60		35		$	20,440
Total Purchased Options (Cost $89,869)					65,322
	Number of Shares
Short-Term Investments (23.0%)
Mutual Funds (0.6%)
AP Alternative Assets LP		5,700			208,050	*^Ø
Money Market Funds (22.4%)
Morgan Stanley Institutional Liquidity Fund		7,618,511			7,618,511	^Ø
Total Short-Term Investments (Cost $7,797,459)					7,826,561
Total Long Positions (99.8%) (Cost $33,026,135)					33,907,253	^##
Cash, receivables and other assets, less liabilities (36.9%)					12,520,206	^{±Ø†††}
Short Positions (see summary below) ((36.7)%)					(12,458,710	)
Total Net Assets (100.0%)				$	33,968,749
Short Positions ((36.7)%)
Common Stocks Sold Short (32.7%)^£ØØ
Aerospace & Defense (0.4%)
The Boeing Co.		(475	)		(68,086	)
Triumph Group, Inc.		(1,200	)		(71,088	)
					(139,174	)
Auto Components (0.2%)
Gentherm, Inc.		(1,194	)		(62,960	)*
Banks (0.6%)
Canadian Western Bank		(1,500	)		(39,002	)
First Midwest Bancorp, Inc.		(1,981	)		(33,875	)

	Number of Shares			Value†
FirstMerit Corp.		(1,968	)	$	(38,120	)
UMB Financial Corp.		(1,400	)		(69,706	)
Wintrust Financial Corp.		(842	)		(41,039	)
					(221,742	)
Beverages (0.0%)
The Boston Beer Co., Inc. Class A		(34	)		(8,425	)*
Biotechnology (0.5%)
Amgen, Inc.		(460	)		(72,639	)
Celgene Corp.		(614	)		(66,349	)*
Exact Sciences Corp.		(680	)		(14,212	)*
Keryx Biopharmaceuticals, Inc.		(1,525	)		(16,256	)*
					(169,456	)
Building Products (0.1%)
LIXIL Group Corp.		(1,800	)		(37,518	)
Capital Markets (0.2%)
Deutsche Bank AG		(1,033	)		(33,037	)
Julius Baer Group Ltd.		(794	)		(41,559	)*
					(74,596	)
Chemicals (1.3%)
Cabot Corp.		(1,025	)		(43,809	)
Calgon Carbon Corp.		(1,070	)		(23,743	)
CF Industries Holdings, Inc.		(175	)		(50,307	)
International Flavors & Fragrances, Inc.		(377	)		(43,261	)
Kaneka Corp.		(6,000	)		(41,831	)
Kuraray Co. Ltd.		(600	)		(8,114	)
Potash Corp. of Saskatchewan, Inc.		(1,700	)		(55,488	)
Praxair, Inc.		(1,175	)		(143,268	)
Rayonier Advanced Materials, Inc.		(2,400	)		(40,104	)
					(449,925	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Commercial Services & Supplies (0.7%)
HNI Corp.		(1,873	)	$	(87,357	)
Rollins, Inc.		(2,007	)		(49,773	)
Stericycle, Inc.		(658	)		(87,797	)*
					(224,927	)
Communications Equipment (0.1%)
Arista Networks, Inc.		(500	)		(32,005	)*
Diversified Telecommunication Services (0.3%)
Telecom Italia SpA		(86,152	)		(101,682	)*
Electric Utilities (0.6%)
CEZ AS		(1,545	)		(40,139	)
Edison International		(236	)		(14,382	)
Iberdrola SA		(2,235	)		(14,960	)
IDACORP, Inc.		(307	)		(18,521	)
Otter Tail Corp.		(1,751	)		(52,373	)
The Southern Co.		(1,234	)		(54,666	)
					(195,041	)
Electronic Equipment, Instruments & Components (0.9%)
Anixter International, Inc.		(2,206	)		(155,744	)*
Hirose Electric Co. Ltd.		(100	)		(14,080	)
Ibiden Co. Ltd.		(1,200	)		(20,988	)
Japan Display, Inc.		(9,800	)		(40,258	)
Kyocera Corp.		(200	)		(10,440	)
Ryosan Co. Ltd.		(300	)		(7,145	)
Taiyo Yuden Co. Ltd.		(1,700	)		(25,133	)
Yaskawa Electric Corp.		(1,200	)		(16,487	)
					(290,275	)
Energy Equipment & Services (0.1%)
National Oilwell Varco, Inc.		(707	)		(38,468	)
Food & Staples Retailing (1.2%)
CVS Health Corp.		(772	)		(76,652	)
Walgreens Boots Alliance, Inc.		(1,078	)		(89,398	)
Wal-Mart Stores, Inc.		(1,695	)		(132,295	)

	Number of Shares			Value†
Woolworths Ltd.		(4,288	)	$	(99,557	)
					(397,902	)
Food Products (1.9%)
Campbell Soup Co.		(3,040	)		(135,918	)
Ezaki Glico Co. Ltd.		(600	)		(24,987	)
Flowers Foods, Inc.		(2,650	)		(59,201	)
General Mills, Inc.		(2,356	)		(130,381	)
House Foods Group, Inc.		(1,400	)		(28,590	)
Ingredion, Inc.		(600	)		(47,640	)
Kewpie Corp.		(1,600	)		(39,038	)
Kikkoman Corp.		(1,000	)		(28,519	)
McCormick & Co., Inc.		(950	)		(71,535	)
MEIJI Holdings Co. Ltd.		(200	)		(22,976	)
The Hain Celestial Group, Inc.		(809	)		(48,734	)*
					(637,519	)
Gas Utilities (0.2%)
AGL Resources, Inc.		(289	)		(14,528	)
Northwest Natural Gas Co.		(807	)		(37,687	)
Piedmont Natural Gas Co., Inc.		(396	)		(14,826	)
Southwest Gas Corp.		(214	)		(11,770	)
					(78,811	)
Health Care Equipment & Supplies (2.1%)
Abbott Laboratories		(1,879	)		(87,223	)
Becton Dickinson and Co.		(544	)		(76,633	)
Boston Scientific Corp.		(3,879	)		(69,124	)*
Getinge AB Class B		(1,825	)		(44,356	)
Medtronic PLC		(1,022	)		(76,088	)
St. Jude Medical, Inc.		(1,139	)		(79,787	)
Stryker Corp.		(845	)		(77,943	)

	Number of Shares			Value†
Sysmex Corp.		(900	)	$	(49,799	)
Varian Medical Systems, Inc.		(803	)		(71,347	)*
Zimmer Holdings, Inc.		(649	)		(71,286	)
					(703,586	)
Health Care Providers & Services (1.1%)
AmerisourceBergen Corp.		(673	)		(76,924	)
Cardinal Health, Inc.		(876	)		(73,882	)
Henry Schein, Inc.		(622	)		(85,276	)*
Laboratory Corp. of America Holdings		(659	)		(78,790	)*
McKesson Corp.		(323	)		(72,158	)
					(387,030	)
Hotels, Restaurants & Leisure (0.2%)
Texas Roadhouse, Inc.		(2,000	)		(67,200	)
Household Durables (0.1%)
Nikon Corp.		(1,500	)		(21,328	)
Household Products (0.2%)
The Clorox Co.		(625	)		(66,312	)
Industrial Conglomerates (0.7%)
3M Co.		(425	)		(66,466	)
Danaher Corp.		(912	)		(74,675	)
Siemens AG ADR		(950	)		(103,350	)
					(244,491	)
Insurance (0.7%)
Reinsurance Group of America, Inc.		(775	)		(71,006	)
The Allstate Corp.		(900	)		(62,694	)
The Travelers Cos., Inc.		(975	)		(98,582	)
					(232,282	)
IT Services (0.3%)
International Business Machines Corp.		(400	)		(68,516	)
The Western Union Co.		(1,068	)		(21,659	)
					(90,175	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Leisure Products (0.2%)
Mattel, Inc.		(2,825	)	$	(79,552	)
Life Sciences Tools & Services (0.5%)
Quintiles Transnational Holdings, Inc.		(1,168	)		(76,948	)*
Thermo Fisher Scientific, Inc.		(622	)		(78,173	)
					(155,121	)
Machinery (2.6%)
Caterpillar, Inc.		(977	)		(84,882	)
Cummins, Inc.		(500	)		(69,130	)
Deere & Co.		(1,439	)		(130,258	)
Dover Corp.		(2,004	)		(151,743	)
Hitachi Construction Machinery Co. Ltd.		(2,500	)		(44,384	)
Kennametal, Inc.		(2,700	)		(95,607	)
Kone OYJ Class B		(1,985	)		(85,398	)
Parker-Hannifin Corp.		(450	)		(53,712	)
Tennant Co.		(2,659	)		(170,947	)
					(886,061	)
Media (0.9%)
Discovery Communications, Inc. Class A		(3,350	)		(108,406	)*
Gannett Co., Inc.		(2,600	)		(89,232	)
Omnicom Group, Inc.		(1,600	)		(121,216	)
					(318,854	)
Multi-Utilities (1.8%)
Alliant Energy Corp.		(1,354	)		(81,876	)
Ameren Corp.		(13	)		(532	)
Avista Corp.		(2,089	)		(68,143	)
Consolidated Edison, Inc.		(1,872	)		(115,222	)
DTE Energy Co.		(782	)		(62,271	)
NorthWestern Corp.		(428	)		(22,294	)
PG&E Corp.		(273	)		(14,447	)
Public Service Enterprise Group, Inc.		(1,533	)		(63,681	)
Wisconsin Energy Corp.		(3,847	)		(188,965	)
					(617,431	)
Oil, Gas & Consumable Fuels (1.0%)
Boardwalk Pipeline Partners LP		(4,390	)		(76,869	)

	Number of Shares			Value†
Exxon Mobil Corp.		(1,625	)	$	(141,976	)
ONEOK, Inc.		(296	)		(14,238	)
Spectra Energy Corp.		(2,876	)		(107,131	)
					(340,214	)
Paper & Forest Products (0.3%)
Domtar Corp.		(2,500	)		(108,050	)
Pharmaceuticals (2.4%)
Eisai Co. Ltd.		(600	)		(39,994	)
Endo International PLC		(650	)		(54,642	)*
Johnson & Johnson		(1,004	)		(99,597	)
Merck & Co., Inc.		(1,530	)		(91,127	)
Novartis AG ADR		(876	)		(89,177	)
Novo Nordisk A/S ADR		(1,205	)		(67,805	)
Ono Pharmaceutical Co. Ltd.		(400	)		(43,352	)
Pacira Pharmaceuticals, Inc.		(184	)		(12,600	)*
Pfizer, Inc.		(2,560	)		(86,861	)
Sagent Pharmaceuticals, Inc.		(1,400	)		(32,634	)*
Sanofi ADR		(1,752	)		(88,564	)
Shionogi & Co. Ltd.		(1,300	)		(42,854	)
Valeant Pharmaceuticals International, Inc.		(300	)		(65,079	)*
					(814,286	)
Professional Services (0.2%)
Nielsen NV		(1,200	)		(53,928	)
Real Estate Investment Trusts (3.1%)
CBL & Associates Properties, Inc.		(3,700	)		(66,637	)
Digital Realty Trust, Inc.		(1,104	)		(70,005	)
Gaming and Leisure Properties, Inc.		(1,565	)		(55,871	)
Inland Real Estate Corp.		(13,213	)		(135,962	)
National Retail Properties, Inc.		(825	)		(31,680	)

	Number of Shares			Value†
Pebblebrook Hotel Trust		(1,693	)	$	(72,697	)
Post Properties, Inc.		(636	)		(36,360	)
PS Business Parks, Inc.		(2,252	)		(171,940	)
Regency Centers Corp.		(1,836	)		(115,264	)
Retail Opportunity Investments Corp.		(2,227	)		(37,369	)
Retail Properties of America, Inc. Class A		(6,698	)		(101,207	)
Taubman Centers, Inc.		(2,104	)		(151,509	)
					(1,046,501	)
Road & Rail (0.9%)
Knight Transportation, Inc.		(3,198	)		(92,423	)
Old Dominion Freight Line, Inc.		(1,440	)		(102,427	)*
Werner Enterprises, Inc.		(4,245	)		(114,063	)
					(308,913	)
Semiconductors & Semiconductor Equipment (0.5%)
KLA-Tencor Corp.		(1,800	)		(105,840	)
Maxim Integrated Products, Inc.		(2,100	)		(68,943	)
					(174,783	)
Software (0.4%)
NetScout Systems, Inc.		(1,016	)		(41,758	)*
Workday, Inc. Class A		(1,100	)		(100,331	)*
					(142,089	)
Specialty Retail (1.2%)
Bed Bath & Beyond, Inc.		(1,307	)		(92,091	)*
Five Below, Inc.		(3,050	)		(102,846	)*
Guess?, Inc.		(8,000	)		(146,480	)
Tiffany & Co.		(825	)		(72,171	)
					(413,588	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short
Multi-Manager Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Technology Hardware, Storage & Peripherals (0.6%)
Diebold, Inc.		(3,442	)	$	(119,678	)
Seagate Technology PLC		(1,293	)		(75,925	)
					(195,603	)
Textiles, Apparel & Luxury Goods (0.2%)
Michael Kors Holdings Ltd.		(1,100	)		(68,046	)*
Thrifts & Mortgage Finance (0.1%)
Home Capital Group, Inc.		(1,000	)		(39,469	)
Trading Companies & Distributors (1.1%)
Fastenal Co.		(4,439	)		(189,189	)
WW Grainger, Inc.		(747	)		(185,577	)
					(374,766	)
Total Common Stocks Sold Short (Proceeds $(11,205,850))					(11,110,085	)
Exchange Traded Funds Sold Short (4.0%)^£ØØ
iShares MSCI Emerging Markets ETF		(4,090	)		(175,379	)
iShares Nasdaq Biotechnology ETF		(520	)		(173,503	)
iShares Russell 2000 ETF		(921	)		(111,588	)
Powershares QQQ Trust Series 1		(1,834	)		(197,394	)
SPDR S&P 500 ETF Trust		(568	)		(118,440	)
Utilities Select Sector SPDR Fund		(8,073	)		(356,988	)
Vanguard REIT ETF		(547	)		(43,421	)
WisdomTree Japan Hedged Equity Fund		(3,047	)		(171,912	)
Total Exchange Traded Funds Sold Short (Proceeds $(1,295,484))					(1,348,625	)
Total Short Positions (Proceeds $(12,501,334))					(12,458,710	)

See Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Absolute Return Multi-Manager Fund ("Absolute Return Multi-Manager") and Neuberger Berman Long Short Multi-Manager Fund ("Long Short Multi-Manager"), (each individually a "Fund," and collectively, the "Funds") are carried at the value that Neuberger Berman Management LLC ("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 a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments (long and short positions) in equity securities, exchange traded funds, preferred stocks, purchased option contracts, written option contracts, rights, closed-end funds 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 reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations.

The value of the Funds' investments (long and short positions) in debt securities 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 based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Corporate Debt Securities. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, spread to the U.S. Treasury market, 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").

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

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.

Municipal Notes. Inputs used to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

The value of bank loan obligations 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 financial futures contracts ("financial 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 foreign currency contracts ("forward contracts") is determined by Management by obtaining valuations from an independent pricing service based on actual traded currency rates on an independent pricing service's network, along with other traded and quoted currency rates provided to the pricing service by leading market participants (Level 2 inputs).

The value of total return swap contracts ("total return swaps") is determined by Management by obtaining valuations from an independent pricing service using the underlying index and stated London Interbank Offered Rate ("LIBOR") (Level 2 inputs).

The value of equity swap contracts ("equity swaps") is determined by Management by obtaining valuations from an independent pricing service using the underlying security and stated LIBOR rate or Federal Funds floating rate (Level 2 inputs).

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

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

Investments in investment companies, with the exception of closed-end funds, are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).

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 Neuberger Berman Alternative Funds' Board of Trustees (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, trading in financial futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

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 income securities as of the close of the NYSE. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the close of the NYSE (Level 2 inputs) to assist in determining prices for certain foreign income 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 close of the NYSE, 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.

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Absolute Return Multi-Manager
Investments:
Common Stocks
Air Freight & Logistics	$	2,166,204	$	2,760,238	$	—	$	4,926,442
Airlines		3,138,050		41,567		—		3,179,617
Banks		6,361,658		23,528,199		—		29,889,857
Beverages		11,855,176		2,887,894		—		14,743,070
Biotechnology		35,412,371		1,570,549		—		36,982,920
Building Products		1,915,844		2,407,429		—		4,323,273
Capital Markets		19,458,197		6,047,317		—		25,505,514
Chemicals		42,971,660		7,644,442		—		50,616,102
Construction & Engineering		—		2,873,251		—		2,873,251
Containers & Packaging		1,425,195		4,273,822		—		5,699,017
Diversified Financial Services		736,290		22,030,091		—		22,766,381
Diversified Telecommunication Services		5,298,697		7,223,353		—		12,522,050
Electric Utilities		8,980,187		1,154,732		—		10,134,919
Electrical Equipment		4,349,180		1,735,472		—		6,084,652
Electronic Equipment, Instruments & Components		3,046,308		3,438,671		—		6,484,979
Food & Staples Retailing		7,261,124		—		—		7,261,124
Food Products		6,054,381		718,673		—		6,773,054
Health Care Equipment & Supplies		36,109,254		21,319		—		36,130,573
Health Care Providers & Services		20,184,791		2,154,596		—		22,339,387
Hotels, Restaurants & Leisure		35,137,243		5,229,050		—		40,366,293
Household Durables		1,422,805		2,972,223		—		4,395,028

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Industrial Conglomerates	$	—	$	4,185,195	$	—	$	4,185,195
Insurance		26,683,756		2,665,238		—		29,348,994
Machinery		4,662,905		5,478,651		—		10,141,556
Marine		—		858,177		—		858,177
Media		85,752,984		1,230,121		750		86,983,855
Metals & Mining		7,952,453		1,019,677		—		8,972,130
Multiline Retail		20,386,462		1,269,214		—		21,655,676
Oil, Gas & Consumable Fuels		31,628,403		1,758,367		—		33,386,770
Personal Products		—		1,815,353		—		1,815,353
Pharmaceuticals		60,665,343		2,706,777		—		63,372,120
Real Estate Management & Development		7,378,171		18,910,603		—		26,288,774
Semiconductors & Semiconductor Equipment		18,546,949		1,941,499		—		20,488,448
Software		25,399,519		822,711		—		26,222,230
Specialty Retail		11,163,456		1,021,055		—		12,184,511
Technology Hardware, Storage & Peripherals		9,655,465		737,900		—		10,393,365
Trading Companies & Distributors		6,377,210		763,816		—		7,141,026
Wireless Telecommunication Services		—		2,647,161		—		2,647,161
Other Common Stocks^		237,245,832		—		—		237,245,832
Total Common Stocks		806,783,523		150,544,403		750		957,328,676
Preferred Stocks^		2,042,926		—		—		2,042,926
Exchange Traded Funds		8,226,021		—		—		8,226,021
Rights
Biotechnology		—		71,705		—		71,705
Food & Staples Retailing		—		—		39,066		39,066
Pharmaceuticals		—		14,655		—		14,655
Wireless Telecommunication Services		—		151,200		—		151,200
Other Rights^		320		—		—		320
Total Rights		320		237,560		39,066		276,946
Warrants
Diversified Financial Services		—		2,678,775		—		2,678,775
Insurance		—		—		—		—
Media		—		105,243		—		105,243
Other Warrants^		1,860		—		—		1,860
Total Warrants		1,860		2,784,018		—		2,785,878
Mortgage-Backed Securities^		—		73,988,470		—		73,988,470
Asset-Backed Securities		—		72,648,064		1,286,800		73,934,864
Bank Loan Obligations
Advertising		—		5,434,967		987,986		6,422,953
Commercial Services & Supplies		—		10,561,346		2,177,280		12,738,626

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Diversified Financial Services	$	—	$	4,791,950	$	2,823,380	$	7,615,330
Diversified Telecommunication Services		—		2,541,547		2,712,000		5,253,547
Food Products		—		1,725,300		1,873,554		3,598,854
Health Care Providers & Services		—		653,231		2,962,619		3,615,850
Insurance		—		7,218,388		970,000		8,188,388
Media		—		17,421,766		1,090,895		18,512,661
Miscellaneous Manufacturing		—		1,850,719		957,125		2,807,844
Oil, Gas & Consumable Fuels		—		2,076,138		1,135,298		3,211,436
Pharmaceuticals		—		3,358,085		1,826,524		5,184,609
Software		—		6,284,495		2,052,270		8,336,765
Transportation		—		—		806,347		806,347
Other Bank Loan Obligations^		—		58,016,525		—		58,016,525
Total Bank Loan Obligations		—		121,934,457		22,375,278		144,309,735
Corporate Debt Securities
Chemicals		—		—		766		766
Other Corporate Debt Securities^		—		61,045,508		—		61,045,508
Total Corporate Debt Securities		—		61,045,508		766		61,046,274
Municipal Notes		—		11,836,693		—		11,836,693
Purchased Options		5,365,015		15,937		—		5,380,952
Short-Term Investments		—		230,122,435		—		230,122,435
Total Long Positions	$	822,419,665	$	725,157,545	$	23,702,660	$	1,571,279,870
Long Short Multi-Manager
Investments:
Common Stocks
Banks		147,183		858,249		—		1,005,432
Beverages		259,018		55,823		—		314,841
Biotechnology		995,586		52,238		—		1,047,824
Building Products		—		112,555		—		112,555
Capital Markets		1,090,868		273,276		—		1,364,144
Chemicals		299,106		320,012		—		619,118
Construction & Engineering		—		133,235		—		133,235
Containers & Packaging		108,306		142,347		—		250,653
Diversified Financial Services		—		136,868		—		136,868
Diversified Telecommunication Services		—		158,587		—		158,587
Electric Utilities		853,290		82,481		—		935,771
Electrical Equipment		33,016		82,285		—		115,301
Electronic Equipment, Instruments & Components		140,616		80,677		—		221,293
Food Products		237,558		19,243		—		256,801

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Health Care Providers & Services	$	394,972	$	71,772	$	—	$	466,744
Hotels, Restaurants & Leisure		671,512		202,779		—		874,291
Household Durables		—		134,678		—		134,678
Independent Power & Renewable Electricity Producers		368,575		31,855		—		400,430
Industrial Conglomerates		—		162,814		—		162,814
Insurance		501,636		86,707		—		588,343
Machinery		69,387		234,883		—		304,270
Marine		—		37,722		—		37,722
Metals & Mining		—		46,822		—		46,822
Multiline Retail		131,807		65,327		—		197,134
Oil, Gas & Consumable Fuel		1,740,916		89,083		—		1,829,999
Personal Products		—		60,450		—		60,450
Pharmaceuticals		1,633,087		90,120		—		1,723,207
Real Estate Management & Development		524,630		861,234		—		1,385,864
Semiconductors & Semiconductor Equipment		251,920		88,252		—		340,172
Software		705,268		50,370		—		755,638
Specialty Retail		277,135		31,002		—		308,137
Technology Hardware, Storage & Peripherals		226,516		34,105		—		260,621
Trading Companies & Distributors		127,325		36,680		—		164,005
Wireless Telecommunication Services		—		86,096		—		86,096
Other Common Stocks^		8,740,618		—		—		8,740,618
Total Common Stocks		20,529,851		5,010,627		—		25,540,478
Preferred Stocks^		108,361		—		—		108,361
Exchange Traded Funds		366,531		—		—		366,531
Purchased Options		65,322		—		—		65,322
Short-Term Investments		—		7,826,561		—		7,826,561
Total Long Positions	$	21,070,065	$	12,837,188	$	—	$	33,907,253

^ The Schedule of Investments provides information on the industry categorization for the portfolio.

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

§ 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 11/1/14		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 4/30/15		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/15
Investments in Securities:
Absolute Return Multi-Manager
Common Stocks^‡
Media	$	750	$	—		$	—		$	—	$	—		$	—	$	—		$	750	$	—
Rights^‡
Food & Staples Retailing		—		—			39,066			—		—			—		—			39,066		39,066
Pharmaceuticals		—		—			—			—		—			—		—			—		—
Bank Loan Obligations^Ω
Advertising		7,302,863		1,086			14,569			2,502		(4,740,034	)		—		(1,593,000	)		987,986		7,501
Commercial Services & Supplies		1,730,212		—			447,068			—		—			—		—			2,177,280		447,068
Diversified Financial Services		—		771			(4,391	)		19		—			2,826,981		—			2,823,380		(4,392	)
Diversified Telecommunication Services		—		5,093			(92,188	)		—		—			2,799,095		—			2,712,000		(92,188	)
Electrical Components & Equipment		663,300		1,981			(1,981	)		—		(663,300	)		—		—			—		—
Food Products		—		10,219			72,285			—		(9,634	)		1,800,684		—			1,873,554		72,015
Health Care Providers & Services		179,144		1,034			11,153			2,775,960		(4,672	)		—		—			2,962,619		10,980
Hotels, Restaurants & Leisure		494,518		360			(360	)		—		(494,518	)		—		—			—		—
Insurance		1,000,000		(192	)		(29,808	)		—		—			—		—			970,000		(29,808	)
Media		3,207,931		1,693			42,963			1,398,465		(2,329,707	)		—		(1,230,450	)		1,090,895		30,285
Miscellaneous Manufacturing		—		737			30,133			926,255		—			—		—			957,125		30,133
Oil & Gas Services		970,900		—			—			—		—			—		(970,900	)		—		—
Oil, Gas & Consumable Fuels		35,276		125			19,975			1,276,590		(196,668	)		—		—			1,135,298		16,677

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

	Beginning balance as of 11/1/14		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 4/30/15		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/15
Personal Products	$	940,275	$	818	$	11,540		$	578,928	$	(1,531,561	)	$	—	$	—		$	—	$	—
Pharmaceuticals		2,160,956		1,404		16,977			744,268		(1,097,081	)		—		—			1,826,524		10,087
Software		4,620,490		523		20,207			—		—			—		(2,588,950	)		2,052,270		20,207
Transportation		—		120		22,659			1,252,356		(468,788	)		—		—			806,347		14,053
Asset-Backed Securities^Ω		—		—		—			1,286,800		—			—		—			1,286,800		—
Corporate Debt Securities^Ω
Chemicals		—		—		(2,321	)		—		(13,770	)		16,857		—			766		(16,091	)
Diversified Financial Services		2,304,120		—		—			—		—			—		(2,304,120	)		—		—
Total	$	25,610,735	$	25,772	$	617,546		$	10,242,143	$	(11,549,733	)	$	7,443,617	$	(8,687,420	)	$	23,702,660	$	555,593

‡ As of the period ended April 30, 2015, 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.

Ω 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.

As of the six months ended April 30, 2015, certain securities were transferred from one level (as of October 31, 2014) to another. $79,078,700 and $2,471,232 was transferred from Level 1 to Level 2 for Absolute Return Multi-Manager and Long Short Multi-Manager, respectively. Interactive provided adjusted prices for these securities as of April 30, 2015, as stated in the description of the valuation methods of foreign equity securities in footnote † above. In addition, $7,443,617 was transferred from Level 2 to Level 3 for Absolute Return Multi-Manager as a result of a decrease in the number of observable quotations that were readily available to the independent pricing service. In addition, $8,687,420 was transferred from Level 3 to Level 2 for Absolute Return Multi-Manager as a result of an increase in the number of observable inputs that were readily available to the independent pricing service. In addition, $1,251,638 was transferred from Level 2 to Level 1 as a result of obtaining quoted prices in the active market.

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Absolute Return Multi-Manager
Forward contracts (unrealized appreciation)	$	—	$	1,190,356	$	—	$	1,190,356
Equity swaps (unrealized appreciation)		—		1,694,005		—		1,694,005
Over the counter credit default swaps (unrealized appreciation)		—		661,127		—		661,127
Total	$	—	$	3,545,488	$	—	$	3,545,488

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

	Level 1		Level 2		Level 3		Total
Long Short Multi-Manager
Forward contracts (unrealized appreciation)	$	—	$	30,118	$	—	$	30,118
Equity swaps (unrealized appreciation)		—		170,244		—		170,244
Total return swaps (unrealized appreciation)		—		7,650		—		7,650
Total	$	—	$	208,012	$	—	$	208,012

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of April 30, 2015:

Liability Valuation Inputs
	Level 1			Level 2			Level 3^§			Total
Absolute Return Multi-Manager
Investments:
Common Stocks Sold Short
Building Products	$	—		$	(1,100,539	)	$	—		$	(1,100,539	)
Capital Markets		—			(2,243,393	)		—			(2,243,393	)
Chemicals		(8,938,743	)		(1,058,101	)		—			(9,996,844	)
Diversified Telecommunication Services		(9,950,790	)		(2,648,595	)		—			(12,599,385	)
Electric Utilities		(730,632	)		(1,206,598	)		—			(1,937,230	)
Electronic Equipment, Instruments & Components		(2,039,069	)		(2,850,715	)		—			(4,889,784	)
Food & Staples Retailing		(7,450,226	)		(2,561,509	)		—			(10,011,735	)
Food Products		(9,403,901	)		(3,219,693	)		—			(12,623,594	)
Health Care Equipment & Supplies		(15,065,858	)		(2,323,757	)		—			(17,389,615	)
Household Durables		(1,701,058	)		(445,038	)		—			(2,146,096	)
IT Services		(2,209,727	)		—			(97,297	)		(2,307,024	)
Machinery		(14,083,972	)		(3,128,639	)		—			(17,212,611	)
Pharmaceuticals		(16,736,992	)		(2,817,274	)		—			(19,554,266	)
Other Common Stocks Sold Short^		(150,158,842	)		—			—			(150,158,842	)
Total Common Stocks Sold Short		(238,469,810	)		(25,603,851	)		(97,297	)		(264,170,958	)
Exchange Traded Funds Sold Short		(153,264,735	)		—			—			(153,264,735	)
Corporate Debt Securities Sold Short^		—			(10,509,228	)		—			(10,509,228	)
Total Short Positions	$	(391,734,545	)	$	(36,113,079	)	$	(97,297	)	$	(427,944,921	)
Long Short Multi-Manager
Investments:
Common Stocks Sold Short
Building Products		—			(37,518	)		—			(37,518	)
Capital Markets		—			(74,596	)		—			(74,596	)
Chemicals		(399,980	)		(49,945	)		—			(449,925	)
Diversified Telecommunication Services		—			(101,682	)		—			(101,682	)
Electric Utilities		(139,942	)		(55,099	)		—			(195,041	)
Electronic Equipment, Instruments & Components		(155,744	)		(134,531	)		—			(290,275	)
Food & Staples Retailing		(298,345	)		(99,557	)		—			(397,902	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

	Level 1			Level 2			Level 3^§		Total
Food Products	$	(493,409	)	$	(144,110	)	$	—	$	(637,519	)
Health Care Equipment & Supplies		(609,431	)		(94,155	)		—		(703,586	)
Household Durables		—			(21,328	)		—		(21,328	)
Machinery		(756,279	)		(129,782	)		—		(886,061	)
Pharmaceuticals		(688,086	)		(126,200	)		—		(814,286	)
Other Common Stocks Sold Short^		(6,500,366	)		—			—		(6,500,366	)
Total Common Stocks Sold Short		(10,041,582	)		(1,068,503	)		—		(11,110,085	)
Exchange Traded Funds Sold Short		(1,348,625	)		—			—		(1,348,625	)
Total Short Positions	$	(11,390,207	)	$	(1,068,503	)	$	—	$	(12,458,710	)

^ 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 investments in which unobservable inputs (Level 3) were used in determining value:

	Beginning balance as of 11/1/14		Accrued discounts/ (premiums)		Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases/ Covers			Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 4/30/15			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/15
Investments in Securities:
Absolute Return Multi-Manager
Common Stocks Sold Short
IT Services^Ω	$	—	$	—	$	(53,362	)	$	(43,935	)	$	—	$	—	$	—	$	(97,297	)	$	(53,362	)
Total	$	—	$	—	$	(53,362	)	$	(43,935	)	$	—	$	—	$	—	$	(97,297	)	$	(53,362	)

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2015:

Liability Valuation Inputs
	Level 1			Level 2			Level 3		Total
Absolute Return Multi-Manager
Forward contracts (unrealized depreciation)	$	—		$	(756,173	)	$	—	$	(756,173	)
Financial futures (unrealized depreciation)		—			(47,206	)		—		(47,206	)
Over the counter credit default swaps (unrealized depreciation)		—			(435,033	)		—		(435,033	)
Centrally cleared credit default index swaps (unrealized depreciation)		—			(1,446,342	)		—		(1,446,342	)
Total return swaps (unrealized depreciation)		—			(392,886	)		—		(392,886	)
Options Written		(2,044,801	)		—			—		(2,044,801	)
Total	$	(2,044,801	)	$	(3,077,640	)	$	—	$	(5,122,441	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

	Level 1			Level 2			Level 3		Total
Long Short Multi-Manager
Forward contracts (unrealized depreciation)	$	—		$	(32,525	)	$	—	$	(32,525	)
Total return swaps (unrealized depreciation)		—			(10,384	)		—		(10,384	)
Options Written		(17,445	)		—			—		(17,445	)
Total	$	(17,445	)	$	(42,909	)	$	—	$	(60,354	)

## At April 30, 2015, selected Fund information on a U.S. federal income tax basis was as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Absolute Return Multi-Manager	$	1,540,833,470	$	68,495,944	$	(38,049,544	)	$	30,446,400
Long Short Multi-Manager		33,026,135		1,482,090		(600,972	)		881,118

* Security did not produce income during the last twelve months.

^^ All or a portion of this security has not settled as of April 30, 2015 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

± At April 30, 2015, outstanding call and put options written were as follows:

Absolute Return Multi-Manager
Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
AT&T, Inc., Call		2,457	$	40	June 2015	$	(12,285	)
AT&T, Inc., Put		2,375		25	June 2015		(4,750	)
Delta Air Lines, Inc., Call		78		55	September 2015		(6,864	)
Delta Air Lines, Inc., Put		78		39	September 2015		(11,076	)
Dresser-Rand Group, Inc., Call		343		80	June 2015		(137,200	)
General Electric Co., Put		2,543		23	January 2016		(127,150	)
iShares Russell 2000 ETF, Put		1,426		90	September 2015		(82,708	)
MGM Resorts International, Put		318		19	September 2015		(31,800	)
Molson Coors Brewing Co., Put		879		67.5	January 2016		(421,920	)
SPDR S&P 500 ETF Trust, Put		5,000		190	June 2015		(555,000	)
Starwood Hotels & Resorts Worldwide, Inc., Put		635		82.5	November 2015		(352,425	)
Talisman Energy, Inc., Call		138		8	July 2015		(690	)
Talisman Energy, Inc., Put		702		7	June 2015		(3,510	)
Time Warner Cable, Inc., Call		213		155	May 2015		(83,070	)
United Continental Holdings, Inc., Call		467		72.5	September 2015		(86,395	)
United Continental Holdings, Inc., Put		467		52.5	September 2015		(127,958	)
Total						$	(2,044,801	)
Long Short Multi-Manager
Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Delta Air Lines, Inc, Call.		6	$	55	September 2015	$	(528	)
Delta Air Lines, Inc., Put		6		39	September 2015		(852	)
United Continental Holdings, Inc., Call		35		72.5	September 2015		(6,475	)
United Continental Holdings, Inc., Put		35		52.5	September 2015		(9,590	)
Total						$	(17,445	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

≠ Security had an event of default.

£ All or a portion of this security has been pledged as collateral. At April 30, 2015, Absolute Return Multi-Manager had pledged securities in the amount of $98,795,488 to cover collateral requirements for borrowing in connection with securities sold short and option contracts written. At April 30, 2015, Long Short Multi-Manager had pledged securities in the amount of $324,573 to cover collateral requirements for borrowing in connection with securities sold short and option contracts written.

a 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.

c Payment-in-kind (PIK) security for which part of the income earned may be paid as additional principal.

f Value of the security was determined using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security.

ñ Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At April 30, 2015, these securities amounted to $128,557,991 of long positions and $(2,750,985) of short positions, or 8.30% and (1.8%), respectively, of net assets for Absolute Return Multi-Manager. At April 30, 2015, these securities amounted to $53,837 of long positions or 0.16% of net assets for Long Short Multi-Manager.

N These securities have been deemed by the investment manager to be illiquid. At April 30, 2015, these securities amounted to $46,793,508 of long positions and $(97,297) of short positions, or 3.0% and (0.0%), respectively, of net assets for Absolute Return Multi-Manager.

Ø All or a portion of this security or cash is segregated in connection with obligations for securities sold short and/or delayed delivery purchase commitments and/or call and put options written and/or forward contracts and/or swaps and/or financial futures.

ØØ At April 30, 2015, Absolute Return Multi-Manager had deposited $358,007,566 in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short. In addition, Absolute Return Multi-Manager had deposited $15,470,002 in a segregated account for swaps. At April 30, 2015, Long Short Multi-Manager had deposited $12,938,418 in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

µ Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of April 30, 2015 and their final maturities.

†† As of April 30, 2015, Absolute Return Multi-Manager's value of unfunded loan commitments was $95,529 pursuant to the following loan agreement:

Borrower				Principal Amount				Value
The SI Organization, Inc., Delayed Draw 1st Lien Term Loan, due 11/23/19				$	95,054			$	95,529

††† See Note A-12 in the Notes to Financial Statements for the Funds' open positions in derivatives at April 30, 2015.

See Notes to Financial Statements

Statements of Assets and Liabilities (Unaudited)

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	April 30, 2015			April 30, 2015
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	1,571,279,870		$	33,907,253
Due from Custodian		1,605,000			13,542
Foreign Currency*		23,617,846			809,830
Cash collateral segregated for short sales (Note A-10)		358,007,566			12,938,418
Cash collateral segregated for swap contracts (Note A-12)		15,470,002			—
Dividends and interest receivable		3,293,940			38,213
Foreign tax reclaims		68,592			1,517
Receivable for securities sold		77,051,151			1,891,033
Receivable for Fund shares sold		5,327,571			—
Receivable from administrator—net (Note B)		—			27,004
Open swap contracts, at value (Note A-12)		2,355,132			177,894
Receivable for variation margin on open centrally cleared swap contracts (Note A-12)		21,606			—
Receivable for variation margin on financial futures contracts (Note A-12)		32,766			—
Receivable for open forward foreign currency contracts (Note A-12)		1,190,356			30,118
Prepaid expenses and other assets		123,874			24,749
Total Assets		2,059,445,272			49,859,571
Liabilities
Investments sold short, at value** (Note A-10)		427,944,921			12,458,710
Options contracts written, at value*** (Note A-12)		2,044,801			17,445
Due to Custodian		2,469,143			1,207,143
Dividends and interest payable for short sales		762,280			19,003
Open swap contracts, at value (Note A-12)		827,919			10,384
Payable to administrator—net (Note B)		418,402			—
Payable to investment manager (Note B)		2,083,006			47,002
Payable for securities purchased		78,289,665			1,910,044
Payable for Fund shares redeemed		1,574,470			54,164
Payable for open forward foreign currency contracts (Note A-12)		756,173			32,525
Accrued expenses and other payables		721,349			134,402
Total Liabilities		517,892,129			15,890,822
Net Assets	$	1,541,553,143		$	33,968,749
Net Assets consist of:
Paid-in capital	$	1,531,015,957		$	32,898,493
Undistributed net investment income (loss)		(7,555,420	)		(554,686	)
Accumulated net realized gains (losses) on investments		(9,724,478	)		533,039
Net unrealized appreciation (depreciation) in value of investments		27,817,084			1,091,903
Net Assets	$	1,541,553,143		$	33,968,749
Net Assets
Institutional Class		1,218,014,973			32,833,650
Class A		215,715,230			813,977
Class C		91,304,835			321,122
Class R6		16,518,105			—

See Notes to Financial Statements

Statements of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	ABSOLUTE RETURN MULTI-MANAGER FUND		LONG SHORT MULTI-MANAGER FUND
	April 30, 2015		April 30, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		110,251,529		3,098,139
Class A		19,616,128		77,052
Class C		8,474,145		30,713
Class R6		1,494,912		—
Net Asset Value, offering and redemption price per share
Institutional Class	$	11.05	$	10.60
Class R6	$	11.05		—
Net Asset Value and redemption price per share
Class A	$	11.00	$	10.56
Offering Price per share
Class A‡	$	11.67	$	11.20
Net Asset Value and offering price per share
Class C^	$	10.77	$	10.46
*Cost of Investments
Unaffiliated issuers	$	1,540,833,470	$	33,026,135
Total cost of foreign currency	$	23,981,931	$	809,299
**Proceeds from investments sold short	$	424,603,585	$	12,501,334
***Premium received from option contracts written	$	2,722,151	$	20,099

‡ 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 (Unaudited)

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	For the Six Months Ended April 30, 2015			For the Six Months Ended April 30, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	16,681,402		$	226,442
Interest income—unaffiliated issuers		10,590,705			415
Foreign taxes withheld (Note A-6)		(260,443	)		(5,967	)
Total income	$	27,011,664		$	220,890
Expenses:
Investment management fees (Note B)		12,920,641			279,124
Administration fees (Note B)		473,314			9,851
Administration fees (Note B):
Institutional Class		557,123			14,298
Class A		225,654			758
Class C		92,600			307
Class R6		2,147			—
Distribution fees (Note B):
Class A		282,064			948
Class C		462,998			1,537
Shareholder servicing agent fees:
Institutional Class		51,147			1,207
Class A		43,118			156
Class C		10,230			81
Class R6		1,014			—
Audit fees		43,340			19,836
Custodian and accounting fees (Note A)		355,666			73,187
Legal fees		94,847			66,068
Registration and filing fees		117,718			40,554
Reimbursement of expenses previously assumed by Management (Note B)		564,086			—
Shareholder reports		74,384			9,917
Trustees' fees and expenses		17,835			15,929
Short sales expense (Note A-10)		1,352,282			22,480
Dividend expense on securities sold short (Note A-10)		3,963,228			114,193
Miscellaneous		44,480			—
Total expenses		21,749,916			670,431
Expenses reimbursed by Management (Note B)		—			(207,189	)
Expenses reduced by custodian fee expense offset arrangement (Note A-14)		(716	)		—
Total net expenses		21,749,200			463,242
Net investment income (loss)	$	5,262,464		$	(242,352	)

See Notes to Financial Statements

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	For the Six Months Ended April 30, 2015			For the Six Months Ended April 30, 2015
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers	$	18,344,851		$	899,625
Sales of investment securities of unaffiliated issuers sold short		(17,434,894	)		(599,071	)
Forward foreign currency contracts		16,065,609			582,342
Foreign currency		(982,458	)		(97,891	)
Financial futures contracts		(53,122	)		—
Option contracts written		3,227,449			(921	)
Swap contracts		(6,796,349	)		(123,332	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		27,360,035			243,731
Unaffiliated investment securities sold short		7,223,967			356,268
Forward foreign currency contracts		(8,519,403	)		(336,539	)
Foreign currency		502,721			39,003
Financial futures contracts		(8,437	)		—
Option contracts written		(203,506	)		2,654
Swap contracts		5,072,425			182,036
Net gain (loss) on investments		43,798,888			1,147,905
Net increase (decrease) in net assets resulting from operations	$	49,061,352		$	905,553

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND						LONG SHORT MULTI-MANAGER FUND
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Period from December 19, 2013 (Commencement of Operations) to October 31, 2014
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	5,262,464		$	(2,746,039	)	$	(242,352	)	$	(240,221	)
Net realized gain (loss) on investments		12,371,086			14,520,979			660,752			68,059
Change in net unrealized appreciation (depreciation) of investments		31,427,802			(8,859,928	)		487,153			604,750
Net increase (decrease) in net assets resulting from operations		49,061,352			2,915,012			905,553			432,588
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(8,525,491	)		—			(45,980	)		—
Class A		(487,888	)		—			—			—
Class R6		(230,674	)		—			—			—
Net realized gain on investments:
Institutional Class		(27,552,033	)		(2,978,909	)		(215,474	)		—
Class A		(5,035,780	)		(1,210,727	)		(4,770	)		—
Class C		(2,071,630	)		(239,295	)		(2,078	)		—
Class R6		(688,496	)		—			—			—
Total distributions to shareholders		(44,591,992	)		(4,428,931	)		(268,302	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		312,514,905			1,255,772,758			6,186,299			31,805,466
Class A		53,425,536			410,998,109			351,636			1,304,866
Class C		11,467,847			82,073,906			134,496			263,695
Class R6		—			39,264,828			—			—
Proceeds from reinvestment of dividends and distributions:
Institutional Class		31,496,277			2,604,571			253,039			—
Class A		4,809,481			1,098,266			4,770			—
Class C		1,512,286			179,005			2,058			—
Class R6		919,170			—			—			—
Payments for shares redeemed:
Institutional Class		(404,403,724	)		(305,059,216	)		(5,043,113	)		(1,405,540	)
Class A		(86,004,882	)		(296,348,593	)		(424,932	)		(445,888	)
Class C		(17,362,749	)		(7,428,396	)		(69,746	)		(18,196	)
Class R6		(16,603,011	)		(6,625,000	)		—			—
Net increase (decrease) from Fund share transactions		(108,228,864	)		1,176,530,238			1,394,507			31,504,403
Net Increase (Decrease) in Net Assets		(103,759,504	)		1,175,016,319			2,031,758			31,936,991
Net Assets:
Beginning of period		1,645,312,647			470,296,328			31,936,991			—
End of period	$	1,541,553,143		$	1,645,312,647		$	33,968,749		$	31,936,991
Undistributed net investment income (loss) at end of period		(7,555,420	)		(3,573,831	)		(554,686	)		(266,354	)

See Notes to Financial Statements

Notes to Financial Statements Alternative and
Multi-Asset Class Funds (Unaudited)

Note A—Summary of Significant Accounting Policies:

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 Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.

3 Foreign currency translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars using the exchange rate as of the end of regular trading on the NYSE on business days, usually 4:00 p.m. Eastern time, 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.

4 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 the 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.

5 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.

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 April 30, 2015, the Funds did not have any unrecognized tax positions.

As determined on October 31, 2014, 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: netting of net ordinary losses with short-term capital gains, income recognized on swap transactions, non-deductible stock issuance costs, the tax treatment of foreign currency gains and losses, payments in lieu of dividends on short sales and gains from passive foreign investment companies. 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, 2014, 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	$	84,246		$	(853,356	)	$	769,110
Long Short Multi-Manager		(417	)		(26,133	)		26,550

The tax character of distributions paid during the period ended October 31, 2014 and the year ended October 31, 2013 was as follows:

	Distributions Paid From:
	Ordinary Income					Tax-Exempt Income					Long-Term Capital Gain					Return of Capital					Total
	2014			2013		2014			2013		2014			2013		2014			2013		2014			2013
Absolute Return Multi-Manager	$	4,428,931		$	190,445	$	—		$	—	$	—		$	2,411	$	—		$	—	$	4,428,931		$	192,856
Long Short Multi-Manager		—	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		—

(1) Period from December 19, 2013 (commencement of operations) to October 31, 2014.

As of October 31, 2014, 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	$	37,448,192	$	—	$	(26,844,450	)	$	—	$	(4,535,916	)	$	6,067,826
Long Short Multi-Manager		281,920		—		224,305			—		(73,220	)		433,005

The differences between book basis and tax basis distributable earnings are primarily due to: wash sale loss deferrals, amortization of organizational costs, mark-to-market on certain swap contract transactions, unsettled wash sale loss deferrals, straddle loss deferrals, mark-to-market adjustments on passive foreign investment companies, constructive sales gains and delayed settlement compensation on bank loans.

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.

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

7 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, generally are distributed once a year (usually in December) and are recorded on the ex-date.

8 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 in the complex or series thereof, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof 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.

9 Investments in foreign securities: Investing in foreign securities may involve certain 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.

10 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, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least equal to the current market value of the securities sold short (less any additional collateral held by the lender). The Funds are contractually responsible to the lender for any dividends and interest payable on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Funds and are excluded from the contractual expense limitation. At April 30, 2015, Absolute Return Multi-Manager and Long Short Multi-Manager had pledged cash in the amount of $358,007,566 and $12,938,418, respectively, to J.P. Morgan Chase Bank, N.A. ("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 April 30, 2015, Absolute Return Multi-Manager and Long Short Multi-Manager had pledged securities in the amount of $98,795,488 and $324,573, respectively, to JPM to cover collateral requirements for borrowing in connection with securities sold short.

11 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. 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.

12 Derivative instruments: During the six months ended April 30, 2015, the Funds' use of derivatives, as described below, for each Fund, was limited to over the counter ("OTC") credit default swaps, centrally cleared credit default swaps, financial futures, equity swaps, total return swaps, forward contracts, and purchased and written option transactions. 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 six months ended April 30, 2015, Absolute Return Multi-Manager used centrally cleared and OTC credit default swaps as part of its investment strategies, 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 an OTC credit default swap contract, it is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) 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. For centrally cleared swaps, 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 on swap contracts to determine the market value of swaps as presented in the table below.

At April 30, 2015, Absolute Return Multi-Manager had outstanding OTC credit default swaps as follows:

OTC Credit Default Swap Contracts—Buy Protection

Swap Counterparty	Reference Entity	Notional Amount⁽¹⁾		Contract Annual Fixed Rate*			Termination Date	Credit Spread at April 30, 2015		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
J.P. Morgan Chase Bank, N.A.	Avon Products, Inc., 6.500%, 03/01/19	$	2,000,000		1.000	%	March 20, 2020		5.477	$	378,087		$	(328,112	)	$	49,975		$	(2,278	)	$	47,697
J.P. Morgan Chase Bank, N.A.	Best Buy Co., Inc., 5.500%, 03/15/21		3,000,000		5.000		March 20, 2020		2.200		(385,758	)		309,109			(76,649	)		(17,083	)		(93,732	)
J.P. Morgan Chase Bank, N.A.	Darden Restaurants, Inc., 6.200%, 10/15/17		5,000,000		1.000		March 20, 2020		0.899		(26,498	)		(151,035	)		(177,533	)		(5,694	)		(183,227	)
J.P. Morgan Chase Bank, N.A.	JC Penney Co., Inc., 6.375%, 10/15/36		2,000,000		5.000		March 20, 2020		6.726		137,308			(321,580	)		(184,271	)		(11,389	)		(195,660	)
J.P. Morgan Chase Bank, N.A.	JC Penney Co., Inc., 6.375%, 10/15/36		1,000,000		5.000		March 20, 2020		6.726		68,654			(163,205	)		(94,551	)		(5,694	)		(100,245	)
J.P. Morgan Chase Bank, N.A.	Staples, Inc., 2.750%, 01/12/18		3,000,000		1.000		March 20, 2020		1.534		74,203			(99,654	)		(25,451	)		(3,417	)		(28,868	)
J.P. Morgan Chase Bank, N.A.	Staples, Inc., 4.375%, 01/12/23		1,000,000		1.000		September 20, 2019		1.287		12,678			(44,594	)		(31,916	)		(1,139	)		(33,055	)
J.P. Morgan Chase Bank, N.A.	United States Steel Corp., 6.650%, 06/01/37		2,000,000		5.000		June 20, 2020		5.298		25,503			(59,465	)		(33,962	)		(11,389	)		(45,351	)
Total										$	284,177		$	(858,536	)	$	(574,358	)	$	(58,083	)	$	(632,441	)

* 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 swap contract.

(1) For the six months ended April 30, 2015, the average notional value of OTC credit default swaps for Absolute Return Multi-Manager was $18,142,857.

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. For the six months ended April 30, 2015, only the credit default index swaps in Absolute Return was centrally cleared.

At April 30, 2015, Absolute Return Multi-Manager had outstanding centrally cleared credit default index swaps as follows:

Absolute Return Multi-Manager Fund

Centrally Cleared Credit Default Swap Index Contracts—Buy Protection

	Swap Counterparty	Reference Entity	Notional Amount⁽¹⁾		Contract Annual Fixed Rate*		Termination Date	Credit Spread at April 30, 2015		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
	ICE Clear Credit	CDX North America Investment Grade	$	10,000,000		1.000	December 20, 2019		0.636	$	(162,642	)	$	(104,570	)	$	(58,072	)	$	(11,389	)	$	(69,461	)
	ICE Clear Credit	iTraxx Europe Crossover		11,000,000		5.000	December 20, 2019		2.701		(1,201,977	)		(725,954	)		(476,022	)		(70,334	)		(546,356	)
		Index
Total										$(1,364,619)			$(830,524)			$(534,094)			$(81,723)			$(615,817)

* 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 index swaps.

(1) For the six months ended April 30, 2015, the average notional value of credit default index swaps for Absolute Return Multi-Manager was $22,445,840.

Financial futures contracts: During the six months ended April 30, 2015, Absolute Return Multi-Manager used financial futures for economic hedging purposes. At April 30, 2015, Long Short Multi-Manager did not have any outstanding financial futures.

At the time a Fund enters into a financial 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 financial 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 as the market price of the financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some financial 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 financial 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.

At April 30, 2015, open positions in financial futures contracts were as follows:

Absolute Return Multi-Manager Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

June 2015

45 U.S. Treasury Note 2 Year

Short

(47,206

)

During the six months ended April 30, 2015, the average notional value of financial futures contracts was $(9,861,830) for short positions.

Equity swap contracts: During the six months ended April 30, 2015, Absolute Return Multi-Manager used equity swaps to provide investment exposure to certain investments, primarily foreign securities. Long Short Multi-Manager used equity swaps to provide investment exposure to certain foreign investments. 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 on another equity security or basket of securities 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 the Adviser or Sub-Adviser, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, a 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.

At April 30, 2015, the outstanding equity swaps* for the Funds were as follows:

Absolute Return Multi-Manager
Counterparty	Description	Value
J.P. Morgan Chase Bank, N.A.	The Fund receives or pays the total return on long and short positions and pays or receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	$	1,694,005

* The following table represents the individual long and short positions and related values of the equity swaps as of April 30, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
Brazil
Porto Sudeste Royalties FIP		3,857,792	$	4,664,047	$	(1,527,057	)
SLC Agricola SA		121,749		574,206		130,924
						(1,396,133	)

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Canada
Athabasca Oil Corp.		1,658,318	$	3,185,771	$	(148,156	)
France
Alstom SA		72,521		2,235,742		47,154
Klepierre		21,287		1,011,868		23,094
Plastic Omnium SA		77,366		1,773,397		390,110
Vallourec SA		19,600		439,203		22,962
						483,320
Hong Kong
Hutchison Whampoa Ltd.		233,873		2,976,083		469,905
Ireland
Bank of Ireland		5,619,739		2,188,857		(11,864	)
CRH PLC		37,524		1,035,576		22,615
Kerry Group PLC		22,449		1,640,954		10,851
Origin Enterprises PLC		68,500		635,328		(17,699	)
Permanent TSB Group Holdings PLC		85,200		431,067		47,267
						51,170
United Kingdom
Aldermore Group PLC		295,993		1,003,372		64,349
Associated British Foods PLC		27,216		1,109,986		83,570
AstraZeneca PLC		30,373		2,114,849		(18,466	)
British American Tobacco PLC		21,061		1,151,098		10,308
Close Brothers Group PLC		35,599		830,999		5,062
Henderson Group PLC		35,695		157,580		(4,546	)
Infinis Energy PLC		432,412		1,719,036		(460,561	)
Pearson PLC		46,272		954,212		(16,649	)
Prudential PLC		66,751		1,599,969		69,150
Randgold Resources Ltd.		14,415		1,075,180		23,205
Rexam PLC		469,471		4,148,986		27,112
Spire Healthcare Group PLC		88,979		443,855		(6,107	)
St. James's Place PLC		107,939		1,270,384		208,367
Standard Chartered PLC		51,003		759,102		78,597
UBM PLC		130,904		976,306		157,987
United Utilities Group PLC		75,222		1,050,695		70,478
						291,856
United States
Atlas Energy Group LLC		107,796		1		835,418
Safeway, Inc.		858,584		—		149,737
						985,155
Total Long Positions of Equity Swaps						737,117

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
Short Positions
France
L'Oreal SA		(5,452	)	$	(947,667	)	$	(95,790	)
LVMH Moet Hennessy Louis Vuitton SA		(5,786	)		(965,254	)		(52,146	)
Sanofi		(13,026	)		(1,127,841	)		(206,073	)
								(354,009	)
Hong Kong
CK Hutchison Holdings Ltd.		(159,969	)		(2,922,917	)		(554,872	)
Ireland
Experian PLC		(63,670	)		(1,129,703	)		(11,824	)
Spain
Mediaset Espana Comunicacion SA		(93,868	)		(1,080,564	)		(196,353	)
Total Short Positions of Equity Swaps								(1,117,058	)
Total Long and Short Positions of Equity Swaps								(379,941	)
Financing Costs and Other Payables								2,073,946
Equity Swaps, at Value							$	1,694,005

(a) Notional value represents the market value (including any fees or commissions) of the long and short positions when they are established.

(b) For the period ended April 30, 2015, the average notional value of equity swaps was $64,243,865 for long positions and $(17,431,733) for short positions, respectively, for Absolute Return Multi-Manager.

Long Short Multi-Manager
Counterparty	Description	Value
J.P. Morgan Chase Bank, N.A.	The Fund receives or pays the total return on long and short positions and pays or receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	$	170,244

* The following table represents the individual long and short positions and related values of the equity swaps as of April 30, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
Brazil
SLC Agricola SA		9,286	$	47,204	$	6,578
Canada
Veresen, Inc.		4,453		54,162		12,791
France
Alstom SA		2,416		75,029		1,024
Klepierre		707		33,737		636
Plastic Omnium SA		2,573		61,972		9,981
Vallourec SA		650		14,565		761
						12,402

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
Ireland
Bank of Ireland		187,352		$	73,144		$	(567	)
CRH PLC		1,251			34,878			401
Kerry Group PLC		748			54,675			364
Origin Enterprises PLC		2,300			21,332			(594	)
Permanent TSB Group Holdings PLC		2,900			14,672			1,609
								1,213
United Kingdom
Aldermore Group PLC		9,836			33,531			1,950
Associated British Foods PLC		905			37,699			1,990
AstraZeneca PLC		1,010			69,945			(233	)
British American Tobacco PLC		701			38,593			63
Close Brothers Group PLC		1,187			28,146			(269	)
Henderson Group PLC		1,191			5,258			(152	)
Infinis Energy PLC		16,649			55,537			(7,083	)
Pearson PLC		1,539			33,465			(2,282	)
Prudential PLC		2,221			53,436			2,100
Randgold Resources Ltd.		479			35,727			771
Spire Healthcare Group PLC		2,962			14,587			(15	)
St. James's Place PLC		3,594			44,601			4,636
Standard Chartered PLC		1,697			25,298			2,574
UBM PLC		4,355			33,090			4,646
United Utilities Group PLC		2,504			34,976			2,346
								11,042
Total Long Positions of Equity Swaps								44,026
Short Positions
France
L'Oreal SA		(179	)		(32,162	)		(2,096	)
LVMH Moet Hennessy Louis Vuitton SA		(194	)		(34,248	)		135
Sanofi		(433	)		(37,982	)		(6,358	)
								(8,319	)
Ireland
Experian PLC		(2,122	)		(37,571	)		(474	)
Spain
Mediaset Espana Comunicacion SA		(3,123	)		(36,502	)		(5,981	)
Total Short Positions of Equity Swaps								(14,774	)
Total Long and Short Positions of Equity Swaps								29,252
Financing Costs and Other Payables								140,992
Equity Swaps, at Value							$	170,244

(a) Notional value represents the market value (including any fees or commissions) of the long and short positions when they are established.

(b) For the period ended April 30, 2015, the average notional value of equity swaps was $857,441 for long positions and $(132,006) for short positions, respectively, for Long Short Multi-Manager.

Total return swap contracts: During the six months ended April 30, 2015, Absolute Return Multi-Manager used total return swaps to hedge certain indices and provide investment exposure to certain investments, primarily foreign securities. Long Short Multi-Manager used total return swaps to hedge certain indices and provide investment exposure to certain foreign investments. 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 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.

At April 30, 2015, the outstanding total return swaps were as follows:

Absolute Return Multi-Manager Fund

			Rate Type
Swap Counterparty	Notional Amount⁽¹⁾	Termination Date	Variable-rate Payments Made/ (Received) by the Fund			Reference Entity	Accrued Net Interest Receivable (Payable)			Unrealized Appreciation (Depreciation)			Upfront Payments		Total Fair Value
J.P. Morgan Chase Bank, N.A.	EUR⁽²⁾ 4,920,759	February 23, 2016		(0.479	%)⁽³⁾	The EURO STOXX 50 Index	$	(956	)	$	(391,930	)	$	—	$	(392,886	)

(1) For the six months ended April 30, 2015, the average notional value of total return swaps of Absolute Return Multi-Manager was $6,863,230.

(2) EUR Euro

(3) 1 month EURIBOR minus 0.45% at April 15, 2015.

Long Short Multi-Manager Fund

				Rate Type
Swap Counterparty	Notional Amount⁽¹⁾		Termination Date	Variable-rate Payments Made/ (Received) by the Fund			Reference Entity	Accrued Net Interest Receivable (Payable)			Unrealized Appreciation (Depreciation)			Upfront Payments		Total Fair Value
J.P. Morgan Chase Bank, N.A.	$	355,582	April 15, 2016		0.710	%⁽²⁾	BOC Hong Kong Holdings Ltd.	$	(13	)	$	802		$	—	$	789
J.P. Morgan Chase Bank, N.A.		107,391	April 8, 2016		0.741	%⁽³⁾	Chongging Rural Commercial Bank		(4	)		4,947			—		4,943
J.P. Morgan Chase Bank, N.A.		12,698	April 4, 2016		1.930	%⁽⁴⁾	Piraeus Bank SA		(9	)		1,927			—		1,918
J.P. Morgan Chase Bank, N.A.	EUR⁽⁵⁾ 165,864		February 19, 2016		(0.479	%)⁽⁶⁾	The EURO STOXX 50 Index		(33	)		(10,351	)		—		(10,384	)
Total								$	(59	)	$	(2,675	)	$	—	$	(2,734	)

(1) For the six months ended April 30, 2015, the average notional value of total return swaps for Long Short Multi-Manager was $255,393.

(2) 1 month HIBOR plus 0.50% at April 15, 2015.

(3) 1 month HIBOR plus 0.50% at April 15, 2015.

(4) 1 month LIBOR plus 1.75% at April 15, 2015.

(5) EUR Euro

(6) 1 month EURIBOR minus 0.45% at April 15, 2015.

Forward foreign currency contracts: During the six months ended April 30, 2015, each Fund used forward contracts to hedge foreign currency.

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) from forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

At April 30, 2015, open forward contracts for each Fund were as follows:

Absolute Return Multi-Manager

Buy	Counterparty	Contracts to Receive		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank, N.A.		3,526,415	$	2,738,389	05/20/15	$	49,729
Australian Dollar	J.P. Morgan Chase Bank, N.A.		3,288,000		2,629,059	05/29/15		(30,779	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		934,900		296,089	05/20/15		12,423
Brazilian Real	J.P. Morgan Chase Bank, N.A.		13,713,554		4,298,920	06/02/15		204,824
Canadian Dollar	J.P. Morgan Chase Bank, N.A.		1,343,500		1,069,752	05/20/15		43,548
Czech Koruna	J.P. Morgan Chase Bank, N.A.		29,344,000		1,201,334	05/20/15		(637	)
Danish Krone	J.P. Morgan Chase Bank, N.A.		9,887,230		1,521,115	05/20/15		(33,209	)
Euro	J.P. Morgan Chase Bank, N.A.		11,650,775		13,057,882	05/20/15		26,892
Hong Kong Dollar	J.P. Morgan Chase Bank, N.A.		10,549,900		1,361,253	05/20/15		(69	)
Japanese Yen	J.P. Morgan Chase Bank, N.A.		694,022,751		5,789,209	05/20/15		24,170
Norwegian Krone	J.P. Morgan Chase Bank, N.A.		9,523,000		1,252,434	05/20/15		11,685
Philippine Peso	J.P. Morgan Chase Bank, N.A.		89,380,445		1,996,882	05/20/15		5,612
Pound Sterling	J.P. Morgan Chase Bank, N.A.		911,400		1,367,198	05/20/15		31,633
Swedish Krona	J.P. Morgan Chase Bank, N.A.		19,316,200		2,292,689	05/20/15		25,974
Swiss Franc	J.P. Morgan Chase Bank, N.A.		3,175,700		3,282,972	05/20/15		122,802
Thai Baht	J.P. Morgan Chase Bank, N.A.		48,762,200		1,480,783	05/20/15		(2,346	)
Total							$	492,252

Sell	Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank, N.A.		9,801,954	$	7,559,285	05/20/15	$	(190,512	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		934,900		293,948	05/20/15		(14,564	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		22,256,314		7,576,319	06/02/15		267,001
Canadian Dollar	J.P. Morgan Chase Bank, N.A.		6,112,295		4,909,681	05/20/15		(155,312	)
Danish Krone	J.P. Morgan Chase Bank, N.A.		9,887,230		1,498,545	05/20/15		10,639
Euro	J.P. Morgan Chase Bank, N.A.		630,000		716,268	05/07/15		8,846
Euro	J.P. Morgan Chase Bank, N.A.		18,716,179		21,087,349	05/20/15		67,547
Euro	J.P. Morgan Chase Bank, N.A.		2,676,000		2,937,722	05/29/15		(68,012	)
Euro	J.P. Morgan Chase Bank, N.A.		632,000		704,938	07/16/15		(5,407	)
Hong Kong Dollar	J.P. Morgan Chase Bank, N.A.		39,203,734		5,055,174	05/20/15		(3,023	)
Israeli New Shekel	J.P. Morgan Chase Bank, N.A.		4,226,737		1,048,520	05/20/15		(46,046	)
Japanese Yen	J.P. Morgan Chase Bank, N.A.		9,313,183,795		78,261,671	05/20/15		251,166
Norwegian Krone	J.P. Morgan Chase Bank, N.A.		9,523,000		1,220,299	05/20/15		(43,820	)
Philippine Peso	J.P. Morgan Chase Bank, N.A.		89,380,445		2,020,354	05/20/15		17,859
Pound Sterling	J.P. Morgan Chase Bank, N.A.		566,000		869,229	05/07/15		440
Pound Sterling	J.P. Morgan Chase Bank, N.A.		1,098,724		1,661,691	05/20/15		(24,649	)
Pound Sterling	J.P. Morgan Chase Bank, N.A.		573,000		884,689	07/16/15		5,588
South African Rand	J.P. Morgan Chase Bank, N.A.		60,956,088		5,111,942	05/20/15		1,738
Swedish Krona	J.P. Morgan Chase Bank, N.A.		6,436,466		762,144	05/20/15		(10,471	)
Swiss Franc	J.P. Morgan Chase Bank, N.A.		6,159,500		6,478,428	05/20/15		(127,317	)
Thai Baht	J.P. Morgan Chase Bank, N.A.		48,762,200		1,478,678	05/20/15		240
Total							$	(58,069	)

Long Short Multi-Manager

Buy	Counterparty	Contracts to Receive		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank, N.A.		71,800	$	56,163	05/20/15	$	604
Australian Dollar	J.P. Morgan Chase Bank, N.A.		128,000		102,348	05/29/15		(1,198	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		106,900		33,856	05/20/15		1,420
Brazilian Real	J.P. Morgan Chase Bank, N.A.		392,551		123,057	06/02/15		5,863
Canadian Dollar	J.P. Morgan Chase Bank, N.A.		46,600		37,096	05/20/15		1,520
Czech Koruna	J.P. Morgan Chase Bank, N.A.		947,936		38,443	05/20/15		345
Danish Krone	J.P. Morgan Chase Bank, N.A.		280,190		43,106	05/20/15		(941	)
Euro	J.P. Morgan Chase Bank, N.A.		367,454		410,450	05/20/15		2,232
Hong Kong Dollar	J.P. Morgan Chase Bank, N.A.		239,500		30,903	05/20/15		(2	)
Japanese Yen	J.P. Morgan Chase Bank, N.A.		16,717,200		140,784	05/20/15		(755	)
Norwegian Krone	J.P. Morgan Chase Bank, N.A.		314,697		40,996	05/20/15		778
Philippine Peso	J.P. Morgan Chase Bank, N.A.		3,774,483		84,327	05/20/15		237
Pound Sterling	J.P. Morgan Chase Bank, N.A.		25,933		39,192	05/20/15		610
Swedish Krona	J.P. Morgan Chase Bank, N.A.		589,160		69,834	05/20/15		886
Swiss Franc	J.P. Morgan Chase Bank, N.A.		111,467		115,029	05/20/15		4,514
Thai Baht	J.P. Morgan Chase Bank, N.A.		1,734,594		52,675	05/20/15		(83	)
Total							$	16,030

Sell	Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank, N.A.		285,277	$	219,986	05/20/15	$	(5,567	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		106,900		33,611	05/20/15		(1,665	)
Brazilian Real	J.P. Morgan Chase Bank, N.A.		504,350		171,831	06/02/15		6,194
Canadian Dollar	J.P. Morgan Chase Bank, N.A.		204,586		163,944	05/20/15		(5,587	)
Danish Krone	J.P. Morgan Chase Bank, N.A.		280,190		42,466	05/20/15		300
Euro	J.P. Morgan Chase Bank, N.A.		589,311		659,808	05/20/15		(2,036	)
Euro	J.P. Morgan Chase Bank, N.A.		103,000		113,074	05/29/15		(2,618	)
Hong Kong Dollar	J.P. Morgan Chase Bank, N.A.		719,693		92,777	05/20/15		(80	)
Israeli New Shekel	J.P. Morgan Chase Bank, N.A.		140,875		34,944	05/20/15		(1,538	)
Japanese Yen	J.P. Morgan Chase Bank, N.A.		403,956,943		3,387,694	05/20/15		4,009
Norwegian Krone	J.P. Morgan Chase Bank, N.A.		314,697		40,207	05/20/15		(1,567	)
Philippine Peso	J.P. Morgan Chase Bank, N.A.		3,774,483		85,170	05/20/15		606
Pound Sterling	J.P. Morgan Chase Bank, N.A.		32,019		48,447	05/20/15		(696	)
South African Rand	J.P. Morgan Chase Bank, N.A.		2,114,349		175,694	05/20/15		(1,560	)
Swedish Krona	J.P. Morgan Chase Bank, N.A.		204,475		24,216	05/20/15		(328	)
Swiss Franc	J.P. Morgan Chase Bank, N.A.		210,767		219,801	05/20/15		(6,235	)
Thai Baht	J.P. Morgan Chase Bank, N.A.		1,734,594		52,523	05/20/15		(69	)
Total							$	(18,437	)

For the six months ended April 30, 2015, Absolute Return Multi-Manager's and Long Short Multi-Manager's investments in forward contracts had an average value of $105,857,184 and $3,717,522, respectively.

Options: Premiums received by a Fund upon writing a covered 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 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. All securities covering outstanding options are held in escrow by the custodian bank.

Written option transactions were used in an attempt to generate incremental returns for Absolute Return Multi-Manager and Long Short Multi-Manager for the six months ended April 30, 2015. Written option transactions for Absolute Return Multi-Manager and Long Short Multi-Manager for the six months ended April 30, 2015 were as follows:

Absolute Return Multi-Manager

	Number of Contracts			Premium Received
Outstanding 10/31/14		29,136		$	3,120,532
Options written		25,992			4,964,086
Options closed		(30,112	)		(3,942,810	)
Options exercised		(33	)		(5,568	)
Options expired		(6,864	)		(1,414,089	)
Outstanding 4/30/15		18,119		$	2,722,151

Long Short Multi-Manager

	Number of Contracts			Premium Received
Outstanding 10/31/14		—		$	—
Options written		96			21,610
Options closed		(14	)		(1,511	)
Options exercised		—			—
Options expired		—			—
Outstanding 4/30/15		82		$	20,099

Premiums paid by a Fund upon purchasing a call or put option are recorded in the Assets 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 in an attempt to manage or adjust the risk profile and the investment exposure of each Fund to certain securities and enhance returns for the six months ended April 30, 2015.

For the six months ended April 30, 2015, Absolute Return Multi-Manager and Long Short Multi-Manager had an average market value of $5,876,058 and $39,072 in purchased options, respectively, and $(1,681,391) and $(11,103) in written options, respectively.

At April 30, 2015, 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		Total
Absolute Return Multi-Manager
OTC credit default swaps	Open swap contracts, at value	$	661,127	$	—	$	—	$	661,127
Equity swaps	Open swap contracts, at value		—		—		1,694,005		1,694,005
Forward contracts	Receivable for open forward foreign currency contracts		—		1,190,356		—		1,190,356
Option contracts purchased	Investments in securities, at value		—		—		5,380,952		5,380,952
Total Value—Assets		$	661,127	$	1,190,356	$	7,074,957	$	8,926,440
Long Short Multi-Manager
Equity swaps	Open swap contracts, at value			$	—	$	170,244	$	170,244
Forward contracts	Receivable for open forward foreign currency contracts				30,118		—		30,118
Total return swaps	Open swap contracts, at value				—		7,650		7,650
Total Value—Assets				$	30,118	$	177,894	$	208,012

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Credit Risk			Currency Risk			Equity Risk			Total
Absolute Return Multi-Manager
OTC credit default swaps	Open swap contracts, at value	$	(435,033	)	$	—		$	—		$	(435,033	)
Total return swaps	Open swap contracts, at value		—			—			(392,886	)		(392,886	)
Centrally cleared credit default index swaps	Receivable/Payable for variation margin on open centrally cleared swap contracts⁽²⁾		—			—			(1,446,342	)		(1,446,342	)
Financial futures	Receivable/Payable for variation margin on financial futures contracts⁽¹⁾		—			—			(47,206	)		(47,206	)
Forward contracts	Payable for open forward foreign currency contracts		—			(756,173	)		—			(756,173	)
Option contracts written	Written options,at value		—			—			(2,044,801	)		(2,044,801	)
Total Value—Liabilities		$	(435,033	)	$	(756,173	)	$	(3,931,235	)	$	(5,122,441	)
Long Short Multi-Manager
Forward contracts	Payable for open forward foreign currency contracts				$	(32,525	)	$	—		$	(32,525	)
Total return swaps	Open swap contracts, at value					—			(10,384	)		(10,384	)
Option contracts written	Option contracts written, at value					—			(17,445	)		(17,445	)
Total Value—Liabilities					$	(32,525	)	$	(27,829	)	$	(60,354	)

(1) "Financial futures" reflects the cumulative appreciation (depreciation) of financial futures as of April 30, 2015, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of April 30, 2015, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on financial futures contracts."

(2) "Centrally cleared credit default index swaps" reflects the cumulative unrealized appreciation (depreciation) of centrally cleared credit default index swaps as of April 30, 2015, 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 open centrally cleared credit default index swaps contracts is reported within the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin on open centrally cleared swap contracts."

The impact of the use of these derivative instruments on the Statement of Operations during the six months ended April 30, 2015, was as follows:

Absolute Return Multi-Manager

Realized Gain (Loss)

Derivative Type	Statements of Operations Location	Credit Risk		Currency Risk			Equity Risk			Total
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts	$	—	$	16,065,609		$	—		$	16,065,609
Financial futures	Net realized gain (loss) on: financial futures contracts		—		—			(53,122	)		(53,122	)
Option contracts written	Net realized gain (loss) on: option contracts written		—		—			3,227,449			3,227,449
Option contracts purchased	Net realized gain(loss) on: sales of investment securities of unaffiliated issuers		—		—			(9,889,300	)		(9,889,300	)
Swap contracts	Net realized gain (loss) on: swaps contracts		554,346		—			(7,350,695	)		(6,796,349	)
Total Realized Gain (Loss)		$	554,346	$	16,065,609		$	(14,065,668	)	$	2,554,287
Long Short Multi-Manager
Forward contracts	Net realized gain (loss) on: forward foreign currency exchange contracts	$	—	$	582,342		$	—		$	582,342
Option contracts written	Net realized gain (loss) on: option contracts written		—		—			(921	)		(921	)
Option contracts purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—		—			(14,716	)		(14,716	)
Swap contracts	Net realized gain (loss) on: swap contracts		—		—			(123,332	)		(123,332	)
Total Realized Gain (Loss)		$	—	$	582,342		$	(138,969	)	$	443,373
Change in Appreciation (Depreciation)
	Statements of Operations Location	Credit Risk		Currency Risk			Equity Risk			Total
Derivative Type
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts	$	—	$	(8,519,403	)	$	—		$	(8,519,403	)
Financial futures	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts		—		—			(8,437	)		(8,437	)

	Statements of Operations Location	Credit Risk			Currency Risk			Equity Risk			Total
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: options contracts written		—			—			(203,506	)		(203,506	)
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities		—			—			1,244,061			1,244,061
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: swap contracts		(1,170,143	)		—			6,242,568			5,072,425
Total Change in Appreciation (Depreciation)		$	(1,170,143	)	$	(8,519,403	)	$	7,274,686		$	(2,414,860	)
Long Short Multi-Manager
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts	$	—		$	(336,539	)	$	—		$	(336,539	)
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: option contracts written		—			—			2,654			2,654
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities		—			—			(24,547	)		(24,547	)
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: swap contracts		—			—			182,036			182,036
Total Change in Appreciation (Depreciation)		$	—		$	(336,539	)	$	160,143		$	(176,396	)

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 April 30, 2015.

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 credit default swaps	$	661,127	$	—	$	661,127
Equity swaps		1,694,005		—		1,694,005
Forward contracts		1,190,356		—		1,190,356
Total	$	3,545,488	$	—	$	3,545,488

	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)
J.P. Morgan Chase Bank N.A.	$	3,545,488	$	(756,173	)	$	—	$	2,789,315

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 credit default swaps	$	(435,033	)	$	—	$	(435,033	)
Total return swaps		(392,886	)		—		(392,886	)
Forward contracts		(756,173	)		—		(756,173	)
Total	$	(1,584,092	)	$	—	$	(1,584,092	)

	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)
J.P. Morgan Chase Bank N.A.	$	(1,584,092	)	$	756,173	$	827,919	$	—

(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 April 30, 2015, 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
Equity swaps	$	170,244	$	—	$	170,244
Forward contracts		30,118		—		30,118
Total return swaps		7,650		—		7,650
Total	$	208,012	$	—	$	208,012

	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)
J.P. Morgan Chase Bank N.A.	$	208,011	$	(30,118	)	$	—	$	177,893

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
Total return swaps	$	(10,384	)	$	—	$	(10,384	)
Forward contracts		(32,525	)		30,118		(2,407	)
Total	$	(42,909	)	$	30,118	$	(12,791	)

	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)
J.P. Morgan Chase Bank N.A.	$	(42,409	)	$	30,118	$	12,291	$	—

(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 April 30, 2015, in the event of a counterparty failure.

13 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.

14 Expense offset arrangement: Absolute Return Multi-Manager has an expense offset arrangement in connection with its custodian contract. For the six months ended April 30, 2015, the impact of this arrangement was a reduction of expenses of $716.

15 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—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 six months ended April 30, 2015, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 1.64% 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 current payment of 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 apply to each Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, as of August 12, 2014, fees related to short sales and dividend and interest expenses relating to short sales, if any; 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. During the six months ended April 30, 2015, the following classes repaid Management under their contractual expense limitation agreements as follows:

Class	Expenses Repaid to Management
Absolute Return Multi-Manager Institutional Class	$	474,085
Absolute Return Multi-Manager Class A		53,050
Absolute Return Multi-Manager Class C		28,751
Absolute Return Multi-Manager Class R6		8,230

At April 30, 2015, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Period Ending, October 31,
					2012		2013		2014			2015
	Contractual				Subject to Repayment until October 31,
Class	Expense Limitation⁽¹⁾			Expiration	2015		2016		2017			2018
Absolute Return Multi-Manager Institutional Class⁽²⁾		1.97	%	10/31/18	$	342,287	$	447,655	$	759,554		$	—
Absolute Return Multi-Manager Class A⁽²⁾		2.33	%	10/31/18		—		137,135		316,015			—
Absolute Return Multi-Manager Class C⁽²⁾		3.08	%	10/31/18		—		—		71,396			—
Absolute Return Multi-Manager Class R6		1.90	%	10/31/18		—		—		9,923	⁽⁴⁾		—
Long Short Multi-Manager Institutional Class		1.97	%	10/31/18		—		—		459,171	⁽³⁾		200,282
Long Short Multi-Manager Class A		2.33	%	10/31/18		—		—		13,772	⁽³⁾		4,907
Long Short Multi-Manager Class C		3.08	%	10/31/18		—		—		6,443	⁽³⁾		2,000

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

(2) Prior to February 28, 2013, the contractual expense limitations were 2.45%, 2.81% and 3.56% for the Institutional Class, Class A and Class C shares, respectively. In addition, from January 2, 2013 to February 28, 2013, Management had voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses of

Institutional Class, Class A and Class C shares so that their Operating Expenses were limited to 1.97%, 2.33% and 3.08%, respectively, per annum of their average daily net assets. These voluntarily waived fees are not subject to recovery by Management.

(3) Period from December 19, 2013 (Commencement of Operations) to October 31, 2014.

(4) Period from December 31, 2013 (Commencement of Operations) to October 31, 2014.

NB Alternative Investment Management LLC ("NBAIM"), as the investment adviser to the Funds, is retained by Management 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 receives a monthly fee paid by Management. As investment manager, Management is 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.

Management and NBAIM engage Blue Jay Capital Management, LLC, Cloud Gate Capital LLC, Cramer Rosenthal McGlynn, LLC, GAMCO Asset Management Inc., Good Hill Partners LP, Lazard Asset Management LLC, Levin Capital Strategies, L.P., MacKay Shields LLC, SLS Management, LLC, Sound Point Capital Management, L.P., and Visium Asset Management, LP as subadvisers of Absolute Return Multi-Manager to provide investment management services. Management and NBAIM engage Blue Jay Capital Management, LLC, Cloud Gate Capital LLC, Cramer Rosenthal McGlynn, LLC, Lazard Asset Management LLC, Levin Capital Strategies, L.P. and SLS 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 Management with respect to each class of shares. Management 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, Management 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, Management's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, Management 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. Management 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.

For the six months ended April 30, 2015, Management, 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 Charges		CDSC		Net Initial Sales Charges		CDSC
Absolute Return Multi-Manager Class A	$	7,658	$	—	$	—	$	—
Absolute Return Multi-Manager Class C		—		28,404		—		—
Long Short Multi-Manager Class A		—		—		—		—
Long Short Multi-Manager Class C		—		—		—		—

Note C—Securities Transactions:

During the six months ended April 30, 2015, there were purchase and sale transactions of long-term securities (excluding equity swaps, total return swaps, credit default swaps, forward contracts, financial futures and option contracts) as follows:

	Purchases		Securities Sold Short		Sales		Covers on Securities Sold Short
Absolute Return Multi-Manager	$	3,636,714,326	$	867,835,191	$	3,518,569,852	$	862,399,955
Long Short Multi-Manager		112,068,734		28,630,845		103,308,326		25,929,247

During the six months ended April 30, 2015, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the six months ended April 30, 2015 and for the year ended October 31, 2014 was as follows:

	For the Six Months Ended April 30, 2015										For the Year Ended October 31, 2014
	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:
Institutional Class		28,575,199		2,935,348		(37,176,259	)		(5,665,712	)		113,457,577		238,078		(27,639,014	)		86,056,641
Class A		4,919,097		449,484		(7,930,478	)		(2,561,897	)		37,374,025		100,758		(26,819,529	)		10,655,254
Class C		1,076,737		143,890		(1,630,726	)		(410,099	)		7,568,959		16,621		(687,034	)		6,898,546
Class R6		—		85,584		(1,538,475	)		(1,452,891	)		3,539,971		—		(592,168	)		2,947,803
Long Short Multi-Manager:
Institutional Class		586,374		24,496		(479,234	)		131,636			3,102,815		—		(136,312	)		2,966,503	⁽¹⁾
Class A		33,780		463		(40,877	)		(6,634	)		126,914		—		(43,228	)		83,686	⁽¹⁾
Class C		12,892		201		(6,687	)		6,406			26,084		—		(1,777	)		24,307	⁽¹⁾

(1) Period from December 19, 2013 (Commencement of Operations) to October 31, 2014.

Other: At April 30, 2015, there was an affiliated investor owning 41.9% of Long Short Multi-Manager's outstanding shares.

Note E—Subsequent Event:

Subsequent to April 30, 2015, each Fund became 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. Other investment companies managed by Management also participate in this line of credit on the same terms. Under the terms of the Credit Facility, 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 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.

Note F—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

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 or $(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, 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 Period		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			Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (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)
Absolute Return Multi-Manager Fund
Institutional Class
4/30/15 (Unaudited)	$	11.00	$	0.04		$	0.31	$	0.35		$	(0.07	)	$	(0.23	)	$	—	$	(0.30	)	$	11.05		3.33	%**	$	1,218.0		2.64	%*		1.97	%*		2.64	%*^Ø§		1.97	%*^Ø§		0.77	%*		221	%**		226	%**
10/31/14	$	10.86	$	(0.01	)	$	0.22	$	0.21		$	—		$	(0.07	)	$	—	$	(0.07	)	$	11.00		1.96	%	$	1,275.3		2.64	%		2.13	%		2.55	%^Ø		2.04	%^Ø		(0.10	%)		329	%		257	%
10/31/13	$	10.00	$	(0.08	)	$	1.00	$	0.92		$	(0.02	)	$	(0.04	)	$	—	$	(0.06	)	$	10.86		9.19	%	$	324.3		2.89	%		2.60	%		2.30	%^Ø		2.01	%^Ø		(0.74	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.08	)	$	0.08	$	—		$	—		$	—		$	—	$	—		$	10.00		0.00	%**	$	33.2		7.86	%*^‡		7.50	%*^‡		2.81	%*^‡		2.45	%*^‡		(1.81	%)*^‡		270	%**		213	%**
Class A
4/30/15 (Unaudited)	$	10.92	$	0.02		$	0.32	$	0.34		$	(0.03	)	$	(0.23	)	$	—	$	(0.26	)	$	11.00		3.15	%**	$	215.7		3.00	%*		2.33	%*		3.00	%*^Ø§		2.33	%*^Ø§		0.43	%*		221	%**		226	%**
10/31/14	$	10.82	$	(0.04	)	$	0.21	$	0.17		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.92		1.60	%	$	242.2		3.02	%		2.49	%		2.90	%^Ø		2.38	%^Ø		(0.40	%)		329	%		257	%
10/31/13	$	9.99	$	(0.12	)	$	0.99	$	0.87		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.82		8.70	%	$	124.7		3.27	%		2.99	%		2.62	%^Ø		2.34	%^Ø		(1.17	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.09	)	$	0.08	$	(0.01	)	$	—		$	—		$	—	$	—		$	9.99		(0.10	%)**	$	1.8		8.67	%*^‡		8.26	%*^‡		3.22	%*^‡		2.81	%*^‡		(2.02	%)*^‡		270	%**		213	%**
Class C
4/30/15 (Unaudited)	$	10.72	$	(0.02	)	$	0.30	$	0.28		$	—		$	(0.23	)	$	—	$	(0.23	)	$	10.77		2.71	%**	$	91.3		3.75	%*		3.08	%*		3.75	%*^Ø§		3.08	%*^Ø§		(0.35	%)*		221	%**		226	%**
10/31/14	$	10.71	$	(0.13	)	$	0.21	$	0.08		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.72		0.77	%	$	95.3		3.77	%		3.26	%		3.66	%^Ø		3.15	%^Ø		(1.18	%)		329	%		257	%
10/31/13	$	9.95	$	(0.21	)	$	1.01	$	0.80		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.71		8.03	%	$	21.3		4.01	%		3.72	%		3.38	%^Ø		3.09	%^Ø		(1.94	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.13	)	$	0.08	$	(0.05	)	$	—		$	—		$	—	$	—		$	9.95		(0.50	%)**	$	0.2		13.12	%*^‡		12.74	%*^‡		3.94	%*^‡		3.56	%*^‡		(2.86	%)*^‡		270	%**		213	%**
Class R6
4/30/15 (Unaudited)	$	11.01	$	0.08		$	0.27	$	0.35		$	(0.08	)	$	(0.23	)	$	—	$	(0.31	)	$	11.05		3.29	%**	$	16.5		2.62	%*		1.90	%*		2.62	%*^Ø§		1.90	%*^Ø§		1.44	%*		221	%**		226	%**
Period from 12/31/2013^{^} to 10/31/2014	$	10.99	$	0.01		$	0.01	$	0.02		$	—		$	—		$	—	$	—		$	11.01		0.18	%**	$	32.5		2.56	%*		2.08	%*		2.46	%*^Ø		1.98	%*^Ø		0.10	%*		329	%		257	%^ØØ

See Notes to Financial Highlights

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		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			Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (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)
Long Short Multi-Manager Fund
Institutional Class
4/30/15 (Unaudited)	$	10.39	$	(0.08	)	$	0.38	$	0.30	$	(0.02	)	$	(0.07	)	$	—	$	(0.09	)	$	10.60		2.88	%**	$	32.8		4.06	%*		3.23	%*		2.80	%*		1.97	%*		(1.46	%)*		310	%**		329	%**
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.11	)	$	0.50	$	0.39	$	—		$	—		$	—	$	—		$	10.39		3.90	%**	$	30.8		5.09	%*^‡		4.50	%*^‡		2.64	%*^‡		2.05	%*^‡		(1.26	%)*^‡		293	%**		168	%**
Class A
4/30/15 (Unaudited)	$	10.36	$	(0.09	)	$	0.36	$	0.27	$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.56		2.64	%**	$	0.8		4.46	%*		3.62	%*		3.16	%*		2.33	%*		(1.80	%)*		310	%**		329	%**
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.15	)	$	0.51	$	0.36	$	—		$	—		$	—	$	—		$	10.36		3.60	%**	$	0.9		5.87	%*^‡		5.30	%*^‡		2.99	%*^‡		2.42	%*^‡		(1.66	%)*^‡		293	%**		168	%**
Class C
4/30/15 (Unaudited)	$	10.29	$	(0.13	)	$	0.37	$	0.24	$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.46		2.36	%**	$	0.3		5.22	%*		4.38	%*		3.92	%*		3.08	%*		(2.57	%)*		310	%**		329	%**
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.21	)	$	0.50	$	0.29	$	—		$	—		$	—	$	—		$	10.29		2.90	%**	$	0.3		8.18	%*^‡		7.59	%*^‡		3.73	%*^‡		3.15	%*^‡		(2.34	%)*^‡		293	%**		168	%**

See Notes to Financial Highlights

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 and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

# 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.

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 the Fund 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
	Six Months Ended April 30, 2015						Year Ended October 31, 2014						Year Ended October 31, 2013
Absolute Return Multi-Manager Fund Institutional Class		2.64	%		1.97	%		2.55	%		2.04	%		2.30	%		2.01	%
Absolute Return Multi-Manager Fund Class A		3.00	%		2.33	%		2.90	%		2.38	%		2.63	%		2.35	%
Absolute Return Multi-Manager Fund Class C		3.75	%		3.08	%		3.66	%		3.15	%		3.39	%		3.10	%
Absolute Return Multi-Manager Fund Class R6		2.62	%		1.90	%		2.46	%		1.98	%⁽¹⁾		^—			^—

(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.

Notes to Financial Highlights (cont'd)

§ 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
	Six Months Ended April 30, 2015
Absolute Return Multi-Manager Fund Institutional Class		2.56	%		1.89	%
Absolute Return Multi-Manager Fund Class A		2.95	%		2.27	%
Absolute Return Multi-Manager Fund Class C		3.69	%		3.01	%
Absolute Return Multi-Manager Fund Class R6		2.54	%		1.86	%

Directory

Investment Manager, Administrator and Distributor

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264

Sub-Advisers

NB Alternative Investment Management LLC
605 Third Avenue, 22nd Floor
New York, NY 10158

Blue Jay Capital Management, LLC
2121 Avenue of the Stars, Suite 2420
Los Angeles, CA 90067

Cloud Gate Capital LLC
900 North Michigan Avenue, Suite 1600
Chicago, IL 60611

Cramer Rosenthal McGlynn, LLC
520 Madison Avenue, 20th Floor
New York, NY 10022

GAMCO Asset Management Inc.
One Corporate Center
Rye, NY 10580

Good Hill Partners LP
1599 Post Road East
Westport, CT 06880

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, NY 10112

Levin Capital Strategies, L.P.
595 Madison Avenue, 17th Floor
New York, NY 10022

MacKay Shields LLC
1345 Avenue of the Americas, 43rd Floor
New York, NY 10105

SLS Management, LLC
140 West 57th Street, 7th Floor
New York, New York 10019

Sound Point Capital Management, L.P.
375 Park Avenue
New York, NY 10152

Visium Asset Management, LP
888 Seventh Avenue, 22nd Floor
New York, NY 10019

Custodian

J.P. Morgan Chase Bank, N.A.
14201 Dallas Parkway
Dallas, TX 75254

Shareholder Servicing Agent

State Street Bank and Trust Company
2 Avenue de Lafayette
Boston, MA 02111

For Institutional Class Shareholders
Address correspondence to:

Neuberger Berman Management LLC
605 Third Avenue, Mail Drop 2-7
New York, NY 10158-0180
Attn: 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 Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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 each 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).

This page has been left blank intentionally

Investment manager: Neuberger Berman Management LLC

Investment adviser: NB Alternative Investment Management LLC

Neuberger Berman Management LLC
605 Third Avenue 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Institutional 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 must precede or accompany this report.

N0087 06/15

Neuberger Berman
Alternative and Multi-Asset Class Funds

Institutional Class Shares
Class A Shares
Class C Shares

Flexible Select Fund

Global Allocation Fund

Inflation Managed Fund
(Formerly Inflation Navigator Fund)

Long Short Fund

Multi-Asset Income Fund

Semi-Annual Report

April 30, 2015

Contents

THE FUNDS
President's Letter					1
PORTFOLIO COMMENTARY
Flexible Select Fund					2
Global Allocation Fund					4
Inflation Managed Fund (Formerly Inflation Navigator Fund)					6
Long Short Fund					8
Multi-Asset Income Fund					10
FUND EXPENSE INFORMATION					15
SCHEDULE OF INVESTMENTS/TOP TEN HOLDINGS
Flexible Select Fund					17
Global Allocation Fund					23
Positions by Industry					34
Inflation Managed Fund (Formerly Inflation Navigator Fund)					37
Long Short Fund					41
Multi-Asset Income Fund					47
FINANCIAL STATEMENTS					61
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
Flexible Select Fund					97
Global Allocation Fund					97
Inflation Managed Fund (Formerly Inflation Navigator Fund)					99
Long Short Fund					101
Multi-Asset Income Fund					101
Directory					104
Proxy Voting Policies and Procedures					105
Quarterly Portfolio Schedule					105
Board Consideration of the Management and Sub-Advisory Agreements					106

President's Letter

Dear Shareholder,

I am pleased to present this semi-annual shareholder report for Neuberger Berman Flexible Select Fund, Neuberger Berman Global Allocation Fund, Neuberger Berman Inflation Managed Fund (formerly Neuberger Berman Inflation Navigator Fund), and Neuberger Berman Long Short Fund. This report also includes the new Neuberger Berman Multi-Asset Income Fund, which was launched on March 27, 2015.

The global financial markets experienced periods of volatility but largely generated positive results during the six months ended April 30, 2015. Investor sentiment was challenged at times given mixed global economic data, questions regarding future central bank monetary policy and a host of geopolitical issues. Despite several setbacks, the global equity market posted positive returns during the period. In the U.S., the S&P 500^® Index reached several new all-time highs. Elsewhere, optimism regarding the European Central Bank's aggressive actions to stimulate growth supported a number of international developed market equities. While emerging markets equities also rose, their gains were less robust. Within fixed income, longer-term Treasury yields declined and the yield curve flattened. Finally, inflation was largely benign, partially due to lower oil prices.

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

Flexible Select Fund Commentary

Neuberger Berman Flexible Select Fund Institutional Class generated a 3.32% total return for the six months ended April 30, 2015 but underperformed its benchmark, the Russell 3000^® Index, which provided a 4.74% return. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund seeks to provide long-term capital appreciation with lower volatility than the broader equity market, with a focus on mitigating downside risk. To pursue this objective, the Fund combines the core securities selected by a diversified group of experienced Neuberger Berman portfolio managers, who have the flexibility to use an all-cap, all-style equity approach in addition to the incidental use of cash and bonds in an attempt to decrease risk. As of April 30, 2015, the allocation was 88.0% equity, 5.2% fixed income and 6.7% cash and cash equivalents.

Recent macroeconomic data in the U.S. have pointed to a slowdown after several quarters of solid economic growth. The March jobs report came in significantly below consensus, and wage growth has been generally flat. The advanced estimate of GDP for the first quarter of 2015 showed output in the U.S. increasing at 0.2%, well below expectations of 1%. The estimate was hurt, in part, by the strong dollar. However, transitory factors were at play as well: similar to last year, weather played a role, and the ports shutdown on the West Coast also contributed to disruptions. The Federal Open Market Committee (FOMC) also characterized the softer economic growth in the winter months as transitory. Nevertheless, in March the FOMC cut its projections for the expected path of the federal funds rate, implying a slower pace of tightening.

In the equity portion of the portfolio, industry sector allocation had a negative contribution to relative performance during the six-month period. The overweight to Energy versus the benchmark was the most significant detractor. Security selection had a positive contribution to relative performance. The largest contributions came from holdings in Financials and Consumer Staples. Conversely, the largest negative security selection came from holdings in Consumer Discretionary. From a sector perspective, Materials and Industrials ended up being the portfolio's largest and third largest overweights, respectively—positioning that reflected a positive outlook on the U.S. economy. Health Care ended up as the second largest overweight in the portfolio as the portfolio managers added to their positions in the large- and mega-cap pharmaceuticals space. The overweight to Energy decreased significantly during the reporting period as a result of both market movements and active trimming.

The portfolio's largest underweights ended up being Consumer Staples and Telecommunication Services, followed by Information Technology. The underweight to Information Technology increased slightly during the period as managers trimmed positions that have met price targets. The underweight to Financials, which was the largest underweight at the start of the period, has decreased meaningfully as managers selectively added names as the fundamentals for the sector improved.

Overall, we are optimistic on the U.S. economy and equity markets—we anticipate U.S. macroeconomic data will improve from the recent slowdown. However, we acknowledge that equity valuations in certain segments of the market are more expensive. We think the threat of increased volatility—from risks such as continued sluggishness in Europe, slower growth in China and other emerging economies, and ongoing geopolitical issues—as a factor that warrants caution. We believe that the onset of Fed tightening, when it does come, may ultimately mean the economy, employment and inflation are moving in a positive direction, which is an attractive backdrop for stocks.

Sincerely,

JOSEPH V. AMATO
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.

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.

Flexible Select Fund

TICKER SYMBOLS

Institutional Class				NFLIX
Class A				NFLAX
Class C				NFLCX

SECTOR ALLOCATION

(as a % of Total Investments)

Consumer Discretionary	11.3	%
Consumer Staples	5.2
Energy	7.4
Financials	14.5
Health Care	14.3
Industrials	11.5
Information Technology	15.5
Materials	5.2
Telecommunication Services	0.7
Utilities	2.3
Exchange Traded Funds	0.2
Mutual Funds	5.1
Short-Term Investments	6.8
Total	100.0	%

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2015
	Date	04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	05/31/2013		3.32	%		8.58	%		11.89	%
Class A	05/31/2013		3.13	%		8.22	%		11.48	%
Class C	05/31/2013		2.86	%		7.40	%		10.68	%
With Sales Charge
Class A			–2.82	%		2.02	%		8.10	%
Class C			1.86	%		6.40	%		10.68	%
Index
Russell 3000^® Index^1,2			4.74	%		12.74	%		15.23	%

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 2014 were 1.22%, 1.70% and 2.44% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.89%, 1.25% and 2.00% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Global Allocation Fund Commentary

Neuberger Berman Global Allocation Fund¹ Institutional Class generated a 4.76% total return for the 6 months ended April 30, 2015 and outperformed its custom benchmark, a 60/40 combination of the MSCI All Country World Index and the Barclays Global Aggregate Index, which provided a 2.38% return for the period. (Performance for all share classes is provided in the table immediately following this letter.) The benchmark changed during the reporting period; the prior custom benchmark was a 50/50 combination of the MSCI World Index and the J.P. Morgan Global Government Bond Index.

In January of 2015, the Fund was enhanced to include broader access to the firm's entire investment platform and two new portfolio managers were added to the portfolio. The Fund employs a diversified, flexible approach to accessing opportunities across the global marketplace. It incorporates both strategic and tactical asset allocation decision making and active management. Systematic and discretionary tactical overlays complement these allocations. As part of the change, the benchmark was modified as noted above.

In general, global equity markets generated positive returns during the reporting period. U.S. stocks lagged other regions, particularly since the beginning of 2015. ln terms of the fixed income markets, non-U.S. and emerging market debt fixed income were negative, while U.S. fixed income generated positive returns. The U.S. has seen some slowdown in jobs and wage data so far this year, as well as weak GDP growth hurt by a strong dollar. The outlook for the eurozone, on the other hand, improved, with upside GDP growth revisions due to a weaker euro, supportive wage increases, a near-term boost from lower oil prices, and the European Central Bank's monetary policy actions. China's growth has been slowing, but the country's leadership has proven itself willing to provide support in an effort to keep the economy on track.

In the period since the Fund's enhancement mentioned above, the largest positive contributor to the Fund's outperformance came from fixed income. Both the underweight to the asset class as a whole and security selection (the Fund's holdings were changed to be weighted toward short duration high income and emerging markets debt, and away from government securities), added to performance.

During the period, the Fund was overweighted to equities relative to its benchmark, a decision that further added to relative performance. Conversely, security selection in equities was a drag on returns. The Fund's use of opportunistic investments (derivatives [such as futures, swap contracts and forwards], currencies and tactical overlays) was an overall positive contributor to performance, while the presence of cash detracted slightly.

Looking ahead, we are optimistic on the global economy. We believe the recent weakness in the U.S. is temporary and that growth should re-accelerate. We believe growth in Europe will turn up and China will stabilize, albeit at a lower level. We anticipate inflation will remain subdued, but acknowledge the prospect of a modest increase in the second half of the year. We maintain a modest bias towards risk asset classes, while acknowledging that valuations in certain segments of the equity market have grown richer. Caution is warranted in what may be a higher-volatility environment going forward, with risks from the uncertain path of global growth and ongoing geopolitical issues. In fixed income, we favor credit, particularly high yield, over most developed market government securities. We also favor emerging markets debt with a bias toward hard currency sovereigns.

Sincerely,

ERIK KNUTZEN, BRADLEY TANK, WAI LEE AND AJAY JAIN
PORTFOLIO CO-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.

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.

¹ Much of the Fund's investment exposure is accomplished through the use of derivatives, including total return swaps, futures and forwards, which may not require the Fund to deposit the full notional amount of its investments with counterparties. The Fund's resulting cash balances are invested in money market mutual funds.

Global Allocation Fund

TICKER SYMBOLS

Institutional Class				NGLIX
Class A				NGLAX
Class C				NGLCX

PERFORMANCE HIGHLIGHTS³

		Six Month			Average Annual Total Return Ended 04/30/2015
	Inception Date	Period Ended 04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	12/29/2010		4.76	%		1.93	%		7.59	%
Class A	12/29/2010		4.56	%		1.63	%		7.21	%
Class C	12/29/2010		4.15	%		0.82	%		6.40	%
With Sales Charge
Class A			–1.48	%		–4.25	%		5.76	%
Class C			3.15	%		–0.17	%		6.40	%
Index
60% MSCI All Country World Index and 40% Barclays Global Aggregate Index^1,2			2.38	%		3.23	%		6.67	%
MSCI All Country World Index^1,2			5.24	%		8.02	%		9.66	%
50% MSCI World Index and 50% J.P. Morgan Global Government Bond Index^1,2			1.79	%		1.88	%		6.11	%
MSCI World Index^1,2			5.38	%		7.99	%		10.89	%

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 2014 were 3.13%, 3.51% and 4.26% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.53%, 1.89% and 2.64% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Inflation Managed Fund Commentary*

Neuberger Berman Inflation Managed Fund (previously Neuberger Berman Inflation Navigator Fund) Institutional Class generated a -0.39% total return for the six months ended April 30, 2015. During this same time period, the Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index provided a 0.60% return while the U.S. Consumer Price Index declined 0.35%.¹ (Performance for all share classes is provided in the table immediately following this letter.)

Despite several setbacks, the overall fixed income market posted a positive return over the six-month period. Short-term Treasury yields moved higher as the market anticipated a U.S. Federal Reserve (Fed) interest rate hike in 2015. In contrast, longer-term rates declined given a number of flights to quality triggered by geopolitical issues and concerns over global growth. The yield on the 10-year Treasury began the period at 2.34% and fell as low as 1.64% in late January 2015, before ending the period at 2.03%. Most non-Treasury securities produced positive returns, but generated mixed results versus equal-duration Treasuries. Finally, inflation expectations were muted during the reporting period.

The Fund's underperformance during the reporting period was driven by its allocations to commodities, master limited partnerships (MLPs) and energy-related equities. The Fund used Treasury futures during the reporting period to assist in managing its duration positioning, which was a drag on results. On the upside, the Fund's exposures to high yield corporate bonds, senior floating rate loans, TIPS and material equities contributed the most to portfolio performance. Elsewhere, the Fund's dynamic overlay (flexible use of strategies in an attempt to capitalize on short-term changes in inflation expectations) did not meaningfully impact performance during the period.

The Fund's use of futures detracted from the Fund's performance.

Looking ahead, we continue to believe the decision as to when the Fed will start raising rates will be data dependent. Thus far in 2015, economic data has been generally muted and inflation has remained benign. While oil prices have fallen sharply since their peak in June 2014, this has yet to equate to a meaningful increase in consumer spending. While we believe growth in the U.S. will gain some traction as the year progresses, we do not anticipate seeing a robust expansion. In such an environment, we anticipate that inflation will remain contained.

Sincerely,

THANOS BARDAS, ANDREW JOHNSON AND THOMAS J. MARTHALER
PORTFOLIO CO-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.

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.

* Effective February 28, 2015, Neuberger Berman Inflation Navigator Fund changed its name to Neuberger Berman Inflation Managed Fund.

¹ Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation. The CPI is available monthly, so the value shown is from October 31, 2014 to April 30, 2015, and is not seasonally adjusted.

Inflation Managed Fund

TICKER SYMBOLS

Institutional Class				NDRIX
Class A				NDRAX
Class C				NDRCX

PORTFOLIO BY TYPE OF

INVESTMENT STRATEGY

(as a % of Total Investment Strategies)

Commodities	8.8	%
Emerging Markets	8.3
Global Treasury Inflation Protected Securities	25.8
High Yield Securities	8.2
Loans	4.4
Master Limited Partnerships	14.0
Real Estate Investment Trusts	9.7
S&P Energy	10.6
S&P Materials	10.2
Total	100.0	%

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

Common Stocks	44.3	%
Government Securities	12.0
U.S. Treasury Securities	12.5
Mutual Funds	29.5
Short-Term Investments	1.2
Cash, receivables and other assets, less liabilities	0.5
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁴

		Six Month			Average Annual Total Return Ended 04/30/2015
	Inception Date	Period Ended 04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	12/19/2012		–0.39	%		–0.30	%		3.84	%
Class A	12/19/2012		–0.61	%		–0.71	%		3.47	%
Class C	12/19/2012		–0.98	%		–1.44	%		2.69	%
With Sales Charge
Class A			–6.30	%		–6.38	%		0.92	%
Class C			–1.96	%		–2.42	%		2.69	%
Index
Barclays U.S. 1-10 Year
Treasury TIPS Index^1,2			0.60	%		0.97	%		–1.12	%

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 2014 were 3.53%, 3.95% and 4.74% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.00%, 1.36% and 2.11% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Long Short Fund Commentary

Neuberger Berman Long Short Fund Institutional Class generated a 1.88% total return for the six months ended April 30, 2015 but underperformed its primary benchmark, the HFRX Equity Hedge Index, which returned 3.76% for the period. The Fund also underperformed the S&P 500^® Index, which provided a 4.40% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The global financial markets largely posted positive results during the reporting period. Still, there were periods of volatility given mixed global economic data, shifting central bank monetary policy, declining oil prices and a number of geopolitical issues. Economic growth in the U.S. moderated during the period, partially attributed to severe winter weather in parts of the country. Elsewhere, growth remained tepid in Europe and Japan.

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 notional long exposure, which began the period at approximately 55% net long, then moved to a high of about 66% at the closing of the period. Given our outlook for an ongoing economic expansion in the U.S., we continued to favor more cyclical industries, including those within the Consumer Discretionary and Industrials sectors.

We categorize our long investment exposure into three groups: Capital Growth, Total Return and Opportunistic. During the period we reduced our allocation to Total Return in favor of Capital Growth. We found what seemed to us to be more compelling opportunities in Capital Growth relative to Total Return, as higher interest rates could negatively impact longer duration assets and cash flows. The portfolio's short exposure includes "Fundamental" shorts and "Market" shorts. During the period, our Market shorts consisted primarily of sector-based exchange traded funds, coupled with short futures positions on broad-based U.S. equity indices and U.S. Treasuries. During the period, we found more shorting opportunities based on underlying company fundamentals.

The Fund's use of futures and options detracted from the Fund's performance overall.

Looking ahead, our base case scenario still revolves around a modest economic expansion. However, we remain mindful that our constructive view on risk assets is not without risks. For example, while the U.S. Federal Reserve will most likely be gradual in its approach to an interest rate hike, a regime change from the past few years of robust global liquidity may bring about unintended consequences. We also monitor a weak Chinese economy that still struggles from an imbalanced economy. In Europe, persistent low to negative growth, combined with prolonged deflation concerns, remain key risks to the global economy. In our view, this will force European Central Bank policy makers to react with additional monetary stimulus to prevent a downward spiral in the region. Furthermore, we think deteriorating oil prices further destabilize an already unpredictable Russian state and Middle East region. We highlight these risks because the current environment necessitates a flexible approach. Moreover, we strongly believe the greatest risks to the global economy are still those that are unknown today—be they financial or geopolitical in nature. As always, we must be ready and able to adapt if the facts change.

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.

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

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		70.8	%		(8.6	)%
Corporate Debt Securities		9.0			—
Exchange Traded Funds		—			(5.6	)
Purchased Options		0.1			—
Short-Term Investments		15.9			—
Cash, receivables and other assets, less liabilities		18.4			—
Total		114.2	%		(14.2	)%

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 04/30/2015
	Inception Date	Period Ended 04/30/2015			1 Year			Life of Fund
At NAV
Institutional Class	12/29/2011		1.88	%		4.61	%		9.25	%
Class A	12/29/2011		1.61	%		4.19	%		8.85	%
Class C	12/29/2011		1.24	%		3.36	%		8.05	%
With Sales Charge
Class A			–4.25	%		–1.82	%		6.94	%
Class C			0.24	%		2.36	%		8.05	%
Index
HFRX Equity Hedge Index^1,2			3.76	%		5.09	%		6.26	%
S&P 500^® Index^1,2			4.40	%		12.98	%		19.06	%

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 2014 were 1.73%, 2.11% and 2.85% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Multi-Asset Income Fund Commentary

We are pleased to provide the first annual report for Neuberger Berman Multi-Asset Income Fund, which was launched on March 27, 2015. The Fund is designed as a flexible, actively-managed, multi-asset class income product focused on generating attractive income, with capital appreciation as a secondary objective. The Fund provides diversification across a broad array of asset classes and makes tactical allocation shifts as market conditions evolve.

Since its inception through April 30, 2015, the Fund generated a 1.22% total return and outperformed its custom benchmark, a 60/40 combination of the Barclays U.S. Aggregate Bond Index and the S&P 500^® Index, which provided a 0.67% return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund's portfolio management team employs a top-down approach to allocating across asset classes. The allocation to asset classes may be achieved by investing directly in securities or by investing in underlying funds, including affiliated funds and exchange-traded funds. Neuberger Berman's Asset Allocation Committee makes the top-down allocation decisions and has the flexibility to take advantage of tactical opportunities during market dislocations. The underlying portfolios are managed by a group of Neuberger Berman's leading investment professionals who make the actual security selection decisions.

Since the Fund's launch, security selection in both the equity and fixed income segments contributed positively to performance. Within equities, the Fund's holdings emphasized securities offering higher yields than the index. Within fixed income, the Fund's holdings were focused on short duration high income and emerging markets debt, and less on government securities.

The Fund's use of opportunistic investments (such as derivatives, specifically forward contracts) contributed positively to performance.

The Fund was initially constructed to reflect a modest overweight to equities and underweight to fixed income relative to the benchmark, reflecting our optimistic view of the global economy. We believe the recent weakness in the U.S. is temporary and that growth there should re-accelerate. We believe growth in Europe will turn up and China will stabilize, albeit at a lower level. We anticipate inflation to remain subdued, but acknowledge the prospect of a modest increase in the second half of the year. While we maintain a modest bias towards risk asset classes (e.g., high yield bonds, equities, currencies), we acknowledge that valuations in certain segments of the equity market have grown richer. Caution is warranted in what may be a higher-volatility environment going forward, with risks from the uncertain path of global growth and ongoing geopolitical issues. In fixed income, we favor credit, particularly high yield, over most developed market government securities. We also favor emerging markets debt with a bias toward hard currency sovereigns.

Sincerely,

ERIK KNUTZEN, BRADLEY TANK, WAI LEE AND AJAY JAIN
PORTFOLIO CO-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.

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

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	42.6	%
Exchange Traded Funds	5.3
Mutual Funds	41.3
U.S. Treasury Securities	8.9
U.S. Government Agency Securities	1.0
Short-Term Investments	1.4
Liabilities, less cash, receivables and other assets	(0.5)
Total	100.0	%

PERFORMANCE HIGHLIGHTS

	Inception Date	Cumulative Total Return Ended 04/30/2015 Life of Fund
At NAV
Institutional Class	03/27/2015		1.22	%
Class A	03/27/2015		1.19	%
Class C	03/27/2015		1.12	%
Class R6	03/27/2015		1.23	%
With Sales Charge
Class A			–3.08	%
Class C			0.12	%
Index
60% Barclays U.S. Aggregrate Bond Index and 40% S&P 500^® Index^1,2			0.67	%
Barclays U.S. Aggregate Bond Index^1,2			0.07	%

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 Management 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 2015 are 1.36%, 1.73%, 2.48% and 1.29% 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 are 0.78%, 1.15%, 1.90% and 0.71% 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 March 27 through April 30, 2015 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.

Endnotes

1 Please see "Glossary of Indices" on page 13 for a description of indices. Please note that individuals cannot invest directly in any index. The HFRX Equity Hedge Index takes into account fees and expenses of investing since it is 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 Management LLC ("Management") 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 29, 2010 through April 30, 2011, Neuberger Berman Global Allocation Fund had only one shareholder and the Fund was relatively small, which could have impacted Fund performance. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.

4 Effective February 28, 2015, Neuberger Berman Inflation Navigator Fund changed its name to Neuberger Berman Inflation Managed Fund.

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

Glossary of Indices

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 Barclays U.S. Aggregate Bond Index, the Barclays Pan-European Aggregate Bond Index, and the Barclays Asian-Pacific Aggregate Index. In addition to securities from these three indices, the Barclays Global Aggregate Index also includes investment grade Eurodollar, Euro-Yen, Canadian, and 144A Index-eligible securities not already in these three indices.
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).
60% Barclays U.S. Aggregate Bond Index and 40% S&P 500^® Index:				The blended index is composed of 60% Barclays U.S. Aggregate Bond Index (described above) and 40% S&P 500^® Index (described on following page), and is rebalanced monthly.
Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index:				The index is the 1-10 year component of the Barclays U.S. TIPS Index (Series-L). The Barclays U.S. TIPS Index (Series-L) tracks the performance of inflation-protection securities issued by the U.S. Treasury.
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.
60% MSCI All Country World Index and 40% Barclays Global Aggregate Index:				The blended index is composed of 60% MSCI All Country World Index (described above) and 40% Barclays Global Aggregate Index (described above), and is rebalanced monthly.

Glossary of Indices (cont'd)

MSCI World Index:				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. The index consists of the following 23 developed market country indices: 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.
50% MSCI World Index and 50% J.P. Morgan Global Government Bond Index:				The blended index is composed of 50% MSCI World Index (described above) and 50% J.P. Morgan Global Government Bond Index, and is rebalanced monthly. The J.P. Morgan Global Government Bond Index tracks the performance of local currency denominated bonds issued by developed market governments. The index consists of issues from the following 13 developed international bond markets: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, United Kingdom and United States.
Russell 3000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the 3,000 largest U.S. public companies based on total market capitalization. The index is rebalanced annually in June.
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 Information as of 4/30/15 (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽⁴⁾
	Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15			Expense Ratio			Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15		Expense Ratio
Flexible Select Fund
Institutional Class	$	1,000.00	$	1,033.20	$	4.18			0.83	%	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class A	$	1,000.00	$	1,031.30	$	5.99			1.19	%	$	1,000.00	$	1,018.89	$	5.96		1.19	%
Class C	$	1,000.00	$	1,028.60	$	9.76			1.94	%	$	1,000.00	$	1,015.17	$	9.69		1.94	%
Global Allocation Fund
Institutional Class	$	1,000.00	$	1,047.60	$	5.48			1.08	%	$	1,000.00	$	1,019.44	$	5.41		1.08	%
Class A	$	1,000.00	$	1,045.60	$	7.30			1.44	%	$	1,000.00	$	1,017.65	$	7.20		1.44	%
Class C	$	1,000.00	$	1,041.50	$	11.09			2.19	%	$	1,000.00	$	1,013.93	$	10.94		2.19	%
Inflation Managed Fund⁽²⁾
Institutional Class	$	1,000.00	$	996.10	$	3.46			0.70	%	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class A	$	1,000.00	$	993.90	$	5.24			1.06	%	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Class C	$	1,000.00	$	990.20	$	8.88			1.80	%	$	1,000.00	$	1,015.87	$	9.00		1.80	%
Long Short Fund
Institutional Class	$	1,000.00	$	1,018.80	$	8.31			1.66	%	$	1,000.00	$	1,016.56	$	8.30		1.66	%
Class A	$	1,000.00	$	1,016.10	$	10.20			2.04	%	$	1,000.00	$	1,014.68	$	10.19		2.04	%
Class C	$	1,000.00	$	1,012.40	$	13.87			2.78	%	$	1,000.00	$	1,011.01	$	13.86		2.78	%
Multi-Asset Income Fund
Institutional Class	$	1,000.00	$	1,012.20	$	0.41	⁽³⁾		0.42	%	$	1,000.00	$	1,022.71	$	2.11		0.42	%
Class A	$	1,000.00	$	1,011.90	$	0.72	⁽³⁾		0.75	%	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class C	$	1,000.00	$	1,011.20	$	1.37	⁽³⁾		1.42	%	$	1,000.00	$	1,017.75	$	7.10		1.42	%
Class R6	$	1,000.00	$	1,012.30	$	0.35	⁽³⁾		0.36	%	$	1,000.00	$	1,023.01	$	1.81		0.36	%

(2) Effective February 28, 2015, Neuberger Berman lnflation Navigator Fund changed its name to Neuberger Berman lnflation Managed Fund.

(3) 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 35/365 (to reflect the period shown of March 27, 2015 (Commencement of Operations) to April 30, 2015).

(4) Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.

Schedule of Investments Flexible Select Fund (Unaudited) 4/30/15

TOP TEN EQUITY HOLDINGS

1	Neuberger Berman Core Bond Fund	4.9	%
	Institutional Class
2	Apple, Inc.	1.7	%
3	JPMorgan Chase & Co.	1.7	%
4	Bristol-Myers Squibb Co.	1.5	%
5	Pfizer, Inc.	1.4	%

6	Johnson & Johnson	1.2	%
7	Actavis PLC	1.1	%
8	American Express Co.	1.1	%
9	eBay, Inc.	1.1	%
10	Schlumberger Ltd.	1.1	%

	Number of Shares		Value†
Common Stocks (87.8%)
Aerospace & Defense (2.6%)
BE Aerospace, Inc.		1,614	$	96,501
Boeing Co.		7,034		1,008,254
General Dynamics Corp.		2,176		298,808
Honeywell International, Inc.		5,846		589,978
L-3 Communications Holdings, Inc.		82		9,423
Lockheed Martin Corp.		46		8,584
Precision Castparts Corp.		988		204,210
Raytheon Co.		739		76,856
Textron, Inc.		5,651		248,531
United Technologies Corp.		1,046		118,982
				2,660,127
Air Freight & Logistics (0.4%)
FedEx Corp.		1,903		322,692
United Parcel Service, Inc. Class B		576		57,905
				380,597
Airlines (0.8%)
American Airlines Group, Inc.		4,327		208,929
Delta Air Lines, Inc.		11,197		499,834
United Continental Holdings, Inc.		1,953		116,673	*
				825,436
Auto Components (0.4%)
BorgWarner, Inc.		3,705		219,336
Delphi Automotive PLC		2,458		204,014
				423,350

	Number of Shares		Value†
Automobiles (0.1%)
General Motors Co.		1,614	$	56,587
Banks (3.9%)
BankUnited, Inc.		2,548		83,727
Citigroup, Inc.		3,879		206,828
First Republic Bank		1,352		78,808
Itau Unibanco Holding SA ADR, Preference Shares		12,767		163,673
JPMorgan Chase & Co.		26,347		1,666,711
M&T Bank Corp.		621		74,315
People's United Financial, Inc.		3,597		54,351
PNC Financial Services Group, Inc.		2,339		214,557
SVB Financial Group		2,862		379,959	*
U.S. Bancorp		8,844		379,142
Wells Fargo & Co.		11,579		638,003
				3,940,074
Beverages (0.9%)
Anheuser-Busch InBev NV ADR		1,639		196,746
Coca-Cola Co.		7,299		296,047
Dr Pepper Snapple Group, Inc.		2,954		220,309
PepsiCo, Inc.		1,879		178,731
				891,833
Biotechnology (1.9%)
Amgen, Inc.		3,185		502,943
Atara Biotherapeutics, Inc.		1,692		70,133	*
Biogen, Inc.		269		100,587	*
Celgene Corp.		3,641		393,447	*
Gilead Sciences, Inc.		815		81,916	*
Regeneron Pharmaceuticals, Inc.		1,234		564,506	*

	Number of Shares		Value†
Vertex Pharmaceuticals, Inc.		1,369	$	168,770	*
				1,882,302
Capital Markets (1.4%)
BlackRock, Inc.		977		355,570
Goldman Sachs Group, Inc.		4,915		965,404
Invesco Ltd.		3,269		135,402
				1,456,376
Chemicals (3.6%)
Ashland, Inc.		2,723		344,078
Chemtura Corp.		3,904		117,628	*
Dow Chemical Co.		4,997		254,847
E.I. du Pont de Nemours & Co.		3,319		242,951
Ecolab, Inc.		2,412		270,096
FMC Corp.		1,789		106,106
International Flavors & Fragrances, Inc.		939		107,750
LyondellBasell Industries NV Class A		2,675		276,916
Minerals Technologies, Inc.		7,719		522,808
Monsanto Co.		2,264		258,005
Mosaic Co.		3,102		136,488
Orion Engineered Carbons SA		2,759		54,021
Potash Corp. of Saskatchewan, Inc.		5,919		193,196
Praxair, Inc.		1,534		187,041
Scotts Miracle-Gro Co. Class A		1,299		83,799
Sensient Technologies Corp.		3,892		254,381
Sigma-Aldrich Corp.		7		972
WR Grace & Co.		2,271		219,651	*
				3,630,734

See Notes to Schedule of Investments

Schedule of Investments Flexible Select Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Commercial Services & Supplies (2.0%)
ADT Corp.		10,850	$	407,960
Covanta Holding Corp.		8,404		170,517
Healthcare Services Group, Inc.		5,487		166,091
Pitney Bowes, Inc.		27,538		616,025
Stericycle, Inc.		1,876		250,315	*
Tetra Tech, Inc.		7,244		196,385
Tyco International PLC		4,553		179,297
				1,986,590
Communications Equipment (0.4%)
Cisco Systems, Inc.		12,468		359,453
Construction & Engineering (0.2%)
Quanta Services, Inc.		6,044		174,732	*
Consumer Finance (1.1%)
American Express Co.		14,427		1,117,371
Discover Financial Services		53		3,073
				1,120,444
Containers & Packaging (0.7%)
Packaging Corp. of America		1,666		115,270
Sealed Air Corp.		13,146		599,458
				714,728
Distributors (0.1%)
LKQ Corp.		3,101		83,944	*
Diversified Consumer Services (0.2%)
H&R Block, Inc.		6,021		182,075
Diversified Financial Services (2.8%)
Berkshire Hathaway, Inc. Class B		6,581		929,303	*
CME Group, Inc.		7,755		705,007
Intercontinental Exchange, Inc.		1,555		349,144
McGraw-Hill Financial, Inc.		11		1,148
Moody's Corp.		4,738		509,430
MSCI, Inc.		4,759		291,203
				2,785,235
Diversified Telecommunication Services (0.6%)
BCE, Inc.		6,282		277,099
Level 3 Communications, Inc.		1,327		74,232	*

	Number of Shares		Value†
Verizon Communications, Inc.		4,104	$	207,006
				558,337
Electric Utilities (1.1%)
ALLETE, Inc.		3,382		170,115
Exelon Corp.		8,225		279,814
Great Plains Energy, Inc.		2,886		75,555
ITC Holdings Corp.		7,254		261,144
NextEra Energy, Inc.		3,035		306,323
				1,092,951
Electrical Equipment (0.3%)
ABB Ltd. ADR		2,837		61,761	*
Eaton Corp. PLC		816		56,084
Hubbell, Inc. Class B		855		93,050
Sensata Technologies Holding NV		1,841		101,641	*
				312,536
Electronic Equipment, Instruments & Components (1.4%)
Amphenol Corp. Class A		6,413		355,088
CDW Corp.		10,699		409,986
Corning, Inc.		13,080		273,765
IPG Photonics Corp.		1,192		105,587	*
TE Connectivity Ltd.		2,537		168,837
Universal Display Corp.		1,644		72,451	*
				1,385,714
Energy Equipment & Services (1.1%)
FMC Technologies, Inc.		1,408		62,093	*
Schlumberger Ltd.		11,423		1,080,730
				1,142,823
Food & Staples Retailing (1.4%)
Costco Wholesale Corp.		5,440		778,192
CVS Health Corp.		4,797		476,294
Smart & Final Stores, Inc.		5,852		101,357	*
Walgreens Boots Alliance, Inc.		1,256		104,160
				1,460,003

	Number of Shares		Value†
Food Products (1.7%)
ConAgra Foods, Inc.		2,100	$	75,915
Kraft Foods Group, Inc.		2,326		197,128
Mead Johnson Nutrition Co.		1,555		149,156
Mondelez International, Inc. Class A		9,196		352,851
Nestle SA ADR		1,166		90,505
Tyson Foods, Inc. Class A		7,405		292,497
Unilever NV		2,862		124,440
WhiteWave Foods Co.		9,720		427,388	*
				1,709,880
Gas Utilities (0.1%)
National Fuel Gas Co.		1,345		86,685
Health Care Equipment & Supplies (1.6%)
Abbott Laboratories		2,716		126,077
Becton, Dickinson & Co.		734		103,398
C.R. Bard, Inc.		370		61,635
Cooper Cos., Inc.		1,626		289,542
Hill-Rom Holdings, Inc.		2,001		99,930
IDEXX Laboratories, Inc.		2,671		334,863	*
Medtronic PLC		1,129		84,054
Sirona Dental Systems, Inc.		2,163		200,618	*
West Pharmaceutical Services, Inc.		1,268		67,559
Zimmer Holdings, Inc.		1,969		216,275
				1,583,951
Health Care Providers & Services (2.6%)
Aetna, Inc.		2,021		215,984
Anthem, Inc.		1,066		160,891
Brookdale Senior Living, Inc.		4,398		159,339	*
Cardinal Health, Inc.		2,200		185,548
DaVita HealthCare Partners, Inc.		2,540		205,994	*
Express Scripts Holding Co.		6,929		598,666	*
HCA Holdings, Inc.		1,343		99,395	*
Henry Schein, Inc.		1,600		219,360	*

See Notes to Schedule of Investments

Schedule of Investments Flexible Select Fund (Unaudited) (cont'd)

	Number of Shares		Value†
McKesson Corp.		1,159	$	258,921
Premier, Inc. Class A		4,193		158,915	*
Providence Service Corp.		2,880		122,458	*
UnitedHealth Group, Inc.		959		106,833
VCA, Inc.		3,151		160,606	*
				2,652,910
Hotels, Restaurants & Leisure (1.8%)
Accor SA		1,512		82,910
Darden Restaurants, Inc.		2,880		183,658
Dunkin' Brands Group, Inc.		3,605		187,857
Hilton Worldwide Holdings, Inc.		8,529		247,000	*
Hyatt Hotels Corp. Class A		1,900		110,295	*
McDonald's Corp.		3,280		316,684
Starbucks Corp.		3,497		173,381
Starwood Hotels & Resorts Worldwide, Inc.		1,842		158,320
Wendy's Co.		14,479		146,527
Wynn Resorts Ltd.		1,589		176,490
				1,783,122
Household Durables (0.9%)
D.R. Horton, Inc.		2,051		52,096
Jarden Corp.		1,985		101,592	*
Lennar Corp. Class A		8,111		371,484
Newell Rubbermaid, Inc.		6,487		247,349
Toll Brothers, Inc.		2,935		104,310	*
				876,831
Household Products (0.9%)
Church & Dwight Co., Inc.		2,366		192,048
Colgate-Palmolive Co.		736		49,518
Energizer Holdings, Inc.		1,258		171,868
Procter & Gamble Co.		6,452		512,999
				926,433

	Number of Shares		Value†
Independent Power and Renewable Electricity Producers (0.4%)
AES Corp.		7,436	$	98,527
Calpine Corp.		7,293		159,060	*
NRG Yield, Inc. Class A		3,680		181,056
				438,643
Industrial Conglomerates (1.4%)
3M Co.		3,442		538,294
Danaher Corp.		5,060		414,313
General Electric Co.		10,599		287,021
Koninklijke Philips NV		2,754		78,792
Raven Industries, Inc.		672		13,400
Roper Technologies, Inc.		632		106,283
				1,438,103
Insurance (2.7%)
Allstate Corp.		2,656		185,017
Aon PLC		6,332		609,328
Assurant, Inc.		739		45,419
Lincoln National Corp.		6,651		375,715
Marsh & McLennan Cos., Inc.		3,248		182,407
MetLife, Inc.		3,941		202,134
Progressive Corp.		10,691		285,022
Prudential PLC		4,100		102,080
Reinsurance Group of America, Inc.		1,721		157,678
Travelers Cos., Inc.		4,145		419,101
Unum Group		1,736		59,302
Willis Group Holdings PLC		1,787		86,902
				2,710,105
Internet & Catalog Retail (0.4%)
Amazon.com, Inc.		655		276,266	*
Priceline Group, Inc.		87		107,689	*
				383,955
Internet Software & Services (2.6%)
eBay, Inc.		18,686		1,088,646	*
Facebook, Inc. Class A		4,374		344,540	*
Google, Inc. Class A		960		526,819	*
Google, Inc. Class C		1,019		547,550	*

	Number of Shares		Value†
Qihoo 360 Technology Co. Ltd. ADR		1,452	$	87,556	*
Twitter, Inc.		423		16,480	*
				2,611,591
IT Services (3.7%)
Accenture PLC Class A		896		83,014
Alliance Data Systems Corp.		540		160,547	*
Amdocs Ltd.		7,177		395,237
Automatic Data Processing, Inc.		1,789		151,242
Fiserv, Inc.		1,713		132,929	*
IBM Corp.		4,495		769,949
Leidos Holdings, Inc.		3,442		143,325
MasterCard, Inc. Class A		3,650		329,266
NeuStar, Inc. Class A		9,567		287,010	*
Teradata Corp.		1,845		81,162	*
VeriFone Systems, Inc.		6,574		235,152	*
Visa, Inc. Class A		5,772		381,241
WEX, Inc.		5,137		578,991	*
				3,729,065
Leisure Products (0.1%)
Polaris Industries, Inc.		997		136,549
Life Sciences Tools & Services (0.1%)
Charles River Laboratories International, Inc.		945		65,356	*
Thermo Fisher Scientific, Inc.		332		41,726
				107,082
Machinery (0.9%)
Deere & Co.		1,913		173,165
Dover Corp.		1,380		104,494
Ingersoll-Rand PLC		1,537		101,196
Lincoln Electric Holdings, Inc.		2,353		157,321
Mueller Industries, Inc.		3,190		111,777
Stanley Black & Decker, Inc.		1,604		158,315
Valmont Industries, Inc.		981		123,626
				929,894
Media (4.5%)
Comcast Corp. Class A		5,320		307,283

See Notes to Schedule of Investments

Schedule of Investments Flexible Select Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Comcast Corp. Class A Special		8,953	$	515,603
Cumulus Media, Inc. Class A		44,575		101,631	*
Gannett Co., Inc.		7,807		267,936
Lions Gate Entertainment Corp.		3,152		97,744
Markit Ltd.		8,623		221,180	*
Mediaset Espana Comunicacion SA		10,406		141,050	*
Omnicom Group, Inc.		1,861		140,989
Pearson PLC		6,685		135,096
Pearson PLC ADR		9,700		196,328
Regal Entertainment Group Class A		11,768		258,896
Scholastic Corp.		3,581		145,532
Thomson Reuters Corp.		2,041		83,803
Time Warner, Inc.		3,889		328,271
Twenty-First Century Fox, Inc. Class A		11,152		380,060
Viacom, Inc. Class B		7,114		494,067
Walt Disney Co.		6,987		759,627
				4,575,096
Metals & Mining (0.7%)
Allegheny Technologies, Inc.		3,549		120,631
Carpenter Technology Corp.		3,045		131,696
Dominion Diamond Corp.		7,886		155,433
Goldcorp, Inc.		16,464		310,017
				717,777
Multi-Utilities (0.6%)
Alliant Energy Corp.		1,099		66,457
CenterPoint Energy, Inc.		8,468		177,574
NiSource, Inc.		2,219		96,349
Wisconsin Energy Corp.		5,503		270,307
				610,687
Multiline Retail (0.5%)
Dollar Tree, Inc.		1,673		127,834	*
Kohl's Corp.		865		61,977
Macy's, Inc.		1,364		88,155

	Number of Shares		Value†
Nordstrom, Inc.		1,231	$	93,015
Target Corp.		1,122		88,447
				459,428
Oil, Gas & Consumable Fuels (6.3%)
Anadarko Petroleum Corp.		6,806		640,445
Antero Resources Corp.		2,166		95,975	*
Apache Corp.		1,105		75,582
Cabot Oil & Gas Corp.		28,437		961,739
Canadian Natural Resources Ltd.		254		8,445
Cenovus Energy, Inc.		1,643		30,921
Cheniere Energy, Inc.		1,040		79,550	*
Chevron Corp.		687		76,298
ConocoPhillips		2,600		176,592
Devon Energy Corp.		2,736		186,622
Enbridge, Inc.		4,626		242,079
EOG Resources, Inc.		9,726		962,388
Exxon Mobil Corp.		2,900		253,373
Noble Energy, Inc.		2,605		132,126
Occidental Petroleum Corp.		7,626		610,843
Pioneer Natural Resources Co.		2,821		487,412
Range Resources Corp.		7,875		500,535
Royal Dutch Shell PLC ADR Class A		3,927		249,090
Spectra Energy Corp.		207		7,711
Targa Resources Corp.		492		51,645
Teekay Corp.		9,566		475,526
Veresen, Inc.		2,459		36,344
				6,341,241
Paper & Forest Products (0.1%)
International Paper Co.		1,556		83,588
Personal Products (0.3%)
Estee Lauder Cos., Inc. Class A		3,970		322,721
Pharmaceuticals (8.1%)
AbbVie, Inc.		2,113		136,627

	Number of Shares		Value†
Actavis PLC		4,043	$	1,143,603	*
Bristol-Myers Squibb Co.		23,547		1,500,650
Eli Lilly & Co.		1,561		112,189
Impax Laboratories, Inc.		2,075		93,914	*
Johnson & Johnson		12,379		1,227,997
Merck & Co., Inc.		1,858		110,662
Novartis AG ADR		1,906		194,031
Pacira Pharmaceuticals, Inc.		857		58,687	*
Pfizer, Inc.		42,287		1,434,798
Roche Holding AG		406		116,179
Roche Holding AG ADR		585		20,990
Sanofi ADR		14,696		742,883
Shire PLC ADR		400		97,404
Teva Pharmaceutical Industries Ltd. ADR		9,480		572,782
Valeant Pharmaceuticals International, Inc.		68		14,751	*
Zoetis, Inc.		14,442		641,514
				8,219,661
Professional Services (1.0%)
Nielsen NV		7,734		347,566
Verisk Analytics, Inc. Class A		8,198		615,178	*
				962,744
Real Estate Investment Trusts (2.2%)
American Capital Agency Corp.		331		6,830
American Tower Corp.		3,637		343,806
Blackstone Mortgage Trust, Inc. Class A		4,325		132,907
Corrections Corporation of America		2,056		75,640
Crown Castle International Corp.		1,522		127,133
Iron Mountain, Inc.		3,070		105,884
NorthStar Realty Finance Corp.		13,208		247,782
Outfront Media, Inc.		7,624		218,961

See Notes to Schedule of Investments

Schedule of Investments Flexible Select Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Plum Creek Timber Co., Inc.		3,407	$	143,775
Starwood Property Trust, Inc.		17,964		431,316
Starwood Waypoint Residential Trust, Inc.		3,262		83,964
Vornado Realty Trust		907		93,865
Weyerhaeuser Co.		6,093		191,991
				2,203,854
Real Estate Management & Development (0.3%)
Brookfield Asset Management, Inc. Class A		4,923		265,104
Road & Rail (1.1%)
Avis Budget Group, Inc.		1,484		80,344	*
Canadian National Railway Co.		293		18,904
Canadian Pacific Railway Ltd.		934		178,002
CSX Corp.		4,264		153,888
Hertz Global Holdings, Inc.		10,284		214,319	*
Norfolk Southern Corp.		1,127		113,658
Old Dominion Freight Line, Inc.		1,042		74,117	*
Union Pacific Corp.		2,632		279,597
				1,112,829
Semiconductors & Semiconductor Equipment (1.4%)
Altera Corp.		2,449		102,074
Analog Devices, Inc.		1,650		102,036
ASML Holding NV		2,633		281,836
Intel Corp.		5,521		179,709
Linear Technology Corp.		11		507
ON Semiconductor Corp.		4,692		54,052	*
Skyworks Solutions, Inc.		756		69,741
Texas Instruments, Inc.		11,012		596,961
				1,386,916

	Number of Shares		Value†
Software (3.3%)
Activision Blizzard, Inc.		9,055	$	206,590
Adobe Systems, Inc.		1,041		79,178	*
ANSYS, Inc.		1,173		100,690	*
Check Point Software Technologies Ltd.		4,301		359,047	*
FireEye, Inc.		1,877		77,520	*
Intuit, Inc.		5,026		504,258
Microsoft Corp.		21,520		1,046,733
NICE-Systems Ltd. ADR		3,696		221,206
Nuance Communications, Inc.		7,387		113,243	*
Oracle Corp.		12,643		551,488
VMware, Inc. Class A		996		87,748	*
				3,347,701
Specialty Retail (1.9%)
Bed Bath & Beyond, Inc.		2,043		143,950	*
Best Buy Co., Inc.		2,301		79,730
DSW, Inc. Class A		3,001		108,846
Five Below, Inc.		2,706		91,246	*
GNC Holdings, Inc. Class A		6,049		260,409
Home Depot, Inc.		6,230		666,485
Office Depot, Inc.		8,377		77,236	*
Tiffany & Co.		2,414		211,177
TJX Cos., Inc.		5,016		323,733
				1,962,812
Technology Hardware, Storage & Peripherals (2.7%)
Apple, Inc.		13,384		1,675,008
EMC Corp.		16,720		449,935
SanDisk Corp.		9,152		612,635
				2,737,578
Textiles, Apparel & Luxury Goods (0.5%)
Coach, Inc.		4,726		180,580
Columbia Sportswear Co.		84		5,267
Luxottica Group SpA ADR		451		29,595
NIKE, Inc. Class B		984		97,259
PVH Corp.		1,404		145,103
Ralph Lauren Corp.		696		92,853
				550,657

	Number of Shares		Value†
Trading Companies & Distributors (0.3%)
NOW, Inc.		5,775	$	138,023	*
W.W. Grainger, Inc.		663		164,709
				302,732
Transportation Infrastructure (0.4%)
Macquarie Infrastructure Co. LLC		3,771		312,088
Wesco Aircraft Holdings, Inc.		9,021		141,449	*
				453,537
Water Utilities (0.2%)
American Water Works Co., Inc.		3,037		165,577
Wireless Telecommunication Services (0.1%)
SBA Communications Corp. Class A		1,255		145,354	*
Total Common Stocks (Cost $76,672,584)				88,539,374
Preferred Stocks (0.2%)
Banks (0.1%)
HSBC Holdings PLC, Ser. 2, 8.00%		2,596		68,171
JPMorgan Chase & Co. Ser. O 5.50%		20		492
U.S. Bancorp, Ser. F, 6.50%		2,837		84,486
Wells Fargo & Co., 5.20%		20		488
				153,637
Marine (0.1%)
Seaspan Corp., Ser. C, 9.50%		2,083		54,887
Total Preferred Stocks (Cost $202,963)				208,524
Exchange Traded Funds (0.2%)
iShares MSCI EMU ETF		2,744		108,223
SPDR S&P 500 ETF Trust		73		15,222
WisdomTree Europe Hedged Equity Fund		1,221		78,462
Total Exchange Traded Funds (Cost $197,636)				201,907

See Notes to Schedule of Investments

Schedule of Investments Flexible Select Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Mutual Funds (5.1%)
Central Fund of Canada Ltd. Class A		14,759	$	176,813
Neuberger Berman Core Bond Fund Institutional Class		473,079		4,994,263	^§
Total Mutual Funds (Cost $5,086,822)				5,171,076
Short-Term Investments (6.8%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $6,868,828)		6,868,828		6,868,828
Total Investments (100.1%) (Cost $89,028,833)				100,989,709	^##
Liabilities, less cash, receivables and other assets [(0.1%)]				(88,665	)
Total Net Assets (100.0%)			$	100,901,044

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) 4/30/15

TOP TEN HOLDINGS LONG POSITIONS

		Country	Industry
1	Neuberger Berman International Equity Fund Institutional Class	United States	Mutual Funds	12.8	%
2	Neuberger Berman Emerging Markets Equity Fund Institutional Class	United States	Mutual Funds	11.6	%
3	Neuberger Berman High Income Bond Fund Institutional Class	United States	Mutual Funds	5.1	%
4	Neuberger Berman Emerging Markets Debt Fund Institutional Class	United States	Mutual Funds	5.0	%
5	Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class	United States	Mutual Funds	3.0	%
6	iShares MSCI ACWI ETF	United States	Exchange Traded Funds	2.0	%
7	United Kingdom Gilt, Bonds, 1.75%, due 7/22/19	United Kingdom	Sovereign	1.1	%
8	United Kingdom Gilt, Bonds, 1.75%, due 9/7/22	United Kingdom	Sovereign	1.1	%
9	JPMorgan Chase & Co.	United States	Banks	1.1	%
10	Apple, Inc.	United States	Technology Hardware, Storage & Peripherals	1.1	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS

		Country	Industry
1	Tullow Oil PLC	United Kingdom	Oil, Gas & Consumable Fuels	(0.1	)%
2	Contra Furiex Pharmaceuticals	United States	Pharmaceuticals	(0.1	)%
3	Lundin Petroleum AB	Sweden	Oil, Gas & Consumable Fuels	(0.1	)%
4	Southern Copper Corp.	United States	Metals & Mining	(0.1	)%
5	Drillisch AG	Germany	Wireless Telecommunication Services	(0.1	)%
6	WABCO Holdings, Inc.	United States	Machinery	(0.1	)%
7	Williams Cos., Inc.	United States	Oil, Gas & Consumable Fuels	(0.1	)%
8	Priceline Group, Inc.	United States	IT Services	(0.1	)%
9	Starbucks Corp.	United States	Hotels, Restaurants & Leisure	(0.1	)%
10	NiSource, Inc.	United States	Multi-Utilities	(0.1	)%

	Number of Shares		Value†
Long Positions (104.0%)
Common Stocks (48.9%)
Australia (0.5%)
Caltex Australia Ltd.		689	$	19,216
Fortescue Metals Group Ltd.		6,412		10,832	^ØØ
Qantas Airways Ltd.		16,073		42,962	*
Tabcorp Holdings Ltd.		3,277		12,589
Telstra Corp. Ltd.		10,515		51,689
				137,288
Belgium (0.2%)
Anheuser-Busch InBev NV ADR		144		17,286	^ØØ
Delhaize Group SA		417		33,568
				50,854

	Number of Shares		Value†
Canada (1.9%)
Alimentation Couche-Tard, Inc. Class B		930	$	35,597	^ØØ
BCE, Inc.		1,163		51,300	^ØØ
Brookfield Asset Management, Inc. Class A		1,597		85,998	^ØØ
Canadian National Railway Co.		505		32,583	^ØØ
Canadian Natural Resources Ltd.		492		16,359
Canadian Pacific Railway Ltd.		269		51,266	^ØØ
Enbridge Income Fund Holdings, Inc.		416		13,402
Enbridge, Inc.		792		41,445	^ØØ
Finning International, Inc.		780		15,981	^ØØ

	Number of Shares		Value†
George Weston Ltd.		544	$	44,936
Kinross Gold Corp.		5,182		12,585	*^ØØ
Magna International, Inc.		1,062		53,518	^ØØ
Metro, Inc.		842		24,342
Potash Corp. of Saskatchewan, Inc.		1,235		40,310	^ØØ
Sun Life Financial, Inc.		416		13,325	^ØØ
				532,947
Denmark (0.2%)
AP Moeller - Maersk A/S Class A		18		34,702
AP Moeller - Maersk A/S Class B		6		11,908	^ØØ
Vestas Wind Systems A/S		381		17,281	^ØØ
				63,891

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Finland (0.6%)
Fortum OYJ		1,016	$	20,063
Neste Oil OYJ		2,550		69,355
UPM-Kymmene OYJ		3,382		61,196	^ØØ
Valmet OYJ		840		9,735	^ØØ
				160,349
France (0.8%)
Boiron SA		412		45,885	^ØØ
Genfit		141		6,131	*^ØØ
Groupe Fnac		138		8,312	*^ØØ
Peugeot SA		1,728		32,669	*
Sanofi		154		15,676
Sanofi ADR		1,794		90,687	^ØØ
Valeo SA		110		17,635	^ØØ
				216,995
Germany (1.1%)
Bayerische Motoren Werke AG (Preference Shares)		375		34,267
Daimler AG		168		16,153	^ØØ
Deutsche Lufthansa AG		1,104		15,226	*
Hannover Rueck SE		231		23,481	^ØØ
Kabel Deutschland Holding AG		144		19,298	*^ØØ
Merck KGaA		254		27,383	^ØØ
Porsche Automobil Holding SE (Preference Shares)		359		34,063
RWE AG		381		9,468	^ØØ
Volkswagen AG		138		34,957	^ØØ
Volkswagen AG (Preference Shares)		300		77,234	^ØØ
				291,530
Hong Kong (0.2%)
Cathay Pacific Airways Ltd.		6,000		15,435
Cheung Kong Infrastructure Holdings Ltd.		4,000		33,937	^ØØ
				49,372
Ireland (0.5%)
ICON PLC		753		48,448	*^ØØ
Ryanair Holdings PLC ADR		708		45,914	^ØØ

	Number of Shares		Value†
Smurfit Kappa Group PLC		1,201	$	36,770
XL Group PLC		601		22,285	^È
				153,417
Israel (0.9%)
Check Point Software Technologies Ltd.		556		46,415	*^ØØ
Teva Pharmaceutical Industries Ltd. ADR		3,138		189,598	^ØØ
				236,013
Italy (0.2%)
Enel SpA		5,081		24,084
Luxottica Group SpA ADR		647		42,456	^ØØ
				66,540
Japan (1.8%)
Asahi Kasei Corp.		2,377		22,383
BRIDGESTONE Corp.		500		20,942
Central Japan Railway Co.		100		17,861	^ØØ
Fujitsu Frontech Ltd.		799		9,901	^ØØ
Heiwa Corp.		600		12,510
Iwasaki Electric Co. Ltd.		8,302		19,169	^ØØ
Japan Airlines Co. Ltd.		1,400		46,679
Kanto Denka Kogyo Co. Ltd.		1,002		6,246	^ØØ
Kawasaki Kisen Kaisha Ltd.		13,294		34,340	^ØØ
Kobe Steel Ltd.		8,000		14,541
Mitsubishi Electric Corp.		1,413		18,453	^ØØ
Mitsubishi UFJ Financial Group, Inc.		8,400		59,676
Mizuho Financial Group, Inc.		28,500		54,329
Nippon Telegraph & Telephone Corp.		200		13,505	^ØØ
Resona Holdings, Inc.		2,700		14,397	^ØØ
Sala Corp.		2,884		14,417	^ØØ
Seiko Epson Corp.		700		12,232

	Number of Shares		Value†
Shinagawa Refractories Co. Ltd.		5,699	$	15,236	^ØØ
Sojitz Corp.		10,100		19,749
Tosoh Corp.		2,000		10,722
Toyo Tire & Rubber Co. Ltd.		700		13,409	^ØØ
TOYOTA MOTOR Corp.		400		27,844
Yamaguchi Financial Group, Inc.		1,000		12,535	^ØØ
				491,076
Luxembourg (0.0%)
APERAM SA		256		9,760	*
Netherlands (1.2%)
Aegon NV		4,541		35,828
Akzo Nobel NV		270		20,659	^ØØ
ASML Holding NV		752		80,494	^ØØ
Heineken Holding NV		292		20,355	^ØØ
Koninklijke Ahold NV		2,130		41,267
Koninklijke Philips NV		443		12,674	^ØØ
Royal Dutch Shell PLC, A Shares		1,020		32,161
Royal Dutch Shell PLC ADR Class A		648		41,103	^ØØ
Unilever NV		1,265		55,002	^ØØ
				339,543
Norway (0.0%)
Orkla ASA		1,584		12,439
Singapore (0.1%)
Yangzijiang Shipbuilding Holdings Ltd.		19,800		21,865	^ØØ
South Africa (0.1%)
Mondi PLC		1,154		23,366	^ØØ
Spain (0.2%)
ACS Actividades de Construccion y Servicios SA		505		17,794	^ØØ
Prosegur Cia de Seguridad SA		3,116		17,962	^ØØ
Repsol SA		1,032		21,274	^ØØ
				57,030

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

			Number of Shares		Value†
Sweden (0.4%)
Electrolux AB, Ser. B				411	$	12,306
Holmen AB, B Shares				350		11,581	^ØØ
Peab AB				1,981		16,708	^ØØ
Skanska AB, B Shares				772		17,179	^ØØ
Tele2 AB, B Shares				1,524		20,327
Telefonaktiebolaget LM Ericsson, B Shares				2,192		23,973
						102,074
Switzerland (1.2%)
ABB Ltd. ADR				1,989		43,300	*^ØØ
Autoneum Holding AG				52		11,483	*^ØØ
Clariant AG				1,093		23,996	*^ØØ
Forbo Holding AG				19		23,011	*^ØØ
Givaudan SA				9		16,841	*^ØØ
Logitech International SA				837		12,565	^ØØ
Lonza Group AG				334		47,224	*^ØØ
Nestle SA				157		12,181
Novartis AG				120		12,249
Novartis AG ADR				165		16,797	^ØØ
Swiss Life Holding AG				240		56,952	*^ØØ
Swiss Re AG				490		43,467
						320,066
United Kingdom (3.1%)
	3	i Group PLC		2,509		19,437
Acacia Mining PLC				2,505		11,110	^ØØ
Aggreko PLC				790		19,928	^ØØ
Barclays PLC ADR				1,084		17,062	^È
Bellway PLC				1,449		44,053
Berkeley Group Holdings PLC				353		13,591	^ØØ
BP PLC				7,268		52,420
BT Group PLC				8,579		59,835	^ØØ
Carillion PLC				2,711		13,526	^ØØ
Carnival PLC				401		18,244	^ØØ
easyJet PLC				1,328		36,720
Evraz PLC				23,883		69,359	^ØØ
Fiat Chrysler Automobiles NV				724		10,781	*
G4S PLC				4,760		21,351	^ØØ
HSBC Holdings PLC				1,428		14,265

	Number of Shares		Value†
Imperial Tobacco Group PLC		506	$	24,708	^ØØ
Inchcape PLC		1,841		23,418	^ØØ
International Consolidated Airlines Group SA		6,797		56,695	*
Lamprell PLC		8,540		18,392	*^ØØ
Melrose Industries PLC		4,067		16,504	^ØØ
National Express Group PLC		18,242		80,337	^ØØ
National Grid PLC		1,674		22,521	^ØØ
Pace PLC		2,805		17,784	^ØØ
Persimmon PLC		609		15,812	*^ØØ
Rexam PLC		2,262		20,077	^ØØ
Royal Bank of Scotland Group PLC		6,705		34,739	*^ØØ
Segro PLC		2,612		17,159	^ØØ
Tate & Lyle PLC		1,418		12,984	^ØØ
Taylor Wimpey PLC		6,330		16,073	^ØØ
Trinity Mirror PLC		3,866		10,919	*^ØØ
UBM PLC		2,158		18,629	^ØØ
				828,433
United States (33.7%)
3M Co.		182		28,463	^ØØ
Achillion Pharmaceuticals, Inc.		551		4,821	*^È
Actavis PLC		376		106,355	*^ØØ
Activision Blizzard, Inc.		4,265		97,306	^ÈØØ
ADT Corp.		487		18,311	^È
Aetna, Inc.		459		49,053	^ØØ
Akorn, Inc.		230		9,577	*^ÈØØ
Alaska Air Group, Inc.		532		34,080	^ÈØØ
Altria Group, Inc.		364		18,218	^ØØ
Amdocs Ltd.		976		53,748	^ØØ
American Airlines Group, Inc.		1,570		75,807	^ØØ
American Capital Agency Corp.		2,518		51,959	^ØØ
American Express Co.		971		75,204	^ØØ
American Financial Group, Inc.		408		25,786	^ØØ

	Number of Shares		Value†
American International Group, Inc.		1,744	$	98,170	^ÈØØ
Amgen, Inc.		127		20,055	^ØØ
AmTrust Financial Services, Inc.		880		52,334	^ØØ
Annaly Capital Management, Inc.		3,373		33,966	^ØØ
Anthem, Inc.		937		141,421	^ØØ
Apollo Residential Mortgage, Inc.		1,577		25,011	^ØØ
Apple, Inc.		2,354		294,603	^ØØ
Archer-Daniels- Midland Co.		648		31,674	^ØØ
Ashland, Inc.		504		63,685	^ØØ
AT&T, Inc.		952		32,977
Atmos Energy Corp.		348		18,792	^ØØ
Automatic Data Processing, Inc.		273		23,079	^ØØ
Avery Dennison Corp.		393		21,847	^ØØ
Axis Capital Holdings Ltd.		235		12,234	^È
Bank of America Corp.		2,113		33,660	^ØØ
BankUnited, Inc.		3,447		113,268	^ØØ
Berkshire Hathaway, Inc. Class B		835		117,910	*^ØØ
Best Buy Co., Inc.		746		25,849	^ØØ
Big Lots, Inc.		474		21,600	^È
Bill Barrett Corp.		674		7,818	*^ØØ
Boeing Co.		580		83,137	^ØØ
Bristol-Myers Squibb Co.		659		41,998	^ØØ
Bunge Ltd.		292		25,220	^ØØ
Cablevision Systems Corp. Class A		2,721		54,366	^ÈØØ
Cabot Oil & Gas Corp.		6,051		204,645	^ØØ
CBIZ, Inc.		1,552		14,030	*^È
CDW Corp.		293		11,228	^ØØ
CenturyLink, Inc.		341		12,262	^ØØ
Charles River Laboratories International, Inc.		416		28,771	*^ØØ

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Chevron Corp.		113	$	12,550	^ØØ
Chimera Investment Corp.		1,743		26,476
Cigna Corp.		901		112,301	^ØØ
Cintas Corp.		305		24,385
Cisco Systems, Inc.		1,438		41,458	^ØØ
Citigroup, Inc.		794		42,336	^ØØ
CME Group, Inc.		1,195		108,637	^ØØ
Comcast Corp. Class A		299		17,270	^ØØ
ConAgra Foods, Inc.		417		15,075	^ØØ
Concho Resources, Inc.		450		56,997	*^ØØ
CONSOL Energy, Inc.		231		7,503	^È
Cooper Cos., Inc.		632		112,540	^ØØ
Costco Wholesale Corp.		1,240		177,382	^ØØ
CVS Health Corp.		998		99,091	^ØØ
Darden Restaurants, Inc.		1,082		68,999	^ØØ
Delek US Holdings, Inc.		484		17,869
Delta Air Lines, Inc.		1,019		45,488	^ØØ
DeVry Education Group, Inc.		727		21,984	^ØØ
DIRECTV		121		10,975	*^ØØ
Domino's Pizza, Inc.		143		15,423	^È
Duke Energy Corp.		243		18,850	^ØØ
Dynegy, Inc.		739		24,587	*
Dynex Capital, Inc.		2,338		18,704
E.I. du Pont de v Nemours & Co.		241		17,641	^ØØ
eBay, Inc.		3,119		181,713	*^ØØ
Enphase Energy, Inc.		430		5,405	*^ØØ
Entercom Communications Corp. Class A		964		11,452	*^ØØ
Entergy Corp.		979		75,559	^ØØ
Esperion Therapeutics, Inc.		141		13,413	*^È
Everest Re Group Ltd.		196		35,066	^ØØ

	Number of Shares		Value†
Exelon Corp.		2,037	$	69,299	^ÈØØ
Exxon Mobil Corp.		330		28,832	^ØØ
Fairchild Semiconductor International, Inc.		1,448		26,303	*^ØØ
Fiserv, Inc.		284		22,038	*^ØØ
Freescale Semiconductor Ltd.		1,531		59,847	*^ØØ
Fresh Del Monte Produce, Inc.		305		11,264
General Dynamics Corp.		183		25,130	^ØØ
General Electric Co.		494		13,378^ØØ
Genpact Ltd.		1,582		34,583	*^ØØ
Gilead Sciences, Inc.		580		58,296	*^ØØ
GNC Holdings, Inc. Class A		1,096		47,183	^ØØ
Goldman Sachs Group, Inc.		564		110,781	^ØØ
Google, Inc. Class A		27		14,817	*^ØØ
Google, Inc. Class C		22		11,821	*
Graham Holdings Co. Class B		37		37,848
Haemonetics Corp.		667		27,034	*
Hartford Financial Services Group, Inc.		958		39,058	^ØØ
Hasbro, Inc.		313		22,157	^È
HCA Holdings, Inc.		672		49,735	*^ØØ
Hewlett-Packard Co.		2,059		67,885	^ÈØØ
IBM Corp.		192		32,888	^ØØ
IDT Corp. Class B		450		7,664	^È
IHS, Inc. Class A		419		52,572	*^ØØ
Infinera Corp.		614		11,543	*^È
Ingredion, Inc.		224		17,786	^ØØ
Intel Corp.		1,146		37,302	^ØØ
Intercontinental Exchange, Inc.		745		167,275	^ØØ
Intrexon Corp.		126		4,893	*^È
Intuit, Inc.		872		87,488	^ØØ
ITC Holdings Corp.		1,019		36,684	^ØØ
JC Penney Co., Inc.		5,093		42,272	*^È

	Number of Shares		Value†
JetBlue Airways Corp.		1,738	$	35,681	*^È
Johnson & Johnson		390		38,688	^ØØ
JPMorgan Chase & Co.		4,838		306,052	^ØØ
Kohl's Corp.		198		14,187	^ØØ
Lam Research Corp.		211		15,947	^ØØ
Leidos Holdings, Inc.		1,218		50,718	^ØØ
Lennar Corp. Class A		1,747		80,013	^ÈØØ
Lithia Motors, Inc. Class A		545		54,353	^ØØ
LKQ Corp.		557		24,255	*^ØØ
Manhattan Associates, Inc.		876		46,043	*^È
Manpower Group, Inc.		218		18,602	^ØØ
Marvell Technology Group Ltd.		1,140		15,971
Media General, Inc.		651		10,995	*^È
Merck & Co., Inc.		438		26,087	^ØØ
Merge Healthcare, Inc.		2,050		10,189	*^ØØ
Meritor, Inc.		718		9,420	*^ØØ
MetLife, Inc.		657		33,698	^ØØ
MFA Financial, Inc.		1,858		14,437
Micron Technology, Inc.		2,902		81,633	*^ØØ
Microsoft Corp.		1,607		78,164	^ØØ
Mondelez International, Inc. Class A		690		26,475	^ØØ
National Fuel Gas Co.		224		14,437	^È
Newell Rubbermaid, Inc.		1,687		64,325	^ØØ
NextEra Energy, Inc.		229		23,113	^ØØ
NIKE, Inc. Class B		255		25,204	^ØØ
NorthWestern Corp.		205		10,678	^ØØ
Nuance Communications, Inc.		6,179		94,724	*^ØØ
O'Reilly Automotive, Inc.		50		10,892	*^È

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Office Depot, Inc.		8,819	$	81,311	*^ØØ
Oracle Corp.		1,412		61,591	^ØØ
Packaging Corp. of America		1,122		77,631	^ØØ
PAM Transportation Services, Inc.		172		10,077	*^ØØ
Parker Hannifin Corp.		135		16,114	^ØØ
PartnerRe Ltd.		106		13,568	^ØØ
PBF Energy, Inc. Class A		375		10,643	^ØØ
PepsiCo, Inc.		187		17,787
Pfizer, Inc.		4,986		169,175	^ØØ
PG&E Corp.		222		11,748
Pilgrim's Pride Corp.		2,194		54,192	^È
Pioneer Natural Resources Co.		509		87,945	^ØØ
Pitney Bowes, Inc.		1,482		33,152	^ØØ
PNC Financial Services Group, Inc.		234		21,465	^ØØ
Polaris Industries, Inc.		258		35,336
Procter & Gamble Co.		1,349		107,259	^ØØ
QUALCOMM, Inc.		217		14,756	^ØØ
Range Resources Corp.		197		12,521	^ØØ
Reinsurance Group of America, Inc.		403		36,923	^ØØ
REX American Resources Corp.		183		11,569	*^È
Rite Aid Corp.		2,053		15,829	*
Rock-Tenn Co. Class A		193		12,155	^ØØ
Royal Caribbean Cruises Ltd.		859		58,464	^ØØ
Ruby Tuesday, Inc.		1,179		8,583	*^ØØ
SanDisk Corp.		1,713		114,668	^ØØ
Sanmina Corp.		966		19,639	*
Schlumberger Ltd.		395		37,371	^ØØ
Schnitzer Steel Industries, Inc. Class A		576		10,034	^ØØ
Seaboard Corp.		13		46,800	*^ØØ

	Number of Shares		Value†
Skyworks Solutions, Inc.		259	$	23,893	^ØØ
Sonoco Products Co.		386		17,250	^ØØ
SP Plus Corp.		668		15,204	*^ØØ
Spirit AeroSystems Holdings, Inc. Class A		2,184		111,144	*^ØØ
SS&C Technologies Holdings, Inc.		210		12,636	^ØØ
Staples, Inc.		2,485		40,555	^ØØ
Teekay Tankers Ltd. Class A		1,126		7,094	^ØØ
Teradata Corp.		1,149		50,545	*^È
Teradyne, Inc.		810		14,783	^ØØ
Tesoro Corp.		371		31,843	^ØØ
Tessera Technologies, Inc.		387		13,975
Texas Instruments, Inc.		300		16,263	^ØØ
Thomson Reuters Corp.		317		13,016	^ØØ
Time Warner, Inc.		191		16,122	^ØØ
TJX Cos., Inc.		418		26,978	^ØØ
Tractor Supply Co.		622		53,529	^ØØ
TRW Automotive Holdings Corp.		158		16,599	*
Twenty-First Century Fox, Inc. Class A		582		19,835	^ØØ
UGI Corp.		603		20,990	^ØØ
United Continental Holdings, Inc.		1,383		82,620	*^ØØ
United States Steel Corp.		1,994		47,896	^ÈØØ
UnitedHealth Group, Inc.		728		81,099	^ØØ
VF Corp.		239		17,311	^ØØ
Valero Energy Corp.		1,861		105,891	^ØØ
VeriFone Systems, Inc.		2,195		78,515	*^ØØ
Verisk Analytics, Inc. Class A		963		72,264	*^ØØ
Verizon Communications, Inc.		1,401		70,666	^ØØ
Visa, Inc. Class A		293		19,353	^È

	Number of Shares		Value†
Voya Financial, Inc.		1,867	$	79,049	^ØØ
VSE Corp.		92		6,545	^ØØ
WageWorks, Inc.		809		40,774	*^ØØ
Wal-Mart Stores, Inc.		1,401		73,913	^ØØ
Walt Disney Co.		620		67,406	^ØØ
Wells Fargo & Co.		2,797		154,115	^ØØ
West Corp.		1,492		46,177	^ØØ
WhiteWave Foods Co.		2,954		129,887	*^ØØ
Zimmer Holdings, Inc.		995		109,291	^ØØ
				9,275,396
Total Common Stocks (Cost $12,998,890)				13,440,244
	Principal Amount^a
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (4.5%)
U.S. Treasury Bonds, 3.00%, due 11/15/44	$	95,000		99,921
U.S. Treasury Bonds, 3.88%, due 8/15/40		5,000		6,075
U.S. Treasury Bonds, 4.38%, due 11/15/39		25,000		32,584
U.S. Treasury Bonds, 4.50%, due 2/15/36		65,000		86,018
U.S. Treasury Bonds, 5.38%, due 2/15/31		5,000		6,971

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Principal Amount^a		Value†
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 4/15/17	$	10,333	$	10,554
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 1/15/22		15,554		15,745
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 1/15/23		20,335		20,502
U.S. Treasury Inflation Indexed Bonds, 0.63%, due 1/15/24		60,349		63,206
U.S. Treasury Inflation Indexed Bonds, 0.63%, due 2/15/43		15,312		14,848
U.S. Treasury Inflation Indexed Bonds, 1.75%, due 1/15/28		33,608		39,421
U.S. Treasury Inflation Indexed Bonds, 2.00%, due 1/15/26		35,473		42,144

	Principal Amount^a		Value†
U.S. Treasury Inflation Indexed Bonds, 2.13%, due 2/15/40	$	65,149	$	86,302
U.S. Treasury Inflation Indexed Bonds, 2.38%, due 1/15/25		6,225		7,570
U.S. Treasury Inflation Indexed Bonds, 2.38%, due 1/15/27		11,638		14,398
U.S. Treasury Inflation Indexed Bonds, 2.50%, due 1/15/29		5,466		6,988
U.S. Treasury Inflation Indexed Bonds, 3.38%, due 4/15/32		99,164		145,593
U.S. Treasury Notes, 0.25%, due 12/31/15		185,000		185,072
U.S. Treasury Notes, 0.75%, due 2/28/18		75,000		74,719
U.S. Treasury Notes, 1.13%, due 3/31/20		20,000		19,706

	Principal Amount^a		Value†
U.S. Treasury Notes, 1.63%, due 11/15/22	$	20,000	$	19,689
U.S. Treasury Notes, 2.00%, due 10/31/21		65,000		65,995
U.S. Treasury Notes, 2.38%, due 8/15/24		70,000		72,155
U.S. Treasury Notes, 2.75%, due 2/15/24		35,000		37,198
U.S. Treasury Notes, 3.25%, due 3/31/17		60,000		63,052
Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $1,241,129)				1,236,426
U.S. Government Agency Securities (0.1%)
Federal Home Loan Bank, Bonds, 5.50%, due 7/15/36 (Cost $35,489)		25,000		34,048	^ØØ
Mortgage-Backed Securities (0.5%)
Fannie Mae (0.3%)
Pass- Through Certificates, 4.50%, TBA, 30 Year Maturity		60,000		65,297	^Ø

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Principal Amount^a		Value†
Freddie Mac (0.2%)
Pass- Through Certificates, 4.00%, TBA, 30 Year Maturity	$	60,000	$	64,050	^Ø
Total Mortgage-Backed Securities (Cost $129,159)				129,347
Government Securities (7.8%)
Sovereign (7.8%)
Australia Government Bond, Senior Unsecured Notes, 2.00%, due 8/21/35	AUD	15,000		15,420
Australia Government Bond, Senior Unsecured Notes, 2.75%, due 4/21/24	AUD	50,000		40,154
Australia Government Bond, Senior Unsecured Notes, 3.25% due 4/21/25	AUD	40,000		33,382
Canadian Government Bond, Bonds, 1.25%, due 2/1/16	CAD	105,000		87,376
Canadian Government Bond, Bonds, 4.25%, due 12/1/21	CAD	22,635		25,034
Canadian Government Bond, Bonds, 4.25%, due 6/1/18	CAD	185,000		169,811

	Principal Amount^a		Value†
European Investment Bank, Senior Unsecured Euro Medium- Term Notes, 4.63%, due 4/15/20	EUR	100,000	$	137,632
France Government Bond OAT, Bonds, 1.75%, due 11/25/24	EUR	95,000		118,395
Italy Buoni Poliennali Del Tesoro, Bonds, 2.55%, due 9/15/41	EUR	42,939		65,006
Italy Buoni Poliennali Del Tesoro, Bonds, 4.00%, due 2/1/37	EUR	55,000		78,820
Japan Government Twenty Year Bond, Senior Unsecured Notes, 1.20%, due 3/20/35	JPY	7,000,000		59,689
Mexican Bonos, Bonds, Ser. M, 7.75%, due 11/13/42	MXN	690,000		51,879
New Zealand Government Bond, Senior Unsecured Notes, 2.00%, due 9/20/25	NZD	20,000		16,037

	Principal Amount^a		Value†
New Zealand Government Bond, Senior Unsecured Notes, 2.50%, due 9/20/35	NZD	50,000	$	42,093
New Zealand Government Bond, Senior Unsecured Notes, Ser. 423, 5.50%, due 4/15/23	NZD	105,000		92,291
South Africa Government Bond, Bonds, Ser. R214, 6.50%, due 2/28/41	ZAR	805,000		53,314
Spain Government Bond, Bonds, 5.15%, due 10/31/44	EUR	5,000		8,762	^ñ
Spain Government Bond, Senior Unsecured Notes, 4.20%, due 1/31/37	EUR	10,000		14,788	^ñ
Spain Government Bond, Senior Unsecured Notes, 4.65%, due 7/30/25	EUR	80,000		116,453	^ñ
United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/44	GBP	42,349		85,248

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Principal Amount^a		Value†
United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.25%, due 3/22/52	GBP	10,604	$	24,049
United Kingdom Gilt Inflation Linked Bonds, Senior Unsecured Notes, 0.13%, due 3/22/29	GBP	43,241		75,878
United Kingdom Gilt, Bonds, 1.75%, due 7/22/19	GBP	200,000		314,451
United Kingdom Gilt, Bonds, 1.75%, due 9/7/22	GBP	200,000		309,781
United Kingdom Gilt, Bonds, 4.25%, due 12/7/27	GBP	60,000		114,896
Total Government Securities (Cost $2,165,312)				2,150,639
	Number of Shares
Exchange Traded Funds (3.9%)
iShares 10+ Year Credit Bond ETF		1,300		79,651	^ØØ
iShares Core U.S. Aggregate Bond ETF		1,674		185,580	^ØØ
iShares MSCI ACWI ETF		8,932		551,462	^ØØ

	Number of Shares		Value†
SPDR Barclays International Treasury Bond ETF		3,426	$	185,552	^ØØ
SPDR Barclays Long Term Corporate Bond ETF		1,900		77,938	^ØØ
Total Exchange Traded Funds (Cost $1,065,296)				1,080,183
Mutual Funds (37.5%)
Neuberger Berman Emerging Markets Debt Fund Institutional Class		148,236		1,388,211	^§ØØ
Neuberger Berman Emerging Markets Equity Fund Institutional Class		187,444		3,197,875	^§ØØ
Neuberger Berman High Income Bond Fund Institutional Class		153,180		1,393,318	^§ØØ
Neuberger Berman International Equity Fund Institutional Class		301,887		3,526,442	^§ØØ
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		111,878		822,119	^§ØØ
Total Mutual Funds (Cost $9,772,157)				10,327,965
Short-Term Investments (0.8%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $222,936)		222,936		222,936	^ØØ
Total Long Positions (104.0%) (Cost $27,630,368)				28,621,788	^##

	Number of Shares			Value†
Cash, receivables and other assets, less liabilities (4.9%)				$	1,352,991	^c
Short Positions (see summary below) ((8.9)%)					(2,454,535	)
Total Net Assets (100.0%)				$	27,520,244
Short Positions ((8.9)%)
Common Stocks Sold Short (8.9%)^‡
Australia (0.1%)
Coca-Cola Amatil Ltd.		(951	)		(7,699	)
Iluka Resources Ltd.		(1,678	)		(10,693	)
Santos Ltd.		(1,639	)		(10,674	)
					(29,066	)
Belgium (0.1%)
Anheuser-Busch InBev NV		(108	)		(13,149	)
UCB SA		(179	)		(12,894	)
					(26,043	)
Canada (0.2%)
Amaya, Inc.		(274	)		(6,411	)*
BCE, Inc.		(236	)		(10,404	)
Element Financial Corp.		(734	)		(10,525	)*
Franco-Nevada Corp.		(210	)		(10,903	)
IGM Financial, Inc.		(287	)		(10,854	)
Paramount Resources Ltd. Class A		(305	)		(9,022	)*
Peyto Exploration & Development Corp.		(333	)		(9,680	)
					(67,799	)
Denmark (0.1%)
Chr Hansen Holding A/S		(324	)		(15,686	)
GN Store Nord A/S		(650	)		(14,033	)
William Demant Holding A/S		(171	)		(14,067	)*
					(43,786	)

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares			Value†
France (0.5%)
Bureau Veritas SA		(651	)	$	(15,330	)
Danone SA		(189	)		(13,676	)
Dassault Systemes SA		(163	)		(12,560	)
Eurofins Scientific SE		(43	)		(12,112	)
Groupe Eurotunnel SE		(952	)		(15,263	)
Imerys SA		(184	)		(14,005	)
Legrand SA		(217	)		(12,548	)
LVMH Moet Hennessy Louis Vuitton SE		(70	)		(12,241	)
Pernod-Ricard SA		(103	)		(12,801	)
Remy Cointreau SA		(206	)		(15,498	)
Sartorius Stedim Biotech		(38	)		(9,692	)
					(145,726	)
Germany (0.3%)
BASF SE		(134	)		(13,313	)
Beiersdorf AG		(117	)		(10,177	)
Deutsche Wohnen AG		(385	)		(10,099	)
Drillisch AG		(362	)		(16,648	)
Linde AG		(62	)		(12,115	)
MAN SE		(90	)		(9,764	)
SAP SE		(200	)		(15,113	)
United Internet AG		(291	)		(13,010	)
					(100,239	)
Italy (0.2%)
Brunello Cucinelli SpA		(584	)		(10,833	)
Salvatore Ferragamo SpA		(449	)		(13,962	)
Snam SpA		(2,761	)		(14,382	)
Yoox SpA		(327	)		(10,301	)*
					(49,478	)
Japan (0.5%)
Asahi Co. Ltd.		(850	)		(7,508	)
Daiichi Sankyo Co. Ltd.		(764	)		(13,270	)
Hirose Electric Co. Ltd.		(105	)		(14,784	)
Honda Motor Co. Ltd.		(390	)		(13,075	)
Hulic Co. Ltd.		(813	)		(8,702	)
Inpex Corp.		(1,207	)		(15,148	)
Konami Corp.		(436	)		(8,002	)
LIXIL Group Corp.		(500	)		(10,422	)

	Number of Shares			Value†
Odakyu Electric Railway Co. Ltd.		(1,428	)	$	(14,369	)
Sumitomo Realty & Development Co. Ltd.		(303	)		(11,695	)
Takeda Pharmaceutical Co. Ltd.		(238	)		(12,219	)
					(129,194	)
Mexico (0.1%)
Fresnillo PLC		(1,425	)		(15,805	)
Netherlands (0.1%)
ASML Holding NV		(130	)		(13,990	)
OCI NV		(358	)		(10,673	)*
					(24,663	)
Spain (0.3%)
Atresmedia Corp. de Medios de Comunicacion SA		(905	)		(14,618	)
Banco Bilbao Vizcaya Argentaria SA		(1,155	)		(11,606	)
Inditex SA		(349	)		(11,199	)
Mediaset Espana Comunicacion SA		(1,109	)		(15,032	)*
Obrascon Huarte Lain SA		(372	)		(8,629	)
Zardoya Otis SA		(1,177	)		(15,174	)
					(76,258	)
Sweden (0.2%)
Assa Abloy AB Class B		(242	)		(14,039	)
Lundin Petroleum AB		(1,049	)		(16,980	)*
Volvo AB,		(895	)		(12,365	)
B Shares
Wallenstam AB, B Shares		(662)			(11,161)
					(54,545	)
Switzerland (0.4%)
Barry Callebaut AG		(13	)		(15,771	)*
Cie Financiere Richemont SA		(139	)		(12,389	)
Dufry AG		(97	)		(14,263	)*
PSP Swiss Property AG		(126	)		(11,752	)*

	Number of Shares			Value†
SGS SA		(7	)	$	(13,563	)
Swatch Group AG		(27	)		(12,070	)
Swiss Prime Site AG		(147	)		(12,889	)*
Syngenta AG		(37	)		(12,381	)
					(105,078	)
United Kingdom (1.6%)
Antofagasta PLC		(624	)		(7,469	)
Ashtead Group PLC		(747	)		(12,809	)
Associated British Foods PLC		(227	)		(9,910	)
British American Tobacco PLC		(191	)		(10,494	)
BTG PLC		(1,215	)		(13,406	)*
Burberry Group PLC		(371	)		(9,891	)
Capita PLC		(683	)		(11,955	)
Diageo PLC		(427	)		(11,855	)
Essentra PLC		(910	)		(13,358	)
Experian PLC		(828	)		(14,788	)
Glencore PLC		(3,007	)		(14,285	)*
Grainger PLC		(2,990	)		(9,697	)
Greene King PLC		(1,045	)		(13,286	)
Hammerson PLC		(1,106	)		(11,332	)
Hargreaves Lansdown PLC		(625	)		(11,740	)
Imagination Technologies Group PLC		(2,993	)		(9,028	)*
IMI PLC		(479	)		(9,179	)
Inmarsat PLC		(923	)		(14,213	)
Intertek Group PLC		(373	)		(14,907	)
Jardine Lloyd Thompson Group PLC		(673	)		(10,960	)
Johnson Matthey PLC		(227	)		(11,606	)
Kier Group		(515	)		(12,775	)
PLC
N Brown Group PLC		(1,526	)		(8,011	)
Next PLC		(86	)		(9,669	)
Oxford Instruments PLC		(724	)		(10,307	)
Pennon Group PLC		(1,031	)		(13,531	)
Polymetal International PLC		(773	)		(6,279	)

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Provident Financial PLC		(269	)	$	(12,408	)
Rotork PLC		(346	)		(12,486	)
RPC Group PLC		(1,522	)		(13,988	)
Serco Group PLC		(2,811	)		(5,743	)
Sports Direct International PLC		(1,284	)		(12,137	)*
St. James's Place PLC		(693	)		(9,453	)
Telecity Group PLC		(1,003	)		(13,605	)
Tesco PLC		(3,257	)		(10,978	)
Tullow Oil PLC		(2,824	)		(17,930	)
United Utilities Group PLC		(624	)		(9,283	)
Vectura Group PLC		(4,898	)		(11,717	)*
WM Morrison Supermarkets PLC		(3,834	)		(10,932	)
					(447,400	)
United States (4.2%)
Akorn, Inc.		(185	)		(7,703	)*
Albany Molecular Research, Inc.		(355	)		(6,411	)*
Alliance Data Systems Corp.		(48	)		(14,271	)*
Amazon.com, Inc.		(37	)		(15,606	)*
American Campus Communities, Inc.		(307	)		(12,323	)
American Tower Corp.		(128	)		(12,100	)
AMETEK, Inc.		(291	)		(15,254	)
Amphenol Corp. Class A		(242	)		(13,400	)
Analog Devices, Inc.		(241	)		(14,903	)
Arthur J. Gallagher & Co.		(192	)		(9,183	)
Bluebird Bio,		(79	)		(10,522	)*
Inc.
BorgWarner, Inc.		(206	)		(12,195	)
Brown-Forman Corp. Class B		(150	)		(13,534	)
CMS Energy Corp.		(421	)		(14,284	)
Coca-Cola Co.		(316	)		(12,817	)
Colgate- Palmolive Co.		(193	)		(12,985	)
Contra Furiex Pharmaceuticals		(1,793	)		(17,518	)^^

	Number of Shares			Value†
CoStar Group, Inc.		(75	)	$	(15,332	)*
Dealertrack Technologies, Inc.		(209	)		(8,216	)*
Dominion Resources, Inc.		(218	)		(15,626	)
Donaldson Co., Inc.		(403	)		(15,060	)
Emerson Electric Co.		(169	)		(9,942	)
Fastenal Co.		(311	)		(13,255	)
Federal Realty Investment Trust		(73	)		(9,758	)
FleetCor Technologies, Inc.		(97	)		(15,606	)*
FMC Corp.		(242	)		(14,353	)
Freeport- McMoRan, Inc.		(552	)		(12,845	)
General Growth Properties, Inc.		(340	)		(9,316	)
Global Payments, Inc.		(156	)		(15,644	)
Hershey Co.		(150	)		(13,788	)
Honeywell International, Inc.		(80	)		(8,074	)
Howard Hughes Corp.		(83	)		(12,323	)*
IAC/InterActiveCorp		(184	)		(12,847	)
IDEX Corp.		(169	)		(12,677	)
IDEXX Laboratories, Inc.		(79	)		(9,904	)*
Illinois Tool Works, Inc.		(105	)		(9,826	)
Intuitive Surgical, Inc.		(15	)		(7,440	)*
Investors Bancorp, Inc.		(1,088	)		(12,882	)
ITC Holdings Corp.		(424	)		(15,264	)
J.B. Hunt Transport Services, Inc.		(177	)		(15,434	)
Jarden Corp.		(286	)		(14,637	)*
Kansas City Southern		(118	)		(12,094	)
Kinder Morgan, Inc.		(303	)		(13,014	)
Lennox International, Inc.		(140	)		(14,834	)

	Number of Shares			Value†
Liberty Property Trust		(376	)	$	(13,100	)
LKQ Corp.		(339	)		(9,177	)*
Martin Marietta Materials, Inc.		(103	)		(14,693	)
MasterCard, Inc. Class A		(160	)		(14,434	)
Mobile Mini, Inc.		(246	)		(9,481	)
Monsanto Co.		(120	)		(13,675	)
Motorola Solutions, Inc.		(205	)		(12,249	)
Netflix, Inc.		(24	)		(13,356	)*
NetSuite, Inc.		(99	)		(9,461	)*
Newell Rubbermaid, Inc.		(330	)		(12,583	)
NiSource, Inc.		(366	)		(15,892	)
Nordson Corp.		(195	)		(15,532	)
ORBCOMM, Inc.		(2,099	)		(12,636	)*
Packaging Corp. of America		(189	)		(13,077	)
Pall Corp.		(146	)		(14,209	)
Panera Bread Co. Class A		(83	)		(15,146	)*
PGT, Inc.		(585	)		(6,622	)*
Plum Creek Timber Co., Inc.		(322	)		(13,588	)
Polaris Industries, Inc.		(99	)		(13,559	)
Power Solutions International, Inc.		(107	)		(6,827	)*
Precision Castparts Corp.		(68	)		(14,055	)
Priceline Group, Inc.		(13	)		(16,092	)*
Public Storage		(56	)		(10,523	)
Realty Income		(243	)		(11,414	)
Corp.
Restoration Hardware Holdings, Inc.		(107	)		(9,220	)*
Rice Energy, Inc.		(370	)		(9,113	)*
Rockwell Collins, Inc.		(121	)		(11,777	)
Sempra Energy		(134	)		(14,227	)
Sherwin- Williams Co.		(42	)		(11,676	)
Signature Bank		(112	)		(15,018	)*

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Signet Jewelers Ltd.		(109	)	$	(14,620	)
Simon Property Group, Inc.		(49	)		(8,893	)
Sirius XM Holdings, Inc.		(3,656	)		(14,441	)*
Southern Copper Corp.		(520	)		(16,942	)
Starbucks Corp.		(322	)		(15,965	)
SunEdison, Inc.		(385	)		(9,748	)*
Under Armour, Inc. Class A		(180	)		(13,959	)*
Union Pacific Corp.		(100	)		(10,623	)
United Natural Foods, Inc.		(187	)		(12,615	)*
United Parcel Service, Inc. Class B		(104	)		(10,455	)
VeriSign, Inc.		(202	)		(12,829	)*
Verizon Communications, Inc.		(236	)		(11,904	)
WABCO Holdings, Inc.		(132	)		(16,427	)*
Williams Cos., Inc.		(316	)		(16,176	)
WR Grace & Co.		(154	)		(14,895	)*
Wynn Resorts Ltd.		(104	)		(11,551	)
					(1,139,455	)
Total Short Positions (Proceeds $(2,391,793))					(2,454,535	)

See Notes to Schedule of Investments

LONG POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (UNAUDITED)

Industry	Investments at Value†		Percentage of Net Assets
Mutual Funds	$	10,327,965		37.5	%
Government Securities		2,150,639		7.8	%
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government		1,236,426		4.5	%
Exchange Traded Funds		1,080,183		3.9	%
Oil, Gas & Consumable Fuels		924,872		3.3	%
Banks		877,899		3.1	%
Pharmaceuticals		790,155		2.8	%
Food & Staples Retailing		545,925		2.0	%
Insurance		542,175		2.0	%
Airlines		533,307		1.9	%
Software		524,367		1.9	%
Technology Hardware, Storage & Peripherals		511,854		1.9	%
Diversified Financial Services		472,871		1.7	%
Food Products		450,979		1.6	%
Health Care Providers & Services		433,609		1.6	%
Semiconductors & Semiconductor Equipment		386,411		1.4	%
IT Services		365,467		1.3	%
Specialty Retail		348,962		1.3	%
Electric Utilities		301,589		1.1	%
Diversified Telecommunication Services		299,898		1.1	%
Media		270,283		1.0	%
Household Durables		269,184		1.0	%
Automobiles		267,968		1.0	%
Health Care Equipment & Supplies		248,865		0.9	%
Chemicals		222,483		0.8	%
Aerospace & Defense		219,411		0.8	%
Internet Software & Services		208,351		0.8	%
Professional Services		204,787		0.7	%
Commercial Services & Supplies		196,470		0.7	%
Road & Rail		192,124		0.7	%
Real Estate Investment Trusts		187,712		0.7	%
Metals & Mining		186,117		0.7	%
Containers & Packaging		185,730		0.7	%
Hotels, Restaurants & Leisure		182,302		0.7	%
Auto Components		133,586		0.5	%
Life Sciences Tools & Services		130,574		0.5	%
Capital Markets		130,218		0.5	%
Mortgage-Backed Securities		129,347		0.5	%
Communications Equipment		109,514		0.4	%
Household Products		107,259		0.4	%
Electrical Equipment		103,608		0.4	%
Biotechnology		101,478		0.4	%
Paper & Forest Products		96,143		0.3	%
Real Estate Management & Development		85,998		0.3	%
Textiles, Apparel & Luxury Goods		84,971		0.3	%
Marine		80,950		0.3	%
Multiline Retail		78,059		0.3	%
Consumer Finance		75,204		0.3	%
Machinery		73,638		0.3	%
Leisure Products		70,003		0.3	%
Construction & Engineering		65,207		0.2	%
Diversified Consumer Services		59,832		0.2	%
Energy Equipment & Services		55,763		0.2	%
Beverages		55,428		0.2	%

See Notes to Schedule of Investments

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

Industry	Investments at Value†			Percentage of Net Assets
Industrial Conglomerates	$	54,515			0.2	%
Multi-Utilities		54,415			0.2	%
Gas Utilities		54,219			0.2	%
Distributors		47,673			0.2	%
Tobacco		42,926			0.1	%
Trading Companies & Distributors		35,730			0.1	%
Electronic Equipment, Instruments & Components		30,867			0.1	%
U.S. Government Agency Securities		34,048			0.1	%
Independent Power and Renewable Electricity Producers		24,587			0.1	%
Wireless Telecommunication Services		20,327			0.1	%
Construction Materials		15,236			0.1	%
Health Care Technology		10,189			0.0	%
Short-Term Investments and Other Assets—Net		1,575,927			5.7	%
Short Positions (see summary on next page)
		(2,454,535	)		(8.9	)%
	$	27,520,244			100.0	%

See Notes to Schedule of Investments

SHORT POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (UNAUDITED)

Industry	Investments at Value†			Percentage of Net Assets
Chemicals	$	(143,731	)		(0.5	)%
Machinery		(142,699	)		(0.5	)%
Oil, Gas & Consumable Fuels		(117,737	)		(0.4	)%
Real Estate Investment Trusts		(112,347	)		(0.4	)%
Metals & Mining		(95,221	)		(0.4	)%
Pharmaceuticals		(88,727	)		(0.3	)%
Real Estate Management & Development		(88,318	)		(0.3	)%
Beverages		(87,353	)		(0.3	)%
Textiles, Apparel & Luxury Goods		(85,345	)		(0.3	)%
IT Services		(76,047	)		(0.3	)%
Internet Software & Services		(75,839	)		(0.3	)%
Professional Services		(70,543	)		(0.3	)%
Specialty Retail		(68,947	)		(0.3	)%
Hotels, Restaurants & Leisure		(62,359	)		(0.2	)%
Multi-Utilities		(60,029	)		(0.2	)%
Health Care Equipment & Supplies		(55,136	)		(0.2	)%
Food Products		(53,145	)		(0.2	)%
Road & Rail		(52,520	)		(0.2	)%
Diversified Telecommunication Services		(49,157	)		(0.2	)%
Semiconductors & Semiconductor Equipment		(47,669	)		(0.2	)%
Internet & Catalog Retail		(47,274	)		(0.2	)%
Building Products		(45,917	)		(0.2	)%
Software		(45,136	)		(0.2	)%
Electrical Equipment		(44,571	)		(0.2	)%
Media		(44,091	)		(0.2	)%
Banks		(39,506	)		(0.2	)%
Electronic Equipment, Instruments & Components		(38,491	)		(0.1	)%
Food & Staples Retailing		(34,525	)		(0.1	)%
Aerospace & Defense		(33,906	)		(0.1	)%
Insurance		(29,596	)		(0.1	)%
Construction Materials		(28,698	)		(0.1	)%
Household Durables		(27,220	)		(0.1	)%
Containers & Packaging		(27,065	)		(0.1	)%
Trading Companies & Distributors		(26,064	)		(0.1	)%
Water Utilities		(22,814	)		(0.1	)%
Capital Markets		(22,594	)		(0.1	)%
Construction & Engineering		(21,404	)		(0.1	)%
Life Sciences Tools & Services		(18,523	)		(0.1	)%
Wireless Telecommunication Services		(16,648	)		(0.1	)%
Electric Utilities		(15,264	)		(0.1	)%
Transportation Infrastructure		(15,263	)		(0.1	)%
Commercial Services & Supplies		(15,224	)		(0.1	)%
Gas Utilities		(14,382	)		(0.1	)%
Leisure Products		(13,559	)		(0.0	)%
Automobiles		(13,075	)		(0.0	)%
Household Products		(12,985	)		(0.0	)%
Consumer Finance		(12,408	)		(0.0	)%
Communications Equipment		(12,249	)		(0.0	)%
Auto Components		(12,195	)		(0.0	)%
Diversified Financial Services		(10,525	)		(0.0	)%
Biotechnology		(10,522	)		(0.0	)%
Tobacco		(10,494	)		(0.0	)%
Air Freight & Logistics		(10,455	)		(0.0	)%
Personal Products		(10,177	)		(0.0	)%
Multiline Retail		(9,669	)		(0.0	)%
Distributors		(9,177	)		(0.0	)%
Total Common Stocks Sold Short	$	(2,454,535	)		(8.9	)%

See Notes to Schedule of Investments

Schedule of Investments Inflation Managed Fund^b (Unaudited) 4/30/15

TOP TEN HOLDINGS

1	Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class	8.7	%
2	Neuberger Berman Emerging Markets Equity Fund Institutional Class	8.2	%
3	Neuberger Berman High Income Bond Fund Institutional Class	8.2	%
4	Neuberger Berman Floating Rate Income Fund Institutional Class	4.4	%
5	U.S. Treasury Inflation Indexed Bonds, 0.63%, due 1/15/24	2.9	%
6	Exxon Mobil Corp.	2.6	%
7	United Kingdom Gilt Inflation Linked Bonds, Senior Unsecured Notes, 0.13%, due 3/22/29	2.4	%
8	United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/44	2.0	%
9	Chevron Corp.	1.5	%
10	Energy Transfer Equity LP	1.4	%

	Number of Shares		Value†
Common Stocks (44.3%)
Chemicals (7.7%)
Air Products & Chemicals, Inc.		674	$	96,672
Airgas, Inc.		122		12,356
Celanese Corp. Class A		77		5,110
CF Industries Holdings, Inc.		145		41,683
Chase Corp.		71		2,542
Dow Chemical Co.		3,544		180,744
E.I. du Pont de Nemours & Co.		3,018		220,917
Eastman Chemical Co.		430		32,774
Ecolab, Inc.		778		87,120
FMC Corp.		235		13,938
Innophos Holdings, Inc.		51		2,695
International Flavors & Fragrances, Inc.		252		28,917
LyondellBasell Industries NV Class A		1,211		125,363
Monsanto Co.		1,370		156,125
Mosaic Co.		1,010		44,440
OMNOVA Solutions, Inc.		439		3,508	*
PPG Industries, Inc.		421		93,277
Praxair, Inc.		816		99,495
Sensient Technologies Corp.		88		5,752
Sherwin- Williams Co.		221		61,438
Sigma-Aldrich Corp.		328		45,566
Zep, Inc.		144		2,863
				1,363,295
Construction Materials (0.3%)
Martin Marietta Materials, Inc.		87		12,410

	Number of Shares		Value†
Vulcan Materials Co.		380	$	32,498
				44,908
Containers & Packaging (0.7%)
Avery Dennison Corp.		317		17,622
Ball Corp.		454		33,328
Berry Plastics Group, Inc.		94		3,216	*
MeadWestvaco Corp.		586		28,597
Owens-Illinois, Inc.		543		12,983	*
Rock-Tenn Co. Class A		110		6,928
Sealed Air Corp.		653		29,777
				132,451
Energy Equipment & Services (1.7%)
Atwood Oceanics, Inc.		140		4,673
Baker Hughes, Inc.		477		32,656
Cameron International Corp.		122		6,688	*
Ensco PLC Class A		198		5,402
FMC Technologies, Inc.		74		3,263	*
Halliburton Co.		941		46,062
Helmerich & Payne, Inc.		103		8,031
National Oilwell Varco, Inc.		532		28,946
Noble Corp. PLC		358		6,197
PHI, Inc.		167		5,232	*
Schlumberger Ltd.		1,494		141,347
SEACOR Holdings, Inc.		48		3,488	*
Superior Energy Services, Inc.		168		4,284
				296,269

	Number of Shares		Value†
Gas Utilities (0.5%)
Suburban Propane Partners LP		2,000	$	89,300
Hotels, Restaurants & Leisure (0.6%)
Cedar Fair LP		1,700		95,931
Starwood Hotels & Resorts Worldwide, Inc.		195		16,760
				112,691
Household Durables (0.1%)
TRI Pointe Homes, Inc.		1,275		18,207	*
Independent Power and Renewable Electricity Producers (0.4%)
NRG Yield, Inc. Class A		1,400		68,880
Internet Software & Services (0.1%)
Equinix, Inc.		70		17,915
Metals & Mining (1.1%)
Alcoa, Inc.		3,704		49,708
Allegheny Technologies, Inc.		211		7,172
Century Aluminum Co.		371		4,782	*
Freeport- McMoRan, Inc.		2,498		58,128
Newmont Mining Corp.		1,420		37,616	^ØØ
Nucor Corp.		720		35,179
				192,585
Multi-Utilities (0.9%)
CenterPoint Energy, Inc.		2,500		52,425
NiSource, Inc.		1,800		78,156
Sempra Energy		300		31,851
				162,432
Oil, Gas & Consumable Fuels (20.4%)
Alliance Holdings GP LP		2,400		119,280

See Notes to Schedule of Investments

Schedule of Investments Inflation Managed Fund^b (Unaudited) (cont'd)

	Number of Shares		Value†
Anadarko Petroleum Corp.		608	$	57,213
Apache Corp.		417		28,523
Cabot Oil & Gas Corp.		247		8,354
Chesapeake Energy Corp.		565		8,910
Chevron Corp.		2,347		260,658
Cimarex Energy Co.		101		12,564
ConocoPhillips		1,531		103,985
CONSOL Energy, Inc.		107		3,475
Crestwood Equity Partners LP		14,000		91,560
Crestwood Midstream Partners LP		7,800		123,786
Delek US Holdings, Inc.		54		1,994
Devon Energy Corp.		576		39,289
Energy Transfer Equity LP		3,800		253,308
Energy Transfer Partners LP		4,159		240,286
Enterprise Products Partners LP		7,000		239,750
EOG Resources, Inc.		649		64,219
EP Energy Corp. Class A		158		2,334	*
EQT Corp.		118		10,613
Exxon Mobil Corp.		5,208		455,023	^ØØ
Green Plains, Inc.		91		2,834
Hess Corp.		362		27,838
Kinder Morgan, Inc.		2,007		86,201
Marathon Oil Corp.		749		23,294
Marathon Petroleum Corp.		371		36,569
Murphy Oil Corp.		100		4,761
Navios Maritime Acquisition Corp.		735		2,800
Newfield Exploration Co.		249		9,771	*
NGL Energy Partners LP		2,100		61,446
Noble Energy, Inc.		348		17,651
Nordic American Tankers Ltd.		138		1,688
NuStar GP Holdings LLC		3,200		124,960

	Number of Shares		Value†
Occidental Petroleum Corp.		873	$	69,927
ONEOK, Inc.		2,501		120,298
PBF Energy, Inc. Class A		96		2,724
Phillips 66		750		59,482
Pioneer Natural Resources Co.		150		25,917
QEP Resources, Inc.		74		1,665
REX American Resources Corp.		72		4,552	*
Southwestern Energy Co.		245		6,867	*
Spectra Energy Corp.		4,662		173,659
Teekay LNG Partners LP		3,700		145,854
Teekay Offshore Partners LP		3,100		72,726
Teekay Tankers Ltd. Class A		696		4,385
Tesoro Corp.		220		18,883
Valero Energy Corp.		791		45,008
Western Gas Partners LP		1,800		131,202
Williams Cos., Inc.		4,248		217,455
				3,625,541
Paper & Forest Products (0.4%)
Domtar Corp.		86		3,717
International Paper Co.		1,341		72,039
				75,756
Real Estate Investment Trusts (9.1%)
Alexandria Real Estate Equities, Inc.		300		27,714
Altisource Residential Corp.		515		9,862
American Homes 4 Rent Class A		2,080		35,131
American Tower Corp.		1,110		104,928
AvalonBay Communities, Inc.		495		81,348
Boston Properties, Inc.		815		107,833
CBL & Associates Properties, Inc.		1,150		20,712

	Number of Shares		Value†
CoreSite Realty Corp.		360	$	17,309
Crown Castle International Corp.		650		54,294
DCT Industrial Trust, Inc.		750		24,780
Douglas Emmett, Inc.		920		26,220
Equity Residential		1,330		98,234
Essex Property Trust, Inc.		145		32,183
Federal Realty Investment Trust		290		38,764
General Growth Properties, Inc.		1,595		43,703
HCP, Inc.		677		27,276	^ØØ
Health Care REIT, Inc.		695		50,054
Host Hotels & Resorts, Inc.		2,185		44,006
Hudson Pacific Properties, Inc.		420		12,667
Kimco Realty Corp.		1,505		36,270
LaSalle Hotel Properties		680		24,949
Macerich Co.		385		31,478
National Retail Properties, Inc.		750		28,800
OMEGA Healthcare Investors, Inc.		740		26,707
Plum Creek Timber Co., Inc.		520		21,944
Prologis, Inc.		1,530		61,506
Public Storage		380		71,406
Regency Centers Corp.		410		25,740
Simon Property Group, Inc.		865		156,989
SL Green Realty Corp.		435		53,227
Sovran Self Storage, Inc.		305		26,639
Spirit Realty Capital, Inc.		1,920		21,677
Sunstone Hotel Investors, Inc.		1,591		24,788
Urstadt Biddle Properties, Inc. Class A		305		6,329
Ventas, Inc.		1,015		69,933
Vornado Realty Trust		390		40,361
Weyerhaeuser Co.		1,175		37,024
				1,622,785

See Notes to Schedule of Investments

Schedule of Investments Inflation Managed Fund^b (Unaudited) (cont'd)

	Number of Shares		Value†
Real Estate Management & Development (0.3%)
Brookfield Asset Management, Inc. Class A		570	$	30,694
Brookfield Property Partners LP		40		927
Forest City Enterprises, Inc. Class A		1,135		26,968	*
				58,589
Total Common Stocks (Cost $7,039,212)				7,881,604
	Principal Amount^a
Government Securities (12.0%)
Sovereign (12.0%)
Australia Government Bond, Senior Unsecured Notes, 2.00%, due 8/21/35	AUD	90,000		92,519
Canadian Government Bond, Bonds, 1.50%, due 12/1/44	CAD	43,378		47,001
Italy Buoni Poliennali Del Tesoro, Bonds, 2.35%, due 9/15/35	EUR	100,396		148,616
Italy Buoni Poliennali Del Tesoro, Bonds, 2.55%, due 9/15/41	EUR	144,920		219,394
Mexican Bonos, Bonds, 7.75%, due 11/13/42	MXN	1,555,000		116,915

	Principal Amount^a		Value†
New Zealand Government Bond, Senior Unsecured Notes, 2.00%, due 9/20/25	NZD	280,000	$	224,512
New Zealand Government Bond, Senior Unsecured Notes, 2.50%, due 9/20/35	NZD	215,000		180,998
South Africa Government Bond, Bonds, 6.50%, due 2/28/41	ZAR	1,540,000		101,992
Sweden Inflation Linked Bond, Bonds, 3.50%, due 12/1/28	SEK	205,000		49,578
United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/44	GBP	179,982		362,303
United Kingdom Gilt Inflation Linked Bonds, Senior Unsecured Notes, 0.13%, due 3/22/29	GBP	243,230		426,816

	Principal Amount^a		Value†
United Kingdom Gilt Inflation Linked, Bonds, 0.25%, due 3/22/52	GBP	74,225	$	168,347
Total Government Securities (Cost $2,058,491)				2,138,991
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (12.5%)
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 4/15/17	$	87,828		89,708
U.S. Treasury Inflation Indexed Bonds, 1.13%, due 1/15/21		64,371		69,274
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 1/15/22		77,768		78,722
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 7/15/22		45,925		46,632
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 1/15/23		122,010		123,011
U.S. Treasury Inflation Indexed Bonds, 0.25%, due 1/15/25		44,589		45,163

See Notes to Schedule of Investments

Schedule of Investments Inflation Managed Fund^b (Unaudited) (cont'd)

	Principal Amount^a		Value†
U.S. Treasury Inflation Indexed Bonds, 0.63%, due 1/15/24	$	497,881	$	521,453
U.S. Treasury Inflation Indexed Bonds, 0.63%, due 2/15/43		107,182		103,933
U.S. Treasury Inflation Indexed Bonds, 1.75%, due 1/15/28		145,633		170,822
U.S. Treasury Inflation Indexed Bonds, 2.00%, due 1/15/26		212,839		252,863
U.S. Treasury Inflation Indexed Bonds, 2.13%, due 2/15/40		157,444		208,564
U.S. Treasury Inflation Indexed Bonds, 2.38%, due 1/15/25		80,928		98,404
U.S. Treasury Inflation Indexed Bonds, 2.38%, due 1/15/27		64,007		79,188
U.S. Treasury Inflation Indexed Bonds, 2.50%, due 1/15/29		54,655		69,882

	Principal Amount^a		Value†
U.S. Treasury Inflation Indexed Bonds, 3.38%, due 4/15/32	$	152,052	$	223,243
U.S. Treasury Inflation Indexed Bonds, 3.88%, due 4/15/29		28,552		41,949
Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $2,192,896)				2,222,811
	Number of Shares
Mutual Funds (29.5%)
Neuberger Berman Emerging Markets Equity Fund Institutional Class		85,813		1,464,008	^§
Neuberger Berman Floating Rate Income Fund Institutional Class		76,483		776,842	^§
Neuberger Berman High Income Bond Fund Institutional Class		159,732		1,452,922	^§
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		211,730		1,555,863	*^§
Total Mutual Funds (Cost $5,662,381)				5,249,635

	Number of Shares		Value†
Short-Term Investments (1.2%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $223,101)		223,101	$	223,101	^ØØ
Total Investments (99.5%) (Cost $17,176,081)				17,716,142	^##
Cash, receivables and other assets, less liabilities (0.5%)				86,616	^c
Total Net Assets (100.0%)			$	17,802,758

See Notes to Schedule of Investments

Schedule of Investments Long Short Fund (Unaudited) 4/30/15

TOP TEN EQUITY HOLDINGS LONG POSITIONS

1	Brookfield Infrastructure Partners LP	2.8	%
2	Enbridge, Inc.	2.8	%
3	DaVita HealthCare Partners, Inc.	2.6	%
4	Zimmer Holdings, Inc.	2.4	%
5	PVH Corp.	2.1	%

6	Home Depot, Inc.	1.8	%
7	Markit Ltd.	1.7	%
8	Delta Air Lines, Inc.	1.5	%
9	Verisk Analytics, Inc. Class A	1.5	%
10	Visa, Inc. Class A	1.4	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS

1	iShares Russell Mid-Cap ETF	(1.1	)%
2	iShares Russell 2000 ETF	(1.0	)%
3	Utilities Select Sector SPDR Fund	(0.8	)%
4	Consolidated Edison, Inc.	(0.6	)%
5	Siemens AG ADR	(0.6	)%

6	CGI Group, Inc. Class A	(0.6	)%
7	Vanguard REIT ETF	(0.6	)%
8	Consumer Discretionary Select Sector SPDR Fund	(0.5	)%
9	Industrial Select Sector SPDR Fund	(0.5	)%
10	iShares MSCI Emerging Markets ETF	(0.5	)%

	Number of Shares		Value†
Long Positions (95.8%)
Common Stocks (70.8%)
Aerospace & Defense (0.3%)
United Technologies Corp.		93,000	$	10,578,750
Airlines (1.5%)
Delta Air Lines, Inc.		1,144,066		51,071,106
Automobiles (0.3%)
General Motors Co.		329,220		11,542,453
Banks (3.1%)
Citigroup, Inc.		643,900		34,332,748	^ØØ
JPMorgan Chase & Co.		552,500		34,951,150
U.S. Bancorp		198,300		8,501,121
Wells Fargo & Co.		492,500		27,136,750
				104,921,769
Capital Markets (0.6%)
BlackRock, Inc.		38,500		14,011,690
Moelis & Co. Class A		173,000		4,679,650
				18,691,340
Chemicals (0.9%)
Ashland, Inc.		242,800		30,680,208
Communications Equipment (0.3%)
Motorola Solutions, Inc.		160,000		9,560,000

	Number of Shares		Value†
Consumer Finance (1.7%)
American Express Co.		213,800	$	16,558,810
Springleaf Holdings, Inc.		374,200		18,710,000	*
Synchrony Financial		690,417		21,506,490	*^ØØ
				56,775,300
Diversified Financial Services (0.8%)
CME Group, Inc.		310,000		28,182,100
Electric Utilities (3.2%)
Brookfield Infrastructure Partners LP		2,186,749		96,063,884	^ØØ
Eversource Energy		272,400		13,282,224	^ØØ
				109,346,108
Electrical Equipment (1.2%)
Hubbell, Inc. Class B		218,794		23,811,351
Sensata Technologies Holding NV		314,874		17,384,194	*
				41,195,545
Electronic Equipment, Instruments & Components (1.6%)
Amphenol Corp. Class A		284,000		15,725,080
CDW Corp.		480,000		18,393,600	^ØØ
Zebra Technologies Corp. Class A		219,400		20,202,352	*
				54,321,032

	Number of Shares		Value†
Energy Equipment & Services (0.3%)
Patterson- UTI Energy, Inc.		502,500	$	11,230,875
Food & Staples Retailing (1.3%)
Costco Wholesale Corp.		135,600		19,397,580
CVS Health Corp.		248,000		24,623,920	^ØØ
				44,021,500
Health Care Equipment & Supplies (3.1%)
Sirona Dental Systems, Inc.		262,900		24,383,975	*^ØØ
Zimmer Holdings, Inc.		743,000		81,611,120	^ØØ
				105,995,095
Health Care Providers & Services (3.2%)
Accretive Health, Inc.		1,278,675		7,186,153	*
DaVita HealthCare Partners, Inc.		1,090,600		88,447,660	*^ØØ
HCA Holdings, Inc.		182,900		13,536,429	*
				109,170,242
Hotels, Restaurants & Leisure (4.5%)
Darden Restaurants, Inc.		473,600		30,201,472
Dunkin' Brands Group, Inc.		429,200		22,365,612	^ØØ

See Notes to Schedule of Investments

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

	Number of Shares		Value†
Hilton Worldwide Holdings, Inc.		915,100	$	26,501,296	*
McDonald's Corp.		284,700		27,487,785
Starwood Hotels & Resorts Worldwide, Inc.		366,700		31,517,865
Wyndham Worldwide Corp.		190,100		16,234,540
				154,308,570
Household Durables (1.0%)
Lennar Corp. Class A		632,600		28,973,080	^ØØ
Newell Rubbermaid, Inc.		150,000		5,719,500
				34,692,580
Independent Power and Renewable Electricity Producers (1.2%)
Calpine Corp.		830,400		18,111,024	*^ØØ
Dynegy, Inc.		240,124		7,988,925	*
NRG Yield, Inc. Class A		280,000		13,776,000
				39,875,949
Internet & Catalog Retail (1.6%)
Amazon.com, Inc.		36,100		15,226,258	*
Vipshop Holdings Ltd. ADS		1,356,115		38,364,493	*
				53,590,751
Internet Software & Services (3.2%)
eBay, Inc.		596,700		34,763,742	*
Google, Inc. Class A		48,400		26,560,468	*
Google, Inc. Class C		19,453		10,452,875	*
Qihoo 360 Technology Co. Ltd. ADR		629,249		37,943,715	*^ØØ
				109,720,800

	Number of Shares		Value†
IT Services (2.6%)
Genpact Ltd.		1,004,155	$	21,950,828	*
Visa, Inc. Class A		728,600		48,124,030
WEX, Inc.		173,900		19,600,269	*
				89,675,127
Machinery (1.3%)
Ingersoll- Rand PLC		370,000		24,360,800
Valmont Industries, Inc.		167,347		21,089,069	^ØØ
				45,449,869
Media (1.7%)
Markit Ltd.		2,200,407		56,440,440	*
Metals & Mining (0.6%)
Steel Dynamics, Inc.		849,240		18,793,681
Multi-Utilities (1.3%)
NiSource, Inc.		570,300		24,762,426
Wisconsin Energy Corp.		421,400		20,699,168	^ØØ
				45,461,594
Multiline Retail (0.4%)
Dollar General Corp.		169,300		12,309,803
Oil, Gas & Consumable Fuels (5.6%)
Antero Resources Corp.		126,000		5,583,060	*
Cabot Oil & Gas Corp.		400,400		13,541,528
Columbia Pipeline Partners LP		345,900		9,356,595	*
Enbridge, Inc.		1,820,000		95,240,600
PDC Energy, Inc.		187,200		10,621,728	*
Rice Energy, Inc.		1,350,963		33,274,219	*
Teekay Corp.		494,700		24,591,537	^ØØ
				192,209,267

	Number of Shares		Value†
Pharmaceuticals (1.9%)
Bristol- Myers Squibb Co.		615,800	$	39,244,934
Impax Laboratories, Inc.		546,117		24,717,255	*
				63,962,189
Professional Services (2.5%)
Nielsen NV		731,000		32,851,140
Verisk Analytics, Inc. Class A		672,242		50,445,040	*
				83,296,180
Real Estate Investment Trusts (1.7%)
General Growth Properties, Inc.		550,200		15,075,480
Outfront Media, Inc.		595,501		17,102,789	^ØØ
Weyerhaeuser Co.		794,800		25,044,148
				57,222,417
Real Estate Management & Development (1.3%)
Brookfield Asset Management, Inc. Class A		832,200		44,813,970
Road & Rail (1.0%)
Canadian Pacific Railway Ltd.		180,000		34,304,400
Semiconductors & Semiconductor Equipment (1.2%)
Altera Corp.		462,497		19,276,875
ASML Holding NV		198,000		21,193,920	^ØØ
				40,470,795
Software (0.5%)
Activision Blizzard, Inc.		795,900		18,158,458	^ØØ
Specialty Retail (4.3%)
Asbury Automotive Group, Inc.		295,000		24,788,850	*

See Notes to Schedule of Investments

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

	Number of Shares		Value†
Five Below, Inc.		881,826	$	29,735,173	*^ØØ
Home Depot, Inc.		578,000		61,834,440	^ØØ
Tractor Supply Co.		365,888		31,488,321	^ØØ
				147,846,784
Technology Hardware, Storage & Peripherals (1.7%)
Apple, Inc.		120,000		15,018,000	^ØØ
EMC Corp.		392,700		10,567,557
SanDisk Corp.		456,400		30,551,416
				56,136,973
Textiles, Apparel & Luxury Goods (2.4%)
lululemon athletica, Inc.		156,000		9,927,840	*
PVH Corp.		693,000		71,621,550	^ØØ
				81,549,390
Tobacco (1.1%)
Lorillard, Inc.		377,900		26,400,094
Philip Morris International, Inc.		149,131		12,447,965
				38,848,059
Transportation Infrastructure (1.2%)
Wesco Aircraft Holdings, Inc.		2,658,000		41,677,440	*
Water Utilities (0.9%)
American Water Works Co., Inc.		547,800		29,866,056
Wireless Telecommunication Services (0.7%)
SBA Communications Corp. Class A		205,000		23,743,100	*^ØØ
Total Common Stocks (Cost $2,108,851,368)				2,411,708,065

	Principal Amount		Value†
Corporate Debt Securities (9.0%)
Airlines (0.5%)
UAL Corp., Guaranteed Notes, 6.00%, due 12/1/20	$	4,970,000	$	5,280,625
UAL Corp., Guaranteed Notes, Ser. B, 6.00%, due 7/15/28		10,970,000		10,970,000
				16,250,625
Coal (0.3%)
Alpha Natural Resources, Inc., Secured Notes, Ser. B, 7.50%, due 8/1/20		10,393,000		3,793,445	^ñ
Arch Coal, Inc., Guaranteed Notes, 7.00%, due 6/15/19		28,219,000		6,208,180
				10,001,625
Electric (0.9%)
DPL, Inc., Senior Unsecured Notes, 7.25%, due 10/15/21		28,571,000		30,856,680
Entertainment (0.1%)
Regal Entertainment Group, Senior Unsecured Notes, 5.75%, due 3/15/22		2,595,000		2,666,363

	Principal Amount		Value†
Food (0.6%)
SUPERVALU, Inc., Senior Unsecured Notes, 6.75%, due 6/1/21	$	19,440,000	$	20,096,100
Healthcare-Services (0.4%)
Select Medical Corp., Guaranteed Notes, 6.38%, due 6/1/21		14,893,000		14,781,302
Home Builders (0.9%)
KB Home, Guaranteed Notes, 7.00%, due 12/15/21		16,195,000		16,883,287
KB Home, Guaranteed Notes, 7.50%, due 9/15/22		11,684,000		12,209,780
				29,093,067
Iron-Steel (0.8%)
AK Steel Corp., Guaranteed Notes, 7.63%, due 5/15/20		24,475,000		21,232,062
AK Steel Corp., Guaranteed Notes, 7.63%, due 10/1/21		2,520,000		2,079,000
United States Steel Corp., Senior Unsecured Notes, 7.38%, due 4/1/20		2,940,000		3,072,300

See Notes to Schedule of Investments

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

	Principal Amount		Value†
United States Steel Corp., Senior Unsecured Notes, 7.50%, due 3/15/22	$	2,086,000	$	2,135,543
				28,518,905
Media (0.7%)
Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 7.63%, due 3/15/20		11,735,000		12,351,087
Sinclair Television Group, Inc., Guaranteed Notes, 6.13%, 10/1/22		12,563,000		13,253,965
				25,605,052
Oil & Gas (1.5%)
Carrizo Oil & Gas, Inc., Guaranteed Notes, 7.50%, due 9/15/20		1,750,000		1,841,525
Chesapeake Energy Corp., Guaranteed Notes, 4.88%, due 4/15/22		5,752,000		5,306,220
Chesapeake Energy Corp., Guaranteed Notes, 5.75%, due 3/15/23		1,700,000		1,632,000

	Principal Amount		Value†
Clayton Williams Energy, Inc., Guaranteed Notes, 7.75%, due 4/1/19	$	2,800,000	$	2,681,000
Forest Oil Corp., Guaranteed Notes, 7.25%, due 6/15/19		19,771,000		4,942,750
Gulfport Energy Corp., Guaranteed Notes, 6.63% due 5/1/23		1,375,000		1,402,500	^ñ
Gulfport Energy Corp., Guaranteed Notes, 7.75%, due 11/1/20		900,000		949,500
Halcon Resources Corp., Secured Notes, 8.63%, due 2/1/20		925,000		962,000	^ñØ
PDC Energy, Inc., Guaranteed Notes, 7.75%, due 10/15/22		4,195,000		4,467,675
Rice Energy, Inc., Guaranteed Notes, 7.25% due 5/1/23		1,850,000		1,924,000	^ñ

	Principal Amount		Value†
Sanchez Energy Corp., Guaranteed Notes, 6.13%, due, 1/15/23	$	1,154,000	$	1,130,920
SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 2/15/23		18,175,000		11,950,062
SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 3/15/21		9,835,000		6,761,563
Stone Energy Corp., Guaranteed Notes, 7.50%, 11/15/22		4,625,000		4,255,000
				50,206,715
Retail (0.1%)
Rite Aid Corp., Guaranteed Notes, 6.13%, due 4/1/23		2,750,000		2,849,688	^ñ
Telecommunications (2.0%)
Frontier Communications Corp., Senior Unsecured Notes, 6.88%, due 1/15/25		7,020,000		6,798,800
Frontier Communications Corp., Senior Unsecured Notes, 7.63%, due 4/15/24		15,967,000		16,266,381

See Notes to Schedule of Investments

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

	Principal Amount		Value†
MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 11/15/20	$	4,910,000	$	5,124,812
Sprint Capital Corp., Guaranteed Notes, 6.88%, 11/15/28		17,456,000		15,797,680
Sprint Nextel Corp., Senior Unsecured Notes, 6.00%, due 11/15/22		15,425,000		14,518,781
T-Mobile USA, Inc., Guaranteed Notes, 6.13%, due 1/15/22		4,090,000		4,217,813
T-Mobile USA, Inc., Guaranteed Notes, 6.38%, due 3/1/25		1,335,000		1,371,032
T-Mobile USA, Inc., Guaranteed Notes, 6.50%, due 1/15/24		5,475,000		5,714,531
				69,809,830
Transportation (0.2%)
Teekay Offshore Partners LP, Senior Unsecured Notes, 6.00%, due 7/30/19		7,495,000		6,726,763
Total Corporate Debt Securities (Cost $358,231,516)				307,462,715

	Contracts			Value†
Purchased Options (0.1%)
SPDR S&P 500 ETF Trust, Put, Jun 2015 @ 190		6,200		$	477,400
SPDR S&P 500 ETF Trust, Put, Jun 2015 @ 210		1,700			870,400
Total Options (Cost $2,677,780)					1,347,800
	Number of Shares
Short-Term Investments (15.9%)
State Street Institutional Government Money Market Fund Premier Class (Cost $540,753,554)		540,753,554			540,753,554	^ØØ
Total Long Positions (95.8%) (Cost $3,010,514,218)					3,261,272,134	^##
Cash, receivables and other assets, less liabilities (18.4%)					628,243,304	^c
Short Positions (see summary below) ((14.2)%)					(483,066,480	)
Total Net Assets (100.0%)				$	3,406,448,958
Short Positions ((14.2)%)
Common Stocks Sold Short (8.6%)‡
Auto Components (0.1%)
Gentherm, Inc.		(38,616	)		(2,036,222	)*
Banks (0.6%)
CIT Group, Inc.		(144,900	)		(6,524,847	)
M&T Bank Corp.		(114,600	)		(13,714,182	)
					(20,239,029	)
Capital Markets (0.3%)
Cohen & Steers, Inc.		(107,801	)		(4,081,346	)

	Number of Shares			Value†
Franklin Resources, Inc.		(99,800	)	$	(5,145,688	)
					(9,227,034	)
Commercial Services & Supplies (0.3%)
Waste Connections, Inc.		(229,580	)		(10,884,388	)
Electric Utilities (0.3%)
Southern Co.		(230,000	)		(10,189,000	)
Electronic Equipment, Instruments & Components (0.3%)
Corning, Inc.		(428,827	)		(8,975,349	)
Energy Equipment & Services (0.3%)
FMC Technologies, Inc.		(100,000	)		(4,410,000	)*
National Oilwell Varco, Inc.		(103,000	)		(5,604,230	)
					(10,014,230	)
Health Care Providers & Services (0.3%)
Amsurg Corp.		(136,000	)		(8,529,920	)*
Hotels, Restaurants & Leisure (0.4%)
Chuy's Holdings, Inc.		(95,100	)		(2,151,162	)*
Panera Bread Co. Class A		(65,100	)		(11,879,448	)*
					(14,030,610	)
Industrial Conglomerates (0.6%)
Siemens AG ADR		(187,000	)		(20,343,730	)
IT Services (0.7%)
CGI Group, Inc. Class A		(472,862	)		(19,893,304	)*
FleetCor Technologies, Inc.		(22,000	)		(3,539,580	)*
					(23,432,884	)
Machinery (0.8%)
Caterpillar, Inc.		(59,700	)		(5,186,736	)
Dover Corp.		(55,400	)		(4,194,888	)

See Notes to Schedule of Investments

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

	Number of Shares			Value†
PACCAR, Inc.		(105,000	)	$	(6,861,750	)
Parker- Hannifin Corp.		(65,000	)		(7,758,400	)
Rexnord Corp.		(141,000	)		(3,735,090	)*
					(27,736,864	)
Multi-Utilities (0.6%)
Consolidated Edison, Inc.		(340,900	)		(20,982,395	)
Oil, Gas & Consumable Fuels (0.6%)
Cheniere Energy, Inc.		(60,000	)		(4,589,400	)*
Energy Transfer Partners LP		(80,000	)		(4,622,400	)
Kinder Morgan, Inc.		(300,000	)		(12,885,000	)
					(22,096,800	)
Professional Services (0.1%)
Dun & Bradstreet Corp.		(35,000	)		(4,468,450	)
Road & Rail (0.2%)
Hertz Global Holdings, Inc.		(324,400	)		(6,760,496	)*
Semiconductors & Semiconductor Equipment (0.2%)
Xilinx, Inc.		(184,600	)		(8,004,256	)
Specialty Retail (1.5%)
Advance Auto Parts, Inc.		(107,700	)		(15,401,100	)
Bed Bath & Beyond, Inc.		(173,400	)		(12,217,764	)*
Sally Beauty Holdings, Inc.		(450,000	)		(14,044,500	)*
Sonic Automotive, Inc. Class A		(410,060	)		(9,574,901	)
					(51,238,265	)
Textiles, Apparel & Luxury Goods (0.4%)
Coach,		(100,000	)		(3,821,000	)
Inc.

	Number of Shares			Value†
Michael Kors Holdings Ltd.		(162,577	)	$	(10,057,013	)*
					(13,878,013	)
Total Common Stocks Sold Short (Proceeds $(284,295,968))					(293,067,935	)
Exchange Traded Funds Sold Short (5.6%)
Consumer Discretionary Select Sector SPDR Fund		(227,000	)		(17,095,370	)
Industrial Select Sector SPDR Fund		(290,000	)		(16,132,700	)
iShares Core S&P Small-Cap ETF		(77,000	)		(8,878,870	)
iShares MSCI Australia ETF		(101,000	)		(2,355,320	)
iShares MSCI Emerging Markets ETF		(370,000	)		(15,865,600	)
iShares Russell 2000 ETF		(273,500	)		(33,137,260	)
iShares Russell Mid-Cap ETF		(220,000	)		(37,743,200	)
SPDR S&P Retail ETF		(126,500	)		(12,236,345	)
Utilities Select Sector SPDR Fund		(604,000	)		(26,708,880	)
Vanguard REIT ETF		(250,000	)		(19,845,000	)
Total Exchange Traded Funds Sold Short (Proceeds $(166,955,139))					(189,998,545	)
Total Short Positions (Proceeds $(451,251,107))					(483,066,480	)

See Notes to Schedule of Investments

Schedule of Investments Multi-Asset Income Fund (Unaudited) 4/30/15

TOP TEN HOLDINGS

1	Neuberger Berman High Income Bond Fund Institutional Class	15.5	%
2	Neuberger Berman Floating Rate Income Fund Institutional Class	15.4	%
3	Neuberger Berman Emerging Markets Debt Fund Institutional Class	10.5	%
4	U.S. Treasury Bonds, 3.00%, due 11/15/44	2.7	%
5	iShares 10+ Year Credit Bond ETF	2.3	%
6	SPDR Barclays Long Term Corporate Bond ETF	2.3	%
7	U.S. Treasury Inflation Indexed Bonds, 3.38%, due 4/15/32	2.3	%
8	U.S. Treasury Bonds, 4.50%, due 2/15/36	1.9	%
9	Federal Home Loan Bank, Bonds, 5.50%, due 7/15/36	1.0	%
10	U.S. Treasury Bonds, 4.38%, due 11/15/39	0.9	%

	Number of Shares		Value†
Common Stocks (42.6%)
Aerospace & Defense (0.7%)
BAE Systems PLC		2,278	$	17,648
Boeing Co.		45		6,450
L-3 Communications Holdings, Inc.		82		9,423
Lockheed Martin Corp.		393		73,334
Northrop Grumman Corp.		33		5,083
Raytheon Co.		74		7,696
				119,634
Air Freight & Logistics (0.1%)
United Parcel Service, Inc. Class B		79		7,942
Airlines (0.3%)
Air New Zealand Ltd.		3,660		7,521
Cathay Pacific Airways Ltd.		7,000		18,007
easyJet PLC		233		6,443
Japan Airlines Co. Ltd.		200		6,669
Singapore Airlines Ltd.		800		7,371
				46,011
Automobiles (1.0%)
Bayerische Motoren Werke AG (Preference Shares)		74		6,762
Daimler AG		801		77,014	^ØØ
Ford Motor Co.		342		5,404
General Motors Co.		1,400		49,084

	Number of Shares		Value†
Porsche Automobil Holding SE (Preference Shares)		116	$	11,006
Volkswagen AG		64		16,212
				165,482
Banks (1.1%)
Australia & New Zealand Banking Group Ltd.		2,325		62,212
Banco Santander SA		429		3,244
Barclays PLC		1,233		4,824
BOC Hong Kong Holdings Ltd.		1,000		3,885
Hang Seng Bank Ltd.		400		7,798
JPMorgan Chase & Co.		1,023		64,715	^ØØ
Wells Fargo & Co.		700		38,570
				185,248
Beverages (0.6%)
Coca-Cola Co.		1,299		52,687
PepsiCo, Inc.		448		42,614
				95,301
Capital Markets (0.7%)
Apollo Investment Corp.		4,400		35,200
BlackRock, Inc.		19		6,915
Blackstone Group LP		900		36,864
FS Investment Corp.		3,350		35,074
				114,053
Chemicals (1.3%)
Air Products & Chemicals, Inc.		50		7,172
BASF SE		593		58,913

	Number of Shares		Value†
Dow Chemical Co.		280	$	14,280
E.I. du Pont de Nemours & Co.		1,019		74,591
LyondellBasell Industries NV Class A		493		51,035
Yara International ASA		177		9,069
				215,060
Commercial Services & Supplies (0.1%)
R.R. Donnelley & Sons Co.		255		4,748
West Corp.		65		2,012
				6,760
Communications Equipment (0.6%)
Cisco Systems, Inc.		3,544		102,174	^ØØ
Construction & Engineering (0.2%)
Skanska AB, B Shares		224		4,985
Vinci SA		312		19,136
				24,121
Containers & Packaging (0.2%)
Amcor Ltd.		792		8,432
Rock-Tenn Co. Class A		120		7,557
Smurfit Kappa Group PLC		229		7,011
				23,000
Diversified Financial Services (0.5%)
CME Group, Inc.		724		65,819
Industrivarden AB, C Shares		285		5,938
				71,757

See Notes to Schedule of Investments

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

	Number of Shares		Value†
Diversified Telecommunication Services (1.1%)
AT&T, Inc.		1,352	$	46,833
BT Group PLC		461		3,215
HKT Trust & HKT Ltd.		3,000		4,026
PCCW Ltd.		7,000		4,679
Singapore Telecommunications Ltd.		6,000		19,973
TDC A/S		439		3,342
Telenor ASA		289		6,527
TeliaSonera AB		1,789		11,123
Telstra Corp. Ltd.		5,945		29,224
Verizon Communications, Inc.		1,100		55,484
Windstream Holdings, Inc.		45		522
				184,948
Electric Utilities (1.6%)
American Electric Power Co., Inc.		140		7,962
CLP Holdings Ltd.		2,500		21,884
Duke Energy Corp.		286		22,185
EDP - Energias de Portugal SA		2,089		8,353
Enel SpA		1,833		8,688
Entergy Corp.		247		19,063
Exelon Corp.		1,000		34,020
Fortum OYJ		624		12,322
NextEra Energy, Inc.		792		79,937	^ØØ
Power Assets Holdings Ltd.		1,500		15,092
PPL Corp.		341		11,604
Spark Infrastructure Group		2,068		3,180
SSE PLC		967		22,912
				267,202
Electrical Equipment (0.1%)
Eaton Corp. PLC		69		4,742
Emerson Electric Co.		53		3,118
				7,860
Electronic Equipment, Instruments & Components (0.1%)
Avnet, Inc.		190		8,100
AVX Corp.		268		3,690
Corning, Inc.		168		3,516
				15,306

	Number of Shares		Value†
Energy Equipment & Services (0.4%)
Schlumberger Ltd.		650	$	61,496
Food & Staples Retailing (0.6%)
Delhaize Group SA		50		4,025
J Sainsbury PLC		1,162		4,832
Sysco Corp.		120		4,444
Wal-Mart Stores, Inc.		403		31,454
Wesfarmers Ltd.		879		30,298
Woolworths Ltd.		628		14,581
				89,634
Food Products (0.5%)
Archer- Daniels- Midland Co.		150		7,332
Campbell Soup Co.		100		4,471
ConAgra Foods, Inc.		312		11,279
General Mills, Inc.		41		2,269
Kraft Foods Group, Inc.		110		9,323
Orkla ASA		1,056		8,292
Unilever NV		800		34,784
Wilmar International Ltd.		2,300		5,649
				83,399
Gas Utilities (0.3%)
AGL Resources, Inc.		192		9,652
AmeriGas Partners LP		800		38,984
New Jersey Resources Corp.		69		2,105
Snam SpA		640		3,334
				54,075
Health Care Equipment & Supplies (0.0%)
Baxter International, Inc.		93		6,393
Health Care Providers & Services (0.2%)
Aetna, Inc.		55		5,878
Anthem, Inc.		69		10,414
Ramsay Health Care Ltd.		136		6,704
Sonic Healthcare Ltd.		1,002		15,704
				38,700

	Number of Shares		Value†
Hotels, Restaurants & Leisure (0.7%)
Carnival Corp.		95	$	4,177
Cedar Fair LP		1,000		56,430
International Game Technology PLC		49		1,003	*
Las Vegas Sands Corp.		600		31,728
McDonald's Corp.		168		16,221
Tabcorp Holdings Ltd.		2,325		8,932
				118,491
Household Durables (0.1%)
Bellway PLC		109		3,314
Berkeley Group Holdings PLC		154		5,929
				9,243
Household Products (1.1%)
Colgate- Palmolive Co.		63		4,238
Kimberly- Clark Corp.		500		54,845
Procter & Gamble Co.		1,519		120,776	^ØØ
				179,859
Independent Power and Renewable Electricity Producers (0.4%)
NRG Yield, Inc. Class A		650		31,980
TerraForm Power, Inc. Class A		900		35,577	*
				67,557
Industrial Conglomerates (0.7%)
General Electric Co.		1,993		53,970
Koninklijke Philips NV		1,100		31,471
Siemens AG ADR		250		27,198
				112,639
Insurance (2.7%)
Aegon NV		1,164		9,184
Aflac, Inc.		216		13,617
Ageas		147		5,523
Allianz SE		375		63,831
Amlin PLC		407		2,852
Aviva PLC		586		4,715
AXA SA		1,628		41,165
Catlin Group Ltd.		839		9,324	^{^^}

See Notes to Schedule of Investments

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

	Number of Shares		Value†
CNA Financial Corp.		217	$	8,745
CNO Financial Group, Inc.		448		7,616
CNP Assurances		543		9,760
Direct Line Insurance Group PLC		1,677		8,187
Gjensidige Forsikring ASA		280		4,871
Hannover Rueck SE		79		8,030
Insurance Australia Group Ltd.		1,644		7,535
Legal & General Group PLC		3,656		14,533
Mapfre SA		2,016		7,492
Marsh & McLennan Cos., Inc.		95		5,335
MetLife, Inc.		1,008		51,700
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		143		27,913
Old Mutual PLC		2,472		8,867
Phoenix Group Holdings		970		12,518
Sampo Oyj		252		12,210
SCOR SE		130		4,679
Standard Life PLC		638		4,561
Swiss Life Holding AG		29		6,882
Swiss Re AG		360		31,935	*
Travelers Cos., Inc.		86		8,695
Unipol Gruppo Finanziario SpA		796		4,176
Zurich Insurance Group AG		120		37,038	*
				443,489
Internet Software & Services (0.3%)
Equinix, Inc.		200		51,186
IT Services (0.3%)
Automatic Data Processing, Inc.		111		9,384
IBM Corp.		191		32,716
				42,100

	Number of Shares		Value†
Leisure Products (0.4%)
Hasbro, Inc.		969	$	68,596	^ØØ
Life Sciences Tools & Services (0.0%)
Lonza Group AG		26		3,676	*
Machinery (0.3%)
Deere & Co.		500		45,260
Yangzijiang Shipbuilding Holdings Ltd.		6,900		7,620
				52,880
Marine (0.0%)
AP Moeller - Maersk A/S Class A		2		3,856
Media (0.7%)
Cablevision Systems Corp. Class A		453		9,051
Cinemark Holdings, Inc.		119		5,073
Gannett Co., Inc.		133		4,565
Informa PLC		371		3,160
Lagardere SCA		1,200		38,521
Omnicom Group, Inc.		44		3,333
Pearson PLC		830		16,773
ProSiebenSat.1 Media AG		134		6,851
Time Warner Cable, Inc.		69		10,731
Wolters Kluwer NV		256		8,294
				106,352
Metals & Mining (1.1%)
BHP Billiton PLC		1,421		34,156
Fortescue Metals Group Ltd.		3,499		5,911
Franco-Nevada Corp.		700		36,281
Goldcorp, Inc.		700		13,181
Kobe Steel Ltd.		2,000		3,635
Rio Tinto PLC		1,047		46,854
Southern Copper Corp.		1,250		40,725
				180,743
Multi-Utilities (1.4%)
AGL Energy Ltd.		280		3,359
Centrica PLC		3,354		13,096

	Number of Shares		Value†
Consolidated Edison, Inc.		195	$	12,002
Dominion Resources, Inc.		1,125		80,640	^ØØ
National Grid PLC		3,114		41,894
NiSource, Inc.		850		36,907
PG&E Corp.		265		14,024
Public Service Enterprise Group, Inc.		75		3,115
Sempra Energy		275		29,197
				234,234
Multiline Retail (0.1%)
Kohl's Corp.		50		3,583
Marks & Spencer Group PLC		515		4,361
Target Corp.		153		12,061
				20,005
Oil, Gas & Consumable Fuels (8.4%)
Alliance Holdings GP LP		975		48,458
BP PLC		1,859		13,408
Caltex Australia Ltd.		109		3,040
Chevron Corp.		414		45,979
ConocoPhillips		1,172		79,602	^ØØ
Crestwood Midstream Partners LP		2,575		40,865
Energy Transfer Equity LP		1,275		84,992	^ØØ
Energy Transfer Partners LP		1,650		95,314
Eni SpA		2,003		38,429
Enterprise Products Partners LP		1,850		63,363	^ØØ
Exxon Mobil Corp.		1,205		105,281	^ØØ
Golar LNG Ltd.		1,000		35,995
Neste Oil OYJ		390		10,607
NuStar Energy LP		600		40,308
Occidental Petroleum Corp.		82		6,568
ONEOK, Inc.		700		33,670
PBF Energy, Inc. Class A		272		7,719
Phillips 66		88		6,979
Plains GP Holdings LP Class A		1,800		52,920
Repsol SA		1,193		24,592

See Notes to Schedule of Investments

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

	Number of Shares		Value†
Royal Dutch Shell PLC, A Shares		1,776	$	55,998
Royal Dutch Shell PLC, B Shares		994		31,824
Spectra Energy Corp.		2,957		110,148	^ØØ
Statoil ASA		850		18,020
Teekay Corp.		800		39,768
Teekay LNG Partners LP		1,125		44,348
Tesoro Corp.		43		3,691
Total SA		1,643		88,968	^ØØ
Valero Energy Corp.		189		10,754
Western Gas Partners LP		625		45,556
Williams Cos., Inc.		1,275		65,267
Woodside Petroleum Ltd.		313		8,632
				1,361,063
Paper & Forest Products (0.2%)
International Paper Co.		85		4,566
Stora Enso Oyj, R Shares		369		3,883
UPM-Kymmene OYJ		1,031		18,656
				27,105
Pharmaceuticals (4.7%)
AbbVie, Inc.		341		22,049
AstraZeneca PLC		1,049		71,989	^ØØ
Boiron SA		67		7,462
Bristol-Myers Squibb Co.		1,367		87,119
Eisai Co. Ltd.		200		13,332
Eli Lilly & Co.		923		66,336	^ØØ
GlaxoSmithKline PLC		3,861		89,176	^ØØ
GlaxoSmithKline PLC ADR		1,200		55,380
Johnson & Johnson		1,117		110,806	^ØØ
Merck & Co., Inc.		733		43,658
Pfizer, Inc.		2,583		87,641	^ØØ
Sanofi		992		100,976	^ØØ
Takeda Pharmaceutical Co. Ltd.		300		15,402
				771,326

	Number of Shares		Value†
Real Estate Investment Trusts (1.9%)
AvalonBay Communities, Inc.		300	$	49,302
Chimera Investment Corp.		133		2,017
Communications Sales & Leasing, Inc.		54		1,612	*
Extra Space Storage, Inc.		500		32,965
Outfront Media, Inc.		1,700		48,824
Prologis, Inc.		1,300		52,260	^ØØ
Simon Property Group, Inc.		200		36,298
Starwood Property Trust, Inc.		1,350		32,414
Weyerhaeuser Co.		1,700		53,567
				309,259
Road & Rail (0.2%)
National Express Group PLC		990		4,360
Norfolk Southern Corp.		29		2,925
Union Pacific Corp.		300		31,869
				39,154
Semiconductors & Semiconductor Equipment (0.5%)
Intel Corp.		1,350		43,942
Texas Instruments, Inc.		514		27,864
				71,806
Software (1.0%)
Microsoft Corp.		2,739		133,225	^ØØ
Oracle Corp.		800		34,896
				168,121
Specialty Retail (0.5%)
Best Buy Co., Inc.		900		31,185
Hennes & Mauritz AB, B Shares		493		19,600
Home Depot, Inc.		300		32,094
Staples, Inc.		302		4,929
				87,808

	Number of Shares		Value†
Technology Hardware, Storage & Peripherals (0.5%)
Apple, Inc.		300	$	37,545
Canon, Inc.		900		32,089
Hewlett-Packard Co.		245		8,078
				77,712
Textiles, Apparel & Luxury Goods (0.0%)
Yue Yuen Industrial Holdings Ltd.		1,000		3,774
Thrifts & Mortgage Finance (0.0%)
New York Community Bancorp, Inc.		194		3,335
Tobacco (1.5%)
Altria Group, Inc.		602		30,130
British American Tobacco PLC		1,273		69,943	^ØØ
Imperial Tobacco Group PLC		1,085		52,981
Imperial Tobacco Group PLC ADR		350		34,031
Lorillard, Inc.		83		5,798
Philip Morris International, Inc.		447		37,311
Reynolds American, Inc.		207		15,173
				245,367
Trading Companies & Distributors (0.0%)
Sojitz Corp.		1,900		3,715
Wireless Telecommunication Services (0.6%)
Tele2 AB, B Shares		1,418		18,913
Vodafone Group PLC		22,527		79,367	^ØØ
				98,280
Total Common Stocks (Cost $6,824,281)				6,948,287

See Notes to Schedule of Investments

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

	Principal Amount		Value†
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (8.9%)
U.S. Treasury Bonds, 3.00%, due 11/15/44	$	420,000	$	441,755
U.S. Treasury Bonds, 4.38%, due 11/15/39		115,000		149,886
U.S. Treasury Bonds, 4.50%, due 2/15/36		230,000		304,373
U.S. Treasury Inflation Indexed Bonds, 3.38%, due 4/15/32		251,216		368,836
U.S. Treasury Notes, 1.63%, due 11/15/22		95,000		93,523
U.S. Treasury Notes, 2.75%, due 2/15/24		85,000		90,339
Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $1,485,602)				1,448,712
U.S. Government Agency Securities (1.0%)
Federal Home Loan Bank, Bonds, 5.50%, due 7/15/36 (Cost $161,492)		115,000		156,621
	Number of Shares
Exchange Traded Funds (5.3%)
iShares 10+ Year Credit Bond ETF		6,100		373,747
iShares Core U.S. Aggregate Bond ETF		309		34,255
SPDR Barclays International Treasury Bond ETF		647		35,042
SPDR Barclays Long Term Corporate Bond ETF		9,000		369,180
Vanguard S&P 500 ETF		241		46,055
Total Exchange Traded Funds (Cost $878,331)				858,279

	Number of Shares		Value†
Mutual Funds (41.3%)
Neuberger Berman Emerging Markets Debt Fund Institutional Class		181,969	$	1,704,118	^§ØØ
Neuberger Berman Floating Rate Income Fund Institutional Class		246,799		2,506,749	^§ØØ
Neuberger Berman High Income Bond Fund Institutional Class		277,175		2,521,180	^§ØØ
Total Mutual Funds (Cost $6,666,773)				6,732,047
Short-Term Investments (1.4%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $228,685)		228,685		228,685	^ØØ
Total Investments (100.5%) (Cost $16,245,164)				16,372,631	^##
Liabilities, less cash, receivables and other assets [(0.5%)]				(73,926	)^c
Total Net Assets (100.0%)			$	16,298,705

See Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Flexible Select Fund ("Flexible Select"), Neuberger Berman Global Allocation Fund ("Global Allocation"), Neuberger Berman Inflation Managed Fund ("Inflation Managed"), (formerly, Neuberger Berman Inflation Navigator Fund), Neuberger Berman Long Short Fund ("Long Short") and Neuberger Berman Multi-Asset Income Fund ("Multi-Asset Income"), (each individually a "Fund," and collectively, the "Funds") are carried at the value that Neuberger Berman Management LLC ("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.

• 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, exchange traded funds, preferred stock, purchased option contracts and written option contracts, for which market quotations are readily available, is generally determined by Management by obtaining valuations from an independent pricing service 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 reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations.

The value of the Funds' investments in debt securities 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 based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

Corporate Debt Securities. Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, spread to the U.S. Treasury market, 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").

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

U.S. Treasury Securities. 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.

Sovereign Debt. Inputs used to value 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 financial futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of total return swaps is determined by Management by obtaining valuations from an independent pricing service using the underlying index and stated London Interbank Offered Rate ("LIBOR") (Level 2 inputs).

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

Investments in investment companies, with the exception of closed-end funds, if any, are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs).

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 Neuberger Berman Alternative Funds' Board of Trustees (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, 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 translated from the local currency into U.S. dollars using the exchange rates as of the end of regular trading on the New York Stock Exchange ("NYSE") on business days, usually 4:00 p.m., Eastern time. 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 income securities as of the close of the NYSE. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the close of the NYSE (Level 2 inputs) to assist in determining prices for certain foreign income 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 close of the NYSE, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

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.

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Flexible Select
Investments:
Common Stocks^	$	88,539,374	$	—	$	—	$	88,539,374
Preferred Stocks^		208,524		—		—		208,524
Exchange Traded Funds		201,907		—		—		201,907
Mutual Funds		176,813		4,994,263		—		5,171,076
Short-Term Investments		—		6,868,828		—		6,868,828
Total Investments		89,126,618		11,863,091		—		100,989,709
Global Allocation
Investments:
Common Stocks^
Australia		—		137,288		—		137,288
Belgium		17,286		33,568		—		50,854
Denmark		—		63,891		—		63,891
Finland		—		160,349		—		160,349
France		98,999		117,996		—		216,995
Germany		—		291,530		—		291,530
Hong Kong		—		49,372		—		49,372
Ireland		116,647		36,770		—		153,417
Italy		42,456		24,084		—		66,540
Japan		—		491,076		—		491,076
Luxembourg		—		9,760		—		9,760
Netherlands		189,273		150,270		—		339,543
Norway		—		12,439		—		12,439
Singapore		—		21,865		—		21,865
South Africa		—		23,366		—		23,366
Spain		—		57,030		—		57,030
Sweden		—		102,074		—		102,074
Switzerland		60,097		259,969		—		320,066
United Kingdom		40,965		787,468		—		828,433
Other Common Stocksß		10,044,356		—		—		10,044,356
Total Common Stocks		10,610,079		2,830,165		—		13,440,244

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government	$	—	$	1,236,426	$	—	$	1,236,426
U.S. Government Agency Securities		—		34,048		—		34,048
Mortgage-Backed Securities		—		129,347		—		129,347
Government Securities		—		2,150,639		—		2,150,639
Exchange Traded Funds		1,080,183		—		—		1,080,183
Mutual Funds		—		10,327,965		—		10,327,965
Short-Term Investments		—		222,936		—		222,936
Total Long Positions		11,690,262		16,931,526		—		28,621,788
Inflation Managed
Investments:
Common Stocks^		7,881,604		—		—		7,881,604
Government Securities		—		2,138,991		—		2,138,991
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government		—		2,222,811		—		2,222,811
Mutual Funds		—		5,249,635		—		5,249,635
Short-Term Investments		—		223,101		—		223,101
Total Investments		7,881,604		9,834,538		—		17,716,142
Long Short
Investments:
Common Stocks^		2,411,708,065		—		—		2,411,708,065
Corporate Debt Securities^		—		307,462,715		—		307,462,715
Purchased Options		1,347,800		—		—		1,347,800
Short-Term Investments		—		540,753,554		—		540,753,554
Total Long Positions		2,413,055,865		848,216,269		—		3,261,272,134
Multi-Asset Income
Investments:
Common Stocks
Aerospace & Defense		101,986		17,648				119,634
Airlines		—		46,011		—		46,011
Automobiles		54,488		110,994		—		165,482
Banks		103,285		81,963		—		185,248
Chemicals		147,078		67,982		—		215,060
Construction & Engineering		—		24,121		—		24,121
Containers & Packaging		7,557		15,443		—		23,000
Diversified Financial Services		65,819		5,938		—		71,757
Diversified Telecommunication Services		102,839		82,109		—		184,948

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Electric Utilities	$	174,771	$	92,431	$	—	$	267,202
Food & Staples Retailing		35,898		53,736		—		89,634
Food Products		69,458		13,941		—		83,399
Gas Utilities		50,741		3,334		—		54,075
Health Care Providers & Services		16,292		22,408		—		38,700
Hotels, Restaurants & Leisure		109,559		8,932		—		118,491
Household Durables		—		9,243		—		9,243
Insurance		95,708		347,781		—		443,489
Life Sciences Tools & Services		—		3,676		—		3,676
Machinery		45,260		7,620		—		52,880
Marine		—		3,856		—		3,856
Media		32,753		73,599		—		106,352
Metals & Mining		90,187		90,556		—		180,743
Multi-Utilities		175,885		58,349		—		234,234
Multiline Retail		15,644		4,361		—		20,005
Oil, Gas & Consumable Fuels		1,067,545		293,518		—		1,361,063
Paper & Forest Products		4,566		22,539		—		27,105
Pharmaceuticals		472,989		298,337		—		771,326
Road & Rail		34,794		4,360		—		39,154
Specialty Retail		68,208		19,600		—		87,808
Technology Hardware, Storage & Peripherals		45,623		32,089		—		77,712
Textiles, Apparel & Luxury Goods		—		3,774		—		3,774
Tobacco		122,443		122,924		—		245,367
Trading Companies & Distributors		—		3,715		—		3,715
Wireless Telecommunication Services		—		98,280		—		98,280
Other Common Stocksß		1,491,743		—		—		1,491,743
Total Common Stocks		4,803,119		2,145,168		—		6,948,287
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government		—		1,448,712		—		1,448,712
U.S. Government Agency Securities		—		156,621		—		156,621
Exchange Traded Funds		858,279		—		—		858,279
Mutual Funds		—		6,732,047		—		6,732,047
Short-Term Investments		—		228,685		—		228,685
Total Investments	$	5,661,398	$	10,711,233	$	—	$	16,372,631

^ The Schedule of Investments (or Long Positions by Industry for Global Allocation) provides information on the industry categorization for the portfolio.

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2015:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Global Allocation
Forward contracts (unrealized appreciation)	$	—	$	132,727	$	—	$	132,727
Futures contracts (unrealized appreciation)		53,049		—		—		53,049
Total	$	53,049	$	132,727	$	—	$	185,776
Inflation Managed
Futures contracts (unrealized appreciation)	$	43,151	$	—	$	—	$	43,151
Total	$	43,151	$	—	$	—	$	43,151
Long Short
Futures contracts (unrealized appreciation)	$	813,605	$	—	$	—	$	813,605
Total	$	813,605	$	—	$	—	$	813,605
Multi-Asset Income
Forward contracts (unrealized appreciation)	$	62,833	$	—	$	—	$	62,833
Total	$	62,833	$	—	$	—	$	62,833

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of April 30, 2015:

Liability Valuation Inputs	Level 1			Level 2			Level 3		Total
Global Allocation
Common Stocks Sold Short^
Australia	$	—		$	(29,066	)	$	—	$	(29,066	)
Belgium		—			(26,043	)		—		(26,043	)
Denmark		(14,067	)		(29,719	)		—		(43,786	)
France		(9,692	)		(136,034	)		—		(145,726	)
Germany		—			(100,239	)		—		(100,239	)
Italy		(10,833	)		(38,645	)		—		(49,478	)
Japan		—			(129,194	)		—		(129,194	)
Mexico		—			(15,805	)		—		(15,805	)
Netherlands		—			(24,663	)		—		(24,663	)
Spain		—			(76,258	)		—		(76,258	)
Sweden		—			(54,545	)		—		(54,545	)
Switzerland		—			(105,078	)		—		(105,078	)
United Kingdom		(9,028	)		(438,372	)		—		(447,400	)
United States		(1,121,937	)		(17,518	)		—		(1,139,455	)
Other Common Stock Sold Shortß		(67,799	)		—			—		(67,799	)
Total Common Stocks Sold Short		(1,233,356	)		(1,221,179	)		—		(2,454,535	)
Total Short Positions	$	(1,233,356	)	$	(1,221,179	)	$	—	$	(2,454,535	)
Long Short
Common Stocks Sold Short^	$	(293,067,935	)	$	—		$	—	$	(293,067,935	)
Exchange Traded Funds Sold Short		(189,998,545	)		—			—		(189,998,545	)
Total Short Positions	$	(483,066,480	)	$	—		$	—	$	(483,066,480	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

^ The Schedule of Investments (or Short Positions by Industry for Global Allocation) provides information on the industry categorization for the portfolio.

ß Represents a geographic location and/or industry where all securities were Level 1 securities. Please refer to the Schedule of Investments for additional information.

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of April 30, 2015:

Liability Valuation Inputs	Level 1			Level 2			Level 3		Total
Global Allocation
Forward contracts (unrealized depreciation)	$	—		$	(140,172	)	$	—	$	(140,172	)
Futures contracts (unrealized depreciation)		(26,029	)		—			—		(26,029	)
Total	$	(26,029	)	$	(140,172	)	$	—	$	(166,201	)
Inflation Managed
Futures contracts (unrealized depreciation)	$	(22,301	)	$	—		$	—	$	(22,301	)
Total	$	(22,301	)	$	—		$	—	$	(22,301	)
Long Short
Futures contracts (unrealized depreciation)	$	(2,727,072	)	$	—		$	—	$	(2,727,072	)
Option contracts		(186,000	)		—			—		(186,000	)
Total	$	(2,913,072	)	$	—		$	—	$	(2,913,072	)
Multi-Asset Income
Forward contracts (unrealized depreciation)	$	(60,200	)	$	—		$	—	$	(60,200	)
Total	$	(60,200	)	$	—		$	—	$	(60,200	)

As of the six months ended April 30, 2015, certain securities were transferred from one level (as of October 31, 2014) to another. Based on beginning of period market values as of November 1, 2014, $2,404,504 was transferred from Level 1 to Level 2 for Global Allocation. Interactive provided adjusted prices for these securities as of April 30, 2015, as stated in the description of the valuation methods of foreign equity securities in footnote † above.

## At April 30, 2015, selected fund information on a U.S. federal income tax basis was as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Flexible Select	$	89,307,948	$	12,819,133	$	1,137,372	$	11,681,761
Global Allocation		27,652,332		1,368,586		399,130		969,456
Inflation Managed		17,035,804		1,335,968		655,630		680,338
Long Short		3,012,120,330		340,091,103		90,939,299		249,151,804
Multi-Asset Income		16,243,985		285,571		156,925		128,646

* Security did not produce income during the last twelve months.

‡‡ At April 30, 2015, Long Short had outstanding put options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
SPDR S&P 500 ETF Trust, Put		6,200		180	June 2015	$	(186,000	)
						$	(186,000	)

See Notes to Financial Statements

Notes to Schedule of Investments (Unaudited) (cont'd)

At April 30, 2015, Long Short had deposited $117,180,000 in a segregated account to cover requirements on put options written.

ñ Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At April 30, 2015, these securities amounted to $140,003 or 0.5% of net assets for Global Allocation and $10,931,633 or 0.3% of net assets for Long Short.

Ø All or a portion of this security was purchased on a when-issued basis. At April 30, 2015, these securities amounted to $129,347 for Global Allocation and $962,000 for Long Short.

È All or a portion of this security is on loan.

ØØ All or a portion of this security is segregated in connection with obligations for common stocks sold short and/or forward foreign currency contracts and/or financial futures contracts and/or when-issued security purchase commitments.

‡ At April 30, 2015, Global Allocation had deposited $1,386,122 in a segregated account to cover collateral requirements for borrowing in connection with securities sold short. For Global Allocation, this collateral is made up of the proceeds from the securities sold short and collateral received from security lending activities. At April 30, 2015, Long Short had deposited $513,369,197 in a segregated account to cover collateral requirements for borrowing in connection with securities sold short.

§ Affiliated issuer (see Note F of Notes to Financial Statements).

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

AUD = Australian Dollar

CAD = Canadian Dollar

EUR = Euro

GBP = Pound Sterling

JPY = Japanese Yen

MXN = Mexican Peso

NZD = New Zealand Dollar

SEK = Swedish Krona

ZAR = South African Rand

b Effective February 28, 2015, Neuberger Berman Inflation Navigator Fund changed its name to Neuberger Berman Inflation Managed Fund.

c See Note A-14 in the Notes to Financial Statements for the Funds' open positions in derivatives at April 30, 2015.

^^ Value of the security was determined using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security.

See Notes to Financial Statements

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Statements of Asset and Liabilities (Unaudited)

Neuberger Berman Alternative Funds

	FLEXIBLE SELECT FUND		GLOBAL ALLOCATION FUND			INFLATION MANAGED FUND^a
	April 30, 2015		April 30, 2015			April 30, 2015
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	95,995,446	$	18,293,823		$	12,466,507
Affiliated issuers		4,994,263		10,327,965			5,249,635
		100,989,709		28,621,788			17,716,142
Foreign currency*		—		128,458			17,293
Cash collateral segregated for short sales (Note A-11)		—		1,150,000			—
Cash collateral segregated for futures contracts (Note A-14)		—		167,849			82,885
Cash collateral segregated for option contracts (Note A-14)		—		—			—
Dividends and interest receivable		97,775		58,245			35,124
Receivable for securities sold		331,320		54,067			10,608
Receivable for Fund shares sold		—		107,125			—
Receivable from Management—net (Note B)		9,967		32,271			29,908
Cash collateral for securities loaned (Note A-12)		—		234,564			—
Receivable for variation margin (Note A-14)		—		12,783			10,878
Receivable for open forward foreign currency contracts (Note A-14)		—		132,727			—
Prepaid expenses and other assets		30,675		40,682			38,400
Total Assets		101,459,446		30,740,559			17,941,238
Liabilities
Investments sold short, at value** (Note A)		—		2,454,535			—
Interest payable for short sales		—		4,752			—
Payable for collateral on securities loaned (Note A-12)		—		234,564			—
Payable to investment manager—net (Notes A & B)		48,955		8,214			6,488
Option contracts written, at value*** (Note A-14)		—		—			—
Payable for securities purchased		421,826		237,124			11,787
Payable for Fund shares redeemed		—		35,395			25,000
Payable to administrator—net (Note B)		—		—			—
Payable to trustees		1,118		1,119			1,119
Payable for organization costs		—		—			—
Payable for open forward foreign currency contracts (Note A-14)		—		140,172			—
Accrued expenses and other payables		86,503		104,440			94,086
Total Liabilities		558,402		3,220,315			138,480
Net Assets	$	100,901,044	$	27,520,244		$	17,802,758
Net Assets consist of:
Paid-in capital	$	87,125,717	$	26,303,570		$	17,206,697
Undistributed net investment income (loss)		107,730		—			—
Distributions in excess of net investment income		—		(494,646	)		(49,141	)
Accumulated net realized gains (losses) on investments		1,706,702		757,365			84,888
Net unrealized appreciation (depreciation) in value of investments		11,960,895		953,955			560,314
Net Assets	$	100,901,044	$	27,520,244		$	17,802,758
Net Assets
Institutional Class		100,070,348		11,024,400			15,331,340
Class A		658,258		9,237,890			2,060,816
Class C		172,438		7,257,954			410,602
Class R6		—		—			—

See Notes to Financial Statements

Statements of Asset and Liabilities (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	FLEXIBLE SELECT FUND		GLOBAL ALLOCATION FUND		INFLATION MANAGED FUND^a
	April 30, 2015		April 30, 2015		April 30, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		8,331,490		998,678		1,446,889
Class A		54,972		840,052		195,198
Class C		14,496		668,762		39,264
Class R6		—		—		—
Net Asset Value, offering and redemption price per share
Institutional Class	$	12.01	$	11.04	$	10.60
Class R6		—		—		—
Net Asset Value and redemption price per share
Class A	$	11.97	$	11.00	$	10.56
Offering Price per share
Class A‡	$	12.70	$	11.67	$	11.20
Net Asset Value and offering price per share
Class C^	$	11.90	$	10.85	$	10.46
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	229,233	$	—
*Cost of Investments:
Unaffiliated issuers	$	84,140,594	$	17,858,211	$	11,513,700
Affiliated issuers		4,888,239		9,772,157		5,662,381
Total cost of investments	$	89,028,833	$	27,630,368	$	17,176,081
Total cost of foreign currency	$	—	$	124,468	$	17,889
**Proceeds from investments sold short	$	—	$	2,391,793	$	—
***Premium received from option contracts written	$	—	$	—	$	—

‡ 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.

a Formerly Inflation Navigator Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Statements of Asset and Liabilities (Unaudited) (cont'd)

Neuberger Berman Alternative Funds

	LONG SHORT FUND			MULTI-ASSET INCOME FUND
	April 30, 2015			April 30, 2015
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	3,261,272,134		$	9,640,584
Affiliated issuers		—			6,732,047
		3,261,272,134			16,372,631
Foreign currency*		—			64
Cash collateral segregated for short sales (Note A-11)		513,369,197			—
Cash collateral segregated for futures contracts (Note A-14)		21,719,060			—
Cash collateral segregated for option contracts (Note A-14)		117,180,000			—
Dividends and interest receivable		7,885,114			51,426
Receivable for securities sold		35,051,700			27,677
Receivable for Fund shares sold		5,547,229			—
Receivable from Management—net (Note B)		—			15,169
Cash collateral for securities loaned (Note A-12)		—			—
Receivable for variation margin (Note A-14)		4,944,693			—
Receivable for open forward foreign currency contracts (Note A-14)		—			62,833
Prepaid expenses and other assets		94,177			—
Total Assets		3,967,063,304			16,529,800
Liabilities
Investments sold short, at value** (Note A)		483,066,480			—
Dividends payable for short sales		215,635			—
Payable for collateral on securities loaned (Note A-12)		—			—
Payable to investment manager—net (Notes A & B)		3,096,108			3,230
Option contracts written, at value*** (Note A-14)		186,000			—
Payable for securities purchased		67,978,219			75,718
Payable for Fund shares redeemed		4,827,455			308
Payable to administrator—net (Note B)		725,280			—
Payable to trustees		1,100			3,058
Payable for organization costs		—			61,237
Payable for open forward foreign currency contracts (Note A-14)		—			60,200
Accrued expenses and other payables		518,069			27,344
Total Liabilities		560,614,346			231,095
Net Assets	$	3,406,448,958		$	16,298,705
Net Assets consist of:
Paid-in capital	$	3,172,128,532		$	16,160,649
Undistributed net investment income (loss)		—			1,933
Distributions in excess of net investment income		(2,465,443	)		—
Accumulated net realized gains (losses) on investments		18,888,813			5,926
Net unrealized appreciation (depreciation) in value of investments		217,897,056			130,197
Net Assets	$	3,406,448,958		$	16,298,705
Net Assets
Institutional Class		2,811,015,314			11,234,639
Class A		388,394,602			507,869
Class C		207,039,042			508,463
Class R6		—			4,047,734

See Notes to Financial Statements

Statements of Asset and Liabilities (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	LONG SHORT FUND		MULTI-ASSET INCOME FUND
	April 30, 2015		April 30, 2015
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		213,146,665		1,113,763
Class A		29,706,329		50,350
Class C		16,211,873		50,409
Class R6		—		401,294
Net Asset Value, offering and redemption price per share
Institutional Class	$	13.19	$	10.09
Class R6		—		10.09
Net Asset Value and redemption price per share
Class A	$	13.07	$	10.09
Offering Price per share
Class A‡	$	13.87	$	10.54
Net Asset Value and offering price per share
Class C^	$	12.77	$	10.09
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	—
*Cost of Investments:
Unaffiliated issuers	$	3,010,514,218	$	9,578,391
Affiliated issuers		—		6,666,773
Total cost of investments	$	3,010,514,218	$	16,245,164
Total cost of foreign currency	$	—	$	64
**Proceeds from investments sold short	$	451,251,107	$	—
***Premium received from option contracts written	$	1,053,980	$	—

‡ 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 (Unaudited)

Neuberger Berman Alternative Funds

	FLEXIBLE SELECT FUND			GLOBAL ALLOCATION FUND			INFLATION MANAGED FUND^a
	For the Six Months Ended April 30, 2015			For the Six Months Ended April 30, 2015			For the Six Months Ended April 30, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	726,117		$	142,829		$	120,577
Dividend income—affiliated issuers (Notes A-16 & F)		79,279			42,864			80,579
Interest and other income—unaffiliated issuers		4			6,204			—
Income from securities loaned—net (Note A-12)		—			1,018			—
Foreign taxes withheld (Note A-6)		(11,029	)		(5,237	)		(36	)
Total income	$	794,371		$	187,678		$	201,120
Expenses:
Investment management fees (Note B)		296,882			90,815			63,071
Administration fees (Note B)		29,688			8,383			5,822
Administration fees (Note B):
Institutional Class		44,145			5,183			7,620
Class A		691			9,498			2,105
Class C		169			6,927			369
Class R6		—			—			—
Distribution fees (Note B):
Class A		864			11,873			2,632
Class C		843			34,638			1,844
Shareholder servicing agent fees:
Institutional Class		3,401			690			671
Class A		178			1,646			394
Class C		67			1,015			111
Class R6		—			—			—
Organization expense (Note A-8)		—			—			—
Audit fees		27,770			32,084			36,448
Custodian and accounting fees		47,240			89,269			33,700
Insurance expense		1,396			516			249
Legal fees		57,360			62,108			65,466
Registration and filing fees		24,059			26,460			28,094
Shareholder reports		1,248			2,333			1,440
Trustees' fees and expenses		15,959			15,959			15,959
Short sales expense (Note A-11)		—			24,017			—
Dividend expense on securities sold short (Note A-11)		—			23,449			—
Miscellaneous		2,760			15,760			12,810
Total expenses		554,720			462,623			278,805
Expenses reimbursed by Management (Note B)		(131,930	)		(233,192	)		(185,108	)
Investment management fees waived (Notes A & B)		(7,570	)		(23,108	)		(20,381	)
Total net expenses		415,220			206,323			73,316
Net investment income (loss)	$	379,151		$	(18,645	)	$	127,804

See Notes to Financial Statements

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	FLEXIBLE SELECT FUND		GLOBAL ALLOCATION FUND			INFLATION MANAGED FUND^a
	For the Six Months Ended April 30, 2015		For the Six Months Ended April 30, 2015			For the Six Months Ended April 30, 2015
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		1,888,922		775,574			320,980
Sales of investment securities of affiliated issuers		24,294		19,294			(99,133	)
Sales of investment securities of unaffiliated issuers sold short		—		(502,813	)		—
Realized gain distributions from affiliated issuers		11,723		—			7,209
Forward foreign currency contracts		—		(1,194	)		—
Foreign currency		415		(59,112	)		3,967
Financial futures contracts		—		632,996			(71,468	)
Option contracts written		—		—			—
Total return swap contracts		—		111,835			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		966,949		1,059,377			(279,954	)
Affiliated investment securities		4,210		555,808			(182,522	)
Unaffiliated investment securities sold short		—		(669,158	)		—
Forward foreign currency contracts		—		(10,405	)		—
Foreign currency		138		19,582			(1,222	)
Financial futures contracts		—		(185,656	)		35,531
Option contracts written		—		—			—
Total return swap contracts		—		(456,795	)		—
Net gain (loss) on investments		2,896,651		1,289,333			(266,612	)
Net increase (decrease) in net assets resulting from operations	$	3,275,802	$	1,270,688		$	(138,808	)

a Formerly Inflation Navigator Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Alternative Funds

	LONG SHORT FUND			MULTI-ASSET INCOME FUND
	For the Six Months Ended April 30, 2015			Period from March 27, 2015 (Commencement of Operations) to April 30, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	18,670,778		$	27,951
Dividend income—affiliated issuers (Notes A-16 & F)		—			26,773
Interest and other income—unaffiliated issuers		16,002,734			6,267
Income from securities loaned-net (Note A-12)		—			—
Foreign taxes withheld (Note A-6)		(286,606	)		(1,350	)
Total income	$	34,386,906		$	59,641
Expenses:
Investment management fees (Note B)		18,240,273			6,874
Administration fees (Note B)		990,384			917
Administration fees (Note B):
Institutional Class		1,216,539			940
Class A		389,098			102
Class C		208,763			102
Class R6		—			77
Distribution fees (Note B):
Class A		486,372			121
Class C		1,043,815			485
Shareholder servicing agent fees:
Institutional Class		128,024			322
Class A		45,054			253
Class C		15,727			253
Class R6		—			277
Organization expense (Note A-8)		—			61,237
Audit fees		16,265			4,795
Custodian and accounting fees		256,338			8,596
Insurance expense		36,712			—
Legal fees		59,857			10,255
Registration and filing fees		250,759			740
Shareholder reports		91,594			3,196
Trustees' fees and expenses		15,959			3,058
Short sales expense (Note A-11)		1,504,391			—
Dividend expense on securities sold short (Note A-11)		4,267,785			—
Miscellaneous		70,691			323
Total expenses		29,334,400			102,923
Expenses reimbursed by Management (Note B)		—			(92,541	)
Investment management fees waived (Note A)		—			(3,543	)
Total net expenses		29,334,400			6,839
Net investment income (loss)	$	5,052,506		$	52,802

See Notes to Financial Statements

Statements of Operations (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	LONG SHORT FUND			MULTI-ASSET INCOME FUND
	For the Six Months Ended April 30, 2015			Period from March 27, 2015 (Commencement of Operations) to April 30, 2015
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		26,717,507			3,384
Sales of investment securities of affiliated issuers		—			—
Sales of investment securities of unaffiliated issuers sold short		—			—
Realized gain distributions from affiliated issuers		—			—
Forward foreign currency contracts		—			2,190
Foreign currency		205			352
Financial futures contracts		(20,261,724	)		—
Option contracts written		780,543			—
Total return swap contracts		—			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		38,712,221			62,193
Affiliated investment securities		—			65,274
Unaffiliated investment securities sold short		(200,153	)		—
Forward foreign currency contracts		—			2,633
Foreign currency		—			97
Financial futures contracts		7,082,169			—
Option contracts written		708,091			—
Total return swap contracts		—			—
Net gain (loss) on investments		53,538,859			136,123
Net increase (decrease) in net assets resulting from operations	$	58,591,365		$	188,925

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds

	FLEXIBLE SELECT FUND						GLOBAL ALLOCATION FUND						INFLATION MANAGED FUND^a						LONG SHORT FUND						MULTI-ASSET INCOME FUND
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Period from March 27, 2015 (Commencement of Operations) to April 30, 2015 (Unaudited)
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	379,151		$	900,336		$	(18,645	)	$	(460,298	)	$	127,804		$	265,509		$	5,052,506		$	130,674		$	52,802
Net realized gain (loss) on investments		1,925,354			1,759,644			976,580			2,308,067			161,555			(38,105	)		7,236,531			19,939,826			5,926
Net increase from payments by affiliates (Note B)		—			—			—			10,922			—			—			—			60,836			—
Change in net unrealized appreciation (depreciation) of investments		971,297			7,109,249			312,753			(1,689,740	)		(428,167	)		622,153			46,302,328			88,112,575			130,197
Net increase (decrease) in net assets resulting from operations		3,275,802			9,769,229			1,270,688			168,951			(138,808	)		849,557			58,591,365			108,243,911			188,925
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(969,549	)		(335,177	)		(291,025	)		(1,423,702	)		(160,335	)		(332,927	)		(5,407,991	)		—			(35,245	)
Class A		(5,661	)		(302	)		(213,455	)		(632,740	)		(17,710	)		(1,920	)		—			—			(1,444	)
Class C		(320	)		(17	)		(119,683	)		(373,622	)		(1,928	)		(1,167	)		—			—			(1,124	)
Class R6		—			—			—			—			—			—			—			—			(13,056	)
Net realized gain on investments:
Institutional Class		(1,799,899	)		—			—			—			—			—			(9,561,658	)		(5,606,352	)		—
Class A		(12,953	)		—			—			—			—			—			(1,445,208	)		(2,452,314	)		—
Class C		(3,158	)		—			—			—			—			—			(779,780	)		(609,411	)		—
Total distributions to shareholders		(2,791,540	)		(335,496	)		(624,163	)		(2,430,064	)		(179,973	)		(336,014	)		(17,194,637	)		(8,668,077	)		(50,869	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		55,672			8,535			1,534,558			3,525,689			1,778,664			1,024,850			628,288,274			2,043,724,867			11,105,000
Class A		123,768			540,373			1,217,423			7,858,510			359,917			2,379,608			79,392,013			405,081,481			502,101
Class C		31,250			18,500			1,013,501			4,320,936			110,000			199,190			24,814,933			112,535,003			503,000
Class R6		—			—			—			—			—			—			—			—			4,000,000
Proceeds from reinvestment of dividends and distributions:
Institutional Class		2,769,448			335,177			288,150			1,413,385			160,335			332,927			9,519,935			4,822,872			35,245
Class A		18,353			302			196,325			502,685			17,499			1,920			1,289,389			2,249,144			1,444
Class C		3,478			17			112,130			359,737			1,928			1,167			570,226			466,547			1,124
Class R6		—			—			—			—			—			—			—			—			13,056
Payments for shares redeemed:
Institutional Class		—			(162,561	)		(3,524,429	)		(8,502,926	)		(3,217,062	)		(932,595	)		(489,352,633	)		(526,844,014	)		(321	)
Class A		(124,306	)		(76,021	)		(1,958,144	)		(6,038,449	)		(471,135	)		(281,537	)		(85,671,144	)		(546,927,034	)		—
Class C		—			—			(1,028,855	)		(2,120,187	)		—			—			(31,194,691	)		(22,735,877	)		—
Net increase (decrease) from Fund share transactions		2,877,663			664,322			(2,149,341	)		1,319,380			(1,259,854	)		2,725,530			137,656,302			1,472,372,989			16,160,649
Net Increase (Decrease) in Net Assets		3,361,925			10,098,055			(1,502,816	)		(941,733	)		(1,578,635	)		3,239,073			179,053,030			1,571,948,823			16,298,705
Net Assets:
Beginning of period		97,539,119			87,441,064			29,023,060			29,964,793			19,381,393			16,142,320			3,227,395,928			1,655,447,105			—
End of period	$	100,901,044		$	97,539,119		$	27,520,244		$	29,023,060		$	17,802,758		$	19,381,393		$	3,406,448,958		$	3,227,395,928		$	16,298,705
Undistributed net investment income (loss) at end of period	$	107,730		$	704,109		$	—		$	148,162		$	—		$	3,028		$	—		$	—		$	1,933
Distributions in excess of net investment income at end of period	$	—		$	—		$	(494,646	)	$	—		$	(49,141	)	$	—		$	(2,465,443	)	$	(2,109,958	)	$	—

a Formerly Inflation Navigator Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Notes to Financial Statements Alternative Funds (Unaudited)

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 Fund 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 and Long Short became diversified in December 2013 and December 2014, respectively). Flexible Select, Inflation Managed and Multi-Asset Income are each diversified. Inflation Managed had no operations until December 19, 2012, other than matters relating to its organization and its registration of shares under the 1933 Act. Flexible Select had no operations until May 31, 2013, 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. Each Fund offers Institutional Class shares, Class A shares and Class C shares. Multi-Asset Income also offers Class R6. The Board may establish additional series or classes of shares without the approval of shareholders. Effective February 28, 2015, Neuberger Berman Inflation Navigator Fund changed its name to Neuberger Berman Inflation Managed Fund.

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.

2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.

4 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 the 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.

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each of Flexible Select, Global Allocation, Inflation Managed and Long Short to continue to, and the

intention of Multi-Asset Income to, qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies 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.

As determined on October 31, 2014, 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: gains and losses from passive foreign investment companies (PFICs), swaps, foreign currencies, foreign futures and partnerships; net operating losses written off or netted against short term gains; non-deductible stock issuance costs and excise taxes; distributions from real estate investment trusts (REITs); capitalized dividends on short sales; and deflation adjustments on U.S. Treasury inflation protected 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, 2014, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Flexible Select	$	1		$	4,601		$	(4,602	)
Global Allocation		(9,938	)		1,239,983			(1,230,045	)
Inflation Managed		(1,120	)		(83,874	)		84,994
Long Short		(467,617	)		(2,198,018	)		2,665,635

The tax character of distributions paid during the years ended October 31, 2014 and October 31, 2013 was as follows:

	Distributions Paid From:
	Ordinary Income					Tax-Exempt Income					Long-Term Capital Gain					Return of Capital					Total
	2014		2013			2014		2013			2014		2013			2014		2013			2014		2013
Flexible Select	$	335,496	$	—	⁽²⁾	$	—	$	—	⁽²⁾	$	—	$	—	⁽²⁾	$	—	$	—	⁽²⁾	$	335,496	$	—	⁽²⁾
Global Allocation		2,430,064		231,962			—		—			—		—			—		—			2,430,064		231,962
Inflation Managed		336,014		—	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		—		—	⁽¹⁾		336,014		—	⁽¹⁾
Long Short		7,970,437		1,285,427			—		—			697,640		—			—		—			8,668,077		1,285,427

(1) Period from December 19, 2012 (Commencement of Operations) to October 31, 2013.

(2) Period from May 31, 2013 (Commencement of Operations) to October 31, 2013.

As of October 31, 2014, 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
Flexible Select	$	1,367,185	$	1,190,435	$	10,757,748	$	—		$	(24,303	)	$	13,291,065
Global Allocation		624,099		—		27,489		(68,747	)		(12,692	)		570,149
Inflation Managed		4,215		—		1,142,120		(204,754	)		(26,739	)		914,842
Long Short		—		12,748,561		182,285,095		(2,070,580	)		(39,378	)		192,923,698

The 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; mark-to-market adjustments on PFICs, swaps, futures contracts and forward contracts; adjustments related to partnerships, REITs and TIPs; deferral of "late year ordinary loss" (as defined in the Internal Revenue Code of 1986, as amended); and amortization of organizational costs.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. For taxable years beginning after December 22, 2010, the 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, 2014, 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 (No Expiration Date)
	Long-Term		Short-Term
Global Allocation	$	—	$	68,747
Inflation Managed		—		204,754

During the year ended October 31, 2014, Flexible Select and Global Allocation utilized capital loss carryforwards of $54,983 and $669,860, respectively.

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 Act, 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, 2014, Long Short elected to defer the following late-year ordinary losses:

	Late-Year Ordinary Loss
	Deferral
Long Short	$	2,070,580

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

It is the policy of each of Flexible Select, Inflation Managed and Long Short to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions

received from REITs held by Flexible Select, Inflation Managed and Long Short are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to Flexible Select, Inflation Managed and Long Short until the following calendar year. At October 31, 2014, Flexible Select, Inflation Managed and Long Short estimated these amounts within the financial statements because the information is not available from the REITs until after each Fund's fiscal year-end. At April 30, 2015, Flexible Select, Inflation Managed and Long Short estimated these amounts for the period January 1, 2015 to April 30, 2015 within the financial statements because the 2015 information is not available from the REITs until after each Fund's fiscal period. For the year ended October 31, 2014, the character of distributions paid to shareholders of Flexible Select, Inflation Managed and Long Short disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. All estimates are based upon REIT information sources available to Flexible Select, Inflation Managed and Long Short together with actual IRS Forms 1099-DIV received to date. Based on past experience it is possible that a portion of Flexible Select's, Inflation Managed's and Long Short's 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 Flexible Select, Inflation Managed and Long Short 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 Flexible Select, Inflation Managed and Long Short of the actual breakdown of distributions paid to Flexible Select, Inflation Managed and Long Short during its fiscal year, estimates previously recorded are adjusted on the books of Flexible Select, Inflation Managed and Long Short to reflect actual results. As a result, the composition of Flexible Select's, Inflation Managed's and Long Short's distributions as reported herein may differ from the final composition determined after calendar year-end and reported to Flexible Select, Inflation Managed and Long Short shareholders on IRS Form 1099-DIV.

8 Organization expenses: Costs incurred by Multi-Asset Income in connection with its organization, which amounted to $61,237 and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.

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 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 certain 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 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, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least equal to the current market value of the securities sold short (less any additional collateral held by the lender) and, for Global Allocation, the amount of any securities lending cash collateral used to finance short sales until the Fund replaces a borrowed security. The Funds are contractually responsible to the lender for any dividends and interest payable on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Funds and are excluded from the contractual expense limitation. At April 30, 2015, Global Allocation had pledged cash 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 April 30, 2015, Long Short had pledged cash in the amount of $513,369,197 to State Street to cover collateral requirements for borrowing in connection with securities sold short.

12 Security lending: Global Allocation, Long Short and Multi-Asset Income, 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 six months ended April 30, 2015, Global Allocation received net income under the securities lending arrangement of $1,018. 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 April 30, 2015, approximately 100% of the cash collateral received by Global Allocation was used to finance short sales.

As of April 30, 2015, 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				$	229,233			$	234,564

13 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-16 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.

14 Derivative instruments: During the six months ended April 30, 2015, the Funds' use of derivatives, as described below for each Fund, except for Flexible Select (which did not engage in any derivative use), was limited to total return swaps, financial futures contracts, forward foreign currency contracts, and purchased and written option transactions. 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.

Total return swap contracts: During the six months ended April 30, 2015, Global Allocation used total return swaps to provide investment exposure to the benchmark indices (which were 50% MSCI World Index and 50% J.P. Morgan Global Government Bond Index at the time Global Allocation used total return swaps). 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.

At April 30, 2015, there were no total return swap contracts outstanding for Global Allocation.

For the six months ended April 30, 2015, the average notional value of total return swap contracts for Global Allocation was $13,369,705.

Financial futures contracts: During the six months ended April 30, 2015, Global Allocation used financial futures contracts 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 financial futures contracts to provide investment exposure to certain indices and markets other than the benchmark indices. During the six months ended April 30, 2015, Inflation Managed used financial futures contracts for economic hedging purposes, including as a maturity or duration management device. During the six months ended April 30, 2015, Long Short used financial futures contracts on the broader market index 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.

At the time a Fund enters into a financial 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 financial 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 financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some financial futures contracts 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 financial futures contracts. 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.

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.

At April 30, 2015, open positions in financial futures contracts were as follows:

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Global Allocation

June 2015

1 Canadian Treasury Bond, 10 Year

Short

1,414

Global Allocation

June 2015

1 AUD/USD Currency

Short

(2,287

)

Global Allocation

June 2015

1 CAD Currency

Short

(2,253

)

Global Allocation

June 2015

1 CHF Currency

Short

(7,071

)

Global Allocation

June 2015

2 Euro-Schatz

Short

(37

)

Global Allocation

June 2015

6 GBP Currency

Short

(3,918

)

Global Allocation

June 2015

1 NZD Currency

Short

(823

)

Global Allocation

June 2015

2 UK Long Gilt Bond

Short

817

Global Allocation

June 2015

1 U.S. Treasury Long Bond

Short

2,166

Global Allocation

June 2015

1 U.S. Treasury Note, 2 Year

Short

(1,142

)

Global Allocation

June 2015

1 U.S. Treasury Note, 5 Year

Short

Global Allocation

June 2015

1 U.S. Treasury Note, 10 Year

Short

(1,443

)

Global Allocation

June 2015

1 ZAR Currency

Short

Global Allocation

May 2015

9 OMX Stockholm 30 Index

Long

(6,750

)

Global Allocation

June 2015

1 CAD Currency

Long

3,363

Global Allocation

June 2015

4 Canadian Treasury Bond, 10 Year

Long

Global Allocation

June 2015

2 Euro-Bund

Long

(67

)

Global Allocation

June 2015

4 EUR Currency

Long

20,133

Global Allocation

June 2015

5 FTSE 100 Index

Long

6,275

Global Allocation

June 2015

1 GBP Currency

Long

647

Global Allocation

June 2015

5 JPY Currency

Long

1,136

Global Allocation

June 2015

3 Nikkei 225 Index

Long

240

Global Allocation

June 2015

2 S&P 500 E-Mini Index

Long

(238

)

Global Allocation

June 2015

3 TOPIX Index

Long

15,111

Global Allocation

June 2015

2 U.S. Treasury Note, 2 Year

Long

1,123

Global Allocation

December 2015

1 New Zealand Treasury Bill, 90 Day

Long

423

Total

27,020

Inflation Managed

June 2015

1 Mini Japanese Government Bond, 10 Year

Short

(355

)

Inflation Managed

June 2015

2 Canadian Treasury Bond, 10 Year

Short

2,829

Inflation Managed

June 2015

2 Euro-Bund

Short

)

Inflation Managed

June 2015

2 MXN Currency

Short

1,054

Inflation Managed

June 2015

5 NZD Currency

Short

(1,236

)

Inflation Managed

June 2015

1 SEK Currency

Short

(6,343

)

Inflation Managed

June 2015

3 U.S. Treasury Note, 10 Year

Short

(6,131

)

Inflation Managed

June 2015

1 U.S. Treasury Long Bond

Short

(413

)

Inflation Managed

June 2015

5 U.S. Treasury Bond, Ultra Long

Short

(5,494

)

Inflation Managed

June 2015

3 ZAR Currency

Short

141

Inflation Managed

June 2015

2 AUD Currency

Long

(1,463

)

Inflation Managed

June 2015

3 CAD Currency

Long

5,432

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Inflation Managed

June 2015

4 EUR Currency

Long

25,089

Inflation Managed

June 2015

1 EuroYen, 3Month

Long

(31

)

Inflation Managed

June 2015

3 GBP Currency

Long

1,941

Inflation Managed

June 2015

1 UK Long Gilt Bond

Long

(831

)

Inflation Managed

June 2015

3 U.S. Treasury Note, 10 Year

Long

4,100

Inflation Managed

December 2015

1 Canadian Banker's Acceptance

Long

1,147

Inflation Managed

December 2015

2 New Zealand Bank Bill, 3 Month

Long

1,418

Total

20,850

Long Short

June 2015

470 Russell 2000 Mini Index

Short

753,245

Long Short

June 2015

110 S&P MidCap 400 E-Mini Index

Short

60,360

Long Short

June 2015

3,611 S&P 500 E-Mini Index

Short

(2,727,072

)

Total

(1,913,467

)

During the six months ended April 30, 2015, the average notional value of financial futures contracts was:

	Long positions		Short positions
Global Allocation	$	6,766,039	$	(5,790,089	)
Inflation Managed	$	3,895,372	$	(2,910,272	)
Long Short	$	—	$	(361,540,329	)

At April 30, 2015, the notional value of financial futures contracts was:

	Long Positions		Short Positions
Global Allocation	$	4,883,199	$	(2,345,397	)
Inflation Managed	$	3,751,532	$	(2,885,751	)
Long Short	$	—	$	(448,977,695	)

At April 30, 2015, the Funds had deposited the following in segregated accounts to cover margin requirements on open financial futures contracts:

Global Allocation	$	167,849
Inflation Managed	$	82,885
Long Short	$	21,719,060

Forward foreign currency contracts: During the six months ended April 30, 2015, Global Allocation used forward foreign currency contracts ("forward contracts") to manage or adjust the risk profile and investment exposure of the Fund, including altering investment exposures to certain currencies provided by the Fund's total return swaps, described above. During the period ended April 30, 2015, Multi-Asset Income entered into 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.

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) from forward foreign currency contracts" in the 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 risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

At April 30, 2015, open forward contracts were as follows:

Global Allocation

	Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		136,837	Australian Dollar	$	106,012	Royal Bank of Canada.	6/26/15	$	1,960
		25,924	Australian Dollar		20,132	Societe Generale	6/26/15		323
		228,774	Australian Dollar		174,524	State Street Bank London	6/26/15		5,991
		515,105	Brazilian Real		161,399	Barclays Bank PLC Wholesale	5/15/15		8,965
		71,463	Canadian Dollar		57,904	Royal Bank of Canada	6/26/15		1,283
		79,219	Canadian Dollar		64,915	Societe Generale	6/26/15		695
		164,911	Canadian Dollar		135,910	State Street Bank London	6/26/15		671
		22,121	Euro Currency		23,748	Royal Bank of Canada	6/26/15		1,108
		39,756	Euro Currency		42,603	Societe Generale	6/26/15		2,067
		592,017	Euro Currency		645,655	State Street Bank London	6/26/15		19,542
		3,830,434,784	Indonesian Rupiah		292,132	Barclays Bank PLC Wholesale	5/15/15		2,423
		5,612,293	Japanese Yen		47,196	Royal Bank of Canada	6/26/15		(165	)
		10,999,543	Japanese Yen		92,418	Societe Generale	6/26/15		(243	)
		29,126,147	Japanese Yen		243,604	State Street Bank London	6/26/15		470
		172,217	New Zealand Dollar		131,316	Societe Generale	6/26/15		(543	)
		99,171	New Zealand Dollar		73,733	State Street Bank London	6/26/15		1,573
		17,719,467	New Taiwan Dollar		567,586	Barclays Bank PLC Wholesale	5/15/15		10,926
		3,825,336	Norwegian Krone		478,940	Societe Generale	6/26/15		28,348
		786,906	Norwegian Krone		100,229	State Street Bank London	6/26/15		4,125
		277,125	Pound Sterling		408,648	Societe Generale	6/26/15		16,585
		30,387	Pound Sterling		45,351	State Street Bank London	6/26/15		1,276
		3,322,505	South African Rand		275,992	Barclays Bank PLC Wholesale	5/15/15		2,838
		2,133,780	Swedish Krona		245,191	Societe Generale	6/26/15		11,121
		1,537,644	Swedish Krona		178,212	State Street Bank London	6/26/15		6,491
		76,492	Swiss Franc		80,398	Societe Generale	6/26/15		1,748
Total								$	129,578
	Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		22,974	Australian Dollar	$	17,486	Royal Bank of Canada	6/26/15	$	(642	)
		456,731	Australian Dollar		347,530	Societe Generale	6/26/15		(12,854	)
		108,383	Australian Dollar		86,014	State Street Bank London	6/26/15		494
		115,949	Canadian Dollar		91,667	Societe Generale	6/26/15		(4,363	)
		486,857	Canadian Dollar		389,283	State Street Bank London	6/26/15		(13,938	)

	Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		49,687,796	Chilean Peso	$	80,161	Barclays Bank PLC Wholesale	5/15/15	$	(995	)
		5,894,638	Czech Koruna		230,262	Barclays Bank PLC Wholesale	5/15/15		(10,917	)
		27,664	Euro Currency		29,487	Royal Bank of Canada	6/26/15		(1,597	)
		227,937	Euro Currency		246,985	Societe Generale	6/26/15		(9,128	)
		165,127	Euro Currency		181,469	State Street Bank London	6/26/15		(4,070	)
		98,575,112	Hungarian Forint		355,346	Barclays Bank PLC Wholesale	5/15/15		(8,864	)
		6,273,092	Japanese Yen		52,259	Societe Generale	6/26/15		(309	)
		6,985,257	Japanese Yen		58,405	State Street Bank London	6/26/15		(131	)
		1,910,779	Mexican Peso		126,160	Barclays Bank PLC Wholesale	5/15/15		1,704
		851,381	New Zealand Dollar		635,591	Societe Generale	6/26/15		(10,908	)
		171,562	New Zealand Dollar		128,926	State Street Bank London	6/26/15		(1,350	)
		400,989	Norwegian Krone		50,822	Royal Bank of Canada	6/26/15		(2,354	)
		732,749	Norwegian Krone		93,716	Societe Generale	6/26/15		(3,456	)
		2,011,932	Norwegian Krone		257,818	State Street Bank London	6/26/15		(8,989	)
		778,654	Polish Zloty		206,052	Barclays Bank PLC Wholesale	5/15/15		(10,180	)
		103,542	Pound Sterling		157,486	Societe Generale	6/26/15		(1,393	)
		34,965	Pound Sterling		53,600	State Street Bank London	6/26/15		(52	)
		224,004	Singapore Dollar		164,089	Barclays Bank PLC Wholesale	5/15/15		(5,166	)
		148,366,091	South Korean Won		134,768	Barclays Bank PLC Wholesale	5/15/15		(2,944	)
		133,895	Swedish Krona		15,314	Royal Bank of Canada	6/26/15		(769	)
		930,708	Swedish Krona		108,052	Societe Generale	6/26/15		(3,746	)
		2,077,102	Swedish Krona		243,840	State Street Bank London	6/26/15		(5,663	)
		46,773	Swiss Franc		47,673	Societe Generale	6/26/15		(2,557	)
		430,549	Swiss Franc		450,488	State Street Bank London	6/26/15		(11,886	)
Total								$	(137,023	)

Multi-Asset Income

Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
	79,679	Australian Dollar	$	61,730	Royal Bank of Canada	6/26/15	$	1,141
	61,614	Australian Dollar		47,632	Societe Generale	6/26/15		984
	32,549	Australian Dollar		24,534	State Street Bank and Trust Company	6/26/15		1,148
	84,714	Australian Dollar		64,130	State Street Bank London	6/26/15		2,714
	40,020	Canadian Dollar		32,182	Royal Bank of Canada	6/26/15		963
	56,819	Canadian Dollar		46,631	Societe Generale	6/26/15		427
	107,695	Canadian Dollar		88,755	State Street Bank London	6/26/15		439
	13,469	Euro Currency		14,581	Societe Generale	6/26/15		553
	329,045	Euro Currency		358,867	State Street Bank London	6/26/15		10,852
	3,276,814	Japanese Yen		27,489	Royal Bank of Canada	6/26/15		(30	)
	6,431,047	Japanese Yen		54,117	Societe Generale	6/26/15		(225	)
	16,732,726	Japanese Yen		139,949	State Street Bank London	6/26/15		270
	101,720	New Zealand Dollar		77,556	Societe Generale	6/26/15		(315	)
	43,455	New Zealand Dollar		32,129	State Street Bank and Trust Company	6/26/15		869
	56,561	New Zealand Dollar		42,047	State Street Bank London	6/26/15		903
	2,108,071	Norwegian Krone		264,471	Societe Generale	6/26/15		15,086
	226,901	Norwegian Krone		27,869	State Street Bank and Trust Company	6/26/15		2,221

	Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		323,511	Norwegian Krone	$	41,206	State Street Bank London	6/26/15	$	1,696
		77,752	Pound Sterling		116,094	Societe Generale	6/26/15		3,212
		92,591	Pound Sterling		135,300	State Street Bank and Trust Company	6/26/15		6,775
		9,439	Pound Sterling		13,994	State Street Bank London	6/26/15		489
		1,292,972	Swedish Krona		149,419	Societe Generale	6/26/15		5,894
		518,442	Swedish Krona		58,587	State Street Bank and Trust Company	6/26/15		3,688
		321,914	Swedish Krona		37,328	State Street Bank London	6/26/15		1,341
		43,410	Swiss Franc		45,758	Societe Generale	6/26/15		861
Total								$	61,956
	Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		14,017	Australian Dollar	$	10,646	Royal Bank of Canada	6/26/15	$	(414	)
		209,361	Australian Dollar		159,693	Societe Generale	6/26/15		(5,503	)
		54,069	Australian Dollar		40,767	State Street Bank and Trust Company	6/26/15		(1,896	)
		63,402	Australian Dollar		50,314	State Street Bank London	6/26/15		287
		72,710	Canadian Dollar		59,589	Societe Generale	6/26/15		(630	)
		64,648	Canadian Dollar		51,110	State Street Bank and Trust Company	6/26/15		(2,433	)
		221,791	Canadian Dollar		176,213	State Street Bank London	6/26/15		(7,476	)
		10,507	Euro Currency		11,154	Royal Bank of Canada	6/26/15		(652	)
		168,036	Euro Currency		182,072	Societe Generale	6/26/15		(6,735	)
		59,648	Euro Currency		66,156	State Street Bank London	6/26/15		(865	)
		1,345,821	Japanese Yen		11,298	Societe Generale	6/26/15		20
		3,496,198	Japanese Yen		29,093	State Street Bank and Trust Company	6/26/15		(205	)
		3,967,165	Japanese Yen		33,170	State Street Bank London	6/26/15		(74	)
		410,993	New Zealand Dollar		307,746	Societe Generale	6/26/15		(4,343	)
		77,112	New Zealand Dollar		56,883	State Street Bank and Trust Company	6/26/15		(1,672	)
		85,279	New Zealand Dollar		64,098	State Street Bank London	6/26/15		(659	)
		226,882	Norwegian Krone		28,603	Royal Bank of Canada	6/26/15		(1,485	)
		421,196	Norwegian Krone		53,861	Societe Generale	6/26/15		(1,995	)
		250,336	Norwegian Krone		31,117	State Street Bank and Trust Company	6/26/15		(2,081	)
		1,153,517	Norwegian Krone		147,876	State Street Bank London	6/26/15		(5,095	)
		60,782	Pound Sterling		92,447	Societe Generale	6/26/15		(820	)
		20,254	Pound Sterling		31,050	State Street Bank London	6/26/15		(29	)
		72,979	Swedish Krona		8,311	Royal Bank of Canada	6/26/15		(455	)
		544,724	Swedish Krona		63,381	Societe Generale	6/26/15		(2,052	)
		182,776	Swedish Krona		20,704	State Street Bank and Trust Company	6/26/15		(1,251	)
		1,206,121	Swedish Krona		141,606	State Street Bank London	6/26/15		(3,274	)
		17,970	Swiss Franc		18,316	State Street Bank and Trust Company	6/26/15		(983	)
		237,368	Swiss Franc		248,360	State Street Bank London	6/26/15		(6,553	)
Total								$	(59,323	)

For the six months ended April 30, 2015, investment in forward contracts had an average value of:

Global Allocation				$	7,539,284
Multi-Asset Income				$	2,980,765

Options: Premiums received by a Fund upon writing a covered 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.

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 a 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.

Written option transactions were used in an attempt to generate incremental returns for Long Short for the six months ended April 30, 2015. Written option transactions for Long Short for the six months ended April 30, 2015 were:

Long Short

	Number of Contracts			Premium Received
Outstanding 10/31/2014		1,760		$	307,729
Options written		8,700			1,555,835
Options expired		(2,500	)		(501,855	)
Options exercised		—			—
Options closed		(1,760	)		(307,729	)
Outstanding 4/30/2015		6,200		$	1,053,980

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 in an attempt to generate incremental returns for Long Short for the six months ended April 30, 2015.

For the six months ended April 30, 2015, Long Short had an average market value of $762,843 in purchased options and $(157,034) in written options.

At April 30, 2015, the Funds (except Flexible Select) 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	Interest Rate Risk		Currency Risk		Equity Risk		Total
Global Allocation
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	6,097	$	25,326	$	21,626	$	53,049
Forward contracts	Receivable for open forward foreign currency contracts		—		132,727		—		132,727
Total Value—Assets		$	6,097	$	158,053	$	21,626	$	185,776

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Total
Inflation Managed
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	9,494	$	33,657	$	—	$	43,151
Total Value—Assets		$	9,494	$	33,657	$	—	$	43,151
Long Short
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	—	$	—	$	813,605	$	813,605
Option contracts purchased	Investments in securities, at value		—		—		1,347,800		1,347,800
Total Value—Assets		$	—	$	—	$	2,161,405	$	2,161,405
Multi-Asset Income
Forward contracts	Receivable for open forward foreign currency contracts	$	—	$	62,833	$	—	$	62,833
Total Value—Assets		$	—	$	62,833	$	—	$	62,833

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	(2,689	)	$	(16,352	)	$	(6,988	)	$	(26,029	)
Forward contracts	Payable for open forward foreign currency contracts		—			(140,172	)		—			(140,172	)
Total Value—Liabilities		$	(2,689	)	$	(156,524	)	$	(6,988	)	$	(166,201	)
Inflation Managed
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	(13,259	)	$	(9,042	)	$	—		$	(22,301	)
Total Value—Liabilities		$	(13,259	)	$	(9,042	)	$	—		$	(22,301	)
Long Short
Futures contracts	Receivable/Payable for variation margin⁽¹⁾	$	—		$	—		$	(2,727,072	)	$	(2,727,072	)
Option contracts written	Option contracts written, at value		—			—			(186,000	)		(186,000	)
Total Value—Liabilities		$	—		$	—		$	(2,913,072	)	$	(2,913,072	)

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk			Equity Risk		Total
Multi-Asset Income
Forward contracts	Payable for open forward foreign currency contracts	$	—	$	(60,200	)	$	—	$	(60,200	)
Total Value—Liabilities		$	—	$	(60,200	)	$	—	$	(60,200	)

(1) "Futures contracts" reflects the cumulative appreciation (depreciation) of futures contracts as of April 30, 2015, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of April 30, 2015, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin."

The impact of the use of these derivative instruments on the Statements of Operations during the six months ended April 30, 2015, was as follows:

Realized Gain (Loss)

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Swap contracts	Net realized gain (loss) on: total return swap contracts	$	—		$	—		$	111,835		$	111,835
Futures contracts	Net realized gain (loss) on: financial futures contracts		171,662			212,711			248,623			632,996
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—			(1,194	)		—			(1,194	)
Total Realized Gain (Loss)		$	171,662		$	211,517		$	360,458		$	743,367
Inflation Managed
Futures contracts	Net realized gain (loss) on: financial futures contracts	$	(92,173	)	$	20,705		$	—		$	(71,468	)
Total Realized Gain (Loss)		$	(92,173	)	$	20,705		$	—		$	(71,468	)
Long Short
Futures contracts	Net realized gain (loss) on: financial futures contracts	$	—		$	—		$	(20,261,724	)	$	(20,261,724	)
Option contracts purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—			—			169,222			169,222
Option contracts written	Net realized gain (loss) on: option contracts written		—			—			780,543			780,543
Total Realized Gain (Loss)		$	—		$	—		$	(19,311,959	)	$	(19,311,959	)
Multi-Asset Income
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts	$	—		$	2,190		$	—		$	2,190
Total Realized Gain (Loss)		$	—		$	2,190		$	—		$	2,190

Change in Appreciation (Depreciation)

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: total return swap contracts	$	—		$	—		$	(456,795	)	$	(456,795	)
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts		(85,814	)		(80,347	)		(19,495	)		(185,656	)
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts		—			(10,405	)		—			(10,405	)
Total Change in Appreciation (Depreciation)		$	(85,814	)	$	(90,752	)	$	(476,290	)	$	(652,856	)
Inflation Managed
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts	$	11,261		$	24,270		$	—		$	35,531
Total Change in Appreciation (Depreciation)		$	11,261		$	24,270		$	—		$	35,531
Long Short
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts	$	—		$	—		$	7,082,169		$	7,082,169
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities		—			—			(1,278,947	)		(1,278,947	)
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: option contracts written		—			—			708,091			708,091
Total Change in Appreciation (Depreciation)		$	—		$	—		$	6,511,313		$	6,511,313

Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk		Equity Risk		Total
Multi-Asset Income
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts	$	—	$	2,633	$	—	$	2,633
Total Change in Appreciation (Depreciation)		$	—	$	2,633	$	—	$	2,633

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 only Global Allocation and Multi-Asset Income at April 30, 2015. Global Allocation's and Multi-Asset Income's derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present Global Allocation's and Multi-Asset Income's derivative assets and liabilities by counterparty, net of amounts available for offset and net of the related collateral received by Global Allocation and Multi-Asset Income for assets and pledged by Global Allocation and Multi-Asset Income for liabilities as of April 30, 2015.

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	$	132,727	$	—	$	132,727
Securities lending		229,233		—		229,233
Total	$	361,960	$	—	$	361,960
Multi-Asset Income
Forward contracts	$	62,833	$	—	$	62,833
Total	$	62,833	$	—	$	62,833

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 Wholesale	$	26,856	$	(26,856	)	$	—		$	—
Royal Bank of Canada		4,351		(4,351	)		—			—
Societe Generale		60,887		(49,500	)		—			11,387
State Street Bank London		40,633		(40,633	)		—			—
State Street Bank and Trust Company		229,233		—			(229,233	)		—
Total	$	361,960	$	(121,340	)	$	(229,233	)	$	11,387

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
Multi-Asset Income
Royal Bank of Canada	$	2,104	$	(2,104	)	$	—	$	—
Societe Generale		27,037		(22,618	)		—		4,419
State Street Bank and Trust Company		14,701		(10,521	)		—		4,180
State Street Bank London		18,991		(18,991	)		—		—
Total	$	62,833	$	(54,234	)	$	—	$	8,599

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	$	(140,172	)	$	—	$	(140,172	)
Total	$	(140,172	)	$	—	$	(140,172	)
Multi-Asset Income
Forward contracts	$	(60,200	)	$	—	$	(60,200	)
Total	$	(60,200	)	$	—	$	(60,200	)

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 Wholesale	$	(39,066	)	$	26,856	$	12,210	$	—
Royal Bank of Canada		(5,527	)		4,351		1,176		—
Societe Generale		(49,500	)		49,500		—		—
State Street Bank London		(46,079	)		40,633		5,446		—
Total	$	(140,172	)	$	121,340	$	18,832	$	—
Multi-Asset Income
Royal Bank of Canada	$	(3,036	)	$	2,104	$	932	$	—
Societe Generale		(22,618	)		22,618		—		—
State Street Bank and Trust Company		(10,521	)		10,521		—		—
State Street Bank London		(24,025	)		18,991		5,034		—
Total	$	(60,200	)	$	54,234	$	5,966	$	—

(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 April 30, 2015, in the event of a counterparty failure.

(c) Net Amount represents amounts under-collateralized by Global Allocation and Multi-Asset Income to each counterparty as of April 30, 2015.

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 Transactions with other funds managed by Neuberger Berman Management 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, as amended, subject to the terms and conditions of such order. Through April 30, 2015, Flexible Select invested in Neuberger Berman Core Bond Fund (an "Underlying Fund"). Through April 30, 2015 Global Allocation invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman International Equity Fund, Neuberger Berman Risk Balanced Commodity Strategy Fund and Neuberger Berman Short Duration High Income Fund (collectively the "Underlying Funds"). Through April 30, 2015, Inflation Managed invested in Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman High Income Bond Fund and Neuberger Berman Risk Balanced Commodity Strategy Fund (collectively the "Underlying Funds"). Through April 30, 2015, Multi-Asset Income invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Floating Rate Income Fund and Neuberger Berman High Income Bond Fund (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 period ended April 30, 2015, management fees waived under this Arrangement are reflected in the Statements of Operations under the caption "Investment management fees waived." For the fiscal period ended April 30, 2015, income earned under this Arrangement on Flexible Select's, Global Allocation's, Inflation Managed's and Multi-Asset Income's investments is reflected in the Statements of Operations under the caption "Dividend income-affiliated issuers." For the fiscal period ended April 30, 2015, management fees waived and income earned under this Arrangement on Flexible Select's, Global Allocation's, Inflation Managed's and Multi-Asset Income's investments in the Underlying Funds were as follows:

	Management fees waived		Income earned
Flexible Select	$	7,570	$	79,279
Global Allocation		23,108		42,864
Inflation Managed		20,381		80,579
Multi-Asset Income		2,801		26,773

17 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—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, Flexible Select pays Management a fee at the annual rate of 0.600% of the first $250 million of the Fund's average daily net assets, 0.575% of the next $250 million, 0.550% of the next $250 million, 0.525% of the next $250 million, 0.500% of the next $500 million, 0.475% of the next $2.5 billion, and 0.450% of the average daily net assets in excess of $4 billion. Global Allocation pays Management a fee at the annual rate of 0.650% of the first $1 billion of the Fund's average daily net assets, 0.625% of the next $1 billion, and 0.600% of average daily net assets in excess of $2 billion. Inflation Managed pays Management a fee at the annual rate of 0.650% of the

first $250 million of the Fund's average daily net assets, 0.625% of the next $250 million, 0.600% of the next $250 million, 0.575% of the next $250 million, 0.550% of the next $500 million, 0.525% of the next $2.5 billion, and 0.500% of the average daily net assets in excess of $4 billion. Long Short pays Management a fee at the annual rate of 1.200% of the first $250 million of the Fund's average daily net assets, 1.175% of the next $250 million, 1.150% of the next $250 million, 1.125% of the next $250 million, 1.100% of the next $500 million, 1.075% of the next $2.5 billion, and 1.050% of average daily net assets in excess of $4 billion. Multi-Asset Income pays Management a fee at the annual rate of 0.450% of the first $250 million of the Fund's average daily net assets, 0.425% of the next $250 million, 0.400% of the next $250 million, 0.375% of the next $250 million, 0.350% of the next $500 million, 0.325% of the next $2.5 billion, and 0.300% of average daily net assets in excess of $4 billion. Accordingly, for the six months ended April 30, 2015, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.60% (0.58% after management fee waiver (See Note A-16)), 0.65% (0.48% after management fee waiver (See Note A-16)), 0.65% (0.44% after management fee waiver (See Note A-16)), 1.11% and 0.45% (0.27% after management fee waiver (See Note A-16)) of Flexible Select's, Global Allocation's, Inflation Managed's, Long Short's and Multi-Asset Income'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 under this agreement and Class A and Class C of each Fund (except Multi-Asset Income) pays Management an administration fee at the annual rate of 0.20% (0.21% for Multi-Asset Income) of its average daily net assets under this agreement. Multi-Asset Income'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.

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 apply to a Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales and extraordinary expenses, if any; 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.

During the six months ended April 30, 2015, there was no repayment to Management under these agreements.

At April 30, 2015, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed In Fiscal Period Ending October 31,
					2012		2013			2014		2015
					Subject to Repayment Until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2015		2016			2017		2018
Flexible Select Institutional Class		0.85	%	10/31/18	$	—	$	216,729	⁽⁵⁾	$	281,744	$	130,568
Flexible Select Class A		1.21	%	10/31/18		—		2,426	⁽⁵⁾		1,301		1,076
Flexible Select Class C		1.96	%	10/31/18		—		2,202	⁽⁵⁾		480		286
Global Allocation Institutional Class		0.90	%⁽⁴⁾	10/31/18		342,304		253,136			297,504		95,262
Global Allocation Class A		1.26	%⁽⁴⁾	10/31/18		125,936		141,365			168,872		79,817

					Expenses Reimbursed In Fiscal Period Ending October 31,
					2012			2013			2014		2015
					Subject to Repayment Until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2015			2016			2017		2018
Inflation Managed Institutional Class		0.90	%	10/31/18		—			438,126	⁽³⁾		374,332		161,065
Inflation Managed Class A		1.26	%	10/31/18		—			5,378	⁽³⁾		9,441		20,391
Inflation Managed Class C		2.01	%	10/31/18		—			5,378	⁽³⁾		3,221		3,652
Long Short Institutional Class		1.70	%	10/31/18		—	⁽²⁾		—			—		—
Long Short Class A		2.06	%	10/31/18		—	⁽²⁾		—			—		—
Long Short Class C		2.81	%	10/31/18		—	⁽²⁾		—			—		—
Multi-Asset Income Institutional Class		0.65	%⁽⁷⁾	10/31/18		—			—			—		61,661	⁽⁶⁾
Multi-Asset Income Class A		1.02	%⁽⁷⁾	10/31/18		—			—			—		3,262	⁽⁶⁾
Multi-Asset Income Class C		1.77	%⁽⁷⁾	10/31/18		—			—			—		3,264	⁽⁶⁾
Multi-Asset Income Class R6		0.58	%⁽⁷⁾	10/31/18		—			—			—		24,354	⁽⁶⁾

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

(2) Period from December 29, 2011 (Commencement of Operations) to October 31, 2012.

(3) Period from December 19, 2012 (Commencement of Operations) to October 31, 2013.

(4) Prior to February 28, 2013, the contractual expense limitation was 1.20% for Institutional Class, 1.56% for Class A and 2.31% for Class C.

(5) Period from May 31, 2013 (Commencement of Operations) to October 31, 2013.

(6) Period from March 27, 2015 (Commencement of Operations) to April 30, 2015.

(7) 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 April 30, 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.

Neuberger Berman Fixed Income LLC ("NBFI"), as the sub-adviser to Global Allocation, Inflation Managed and Multi-Asset Income, is retained by Management to provide day-to-day investment management services and receives a monthly fee paid by Management. As investment manager, Management is responsible for overseeing the investment activities of NBFI. Neuberger Berman LLC ("Neuberger"), as the sub-adviser to Flexible Select and Long Short, is retained by Management to furnish it with investment recommendations and research information without added cost to the Fund. Several individuals who are Officers and/or Trustees of the Trust are also employees of NBFI, Neuberger and/or Management.

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 Multi-Asset Income) are generally sold with an initial sales charge of up to 5.75%. Class A shares of 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 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 Charge		CDSC		Net Initial Sales Charge		CDSC
Flexible Select Class A	$	109	$	—	$	—	$	—
Flexible Select Class C		—		46		—		—
Global Allocation Class A		406		—		—		—
Global Allocation Class C		—		1,396		—		—
Inflation Managed Class A		—		—		—		—
Inflation Managed Class C		—		—		—		—
Long Short Class A		94,956		—		—		—
Long Short Class C		—		30,118		—		—
Multi-Asset Income Class A⁽¹⁾		—		—		—		—
Multi-Asset Income Class C⁽¹⁾		—		—		—		—

(1) Period from March 27, 2015 (Commencement of Operations) to April 30, 2015.

On June 3, 2014, Management made a voluntary contribution to certain of the Funds in connection with a payment matter related to the Funds' investment in a State Street money market fund as follows:

	Contribution Amount
Global Allocation	$	10,922
Long Short		60,836

Note C—Securities Transactions:

During the six months ended April 30, 2015, there were purchase and sale transactions of long-term securities (excluding total return swaps, financial futures contracts, forward foreign currency contracts and option contracts) as follows:

	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
Flexible Select	$—		$25,467,798		$—		$—		$24,260,406		$—
Global Allocation		2,208,360		39,759,859		7,603,367		991,759		23,971,493		15,059,717

	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
Inflation Managed	$1,764,643		$5,131,410		$—		$1,778,168		$6,529,266		$—
Long Short		—		895,597,548		480,891,144		—		795,170,742		409,531,252
Multi-Asset Income⁽¹⁾		1,644,942		15,033,237		—		—		690,419		—

(1) Period from March 27, 2015 (Commencement of Operations) to April 30, 2015.

During the six months ended April 30, 2015, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the six months ended April 30, 2015 and for the year ended October 31, 2014 was as follows:

	For the Six Months Ended April 30, 2015										For the Year Ended October 31, 2014
	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
Flexible Select:
Institutional Class		4,723		233,709		—			238,432			769		30,471		(14,743	)		16,497
Class A		10,388		1,551		(10,374	)		1,565			46,439		27		(6,595	)		39,871
Class C		2,640		295		—			2,935			1,559		2		—			1,561
Global Allocation:
Institutional Class		144,314		26,930		(324,054	)		(152,810	)		320,306		129,312		(780,344	)		(330,726	)
Class A		112,834		18,400		(180,536	)		(49,302	)		717,157		46,075		(553,785	)		209,447
Class C		94,370		10,618		(96,560	)		8,428			395,709		33,247		(194,404	)		234,552
Inflation Managed:
Institutional Class		167,958		15,521		(308,618	)		(125,139	)		95,566		32,833		(90,643	)		37,756
Class A		34,091		1,699		(45,326	)		(9,536	)		220,368		189		(26,069	)		194,488
Class C		10,681		189		—			10,870			18,279		115		—			18,394
Long Short:
Institutional Class		48,160,136		735,130		(37,517,830	)		11,377,436			159,546,263		382,464		(41,372,231	)		118,556,496
Class A		6,128,596		100,264		(6,620,050	)		(391,190	)		32,183,453		179,358		(42,735,854	)		(10,373,043	)
Class C		1,957,692		45,292		(2,461,836	)		(458,852	)		9,063,806		37,716		(1,825,631	)		7,275,891
Multi-Asset Income:
Institutional Class⁽¹⁾		1,110,301		3,494		(32	)		1,113,763			—		—		—			—
Class A⁽¹⁾		50,207		143		—			50,350			—		—		—			—
Class C⁽¹⁾		50,298		111		—			50,409			—		—		—			—
Class R6⁽¹⁾		400,000		1,294		—			401,294			—		—		—			—

(1) Period from March 27, 2015 (Commencement of Operations) to April 30, 2015.

Note E—Lines of Credit:

At April 30, 2015, each Fund (other than Multi-Asset Income) 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. Other investment companies managed by Management also participate in this line of credit on the same terms. Under the terms of the Credit Facility, each Fund (other than Multi-Asset Income) 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 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 April 30, 2015. During the period from January 9, 2015 (the commencement date of the Credit Facility) through April 30, 2015, none of the Funds utilized this line of credit. The Credit Facility replaced the State Street lines of credit referred to below.

During the reporting period, prior to the commencement of the Credit Facility, and on January 9, 2015, each Fund (other than Multi-Asset Income) was a participant in a committed, unsecured $300,000,000 line of credit with State Street and an uncommitted, unsecured $100,000,000 line of credit with State Street, both to be used only for temporary or emergency purposes. During the period ended April 30, 2015, none of the Funds utilized either line of credit with State Street.

Note F—Investments in Affiliates⁽¹⁾:

	Balance of Shares Held October 31, 2014		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held April 30, 2015		Value April 30, 2015		Distributions from Investments in Affiliated Issuers⁽²⁾		Net Realized Gain (Loss) from Investments in Affiliated Issuers
Flexible Select
Neuberger Berman Core Bond Fund Institutional Class		582,729		41,209		150,859		473,079	$	4,994,263	$	91,002	$	24,294
Global Allocation
Neuberger Berman Emerging Markets Debt Fund Institutional Class		—		148,236		—		148,236	$	1,388,211	$	21,277	$	—
Neuberger Berman Emerging Markets Equity Fund Institutional Class		—		187,444		—		187,444		3,197,875		—		—
Neuberger Berman High Income Fund Institutional Class		—		153,180		—		153,180		1,393,318		18,196		—
Neuberger Berman International Equity Fund Institutional Class		—		301,887		—		301,887		3,526,442		—		—
Neuberger Berman Short Duration High Income Fund Institutional Class		—		137,958		137,958		—		—		3,391		19,294

	Balance of Shares Held October 31, 2014		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held April 30, 2015		Value April 30, 2015		Distributions from Investments in Affiliated Issuers⁽²⁾			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		—		111,878		—		111,878	$	822,119	$	—		$	—
Total									$	10,327,965	$	42,864		$	19,294
Inflation Managed
Neuberger Berman Emerging Markets Equity Fund Institutional Class		103,341		11,166		28,694		85,813	$	1,464,008	$	19,481		$	10,500
Neuberger Berman Floating Rate Income Fund Institutional Class		91,688		8,803		24,008		76,483		776,842		17,839			(4,552	)
Neuberger Berman High Income Bond Fund Institutional Class		102,045		93,666		35,979		159,732		1,452,922		44,275			(9,292	)
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		238,082		16,038		42,390		211,730		1,555,863		203	*		(95,789	)
Total									$	5,249,635	$	81,798		$	(99,133	)
Multi-Asset Income
Neuberger Berman Emerging Markets Debt Fund Institutional Class		—		181,969		—		181,969	$	1,704,118	$	7,590		$	—
Neuberger Berman Floating Rate Income Fund Institutional Class		—		246,799		—		246,799		2,506,749		7,639			—
Neuberger Berman High Income Bond Fund Institutional Class		—		277,175		—		277,175		2,521,180		11,544			—
Total									$	6,732,047	$	26,773		$	—

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

(2) 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 last twelve months.

Other: At April 30, 2015, there were affiliated investors owning 0.2%, 24.7% and 92.8% of Flexible Select's, Inflation Managed's and Multi-Asset Income's outstanding shares, respectively.

Note G—Recent Accounting Pronouncement:

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds' financial statement disclosures.

Note H—Unaudited Financial Information:

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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. Per share amounts that round to less than $0.01 or $(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, 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 Period		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			Total Distributions			Voluntary Contributions from Management		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (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)
Flexible Select Fund
Institutional Class
4/30/2015 (Unaudited)	$	11.96	$	0.05		$	0.34	$	0.39	$	(0.12	)	$	(0.22	)	$	(0.34	)	$	—	$	12.01		3.32	%**	$	100.1		1.12	%*		1.12	%^Ø*		.83	%*		.83	%^Ø*		.77	%*		26	%**		26	%^Ø**
10/31/2014	$	10.80	$	0.11		$	1.09	$	1.20	$	(0.04	)	$	—		$	(0.04	)	$	—	$	11.96		11.16	%	$	96.8		1.16	%		1.16	%^Ø		.83	%		.83	%^Ø		.98	%		50	%		50	%^Ø
Period from 5/31/2013^{^} to 10/31/2013	$	10.00	$	0.04		$	0.76	$	0.80	$	—		$	—		$	—		$	—	$	10.80		8.00	%**	$	87.2		1.97	%^‡*		1.97	%^‡Ø*		.83	%^‡*		.83	%^‡Ø*		.95	%^‡*		20	%**		20	%^Ø**
Class A
4/30/2015 (Unaudited)	$	11.92	$	0.02		$	0.35	$	0.37	$	(0.10	)	$	(0.22	)	$	(0.32	)	$	—	$	11.97		3.13	%**	$	0.7		1.52	%*		1.52	%^Ø*		1.19	%*		1.19	%^Ø*		.42	%*		26	%**		26	%^Ø**
10/31/2014	$	10.78	$	0.06		$	1.10	$	1.16	$	(0.02	)	$	—		$	(0.02	)	$	—	$	11.92		10.80	%	$	0.6		1.64	%		1.64	%^Ø		1.19	%		1.19	%^Ø		.50	%		50	%		50	%^Ø
Period from 5/31/2013^{^} to 10/31/2013	$	10.00	$	0.02		$	0.76	$	0.78	$	—		$	—		$	—		$	—	$	10.78		7.80	%**	$	0.1		5.09	%^‡*		5.09	%^‡Ø*		1.19	%^‡*		1.19	%^‡Ø*		.57	%^‡*		20	%**		20	%^Ø**
Class C
4/30/2015 (Unaudited)	$	11.81	$	(0.02	)	$	0.35	$	0.33	$	(0.02	)	$	(0.22	)	$	(0.24	)	$	—	$	11.90		2.86	%**	$	0.2		2.30	%*		2.30	%^Ø*		1.94	%*		1.94	%^Ø*		(.34	%)*		26	%**		26	%^Ø**
10/31/2014	$	10.75	$	(0.02	)	$	1.08	$	1.06	$	(0.00	)	$	—		$	(0.00	)	$	—	$	11.81		9.88	%	$	0.1		2.38	%		2.38	%^Ø		1.94	%		1.94	%^Ø		(.14	%)		50	%		50	%^Ø
Period from 5/31/2013^{^} to 10/31/2013	$	10.00	$	(0.01	)	$	0.76	$	0.75	$	—		$	—		$	—		$	—	$	10.75		7.50	%**	$	0.1		6.71	%^‡*		6.71	%^‡Ø*		1.94	%^‡*		1.94	%^‡Ø*		(.18	%)^‡*		20	%**		20	%^Ø**
Global Allocation Fund
Institutional Class
4/30/2015 (Unaudited)	$	10.81	$	0.01		$	0.50	$	0.51	$	(0.28	)	$	—		$	(0.28	)	$	—	$	11.04		4.76	%**	$	11.0		2.90	%*		2.57	%*		1.08	%*		.75	%*		.25	%*		128	%^a**		124	%^a**
10/31/2014	$	11.63	$	(0.12	)	$	0.29	$	0.17	$	(0.99	)	$	—		$	(0.99	)	$	0.00	$	10.81		1.37	%	$	12.5		3.25	%		2.72	%		1.50	%		.98	%		(1.12	%)		228	%		216	%
10/31/2013	$	10.30	$	(0.09	)	$	1.57	$	1.48	$	(0.15	)	$	—		$	(0.15	)	$	—	$	11.63		14.56	%	$	17.2		3.23	%		2.73	%		1.48	%		.98	%		(.85	%)		187	%		158	%
10/31/2012	$	10.30	$	(0.12	)	$	1.02	$	0.90	$	(0.21	)	$	(0.69	)	$	(0.90	)	$	—	$	10.30		9.60	%	$	8.9		5.01	%		4.55	%		1.68	%		1.22	%		(1.19	%)		446	%		423	%
Period from 12/29/2010^{^} to 10/31/2011	$	10.00	$	(0.08	)	$	0.38	$	0.30	$	—		$	—		$	—		$	—	$	10.30		3.00	%**	$	5.8		18.45	%^‡*		18.31	%^‡*^{^^}		1.36	%^‡*		1.21	%^‡*^{^^}		(.95	%)^‡*		268	%**		216	%**

See Notes to Financial Highlights

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		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			Total Distributions			Voluntary Contributions from Management		Net Asset Value, End of period		Total Return^††			Net Assets, End of period (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)
Global Allocation Fund (cont'd)
Class A
4/30/2015 (Unaudited)	$	10.76	$	(0.00	)	$	0.48		$	0.48		$	(0.24	)	$	—		$	(0.24	)	$	—	$	11.00		4.56	%**	$	9.2		3.28	%*		2.95	%*		1.44	%*		1.11	%*		(.09	%)*		128	%^a**		124	%^a**
10/31/2014	$	11.57	$	(0.16	)	$	0.29		$	0.13		$	(0.94	)	$	—		$	(0.94	)	$	0.00	$	10.76		1.03	%	$	9.6		3.68	%		3.16	%		1.86	%		1.35	%		(1.49	%)		228	%		216	%
10/31/2013	$	10.25	$	(0.14	)	$	1.58		$	1.44		$	(0.12	)	$	—		$	(0.12	)	$	—	$	11.57		14.15	%	$	7.9		3.58	%		3.07	%		1.84	%		1.33	%		(1.25	%)		187	%		158	%
10/31/2012	$	10.27	$	(0.15	)	$	1.01		$	0.86		$	(0.19	)	$	(0.69	)	$	(0.88	)	$	—	$	10.25		9.24	%	$	3.4		5.41	%		4.93	%		2.07	%		1.59	%		(1.48	%)		446	%		423	%
Period from 12/29/2010^{^} to 10/31/2011	$	10.00	$	(0.14	)	$	0.41		$	0.27		$	—		$	—		$	—		$	—	$	10.27		2.70	%**	$	0.1		22.01	%^‡*		21.63	%^‡*^{^^}		1.96	%^‡*		1.58	%^‡*^{^^}		(1.64	%)^‡*		268	%**		216	%**
Class C
4/30/2015 (Unaudited)	$	10.60	$	(0.04	)	$	0.47		$	0.43		$	(0.18	)	$	—		$	(0.18	)	$	—	$	10.85		4.15	%**	$	7.3		4.03	%*		3.70	%*		2.19	%*		1.86	%*		(.83	%)*		128	%^a**		124	%^a**
10/31/2014	$	11.43	$	(0.25	)	$	0.30		$	0.05		$	(0.88	)	$	—		$	(0.88	)	$	0.00	$	10.60		.30	%	$	7.0		4.46	%		3.95	%		2.63	%		2.11	%		(2.27	%)		228	%		216	%
10/31/2013	$	10.13	$	(0.21	)	$	1.55		$	1.34		$	(0.04	)	$	—		$	(0.04	)	$	—	$	11.43		13.30	%	$	4.9		4.35	%		3.85	%		2.59	%		2.09	%		(1.99	%)		187	%		158	%
10/31/2012	$	10.21	$	(0.23	)	$	1.00		$	0.77		$	(0.16	)	$	(0.69	)	$	(0.85	)	$	—	$	10.13		8.34	%	$	2.2		6.47	%		6.03	%		2.78	%		2.34	%		(2.26	%)		446	%		423	%
Period from 12/29/2010^{^} to 10/31/2011	$	10.00	$	(0.18	)	$	0.39		$	0.21		$	—		$	—		$	—		$	—	$	10.21		2.10	%**	$	0.0		25.07	%^‡*		24.87	%^‡*^{^^}		2.52	%^‡*		2.33	%^‡*^{^^}		(2.12	%)^‡*		268	%**		216	%**
Inflation Managed Fund^§§
Institutional Class
4/30/2015 (Unaudited)	$	10.74	$	0.07		$	(0.11	)	$	(0.04	)	$	(0.10	)	$	—		$	(0.10	)	$	—	$	10.60		(.39	%)**	$	15.3		2.81	%*		2.81	%^Ø*		.70	%*		.70	%^Ø*		1.38	%*		36	%**		36	%^Ø**
10/31/2014	$	10.38	$	0.17		$	0.41		$	0.58		$	(0.22	)	$	—		$	(0.22	)	$	—	$	10.74		5.73	%	$	16.9		3.22	%		3.22	%^Ø		.69	%		.69	%^Ø		1.61	%		41	%		41	%^Ø
Period from 12/19/2012^{^} to 10/31/2013	$	10.00	$	0.17		$	0.21		$	0.38		$	—		$	—		$	—		$	—	$	10.38		3.80	%**	$	15.9		4.55	%^‡*		4.55	%^‡Ø*		.69	%^‡*		.69	%^‡Ø*		1.92	%^‡*		45	%**		45	%^Ø**
Class A
4/30/2015 (Unaudited)	$	10.71	$	0.05		$	(0.12	)	$	(0.07	)	$	(0.08	)	$	—		$	(0.08	)	$	—	$	10.56		(.61	%)**	$	2.1		3.20	%*		3.20	%^Ø*		1.06	%*		1.06	%^Ø*		1.03	%*		36	%**		36	%^Ø**
10/31/2014	$	10.35	$	0.11		$	0.44		$	0.55		$	(0.19	)	$	—		$	(0.19	)	$	—	$	10.71		5.39	%	$	2.2		3.64	%		3.64	%^Ø		1.05	%		1.05	%^Ø		1.01	%		41	%		41	%^Ø
Period from 12/19/2012^{^} to 10/31/2013	$	10.00	$	0.14		$	0.21		$	0.35		$	—		$	—		$	—		$	—	$	10.35		3.50	%**	$	0.1		6.99	%^‡*		6.99	%^‡Ø*		1.04	%^‡*		1.04	%^‡Ø*		1.59	%^‡*		45	%**		45	%^Ø**
Class C
4/30/2015 (Unaudited)	$	10.63	$	0.01		$	(0.12	)	$	(0.11	)	$	(0.06	)	$	—		$	(0.06	)	$	—	$	10.46		(.98	%)**	$	0.4		4.00	%*		4.00	%^Ø*		1.80	%*		1.80	%^Ø*		.18	%*		36	%**		36	%^Ø**
10/31/2014	$	10.28	$	0.03		$	0.44		$	0.47		$	(0.12	)	$	—		$	(0.12	)	$	—	$	10.63		4.60	%	$	0.3		4.43	%		4.43	%^Ø		1.80	%		1.80	%^Ø		.33	%		41	%		41	%^Ø
Period from 12/19/2012^{^} to 10/31/2013	$	10.00	$	0.07		$	0.21		$	0.28		$	—		$	—		$	—		$	—	$	10.28		2.80	%**	$	0.1		7.76	%^‡*		7.76	%^‡Ø*		1.79	%^‡*		1.79	%^‡Ø*		.84	%^‡*		45	%**		45	%^Ø**

See Notes to Financial Highlights

100

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		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			Total Distributions			Voluntary Contributions from Management		Net Asset Value, End of period		Total Return^††			Net Assets, End of period (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)
Long Short Fund
Institutional Class
4/30/2015 (Unaudited)	$	13.02	$	0.03		$	0.22	$	0.25	$	(0.03	)	$	(0.05	)	$	(0.08	)	$	—	$	13.19		1.88	%**	$	2,811.0		1.66	%*		1.31	%*		1.66	%*		1.31	%*		.42	%*		42	%**		30	%**
10/31/2014	$	12.48	$	0.02		$	0.58	$	0.60	$	—		$	(0.06	)	$	(0.06	)	$	0.00	$	13.02		4.83	%	$	2,627.8		1.72	%		1.48	%		1.72	%		1.48	%		.17	%		61	%		44	%
10/31/2013	$	11.09	$	0.01		$	1.47	$	1.48	$	(0.01	)	$	(0.08	)	$	(0.09	)	$	—	$	12.48		13.47	%	$	1,038.2		1.75	%		1.60	%		1.75	%^§		1.60	%^§		.10	%		103	%		52	%
Period from 12/29/2011^{^} to 10/31/2012	$	10.00	$	0.04		$	1.05	$	1.09	$	—		$	—		$	—		$	—	$	11.09		10.90	%**	$	92.6		2.78	%^‡*		2.65	%^‡*		1.83	%^‡*		1.70	%^‡*		.40	%^‡*		93	%**		56	%**
Class A
4/30/2015 (Unaudited)	$	12.91	$	0.00		$	0.21	$	0.21	$	—		$	(0.05	)	$	(0.05	)	$	—	$	13.07		1.61	%**	$	388.4		2.04	%*		1.69	%*		2.04	%*		1.69	%*		.06	%*		42	%**		30	%**
10/31/2014	$	12.41	$	(0.03	)	$	0.58	$	0.55	$	—		$	(0.05	)	$	(0.05	)	$	0.00	$	12.91		4.47	%	$	388.6		2.09	%		1.85	%		2.09	%		1.85	%		(.20	%)		61	%		44	%
10/31/2013	$	11.06	$	(0.03	)	$	1.47	$	1.44	$	(0.01	)	$	(0.08	)	$	(0.09	)	$	—	$	12.41		13.08	%	$	502.1		2.08	%		1.94	%		2.08	%^§		1.94	%^§		(.23	%)		103	%		52	%
Period from 12/29/2011^{^} to 10/31/2012	$	10.00	$	0.00		$	1.06	$	1.06	$	—		$	—		$	—		$	—	$	11.06		10.60	%**	$	27.0		3.21	%^‡*		3.11	%^‡*		2.17	%^‡*		2.06	%^‡*		.05	%^‡*		93	%**		56	%**
Class C
4/30/2015 (Unaudited)	$	12.66	$	(0.04	)	$	0.20	$	0.16	$	—		$	(0.05	)	$	(0.05	)	$	—	$	12.77		1.24	%**	$	207.0		2.78	%*		2.43	%*		2.78	%*		2.43	%*		(.69	%)*		42	%**		30	%**
10/31/2014	$	12.26	$	(0.12	)	$	0.57	$	0.45	$	—		$	(0.05	)	$	(0.05	)	$	0.00	$	12.66		3.71	%	$	211.0		2.84	%		2.60	%		2.84	%		2.60	%		(.94	%)		61	%		44	%
10/31/2013	$	10.99	$	(0.12	)	$	1.46	$	1.34	$	(0.00	)	$	(0.07	)	$	(0.07	)	$	—	$	12.26		12.23	%	$	115.1		2.83	%		2.68	%		2.83	%^§		2.68	%^§		(1.00	%)		103	%		52	%
Period from 12/29/2011^{^} to 10/31/2012	$	10.00	$	(0.06	)	$	1.05	$	0.99	$	—		$	—		$	—		$	—	$	10.99		9.90	%**	$	3.4		4.34	%^‡*		4.20	%^‡*		2.95	%^‡*		2.81	%^‡*		(.69	%)^‡*		93	%**		56	%**
Multi-Asset Income Fund
Institutional Class
Period from 3/27/2015 ^{^} to 4/30/2015 (Unaudited)	$	10.00	$	0.03		$	0.09	$	0.12	$	(0.03	)	$	—		$	(0.03	)	$	—	$	10.09		1.22	%**	$	11.2		3.04	%^‡*		3.04	%^Ø‡*		.42	%^‡*		.42	%^Ø‡*		3.50	%^‡*		5	%**		5	%^Ø**
Class A
Period from 3/27/2015 ^{^} to 4/30/2015 (Unaudited)	$	10.00	$	0.03		$	0.09	$	0.12	$	(0.03	)	$	—		$	(0.03	)	$	—	$	10.09		1.19	%**	$	0.5		3.91	%^‡*		3.91	%^Ø‡*		.75	%^‡*		.75	%^Ø‡*		3.11	%^‡*		5	%**		5	%^Ø**
Class C
Period from 3/27/2015 ^{^} to 4/30/2015 (Unaudited)	$	10.00	$	0.02		$	0.09	$	0.11	$	(0.02	)	$	—		$	(0.02	)	$	—	$	10.09		1.12	%**	$	0.5		4.66	%^‡*		4.66	%^Ø‡*		1.42	%^‡*		1.42	%^Ø‡*		2.45	%^‡*		5	%**		5	%^Ø**
Class R6
Period from 3/27/2015 ^{^} to 4/30/2015 (Unaudited)	$	10.00	$	0.03		$	0.09	$	0.12	$	(0.03	)	$	—		$	(0.03	)	$	—	$	10.09		1.23	%**	$	4.0		3.02	%^‡*		3.02	%^Ø‡*		.36	%^‡*		.36	%^Ø‡*		3.50	%^‡*		5	%**		5	%^Ø**

See Notes to Financial Highlights

101

102

Notes to Financial Highlights (Unaudited)

†† 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 voluntary contribution listed in Note B of the Notes to Financial Statements had no impact on the Funds' total returns for the year ended October 31, 2014.

^ 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.

	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 Fund Institutional Class		1.69	%		1.54	%
Long Short Fund Class A		2.06	%		1.92	%
Long Short Fund Class C		2.81	%		2.66	%

* Annualized.

** Not annualized.

^^ As of June 22, 2011, Global Allocation's Institutional Class, Class A and Class C contractual expense limitations exclude dividend expenses relating to short sales, if any; consequently, net expenses may exceed the contractual expense limitations.

# 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 Flexible Select, Inflation Managed and Multi-Asset Income did not engage in short sales.

§§ Effective February 28, 2015, Neuberger Berman Inflation Navigator Fund changed its name to Neuberger Berman Inflation Managed Fund.

a The portfolio turnover rates not including mortgage dollar roll transactions, including and excluding securities sold short, were 127% and 123%, respectively, for the six months ended April 30, 2015, for Global Allocation.

103

Directory

Investment Manager, Administrator and Distributor

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264

Sub-Advisers

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 Management LLC
605 Third Avenue, Mail Drop 2-7
New York, NY 10158-0180
Attn: Intermediary Client Services
800.366.6264

For Class A and Class C 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

104

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).

105

Neuberger Berman Multi-Asset Income Fund: Initial Consideration of the Management and Subadvisory Agreements

At a meeting held on December 17-18, 2014, the Board of the Trust, including the Independent Fund Trustees, evaluated and approved the management agreement with Management (the "Management Agreement") and the sub-advisory agreement between Management and NBFI (the "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements") with respect to Neuberger Berman Multi-Asset Income Fund (the "Fund"). The Independent Fund Trustees were advised by Independent Counsel.

In evaluating the Agreements, the Board, including the Independent Fund Trustees, reviewed extensive 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 contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including periodic reports on, among other matters, pricing and valuation; brokerage and execution; and compliance, shareholder and other services provided by Management and its affiliates. To assist the Board in its deliberations regarding the contract review, the Board has established a Contract Review Committee comprised of Independent Fund Trustees, as well as other committees that focus throughout the year on specific areas relevant to the contract review, such as compliance matters.

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

In connection with its approval of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to the Fund and whether the Agreements were 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 and NBFI; (2) the expected costs of the services to be provided; (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 investors in the Fund. While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the Agreements was based on a comprehensive consideration of all information provided to the Board, and the Board members did not identify any particular information or factor that was all-important or controlling. The Board focused on the overall costs and benefits of the Agreements relating 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 NBFI and the qualifications, experience and capabilities of and the resources available to the portfolio management personnel of Management and NBFI who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance oversight. The Board also considered Management's and NBFI's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also considered that Management's responsibilities will 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 and NBFI as no significant compliance problems were reported to the Board with respect to any of them. The Board also considered the general structure of the portfolio manager compensation program and whether this structure would provide appropriate incentives to act in the best interests of the Funds. In addition, the Board considered the scope and depth of the compliance programs of Management and NBFI. The Board also considered the manner in which Management addressed various non-routine matters that have arisen from to time to time, some of them a result of developments in the broader fund industry or the regulations governing it.

106

The Board notes that there were no other funds or accounts managed by Management or NBFI with investment objectives, policies and strategies that were similar to those of the Fund.

With respect to the overall fairness of the Agreements, the Board considered the fee structure proposed for the Fund under the Agreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management and NBFI or their affiliates from their relationship with the Fund. The Board reviewed comparisons of the Fund's proposed management fee and overall expense ratio to a peer group of broadly comparable funds and a larger goup of funds in the same category. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group or the full category. The Board considered the mean and median of the management fees and expense ratios of the peer group. The Board considered that the total expense ratio, net of the contractual limit on expenses, for each class was above the median total expense ratio of the peer group, but noted that for all classes except one, it was below the mean and median for the full category. The Board considered whether specific portfolio management or administration needs contributed to the size of the management fee. The Board noted that "other expenses," as a component of the total expense ratio, were expected to be relatively high because the fund would operate in part by investing in other funds managed by NB Management; however, NB Management would rebate to the Fund a portion of the investment advisory fee corresponding to the advisory fees charged by the underlying fund(s). In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. The Board also noted the breakpoints built into the management fee to account for possible economies of scale, but noted that it may be too soon to evaluate 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 Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to the Fund and that approval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management and NBFI 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 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. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the Board's ongoing regular review of performance and operations of other funds advised by Management and NBFI, in addition to material prepared specifically for the most recent annual review of the agreements applicable to such other funds.

107

Investment manager: Neuberger Berman Management LLC

Sub-advisers: Neuberger Berman Fixed Income LLC
Neuberger Berman LLC

Neuberger Berman Management LLC
605 Third Avenue 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Institutional Services
800.366.6264
www.nb.com

L0088 06/15

Neuberger Berman
Alternative and Multi-Asset Class Funds

Institutional Class Shares
Class A Shares
Class C Shares

Global Long Short Fund

Semi-Annual Report

April 30, 2015

Contents

PRESIDENT'S LETTER					1
PORTFOLIO COMMENTARY					2
FUND EXPENSE INFORMATION					6
SCHEDULE OF INVESTMENTS/TOP TEN HOLDINGS					8
POSITIONS BY INDUSTRY					11
FINANCIAL STATEMENTS					18
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA					35
Directory					38
Proxy Voting Policies and Procedures					39
Quarterly Portfolio Schedule					39
Board Consideration of the Management and Sub-Advisory Agreements					40

President's Letter

Dear Shareholder,

I am pleased to present the first semi-annual report for Neuberger Berman Global Long Short Fund, which was launched on November 12, 2014. This report includes a portfolio commentary, a listing of the Fund's investments and its unaudited financial statements for the reporting period.

The Fund seeks long term capital appreciation while attempting to protect capital in equity down markets. The investment team combines top-down theme generation with fundamental bottom-up stock analysis in an effort to add value through both stock selection and asset allocation, primarily within the equity asset class. The investment team seeks to identify what they believe are the best equity investment opportunities, both long and short, around the world. Long stock positions consist of good businesses benefiting from thematic tailwinds, and short stock positions consist of what we think are challenged businesses that fall victim to thematic headwinds. The intended result is a differentiated, repeatable and scalable process that is diversified across investment themes, stock positions, sectors and countries.

Thank you for your 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 Long Short Fund Commentary

We are pleased to provide the first semi-annual report for Neuberger Berman Global Long Short Fund. During the period since the Fund's inception on November 12, 2014 through April 30, 2015, its Institutional Class produced a 2.80% total return but underperformed the 4.15% return of its primary benchmark, the HFRX Equity Hedge Index, (Performance for all share classes is provided in the table immediately following this letter.)

The past several months were eventful in the global arena, especially relating to policy developments and corresponding market responses across the world. Late 2014 through early 2015 saw a bottoming of economic fundamentals in the European Union, which was followed in early March by the European Central Bank's launch of its long-awaited quantitative-easing program. Additionally, we saw a continuation of monetary easing and reform initiatives in Asia, in particular China, Japan and India. At the same time, the U.S. was undergoing a transition, having exited its own quantitative easing program and entered into a period of uncertainty regarding the path of future U.S. Federal Reserve (Fed) rate increases. Although the U.S. economy remained on a steady path during the reporting period, economic data was mixed. Of particular note, we saw the dollar gain strength while the euro weakened from the beginning of the period until mid-March, when the Fed suggested that rate hikes in the U.S. could be delayed. This led to a substantial rotation affecting currency, fixed income, commodity and equity markets.

Since the Fund's inception, we have had a constructive view of global equity markets, with a great deal of interest in capturing fundamental and policy related opportunities, particularly in Europe and Japan. In the period preceding the Fed's rebasing of rate expectations, we increased our exposure to Europe—prompted by positive economic momentum and supportive monetary policies—focusing specifically on dollar-earning businesses such as automotive companies, dividend yielding stocks that we believe have growth potential and that could be reflation beneficiaries. We shorted stocks exposed to a slowdown in the resources capital expenditure cycle and hedged some of our currency exposures. Our positioning was more defensive in the U.S., where one of our important themes was to invest in companies that catered to the aging demographic, particularly businesses that improve the efficiency of health care products and services delivery. Our focus on the short side in the U.S. was on what appeared to be challenged business models, such as those suffering from changes in consumer preferences. In other parts of the world, we sought exposure to companies benefiting from the domestic recovery in Japan as well as reform programs in India.

The Fund's use of futures, forwards, options and equity swaps had an overall positive impact on the Fund's performance.

We have a generally positive outlook on global equity markets, but recognize that we are in the midst of one of the longest U.S. bull markets in history, one in which equity valuations around the globe have risen. While we anticipate continued accommodative monetary policies around the world, save for the U.S., we believe that uncertainty regarding Fed decisions could foster more volatility and market rotations. Finally, one cannot lose sight of potential risks that could result from geopolitical events, such as Greece's political tribulations and conflicts in the Middle East. Still, we believe there is a good global backdrop for our unique investment approach. By combining top-down research with bottom-up stock analysis within an unconstrained global long-short strategy, we believe we can identify exciting investment themes globally while also seeking to minimize downside risk.

Sincerely,

DANIEL GEBER
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.

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.

Global Long Short Fund

TICKER SYMBOLS

Institutional Class		NGBIX
Class A		NGBAX
Class C		NGBCX

PERFORMANCE HIGHLIGHTS

	Inception Date	Cumulative Total Return Ended 04/30/2015 Life of Fund
At NAV
Institutional Class	11/12/2014		2.80	%
Class A	11/12/2014		2.60	%
Class C	11/12/2014		2.20	%
With Sales Charge
Class A			–3.30	%
Class C			1.20	%
Index
HFRX Equity Hedge Index^1,2			4.15	%
MSCI All Country World Index^1,2			4.92	%

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 Management 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 2015 are 2.71%, 3.07% and 3.82% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated total annual operating expense ratios are 2.52%, 2.88% and 3.63% for Institutional Class, Class A and Class C, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the period from November 12, 2014 through April 30, 2015 can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Glossary of Indices" on page 5 for a description of indices. Please note that individuals cannot invest directly in any index. The HFRX Equity Hedge Index takes into account fees and expenses of investing since it is 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 Management LLC (Management) 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 November 12, 2014, the inception date of the oldest share class.

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

Glossary of Indices

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.

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 Information as of 4/30/15 (Unaudited)

	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 11/12/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾11/12/14 - 4/30/15		Expense Ratio			Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽²⁾11/1/14 - 4/30/15		Expense Ratio
Global Long Short
Institutional Class	$	1,000.00	$	1,028.00	$	10.82		2.29	%	$	1,000.00	$	1,013.44	$	11.43		2.29	%
Class A	$	1,000.00	$	1,026.00	$	12.50		2.65	%	$	1,000.00	$	1,011.65	$	13.22		2.65	%
Class C	$	1,000.00	$	1,022.00	$	15.96		3.39	%	$	1,000.00	$	1,007.98	$	16.88		3.39	%

(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 170/365 (to reflect the period shown of November 12, 2014 (Commencement of Operations) to April 30, 2015).

(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 181/365 (to reflect the one-half year period shown), unless otherwise indicated.

(3) Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.

Schedule of Investments Neuberger Berman Global Long Short Fund (Unaudited) 4/30/15

TOP TEN EQUITY HOLDINGS LONG POSITIONS (as a % of Net Assets)

		Country	Industry
1	Apple, Inc.	United States	Technology Hardware, Storage & Peripherals	2.2	%
2	Nomura Holdings, Inc.	Japan	Capital Markets	1.6	%
3	Ingenico Group	France	Electronic Equipment, Instruments & Components	1.5	%
4	Mitsubishi UFJ Financial Group, Inc.	Japan	Banks	1.5	%
5	ProSiebenSat.1 Media AG	Germany	Media	1.5	%
6	CVS Health Corp.	United States	Food & Staples Retailing	1.3	%
7	B/E Aerospace, Inc.	United States	Aerospace & Defense	1.3	%
8	Sumitomo Mitsui Financial Group, Inc.	Japan	Banks	1.2	%
9	Mizuho Financial Group, Inc.	Japan	Banks	1.2	%
10	Deutsche Telekom AG	Germany	Diversified Telecommunication Services	1.2	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS (as a % of Net Assets)

		Country	Industry
1	The Swatch Group AG	Switzerland	Textiles, Apparel & Luxury Goods	(1.3	)%
2	Philip Morris International, Inc.	United States	Tobacco	(1.3	)%
3	Deere & Co.	United States	Machinery	(1.0	)%
4	Cie Financiere Richemont SA	Switzerland	Textiles, Apparel & Luxury Goods	(1.0	)%
5	Vallourec SA	France	Machinery	(1.0	)%
6	Deutsche Lufthansa AG	Germany	Airlines	(0.9	)%
7	McDonald's Corp.	United States	Hotels, Restaurants & Leisure	(0.9	)%
8	The Coca-Cola Co.	United States	Beverages	(0.9	)%
9	Leoni AG	Germany	Auto Components	(0.9	)%
10	Wartsila OYJ Abp	Finland	Machinery	(0.8	)%

	Number of Shares		Value†
Long Positions (99.3%)
Common Stocks (77.8%)
Belgium (1.6%)
Ackermans &		1,076		$131,503 van Haaren NV
Anheuser-Busch InBev NV		648		78,893	^Ø
KBC Groep NV		1,297		85,334	*^Ø
				295,730
China (0.6%)
Bank of China Ltd. Class H		65,000		44,538
China Construction Bank Corp. Class H		46,000		44,654
Industrial & Commercial Bank of China Ltd. Class H		52,000		45,108
				134,300
France (8.7%)
Alcatel-Lucent		18,436		64,010	*
Ingenico Group		2,166		271,774
Klepierre		2,543		123,350
LVMH Moet Hennessy Louis Vuitton SE		869		151,959	^Ø
Natixis SA		6,016		49,797

	Number of Shares		Value†
Orpea		2,545	$	167,645	^Ø
Safran SA		1,233		90,092
Sanofi		799		81,331	^Ø
Schneider Electric SE		2,519		188,291
SCOR SE		4,012		144,399	^Ø
Thales SA		2,329		141,780
Unibail- Rodamco SE		399		110,168
				1,584,596
Germany (10.7%)
Bayer AG		809		116,441	*^Ø
Daimler AG		1,781		171,237	^Ø
Deutsche Annington Immobilien SE		6,094		204,546
Deutsche Telekom AG		11,737		215,734	^Ø
Deutsche Wohnen AG		7,672		201,234
Dialog Semiconductor PLC		3,083		139,009	*^Ø
Fresenius Medical Care AG & Co. KGaA		1,084		91,101	^Ø
Fresenius SE & Co. KGaA		1,404		83,528	^Ø
GEA Group AG		1,655		79,483	^Ø
Hella KGaA Hueck & Co.		1,718		79,283	*^Ø

	Number of Shares		Value†
KUKA AG		1,600	$	113,666	^Ø
LEG Immobilien AG		945		73,320	*^Ø
ProSiebenSat.1 Media AG		5,161		263,868	^Ø
RTL Group SA		1,193		111,845	^Ø
				1,944,295
Hong Kong (0.2%)
Hong Kong Exchanges and Clearing Ltd.		1,152		43,915
Israel (0.7%)
Teva Pharmaceutical Industries Ltd. ADR		1,976		119,390	^Ø
Italy (2.6%)
Brembo SpA		2,235		89,406	^Ø
Buzzi Unicem SpA		7,547		121,470	^Ø
Enel SpA		27,381		129,784	^Ø
Intesa Sanpaolo SpA		38,453		129,183
				469,843
Japan (11.0%)
Daicel Corp.		6,574		79,257	^Ø
Don Quijote Holdings Co. Ltd.		529		40,360
Fuji Heavy Industries Ltd.		5,448		182,181
Isetan Mitsukoshi Holdings Ltd.		7,430		120,215

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Global Long Short Fund (Unaudited) (cont'd)

	Number of Shares		Value†
Japan Airlines Co. Ltd.		4,000	$	133,369
Kirin Holdings Co. Ltd.		5,793		76,677	^Ø
Mitsubishi UFJ Financial Group, Inc.		37,152		263,941
Mizuho Financial Group, Inc.		113,200		215,791
Nissin Kogyo Co. Ltd.		3,756		61,908
Nomura Holdings, Inc.		43,596		282,825
NTT DOCOMO, Inc.		4,527		80,184	^Ø
Sumitomo Mitsui Financial Group, Inc.		5,030		219,633
Taisei Corp.		14,184		82,166	^Ø
Toshiba Plant Systems & Services Corp.		4,900		68,129	^Ø
Toyota Motor Corp.		1,270		88,404	^Ø
				1,995,040
Netherlands (2.5%)
ASML Holding NV		1,042		112,133
NXP Semiconductors NV		1,811		174,073	*^Ø
Wereldhave NV		1,097		70,416
Wolters Kluwer NV		2,677		86,728
				443,350
Sweden (1.8%)
Assa Abloy AB Class B		1,397		81,045	^Ø
Autoliv, Inc. SDR		1,432		170,819	^Ø
TeliaSonera AB		12,154		75,563	^Ø
				327,427
Switzerland (1.0%)
Geberit AG		233		82,522	^Ø
Novartis AG		809		82,576	^Ø
				165,098
Taiwan (2.1%)
Hermes Microvision, Inc.		2,000		140,636	^Ø
Largan Precision Co. Ltd.		1,632		163,536	^Ø
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3,382		82,656	^Ø
				386,828
United States (34.3%)
Accenture PLC Class A		1,370		126,930
Aetna, Inc.		818		87,420	^Ø

	Number of Shares		Value†
Air Products & Chemicals, Inc.		555	$	79,604	^Ø
Allegion PLC		2,111		129,088	^Ø
American Airlines Group, Inc.		3,389		163,638	^Ø
AmerisourceBergen Corp.		789		90,183	^Ø
Apple, Inc.		3,168		396,475	^£
B/E Aerospace, Inc.		4,018		240,236
BlackRock, Inc.		321		116,825	^Ø
Brookdale Senior Living, Inc.		3,381		122,494	*^Ø
Cardinal Health, Inc.		1,883		158,812	^Ø
Cigna Corp.		680		84,755	^Ø
Costco Wholesale Corp.		1,096		156,783	^Ø
CVS Health Corp.		2,445		242,764	^Ø
Delta Air Lines, Inc.		3,388		151,240	^Ø
Devon Energy Corp.		1,123		76,600	^Ø
EOG Resources, Inc.		737		72,926	^Ø
FedEx Corp.		482		81,733	^Ø
Fiserv, Inc.		2,678		207,813	*^Ø
Humana, Inc.		1,188		196,733	^Ø
Invesco Ltd.		2,739		113,449	^Ø
Lockheed Martin Corp.		1,015		189,399	^Ø
Lowe's Cos., Inc.		3,056		210,436	^£
NIKE, Inc. Class B		1,186		117,224
Northrop Grumman Corp.		1,070		164,823	^Ø
Pioneer Natural Resources Co.		429		74,123	^Ø
Reinsurance Group of America, Inc.		1,323		121,213	^Ø
SBA Communications Corp. Class A		667		77,252	*^Ø
Sensata Technologies Holding NV		3,016		166,514	*^Ø
Service Corp. International		6,815		188,639	^Ø
The Allstate Corp.		1,689		117,656	^Ø
The Goldman Sachs Group, Inc.		392		76,997	^Ø
The Home Depot, Inc.		1,868		199,839	^Ø
The PNC Financial Services Group, Inc.		1,290		118,331	^Ø
The Sherwin-Williams Co.		461		128,158	^Ø
The Walt Disney Co.		1,961		213,200	^Ø
T-Mobile US, Inc.		2,621		89,219	*^Ø
United Continental Holdings, Inc.		2,661		158,968	*^Ø
United Rentals, Inc.		1,276		123,236	*^Ø
United Technologies Corp.		1,660		188,825	^Ø
UnitedHealth Group, Inc.		1,081		120,423	^Ø

	Number of Shares		Value†
Wabtec Corp.		1,281	$	120,478	^Ø
Wells Fargo & Co.		1,398		77,030	^Ø
Yahoo!, Inc.		1,531		65,167	*^£
				6,203,651
Total Common Stocks (Cost $13,484,666)				14,113,463
Participatory Notes (1.7%)
India (1.7%)
Glenmark Pharmaceuticals Ltd., (issuer J.P. Morgan Structured Products), Expiration Date 9/23/2016		6,000		83,938	*
Sun Pharmaceutical Industries Ltd., (issuer J.P. Morgan Structured Products), Expiration Date 4/3/2018		10,454		154,223	*
Tata Motors Ltd., (issuer J.P. Morgan Structured Products), Expiration Date 6/8/2017		8,661		69,169	*
Total Participatory Notes (Cost $298,848)				307,330
	Number of Contracts
Purchased Options (0.5%)
Call Options (0.0%)
Energy Select Sector SPDR Fund, Call, Jun 2015 @ 85		60		7,320
Put Options (0.5%)
EURO STOXX 50 Index, Put, May 2015 @ 3600		106		87,362
Philadelphia Stock Exchange Semiconductor Index, Put, May 2015 @ 665		25		6,250
				93,612
Total Purchased Options (Cost $57,536)				100,932

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Global Long Short Fund (Unaudited) (cont'd)

	Number of Shares			Value†
Short-Term Investment (19.3%)
Morgan Stanley Treasury Fund, 0.03%, due 12/31/49 (Cost $3,503,608)		3,503,608		$	3,503,608	^Ø
Total Long Positions (99.3%) (Cost $17,344,658)					18,025,333	^##
Cash, receivables and other assets, less liabilities (19.8%)					3,597,173	^{±†††Ø}
Short Positions (see summary below) ((19.1)%)					(3,476,105	)
Total Net Assets (100.0%)				$	18,146,401
Short Positions ((19.1)%)
Common Stocks Sold Short (19.1%)^£ØØ
Australia (0.3%)
Woolworths Ltd.		(2,540	)		(58,973	)
Finland (1.7%)
Metso OYJ		(5,327	)		(151,428	)
Wartsila OYJ Abp		(3,350	)		(153,698	)
					(305,126	)
France (1.5%)
Cie Generale des Etablissements Michelin		(829	)		(92,447	)
Vallourec SA		(7,373	)		(173,862	)
					(266,309	)
Germany (2.3%)
BASF SE		(861	)		(85,539	)
Deutsche Lufthansa AG		(11,934	)		(164,590	)*
Leoni AG		(2,414	)		(154,594	)
					(404,723	)
Luxembourg (0.2%)
ArcelorMittal		(4,386	)		(46,673	)
Sweden (1.4%)
Alfa Laval AB		(6,794	)		(126,816	)
Sandvik AB		(9,921	)		(125,392	)
					(252,208	)
Switzerland (2.2%)
Cie Financiere Richemont SA		(1,981	)		(176,572	)
The Swatch Group AG		(514	)		(229,787	)
					(406,359	)

	Number of Shares			Value†
United States (9.5%)
Bed Bath & Beyond, Inc.		(1,513	)	$	(106,606	)*
Consolidated Edison, Inc.		(2,075	)		(127,716	)
Deere & Co.		(2,087	)		(188,915	)
General Mills, Inc.		(2,268	)		(125,511	)
Kellogg Co.		(1,320	)		(83,596	)
McDonald's Corp.		(1,690	)		(163,169	)
Microsoft Corp.		(2,013	)		(97,912	)
Monsanto Co.		(1,013	)		(115,441	)
Owens-Illinois, Inc.		(5,862	)		(140,160	)*
Philip Morris International, Inc.		(2,724	)		(227,372	)
Praxair, Inc.		(592	)		(72,183	)
The Coca-Cola Co.		(3,864	)		(156,724	)
Tyson Foods, Inc. Class A		(3,302	)		(130,429	)
					(1,735,734	)
Total Common Stocks Sold Short (Proceeds $(3,483,243))					(3,476,105	)
Total Short Positions (Proceeds $(3,483,243))					(3,476,105	)

See Notes to Schedule of Investments

LONG POSITIONS BY INDUSTRY GLOBAL LONG SHORT FUND

Industry	Investments at Value^†			Percentage of Net Assets
Banks	$	1,293,340			7.1	%
Health Care Providers & Services		1,203,094			6.6	%
Aerospace & Defense		1,015,155			5.6	%
Media		675,641			3.7	%
Semiconductors & Semiconductor Equipment		648,507			3.6	%
Pharmaceuticals		637,899			3.5	%
Airlines		607,215			3.3	%
Capital Markets		590,096			3.3	%
Automobiles		510,991			2.8	%
Real Estate Management & Development		479,100			2.6	%
Electronic Equipment, Instruments & Components		435,310			2.4	%
Specialty Retail		410,275			2.3	%
Auto Components		401,416			2.2	%
Food & Staples Retailing		399,547			2.2	%
Technology Hardware, Storage & Peripherals		396,475			2.2	%
Insurance		383,268			2.1	%
Electrical Equipment		354,805			2.0	%
IT Services		334,743			1.8	%
Machinery		313,627			1.7	%
Real Estate Investment Trusts		303,934			1.7	%
Building Products		292,655			1.6	%
Diversified Telecommunication Services		291,297			1.6	%
Chemicals		287,019			1.6	%
Textiles, Apparel & Luxury Goods		269,183			1.5	%
Wireless Telecommunication Services		246,655			1.4	%
Oil, Gas & Consumable Fuels		223,649			1.2	%
Diversified Consumer Services		188,639			1.0	%
Diversified Financial Services		175,418			1.0	%
Multiline Retail		160,575			0.9	%
Beverages		155,570			0.9	%
Construction & Engineering		150,295			0.8	%
Electric Utilities		129,784			0.7	%
Trading Companies & Distributors		123,236			0.7	%
Construction Materials		121,470			0.7	%
Air Freight & Logistics		81,733			0.4	%
Internet Software & Services		65,167			0.4	%
Communications Equipment		64,010			0.4	%
Purchased Options		100,932			0.5	%
Short-Term Investments and Other Assets—Net		7,100,781			39.1	%
Short Positions (see summary on next page)		(3,476,105	)		(19.1	)%
	$	18,146,401			100.0	%

See Notes to Schedule of Investments

SHORT POSITIONS BY INDUSTRY GLOBAL LONG SHORT FUND

Industry	Investments at Value^†			Percentage of Net Assets
Machinery	$	(920,111	)		(5.1	)%
Textiles, Apparel & Luxury Goods		(406,359	)		(2.2	)%
Food Products		(339,536	)		(1.9	)%
Chemicals		(273,163	)		(1.5	)%
Auto Components		(247,041	)		(1.4	)%
Tobacco		(227,372	)		(1.2	)%
Airlines		(164,590	)		(0.9	)%
Hotels, Restaurants & Leisure		(163,169	)		(0.9	)%
Beverages		(156,724	)		(0.9	)%
Containers & Packaging		(140,160	)		(0.8	)%
Multi-Utilities		(127,716	)		(0.7	)%
Specialty Retail		(106,606	)		(0.6	)%
Software		(97,912	)		(0.5	)%
Food & Staples Retailing		(58,973	)		(0.3	)%
Metals & Mining		(46,673	)		(0.2	)%
Total Common Stock Sold Short	$	(3,476,105	)		(19.1	)%

See Notes to Schedule of Investments

Notes to Schedule of Investments Global Long Short Fund (Unaudited)

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements" ("ASC 820"), all investments held by Neuberger Berman Global Long Short Fund (the "Fund") are carried at the value that Neuberger Berman Management LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.

• 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 Fund's investments (long and short positions) in equity securities, purchased option contracts and written option contracts, 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 reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations.

The value of participatory notes is determined by Management by obtaining valuations from an independent pricing service based on the underlying equity security and applicable exchange rate.

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

See Notes to Financial Statements

Notes to Schedule of Investments Global Long Short Fund (Unaudited) (cont'd)

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

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Neuberger Berman Alternative Funds' Board of Trustees (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, trading in financial futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.

The value of the Fund's investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are translated from the local currency into U.S. dollars using the exchange rates as of the end of regular trading on the New York Stock Exchange ("NYSE") on business days, usually 4:00 p.m., Eastern time. 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 the 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 income securities as of the close of the NYSE. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the close of the NYSE (Level 2 inputs) to assist in determining prices for certain foreign income 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 close of the NYSE, 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 the 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.

See Notes to Financial Statements

Notes to Schedule of Investments Global Long Short Fund (Unaudited) (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Fund's investments as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^
Belgium	$	—	$	295,730	$	—	$	295,730
China		—		134,300		—		134,300
France		—		1,584,596		—		1,584,596
Germany		—		1,944,295		—		1,944,295
Hong Kong		—		43,915		—		43,915
Italy		—		469,843		—		469,843
Japan		—		1,995,040		—		1,995,040
Netherlands		174,073		269,277		—		443,350
Sweden		—		327,427		—		327,427
Switzerland		—		165,098		—		165,098
Taiwan		82,656		304,172		—		386,828
Other Common Stocks^ß		6,323,041		—		—		6,323,041
Total Common Stocks		6,579,770		7,533,693		—		14,113,463
Participatory Notes^		—		307,330		—		307,330
Purchased Options		100,932		—		—		100,932
Short-Term Investments		—		3,503,608		—		3,503,608
Total Long Positions	$	6,680,702	$	11,344,631	$	—	$	18,025,333

^ The Schedule of Investments (or Long Positions by Industry and Short Positions by Industry) provides information on the industry categorization for the portfolio.

ß Represents a geographic location where all securities were Level 1 securities. Please refer to the Schedule of Investments for additional information.

The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Forward contracts (unrealized appreciation)	$	—	$	53,920	$	—	$	53,920
Equity swaps (unrealized appreciation)		—		113,935		—		113,935
Total	$	—	$	167,855	$	—	$	167,855

See Notes to Financial Statements

Notes to Schedule of Investments Global Long Short Fund (Unaudited) (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Fund's investments as of April 30, 2015:

Liability Valuation Inputs
	Level 1			Level 2			Level 3		Total
Investments:
Common Stocks Sold Short^
Australia	$	—		$	(58,973	)	$	—	$	(58,973	)
Finland		—			(305,126	)		—		(305,126	)
France		—			(266,309	)		—		(266,309	)
Germany		—			(404,723	)		—		(404,723	)
Luxembourg		—			(46,673	)		—		(46,673	)
Sweden		—			(252,208	)		—		(252,208	)
Switzerland		—			(406,359	)		—		(406,359	)
Other Common Stocks Sold Short^ß		(1,735,734	)		—			—		(1,735,734	)
Total Common Stocks Sold Short		(1,735,734	)		(1,740,371	)		—		(3,476,105	)
Total Short Positions	$	(1,735,734	)	$	(1,740,371	)	$	—	$	(3,476,105	)

^ The Schedule of Investments (or Long Positions by Industry and Short Positions by Industry) provides information on the industry categorization for the portfolio.

ß Represents a geographic location where all securities were Level 1 securities. Please refer to the Schedule of Investments for additional information.

The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of April 30, 2015:

Liability Valuation Inputs
	Level 1			Level 2			Level 3		Total
Forward contracts (unrealized depreciation)	$	—		$	(119,226	)	$	—	$	(119,226	)
Financial futures (unrealized depreciation)		—			(19,476	)		—		(19,476	)
Options written		(35,138	)		—			—		(35,138	)
Total	$	(35,138	)	$	(138,702	)	$	—	$	(173,840	)

As of the period ending April 30, 2015, the Fund had no transfers between Levels 1, 2 or 3.

## At April 30, 2015, the cost of investments for U.S. federal income tax basis was $17,344,658. Gross unrealized appreciation of investments was $877,644 and gross unrealized depreciation of investments was $196,969, resulting in net unrealized appreciation of $680,675 based on cost for U.S. federal income tax purposes.

* Security did not produce income during the last twelve months.

± At April 30, 2015, Global Long Short had outstanding put options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
EURO STOXX 50 Index, Put		106	EUR	3,425	May 2015	$	(24,638	)
Philadelphia Stock Exchange Semiconductor Index, Put		25	$	650	May 2015		(10,500	)
					Total	$	(35,138	)

See Notes to Financial Statements

Notes to Schedule of Investments Global Long Short Fund (Unaudited) (cont'd)

£ All or a portion of this security has been pledged as collateral. At April 30, 2015, the Fund had pledged securities in the amount of $672,078 to cover collateral requirements for borrowing in connection with securities sold short and option contracts written.

Ø All or a portion of this security or cash is segregated in connection with obligations for securities sold short and/or call and put options written and/or forward contracts and/or swaps and/or financial futures.

ØØ At April 30, 2015, the Fund had deposited $3,486,558 in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

††† See Note A-13 in the Notes to Financial Statements for the Fund's open positions in derivatives at April 30, 2015.

See Notes to Financial Statements

Statement of Assets and Liabilities (Unaudited)

Neuberger Berman Alternative Funds

	GLOBAL LONG SHORT FUND
	April 30, 2015
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	18,025,333
Cash		184,268
Cash collateral segregated for short sales (Note A-11)		3,486,558
Dividends and interest receivable		30,276
Foreign tax reclaims		1,955
Receivable from administrator—net (Note B)		133,976
Open swap contracts, at value (Note A-13)		113,935
Receivable for variation margin (Note A-13)		41,639
Receivable for open forward foreign currency contracts (Note A-13)		53,920
Prepaid expenses and other assets		69,831
Total Assets		22,141,691
Liabilities
Investments sold short, at value** (Note A)		3,476,105
Options contracts written, at value*** (Note A)		35,138
Due to Custodian		45,464
Dividends and interest payable for short sales		3,541
Payable to investment manager—(Note B)		18,246
Payable for securities purchased		189,673
Payable for open forward foreign currency contracts (Note A-13)		119,226
Accrued expenses and other payables		107,897
Total Liabilities		3,995,290
Net Assets	$	18,146,401
Net Assets consist of:
Paid-in capital	$	17,753,250
Undistributed net investment income (loss)		(76,106	)
Accumulated net realized gains (losses) on investments		(235,187	)
Net unrealized appreciation (depreciation) in value of investments		704,444
Net Assets	$	18,146,401

See Notes to Financial Statements

Statement of Assets and Liabilities (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

		GLOBAL LONG SHORT FUND
		April 30, 2015
Net Assets
Institutional Class		$	17,038,318
Class A			596,996
Class C			511,087
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class			1,658,269
Class A			58,201
Class C			50,000
Net Asset Value, offering and redemption price per share
Institutional Class		$	10.27
Net Asset Value and redemption price per share
Class A		$	10.26
Offering Price per share
Class A‡		$	10.88
Net Asset Value and offering price per share
Class C^		$	10.22
*Cost of Investments:
Unaffiliated issuers		$	17,344,658
Total cost of foreign currency		$	(45,449	)
	**Proceeds from investments sold short	$	3,483,243
	***Premium received from option contracts written	$	22,828

‡ 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

Statement of Operations (Unaudited)

Neuberger Berman Alternative Funds

	GLOBAL LONG SHORT FUND
	For the Period from November 12, 2014 (Commencement of Operations) to April 30, 2015
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	113,247
Interest income—unaffiliated issuers		408
Foreign taxes withheld (Note A-6)		(13,286	)
Total income	$	100,369
Expenses:
Investment management fees (Note B)		94,373
Administration fees (Note B)		4,530
Administration fees (Note B):
Institutional Class		6,355
Class A		504
Class C		474
Distribution fees (Note B):
Class A		630
Class C		2,372
Shareholder servicing agent fees:
Institutional Class		924
Class A		789
Class C		785
Organization expense (Note A-8)		334,314
Audit fees		13,687
Custodian and accounting fees (Note A)		44,373
Legal fees		48,023
Registration and filing fees		21,371
Shareholder reports		9,605
Trustees' fees and expenses		15,833
Short sales expense (Note A-11)		7,489
Dividend expense on securities sold short (Note A-11)		27,020
Miscellaneous		4,618
Total expenses		638,069
Expenses reimbursed by Management (Note B)		(461,594	)
Total net expenses		176,475
Net investment income (loss)	$	(76,106	)

See Notes to Financial Statements

Statement of Operations (Unaudited) (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	GLOBAL LONG SHORT FUND
	For the Period from November 12, 2014 (Commencement of Operations) to April 30, 2015
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers	$	(132,253	)
Sales of investment securities of unaffiliated issuers sold short		(232,794	)
Forward foreign currency contracts		259,392
Foreign currency		(36,814	)
Financial futures contracts		(122,565	)
Option contracts written		23,073
Swap contracts		6,774
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		680,675
Unaffiliated investment securities sold short		7,138
Forward foreign currency contracts		(65,306	)
Foreign currency		(212	)
Financial futures contracts		(19,476	)
Option contracts written		(12,310	)
Swap contracts		113,935
Net gain (loss) on investments		469,257
Net increase (decrease) in net assets resulting from operations	$	393,151

See Notes to Financial Statements

Statement of Changes in Net Assets (Unaudited)

Neuberger Berman Alternative Funds

	GLOBAL LONG SHORT FUND
	Period from November 12, 2014 (Commencement of Operations) to April 30, 2015
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	(76,106	)
Net realized gain (loss) on investments		(235,187	)
Change in net unrealized appreciation (depreciation) of investments		704,444
Net increase (decrease) in net assets resulting from operations		393,151
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		16,668,550
Class A		584,700
Class C		500,000
Net increase (decrease) from Fund share transactions		17,753,250
Net Increase (Decrease) in Net Assets		18,146,401
Net Assets:
Beginning of period		—
End of period	$	18,146,401
Undistributed net investment income (loss) at end of period		(76,106	)

See Notes to Financial Statements

Notes to Financial Statements Global Long Short Fund (Unaudited)

Note A—Summary of Significant Accounting Policies:

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

The 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."

2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Fund's Schedule of Investments.

3 Foreign currency translation: The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars using the exchange rate as of the end of regular trading on the NYSE on business days, usually 4:00 p.m. Eastern time, 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 Statement of Operations.

5 Income tax information: The Fund is treated as a separate entity for U.S. federal income tax purposes. It is the intention of the Fund 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 the 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.

To the extent the Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, if any, it is the policy of the Fund not to distribute such gains.

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

7 Distributions to shareholders: The Fund may earn income, net of expenses, daily on its investments. Distributions from net investment income and net realized capital gains, if any, generally are distributed once a year (usually in December). Income distributions and capital gain distributions to shareholders are recorded on the ex-date.

8 Organization expenses: Costs incurred by the Fund in connection with its organization, which amounted to $334,314, and are reflected in "Organization expense" in the Statement of Operations, have been expensed as incurred.

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to the Fund are charged to the Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., the 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. The 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 Securities sold short: The 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, the 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, the 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 the Fund sold the security short, while losses are potentially unlimited in size. The Fund pledges 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 Fund and used to purchase additional securities or for any other purpose. Proceeds maintained by the lender are included in "Cash collateral segregated for short sales" on the Statement of Assets and Liabilities. The

Fund is required to segregate an amount of cash, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least equal to the current market value of the securities sold short (less any additional collateral held by the lender). The Fund is contractually responsible to the lender for any dividends and interest payable on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Fund and are excluded from the contractual expense limitation. At April 30, 2015, the Fund had pledged cash in the amount of $3,486,558 to Bank of America N.A., as collateral for short sales. At April 30, 2015, the Fund had pledged securities in the amount of $672,078 to cover collateral requirements for borrowing in connection with securities sold short.

12 Investment company securities and exchange-traded funds: The Fund 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. The 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.

13 Derivative instruments: During the period ended April 30, 2015, the Fund's use of derivatives, as described below, was limited to financial futures, equity swaps, forward contracts and purchased and written option transactions. The Fund has 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 Statement of Operations, they do not qualify for hedge accounting. Accordingly, even though the Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Financial futures contracts: During the period ended April 30, 2015, the Fund used financial futures to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities and to hedge risk. At the time the Fund enters into a financial 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 financial 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 as the market price of the financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund as unrealized gains or losses.

For U.S. federal income tax purposes, the futures transactions undertaken by the Fund may cause the 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, the Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating the Fund's taxable income.

At April 30, 2015, open positions in financial futures contracts were:

Expiration	Open Contracts			Position	Unrealized Appreciation (Depreciation)
May 2015	13 FTSE China 50 Index			Long	$	(1,365	)
May 2015		3	H-Shares Index	Long		(3,532	)
June 2015	27 EURO STOXX 50 Index			Short		(9,143	)
June 2015		4	FTSE 100 Index	Short		(4,634	)
June 2015	25 S&P 500 E-Mini Index			Short		(802	)
Total					$	(19,476	)

During the period ended April 30, 2015, the average notional value of financial futures contracts was $330,575 for long positions and $(1,265,220) for short positions.

Equity swap contracts: During the period ended April 30, 2015, the Fund used equity swaps to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities 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 on another equity security or basket of securities 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 the adviser or subadviser, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, the Fund may suffer a loss, which may exceed the related amounts shown in the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses.

At April 30, 2015, the outstanding equity swaps* for the Fund were as follows:

Counterparty		Description		Value
J.P. Morgan Chase Bank, N.A.		The Fund receives or pays the total return on long and short positions and pays or receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.		$	113,935

* The following table represents the individual long and short positions and related values of the equity swaps as of April 30, 2015.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
France
Cap Gemini SA		1,523	$	121,047	$	14,906
Germany
Dialog Semiconductor PLC		913		41,236		344
Ireland
CRH PLC		6,301		152,800		24,102
Shire PLC		2,231		149,471		33,231
						57,333

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
Japan
Don Quijote Holdings Co., Ltd.		1,566		$	125,781		$	(6,167	)
NTT Data Corp.		2,964			128,036			5,518
								(649	)
Sweden
Assa Abloy AB		716			41,389			274
United Kingdom
Ashtead Group PLC		4,919			80,497			4,523
British American Tobacco PLC		1,421			77,034			1,327
Croda International PLC		5,006			197,384			20,464
Derwent London PLC		1,653			80,970			6,315
Imperial Tobacco Group PLC		1,790			78,745			8,960
ITV PLC		38,100			135,522			12,792
Land Securities Group PLC		4,143			79,929			(499	)
								53,882
Total Long Positions of Equity Swaps								126,090
Short Positions
Australia
Woolworths Ltd.		(1,911	)		(43,168	)		(1,413	)
Europe
STOXX Europe 600 Food & Beverage		(242	)		(172,673	)		3,317
STOXX Europe 600 Utilities		(747	)		(269,912	)		(4,366	)
								(1,049	)
United Kingdom
GKN PLC		(20,059	)		(109,591	)		1,424
Smiths Group PLC		(7,235	)		(118,777	)		(8,384	)
								(6,960	)
Total Short Positions of Equity Swaps								(9,422	)
Total Long and Short Positions of Equity Swaps								116,668
Financing Costs and Other Payables								(2,733	)
Equity Swaps, at Value							$	113,935

(a) Notional value represents the market value (including any fees or commissions) of the long and short positions when they are established.

(b) For the period ended April 30, 2015, the average notional value of equity swaps was $1,540,649 for long positions and $(659,655) for short positions, respectively.

Forward foreign currency contracts: During the period ended April 30, 2015, the Fund used forward contracts to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities and to hedge risk.

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 the Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, the 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 forward 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 Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund's Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

At April 30, 2015, open forward contracts for the Fund were as follows:

Buy	Counterparty	Contracts to Receive		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Euro	Bank of America N.A.		2,000,000	$	2,195,184	05/07/15	$	50,597
Japanese Yen	Bank of America N.A.		120,000,000		1,006,963	05/07/15		(1,919	)
Total							$	48,678
Sell	Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Euro	Bank of America N.A.		2,000,000	$	2,136,202	05/07/15	$	(109,579	)
Indian Rupee	Bank of America N.A.		13,047,000		208,518	05/07/15		3,323
Japanese Yen	Bank of America N.A.		120,000,000		997,316	05/07/15		(7,728	)
Total							$	(113,984	)

For the period ended April 30, 2015, the Fund's investments in forward contracts had an average value of $8,257,250.

Options: Premiums received by the Fund upon writing a covered 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, the Fund realizes a gain or loss and the liability is eliminated.

When writing a covered call option, the 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, the 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 the Fund has written expires unexercised, the Fund will realize a gain in the amount of the premium. All securities covering outstanding options are held in escrow by the custodian bank.

Written option transactions were used to enhance returns, to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities and to hedge

risk for the Fund for the period ended April 30, 2015. Written option transactions for the Fund for the period ended April 30, 2015 were as follows:

	Number of Contracts			Premium Received
Outstanding 11/12/14*		—		$	—
Options written		211			45,900
Options closed		(80	)		(23,072	)
Options exercised		—			—
Options expired		—			—
Outstanding at 4/30/15		131		$	22,828

* The Fund commenced operations on November 12, 2014.

Premiums paid by the Fund upon purchasing a call or put option are recorded in the Assets 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 expires, the Fund realizes a gain or loss and the asset is eliminated.

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

Purchased option transactions were used to manage or adjust the risk profile of the Fund or individual positions, to replace more traditional direct investments, to obtain investment exposure to certain markets, to establish net short or net long positions for individual markets, currencies or securities and to hedge risk for the period ended April 30, 2015.

For the period ended April 30, 2015, the Fund had an average market value of $25,835 in purchased options and $(12,438) in written options.

At April 30, 2015 the Fund had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

Derivative Type	Statement of Assets and Liabilities Location	Currency Risk		Equity Risk		Total
Equity swaps	Open swap contacts, at value	$	—	$	113,935	$	113,935
Forward contracts	Receivable for open forward foreign currency contracts		53,920		—		53,920
Option contracts purchased	Investments in securities, at value		—		100,932		100,932
Total Value—Assets		$	53,920	$	214,867	$	268,787

Liability Derivatives

Derivative Type	Statement of Assets and Liabilities Location	Currency Risk			Equity Risk			Total
Financial futures	Receivable/Payable for variation margin⁽¹⁾	$	—		$	(19,476	)	$	(19,476	)
Forward contracts	Payable for open forward foreign currency contracts		(119,226	)		—			(119,226	)
Option contracts written	Option contracts written, at value		—			(35,138	)		(35,138	)
Total Value—Liabilities		$	(119,226	)	$	(54,614	)	$	(173,840	)

(1) "Financial futures" reflects the cumulative appreciation (depreciation) of financial futures as of April 30, 2015, which is reflected in the Statement of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of April 30, 2015, if any, is reflected in the Statement of Assets and Liabilities under the caption "Receivable/Payable for variation margin."

The impact of the use of these derivative instruments on the Statement of Operations during the period ended April 30, 2015, was as follows:

Realized Gain (Loss)

Derivative Type	Statement of Operations Location	Currency Risk		Equity Risk			Total
Forward contracts	Net realized gain (loss) on: Forward foreign currency contracts	$	259,392	$	—		$	259,392
Financial futures	Net realized gain (loss) on: Financial futures contracts		—		(122,565	)		(122,565	)
Option contracts written	Net realized gain (loss) on: Options written		—		23,073			23,073
Option contracts purchased	Net realized gain (loss) on: Sales of investment securities of unaffiliated issuers		—		(76,514	)		(76,514	)
Swap contracts	Net realized gain (loss) on: Swap contracts		—		6,774			6,774
Total Realized Gain (Loss)		$	259,392	$	(169,232	)	$	90,160

Change in Appreciation (Depreciation)

Derivative Type	Statement of Operations Location	Currency Risk			Equity Risk			Total
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: Forward foreign currency contracts	$	(65,306	)	$	—		$	(65,306	)
Financial futures	Change in net unrealized appreciation (depreciation) in value of: Financial futures contracts		—			(19,476	)		(19,476	)
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: Options contracts written		—			(12,310	)		(12,310	)
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: Unaffiliated investment securities		—			43,396			43,396
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: Swap contracts		—			113,935			113,935
Total Change in Appreciation (Depreciation)		$	(65,306	)	$	125,545		$	60,239

The Fund discloses 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 Fund's derivative assets and liabilities at fair value by type are reported gross in the Statement of Assets and Liabilities. The following tables present the Fund's 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 Fund for assets and pledged by the Fund for liabilities as of April 30, 2015.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Equity swaps	$	113,935	$	—	$	113,935
Forward Contracts		53,920		—		53,920
Total	$	167,855	$	—	$	167,855

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)
J.P. Morgan Chase Bank N.A.	$	113,935	$	—		$	—	$	113,935
Bank of America N.A.		53,920		(53,920	)		—		—
Total	$	167,855	$	(53,920	)	$	—	$	113,935

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Forward Contracts	$	(119,226	)	$	—	$	(119,226	)
Total	$	(119,226	)	$	—	$	(119,226	)

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^(c)
Bank of America N.A.		$	(119,226	)		$	53,920			$	—			$	(65,306	)

(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 April 30, 2015, in the event of a counterparty failure.

14 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.

15 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—Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

The Fund retains Management as its investment manager under a Management Agreement. For such investment management services, the Fund pays Management a fee at the annual rate of 1.250% of the first $250 million of the Fund's average daily net assets, 1.225% of the next $250 million, 1.200% of the next $250 million, 1.175% of the next $250 million, 1.150% of the next $500 million, 1.125% of the next $2.5 billion, and 1.100% of average daily net assets in excess of $4 billion. Accordingly, for the period ended April 30, 2015, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 1.25% of the Fund's average daily net assets.

The Fund retains Management as its administrator under an Administration Agreement. The 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 pays Management an administration fee at the annual rate of 0.09% of its average daily net assets, and Class A and Class C pay Management an administration fee at the annual rate of 0.20% of its daily net assets under this agreement. Additionally, Management retains J.P. Morgan Chase Bank, N.A. ("JPM") as its sub-administrator under a Sub-Administration Agreement. Management pays JPM a fee for all services received under this agreement.

Management has contractually agreed to waive fees and/or reimburse certain expenses of the Institutional Class, Class A and Class C of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, dividend and interest expenses relating to short sales, acquired fund fees and expenses, and extraordinary expenses, if any; and, consequently, net expenses may exceed the contractual expense limitation) ("Operating Expenses") which exceed the expense limitation as detailed in the following table. The Fund has agreed to repay Management for fees and expenses waived and/or its excess Operating Expenses previously

reimbursed by Management, so long as its annual Operating Expenses during that period do not exceed its expense limitation in place at the time the fees and expenses were waived or reimbursed, and the repayment is made within three years after the year in which Management issued the reimbursement or waived fees. During the period ended April 30, 2015, there was no repayment to Management under its contractual expense limitation. At April 30, 2015, the Fund's contingent liabilities to Management under its contractual expense limitation were as follows:

					Expenses Reimbursed in Fiscal Period Ending, October 31,
					2015
					Subject to Repayment until October 31,
	Contractual Expense Limitation⁽¹⁾			Expiration	2018
Institutional Class		1.80	%	10/31/18	$	430,267	⁽²⁾
Class A		2.16	%	10/31/18		16,042	⁽²⁾
Class C		2.91	%	10/31/18		15,285	⁽²⁾

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

(2) Period from November 12, 2014 (Commencement of Operations) to April 30, 2015.

Neuberger Berman LLC ("Neuberger"), as the sub-adviser to the Fund, is retained by Management to furnish it with investment recommendations, research information and related services without added cost to the Fund. Several individuals who are Officers and/or Trustees of the Trust are also employees of Neuberger and/or Management.

The Fund also has a distribution agreement with Management with respect to each class of shares. Management 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.

Class A shares of the 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 the Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the period ended April 30, 2015, Management, acting as underwriter and broker-dealer, did not receive any net initial sales charges from the purchase of Class A shares or CDSCs from the redemption of Class A and Class C shares.

Note C—Securities Transactions:

During the period ended April 30, 2015, there were purchase and sale transactions of long-term securities (excluding equity swaps, forward contracts, financial futures and option contracts) as follows:

Purchases				Securities Sold Short				Sales				Covers on Securities Sold Short
$	19,164,074			$	7,265,827			$	5,321,909			$	4,015,370

During the period ended April 30, 2015, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the period ended April 30, 2015 was as follows:

	For the Period Ended April 30, 2015
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed		Total
Institutional Class⁽¹⁾		1,658,269		—		—		1,658,269
Class A⁽¹⁾		58,201		—		—		58,201
Class C⁽¹⁾		50,000		—		—		50,000

(1) Period from November 12, 2014 (Commencement of Operations) to April 30, 2015.

Other: At April 30, 2015, there was an affiliated investor owning 84.9% of the Fund's outstanding shares.

Note E—Line of Credit:

At April 30, 2015, the 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. Other investment companies managed by Management also participate in this line of credit on the same terms. Under the terms of the Credit Facility, the 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 interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that the 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 April 30, 2015. During the period from January 9, 2015 (the commencement date of the Credit Facility) through April 30, 2015, the Fund did not utilize this line of credit. The Credit Facility replaced the State Street Bank and Trust Company's ("State Street") lines of credit referred to below.

During the reporting period, prior to the commencement of the Credit Facility, and on January 9, 2015, the Fund was a participant in a committed, unsecured $300,000,000 line of credit with State Street and an uncommitted, unsecured $100,000,000 line of credit with State Street, both to be used only for temporary or emergency purposes. During the period ended April 30, 2015, the Fund did not utilize either line of credit with State Street.

Note F—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of the Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

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 or $(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, 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 Period		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		Net Asset Value, End of Period
Institutional Class
Period from 11/12/14^ to 4/30/15	$	10.00	$	(0.05	)	$	0.32	$	0.27	$	—	$	—	$	—	$	—	$	10.27
Class A
Period from 11/12/14^ to 4/30/15	$	10.00	$	(0.06	)	$	0.32	$	0.26	$	—	$	—	$	—	$	—	$	10.26
Class C
Period from 11/12/14^ to 4/30/15	$	10.00	$	(0.10	)	$	0.32	$	0.22	$	—	$	—	$	—	$	—	$	10.22

See Notes to Financial Highlights

	Total Return^††			Net Assets, End of Period (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)
Institutional Class
Period from 11/12/14^ to 4/30/15		2.80	%**	$	17.0		6.02	%*^‡		5.56	%*^‡		2.29	%*^‡		1.83	%*^‡		(0.96	)%*^‡		81	%**		42	%**
Class A
Period from 11/12/14^ to 4/30/15		2.60	%**	$	0.6		6.67	%*^‡		6.21	%*^‡		2.65	%*^‡		2.19	%*^‡		(1.31	)%*^‡		81	%**		42	%**
Class C
Period from 11/12/14^ to 4/30/15		2.20	%**	$	0.5		7.43	%*^‡		6.99	%*^‡		3.39	%*^‡		2.94	%*^‡		(2.10	)%*^‡		81	%**		42	%**

Notes to Financial Highlights

@ Calculated based on the average number of shares outstanding during the fiscal period.

†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund during the 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.

# 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.

^ The date investment operations commenced.

** Not annualized.

* Annualized.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

Directory

Investment Manager, Administrator and Distributor

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264

Sub-Adviser

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

Custodian and Shareholder Servicing Agent

J.P. Morgan Chase Bank, N.A.
One Beacon Street
Boston, MA 02108

For Institutional Class Shareholders
Address correspondence to:

Neuberger Berman Management LLC
605 Third Avenue, Mail Drop 2-7
New York, NY 10158-0180
Attn: Intermediary Client Services
800.366.6264

For Class A and Class C Shareholders:

Please contact your investment provider

Legal Counsel

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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 the 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).

Neuberger Berman Global Long Short Fund: Initial Consideration of the Management and Subadvisory Agreements

At a meeting held on December 10-11, 2013, the Board of the Trust, including the Independent Fund Trustees, evaluated and approved the management agreement with Management (the "Management Agreement") and the sub-advisory agreement between Management and Neuberger (the "Sub-Advisory Agreement" and collectively with the Management Agreement, the "Agreements") with respect to Neuberger Berman Global Long Short Fund (the "Fund"). The Independent Fund Trustees were advised by Independent Counsel.

In connection with its approval of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to the Fund and whether the Agreements were 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 and Neuberger; (2) the expected costs of the services to be provided; (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 investors in the Fund. While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the Agreements was based on a comprehensive consideration of all information provided to the Board, and the Board members did not identify any particular information or factor that was all-important or controlling. The Board focused on the overall costs and benefits of the Agreements relating 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 Neuberger and the qualifications, experience and capabilities of and the resources available to the portfolio management personnel of Management and Neuberger who would perform services for the Fund. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance oversight. The Board also considered Management's and Neuberger's policies and practices regarding brokerage and allocation of portfolio transactions for the Fund. The Board also considered that Management's responsibilities will 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 and Neuberger as no significant compliance problems were reported to the Board with respect to any of them. The Board also considered the general structure of the portfolio manager compensation program and whether this structure would provide appropriate incentives to act in the best interests of the Funds. In addition, the Board considered the scope and depth of the compliance programs of Management and Neuberger. The Board also considered the manner in which Management addressed various non-routine matters that have arisen from to time to time, some of them a result of developments in the broader fund industry or the regulations governing it.

With respect to the overall fairness of the Agreements, the Board considered the fee structure proposed for the Fund under the Agreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management and Neuberger or their affiliates from their relationship with the Fund. The Board reviewed a comparison of the Fund's proposed management fee and overall expense ratio to a peer group of broadly comparable funds. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group. The Board considered the mean and median of the management fees and expense ratios of the peer group. The Board considered that the total expense ratio, net of the contractual limit on expenses, for each class was above the median total expense ratio of the peer group. The Board considered whether specific portfolio management or administration needs contributed to the size of the management fee. In addition, the Board considered the proposed contractual limit on expenses of each class of the Fund. The Board also noted the breakpoints built into the management fee to account for possible economies of scale, but noted that it may be too soon to evaluate the economies at the start-up phase of a fund. The Board also considered the express global mandate of the Fund, as compared to that of Neuberger Berman Long Short Fund. The Board noted that "other expenses," as a component of the total expense ratio, were expected to be relatively high in part because of the costs of global custody. 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 Agreements, the Board concluded that the terms of each Agreement are fair and reasonable to the Fund and that approval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management and Neuberger 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 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. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the Board's ongoing regular review of performance and operations of other funds advised by Management and Neuberger, in addition to material prepared specifically for the most recent annual review of the agreements applicable to such other funds.

This page has been left blank intentionally

Investment manager: Neuberger Berman Management LLC

Sub-adviser: Neuberger Berman LLC

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Institutional 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 Fund. This report is prepared for the general information of shareholders and is not an offer of shares of the Fund. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

Q0145 06/15

Neuberger Berman
Alternative and Multi-Asset Class Funds

Institutional Class Shares
Class A Shares
Class C Shares

Risk Balanced Commodity Strategy Fund

Semi-Annual Report

April 30, 2015

Contents

PRESIDENT'S LETTER					1
PORTFOLIO COMMENTARY					2
FUND EXPENSE INFORMATION					6
CONSOLIDATED SCHEDULE OF INVESTMENTS					8
CONSOLIDATED FINANCIAL STATEMENTS					15
CONSOLIDATED FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA					27
Directory					30
Proxy Voting Policies and Procedures					31
Quarterly Portfolio Schedule					31

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund name in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^©2015 Neuberger Berman Management LLC. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this semi-annual shareholder report for Neuberger Berman Risk Balanced Commodity Strategy Fund. The report includes a portfolio commentary, a listing of the Fund's investments and its unaudited financial statements for the six months ended April 30, 2015. The Fund seeks to generate returns that are not highly correlated with other major asset classes and that may improve the overall risk-reward profile of an investment portfolio.

It proved to be a challenging environment for most commodities during the reporting period. Among the six segments of the commodity market in which the Fund invests—energy, agriculture, precious metals, industrial metals, softs and livestock—five produced poor performance. Garnering the most headlines was the steep decline in the price of oil. The energy renaissance in the U.S., coupled with weaker global demand, caused the sector to fall sharply. Moderating growth in China had implications for several commodities, particularly industrial metals. Elsewhere, the strengthening U.S. dollar negatively impacted exports for domestic agriculture producers, while the weakening Brazilian real dragged down coffee and sugar prices.

Looking ahead, we believe there are signs of potential stabilization in several commodity sectors. Rig counts in the U.S. are down sharply given lower oil prices. Less supply, along with the potential for improving demand, could help put a floor on oil prices. Continued accommodative monetary policy in some international markets could also be beneficial for global growth and supportive for certain commodities. We are less optimistic for agriculture as, in our opinion, the potential for another bumper crop in the U.S. and the stronger U.S. dollar could prove to be headwinds for the sector.

We note that volatility in most commodity markets has moved higher in recent weeks and months. We believe this presents an opportunity for an actively managed commodities strategy such as ours, where positioning is partially determined by changes in our view of the relative riskiness of individual commodities. Finally, we continue to believe that commodities remain an important long-term investment opportunity and a way for investors to more thoroughly diversify their portfolios.

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

Risk Balanced Commodity Strategy Fund Commentary (Unaudited)

Neuberger Berman Risk Balanced Commodity Strategy Fund¹ Class A at NAV generated a total return of –12.73% for the six months ended April 30, 2015 and underperformed its benchmark, the Bloomberg Commodity Index, which posted a –11.87% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall commodity market generated weak results during the six-month period. While oil prices rallied off their lows from earlier in the year, it was not enough to overcome their earlier decline. The energy sector fell roughly 30% for the period. Weak performance was also evident in the industrial metals sector, as it was dragged down by signs of moderating growth in China and falling demand. The livestock, agriculture and softs sectors also posted negative returns. Elsewhere, the precious metals sector produced a modest gain during the period, as the prices of some metals, such as gold and silver, were fairly resilient.

The Fund's Dynamic Core strategy selects weights by focusing on risk, liquidity and yield. The Fund's underperformance relative to the index was largely due to its positioning in the agriculture and energy sectors. In agriculture, an underweight to corn was not rewarded. Within the energy sector, the Fund's overweight to Brent Crude was negative for results given its overall sharp decline. On the upside, the Fund's underweight to natural gas was beneficial. Out-of-index allocations to lead and cocoa were also additive to relative performance.

The Fund's Tactical Strategy actively manages the Dynamic Core exposures by taking advantage of short- to medium-term opportunities based on factors including macroeconomics, supply/demand, the pricing relationships between commodities and the shape of the futures curve. The Fund's tactical positioning detracted from performance during the reporting period. In particular, tactical tilts to lean hogs and nickel, along with an underweight to heating oil, were headwinds to performance.

The Fund's use of commodity futures detracted from performance.

Looking ahead, we believe there will continue to be volatility in a number of commodity markets. This could be most pronounced in those sectors seen regularly in the headlines, such as energy and metals. However, from a longer-term perspective, we think that the commodities market may find itself on some firmer ground, which could potentially support higher prices as the year progresses. In the energy sector, much has been made of the excess of supply over demand. While this continues to weigh on prices, potential decreases in U.S. production, coupled with stronger global demand as a result of lower prices, may cause oil prices to further stabilize. In industrial metals, we believe China will likely continue to be the dominant driver of returns. Recent monetary policy action by the People's Bank of China, along with the government's intention to increase investment in infrastructure projects, may support the sector. In the precious metals sector, we believe the prospect of higher U.S. interest rates may be a dampening factor for gold prices, although the downside may be mitigated by reductions in supply likely to occur if gold drops through key price levels. Finally, we remain wary of the agricultural sector as these commodities continue to grapple with multi-year highs in inventories, the potential of another strong harvest in 2015, and potentially lower global demand given the stronger U.S. dollar.

Sincerely,

WAI LEE, HAKAN KAYA, THOMAS SONTAG AND RICHARD GRAU^*
PORTFOLIO CO-MANAGERS

^* As previously disclosed, effective June 30, 2015, Richard Grau will no longer manage the portfolio.

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.

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

TICKER SYMBOLS

Institutional Class				NRBIX
Class A				NRBAX
Class C				NRBCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Investments)
Asset-Backed Securities	16.0	%
Certificates of Deposit	1.8
Corporate Debt Securities	37.9
U.S. Treasury Securities	24.6
Short-Term Investments	19.7
Total	100.0	%

PORTFOLIO BY INVESTMENT

EXPOSURE TO COMMODITY

DERIVATIVES

(as a % of Total Notional Value)
Commodity Futures:
Agriculture	14.7	%
Energy	31.9
Industrial Metals	20.2
Livestock	10.2
Precious Metals	17.7
Softs	5.3
Total	100.0	%

PERFORMANCE HIGHLIGHTS²

Inception

Six Month
Period Ended

Average Annual Total Return
Ended 04/30/2015

Date

04/30/2015

1 Year

Life of Fund

At NAV

Institutional Class

08/27/2012

–12.62

–22.92

–10.95

Class A

08/27/2012

–12.73

–23.17

–11.27

Class C

08/27/2012

–13.18

–23.79

–11.96

With Sales Charge

Class A

–17.77

–27.61

–13.21

Class C

–14.05

–24.55

–11.96

Index

Bloomberg Commodity Index^1,3

–11.87

–24.69

–11.79

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 2014 were 1.63%, 1.99% and 2.85% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The 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 semi-annual period ending April 30, 2015 can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Description of Index" on page 5 for a description of the index. Please note that individuals cannot invest directly in any index. The index described in this report does not take into account any fees, expenses or tax consequences of investing in the individual securities that it tracks. Data about the performance of an index are prepared or obtained by Neuberger Berman Management LLC ("Management") 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 During the period from August 2012 through January 2013, the Fund was relatively small, which could have impacted Fund performance. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.

3 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

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

Description of Index

Bloomberg Commodity Index (formerly the Dow Jones-UBS 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.

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 the Fund and compare these costs with the ongoing costs of investing in other mutual funds.

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 this 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 Information as of 4/30/15 (Unaudited)

Neuberger Berman Alternative and Multi-Asset Class Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽²⁾
	Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15		Expense Ratio			Beginning Account Value 11/1/14		Ending Account Value 4/30/15		Expenses Paid During the Period⁽¹⁾ 11/1/14 - 4/30/15		Expense Ratio
Neuberger Berman Risk Balanced Commodity Strategy Fund
Institutional Class	$	1,000.00	$	873.80	$	5.11		1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class A	$	1,000.00	$	872.70	$	6.78		1.46	%	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Class C	$	1,000.00	$	868.20	$	10.24		2.21	%	$	1,000.00	$	1,013.84	$	11.03		2.21	%

⁽¹⁾ For each class, expenses are equal to the annualized expense ratio for the class, including expenses of the Fund's subsidiary (See Note A-1 in the Notes to Consolidated Financial Statements), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

⁽²⁾ Hypothetical 5% annual return before expenses is calculated by multiplying the number of days in the most recent period divided by 365.

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (Unaudited) 4/30/15

PRINCIPAL AMOUNT			VALUE^†
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (9.2%)
$	9,000,000	U.S. Treasury Notes, 0.38%, due 6/15/15	$	9,003,519
	1,000,000	U.S. Treasury Notes, 0.25%, due 9/15/15		1,000,784
		Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $10,004,184)		10,004,303
Asset-Backed Securities (15.5%)
	173,240	Ally Auto Receivables Trust, Ser. 2011-5, Class A4, 1.32%, due 7/15/16		173,295
	98,043	Ally Auto Receivables Trust, Ser. 2012-3, Class A3, 0.85%, due 8/15/16		98,078
	128,455	Ally Auto Receivables Trust, Ser. 2013-1, Class A3, 0.63%, due 5/15/17		128,509
	800,000	Ally Auto Receivables Trust, Ser. 2012-4, Class A4, 0.80%, due 10/16/17		799,994
	375,000	Bank of America Credit Card Trust, Ser. 2014-A2, Class A, 0.45%, due 9/16/19		375,080	^µ
	990,000	Capital One Multi-Asset Execution Trust, Ser. 2007-A2, Class A2, 0.26%, due 12/16/19		986,582	^µ
	448,000	CarMax Auto Owner Trust, Ser. 2012-3, Class A3, 0.52%, due 7/17/17		447,767
	957,129	CarMax Auto Owner Trust, Ser. 2013-1, Class A3, 0.60%, due 10/16/17		956,969
	875,000	Chase Issuance Trust, Ser. 2013-A5, Class A, 0.47%, due 5/15/17		875,018
	1,300,000	Chase Issuance Trust, Ser. 2014-A4, Class A4, 0.41%, due 4/16/18		1,299,741	^µ
	1,120,000	Citibank Credit Card Issuance Trust, Ser. 2008-A6, Class A6, 1.38%, due 5/22/17		1,120,622	^µ
	1,000,000	Citibank Credit Card Issuance Trust, Ser. 2005-A9, Class A9, 5.10%, due 11/20/17		1,025,625
	136,641	Ford Credit Auto Owner Trust, Ser. 2014-A, Class A2, 0.48%, due 11/15/16		136,632
	359,857	Ford Credit Auto Owner Trust, Ser. 2013-B, Class A3, 0.57%, due 10/15/17		359,929
	483,228	Ford Credit Auto Owner Trust, Ser. 2013-C, Class A3, 0.82%, due 12/15/17		483,978
	1,550,000	Honda Auto Receivables Owner Trust, Ser. 2014-3, Class A2, 0.48%, due 12/15/16		1,549,357
	662,543	Navient Student Loan Trust, Ser. 2014-8, Class A1, 0.46%, due 8/25/20		662,543	^µ
	193,527	Nelnet Student Loan Trust, Ser. 2006-1, Class A4, 0.35%, due 11/23/22		193,358	^µ
	144,132	Nissan Auto Receivables Owner Trust, Ser. 2015-A, Class A2, 0.50%, due 5/15/17		144,141
	1,445,000	Nissan Auto Receivables Owner Trust, Ser. 2013-A, Class A3, 0.67%, due 9/15/17		1,444,900
	664,741	SLM Student Loan Trust, Ser. 2014-2, Class A1, 0.43%, due 7/25/19		664,629	^µ
	968,731	SLM Student Loan Trust, Ser. 2005-9, Class A5, 0.40%, due 1/27/25		966,230	^µ
	1,104,200	Toyota Auto Receivables Owner Trust, Ser. 2014-B, Class A2, 0.40%, due 12/15/16		1,103,876
	755,000	Toyota Auto Receivables Owner Trust, Ser. 2015-A, Class A2, 0.71%, due 7/17/17		755,324
	103,846	World Omni Auto Receivables Trust, Ser. 2013-B, Class A2, 0.48%, due 11/15/16		103,842
		Total Asset-Backed Securities (Cost $16,931,326)		16,856,019
Corporate Debt Securities (36.9%)
Aerospace & Defense (0.7%)
	805,000	Rockwell Collins, Inc., Senior Unsecured Notes, 0.62%, due 12/15/16		805,739	^µ
Automobile Manufacturers (3.9%)
	965,000	American Honda Finance Corp., Senior Unsecured Notes, 0.77%, due 10/7/16		969,446	^µ
	1,100,000	Daimler Finance North America LLC, Guaranteed Notes, 0.62%, due 8/1/17		1,098,047	^ñµ
	445,000	Toyota Motor Credit Corp., Senior Unsecured Notes, 0.55%, due 5/17/16		446,053	^µ
	1,120,000	Toyota Motor Credit Corp., Senior Unsecured Medium-Term Notes, 0.36%, due 9/23/16		1,119,928	^µ
	410,000	Volkswagen Group of America Finance LLC, Guaranteed Notes, 0.63%, due 5/23/17		409,988	^ñµ
	200,000	Volkswagen Group of America Finance LLC, Guaranteed Notes, 0.70%, due 11/20/17		200,046	^ñµ
				4,243,508

See Notes to Consolidated Schedule of Investments

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

PRINCIPAL AMOUNT			VALUE^†
Banks (11.9%)
$	710,000	Bank of America N.A., Senior Unsecured Notes, 0.73%, due 11/14/16	$	710,854	^µ
	490,000	Bank of Montreal, Senior Unsecured Medium-Term Notes, 0.80%, due 7/15/16		492,385	^µ
	1,000,000	Bank of New York Mellon Corp., Senior Unsecured Medium-Term Notes,		1,001,396	^µ
		0.49%, due 3/4/16
	400,000	Citigroup, Inc., Senior Unsecured Notes, 2.25%, due 8/7/15		401,711
	1,000,000	Goldman Sachs Group, Inc., Senior Unsecured Medium-Term Notes, Ser. B,		1,000,162	^µ
		0.68%, due 7/22/15
	965,000	HSBC USA, Inc., Senior Unsecured Notes, 0.56%, due 6/23/17		963,440	^µ
	2,105,000	JPMorgan Chase & Co., Senior Unsecured Notes, 0.78%, due 2/15/17		2,109,431	^µ
	230,000	Mizuho Bank Ltd., Guaranteed Notes, 0.71%, due 4/16/17		229,357	^ñµ
	875,000	Morgan Stanley, Senior Unsecured Notes, 1.51%, due 2/25/16		880,834	^µ
	395,000	National Australia Bank Ltd., Senior Unsecured Notes, 0.83%, due 7/25/16		396,764	^µ
	900,000	Royal Bank of Canada, Senior Unsecured Medium-Term Notes, 0.80%, due 10/30/15		901,953
	450,000	Svenska Handelsbanken AB, Senior Unsecured Notes, 0.73%, due 9/23/16		451,841	^µ
	655,000	Toronto-Dominion Bank, Senior Unsecured Medium-Term Notes, 0.46%, due 11/6/15		655,559	^µ
	920,000	U.S. Bank N.A., Senior Unsecured Bank Notes, 0.51%, due 1/30/17		920,501	^µ
	500,000	Wells Fargo & Co., Senior Unsecured Medium-Term Notes, 0.81%, due 7/20/16		501,977	^µ
	1,340,000	Wells Fargo & Co., Senior Unsecured Medium-Term Notes, 0.52%, due 9/8/17		1,335,896	^µ
				12,954,061
Beverages (0.4%)
	460,000	Anheuser-Busch InBev Finance, Inc., Guaranteed Notes, 0.47%, due 1/27/17		459,091	^µ
Computers (0.8%)
	390,000	Apple, Inc., Senior Unsecured Notes, 0.33%, due 5/5/17		389,766	^µ
	455,000	Apple, Inc., Senior Unsecured Notes, 0.33%, due 5/3/16		455,316	^µ
				845,082
Diversified Financial Services (3.3%)
	1,250,000	American Express Credit Corp., Senior Unsecured Medium-Term Notes, 2.75%, due 9/15/15		1,259,612
	2,360,000	General Electric Capital Corp., Guaranteed Global Medium-Term Notes, 0.93%, due 7/12/16		2,376,721	^µØØ
				3,636,333
Electric (0.4%)
	460,000	Electricite de France, Senior Unsecured Notes, 0.74%, due 1/20/17		460,497	^ñµ
Healthcare—Products (1.4%)
	1,470,000	Medtronic, Inc., Guaranteed Notes, 0.35%, due 2/27/17		1,465,721	^µ
Insurance (0.9%)
	210,000	Berkshire Hathaway Finance Corp., Guaranteed Notes, 0.42%, due 1/10/17		210,161	^µ
	270,000	Metropolitan Life Global Funding I, Secured Notes, 0.81%, due 7/15/16		271,250	^ñµ
	495,000	Principal Life Global Funding II, Senior Secured Notes, 0.63%, due 5/27/16		495,992	^ñµ
				977,403

See Notes to Consolidated Schedule of Investments

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

PRINCIPAL AMOUNT			VALUE^†
Machinery—Construction & Mining (0.4%)
$	400,000	Caterpillar Financial Services Corp., Senior Unsecured Medium-Term Notes,	$	400,649	^µ
		0.50%, due 2/26/16
Machinery Diversified (0.7%)
	510,000	John Deere Capital Corp., Senior Unsecured Medium-Term Notes, 0.39%, due 6/15/15		510,068	^µ
	210,000	John Deere Capital Corp., Senior Unsecured Notes, 0.57%, due 10/11/16		210,529	^µ
				720,597
Media (1.2%)
	500,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Guaranteed Notes, 3.50%, due 3/1/16		510,373
	770,000	NBCUniversal Enterprise, Inc., Guaranteed Notes, 0.81%, due 4/15/16		772,086	^ñµ
				1,282,459
Mining (0.4%)
	440,000	BHP Billiton Finance USA Ltd., Guaranteed Notes, 0.52%, due 9/30/16		440,043	^µ
Oil & Gas (2.6%)
	535,000	BP Capital Markets PLC, Guaranteed Notes, 0.68%, due 11/7/16		536,041	^µ
	1,350,000	Chevron Corp., Senior Unsecured Notes, 0.43%, due 3/2/18		1,349,981	^µ
	400,000	Devon Energy Corp., Senior Unsecured Notes, 0.72%, due 12/15/15		399,470	^µ
	500,000	EOG Resources, Inc., Senior Unsecured Notes, 2.95%, due 6/1/15		500,897
				2,786,389
Pharmaceuticals (1.0%)
	470,000	Actavis Funding SCS, Guaranteed Notes, 1.14%, due 9/1/16		471,253	^µ
	335,000	Bayer US Finance LLC, Guaranteed Notes, 0.52%, due 10/7/16		335,066	^ñµ
	290,000	Merck & Co., Inc., Senior Unsecured Notes, 0.45%, due 5/18/16		290,437	^µ
				1,096,756
Pipelines (1.8%)
	750,000	Enterprise Products Operating LLC, Guaranteed Notes, 1.25%, due 8/13/15		751,270
	1,165,000	TransCanada PipeLines Ltd., Senior Unsecured Notes, 0.95%, due 6/30/16		1,168,325	^µØØ
				1,919,595
Real Estate Investment Trusts (0.9%)
	1,015,000	Simon Property Group L.P., Senior Unsecured Notes, 5.10%, due 6/15/15		1,020,124
Software (0.8%)
	825,000	Oracle Corp., Senior Unsecured Notes, 0.47%, due 7/7/17		826,001	^µ

See Notes to Consolidated Schedule of Investments

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

PRINCIPAL AMOUNT			VALUE^†
Telecommunications (2.7%)
$	875,000	AT&T, Inc., Senior Unsecured Notes, 2.50%, due 8/15/15	$	879,266
	1,450,000	Cisco Systems, Inc., Senior Unsecured Notes, 0.54%, due 3/3/17		1,454,433	^µ
	600,000	Verizon Communications, Inc., Senior Unsecured Notes, 0.70%, due 11/2/15		599,919
				2,933,618
Transportation (0.7%)
	770,000	Canadian National Railway Co., Senior Unsecured Notes, 0.46%, due 11/6/15		770,192	^µ
		Total Corporate Debt Securities (Cost $40,037,579)		40,043,858
Certificates of Deposit (1.7%)
	480,000	Credit Suisse New York, Yankee CD, 0.67%, due 12/7/15		480,000	^µ
	950,000	Nordea Bank Finland PLC, Yankee CD1, 0.41%, due 6/13/16		950,162	^µ
	450,000	Sumitomo Mitsui Banking Corp., Yankee CD, 0.56%, due 3/3/16		449,912	^µ
		Total Certificates of Deposit (Cost $1,880,000)		1,880,074
Short-Term Investments (33.9%)
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government^a (14.7%)
	8,000,000	U.S. Treasury Bill, Disc. Notes, 0.00%, due 6/11/15		7,999,952
	8,000,000	U.S. Treasury Bill, Disc. Notes, 0.01%, due 8/13/15		7,999,824
				15,999,776
NUMBER OF SHARES
Money Market Fund (19.2%)
	20,808,595	State Street Institutional Government Money Market Fund Premier Class		20,808,595	^††ØØ
		Total Short-Term Investments (Cost $36,806,538)		36,808,371
		Total Investments (97.2%) (Cost $105,659,627)		105,592,625	^##
		Cash, receivables and other assets, less liabilities (2.8%)		3,082,511	^b
		Total Net Assets (100.0%)	$	108,675,136

See Notes to Consolidated Schedule of Investments

Notes to Consolidated Schedule of Investments (Unaudited)

† In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurement" ("ASC 820"), all investments held by Neuberger Berman Risk Balanced Commodity Strategy Fund (the "Fund") are carried at the value that Neuberger Berman Management LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.

• 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 Fund's investments in debt securities 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 based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Fund:

Asset-Backed Securities. Inputs used to value asset-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.

U.S. Treasury Securities. 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.

The value of commodity futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

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

Certificates of deposit are valued at amortized cost.

Investments in money market funds are valued using the fund's daily calculated net asset value per share (Level 2 inputs).

See Notes to Consolidated Financial Statements

Notes to Consolidated Schedule of Investments (Unaudited) (cont'd)

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Neuberger Berman Alternative Funds' Board of Trustees (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, trading in futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.

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.

The following is a summary, categorized by Level, of inputs used to value the Fund's investments as of April 30, 2015:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government	$	—	$	10,004,303	$	—	$	10,004,303
Asset-Backed Securities		—		16,856,019		—		16,856,019
Corporate Debt Securities^		—		40,043,858		—		40,043,858
Certificates of Deposit		—		1,880,074		—		1,880,074
Short-Term Investments		—		36,808,371		—		36,808,371
Total Investments	$	—	$	105,592,625	$	—	$	105,592,625

^ The Consolidated Schedule of Investments provides information on the industry categorization for the portfolio.

As of the six months ended April 30, 2015, no securities were transferred from one level (as of October 31, 2014) to another.

See Notes to Consolidated Financial Statements

Notes to Consolidated Schedule of Investments (Unaudited) (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Fund's derivatives as of April 30, 2015:

Asset Valuation Inputs
	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized appreciation)	$	7,256,103		$	—	$	—	$	7,256,103
Liability Valuation Inputs
	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(5,708,212	)	$	—	$	—	$	(5,708,212	)

## At April 30, 2015, the cost of investments for U.S. federal income tax purposes was $105,659,627. Gross unrealized appreciation of investments was $31,303 and gross unrealized depreciation of investments was $98,305, resulting in net unrealized depreciation of $67,002 based on cost for U.S. federal income tax purposes.

ØØ All or a portion of this security is segregated in connection with obligations for commodity futures contracts.

†† A portion of this security is held by Neuberger Berman Cayman Commodity Fund I Ltd. (the "Subsidiary"), a wholly-owned subsidiary of the Fund. See Note A-1 in the Notes to Consolidated Financial Statements.

a Interest rate represents discount rate at time of purchase, not a coupon rate.

µ Floating rate securities are securities whose yields vary with a designated index or market rate. These securities are shown at their current rates as of April 30, 2015, and their final maturities.

b See Note A-11 in the Notes to Consolidated Financial Statements for the Fund's or Subsidiary's open positions in derivatives at April 30, 2015.

See Notes to Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities* (Unaudited)

Neuberger Berman Alternative Funds

	RISK BALANCED COMMODITY STRATEGY FUND
	April 30, 2015
Assets
Investments in securities, at value ** (Notes A)—see Schedule of Investments:
Unaffiliated issuers	$	105,592,625
Cash collateral segregated for futures contracts (Note A-11)		6,636,616
Interest receivable		113,979
Receivable for Fund shares sold		309,822
Receivable from Management—net (Note B)		21,202
Prepaid expenses and other assets		20,883
Total Assets		112,695,127
Liabilities
Payable for securities purchased		3,522,420
Payable for Fund shares redeemed		85,498
Payable for variation margin (Note A-11)		155,782
Payable to investment manager—net (Note B)		110,966
Payable to trustees		1,118
Accrued expenses and other payables		144,207
Total Liabilities		4,019,991
Net Assets	$	108,675,136
Net Assets consist of:
Paid-in capital	$	123,462,479
Undistributed net investment income (loss)		(990,182	)
Accumulated net realized gains (losses) on investments		(15,278,050	)
Net unrealized appreciation (depreciation) in value of investments		1,480,889
Net Assets	$	108,675,136
Net Assets
Institutional Class	$	28,027,772
Class A		76,659,869
Class C		3,987,495
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		3,822,774
Class A		10,560,955
Class C		560,705
Net Asset Value, offering and redemption price per share
Institutional Class	$	7.33
Net Asset Value and redemption price per share
Class A	$	7.26
Offering Price per share
Class A‡	$	7.70
Net Asset Value and offering price per share
Class C^	$	7.11
** Cost of Investments	$	105,659,627

‡ 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 A-1 and A-2 of the Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements

Consolidated Statement of Operations* (Unaudited)

Neuberger Berman Alternative Funds

	RISK BALANCED COMMODITY STRATEGY FUND
	For the Six Months Ended April 30, 2015
Investment Income:
Income (Note A):
Interest income—unaffiliated issuers	$	168,187
Expenses:
Investment management fees (Note B)		312,882
Administration fees (Note B)		26,818
Administration fees (Note B):
Institutional Class		9,724
Class A		64,198
Class C		3,589
Distribution fees (Note B):
Class A		80,247
Class C		17,943
Shareholder servicing agent fees:
Institutional Class		1,169
Class A		6,412
Class C		2,164
Subsidiary administration fees (Note B)		24,795
Audit fees		42,697
Custodian and accounting fees		39,965
Insurance expense		956
Legal fees		67,496
Registration and filing fees		35,459
Shareholder reports		18,184
Trustees' fees and expenses		15,959
Miscellaneous		12,972
Total expenses		783,629
Expenses reimbursed by Management (Note B)		(156,483	)
Total net expenses		627,146
Net investment income (loss)	$	(458,959	)
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		(4,780	)
Commodity futures contracts		(15,266,879	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(30,893	)
Commodity futures contracts		5,673,760
Net gain (loss) on investments		(9,628,792	)
Net increase (decrease) in net assets resulting from operations	$	(10,087,751	)

* See Notes A-1 and A-2 of the Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements

Consolidated Statements of Changes in Net Assets*

Neuberger Berman Alternative Funds
	RISK BALANCED COMMODITY STRATEGY FUND
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	(458,959	)	$	(734,530	)
Net realized gain (loss) on investments		(15,271,659	)		(3,800,407	)
Change in net unrealized appreciation (depreciation) of investments		5,642,867			(3,938,974	)
Net increase (decrease) in net assets resulting from operations		(10,087,751	)		(8,473,911	)
Distributions to Shareholders From (Note A):
Net realized gain on investments:
Institutional Class		(1,696	)		—
Class A		(5,449	)		—
Class C		(284	)		—
Total distributions to shareholders		(7,429	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		15,246,133			13,347,175
Class A		36,937,282			50,351,242
Class C		1,680,178			1,518,489
Proceeds from reinvestment of dividends and distributions:
Institutional Class		1,696			—
Class A		5,433			—
Class C		276			—
Payments for shares redeemed:
Institutional Class		(5,428,893	)		(911,849	)
Class A		(19,694,123	)		(12,022,096	)
Class C		(1,459,641	)		(507,868	)
Net increase (decrease) from Fund share transactions		27,288,341			51,775,093
Net Increase (Decrease) in Net Assets		17,193,161			43,301,182
Net Assets:
Beginning of period		91,481,975			48,180,793
End of period	$	108,675,136		$	91,481,975
Undistributed net investment income (loss) at end of period	$	(990,182	)	$	(531,223	)

* See Notes A-1 and A-2 of the Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Risk Balanced Commodity Strategy Fund (Unaudited)

Note A—Summary of Significant Accounting Policies:

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

The Fund invests in commodity-related instruments through 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 the Fund will remain the sole shareholder of the Subsidiary. The Subsidiary is governed by its own Board of Directors.

As of April 30, 2015, the value of the Fund's investment in the Subsidiary was as follows:

Investment in Subsidiary				Percentage of Net Assets
$	22,309,515				20.5	%

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

3 Portfolio valuation: Investment securities are valued as indicated in the notes following the Schedule of Investments.

4 Foreign currency translation: The accounting records of the Fund and Subsidiary are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars using the exchange rate as of the end of regular trading on the New York Stock Exchange on business days, usually 4:00 p.m. Eastern time, 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 Consolidated Statement of Operations.

5 Securities transactions and investment income: Securities transactions are recorded on the trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign

dividends, as soon as the 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, 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 Consolidated Statement of Operations.

6 Income tax information: It is the policy of the Fund to continue to qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent the 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.

The Fund has 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 Fund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Consolidated Statement of Operations. The Fund is 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 April 30, 2015, the Fund 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, the Fund 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 the Fund's taxable income in the current period and also disregarded for all future periods.

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 the Fund, timing differences and differing characterization of distributions made by the Fund. The Fund may also utilize earnings and profits distributed to shareholders on redemption of shares as a part of the dividends-paid deduction for income tax purposes.

As determined on October 31, 2014, 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 losses, ordinary loss netting to reduce short term capital gains, Subsidiary income and gain (loss). These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of the Fund. For the year ended October 31, 2014, the Fund recorded the following permanent reclassifications:

Paid-in Capital				Undistributed Net Investment Income (Loss)				Accumulated Net Realized Gains (Losses) on Investments
$	(4,180,742	)		$	379,297			$	3,801,445

As of October 31, 2014, 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
$	—			$	1,038			$	(36,109	)		$	(530,552	)		$	(4,126,540	)		$	(4,692,163	)

The difference between book basis and tax basis distributable earnings is primarily due to organizational expenses.

To the extent the Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of the Fund not to distribute such gains. For taxable years beginning after December 22, 2010, the 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, 2014, the Fund had no unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains.

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 Fund 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, 2014, the Fund elected to defer the following late-year ordinary losses and post October capital losses:

Late-Year Ordinary Loss Deferral
$	530,552

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

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to the Fund are charged to the Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g., the 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. The 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 Derivative instruments: During the six months ended April 30, 2015, the Fund's use of derivatives was limited to commodity futures contracts. The Fund has 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 Consolidated Statement of Operations, they do not qualify for hedge accounting. Accordingly, even though the Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Commodity futures contracts: During the six months ended April 30, 2015, the Fund used commodity futures contracts (through investments in the Subsidiary) to provide investment exposure to individual commodities, as well as to manage and/or adjust the risk profile of the Fund.

At the time the Fund or Subsidiary enters into a commodity 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 commodity 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 commodity futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund or Subsidiary as unrealized gains or losses.

Although some commodity futures contracts 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 commodity futures contracts. When the contracts are closed, the Fund or Subsidiary 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 the Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, the 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 the 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, the 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.

At April 30, 2015, open positions in commodity futures contracts⁽¹⁾ were:

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

May 2015

92 Lead

Long

613,803

May 2015

48 Nickel

Long

(265,411

)

May 2015

71 Premium High Grade Aluminum

Long

107,839

May 2015

86 Zinc

Long

507,118

June 2015

84 Lead

Long

770,386

June 2015

51 Nickel

Long

(51,837

)

June 2015

54 Premium High Grade Aluminum

Long

150,383

June 2015

85 Zinc

Long

623,259

July 2015

88 Lead

Long

676,372

July 2015

54 Nickel

Long

444,479

July 2015

113 Platinum

Long

(243,703

)

July 2015

47 Premium High Grade Aluminum

Long

155,394

July 2015

90 Zinc

Long

585,893

August 2015

28 Feeder Cattle

Long

(60,544

)

August 2015

75 Gold 100 Oz.

Long

(31,892

)

August 2015

86 Lead

Long

(8,600

)

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

August 2015

134 Lean Hogs

Long

(56,709

)

August 2015

60 Live Cattle

Long

(57,519

)

August 2015

111 Low Sulphur Gasoil

Long

22,097

August 2015

74 Natural Gas

Long

122,665

August 2015

69 New York Harbor ULSD

Long

74,426

August 2015

52 Nickel

Long

25,896

August 2015

55 Premium High Grade Aluminum

Long

22,738

August 2015

92 Zinc

Long

53,913

September 2015

52 Cocoa

Long

(3,900

)

September 2015

24 Coffee 'C'

Long

(37,954

)

September 2015

65 Copper

Long

49,530

October 2015

73 Sugar 11

Long

(14,539

)

November 2015

52 Soybean

Long

5,757

December 2015

83 Brent Crude Oil

Long

752,864

December 2015

341 Corn

Long

(511,507

)

December 2015

59 Cotton No. 2

Long

623

December 2015

104 Hard Red Winter Wheat

Long

(325,344

)

December 2015

83 RBOB Gasoline

Long

761,277

December 2015

51 Silver

Long

(125,084

)

December 2015

93 Soybean Meal

Long

(47,020

)

December 2015

42 Soybean Oil

Long

22,671

December 2015

106 Wheat

Long

(222,458

)

December 2015

91 WTI Crude Oil

Long

652,105

May 2015

92 Lead

Short

(861,325

)

May 2015

48 Nickel

Short

52,628

May 2015

71 Premium High Grade Aluminum

Short

(193,807

)

May 2015

86 Zinc

Short

(628,499

)

June 2015

84 Lead

Short

(669,143

)

June 2015

51 Nickel

Short

(423,682

)

June 2015

54 Premium High Grade Aluminum

Short

(179,707

)

June 2015

85 Zinc

Short

(579,198

)

July 2015

88 Lead

Short

1,987

July 2015

54 Nickel

Short

(26,880

)

July 2015

47 Premium High Grade Aluminum

Short

(22,325

)

July 2015

90 Zinc

Short

(59,625

)

Total

1,547,891

(1) Commodity futures are held by the Subsidiary. See Note A-1 in the Notes to Consolidated Financial Statements.

During the six months ended April 30, 2015, the average notional value of commodity futures contracts was $134,278,418 for long positions and $(42,581,484) for short positions.

At April 30, 2015, the notional value of commodity futures contracts was $158,716,981 for long positions and $(50,392,233) for short positions.

At April 30, 2015, the Fund had deposited $6,636,616 in a segregated account to cover margin requirements on open commodity futures contracts.

At April 30, 2015, the Fund had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

	Commodity Risk		Consolidated Statement of Assets and Liabilities Location
Futures Contracts	$	7,256,103	Receivable/Payable for
Total Value	$	7,256,103	variation margin⁽¹⁾

Liability Derivatives

	Commodity Risk			Consolidated Statement of Assets and Liabilities Location
Futures Contracts	$	(5,708,212	)	Receivable/Payable for
Total Value	$	(5,708,212	)	variation margin⁽¹⁾

(1) "Futures Contracts" reflects the cumulative appreciation (depreciation) of futures contracts as of April 30, 2015, which is reflected in the Consolidated Statement of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of April 30, 2015, if any, is reflected in the Consolidated Statement of Assets and Liabilities under the caption "Receivable/Payable for variation margin."

The impact of the use of these derivative instruments on the Consolidated Statement of Operations during the six months ended April 30, 2015, was as follows:

Realized Gain (Loss)

	Commodity Risk			Consolidated Statement of Operations Location
				Net realized gain
Futures Contracts	$	(15,266,879	)	(loss) on: commodity
Total Realized Gain (Loss)	$	(15,266,879	)	futures contracts

Change in Appreciation (Depreciation)

	Commodity Risk
			Change in net
Futures Contracts	$	5,673,760	unrealized appreciation (depreciation) in value of:
Total Change in Appreciation (Depreciation)	$	5,673,760	commodity futures contracts

12 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.

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

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

The Fund retains Management as its investment manager under a Management Agreement. For such investment management services, the Fund pays Management a fee at the annual rate of 0.70% of the first $250 million of the Fund's average daily net assets, 0.675% of the next $250 million, 0.65% of the next $250 million, 0.625% of the next $250 million, 0.60% of the next $500 million, 0.575% of the next $2.5 billion and 0.55% of average daily net assets in excess of $4 billion, less the net asset value of the Subsidiary. Accordingly, for the six months ended April 30, 2015, the management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.70% of the Fund's average daily net assets.

Management also serves as investment adviser to the Subsidiary. For such investment management services, the Subsidiary pays Management a fee at the annual rate of 0.70% of the first $250 million of the Subsidiary's average daily net assets, 0.675% of the next $250 million, 0.65% of the next $250 million, 0.625% of the next $250 million, 0.60% of the next $500 million, 0.575% of the next $2.5 billion and 0.55% of average daily net assets in excess of $4 billion. Accordingly, for the six months ended April 30, 2015, the management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.70% of the Subsidiary's average daily net assets.

The Fund retains Management as its administrator under an Administration Agreement. The Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, the Fund's Institutional Class pays Management an administration fee at the annual rate of 0.09% of its average daily net assets under this agreement and the Fund's Class A and Class C pays Management an administration fee at the annual rate of 0.20% of its average daily net assets under this agreement. Additionally, Management retains State Street Bank and Trust Company ("State Street") as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under this agreement. The Subsidiary also retains Management as its administrator, and State Street as its sub-administrator.

Management has contractually agreed to waive fees and/or reimburse certain expenses of the Institutional Class, Class A and Class C of the 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 apply to the Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any; consequently, net expenses may exceed the contractual expense limitations. The 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 six months ended April 30, 2015, these Subsidiary expenses amounted to $101,076.

During the six months ended April 30, 2015, there was no repayment to Management under this agreement.

At April 30, 2015, contingent liabilities to Management under the agreement were as follows:

					Expenses Reimbursed in Fiscal Period Ending October 31,
					2012⁽²⁾		2013		2014		2015
					Subject to Repayment Until October 31,
	Contractual Expense Limitation⁽¹⁾			Expiration	2015		2016		2017		2018
Institutional Class		1.10	%	10/31/18	$	518,969	$	190,694	$	79,267	$	36,777
Class A		1.46	%	10/31/18		13,769		236,827		260,968		111,704
Class C		2.21	%	10/31/18		12,521		29,935		27,833		8,002

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

(2) Period from August 27, 2012 (Commencement of Operations) to October 31, 2012.

Neuberger Berman Fixed Income LLC ("NBFI"), as the sub-adviser to the Fund and the Subsidiary, is retained by Management to provide day-to-day investment management services and receives a monthly fee paid by Management. As investment manager, Management is responsible for overseeing the investment activities of NBFI. Several individuals who are Officers and/or Trustees of the Trust are also employees of NBFI and/or Management.

However, Management 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, Management's activities and expenses related to the sale and distribution of these classes , and ongoing services provided to investors in these classes, Management 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. Management 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 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 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
Class A	$	—	$	—	$	—	$	—
Class C		—		63		—		—

Note C—Securities Transactions:

During the six months ended April 30, 2015, there were purchase and sale transactions (excluding commodity futures contracts and short-term investments) of $7,769,183 and $13,641,359, respectively.

Note D—Fund Share Transactions:

Share activity for the six months ended April 30, 2015 and for the year ended October 31, 2014 was as follows:

	For the Six Months Ended April 30, 2015									For the Year Ended October 31, 2014
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total		Shares Sold		Shares Redeemed			Total
Institutional Class		2,109,831		224		(730,433	)		1,379,622		1,480,892		(99,657	)		1,381,235
Class A		5,165,379		724		(2,629,705	)		2,536,398		5,460,429		(1,343,785	)		4,116,644
Class C		237,350		37		(189,881	)		47,506		169,965		(59,796	)		110,169

Other: At April 30, 2015, Neuberger Berman Global Allocation Fund and Neuberger Berman Inflation Managed Fund (formerly, Neuberger Berman Inflation Navigator Fund), which are also managed by Management, held 0.8% and 1.4% of the outstanding shares of the Fund, respectively.

Note E—Lines of Credit:

Note F—Unaudited Financial Information:

Consolidated Financial Highlights

The following table includes selected data for a share outstanding throughout each period and other performance information derived from the Consolidated Financial Statements. Per share amounts that round to less than $0.01 or $(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, 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 Period		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			Total Distributions			Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
Risk Balanced Commodity Strategy Fund
Institutional Class
4/30/2015 (Unaudited)	$	8.39	$	(0.03	)	$	(1.03	)	$	(1.06	)	$	—	$	(0.00	)	$	(0.00	)	$	7.33		(12.62	%)**	$	28.0		1.44	%*		1.10	%*		(.72	%)*		15	%**
10/31/2014	$	9.01	$	(0.07	)	$	(0.55	)	$	(0.62	)	$	—	$	—		$	—		$	8.39		(6.88	%)	$	20.5		1.62	%		1.10	%		(.73	%)		21	%
10/31/2013	$	9.84	$	(0.09	)	$	(0.74	)	$	(0.83	)	$	—	$	—		$	—		$	9.01		(8.43	%)	$	9.6		3.69	%		1.10	%		(.94	%)		5	%
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.02	)	$	(0.14	)	$	(0.16	)	$	—	$	—		$	—		$	9.84		(1.60	%)**	$	5.0		25.60	%*^‡		1.10	%*^‡		(.99	%)*^‡		0	%**
Class A
4/30/2015 (Unaudited)	$	8.32	$	(0.04	)	$	(1.02	)	$	(1.06	)	$	—	$	(0.00	)	$	(0.00	)	$	7.26		(12.73	%)**	$	76.7		1.81	%*		1.46	%*		(1.08	%)*		15	%**
10/31/2014	$	8.97	$	(0.10	)	$	(0.55	)	$	(0.65	)	$	—	$	—		$	—		$	8.32		(7.25	%)	$	66.8		1.98	%		1.46	%		(1.09	%)		21	%
10/31/2013	$	9.84	$	(0.12	)	$	(0.75	)	$	(0.87	)	$	—	$	—		$	—		$	8.97		(8.84	%)	$	35.0		3.81	%		1.46	%		(1.27	%)		5	%
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.03	)	$	(0.13	)	$	(0.16	)	$	—	$	—		$	—		$	9.84		(1.60	%)**	$	0.1		33.04	%*^‡		1.46	%*^‡		(1.36	%)*^‡		0	%**
Class C
4/30/2015 (Unaudited)	$	8.19	$	(0.07	)	$	(1.01	)	$	(1.08	)	$	—	$	(0.00	)	$	(0.00	)	$	7.11		(13.18	%)**	$	4.0		2.66	%*		2.21	%*		(1.83	%)*		15	%**
10/31/2014	$	8.88	$	(0.16	)	$	(0.53	)	$	(0.69	)	$	—	$	—		$	—		$	8.19		(7.77	%)	$	4.2		2.84	%		2.21	%		(1.84	%)		21	%
10/31/2013	$	9.83	$	(0.18	)	$	(0.77	)	$	(0.95	)	$	—	$	—		$	—		$	8.88		(9.66	%)	$	3.6		4.69	%		2.21	%		(2.03	%)		5	%
Period from 8/27/2012^ to 10/31/2012	$	10.00	$	(0.04	)	$	(0.13	)	$	(0.17	)	$	—	$	—		$	—		$	9.83		(1.70	%)**	$	0.1		35.12	%*^‡		2.21	%*^‡		(2.11	%)*^‡		0	%**

See Notes to Consolidated Financial Highlights

Notes to Consolidated Financial Highlights (Unaudited)

†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal 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.

# 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.

@ Calculated based on the average number of shares outstanding during each fiscal period.

^ The date investment operations commenced.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

* Annualized.

** Not annualized.

Directory

Investment Manager, Administrator and Distributor

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
800.877.9700 or 212.476.8800
Intermediary Client Services 800.366.6264

Sub-Adviser

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

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 Management LLC
605 Third Avenue, Mail Drop 2-7
New York, NY 10158-0180
Attn: Intermediary Client Services
800.366.6264

For Class A and Class C Shareholders:

Please contact your investment provider

Legal Counsel

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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 upon request, without charge, 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

Investment manager: Neuberger Berman Management LLC

Sub-adviser: Neuberger Berman Fixed Income LLC

Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158–0180
Shareholder Services
800.877.9700
Institutional Services
800.366.6264
www.nb.com

N0088 06/15

Item 2. Code of Ethics.

The Board of Trustees (“Board”) of Neuberger Berman Alternative Funds (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

The Code of Ethics is filed with the Registrant’s annual report on Form N-CSR. The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Schedule of Investments.

The complete schedule of investments for each series is disclosed in the Registrant’s applicable semi-annual report included as Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no changes to the procedures by which shareholders may recommend nominees to the Board.

Item 11. Controls and Procedures.

(a)

Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.

(b)

There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable for the period covered by this Form N-CSR.

(a)(2)

The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3)

Not applicable to the Registrant.

(b)	The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Neuberger Berman Alternative Funds

By:

/s/ Robert Conti

Robert Conti

Chief Executive Officer and President

Date: July 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:

/s/ Robert Conti

Robert Conti

Chief Executive Officer and President

Date: July 1, 2015

By:

/s/ John M. McGovern

John M. McGovern

Treasurer and Principal Financial

and Accounting Officer

Date: July 1, 2015

	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